natgillin/translations-raw huggingface dataset:
In the case of WestLB, the Land decided to transfer Wfa to WestLB in order to strengthen the latter's own funds base.
V primeru WestLB se je dežela Severno Porenje-Vestfalija odločila za prenos Wfa na WestLB in tako razširila njen obseg lastnega kapitala.
Similar transactions were carried out by some other Länder in favour of their respective Landesbanks.
Podobne transakcije so bile izvedene v nekaterih drugih zveznih deželah v korist njihovih deželnih bank.
THE TRANSFER AND ITS EFFECTS
PRENOS IN NJEGOVE POSLEDICE
THE TRANSFER
PRENOS
On 18 December 1991 the Parliament of North Rhine-Westphalia passed the Law governing the promotion of housing (Gesetz zur Regelung der Wohnungsbauförderung), Article 1 of which ordered the transfer of Wfa to WestLB.
Deželni zbor dežele Severno Porenja-Vestfalija je 18. decembra 1991 sprejel zakon, ki ureja pospeševanje gradnje stanovanj. Člen 1 tega zakona je odredil prenos Wfa na WestLB.
The transfer became effective on 1 January 1992.
Ta prenos je začel veljati s 1. januarjem 1992.
According to the grounds of the Law, the primary reason for the transfer was to increase WestLB's own funds in order to enable it to comply with the stricter capital requirements entering into force on 30 June 1993.
V obrazložitvi zakona je prenos utemeljen s povečanjem lastnih sredstev WestLB, da bi slednja lahko izpolnila nove strožje zahteve po lastnem kapitalu, ki so začele veljati 30. junija 1993.
By way of the transfer, this could be done without any financial burden falling on the Land's budget.
S prenosom je bilo to mogoče brez finančne obremenitve deželnega proračuna.
Combining the housing promotion activities of Wfa with those of WestLB was to have the secondary effect of increasing efficiency.
Kot stranski učinek združitve dejavnosti pospeševanja gradnje stanovanj Wfa in WestLB je bila navedena večja učinkovitost.
As part of the transfer, the Land waived Wfa's guarantee of about DEM 7400 million (EUR 3780 million) for liabilities of the Land in connection with funds raised for housing promotion (see Section II, point 2).
V okviru prenosa je dežela odstopila od jamstva Wfa v višini okrog 7,4 milijard DEM (3,78 milijard EUR) za obveznosti dežele v zvezi s pridobljenimi sredstvi za pospeševanje gradnje stanovanj (glej razdelek II, točko 2).
WestLB became the universal legal successor to Wfa (except for Wfa's liability vis-à-vis the Land for debts entered into by the Land for reasons of housing promotion, which was waived prior to the transfer).
WestLB je postala univerzalni pravni naslednik Wfa (z izjemo jamstva Wfa nasproti deželi za dolgove dežele zaradi pospeševanja gradnje stanovanj, ki je bilo s prenosom odpravljeno).
Wfa became an organisationally and economically independent public-law institution without legal capacity within WestLB.
Wfa je postala organizacijsko in ekonomsko neodvisna javnopravna oseba brez pravne sposobnosti znotraj WestLB.
Wfa's nominal capital and reserves must be shown in WestLB's balance sheet as a special reserve (Sonderrücklage).
Osnovni kapital in rezerve Wfa je treba v bilanci stanja WestLB prikazati kot posebno rezervo.
The Land continues to guarantee Wfa's liabilities under the Anstaltslast and Gewährträgerhaftung.
Dežela na podlagi „Anstaltslast“ in „Gewährträgerhaftung“ še naprej jamči za obveznosti Wfa.
The assets transferred, i.e. nominal capital, capital reserves, the Land Housing Promotion Fund and other claims of Wfa, as well as any future return flows from housing loans remained earmarked for housing promotion under Article 2, Section 16(2) of the Law even after their transfer to WestLB.
Prenesena sredstva, torej osnovni kapital, rezerve, deželna sredstva za pospeševanje gradnje stanovanj in druge terjatve Wfa ter prihodnja povračila iz stanovanjskih posojil, so tudi po prenosu na WestLB na podlagi člena 2 poglavja 16(2) omenjenega zakona ostala namenjena pospeševanju gradnje stanovanj.
