natgillin/translations-raw huggingface dataset:
The fixed remuneration was to be paid from distributable profits, i.e. before any dividends were paid.
Fiksno nadomestilo se plača iz dobička, ki se lahko razdeli, torej pred izplačilom dividend.
If, owing to a lack of profits, the remuneration was not paid in any one year, there was no right to recovery payments in future years.
V kolikor nadomestilo v enem letu zaradi pomanjkanja dobička ni izplačano, pravica do kompenzacijskega plačila v naslednjih letih ne obstaja.
The figure of 0,6 % corresponds to pre-tax costs of about 1,1 % for WestLB.
Vrednost 0,6 % ustreza izdatkom WestLB pred obdavčitvijo v višini približno 1,1 %.
The following table shows the payments made by WestLB to the Land as remuneration for the capital transferred:
V naslednji tabeli so navedena plačila s strani WestLB na deželo Severno Porenje-Vestfalija kot nadomestilo za prenesena sredstva:
Table 4: Remuneration paid by WestLB for the transfer of Wfa (data provided by Germany)
Tabela 4: Nadomestilo, ki ga je WestLB plačala za prenos sredstev Wfa (zneski v milijonih DEM; podatki Nemčije)
Remuneration (before tax)
Nadomestilo (pred obdavčitvijo)
Payment for pension entitlement of Wfa staff
Odškodnina za zahtevke za pokojnine delavcev Wfa
Total remuneration paid to the Land
Celotno nadomestilo, ki je bilo plačano deželi
Germany presented studies by an external consultancy that had been commissioned by WestLB to assess what would have been an adequate remuneration in 1991 for a capital investment with the same risk profile as Wfa's assets.
Nemčija je predstavila izvedenska mnenja zunanjega svetovalnega podjetja, ki jih je naročila WestLB, da izračuna, kolikšno bi bilo leta 1991 primerno nadomestilo za kapitalski vložek z enakim profilom tveganja kot sredstva Wfa.
These expert opinions examined the external and internal risk exposure of the capital and the conditions governing the remuneration payments, comparing these features to those of various equity instruments found on the international capital markets in order to determine an appropriate remuneration.
Ta izvedenska mnenja preverjajo profil tveganja tako v notranjem kot v zunanjem razmerju ter pogoje za plačila nadomestil. Te značilnosti primerjajo z različnimi kapitalskimi instrumenti, ki obstajajo na mednarodnih trgih kapitala in iz njih izpeljejo primerno nadomestilo.
This comparison is explained in the following section.
Primerjava je pojasnjena v naslednjem oddelku.
The studies arrive at a spread of between 0,9 % and 1,4 % as an appropriate remuneration.
Izvedenska mnenja so kot primerno nadomestilo izračunala stopnjo povračila med 0,9 in 1,4 %.
Since the pre-tax costs for WestLB of the remuneration of 0,6 % amount to 1,1 %, this rate is regarded as being adequate.
Ker stroški pred obdavčitvijo za WestLB za nadomestilo 0,6 % znašajo 1,1 %, se nadomestilo šteje za primerno.
In addition to this direct remuneration, the synergy effects arising from the transfer have to be taken into account.
Poleg tega neposrednega nadomestila, je treba upoštevati tudi sinergijske učinke prenosa sredstev.
COMPARISON WITH OTHER EQUITY INSTRUMENTS
PRIMERJAVA Z DRUGIMI KAPITALSKIMI INSTRUMENTI
The studies state that the return on an equity instrument is determined by its risk profile. The higher the risk, the higher the risk premium, i.e. the interest spread that has to be paid over secure government bonds.
Izvedenska mnenja izhajajo iz ugotovitve, da je donos kapitalskega instrumenta odvisen od njegovega profila tveganja, čim večje je tveganje, tem večja je premija tveganja, t.j. obrestna razlika, ki jo je treba plačati nasproti varnim državnim obveznicam.
In analysing the risk profile, three elements are therefore particularly important: the arrangements for current interest payments, the investor's position in the event of current losses and his position in the event of liquidation or bankruptcy.
Pri analizi profila tveganja kapitalskega instrumenta so tako pomembni zlasti naslednji trije dejavniki: modalitete tekočih plačil obresti, položaj vlagatelja pri tekoči zgubi in položaj vlagatelja v primeru stečaja oz. likvidacije.
