natgillin/translations-raw huggingface dataset:
On 30 June 1993, when the German credit institutions had to comply with the new capital requirements set by the Own Funds Directive and the Solvency Ratio Directive, the group's solvency ratio (including Wfa's capital requirements), calculated on the basis of the new provisions, was 9 %, i.e. 1 percentage point above the minimum level. (The original own funds accounted for 6,3 percentage points, additional own funds for 2,7 percentage points.)
junija 1993, ko so za nemške kreditne institucije začele veljati nove zahteve po lastnem kapitalu v skladu z Direktivo o lastnih virih sredstev in Direktivo o solventnosti, je stopnja solventnosti skupine (vključno z zahtevami po lastnem kapitalu Wfa), izračunana na podlagi novih predpisov, znašala 9 %, torej 1 %-točko nad minimalno vrednostjo (pri tem je 6,3 %-točke pripadlo temeljnim lastnim virom sredstev in 2,7 %-točke dodatnim lastnim virom sredstev).
Excluding Wfa's capital contribution and its risk-adjusted assets, the group would have had a solvency ratio of about 7,2 % as at 30 June 1993.
Brez dotoka lastnega kapitala z vključitvijo Wfa in brez tveganih sredstev bi skupina 30. junija 1993 dosegla stopnjo solventnosti približno 7,2 %.
The ratio of 9 % was achieved by raising more additional own funds in the form of subordinated loans amounting to some DEM 2900 million (EUR 1480 million) in early 1993.
Stopnja 9 % je bila dosežena s prevzemom dodatnih lastnih sredstev v obliki podrejenih posojil v višini približno 2,9 milijarde DEM (1,48 milijarde EUR) v začetku leta 1993.
Over the whole of 1993 WestLB raised DEM 3100 million (EUR 1590 million) of additional own funds, bringing the total own funds of the group within the meaning of the German Banking Law to DEM 12900 million (EUR 6600 million) by the end of that year.
WestLB je tekom leta 1993 skupaj prevzela 3,1 milijarde DEM (1,59 milijarde EUR) dodatnih lastnih virov sredstev, s čimer so se lastni viri sredstev skupine v skladu z nemškim zakonom o bančništvu do konca istega leta povečali na 12,9 milijard DEM (6,6 milijard EUR).
The solvency ratios had fallen slightly by the end of 1993, compared with 30 June.
Stopnje solventnosti so bile v primerjavi s 30. junijem konec leta 1993 nekoliko nižje.
Table 2: Capital requirements and own funds of the WestLB group (based on data provided by the German authorities)
Tabela 2: Potrebe po kapitalu in lastni viri sredstev skupine WestLB (po podatkih nemških organov) (v milijonih DEM)
Average amounts
(Povprečne vrednosti)
Total assets
Bilančna vsota
Risk-adjusted assets
Tveganju prilagojena tehtana aktiva
Required original own funds (= a)
Zahtevana temeljna sredstva (= a)
Required total own funds (= b)
Zahtevana lastna sredstva skupaj (= b)
Original own funds (= c)
Temeljni lastni viri sredstev skupaj (= c)
Additional own funds
Dodatni lastni viri sredstev
Total own funds (= d)
Lastni viri sredstev skupaj (= d)
Utilisation rate of original own funds (= a/c)
Izkoristek temeljnih lastnih virov sredstev WestLB (= a/c)
Utilisation rate of total own funds (= b/d)
Izkoristek lastnih virov sredstev skupaj (= b/d)
In absolute figures, the original own funds of DEM 4000 million (EUR 2050 million) increased by DEM 72000 million (EUR 36800 million) the theoretical capacity to extend business volume with 100 % risk-adjusted assets under the former German Banking Law (5,6 % minimum solvency ratio).
V absolutnih številkah se je s temeljnimi lastnimi sredstvi 4 milijard DEM (2,05 milijarde EUR) teoretično povečala možnost, da se obseg poslovanja razširi s 100 % tveganju prilagojeno tehtano aktivo po prejšnjem nemškem zakonu o bančništvu (minimalna stopnja solventnosti 5,6 %) za 72 milijard DEM (36,8 milijarde EUR).