The same provision established that the assets transferred serve at the same time as liable equity capital within the meaning of the German Banking Law (and hence the Own Funds Directive), on the basis of which a bank's solvency ratio is calculated.
V isti določbi je bilo predvideno, da prenesena sredstva istočasno služijo kot lastni kapital v skladu z nemškim zakonom o bančništvu (in posledično z Direktivo o lastnih virih sredstev), na podlagi katerega se izračuna stopnja solventnosti banke.
Therefore, they also underpin WestLB's competitive business.
Potemtakem krijejo tudi konkurenčno dejavnost WestLB.
On the occasion of the transfer, WestLB's owners amended the covering agreement (Mantelvertrag) and agreed that the assets earmarked for housing promotion must always be preserved, even if WestLB suffered losses that absorbed the original capital.
Ob prenosu so lastniki WestLB spremenili okvirni sporazum in se dogovorili, da sredstva namenjena pospeševanju gradnje stanovanj ostajajo vedno nespremenjena, tudi če bi WestLB utrpela izgube, ki bi izčrpale začetni kapital.
Internally, Wfa's capital should be subordinate in its liability only to WestLB's remaining equity.
Interno je kapital Wfa glede jamstva podrejen ostalim lastnim sredstvom WestLB.
It was clarified in the agreement that WestLB owners' ‘institutional liability’ (Anstaltslast) also covered Wfa's special reserve.
V okvirnem sporazumu je bilo natančno pojasnjeno, da Anstaltslast lastnikov WestLB zajema tudi posebno rezervo Wfa.
If WestLB were to be wound up, the Land would have a priority claim on Wfa's capital.
V primeru likvidacije WestLB bi dežela imela prednostno pravico do kapitala Wfa.
It was also stated in the agreement that the increase in WestLB's equity base through the integration of Wfa constituted an act in money's worth (geldwerte Leistung) by the Land and that the annual remuneration for this act should be agreed on by the owners once the first financial results for the years from 1992 onwards were available.
Poleg tega je bilo v tem okvirnem sporazumu navedeno, da povečanje obsega lastnega kapitala WestLB s prenosom Wfa predstavlja denarno storitev, za katero se morajo lastniki dogovoriti o višini letnega nadomestila, kakor hitro bodo znani prvi rezultati za poslovna leta od 1992 dalje.
This was done in a protocol note to the covering agreement dated 11 November 1993.
To je bilo potem predmet protokola k okvirnemu sporazumu z dne 11. novembra 1993.
Notwithstanding the internal agreement to guarantee Wfa's assets and the internal subordination of Wfa's capital, no distinction is made in WestLB's external relationships between Wfa's housing promotion activities and its function as a provider of own funds to WestLB.
Kljub temu notranjemu dogovoru o zagotovitvi sredstev Wfa in notranji podrejenosti kapitala Wfa, se v zunanjih razmerjih WestLB ne dela razlik med dejavnostmi Wfa kot ustanove za pospeševanje gradnje stanovanj na eni strani in funkcijo njenih lastnih sredstev kot rizični lastni kapital WestLB na drugi strani.
The transferred assets are fully and instantaneously available to WestLB to cover losses or, in the event of bankruptcy, to cover creditors' claims.
Prenesena sredstva so v celoti in neposredno na razpolago WestLB za kritje izgub ali v primeru stečajnega postopka za kritje terjatev upnikov.
The management contract regarding the Law governing the promotion of housing (Geschäftsbesorgungsvertrag zum Wohnungsbauförderungsgesetz) concluded between the Land and WestLB lays down that WestLB will use the special reserve to underpin its own business activities only in so far as fulfilment of Wfa's legally binding tasks is guaranteed.
V sporazumu o opravljanju poslov iz zakona o pospeševanju gradnje stanovanj med deželo in WestLB je predvideno, da bo WestLB posebno rezervo uporabljala za kritje lastnih poslovnih dejavnosti le, v kolikor bo zagotovljeno izpolnjevanje nalog Wfa, ki so predvidene v zakonu.
Although Wfa lost its legal independence by becoming a housing promotion division of WestLB and was integrated into WestLB's accounts, it was not integrated operationally into WestLB.
Čeprav je Wfa izgubila pravno neodvisnost, s tem ko je postala oddelek ta pospeševanje gradnje stanovanj znotraj WestLB, in je vključena v poslovne knjige WestLB, v operativnem smislu ni bila vključena v WestLB.
