natgillin/translations-raw huggingface dataset:
On the basis of the information provided by Germany, the Commission has carried out the market comparison on the basis of the comparative transactions which are listed in the following table and which were known to the Land of Hessen and Helaba either at the time of the transaction at the end of 1998 or, where they took place some months later, through their direct chronological proximity, allow conclusions to be drawn as to the market conditions prevailing at the time of the transaction at the end of 1998:
Na podlagi podatkov, ki jih je posredovala Nemčija, Komisija tržno primerjavo opravlja na podlagi primerljivih transakcij, navedenih v naslednji preglednici, ki so bile znane deželi Hessen in Helabi v času transakcije ob koncu leta 1998 ali, če je do njih prišlo nekaj mesecev kasneje, zaradi svoje neposredne časovne bližine omogočajo ugotovitve glede tržnih pogojev, ki so prevladovali v času transakcije ob koncu leta 1998.
Relevant comparative transactions [33]
Pomembne primerljive transakcije [33]
Description of the transaction
Opis transakcije
Volume
Obseg
Financial strength/product ratings
Ocene kreditne sposobnosti (OKS)/rezultata (OR)
Remuneration premium p.a.
Pribitek na nadomestilo letno
(in basis points)
v odstotnih točkah)
Reference interest rate and any adjustment [34] of the remuneration premium by deduction of the refinancing premium
Referenčna obrestna mera in prilagoditve [34] pribitka na nadomestilo z odbitkom pribitka za refinanciranje
Liability remuneration of relevance for comparison
Nadomestilo za jamstvo, pomembno za primerjavo (v odstotnih točkah)
Silent partnership contribution to Helaba made in December 1997 by the Hessen and Thuringia savings banks
Vložek tihe družbe pri Helabi iz decembra 1997 s strani hranilnic v deželah Hessen in Turingija
DEM 300 million
300 milijonov DEM
10 years
10 let
FSR: Aaa/AAA (because of state liabilities)
OKS: Aaa/AAA (zaradi državnih jamstev)
10-year federal loan (adjustment through deduction of 20-40 bp)
10-letne nemške obveznice (prilagoditev z odbitkom 20-40 odstotnih točk)
Fixed-interest USD tranche of the silent partnership contribution to Deutsche Bank, January 1998
Fiksno obrestovane USD tranše vložka tihe družbe pri Deutsche Bank iz januarja 1998
First tranche of USD 700 million
Prva tranša 700 milijonov USD
FSR: AAA/Aa1
OKS: AAA/Aa1
12-month Libor
12-mesečni LIBOR
(no adjustment)
(ni prilagoditev)
Variable-interest USD tranche of the silent partnership contribution to Deutsche Bank, January 1998
Spremenljivo obrestovane USD tranše vložka tihe družbe pri Deutsche Bank iz januarja 1998
Second tranche of USD 700 million
Druga tranša 700 milijonov USD
10-year US treasuries
10-letne ameriške obveznice
(adjustment through deduction of 65 bp [35]
(prilagoditev z odbitkom 65 odstotnih točk [35]
Variable-interest silent partnership contribution to SGZ-Bank, October 1998
Spremenljivo obrestovan vložek tihe družbe pri SGZ-Bank iz oktobra 1998
DEM 50 million
50 milijonov DEM
FSR: A1/A+
OKS: A1/A+
Silent partnership contribution to HypoVereinsbank, December 1998
Vložek tihe družbe pri HypoVereinsbank iz decembra 1998
First tranche of DEM 1,2 billion [36]
Prva tranša 1,2 milijarde DEM [36]
FSR: Aa2, Aa3/AA-
OKS: Aa2, Aa3/AA-
Euro tranche of the silent partnership contribution to Dresdner Bank, May 1999
Euro tranša vložka tihe družbe pri Dresdner Bank iz maja 1999
EUR 500 million
500 milijonov EUR
12 years
12 let
FSR: Aa1/AA
OKS: Aa1/AA
10-year German federal loan (adjustment through deduction of 20-40 bp)
10-letne nemške obveznice (prilagoditev z odbitkom 20-40 odstotnih točk)
