natgillin/translations-raw huggingface dataset:
The waiver does not reduce the Land's assets because, in the event of Wfa's liquidation, the Housing Promotion Fund would be correspondingly higher.
Oprostitev ne zmanjšuje premoženja dežele, ker bi v primeru likvidacije Wfa prejela ustrezno velika sredstva za pospeševanje gradnje stanovanj.
Since the liability of Wfa which has been waived would only have become due in the case of such liquidation, the waiver does not change the economic position of the Land.
Ker bi obveznosti Wfa, ki so bile odpravljene, dospele samo v primeru takšne likvidacije, se z oprostitvijo jamstvenih obveznosti splošni gospodarski položaj dežele ne bi spremenil.
In fact, the Land is only waiving a liability against itself.
Dejansko se je dežela zgolj odpovedala obveznosti do same sebe.
The waiver was taken into account in the valuation of Wfa's equity capital by BAKred and, on this basis, WestLB was paying an adequate remuneration.
Oprostitev obveznosti je BAKred upošteval pri oceni rizičnega kapitala Wfa, na podlagi katerega WestLB plačuje primerno nadomestilo.
The waiver therefore produces no financial benefit for WestLB.
Potemtakem WestLB ni imela koristi od oprostitve jamstvenih obveznosti.
OBSERVATIONS ON THE COMMENTS FROM INTERESTED PARTIES
PRIPOMBE NA UGOTOVITVE ZAINTERESIRANIH STRANK
As to the comments from the two bankers' associations Germany remarks that the general accusations made are not substantiated by facts or any actual cases of complaints of credit institutions concerning the way in which WestLB operates on the markets.
Kar zadeva ugotovitve obeh bančnih združenj Nemčija trdi, da pavšalni očitki niso podkrepljeni z dejstvi ali konkretnimi pritožbami kreditnih institucij glede dejavnosti WestLB na trgih.
The questions regarding Anstaltslast and Gewährträgerhaftung raised in one of the two observations are in no way linked to the present case and should be regarded separately.
Vprašanje jamstev Anstaltslast in Gewährträgerhaftung, ki se je pojavilo v enem od dveh mnenj, ni povezano z zadevnim primerom in se mora obravnavati posebej.
As to the comments from BdB, Germany stresses that the transfer of Wfa was no ad hoc solution but the result of long-term strategic considerations, especially the increase in Wfa's efficiency.
Kar zadeva ugotovitve BdB pa Nemčija poudarja, da pri prenosu Wfa ni šlo za ad hoc rešitev, temveč je ta temeljila na dolgoročnih strateški premislekih, zlasti glede povečanja učinkovitosti Wfa.
The case law of the Court contains no ruling whereby investment by the State in a sound and profitable enterprise has been regarded as state aid.
Sodna praksa Sodišča ne pozna primera, v katerem bi se naložba države v zdravo, dobičkonosno podjetje štela kot državna pomoč.
The case referred to by BdB concerns enterprises which were loss-making.
Primer, ki ga omenja BdB, zadeva podjetja, ki so poslovala z izgubo.
Since WestLB has been a profitable enterprise since its formation, the market-economy investor principle is not applicable.
Ker pa je WestLB vse od svoje ustanovitve ustvarjala dobiček, se v tem primeru načelo vlagatelja v tržnem gospodarstvu ne uporablja.
Germany believes that this is confirmed by the case law of the Court, where that principle has never been applied to sound and profitable enterprises.
To potrjuje tudi sodna praksa Sodišča, ki ne pozna uporabe tega načela v primerih zdravih in donosnih podjetjih.
Moreover, a private investor not only looks at the return but takes other, strategic considerations into account.
Prav tako zasebni vlagatelj ne bi izhajal samo iz pričakovanega donosa, ampak bi upošteval druge strateške premisleke.
In the case of rescue and restructuring aid, other considerations have to be weighed up than in the case of a capital injection into a profitable enterprise.
V primeru pomoči za reševanje in podpore za prestrukturiranje je treba upoštevati drugačne premisleke kot pri povečanju kapitala dobičkonosnega podjetja.
Investments by the State cannot be assessed simply by looking at the average return in a sector.