Wfa remained a distinct entity within WestLB under the name Wohnungsbauförderungsanstalt Nordrhein-Westfalen — Anstalt der Westdeutschen Landesbank Girozentrale.
Wfa je torej ostala ločena oseba znotraj WestLB pod imenom Wohnungsbauförderungsanstalt Nordrhein-Westfalen – Anstalt der Westdeutschen Landesbank Girozentrale.
This new housing promotion division of WestLB is included in WestLB's accounts but also publishes separate ones.
Ta novi oddelek WestLB za pospeševanje gradnje stanovanj se sicer upošteva v poslovnih knjigah WestLB, a vodi tudi svoje lastne poslovne knjige.
WestLB's existing housing promotion department was merged with Wfa.
Nekdanji oddelek WestLB za pospeševanje gradnje stanovanj se je združil z Wfa.
Wfa's transferred capital, reserves, assets and future profits are still earmarked for housing promotion and must therefore be administered separately from WestLB's other commercial activities.
Prenesena sredstva Wfa osnovnega kapitala, rezerv, ostalih sredstev in prihodnjih dobičkov so še vedno namenjena pospeševanju gradnje stanovanj in se morajo zato upravljati ločeno od ostalih poslovnih dejavnosti WestLB.
This separation is, at the same time, a prerequisite for continuing recognition of the housing promotion activities as non-profit-making under German tax legislation.
Istočasno je ta ločitev predpogoj za to, da se lahko pospeševanje gradnje stanovanj po nemškem davčnem pravu še naprej priznava kot neprofitna dejavnost.
Since the German authorities assumed that the integrated Wfa did indeed remain a non-profit-making entity, the tax exemptions mentioned in Section II, point 2 above were not abolished.
Ker so nemški organi izhajali iz tega, da bo Wfa po vključitvi dejansko ostala neprofitna ustanova, davčne oprostitve iz razdelka II, številka 2 niso bile ukinjene.
WestLB's competitors also opposed the merger of the monopoly-like Wfa and WestLB because they feared that WestLB would be able to take advantage of information gathered in the housing promotion field to acquire new customers for its commercial business.
Tekmeci WestLB so nasprotovali združitvi monopolnih Wfa in WestLB tudi zaradi tega, ker so se bali, da bo WestLB lahko informacije pridobljene na področju pospeševanja gradnje stanovanj izkoristila za pridobitev novih strank za svoje komercialne dejavnosti.
The competent authorities have undertaken to ensure that distortions of competition are not caused by such proximity, in particular by separating the housing promotion division from the commercial divisions of WestLB in terms of personnel, information, etc.
Pristojni organi so se zavezali, da bodo zagotovili, da zaradi tega ne bo prišlo do izkrivljanj konkurence, zlasti z ločitvijo oddelka za pospeševanje gradnje stanovanj od komercialnih oddelkov WestLB glede osebja, informacij, itd.
With the splitting up of WestLB on 1 August 2002 (with retroactive effect under the accounting rules to 1 January 2002) under a law of the Land of North Rhine-Westphalia of 2 July 2002, Wfa was allocated to Landesbank Northrhein-Westfalen and thus withdrawn from the commercial activities grouped together in WestLB AG.
Z razdružitvijo WestLB s 1. avgustom 2002 (s povratno veljavo po računovodskih predpisih s 1. januarjem 2002) z zakonom dežele Severno Porenje-Vestfalija z dne 2. julija 2002 je bila Wfa vključena v Landesbank Nordrhein-Westfalen in s tem umaknjena iz konkurenčnih dejavnosti, ki so sedaj združene v WestLB AG.
VALUE OF WFA
VREDNOST WFA
As at 31 December 1991, the nominal value of Wfa's capital transferred to WestLB was about DEM 24900 million (EUR 12730 million), of which nearly DEM 24700 million (EUR 12680 million) was accounted for by the Land Housing Promotion Fund.
Nominalna vrednost sredstev Wfa, ki so bila z 31. decembrom 1991 prenesena na WestLB je znašala okrog 24,9 milijard DEM (12,73 milijard EUR), od katerih je skoraj 24,7 milijard DEM (12,68 milijard EUR) pripadlo deželnim sredstvom za pospeševanje gradnje stanovanj.
On 1 January 1992 WestLB commissioned a valuation of Wfa which was delivered on 30 April 1992.
