natgillin/translations-raw huggingface dataset:
In order to derive from HLB's conditions for profit participation certificates at the end of 1992 the appropriate risk premium for silent partnership contributions of limited duration to HLB, an assessment is needed of the fair return premium as between the two instruments.
Za izpeljavo primerne premije tveganja za časovno omejene vloge tihe družbe pri HLB iz pogojev za potrdila HLB o udeležbi pri dobičku ob koncu leta 1992 je potrebna ocena primernega pribitka na donos pri obeh instrumentih.
Here too, because of the incomplete data, reference can be had only to the market conditions at the end of 1997/beginning of 1998 and the resulting risk assessment by investors for HLB can be assumed to be adequate for the end of 1992.
Tudi tu se je zaradi nepopolnih podatkov mogoče sklicevati le na tržne pogoje ob koncu leta 1997/začetku leta 1998 in posledična ocena tveganja vlagateljev pri HLB se lahko šteje za ustrezno za konec leta 1992.
The appropriate risk premium for silent participation contributions at the end of 1992 can then be determined by applying the following equation: risk premium for silent partnership contributions, i, 1992 = risk premium for profit participation certificates, i, 1992 + spread for silent participation contributions/profit participation certificates, i, 1997.
Primerna premija tveganja za vloge tihe družbe ob koncu leta 1992 se torej lahko določi z naslednjo enačbo: Premija tveganja vloge tihe družbe, i,1992 = premija tveganja potrdila o udeležbi pri dobičku, i,1992 + spread vloge tihe družbe/potrdila o udeležbi pri dobičku, i,1997.
Market data as at December 1997 and February 1998 give a premium of 0,35 %-0,40 % over 10-year HLB profit participation certifications for 16-year silent participation contributions as at the end of 1997.
Glede na tržne podatke, zbrane za december 1997 in februar 1998, je pribitek za vloge tihe družbe z dobo trajanja 16 let ob koncu leta 1997 med 0,35 % in 0,40 % nad 10-letnimi potrdili HLB o udeležbi pri dobičku.
Taking the market data as at 31 December 1992 (risk premium on 8-year HLB profit participation certificates of 0,91 %) gives an appropriate risk premium for 16-year silent participation contributions of between 1,26 % and 1,31 %.
Če se tržni podatki prenesejo na 31. december 1992 (premija tveganja za 8-letna potrdila HLB o udeležbi pri dobičku 0,91 %), je primerna premija tveganja za vloge tihe družbe z dobo trajanja 16 let med 1,26 % in 1,31 %.
Applying the risk premium for 10-year profit participation certificates of 0,90 % used in the Lehman Brothers report for the end of 1991 yields virtually identical values.
Ob uporabi premije tveganja za 10-letna potrdila o udeležbi pri dobičku 0,90 %, določene v strokovnem poročilu Lehman Brothers za konec leta 1991, so vrednosti skoraj enake.
Using both methods, the information provided by Germany yields a margin of some 1,26 %-1,31 %.
Na podlagi informacij, ki jih je zagotovila Nemčija, je marža po obeh metodah okoli 1,26 % do 1,31 %.
The basic data concerning issues of profit participation certificates and contributions made were sent to the Commission.
Osnovni podatki o izdaji potrdil o udeležbi pri dobičku in opravljenih vlogah so bili posredovani Komisiji.
The Commission also has access to surveys of the risk-free interest rates prevailing in the years under consideration for Federal loans and the Federal swap spreads valid for silent partnership contributions and other relevant spreads.
Komisiji so na razpolago tudi podatki o netveganih obrestnih merah, veljavnih v zadevnih letih, za obveznice zvezne vlade, in razponih swapov zvezne vlade, veljavnih za vloge tihe družbe, ter drugih pomembnih razponih.
It concludes, therefore, that the margin of 1,29 % communicated by Germany is altogether reasonable.
Komisija zato ugotavlja, da je marža 1,29 %, priglašena s strani Nemčije, povsem sprejemljiva.