The studies describe various features of several equity capital instruments on the market (ordinary shares, dormant holdings, profit participation certificates, perpetual preferred shares, trust preferred securities and subordinated bonds) and compare them to Wfa's capital.
Izvedenska mnenja opisujejo različne značilnosti več kapitalskih instrumentov, ki obstajajo na finančnih trgih (navadne delnice, tihe udeležbe, potrdila o udeležbi pri dobičku, trajne prednostne delnice „perpetual preferred share“, varne prednostne delnice „trust preferred securities“ in podrejena posojila) in jih primerjajo s sredstvi Wfa.
According to the studies, Wfa's capital can best be compared to profit participating certificates, perpetual preferred stock and dormant holdings.
Glede na izvedenska mnenja se lahko sredstva Wfa najbolje primerjajo s potrdili o udeležbi pri dobičku, trajnimi prednostnimi delnicami „perpetual preferred shares“ in tihimi udeležbami.
Of the instruments mentioned above, trust preferred securities and perpetual preferred shares are not accepted in Germany.
Od navedenih kapitalskih instrumentov trajne in varne prednostne delnice v Nemčiji niso priznane.
According to the studies, at the end of 1991 the following capital instruments qualifying as original own funds were available in Germany: ordinary shares, preferred shares (Vorzugsaktien) and dormant holdings (Stille Beteiligungen).
Kot navajajo izvedenska mnenja so bili v Nemčiji konec leta 1991 na voljo naslednji kapitalski instrumenti s kakovostjo temeljnih lastnih virov sredstev: navadne delnice, prednostne delnice in tihe udeležbe.
The studies stress that Wfa's assets would be available for WestLB's creditors in the event of WestLB's bankruptcy (liability function — Haftungsfunktion).
V izvedenskih mnenjih je poudarjeno, da bi bila sredstva Wfa v primeru stečaja WestLB upnikom na razpolago (funkcija jamstva).
At the same time, WestLB can offset losses without limitations against Wfa's special reserve (loss compensation function — Verlustausgleichsfunktion).
Istočasno lahko WestLB s posebno rezervo Wfa brez omejitev izravnava izgube (funkcija izravnane izgub „Verlustausgleichsfunktion“).
The internal agreements and the earmarking of Wfa's assets are of no relevance in this connection.
Interni dogovori in namenska vezanost sredstev Wfa so v tej zvezi brez pomena.
However, internally the special reserve is subordinate in its liability to the other equity of WestLB and this internal situation would be decisive for the decision of an investor.
V notranjem razmerju pa je posebna rezerva podrejena ostalemu lastnemu kapitalu WestLB, in to naj bi bilo odločilno za odločitev vlagatelja.
As regards the loss compensation function, Wfa's special reserve can be compared to perpetual preferred shares.
Kar zadeva funkcijo izravnave izgub se posebna rezerva Wfa lahko primerja s trajnimi prednostnimi delnicami („perpetual preferred shares“).
However, since it would be used, in parallel with profit participation certificates (which are additional own funds), only once WestLB's other original own funds had been exhausted and, since some of the profit participation certificates would already have been used in parallel, it is less risky than the profit participation certificates.
Ker bi se posebna rezerva Wfa uporabila šele – in vzporedno s potrdili o udeležbi pri dobičku (ki so dodatna lastna sredstva) – ko bi se izčrpali ostali temeljni lastni viri sredstev WestLB, in bi se tudi potrdila o udeležbi pri dobičku uporabila delno skupaj s temi ostalimi temeljnimi lastnimi sredstvi, je manj tvegana kot potrdila o udeležbi pri dobičku.
The same applies to dormant holdings.
Enako velja za tihe udeležbe.
As regards the liability function, the special reserve would be used after the other original own funds but before dormant holdings, profit participation certificates and other additional own funds.
Glede na funkcijo jamstva bi se posebna rezerva uporabila po ostalih temeljnih lastnih virih sredstev, vendar še pred tihimi udeležbami, potrdili o udeležbi pri dobičku in ostalimi dodatnimi lastnimi viri sredstev.
Wfa's special reserve is therefore said to present a higher level of risk than profit participation certificates and dormant holdings.