Naložb države ni mogoče presojati enostavno glede na to, ali je bila dosežena povprečna donosnost zadevne panoge.
Otherwise, state investment in a bank with a below-average return would constitute state aid even though at the same time private investors were, in fact, investing in that enterprise.
Sicer bi vsaka naložba države v banko, ki dosega podpovprečne donose, predstavljala državno pomoč, medtem ko zasebni vlagatelji dejansko istočasno investirajo v isto podjetje.
An investor is guided by prospects rather than sectoral averages.
Vlagatelj se ravna po pričakovanih donosih in ne po panožnih povprečjih.
The state aid rules allowed an examination only of the terms of the asset transfer, not of the particularities of Wfa's assets, which are protected by Article 295 of the EC Treaty.
Pravila o državni pomoči dovoljujejo zgolj preverjanje pogojev prenosa sredstev Wfa, ne pa posebnosti teh sredstev, ki jih varuje člen 295 Pogodbe ES.
Since the special character of Wfa's assets is protected by that Article, the capital transferred must not be compared to a normal liquid capital injection.
Ker je posebni značaj sredstev Wfa varovan s tem členom, prenesenega kapitala Wfa ne gre primerjati z običajnimi vložki likvidnega lastnega kapitala.
A private-law foundation could be used in the same way as Wfa without any effect on the use of its revenues for its special purpose.
Tako bi lahko na enak način kot Wfa uporabili ustanovo zasebnega prava, ne da bi to vplivalo na namensko vezano uporabo donosov.
Regarding the risk profile of Wfa's capital, a distinction must be drawn between the role of the Land as an owner of WestLB and as an investor in Wfa's special reserve.
Kar zadeva profil tveganja kapitala Wfa, je treba razlikovati med vlogo dežele Severno Porenje-Vestfalija kot lastnikom WestLB in vlagateljem v posebno rezervo Wfa.
As an investor in Wfa, the Land bears a lower risk because of the internal subordination agreement between the shareholders of WestLB.
Kot vlagatelj v Wfa ima dežela nižje tveganje, ker je bilo med delničarji WestLB dogovorjeno, da bo posebna rezerva v notranjem razmerju v podrejenem položaju.
The risk borne by the Land as an investor in Wfa is limited to the assets transferred and is not higher, as claimed by the BdB.
Tveganje dežele kot vlagatelja v Wfa je omejeno na prenesena sredstva in ni večje, kakor trdi BdB.
Germany submits that the return calculations provided by BdB (and taken from an outside expert's opinion) are incorrect and supports this view by reference to a study commissioned by WestLB.
Nemčija trdi, da so izračuni donosa, ki jih je predložil BdB (in vzeti iz izvedenskega mnenja neodvisnega strokovnjaka), napačni in se pri tem sklicuje na nasprotno izvedensko mnenje, ki je bilo opravljeno za WestLB.
According to this study, the main errors are a wrong calculation method (arithmetic average instead of compound annual growth rate) and the use of irrelevant investment periods.
Na podlagi tega izvedenskega mnenja sta glavni napaki napačna metoda izračunavanja (aritmetično povprečje namesto geometrijskega povprečja metode „compound annual growth rate“) in sklicevanje na nepomembna investicijska obdobja.
After adjustment for these errors, the return of 16,86 % before tax for large private banks in Germany comes down to 7,0 %.
Po odpravi teh napak se donosnost zasebnih nemških velikih bank zmanjša iz 16,86 % pred obdavčitvijo na 7,0 %.
Furthermore, the five German private banks taken into consideration cannot be compared to WestLB because of their differing business emphasis.
Poleg tega pa pet nemških zasebnih bank, ki so bile uporabljene pri izračunu primerljive vrednosti, zaradi njihove drugačne poslovne usmerjenosti, ni mogoče primerjati z WestLB.
Taking banks which are comparable, the return on equity falls to 5,8 %.
Pri izračunu, ki je izveden na podlagi upoštevanja dveh primerljivih bank, donos na lastni kapital pade na 5,8 %.
Furthermore, the study for BdB is said to use an unrepresentative reference period, viz. 1982-92, which includes two market rallies.