In the Commission's view, there is no need for a further market investigation in connection with the state aid assessment of the market-like nature of the silent partnership contribution at issue.
Po mnenju Komisije je nadaljnja tržna raziskava za namene ocene tržne narave zadevne vloge tihe družbe odveč.
It is sufficient that the Commission should ensure, on the basis of trend forecasts, that the agreed remuneration falls within the normal market range.
Zadostuje, da se Komisija na podlagi trendov prepriča, da je dogovorjeno nadomestilo v običajnem tržnem razponu.
The — to this extent concurrent — arguments put forward by Germany and the BdB regarding the liquidity costs can be accepted where a ‘normal’ capital contribution to a bank provides it with both liquidity and an equity capital base that is necessary for supervisory reasons in order to expand business.
V tem smislu skladne trditve Nemčije in BdB glede likvidnostnih stroškov so sprejemljive, kadar „običajna“ vloga kapitala pri banki slednji zagotovi likvidnost in lastna sredstva, ki ju banka potrebuje zaradi nadzorstva za širjenje svojih dejavnosti.
As stated above, a bank that wishes to use the capital to its full extent, i.e. to expand its 100 % risk-adjusted assets by a factor of 12,5 (i.e. 100 divided by the solvency ratio of 8 %) must refinance itself on the financial markets 11,5 times over.
Kot je bilo že navedeno, se mora banka, da bi kapital uporabila v celoti, tj. razširila svojo 100 % tveganju prilagojeno tehtano aktivo s faktorjem 12,5 (tj. 100 deljeno s stopnjo solventnosti 8 %), 11,5-kratno refinancirati na finančnih trgih.
Put simply, the difference between 12,5 times the interest received and 11,5 times the interest paid on this capital minus other costs of the bank (e.g. administration) gives the profit on the equity.
Če poenostavimo, predstavlja razlika med 12,5-kratnimi prejetimi obrestmi in 11,5-kratnimi plačanimi obrestmi na ta kapital minus drugi stroški banke (na primer za upravljanje) dobiček na lastni kapital.
Since the silent partnership contribution to HLB in question did not provide any liquidity initially, HLB incurred additional financing costs up to the amount of the capital when it borrowed on the financial markets the resources needed to exploit the business opportunities to the full.
Ker zadevna vloga tihe družbe banki HLB sprva ni zagotovila likvidnosti, je imela HLB dodatne stroške financiranja v višini kapitala, če je želela zbrati sredstva na finančnih trgih, potrebna za popolno izrabo poslovnih možnosti.
On account of these additional costs, a corresponding deduction must be made in order to determine the appropriate remuneration.
Zaradi teh dodatnih stroškov je treba primerno povračilo ustrezno zmanjšati.
Unlike the BdB, however, the Commission considers that the gross refinancing interest is deductible.
V nasprotju z BdB pa je Komisija mnenja, da se bruto obresti refinanciranja lahko odbijejo.
The same, however, is true of the remuneration for a silent partnership contribution made in liquid form at the outset.
Enako pa velja tudi za nadomestilo za vlogo tihe družbe, ki je že od vsega začetka v likvidni obliki.
Compared with the latter, which, as shown above, provides the appropriate market test, there is, therefore, no further tax benefit.
V primerjavi s slednjo, ki, kakor je navedeno zgoraj, predstavlja primeren tržni test, tako ne gre za dodatno davčno ugodnost.
In both cases, therefore, the bank's net profit is reduced by the amount of the interest paid for the liquidity.
Neto dobiček banke se torej v obeh primerih zmanjša za znesek obresti, plačanih za likvidnost.
As a result, the total refinancing costs are deductible.
Celotni stroški refinanciranja se torej lahko odbijejo.
This situation is similar to that in the Landesbank Hessen-Thüringen case but differs from the other Landesbanks that were also the subject of an investigation, including WestLB, since the promotion-related assets in the latter case are shown as reserves in the balance sheet and the total remuneration is to be regarded as a use of profits but not as an operating expense and thus has to be met out of taxed profits.