Tako je ugotovljeno, da ima posebna rezerva Wfa višjo raven tveganja kot potrdila o udeležbi pri dobičku ali tihe udeležbe.
Once again, it can be compared in terms of its risk to perpetual preferred shares.
Tudi glede funkcije jamstva je posebna rezerva Wfa, kar zadeva njeno tveganje, primerljiva s trajnimi prednostnimi delnicami („perpetual preferred shares“).
However, according to the studies, because of the extremely low probability of a bankruptcy of WestLB, this risk can in fact be disregarded and an investor would heavily discount the corresponding risk costs.
Vendar pa se lahko to tveganje, zaradi izredno nizke verjetnosti stečaja WestLB, domala zanemari, ustrezne stroške tveganja pa bi vlagatelj diskontiral.
In the case of Wfa's capital, interest payments would be made from distributable profit and have priority over dividends.
Plačila obresti za sredstva Wfa so bila izvršena iz dobička, ki se lahko razdeli, in so imela prednost pred izplačilom dividend.
If the profit is not sufficient, no remuneration is paid.
Če dobiček ni zadosten, se nadomestilo ne plača.
This arrangement corresponds in principle to that for perpetual preferred stock.
Ta ureditev načeloma ustreza trajnim prednostnim delnicam („perpetual preferred shares“).
Profit participation certificates are less risky because missed interest payments would be deferred on a cumulative basis and paid in later years.
Potrdila o udeležbi pri dobičku se manj tvegana, ker se izgubljena plačila obresti odložijo in v kasnejših letih kumulativno doplačajo.
For silent dormant holdings too, cumulative repayments are possible.
Tudi pri tihih udeležbah so možna kumulativna doplačila.
In the case of Wfa's capital, the risk of non-payment is limited to the risk premium (because of the ‘liquidity costs’; see below) whereas, in the case of the other two instruments, the full coupon (i.e. risk-free return plus risk margin) is at risk.
V primeru posebne rezerve Wfa je tveganje neplačila omejeno samo na premijo tveganja (zaradi „likvidnostnih stroškov“, glej spodaj), medtem ko pri ostalih dveh instrumentih tveganje zadeva celoten kupon (netvegani donos plus stopnja tveganja).
Therefore, as regards interest payments, the risk attaching to Wfa's capital is slightly lower then that attaching to the other three instruments.
Zato je, kar zadeva plačila obresti, tveganje posebne rezerve Wfa nekoliko nižje kot pri ostalih treh instrumentih.
The studies conclude that the risk premium for Wfa's special reserve should be below that for profit participation certificates and dormant holdings as well as below that for perpetual preferred shares.
Izvedenska mnenja so prišla do zaključka, da bi morala biti premija tveganja za posebno rezervo Wfa pod potrdilom o udeležbi pri dobičku in tihi udeležbi kot tudi pod trajnimi prednostnimi delnicami.
A historical margin before tax of between 1,0 % and 1,2 % is quoted for profit participation certificates, one of between 1,1 % and 1,5 % for dormant holidays and one of between 1,5 % and 2,0 % for perpetual preferred shares.
Za potrdila o udeležbi pri dobički se navaja „zgodovinska stopnja“ pred obdavčitvijo od 1,0 do 1,2 %, za tihe udeležbe od 1,1 do 1,5 % in za trajne prednostne delnice od 1,5 do 2,0 %.
For Wfa's special reserve a remuneration of 1,1 % is calculated for the years 1993 to 1996.
Za posebno rezervo Wfa je za leta 1993 do 1996 izračunano nadomestilo 1,1 %.
For 1992 a rate of 255 % is quoted.
Za leto 1992 je navedena vrednost 255 %.
Synergy effects should also be taken into account.
Upoštevati pa je treba tudi sinergijske učinke.
The studies conclude that the remuneration paid by WestLB was too high in 1992 and appropriate for the years 1993 to 1996.
Izvedenska mnenja ugotavljajo, da je nadomestilo, ki ga je leta 1992 plačala WestLB, previsoko, v letih 1993 do 1996 pa primerno.
LIQUIDITY COSTS
LIKVIDNOSTNI STROŠKI
According to Germany, a cash injection increases own funds and provides liquidity.