Poleg tega izvedensko mnenje BdB uporablja obdobje opazovanja med leti 1982 in 1992, ki ni reprezentativno in zajema dve trajajoči dviganji tečajev na borzi.
Shortening the reference period would thus further lower the return figures.
Pri krajšem obdobju opazovanja bi se številke donosov še znižale.
As to the liquidity aspect, Germany rejects BdB's argument that, on account of a lack of liquidity, no refinancing costs would arise because the discounting of Wfa's assets already took that liquidity cost into account.
Nemčija zavrača argumentiranje BdB, da zaradi manjkajoče likvidnosti niso nastali nobeni stroški refinanciranja, ker je bil pri diskontiranju te nominalne vrednosti sredstev Wfa ta likvidnostni strošek že upoštevan.
It states that this discount is in no way connected to the liquidity aspect but is the result of the low-interest or non-interest-bearing character of Wfa's assets and liabilities.
Po mnenju Nemčije pa ta diskont na noben način ni povezan z vidikom likvidnosti, temveč samo z okoliščinami, da so sredstva Wfa sestavljena iz neobrestovanih in nizko obrestovanih dolgoročnih sredstev in obveznosti.
It also rejects BdB's argument that, if any refinancing costs are accepted, only a small rate of 2,7 % before tax is justified.
Nemčija zavrača argument, da bi tudi v primeru stroškov refinanciranja, bil upravičen le manjši odbitek donosa 2,7 % pred obdavčitvijo.
The expert opinion submitted by BdB in this connection is said to be wrong because it confuses in an inadmissible manner the revenues of the bank with the revenues of an external investor.
Izvedensko mnenje, ki ga je predložil BdB, v tej zvezi je napačno, ker na nedopusten način meša donose bank iz bančnih dejavnosti z donosi zunanjega vlagatelja.
Furthermore, the study of BdB compares gross revenues whereas net revenues should be compared.
Poleg tega izvedensko mnenje BdB izhaja iz bruto donosov, medtem ko je za primerjavo pravilna uporaba neto donosov.
The German Government submitted its own study produced by an outside consultancy.
V ta namen je nemška vlada predložila svoje izvedensko mnenje, ki ga je izdelalo zunanje svetovalno podjetje.
The synergies were said to arise only within Wfa, and not within WestLB, as the duplication of work and existence of parallel departments could be eliminated (transfer of the former housing division of WestLB).
Do sinergij je prišlo samo pri Wfa in ne znotraj WestLB, ker je bila odpravljena podvojitev dela in vzporednih upravnih enot (prenos nekdanjega oddelka za pospeševanje gradnje stanovanj WestLB).
These effects were, therefore, independent of the economic, organisational and personnel separation between Wfa and WestLB.
Do sinergijskih učinkov je tako prišlo popolnoma neodvisno od ekonomske, organizacijske in kadrovske ločitve med Wfa in WestLB.
They led to a reduction in the capital grants by the Land to Wfa and were the direct result of the transfer of Wfa to WestLB.
Privedli so do zmanjšanja potrebne kapitalske podpore s strani dežele za Wfa in so neposredna posledica prenosa Wfa na WestLB.
The difference between Wfa's special reserve shown in the balance sheet and the amount accepted by BAKred was clearly communicated to third parties.
Razlika med posebno rezervo Wfa, ki je prikazana v bilanci, in zneskom, ki ga je BAKred priznal za potrebe nadzora, je bila jasno sporočena tretjim.
According to Germany, creditors do not assign a liability function to the part not accepted for solvency purposes.
Iz vidika upnika kapital, ki ni bil priznan za potrebe nadzora, nima odgovornosti.
Since only the part which can be used by WestLB to underpin its business is of economic use to the bank, the Land cannot ask for remuneration in respect of the excess amount.
Ker ima banka ekonomsko korist samo od tistega dela, ki ga WestLB lahko uporabi za kritje svoje bančne dejavnosti, dežela ne more zahtevati nadomestila za presežen znesek.
The waiver of the liability was taken into account in the valuation of Wfa's assets by BAKred, and it is on this basis that WestLB pays the remuneration.