On the basis of the minimum solvency ratio of 8 %, applicable since 30 June 1993, the relevant figure would be DEM 50000 million (EUR 25600 million).
Na podlagi minimalne stopnje solventnosti 8 %, ki se uporablja od 30. junija 1993, bi ustrezna vrednost znašala 50 milijard DEM (25,6 milijarde EUR).
Assuming that DEM 2500 million (EUR 1280 million) of Wfa's capital was available to the WestLB group's competitive business its 100 % risk-adjusted lending capacity was increased by DEM 31300 million (EUR 16000 million).
Ob predpostavki, da je bil konkurenčnim dejavnostim skupine WestLB na razpolago kapital Wfa v vrednosti 2,5 milijarde DEM (1,28 milijarde EUR), se je njena 100 % tveganju prilagojena tehtana kreditna sposobnost povečala za 31,3 milijarde DEM (16 milijard EUR).
However, since a bank's assets are normally not 100 % risk-adjusted, the actual credit volume capacity was increased by a greater amount.
Dejansko pa se je dovoljen obseg kreditiranja razširil v veliko večji meri, saj aktiva banke običajno ni 100 % tveganju prilagojena tehtana aktiva.
At the end of 1993 the WestLB group's risk-adjusted assets (including Wfa's business) amounted to DEM 148600 million (EUR 76000 million).
Ob koncu leta 1993 je tveganju prilagojena tehtana aktiva skupine WestLB (vključno z dejavnostmi Wfa) znašala 148,6 milijard DEM (76 milijard EUR).
The balance-sheet total came to DEM 332600 million (EUR 170100 million).
Bilančna vsota je znašala 332,6 milijard DEM (170,1 milijarde EUR).
This indicates an average risk weighting of 45 %.
To pomeni povprečno 45 % tehtano tveganje.
Given a constant risk structure, the DEM 2500 million (EUR 1280 million) of original own funds available permitted a total expansion (or coverage of existing business) of about DEM 69400 million (EUR 35500 million) on the basis of the 8 % threshold laid down in the EC Banking Directives.
Pri stalni strukturi tveganja je bilo z razpoložljivimi temeljnimi lastnimi viri sredstev 2,5 milijard DEM (1,28 milijarde EUR) na podlagi 8 % deleža lastnih sredstev, ki je določen v bančnih direktivah ES, skupno povečanje (oz. kritje obstoječih poslovnih dejavnosti) za približno 69,4 milijarde DEM (35,5 milijard EUR) možno.
Since the increase in original own funds allowed WestLB to raise further additional own funds (up to an amount equal to the original own funds), its actual lending capacity was indirectly increased even further.
Ker je povečanje temeljnih lastnih sredstev WestLB omogočilo, da si priskrbi dodatne lastne vire sredstev (do višine temeljnih lastnih sredstev), se je tako njena dejanska kreditna sposobnost posredno še bolj povečala.
Several conclusions can be drawn.
Na podlagi tega lahko pridemo do več zaključkov.
Firstly, without a capital increase, WestLB would have had difficulties remaining above the minimum solvency ratio under the German Banking Law before its adaptation to the EC Banking Directives.
Prvič, brez povečanja kapitala bi WestLB imela težave ostati nad minimalno stopnjo solventnosti na podlagi nemškega zakona o bančništvu v različici pred njegovo prilagoditvijo bančnim direktivam Skupnosti.
Secondly, without Wfa's transfer, the WestLB group would have satisfied the minimum solvency ratio under the Solvency Ratio Directive only by reducing its risk-adjusted assets or by mobilising other sources of own funds (e.g. disclosure of hidden reserves).
Drugič, brez prenosa Wfa bi skupina WestLB minimalno stopnjo solventnosti na podlagi Direktive o solventnosti dosegla samo z zmanjšanjem svoje tveganju prilagojene tehtane aktive ali z aktiviranjem drugih virov lastnih sredstev (npr. razkritje skritih rezerv).
The raising of additional own funds could have provided only temporary relief because the level of such funds is limited by the amount of original own funds available.
Zbiranje dodatnih lastnih sredstev bi predstavljalo le začasno rešitev, saj je višina tega kapitala omejena z višino razpoložljivih temeljnih lastnih virov sredstev.