WestLB je s 1. januarjem 1992 pri revizijskem podjetju naročila izvedensko mnenje o določitvi sredstev Wfa.
It should be noted that this valuation was carried out only after the Land had decided on the transfer of Wfa.
To mnenje je bilo dostavljeno 30. aprila 1992. Treba je pripomniti, da je bila ta ocenitev vrednosti izvedena po tem, ko je dežela sklenila prenos Wfa.
As to the valuation method, the auditor stated that, because of the continuing obligation to reinvest all future income of Wfa in low-interest or non-interest-bearing housing promotion loans, the institution would in fact have no capitalised earnings value.
Kar zadeva metodo ocenjevanja so revizorji trdili, da Wfa zaradi trajajoče obveznosti, po kateri mora vse prihodnje dohodke reinvestirati v posojila za gradnjo stanovanj z znižanimi obrestmi ali brez obresti, dejansko nima nobene kapitalizirane vrednosti.
However, this obligation would cease in the event of the realisation of Wfa.
Ta obveznost pa v primeru unovčenja Wfa preneha.
The advantage of Wfa for WestLB was said to consist, firstly, in the increase in own funds and the resulting ability to expand business and, secondly, in the increase in its credit standing following the considerable strengthening of its equity capital.
Prednost Wfa za WestLB naj bi obstajala, prvič, v povečanju lastnih sredstev in s tem povezane možnosti širjenja dejavnosti in drugič, v izboljšanju bonitete zaradi znatnega povečanja lastnega kapitala.
Since WestLB received no advantage from Wfa's regular activities, the latter's value had to be established as the possible proceeds in the event of its sale — without the reinvestment obligations that exist only in the internal relationship.
Ker WestLB ni imela nobene koristi od običajne dejavnosti Wfa, bi se morala vrednost Wfa določiti na podlagi morebitnega iztržka od njene prodaje, in sicer brez obveznosti reinvestiranja, ki obstaja samo v notranjem razmerju.
The assets had to be valued at an amount which would result in a normal return, i.e. they had to be discounted to a value which could serve as a basis for considering their nominal return flows as a normal market return.
Sredstva bi se tako morala vrednotiti glede na običajni donos, t.j. morala biti znižana na vrednost, na podlagi katere bi se nominalna povračila lahko štela za običajni tržni donos.
The auditors revalued various items of Wfa's assets and liabilities — the housing loans were adjusted from DEM 30700 million (EUR 15700 million) to DEM 13500 (EUR 6900 million), i.e. by 56 % — and arrived at a net asset value for Wfa of DEM 5900 million (EUR 3020 million).
Revizorji so popravili vrednost različnih postavk sredstev in obveznosti Wfa – posojila za gradnjo stanovanj so bila znižana z nominalne vrednosti 30,7 milijard DEM (15,7 milijard EUR) na 13,5 milijard DEM (6,9 milijard EUR), kar ustreza popravku 56 % – ter izračunali neto sredstva Wfa v višini 5,9 milijard DEM (3,02 milijarde EUR).
This corresponds to an overall discount of 76 % when compared with Wfa's nominal net asset value of DEM 24900 million (EUR 12700 million) at that time.
To ustreza celotnemu diskontiranju 76 % v primerjavi s takratnimi neto sredstvi Wfa 24,9 milijard DEM (12,7 milijard EUR).
Following this revaluation, the amount of DEM 5900 million (EUR 3020 million) was entered in WestLB's accounts as a special capital reserve for housing promotion (Sonderrücklage Wohnungsbauförderungsanstalt).
Po tem vrednotenju je bil znesek 5,9 milijard DEM (3,02 milijarde EUR) v poslovnih knjigah WestLB knjižen kot posebna rezerva ustanove za pospeševanje gradnje stanovanj („Sonderrücklage Wohnungsbauförderungsanstalt“).
After being asked by WestLB to accept the amount of DEM 5900 million (EUR 3020 million) as WestLB's original own funds, BAKred commissioned another auditing firm to carry out a valuation.
Potem ko je WestLB zaprosila nemški bančni nadzorni organ (Bundesaufsichtsamt für das Kreditwesen – „BAKred“), da znesek 5,9 milijard DEM (3,02 milijarde EUR) prizna kot temeljni lastni vir sredstev WestLB, je BAKred naročil ocenitev vrednosti pri drugem revizijskem podjetju.