Oprostitev obveznosti Wfa je BAKred upošteval pri oceni sredstev Wfa, na podlagi katerih WestLB plačuje nadomestilo.
Furthermore, the overall economic position of the Land is not affected by the waiver and the tax exemption does not yield any benefit for WestLB.
Z oprostitvijo jamstvenih obveznosti se splošni gospodarski položaj dežele ni spremenil. Tudi davčne oprostitve WestLB niso zagotovile nobene ugodnosti.
V. UNDERSTANDING BETWEEN BDB, THE LAND OF NORTH RHINE-WESTPHALIA AND WESTLB
V. DOGOVOR MED BDB, DEŽELO SEVERNO PORENJE-VESTFALIJA IN WESTLB
On 13 October 2004 the complainant BdB, the Land of North Rhine-Westphalia and WestLB AG submitted to the Commission an understanding on the state aid procedure in the WestLB case.
oktobra 2004 so pritožnik BdB, dežela Severno Porenje-Vestfalija in WestLB Komisiji predložili dogovor o postopku glede pomoči v primeru WestLB.
Irrespective of their basic interpretations of the legal situation, which remained unchanged, the parties to the understanding agreed on what they themselves regarded as suitable parameters for determining an appropriate remuneration and on the appropriate remuneration itself.
Ne glede na še naprej obstoječe razlike v temeljnem pojmovanju prava med strankami dogovora, so se stranke dogovorile o tem, kar one razumejo kot ustrezne parametre za določitev primernega nadomestila.
The parties asked the Commission to take account of this understanding in its decision.
Stranke prosijo Komisijo, da pri svoji odločitvi upošteva rezultate dogovora.
Applying the capital asset pricing model (CAPM), the parties first determined the minimum expected remuneration for a hypothetical own-capital investment in WestLB at the relevant transfer date.
Stranke so sprva na osnovi metode Capital Asset Pricing Model (CAPM) določile pričakovana najmanjše nadomestilo za domnevno naložbo v osnovni kapital WestLB v zadevnem času prenosa.
On this basis, the appropriate minimum remuneration for the part of Wfa's capital recognised by BAKred as core capital and not used by Wfa to underpin its housing promotion activities should amount to 10,19 %.
V skladu s tem naj bi primerno najmanjše nadomestilo za del kapitala Wfa, ki ga je BAKred priznal kot temeljni kapital in ga Wfa ne uporablja za kritje svojih lastnih dejavnosti pospeševanja gradnje stanovanj, znašalo 10,19 % letno.
In calculating this figure, the risk-free long-term interest rates computed by the Landesbanks on the basis of the REX10 Performance Index of the Deutsche Börse AG and the beta factors estimated on the basis of a KPMG study of 26 May 2004 commissioned by the Landesbanks were used.
Stranke so za izračun tega najmanjšega nadomestila uporabile dolgoročne netvegane obrestne mere, ki so jih deželne banke določile z uporabo t.i. indeksa REX10 Performance Index nemške borze (Deutsche Börse AG), in predvidene beta faktorje iz izvedenskega mnenja KPMG z dne 26. maja 2004, ki je bilo izdelano na pobudo deželnih bank.
In practical terms, this resulted for WestLB in a risk-free interest rate of 7,15 % at the time of the transfer.
Za WestLB je to konkretno v zadevnem času prenosa pomenilo netvegano temeljno obrestno mero 7,15 %.
On the basis of the KPMG study, a beta factor of 0,76 was determined for the time of the transfer.
Kot beta faktor je bila na podlagi mnenja KPMG v zadevnem času prenosa določena vrednost 0,76.
A market-risk premium of 4 % was determined across the board.
Premija tržnega tveganja je bila enotno določena na 4 %.
The initial interest rate of 10,16 % (1 January 1991) was calculated as follows: risk-free interest rate of 7,15 % + (general market-risk premium of 4,0 % × beta of 0,76).
Izhodiščna obrestna mera 10,16 % (01.01.91) se je izračunala takole: netvegana obrestna mera 7,15 % + (splošna premija tržnega tveganja 4,0 % x beta faktor 0,76)
A deduction was then made to take account of the lack of liquidity of the special fund.