Thirdly, the capital increase, together with the fresh additional own funds raised in 1993, exceeded the amount needed by the group to meet the stricter capital requirements of the revised German Banking Law.
Tretjič, povečanje kapitala je v povezavi z novimi dodatnimi lastnimi viri sredstev, ki so bila zbrana leta 1993, preseglo znesek, ki ga skupina potrebuje za izpolnjevanje strožjih zahtev po lastnem kapitalu noveliranega nemškega zakona o bančništvu.
As regards the supervisory restrictions on individual large loans, the 50 % threshold stipulated by the former German Banking Law was equivalent to about DEM 2500 million (EUR 1280 million) before the acceptance of Wfa's capital.
Kar zadeva omejitev velikih kreditov s strani nadzorstva, je 50-odstotni prag prejšnje različice nemškega zakona o bančništvu ustrezal približno 2,5 milijardam DEM (1,28 milijarde EUR), pred priznanjem kapitala Wfa.
After acceptance of Wfa's capital and a DEM 100 million (EUR 50 million) allocation to reserves from profits, the threshold rose to nearly DEM 4600 million (EUR 2350 million).
Po priznanju kapitala Wfa in dodelitve v rezerve iz dobička v višini 100 milijonov DEM (50 milijonov EUR), se je prag dvignil na skoraj 4,6 milijarde DEM (2,35 milijarde EUR).
The 15 % threshold stipulated for large loans, which in total may not be higher than eight times the bank's own funds, was equivalent to about DEM 760 million (EUR 390 million) at 31 March 1992.
15-odstotni prag za velike kredite, ki skupaj ne smejo preseči osemkratne vrednosti lastnega kapitala banke, je ustrezal 760 milijonom DEM (390 milijonom EUR) z 31. marcem 1992.
One year later, i.e. after the acceptance of Wfa's capital, the threshold had risen to nearly DEM 1400 million (EUR 720 million).
Leto kasneje, torej po priznanju kapitala Wfa, se je prag zvišal na skorajda 1,4 milijarde DEM (720 milijonov EUR).
WestLB's capacity to grant such large loans was increased by DEM 32000 million (EUR 16400 million) (i.e. eight times the increase of own funds) as a result of the transfer of Wfa.
Sposobnost WestLB za odobritev velikih kreditov se je zaradi prenosa Wfa povečala za 32 milijard DEM (16,4 milijard EUR) (torej za osemkrat več kot povečanje lastnih sredstev).
REMUNERATION FOR THE TRANSFER OF WFA
NADOMESTILO ZA PRENOS WFA
The transfer of Wfa did not lead to a change in the ownership structure of WestLB.
Prenos Wfa ni spremenil lastniške strukture WestLB.
Therefore, the Land is not remunerated for the capital provided, either by way of a higher share in dividends paid or by way of a higher share in the capital gains of the holdings in WestLB.
Zaradi tega dežela Severno Porenje-Vestfalija ne prejme nadomestila za kapital, ki ga je zagotovila, niti v obliki večjega deleža izplačanih dividend niti večjega deleža kapitalskih donosov iz udeležb v WestLB.
The agreement governing the relationship between the owners of WestLB (Mantelvertrag) was amended on the transfer of Wfa.
Ob prenosu Wfa so lastniki WestLB spremenili okvirni sporazum.
Under Section 5(2) of that agreement, the owners agree that the enlargement of WestLB's capital basis by the Land constitutes a financial advantage for them.
Poglavje 5(2) sporazuma navaja, da razširitev kapitalske osnove WestLB s strani dežele po mnenju lastnikov predstavlja finančno ugodnost za ostale lastnike.
The level of remuneration for the capital provided was to be fixed after WestLB's first financial results for 1992 were known, i.e. a short time after the transfer.
Višina nadomestila za zagotovljen kapital naj bi se določila po objavi rezultatov WestLB za poslovno leto 1992, torej kmalu po prenosu.
The grounds for the law on the transfer contain similar wording as regards the value of the transfer and the remuneration.
Podobno formuliranje v zvezi z vrednostjo prenosa in nadomestila se nahaja v utemeljitvi zakona o prenosu.
The remuneration for the capital provided was finally fixed at an annual rate of 0,6 %.