USD tranche of the silent partnership contribution to Dresdner Bank, May 1999
USD tranša vložka tihe družbe pri Dresdner Bank iz maja 1999
USD 1 billion
1 milijarda USD
32 years
32 let
30-year US treasuries
30-letne ameriške obveznice
(adjustment through deduction of 65 bp [37]
(prilagoditev z odbitkom 65 odstotnih točk [37]
Silent partnership contribution to HypoVereinsbank, May 1999
Vložek tihe družbe pri HypoVereinsbank iz maja 1999
12-month Euribor
12-mesečni EURIBOR
Euro tranche of the perpetual for Deutsche Bank, July 1999
Euro tranša perpetuala pri Deutsche Bank iz julija 1999
No limit
Neomejeno
FSR: Aa3/AA
OKS: Aa3/AA
Overall 6,6 % (corresponds to 115 bp)
Skupaj 6,6 % (115)
Corresponds to 30-year federal loan (adjustment through deduction of 20-40 bp)
30-letne nemške obveznice (prilagoditev z odbitkom 20-40 odstotnih točk)
USD tranche of the perpetual for Deutsche Bank, July 1999
USD tranša perpetuala pri Deutsche Bank iz julija 1999
USD 200 million
200 milijonov USD
Overall 7,75 % (corresponds to 160 bp)
Skupaj 7,75 % (160)
Corresponds to 30-year US treasuries (adjustment through deduction of 65 bp)
30-letne ameriške obveznice (prilagoditev z odbitkom 65 odstotnih točk)
The above table gives a corridor for the market comparison of relevant liability remunerations of 0,75 % to 1,6 % a year.
Preglednica o pomembnih primerljivih transakcijah ponazarja razpon za tržno primerjavo ustreznih nadomestil za jamstvo od 0,75 % do 1,6 % letno.
In support of this, Germany also presented a survey from the investment bank [...] which shows the trend of liability remunerations on euro-denominated, hybrid capital instruments that can be treated as core capital from December 2001 to July 2004.
To je Nemčija podkrepila tudi s predložitvijo pregleda investicijske banke […], ki prikazuje razvoj nadomestil za jamstvo za hibridne instrumente kapitala, izražene v eurih, ki se lahko priznajo za temeljni kapital, od decembra 2001 do julija 2004.
This shows that, during this period, the average liability remuneration in relation to all rating classes (as a premium above Libor) moved within a corridor between 2,25 % a year (briefly around the end of 2002 and beginning of 2003) as an upper limit and around 0,8 % a year (in 2004) as a lower limit, with a rate of just under 1,5 % a year being the average for the period.
Tako se je v tem obdobju povprečno nadomestilo za jamstvo, ki se nanaša na vse kategorije ocenjevanja (kot pribitek nad LIBOR) giblje v razponu med 2,25 % letno (za kratek čas približno ob koncu leta 2002 in začetku leta 2003) kot zgornja meja in približno 0,8 % letno (leta 2004) kot spodnja meja, pri čemer je povprečna stopnja za to obdobje slabih 1,5 % letno.
The figure for credit institutions rated at A or better is, according to the survey, some 10 to 20 basis points lower and the figure for credit institutions rated BAA some 10 to, during the brief peak in the spring of 2003, around 250 basis points higher.
Posamezna vrednost za kreditne institucije, ocenjene z A ali bolje, je glede na ta pregled približno za 10 do 20 odstotnih točk manjša, vrednost za kreditne institucije, ocenjene z BAA, pa približno za 10 do, v času (kratkotrajnega) viška spomladi 2003, približno 250 odstotnih točk večja.
The Commission is aware that the market remunerations contained in the table can in methodological terms give only a very rough indication.
Komisija se zaveda, da so lahko v preglednici vsebovana tržna nadomestila v metodološkem smislu zgolj zelo približna referenčna točka.
For example, the transactions differ in many respects, in particular as regards the rating of the issuing financial institutions, the volume and the underlying reference interest rate.