Potem se je zaradi manjkajoče likvidnosti posebnih namenskih sredstev določil še odbitek.
For this, the risk-free interest rate of 7,15 % was applied generally as gross refinancing costs.
Tako so bruto stroški refinanciranja pavšalno temeljili na navedeni netvegani obrestni meri 7,15 %.
To determine the key net refinancing costs, the overall tax rate for WestLB is fixed at 50 %, resulting in a deduction for lack of liquidity of 3,57 %.
Za določitev ustreznih neto stroškov refinanciranja je pavšal davčne obremenitve WestLB v času obeh prenosov znašal 50 %, kar je privedlo do odbitka v višini 3,75 %.
Lastly, a premium of 0,3 % is added because no new voting rights were granted.
Na koncu se je zaradi pomanjkljive izdaje glasovalnih pravic prištel pribitek v višini 0,3 %.
This produces overall an appropriate remuneration of 6,92 % (after tax) for the part of Wfa's capital which was recognised by BAKred as core capital and was not used by Wfa to underpin its own housing promotion activities.
Skupno iz tega izhaja primerno nadomestilo za posebna namenska sredstva v višini 6,92 % (po obdavčitvi) za del kapitala Wfa, ki ga je BAKred priznal kot temeljni kapital in ga Wfa ni uporabila za kritje svojih lastnih dejavnosti pospeševanja gradnje stanovanj.
Both parties agree that, with the parent-subsidiary model taking effect on 1 January 2002, the aid situation arising from the transfer of Wfa's capital has ceased.
Med strankami obstaja dogovor, da je bila z uvedbo strukture matičnega in hčerinskega podjetja, ki je začela veljati s 1. januarjem 2002, pomoč, ki je nastala s prenosom kapitala Wfa, odpravljena.
The first step in appraising the measure under the state aid rules of the EC Treaty is to assess whether it constitutes state aid within the meaning of Article 87(1) of the EC Treaty.
Prvi korak za presojo ukrepa v skladu z določbami Pogodbe ES o državni pomoči je preveriti, ali ukrep predstavlja državno pomoč v smislu člena 87(1) Pogodbe ES.
STATE RESOURCES AND FAVOURABLE TREATMENT OF A CERTAIN UNDERTAKING
DRŽAVNA SREDSTVA IN POMOČ DOLOČENEMU PODJETJU
Wfa was a public-law institution owned entirely by the Land of North Rhine-Westphalia and with the task of promoting housing by granting low-interest or non-interest-bearing loans.
Wfa je bila institucija javnega prava, v celoti v lasti dežele Severno Porenje-Vestfalija in namenjena pospeševanju gradnje stanovanj z dodeljevanjem nizko obrestovanih in neobrestovanih posojil.
The Land guaranteed its total liabilities under Anstaltslast and Gewährträgerhaftung.
Dežela je jamčila za vse njene obveznosti v okviru državnih jamstev „Anstaltslast“ in „Gewährträgerhaftung“.
Wfa's main source of financing, the Land Housing Promotion Fund, had been created by annual cash injections from the Land budget and by interest income from housing loans.
Glavni vir financiranja Wfa so deželna sredstva za pospeševanje gradnje stanovanj („Landeswohnungsbau-vermögen“), ki so bila ustvarjena iz letnih prenosov sredstev iz deželnega proračuna in dohodkov od obresti za posojila za gradnjo stanovanj.
If state assets of this kind, which have a commercial value, are transferred to an enterprise without sufficient remuneration being paid, it is clear that state resources within the meaning of Article 87(1) of the EC Treaty are involved.
Če pride do prenosa takšnih državnih sredstev s komercialno vrednostjo na podjetje brez zadostnega nadomestila, je jasno, da gre za državna sredstva v smislu člena 87(1) Pogodbe ES.
In order to verify whether the transfer of state resources to a public enterprise favours the latter and is therefore liable to constitute state aid within the meaning of Article 87(1) of the EC Treaty, the Commission applies the market-economy investor principle.
Komisija pri preverjanju, ali prenos državnih sredstev na podjetje v javni lasti temu podjetju koristi in s tem lahko predstavlja državno pomoč v smislu člena 87(1) Pogodbe ES, uporablja „načelo vlagatelja v tržnem gospodarstvu“.