Na koncu se je določilo nadomestilo za zagotovljen kapital na ravni 0,6 % letno.
It must be paid by WestLB from profits after tax, giving a pre-tax burden of around 1,1 % for WestLB.
WestLB mora to nadomestilo plačati iz dobičkov po obdavčitvi, kar za WestLB pomeni približno 1,1 % obremenitev pred obdavčitvijo.
It is payable only if profits are made.
Nadomestilo se plačuje samo v primeru, če se ustvarjajo dobički.
The basis for this remuneration is the capital of Wfa recognised by BAKred as original own funds, i.e. DEM 4000 million (EUR 2050 million).
Osnova za nadomestilo je kapital Wfa, ki ga je BAKred priznal kot temeljni lastni vir sredstev, torej 4 milijarde DEM (2,05 milijarde EUR).
The remuneration is paid only on the part of this capital not needed by Wfa to underpin its housing promotion activities.
Nadomestilo se plača le za tisti del kapitala, ki ga Wfa ni potrebovala za kritje svojih dejavnosti pospeševanja gradnje stanovanj.
This part, available for WestLB to underpin its commercial business, amounted to DEM 2500 million (EUR 1280 million) after the new capital requirements entered into force and has been increasing since then.
Ta del, ki je bil WestLB na razpolago za kritje njenih poslovnih dejavnosti, je znašal 2,5 milijarde DEM (1,28 milijarde EUR) po začetku veljavnosti novih zahtev po lastnem kapitalu in se je od takrat še povečal.
Table 3: Special capital reserve for housing promotion and own fund requirements needs of Wfa (based on data provided by the German authorities).
Tabela 3: Posebna rezerva za pospeševanje gradnje stanovanj in potrebe po lastnih sredstvih Wfa (po podatkih nemških organov)
Special reserve for housing promotion
Posebna rezerva za pospeševanje gradnje stanovanj
Of which accepted as original own funds
od tega priznani kot temeljni lastni viri sredstev
Needed for housing promotion loans of Wfa
za stanovanjska posojila Wfa
Available for WestLB
za WestLB
COMPLAINT AND OBSERVATIONS BY BDB
PRITOŽBA IN PRIPOMBE BDB
BdB submits that the application of the ‘market-economy investor principle’ is not limited to enterprises which are loss-making or in need of financial restructuring.
Po mnenju BdB uporaba načela vlagatelja v tržnem gospodarstvu ni omejena na podjetja, ki prinašajo izgubo ali so potrebna sanacije.
Such an investor is guided not by the question of whether the enterprise in question is profitable at all but rather by whether the profitability corresponds to the market rate.
Takšen vlagatelj se pri odločitvi o naložbi ne sprašuje ali zadevno podjetje sploh donosno posluje, temveč preverja, ali donosnost ustreza tržnim stopnjam.
If capital injections by the public authorities were examined only in the case of loss-making enterprises, this would discriminate against private enterprises and thus infringe Article 86(1) of the EC Treaty.
Če bi se kapitalski vložki javnega sektorja preverjali samo v primeru podjetij, ki ustvarjajo izgubo, bi to privedlo do diskriminiranja zasebnih podjetij in s tem kršitve člena 86(1) Pogodbe ES.
It also submits that Article 295 of the EC Treaty cannot be used to exempt the transfer of Wfa's assets from the competition rules, arguing that the article in question may well protect the freedom of the Land to create such a special asset but, as soon as it is transferred to a commercial enterprise, the competition rules must be applied.
Prav tako se člen 295 Pogodbe ES ne more uporabiti za to, da bi se prenos sredstev Wfa izvzel iz območja veljavnosti pravil o konkurenci. Kvečjemu se lahko iz tega člena izpelje pravica dežele, da ustvari takšna posebna sredstva; kakor hitro pa se ta prenesejo na komercialno podjetje, se uporabljajo pravila o konkurenci.
APPROPRIATE REMUNERATION FOR THE CAPITAL
PRIMERNO NADOMESTILO ZA KAPITAL
BdB argued that, like any other original own funds, the recognised original own funds of DEM 4000 million (EUR 2050 million) can be used to underpin business and, at the same time, to raise additional own funds for solvency reasons.