Ta položaj je podoben položaju v primeru Landesbank Hessen-Thüringen, razlikuje pa se od drugih deželnih bank, ki so tudi bile predmet preiskovalnih postopkov, vključno z WestLB, saj se v slednjem primeru sredstva za pospeševanje knjižijo v bilanci stanja kot rezerve, celotno nadomestilo pa je treba obravnavati kot uporabo dobička in ne kot stroške poslovanja in se mora zato poravnati iz obdavčenega dobička.
The other Landesbanks thus enjoy a tax benefit where the costs for the liquidity that once more has to be found are tax-deductible as an operating expense, whereas this would not be the case for an investment that was in cash at the outset but otherwise identical, such investment providing the relevant benchmark.
Pri drugih bankah gre torej za davčno ugodnost, če so stroški za likvidnost, ki jo je treba ponovno pridobiti, odbitni kot stroški poslovanja, medtem ko temu ne bi bilo tako pri naložbi, ki je že od vsega začetka denarni vložek, sicer pa identična, in predstavlja ustrezno merilo za primerjavo.
Since there is no (other) tax benefit, HLB has therefore to pay only the remuneration for the risk to which FHH is exposed by virtue of its promotion-related assets in the form of the silent participation contribution, i.e. the guarantee remuneration that is expressed in basis points and exceeds the relevant reference interest rate.
HLB mora zaradi odsotnosti (dodatne) davčne ugodnosti izplačevati le nadomestilo za tveganje, kateremu FHH izpostavlja svoja sredstva za pospeševanje v obliki vloge tihe družbe, tj. nadomestilo za jamstvo, izraženo v odstotnih točkah, nad ustrezno referenčno obrestno mero.
Appropriate remuneration for the uncovered part of the silent partnership contribution
Primerno nadomestilo za neuporabljen del vloge tihe družbe
As stated above, the silent partnership contribution was not recognised as liable core capital for supervisory purposes in the period 1993-96.
Kot je bilo že navedeno, vloga tihe družbe od leta 1993 do vključno leta 1996 s strani nadzorstva ni bila priznana kot rizični temeljni kapital.
In Decision 2000/392/EC, the Commission assumed a basic rate of 0,3 % before tax for the amount shown in the balance sheet but which could not be used to underpin its competitive business.
Komisija je v Odločbi 2000/392/ES predvidela osnovno stopnjo 0,3 % pred obdavčitvijo za znesek, ki je bil knjižen v bilanci stanja, a ga ni bilo mogoče uporabljati za kritje konkurenčnih dejavnosti.
A premium corresponding to a further 0,3 % was charged on account of the amount in question and the absence of any limitation over time (see paragraph 144).
Temu je bil dodan še pribitek 0,3 % zaradi višine zadevnega zneska in časovne neomejenosti (glej odstavek 144).
In addition, unlike in the WestLB case, the Commission does not regard as justified a premium on account of the much larger amount for HLB.
Komisiji se tudi pribitek pri HLB, v nasprotju s primerom WestLB, na znesek vloge tihe družbe zaradi občutno manjšega zneska ne zdi upravičen.
Since they are otherwise comparable cases, it also applies here a rate of 0,3 % per annum (before tax) as the appropriate remuneration for the guarantee function of the capital at the time of its inclusion in the balance sheet on 1 January 1993 until its recognition by BAKred (see paragraph 145).
Ker pa sta primera sicer primerljiva, tudi tu določa letno stopnjo 0,3 % (pred obdavčitvijo) kot primerno nadomestilo za funkcijo jamstva kapitala od 1. januarja 1993, ko je bil kapital vknjižen v bilanco stanja, do njegovega priznanja s strani BAKred-a (glej tudi odstavek 145).
Since the remuneration for the entire silent participation contribution is tax-deductible as an operating expense and also differs in this respect from the tax treatment of the remuneration in Decision 2000/392/EC, this premium has to be understood as a before-tax rate that can be claimed in full as an operating expense.