Transakcije se tako razlikujejo v številnih pogledih, zlasti kar zadeva oceno finančnih institucij izdajateljic, obseg in temeljno referenčno obrestno mero.
These factors all have a significant influence on price formation and a further market survey would have to be carried out to quantify their respective influence on price formation in methodologically correct terms.
Vsi ti dejavniki imajo pomemben vpliv na oblikovanje cen in opraviti bi se morala nadaljnja tržna raziskava za količinsko opredelitev njihovega posameznega vpliva na oblikovanje cen na metodološko pravilen način.
For the purposes of the competition assessment of the market nature of the silent partnership contribution by the Land of Hessen, however, any such further market survey can in the Commission's view be dispensed with.
Za namene ocene tržne narave vložka tihe družbe s strani dežele Hessen pa je taka nadaljnja tržna raziskava po mnenju Komisije odveč.
It is sufficient if, on the basis of trends, the Commission checks that the agreed remuneration lies within the market corridor.
Zadostuje, če se Komisija na podlagi trendov prepriča, da je dogovorjeno nadomestilo v tržnem razponu.
It is apparent that the comparative transactions shown are, in terms of volume, in an area of under DEM 50 million (some EUR 25 million) to some USD 1 billion (taking account of evolving exchange rates, around EUR 1 billion).
Razvidno je torej, da so navedene primerljive transakcije, kar zadeva njihov obseg, v območju pod 50 milijonov DEM (približno 25 milijonov EUR) do približno 1 milijarde USD (glede na menjalni tečaj približno 1 milijarda EUR).
The volume of the silent partnership contribution of the Land of Hessen, at some EUR 1,2 billion, is somewhat above this area.
Obseg vložka tihe družbe s strani dežele Hessen približno 1,2 milijarde EUR je nekoliko nad tem območjem.
However, the Commission agrees with Germany that the silent partnership contribution of the Land of Hessen can, on the basis of the above-mentioned phased model, be compared with a series of four smaller silent partnership contributions each amounting to around EUR 150 million and EUR 300 million. Helaba was not dependent on the immediate injection of such a large amount, but would have been able, in accordance with its business plan, to take up silent partnership contributions of this size gradually on the market.
Komisija se vseeno strinja z Nemčijo, da je vložek tihe družbe s strani dežele Hessen na podlagi zgoraj navedenega stopenjskega modela primerljiv z zaporedjem štirih manjših vložkov tihe družbe v obsegu vsaka približno 150 milijonov EUR in 300 milijonov EUR. Helaba ni bila odvisna od takojšnje vloge tako velikega zneska, lahko pa bi v skladu s svojim poslovnim načrtom vložke tihe družbe takega obsega na trgu prejemala postopno.
The Commission notes that it was primarily in Germany's interest that the silent partnership contribution could from the outset be provided to Helaba in one whole so as not to have to divide up the promotion-related assets.
Komisija navaja, da je bilo v prvi vrsti v interesu Nemčije, da bi se vloga tihe družbe Helabi lahko zagotovila v enem kosu že na začetku, tako da ne bi bilo potrebno deliti sredstev za pospeševanje.
On the other hand, as a result of the silent partnership contribution of the Land of Hessen, even if it is understood as a series of several silent partnership contributions, the proportion of Helaba's core capital accounted for by silent partnerships rose to some [...] %.
Po drugi strani pa je delež vložkov tihe družbe pri temeljnem kapitalu Helabe kot rezultat vložka tihe družbe s strani dežele Hessen, tudi če se ta razume kot zaporedje več vložkov tihe družbe, povečal na približno […] %.
According to Germany, this is significantly higher than is usually the case with hybrid core capital instruments in the case of private banks.
Po navedbah Nemčije je ta občutno večji od deleža, ki ga je običajno moč opaziti pri hibridnih instrumentih temeljnega kapitala v primeru zasebnih bank.
The Commission considers that the higher the proportion of hybrid core capital compared with share capital, the higher the remuneration would tend to be which a private investor would require, since there would then be a greater probability of silent partnership contributions being claimed rather than share capital if the bank got into difficulties.