BdB je navedel, da se priznani temeljni lastni viri sredstev v višini 4 milijard DEM (2,05 milijarde EUR) lahko, tako kot vsa druga temeljna lastna sredstva, uporabljajo za kritje poslovnih dejavnosti in istočasno, tako kot vsi druga temeljna lastna sredstva, omogočajo tudi zbiranje dodatnih lastnih sredstev zaradi solventnosti.
Thus, by way of the transfer, the Land enabled WestLB, which was operating at the very edge of its equity base, to avoid reducing its business activities and even to expand those business activities open to risk.
S prenosom sredstev je dežela WestLB, ki posluje z zelo omejenim obsegom lastnega kapitala, omogočila ne le, da se izogne omejitvi poslovne dejavnosti, temveč da še razširi svoje tvegane dejavnosti.
Furthermore, the amount by which the own funds exceed actual requirements also influences the funding costs on the financial markets.
Znesek, v višini katerega lastna sredstva presegajo dejansko potrebo po lastnem kapitalu, vpliva poleg tega tudi na stroške financiranja na kapitalskih trgih.
According to BdB, a market-economy investor would not inject capital into his company if its financial results had been consistently poor for years and there were no signs of a considerable improvement, i.e. no indications that a higher return could be expected in the future.
BdB meni, da vlagatelj v tržnem gospodarstvu ne bi vložil kapitala v svoje podjetje, če bi bili finančni rezultati podjetja dosledno slabi in nič ne bi kazalo na znatno izboljšanje, t.j. nobenih znakov, da se bo donosnost v prihodnosti povečala.
Level of the remuneration
i. Višina nadomestila
BdB stressed that WestLB was in urgent need of original own funds and that the transfer of Wfa nearly doubled WestLB's original own funds from DEM 4700 million (EUR 2400 million) to DEM 8700 million (EUR 4450 million).
BdB poudarja, da je WestLB nujno potrebovala temeljne lastne vire sredstev, in da je prenos Wfa skoraj podvojil temeljna lastna sredstva WestLB s 4,7 milijarde DEM (2,4 milijarde EUR) na 8,7 milijarde DEM (4,45 milijarde EUR).
No private investor would have brought such a huge amount of equity capital into WestLB, given its weak financial performance at that time.
Glede na takratne slabe finančne rezultate WestLB ne bi noben zasebni vlagatelj v slednjo vložil tako velikega zneska lastnega kapitala.
In return for providing capital under such conditions, a private investor would have demanded a premium of at least 0,5 percentage point on top of the normal return on equity capital.
Za zagotovitev kapitala pod danimi pogoji, bi zasebni vlagatelj zahteval najmanj pribitek 0,5 odstotka na običajni donos na lastni kapital.
BdB quoted WestLB's profitability as an average of 5,6 % before tax for the ten years prior to the transfer.
Po podatkih BdB je donosnost WestLB v desetih letih pred prenosom znašala povprečno 5,6 % pred obdavčitvijo.
This compared with profitability figures for large private German banks of between 12,4 % and 18,6 %, with an average of 16,8 % (before tax) for the same period.
Pri zasebnih nemških velikih bankah so v zadevnem časovnem obdobju ustrezne številke znašale med 12,4 % in 18,6 %, s povprečno vrednostjo 16,8 % (pred obdavčitvijo).
Other Landesbanks are said to have generated profits of between 9 % and 11 %.
Druge deželne banke naj bi ustvarjale donose med 9 % in 11 %.
BdB submitted a calculation of the return on equity of German banks made on its behalf by an external consultancy.
BdB je predložil izračun donosa na lastni kapital nemških bank, ki ga je za BdB izdelalo zunanje svetovalno podjetje.
As regards the appropriate method of calculating a comparison of returns on equity, BdB submitted that historical return rates should be calculated as an arithmetic average, not as a compound annual growth rate.
Kar zadeva ustrezno metodo izračunavanja primerjalne vrednosti donosa, je BdB zastopalo mnenje, da je treba zgodovinske donose izračunati kot aritmetično in ne kot geometrično sredino (compound annual growth rate).
The latter method implies that the investor reinvests dividends and takes the additional income from these reinvestments into account for the calculation.