Ker je nadomestilo za celotno vlogo tihe družbe kot strošek poslovanja odbitna postavka in se tudi v tej točki razlikuje od davčne obravnave nadomestila v Odločbi 2000/392/ES, je treba ta pribitek razumeti kot stopnjo pred obdavčitvijo, ki se v celoti lahko prizna za strošek poslovanja.
It transpires that the remuneration on the silent partnership contribution, DEM [...] million [...], corresponding to [at most 10 %] was altogether excessive.
Glede na že navedeno je bila vloga tihe družbe z [...] milijonov DEM [...], kar predstavlja [največ 10 %], močno preplačana.
Date as of which aid no longer present
Prenehanje pomoči
Germany has shown that after the merger on 2 June 2003 between HLB and LSH to form HSH Nordbank, the WK shares received by HLB were transferred back to FHH.
Nemčija je navedla, da se je po združitvi HLB z LSH v HSH Nordbank dne 2. junija 2003 delež WK, ki ga je prejela HLB, prenesel nazaj na FHH.
After 2 June 2003 HSH was, therefore, no longer able to underpin risk assets resulting from HLB's competitive business with special-purpose assets or to use the latter as a guarantee.
Banka zato po 2. juniju 2003 ne more več kriti tveganih sredstev iz konkurenčnih dejavnosti HLB s sredstvi za posebne namene ali slednja uporabljati kot jamstvo.
In the Commission's view, it has thus been demonstrated that, with the hiving-off of the special-purpose assets, the aid under investigation ceased to be present on 2 June 2003.
Odsvojitev sredstev za posebne namene Komisija torej šteje kot dokaz, da je tu preiskovana pomoč prenehala 2. junija 2003.
The calculation methods, remuneration components and remunerations described for the various forms of transferred capital give the amounts that are shown in the Table 1 in paragraph 183 and would have been payable as appropriate remuneration for the individual components and years.
Navedene metode izračuna, elementi nadomestila in nadomestila za različne oblike prenesenega kapitala dajo zneske, prikazane v tabeli v odstavku 183, ki bi jih bilo treba izplačati kot primerno nadomestilo za posamezne elemente in leta.
The amounts agreed as remuneration components at the time of the investment need to be deducted.
Od tega je treba odbiti zneske, ki so bili v času naložbe že fiksno dogovorjeni kot elementi nadomestila.
In the Commission's view, only the remuneration of DEM [...] million [...] for the silent participation contribution is concerned.
Po mnenju Komisije gre tu le za nadomestilo [...] milijonov DEM [...] za vlogo tihe družbe.
Other components such as the dividends paid and set by Germany cannot, however, be calculated.
Drugih elementov, kot so izplačane dividende, določene s strani Nemčije, pa ni mogoče izračunati.
As stated above (see paragraph 110), according to the market-economy investor principle, dividend payments and/or increases in value occurring after the investment are not relevant.
Kot je bilo že navedeno (glej odstavek 110), po načelu vlagatelja v tržnem gospodarstvu izplačila dividend in/ali povečanja vrednosti po naložbi niso pomembna.
The Commission takes the view, however, that, in spite of the differences between the two capital instruments attributable to the fact that the 1993 transfer by FHH was designed as an overall package, the agreed, excessive remuneration for the silent partnership contribution can be set off as the remuneration paid for this entire investment project.
Vendar Komisija meni, da se kljub razlikam med obema instrumentoma kapitala zaradi dejstva, da je bil prenos leta 1993 s strani FHH zasnovan kot celotni paket, dogovorjeno prekomerno nadomestilo za vlogo tihe družbe lahko upošteva kot nadomestilo, izplačano za ta celotni naložbeni projekt.
The overpayment can therefore be set against the capital reserve as remuneration.
Preplačilo se tako lahko vračuna pri kapitalski rezervi kot povračilo.
It must though be converted into an after-tax value, something which the parties left open in their understanding.
Treba pa ga je pretvoriti v vrednost po obdavčitvi, kar pa so stranke v svojem dogovoru pustile odprto.