Komisija je mnenja, da večji ko je delež hibridnega temeljnega kapitala glede na osnovni kapital, večje je nadomestilo, ki bi ga zahteval zasebni vlagatelj, saj se s tem poveča tudi verjetnost, da bi se v primeru, da zadevna banka zaide v težave, vložki tihe družbe uporabili pred osnovnim kapitalom.
Germany disputes this, arguing that silent partnership contributions usually have equal liability ranking and that silent partnership contributions taken up later are not prior-ranking.
Nemčija to izpodbija s trditvijo, da so vložki tihe družbe, kar zadeva jamstvo, enakovredni, in da kasneje prejeti vložki tihe družbe niso v prednostnem položaju.
However, regardless of the liability relationship of silent partnership contributions amongst themselves, the Commission also sees an increased risk in the fact that, with silent partnership contributions making up a larger proportion of the core capital, the bank's risk assets are necessarily based more on silent partnership contributions and hence the buffer effect of the core capital decreases, with the result that the probability of their being utilised in the event of a loss is greater and the speed with which they are replenished in the event of improved profitability is slower.
Vendar Komisija ne glede na jamstveno razmerje med vložki tihe družbe povečano tveganje vidi tudi v dejstvu, da morajo pri večjem deležu vložkov tihe družbe pri temeljnem kapitalu tvegana sredstva bolj temeljiti na vložkih tihe družbe in zmanjša se učinek rezerve osnovnega kapitala, tako da se poveča verjetnost njihove uporabe v primeru izgub in se zmanjša hitrost njihove ponovne napolnitve v primeru izboljšane donosnosti.
Germany also points out that it cannot be deduced from market data that investors contributing silent partnerships in undertakings with an already high proportion of silent partnership contributions also require higher liability remuneration.
Nemčija poleg tega trdi, da se iz tržnih podatkov ne da ugotoviti, ali vlagatelji, ki vlagajo vložke tihe družbe v podjetja, ki že imajo velik delež vložkov tihe družbe, tudi zahtevajo večjo nadomestilo za jamstvo.
The Commission notes this point and considers that it is not feasible to carry out a methodologically sound quantification of any such premium for the purposes of this Decision.
Komisija to upošteva in meni, da metodološko pravilna količinska opredelitev takih pribitkov za namene te odločbe ni izvedljiva.
Nevertheless, the Commission sees this as evidence that a market-economy investor would at least not have accepted a remuneration in the lower part of the market corridor.
V tem pa vendarle vidi dokaz, da se vlagatelj v tržnem gospodarstvu zagotovo ne bi strinjal z nadomestilom v spodnjem območju tržnega razpona.
Contrary to the view taken by Germany, the Commission does not regard Helaba's top rating of AAA/Aaa at the end of 1998 on the basis of the state liabilities in the form of Anstaltslast and Gewährträgerhaftung as significant in examining the remuneration on the silent partnership contribution.
Komisija v nasprotju z Nemčijo najboljši oceni Helabe AAA/Aaa ob koncu leta 1998, ki temelji na obstoječih državnih jamstvih v obliki Anstaltslast in Gewährträgerhaftung, ne pripisuje pomembnosti pri preverjanju nadomestila za vložek tihe družbe.
As explained above, the silent partnership investor is not protected by intervention by the guarantor on the basis of Anstaltslast in the interests of his assets.
Kot je pojasnjeno zgoraj, tihi družbenik pri svojih interesih glede sredstev ni zaščiten s posredovanjem garanta na podlagi Anstaltslast-a.
The Commission concludes here too that the rating based on Anstaltslast and Gewährträgerhaftung cannot be taken as an indicator of the risk the investor is running.
Komisija tudi tu zaključuje, da ocena, ki temelji na Anstaltslast-u in Gewährträgerhaftung-u, ne more biti pokazatelj tveganja, ki se mu izpostavi vlagatelj.
In the Commission's view, the long-term rating without state liabilities is more significant.
Po mnenju Komisije je pomembnejša dolgoročna ocena brez državnih jamstev.