Slednja metoda predpostavlja, da vlagatelj reinvestira dividende, in zato te dodatne donose iz tega reinvestiranja upošteva pri izračunu.
However, the way in which dividends are reinvested cannot influence the original investment decision but has to be considered as a new, separate decision.
Vendar pa način reinvestiranja dividend ne more vplivati na prvotno odločitev o naložbi, ampak mora biti to obravnavano kot nova, od tega ločena odločitev o naložbi.
A method based on an arithmetic average should therefore be used.
Zato bi se morala uporabiti metoda z aritmetično sredino.
If, however, the compound annual growth rate method is used, the average return of some large German private banks for the period from 1982 to 1992 comes to 12,54 % after taxes.
V kolikor pa se uporabi metoda „compound annual growth rate“ znaša povprečen donos nekaterih zasebnih nemških velikih bank v časovnem obdobju med letom 1982 in 1992 po obdavčitvi 12,54 %.
In calculating this figure, BdB took into account all possible holding periods for investments and sales between 1982 and 1992 in order to avoid any possible bias as a result of taking only one base year, if share prices were unusually high or low in that year. Applying many holding periods simultaneously is said to smoothen the effect of stockmarket fluctuations.
Pri izračunu te vrednosti je BdB po lastnih navedbah upošteval vsa možna obdobja posedovanja za naložbe in prodaje med letom 1982 in 1992, da bi izključil popačenja, ki bi lahko nastalo, ker je bilo za osnovno leto vzeto le eno leto, v kolikor bi to leto pokazalo nenavadno visoke ali nizke tečaje delnic; istočasna uporaba več obdobij posedovanja služi izravnavi nihanj delniškega trga.
BdB submitted that the corresponding figures given by WestLB were too low because income from the sale of subscription rights was not taken into account.
BdB trdi, da so ustrezne številke WestLB prenizke, ker ne upoštevajo prihodka od prodaje pravic do vpisa.
As regards the capital asset pricing model, which is used in the central study provided by WestLB to justify the remuneration of 0,6 %, BdB submitted its own external study, which arrives at returns on equity of 12,21 % (on the basis of the normal risk premium on the German market for the period 1982-91) and 14,51 % (on the basis of a higher expected risk premium), these figures being higher than the ones provided by WestLB.
V zvezi z metodo „Capital Asset Pricing Model“, ki je bila uporabljena v osrednji študiji WestLB za utemeljitev nadomestila 0,6 %, je BdB predstavil svojo lastno zunanjo študijo. Ta študija je prišla do donosa lastnega kapitala v višini 12,21 % (z uporabo premije tveganja, ki je bila običajna za nemški trg v časovnem obdobju 1982 – 1991) oz. 14,51 % (na podlagi višje pričakovane premije tveganja), kar se nahaja nad vrednostjo, ki jo je navedla WestLB.
The difference could be attributed to two facts.
Razliko lahko pripišemo dvema dejavnikoma.
Firstly, BdB applied a higher risk premium for equity (3,16 % and 5 % respectively).
Prvič, BdB je uporabil višjo premijo tveganja za lastni kapital (3,16 % oz. 5 %).
Secondly, it applied a higher beta factor for credit institutions (1,25).
Drugič, BdB je uporabil višji beta faktor za kreditne institucije (1,25 %).
The risk-free basic rate used is the same as in WestLB's calculation.
Netvegana temeljna obrestna mera je enaka kot pri izračunu WestLB.
Considering the various methods of calculating return on equity, BdB finally quoted a range of 14 % to 16 % as a normal return on equity.
Glede na različni metodi za izračunavanje donosa lastnega kapitala, je BdB najprej navedel vrednost od 14 % do 16 % kot običajno pričakovan donos lastnega kapitala.
BdB further stated that a private minority shareholder would not inject additional capital without requesting an increase of his share in the company.
Nadalje BdB navaja, da zasebni manjšinski delničar ne bi vložil dodatnega kapitala, ne da bi zahteval povečanje svojega deleža v podjetju.
Only with such an increase could he duly participate in the profit of, and exercise greater influence on, the company.
Samo na ta način bi se lahko ustrezno udeleževal dobičkov podjetja in imel večji vpliv na podjetje.