Accordingly, the aid element is made up of the following:
Element pomoči je torej sestavljen na naslednji način:
Table 1
TABELA 1
Calculation of the aid element — HLB (in DEM m)
Izračun elementa pomoči – HLB (v mio DEM)
(5 months)
(5 mesecev)
Amount of silent partnership contribution available to HLB
Znesek vloge tihe družbe, na razpolago HLB
Remuneration payable (1,29 %)
povračilo, ki se mora plačati (1,29 %)
Guarantee commission payable (0,3 %)
provizija za jamstvo, ki se mora plačati (0,3 %)
Paid
plačano
Overpaid (= imputable against capital reserve)
preplačano (=se vračuna pri kapitalski rezervi)
Company taxes
davek od dohodka pravnih oseb
Less tax
minus davki
Recoverable overpayment after tax
vračunano preplačilo po obdavčitvi
Amount of capital reserve from WK 1993 available to HLB
Znesek kapitalske rezerve iz WK 1993, na razpolago HLB
Finally recognised by BAKred
dokončno priznan s strani BAKred-a
of which not usable as liable capital
od tega neuporaben zaradi GS I (GSI-Anrechnung)
of which used/usable as liable capital (GS I-Anrechnung) (as of 1997)
od tega porabljen/uporaben (od 1997)
of which not used/not usable as liable capital (as of 1997)
od tega neporabljen/neuporaben (od 1997)
Remuneration payable (6,57 %)
povračilo, ki se mora plačati (6,57 %)
Guarantee commission payable (0,15 %)
provizija za jamstvo, ki se mora plačati (0.15 %)
Total remuneration payable
skupno povračilo, ki se mora plačati
Recoverable overpayment from silent partnership contribution
vračunljivo preplačilo iz vloge tihe družbe
An aid element of DEM 177,5 million (EUR 90,75 million) results from the difference between actual payments and the payments that would correspond to market conditions.
Iz razlike med dejanskimi izplačili in izplačili, ki bi ustrezali tržnim pogojem, kot element pomoči izhaja znesek v višini 177,5 milijonov DEM (90,75 milijonov EUR).
Distortion of competition and effect on trade between Member States
Izkrivljanje konkurence in oviranje trgovine med državami članicami
The beneficiary HLB carried on both regional and international banking business.
Upravičenka HLB je bila v bančništvu dejavna tako regionalno kot mednarodno.
It regarded itself as a universal commercial bank that was engaged above all in shipping finance and now operates under the name of HSH Nordbank.
Šlo je za splošno poslovno banko, mednarodno dejavno zlasti na področju financiranja ladij, zdaj pod imenom HSH Nordbank.
Despite its name, tradition and statutory tasks, HLB was much more than a mere local or regional bank until 2003.
Kljub svojemu imenu, tradiciji in zakonsko urejenim nalogam HLB do leta 2003 nikakor ni bila zgolj lokalna ali regionalna banka.
These facts clearly show that HLB offered 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 je HLB nudila bančne storitve v konkurenci z drugimi evropskimi bankami izven Nemčije in, ker so banke iz drugih evropskih držav dejavne v Nemčiji, v Nemčiji.
Since HLB was provided with such capital for solvency purposes as a result of the state measure, this had a direct impact on the bank's business opportunities.
Državni ukrep je HLB zagotovil takšen kapital za namene solventnosti, zato je neposredno vplival na poslovne možnosti banke.
It is clear, therefore, that aid given to HLB distorts competition and affects trade between Member States.
Torej drži, da pomoči za HLB izkrivljajo konkurenco in ovirajo trgovino med državami članicami.
Finding
Rezultat
On the basis of all these considerations, it can be stated that all the criteria laid down in Article 87(1) of the EC Treaty are met and that therefore the transfer of the special-purpose assets involves state aid within the meaning of that Article.
Na podlagi vseh teh preudarkov lahko ugotovimo, da so izpolnjena vsa merila iz člena 87(1) Pogodbe ES in zato prenos posebnih namenskih sredstev vključuje državne pomoči v smislu navedenega člena.
COMPATIBILITY WITH THE COMMON MARKET
ZDRUŽLJIVOST S SKUPNIM TRGOM
None of the exemption clauses of Article 87(2) of the EC Treaty are applicable.