This valuation was delivered on 30 September 1992.
Ta je bila izdelana dne 30. septembra 1992.
The valuation for BAKred examined the plausibility of the one made for WestLB and accepted its methodological approach.
Preiskava, ki je bila izvedena za BAKred, je preverjala verodostojnost ocene vrednosti, izvedene za WestLB, in sprejela metodološki pristop vrednotenja.
However, mainly because of the choice of a different discount rate and differing treatment of possible redemptions before maturity (Vorfälligkeitstilgungen), the valuation for BAKred arrived at a net asset value for Wfa ranging from DEM 4000 million (EUR 2050 million) to DEM 5400 million (EUR 2760 million).
Vendar pa je to vrednotenje, zlasti zaradi izbire drugačne diskontne stopnje in različne obravnave odkupov pred dospelostjo („Vorfälligkeitstilgungen“) izračunalo neto sredstva Wfa od 4 milijard DEM (2,05 milijarde EUR) do 5,4 milijarde DEM (2,76 milijarde EUR).
On the basis of this valuation, BAKred finally accepted on 30 December 1992 DEM 4000 million (EUR 2050 million) as WestLB's original own funds within the meaning of the German Banking Law.
Na podlagi te ocene je BAKred dne 30. decembra 1992 4 milijarde DEM (2,05 milijarde EUR) dokončno priznal kot temeljni lastni vir sredstev WestLB v skladu z nemškim zakonom o bančništvu.
Neither the amount shown in WestLB's balance sheet — DEM 5900 million (EUR 3020 million) — nor the amount accepted as original own funds has been changed since then.
Znesek 5,9 milijard DEM (3,02 milijarde EUR), ki je v bilanci stanja WestLB vknjižen kot lastni kapital in znesek, priznan kot temeljni lastni vir sredstev, se od takrat nista spremenila.
Both valuations of the assets transferred were based on the situation after the waiver of Wfa's liability vis-à-vis the Land, which they valued at around DEM 7300 million (EUR 3730 million).
Obe oceni prenesenih sredstev sta upoštevali položaj, ki je nastal po odpravi jamstvenih obveznosti Wfa nasproti deželi, ki so bile ocenjene na približno 7,3 milijarde DEM (3,73 milijarde EUR).
EFFECTS OF WFA'S TRANSFER ON WESTLB
POSLEDICE PRENOSA WFA ZA WESTLB
On 31 December 1991 WestLB had recognised own funds of DEM 5100 million (EUR 2600 million), of which DEM 500 million (EUR 260 million) in profit participation certificates (Genußrechte).
decembra 1991 je WestLB razpolagala s priznanimi lastnimi sredstvi v višini 5,1 milijarde DEM (2,6 milijarde EUR), od katerih je bilo 500 milijonov DEM (260 milijonov EUR) pripisanih pravicam za udeležbo pri dobičku.
The bank's solvency ratio was around 6,1 % on the basis of the provisions of the German Banking Law before its adaptation to the Community Banking Directives, i.e. 0,5 percentage point above the minimum level stipulated by that Law.
Stopnja solventnosti je v skladu z določili nemškega zakona o bančništvu, pred njegovo prilagoditvijo bančnim direktivam Skupnosti, znašala okrog 6,1 % in s tem 0,5 %-točk nad takrat zakonsko predpisano minimalno ravnijo.
As a result of the acceptance of Wfa's capital as own funds of WestLB by BAKred, WestLB's total own funds were boosted to DEM 9100 million (EUR 4650 million), an increase of 79 %.
Ker je BAKred kapital Wfa priznal kot lastna sredstva WestLB, so se lastna sredstva WestLB povečala na skupaj 9,1 milijarde DEM (4,65 milijarde EUR), torej za 79 %.
Taking into account an allocation of DEM 100 million (EUR 50 million) to reserves from profits, WestLB's own funds amounted to DEM 9200 million (EUR 4700 million) at 31 December 1992.
Ob upoštevanju dodelitve v rezerve iz dobička v višini 100 milijonov DEM (50 milijonov EUR), so se lastna sredstva WestLB povečala na 9,2 milijarde DEM (4,7 milijarde EUR) z 31. decembrom 1992.