This principle has been accepted (and developed) by the Court in a number of decisions.
To načelo je Sodišče sprejelo (in razvilo naprej) v številnih odločbah.
The assessment under that principle will be made in Section 3 below.
Presoja v skladu s tem načelom je opravljena v nadaljevanju v številki tri.
If state aid is involved, WestLB, i.e. an undertaking within the meaning of Article 87(1) of the EC Treaty, will clearly have been favoured.
V kolikor gre za državno pomoč to jasno koristi WestLB, t.j. neko podjetje v smislu člena 87(1) Pogodbe ES.
This development is intensifying in the wake of economic and monetary union, which is dismantling the remaining obstacles to competition on financial services markets.
Ta razvoj se trenutno še stopnjuje zaradi ekonomske in monetarne unije, ki odpravlja preostale ovire za konkurenčnost na trgu finančnih storitev.
In its 1997 annual report, WestLB defines itself as a universally and internationally active commercial bank, as a central bank for the savings banks and as the bank for the Land and the municipalities.
Iz njenega poslovnega poročila iz leta 1997 je razvidno, da velja WestLB za univerzalno in mednarodno dejavno splošno poslovno banko, centralno banko za hranilnice in banka za deželo in njene občine.
It describes itself as a European banking group in the wholesale banking sector with activities in the important financial and economic centres around the world.
Sama se označuje kot evropska bančna skupina s poudarkom na bančnih poslih za podjetja z dejavnostmi na najpomembnejših finančnih in gospodarskih mestih sveta.
Its presence abroad is concentrated in Europe, where it has subsidiaries, branches and representative offices in all major countries.
Središče njene prisotnosti v tujini je Evropa, kjer ima hčerinska podjetja, lastne podružnice in predstavništva v vseh pomembnejših državah.
WestLB is present in over 35 countries worldwide.
Skupina WestLB je z lastnimi poslovalnicami zastopana v več kot 35 državah sveta.
Despite its name, tradition and legally stipulated tasks, WestLB is not at all a local or regional bank.
Kljub svojemu imenu, tradiciji in zakonsko urejenim nalogam WestLB nikakor ni lokalna ali regionalna banka.
Its presence in Europe and on international markets has already been described in Section II, point 1.
Njena prisotnost v Evropi in na mednarodnih trgih je bila opisana že v oddelku II, številka 1.
In 1997 the group's foreign business contributed 48 % of non-consolidated revenues.
Skupina WestLB je iz poslovanja v tujini leta 1997 zabeležila 48 % nekonsolidiranih donosov.
According to the 1997 annual report, the bank's growth in that year can be attributed mainly to the expansion of its foreign business.
Kot je navedeno v poslovnem poročilu za leto 1997, gre rast banke v tem letu pripisati predvsem razširitvi njenega poslovanja v tujini.
These facts clearly show that WestLB offers its banking services in competition with other European banks outside Germany and, since banks from other European countries are active in Germany, inside Germany.
Na podlagi tega je jasno, da WestLB nudi bančne storitve v konkurenci z drugimi evropskimi bankami izven Nemčije in, ker so banke iz drugih evropskih držav dejavne v Nemčiji, v Nemčiji.
This has been confirmed by the observations of the bankers' associations of two Member States.
To je bilo podkrepljeno s pripombami bančnih združenj dveh držav članic.
It is clear, therefore, that aid given to WestLB distorts competition and affects trade between Member States.
Torej drži, da pomoči za WestLB izkrivljajo konkurenco in ovirajo trgovino med državami članicami.
Only on the basis of sufficient accepted equity capital can a bank operate and expand its commercial operations.
Banka lahko posluje in širi svoje komercialne dejavnosti samo na osnovi zadostnega priznanega lastnega kapitala.
Since the state measure provided WestLB with such equity capital for solvency purposes, it directly influenced the bank's business possibilities.
Ker so državni ukrepi WestLB zagotovili takšen lastni kapital za namene solventnosti, je to neposredno vplivalo na možnosti poslovanja banke.