Na tej osnovi je treba oceniti, ali se pomoč lahko spozna za združljivo s skupnim trgom.
The aid does not have a social character and is not granted to individual consumers.
Posebne določbe iz člena 87(2) Pogodbe ES se ne uporabljajo. Pomoč ni socialnega značaja in se ne dodeljuje posameznim potrošnikom.
Since the economic survival of HLB was not at stake when the measure was taken, there is no need to consider whether the collapse of a single large credit institution like HLB could lead to a general banking crisis in Germany, something which might possibly justify aid to remedy a serious disturbance in the German economy under Article 87(3)(b) of the EC Treaty.
Ker gospodarski obstoj HLB v času ukrepa ni bil ogrožen, ni potrebno preučiti, ali bi propad ene same velike kreditne institucije, kot je HLB, lahko v Nemčiji privedel do splošne krize v bančnem sektorju, kar bi morda v skladu s členom 87(3)(b) Pogodbe ES upravičilo pomoč za odpravljanje resne motnje v nemškem gospodarstvu.
Under Article 87(3)(c) of the EC Treaty, aid may be found compatible with the common market if it facilitates the development of certain economic activities.
V skladu s členom 87(3)(c) Pogodbe ES se lahko pomoči spoznajo za združljive s skupnim trgom, če pospešujejo razvoj določenih gospodarskih dejavnosti.
This might, in principle, apply also to restructuring aid in the banking sector.
To bi načeloma lahko veljalo tudi za pomoč za prestrukturiranje v bančnem sektorju.
However, in the case at hand, the conditions for applying this exemption clause are not met.
Vendar pa v zadevnem primeru pogoji za uporabo te posebne določbe niso izpolnjeni.
HLB was not an undertaking in difficulty whose viability had to be restored with the support of state aid.
HLB ni bila podjetje v težavah, čigar vitalnost bi se morala povrniti z državno pomočjo.
The formal conditions for this are not met in the present case and were not referred to by Germany.
Formalni pogoji pa v tem primeru niso izpolnjeni in jih Nemčija tudi ni navedla.
On the one hand, the test of guarantor liability as a default liability vis-à-vis creditors in the event that the bank's assets are not sufficient to satisfy them is not met from the outset.
Gewährträgerhaftung je jamstvo za upnike v primeru, da sredstva banke ne zadostujejo za izpolnjevanje njihovih zahtev, in to v tem primeru ne velja.
The capital injection was not designed to satisfy HLB's creditors, and HLB's assets were not exhausted.
Vloga kapitala ni bila namenjena za zadovoljevanje upnikov HLB in sredstva HLB niso bila izčrpana.
On the other, the test of institutional liability does not apply either.
Tudi Anstaltslast tu ne velja.
Under institutional liability, the institution concerned is required to provide HLB with the resources necessary to safeguard its orderly functioning in so far as it decides to ensure HLB's continued existence.
Anstaltslast zavezuje garanta, da HLB zagotavlja sredstva, ki jih potrebuje za pravilno delovanje, dokler se ne odloči za prenehanje njenega obstoja.
At the time of the capital injection, however, HLB was in no way unable to continue orderly operations.
Toda HLB v času vloge kapitala še zdaleč ni bila v položaju, ki ne bi več omogočal pravilnega delovanja.
The capital injection was not, therefore, necessary to maintain the orderly functioning of LBB, which could therefore, on the basis of a conscious economic calculation by the Land as part-owner, also see future market opportunities under conditions of competition.
Vloga kapitala torej ni bila potrebna za ohranjanje pravilnega delovanja HLB. Ta zavestni ekonomski izračun dežele Hamburg kot solastnice je HLB omogočil, da tudi v prihodnosti izkorišča tržne priložnosti na področju konkurenčnih dejavnosti.
The ‘emergency provision’ of institutional liability is not applicable to such a normal economic decision by the Land.
„Zasilni predpis“Anstaltslast-a ne velja za tako običajno ekonomsko odločitev Hamburga.