Germany argues in this context that this type of rating could not be determined for the period at the end of 1998, since a corresponding rating methodology for Landesbanks as a whole was developed only after the agreements on the abolition of the state guarantees, i.e. after 2001 and 2002.
Nemčija v tej zvezi trdi, da se taka ocena ni mogla določiti za obdobje ob koncu leta 1998, saj se je ustrezna metodologija ocenjevanja za deželne banke kot celota razvila šele po dogovorih o ukinitvi državnih jamstev, t.j. po letih 2001 in 2002.
For the purposes of this Decision, therefore, the Commission assumes that a market-economy investor in Helaba would have started from the assumption of a somewhat similar risk of loss as in the case of an investment in one of the large private banks included in the market comparison whose rating was consistently in the A category, and not of a reduced risk corresponding to the top rating of AAA.
Komisija za namene te odločbe zato domneva, da je vlagatelj v tržnem gospodarstvu pri Helabi izhajal iz podobnega tveganja kot v primeru naložbe v eno izmed velikih bank v zasebnem sektorju, vključenih v tržno primerjavo, katere ocena je bila vseskozi v kategoriji A, in ne iz manjšega tveganja, skladnega z najboljšo oceno AAA.
Consequently, a reduction in the appropriate remuneration premium as compared with the market comparison data does not appear apposite; rather, the market comparison data can be applied directly.
Zmanjšanje primernega pribitka na nadomestilo glede na podatke za tržno primerjavo se torej ne zdi primerno; podatki za tržno primerjavo se prej lahko uporabijo neposredno.
For the reasons set out above, the Commission would regard any remuneration of the silent partnership contribution of the Land of Hessen in the lower part of the market corridor as not being in line with the market.
Komisija bi iz zgoraj navedenih razlogov vsako nadomestilo za vložek tihe družbe s strani dežele Hessen v spodnjem območju tržnega razpona spoznala za neskladno s trgom.
However, given the market corridor of 0,75 % to 1,6 % determined for the liability remuneration for silent partnership contributions, the relevant comparative figure for the silent partnership contribution of the Land of Hessen at 1,43 % (taking account of the trade tax effect) is in the middle to upper range of the corridor.
Vendar je glede na tržni razpon 0,75 % do 1,6 %, določen za nadomestilo za jamstvo za vložke tihe družbe, ustrezna primerjalna vrednost za vložek tihe družbe s strani dežele Hessen 1,43 % (ob upoštevanju učinka obratovalnega davka) v srednjem do zgornjem območju.
In view of this, therefore, the Commission does not, in respect of the initial remuneration, see any evidence of favourable treatment of Helaba and hence of state aid.
Komisija zato ob upoštevanju tega, kar zadeva izhodiščno nadomestilo, ne vidi dokazov za korist Helabi in s tem državno pomoč.
(cc) Market nature of the agreed perpetuity premium of 0,2 % a year (market comparison rate of 0,23 % a year taking account of trade tax)
(cc) Običajna tržna narava dogovorjenega pribitka za trajnost 0,2 % letno (stopnja 0,23 % letno za namene tržne primerjave ob upoštevanju obratovalnega davka)
The silent partnership contribution of the Land of Hessen is of unlimited duration and is what is known internationally as a perpetual.
Vložek tihe družbe s strani dežele Hessen je časovno neomejen, mednarodno pa je znan kot perpetual.
This distinguishes it from most of the other transactions cited by Germany for comparison purposes and typical during the 1990s, which generally have a term of ten or twelve years.
V tem se razlikuje od večine drugih transakcij, ki jih je Nemčija navedla za namene primerjave in so tipične za 90-ta leta prejšnjega stoletja, njihovo trajanje pa je večinoma 10 ali 12 let.
Looking at the market in abstract terms, unlimited duration means that an investor is faced with a higher risk of non-payment and a higher interest rate fluctuation risk, which a premium is supposed to offset, although in the present instance, because liquidity was not provided, the interest rate fluctuation risk is not relevant.
Pri obravnavanju trga v abstraktnem smislu časovna neomejenost pomeni, da je vlagatelj izpostavljen večjemu tveganju neizplačila in večjemu tveganju nihanja obrestne mere, ki naj bi ju izravnal pribitek, vendar v zadevnem primeru zaradi nezagotovljene likvidnosti tveganje nihanja obrestne mere ni pomembno.