This corresponded to a solvency ratio of 8,7 %, including Wfa's capital and risk-adjusted assets.
To je ob upoštevanju kapitala in tveganju prilagojene tehtane aktive Wfa ustrezalo stopnji solventnosti 8,7 %.
Table 1: Capital requirements and own funds of WestLB and Wfa (based on data provided by the German authorities)
Tabela 1: Potrebe po kapitalu in lastna sredstva WestLB in Wfa (po podatkih nemških organov) (v milijonih DEM)
(DEM million)
(v milijonih DEM)
(at 31 December)
(dne 31. decembra)
Risk-adjusted assets of WestLB (without Wfa)
Tveganju prilagojena tehtana aktiva WestLB (brez Wfa)
Risk-adjusted assets of Wfa
Tveganju prilagojena tehtana aktiva Wfa
Risk-adjusted assets of WestLB (with Wfa) [20]
Tveganju prilagojena tehtana aktiva WestLB (z Wfa) [20]
Required own funds of WestLB [21] (= a)
Zahtevana lastna sredstva WestLB [21] (= a)
Required own funds of WestLB without Wfa [21] (= b)
Zahtevana lastna sredstva WestLB brez Wfa [21] (= b)
WestLB own funds (= c)
Lastni viri sredstev WestLB (= c)
WestLB own funds without Wfa (= d)
Lastni viri sredstev WestLB brez Wfa (= d)
Utilisation rate of WestLB own funds (= a/c)
Izkoristek lastnih virov sredstev WestLB (= a/c)
Utilisation rate of WestLB own funds without Wfa (= b/d)
Izkoristek lastnih virov sredstev WestLB brez Wfa (b/d)
This solvency ratio of 8,7 % included an increase in WestLB's risk-adjusted assets unrelated to housing promotion of some DEM 8200 million (EUR 4190 million), or 9,9 %, in 1992.
Ta stopnja solventnosti 8,7 % upošteva povečanje tveganju prilagojene tehtane aktive WestLB v višini 8,2 milijarde DEM (4,19 milijarde EUR) oz. 9,9 % v letu 1992, ki ni povezano s pospeševanjem gradnje stanovanj.
If this increase had taken place without the transfer of Wfa, WestLB's solvency ratio would have fallen to 5,7 % by 31 December 1992, i.e. to a level very close to the minimum requirement of 5,6 %.
Če bi do tega povečanja prišlo brez prenosa Wfa, bi stopnja solventnosti WestLB z 31. decembrom 1992 padla na 5,7 %, torej skoraj na raven minimalne zahteve 5,6 %.
Whereas all of Wfa's capital is tied up in its housing promotion activities, only some of its own funds within the meaning of the solvency rules are needed to underpin its risk-adjusted assets.
Medtem ko je celoten kapital Wfa namensko vezan za dejavnosti pospeševanja gradnje stanovanj, je za kritje tveganju prilagojene tehtane aktive v skladu s predpisi o solventnosti potreben le del lastnih sredstev Wfa.
On 31 December 1991 the solvency ratio of the WestLB group was 5,8 %, i.e. 0,2 percentage point above the minimum.
To pomeni, da je preostalih 2,5 milijarde (1,28 milijarde EUR) WestLB lahko v tistem času uporabil kot lastna sredstva za kritje svojih konkurenčnih dejavnosti. (61) Pri skupini WestLB je bila stopnja solventnosti z dne 31. decembra 1991 z 5,8 % za 0,2 %-točke nad takratno minimalno ravnijo.
One year later, after the Wfa's capital had been accepted by BAKred, the ratio was about 8,1 %, including Wfa's risk-adjusted assets.
Leto kasneje, potem ko je BAKred priznal kapital Wfa, je stopnja ob upoštevanju tveganju prilagojene tehtane aktive Wfa znašala 8,1 %.
If the asset transfer had not taken place and the group had increased its non-housing-related risk-bearing assets as it actually did, the group's solvency ratio would have fallen to 5,3 %, or 0,3 percentage point below the minimum level required at the time.
Če do prenosa sredstev ne bi prišlo in bi skupina kljub temu povečala tvegana sredstva, ki niso povezana s pospeševanjem gradnje stanovanj, kar je dejansko storila, bi stopnja solventnosti skupine padla na 5,3 % in s tem za 0,3 %-točke pod takrat veljavno minimalno vrednostjo.