Furthermore, the Land restricted its freedom in the use of the silent partnership contribution more than would normally have been the case with limited duration.
Poleg tega je dežela Hessen omejila možnosti razpolaganja z vložkom tihe družbe v večji meri, kot je običajno pri časovni omejenosti.
The unlimited duration of the silent partnership contribution does, on the other hand, give Helaba the added economic benefit that it can be recognised above the 15 % limit as core capital and was in fact so recognised.
Časovna neomejenost vložka tihe družbe pa po drugi strani Helabi prinaša večjo gospodarsko vrednost, saj se lahko prizna kot temeljni kapital nad mejo 15 % in se v zadevnem primeru tudi je.
This was provided for by the above-mentioned ‘Sydney Declaration’ of the Basle Committee for Banking Supervision in October 1998.
To je pojasnjeno z zgoraj navedeno „Sydneysko izjavo“ Baselskega odbora za bančni nadzor iz oktobra 1998.
For these reasons, the Land of Hessen and Helaba agreed to a further premium on the initial remuneration, the so-called perpetuity premium, of 0,2 % a year.
Iz teh razlogov sta se dežela Hessen in Helaba dogovorili za dodaten pribitek na izhodiščno nadomestilo, tako imenovan pribitek za trajnost, 0,2 % letno.
Taking account of the above-mentioned trade tax effect, the rate applicable for the market comparison rises to 0,23 % a year.
Ob upoštevanju zgoraj navedenega učinka obratovalnega davka se stopnja, pomembna za tržno primerjavo, poveča na 0,23 % letno.
In assessing whether this rate of0,23 % a year is in line with the market-economy investor principle, the Commission cannot, or can to only a very limited extent, rely on market data from the time of the transaction.
Pri oceni, ali je ta stopnja 0,23 % letno skladna z načelom vlagatelja v tržnem gospodarstvu, se Komisija ne more ali pa se lahko le omejeno opira na tržne podatke iz časa transakcije.
According to the information provided by Germany, Helaba and the Land of Hessen were to some extent market pioneers in arranging the transaction in such a way that, in coordination with the relevant banking supervisory and financial authorities, recognition in full as core capital above the 15 % limit was achieved.
Po navedbah Nemčije sta bila Helaba in dežela Hessen v določenem pogledu na trgu začetnika pri oblikovanju transakcije na tak način, da se ob dogovoru s pristojnimi organi za bančni nadzor in finančnimi organi doseže priznanje celotnega obsega kot temeljni kapital nad mejo 15 %.
According to Germany, the transaction was evidently the first of this kind.
Transakcija je bila po navedbah Nemčije očitno prva v taki obliki.
Comparative data on the market nature of the perpetuity premium were not available to the parties at the end of 1998, since, in the period between the ‘Sydney Declaration’ of 28 October 1998 and 1 December 1998, it was not possible for a transparent market for permanent silent partnerships to develop.
Primerjalni podatki o tržni naravi pribitka za trajnost ob koncu leta 1998 pogodbenicam še niso bili na razpolago, saj v obdobju med „Sydneysko izjavo“ z dne 28. oktobra 1998 in 1. decembrom 1998 še ni bil možen razvoj transparentnega trga za trajne vložke tihe družbe.
The Commission notes firstly that a public investor or a public bank cannot be prevented from acting as a market pioneer.
Komisija kot prvo opaža, da se vlagatelju v javnem sektorju ali državni banki ne more preprečiti, da se udejstvuje kot začetnik na trgu.
On the contrary, a market pioneer must actually be allowed greater leeway in setting terms and conditions than is the case with established benchmarks that determine the relevant market corridor on the basis of which the market test is to be carried out.
Nasprotno se mora začetniku na trgu celo priznati večja presoja pri določanju pogojev kakor v primeru že ustaljenih norm, ki določajo ustrezni tržni razpon, na podlagi katerega se mora opraviti tržni preskus.