Po mnenju Nemčije pomeni denarni vložek kapitala povečanje lastnih sredstev in zagotavlja likvidnost.
This liquidity can be reinvested and earn interest, for which the investor would demand a remuneration.
Likvidna sredstva se lahko vnovič investirajo in prinesejo obresti, za kar bi vlagatelj zahteval nadomestilo.
The transfer increases WestLB's own funds but does not provide liquidity.
Prenos Wfa je povečal lastna sredstva WestLB, a ne zagotavlja likvidnosti.
Wfa's liquidity is locked up in the housing promotion business.
Kapital Wfa je namensko vezan na pospeševanje gradnje stanovanj.
Unlike with a cash injection, WestLB cannot reinvest the liquidity but has to raise liquidity on the capital market to achieve the same result.
Za razliko od denarnega vložka WestLB ne more na novo investirati likvidnih sredstev, temveč si mora, da bi dosegla enak rezultat, likvidnost zagotoviti na trgu kapitala.
This results in additional interest expenses.
To prinaša dodatne stroške obresti.
Because of this lack of liquidity, the Land can, as shown by the expert opinions provided, demand a remuneration corresponding only to the risk margin, i.e. the difference between the total return on an investment and the return on a corresponding government bond.
Zaradi te manjkajoče likvidnosti lahko dežela zahteva, kakor je bilo prikazano v izvedenskih mnenjih, zgolj nadomestilo v višini premije tveganja, t.j. razlika med skupnim donosom naložbe in donosom ustrezne obveznice zvezne vlade.
Furthermore, it is stated that practically all risk-related, assets-side banking business requires some liquidity, e.g. swap contracts, forward contracts and derivatives.
Nadalje je navedeno, da domala vse tvegane bančne dejavnosti kreditne institucije zahtevajo likvidnost, na primer tudi posli zamenjave (swap), terminska pogodba in izvedeni finančni instrumenti.
Only guarantees and sureties do not require liquidity, but the corresponding transactions are not shown in the credit institution's balance sheet.
Samo jamstva in garancije ne potrebujejo likvidnosti, ampak tudi niso prikazana v bilanci stanja kreditne institucije.
The relevant refinancing costs which have to be taken into account should be based on the return on long-term (i.e. ten-year) risk-free German Government bonds.
Obravnavani stroški refinanciranja, ki se morajo upoštevati, naj temeljijo na donosu netvegane dolgoročne nemške desetletne obveznice.
The secondary-market rate for such bonds at the end of 1991 was 8,26 %.
Konec leta 1991 je ustrezen tekoči donos na te obveznice znašal 8,26 %.
The actual average refinancing costs of WestLB in November 1991 stood at 9,28 %.
Dejanski povprečni stroški refinanciranja WestLB so novembra 1991 znašali 9,28 %.
CAPITAL BASIS FOR THE CALCULATION OF THE REMUNERATION
KAPITALSKA OSNOVA ZA IZRAČUN NADOMESTILA
Germany takes the view that, according to a protocol note to the covering agreement, the remuneration has to be paid on the annual average portion of Wfa's special reserve used by WestLB to underpin its own business.
Nemčija poudarja, da se mora nadomestilo, v skladu s protokolom k okvirnemu sporazumu, plačati za posebno rezervo Wfa, ki jo WestLB uporablja za kritje svojih lastnih dejavnosti, in sicer prvič za leto 1993.
The first payment was to be made in 1993. However, in reality WestLB pays the remuneration not on the amount used but on the amount usable, i.e. not needed to underpin Wfa's own business.
Dejansko pa WestLB ne plačuje nadomestila glede na uporabljen znesek, temveč na uporaben del, t.j. tisti del posebne rezerve, ki ga Wfa ne uporablja za kritje lastnih dejavnosti.
The remainder of the capital, i.e. the part needed for Wfa's own business plus the sum of DEM 1900 million (EUR 970 million) entered as equity in WestLB's balance sheet but not accepted by BAKred, is of no economic use to WestLB because it cannot be used to underpin additional risk-bearing assets.
Presežni znesek kapitala, t.j. tisti del posebne rezerve, ki se uporablja za lastne dejavnosti Wfa, ter 1,9 milijarde DEM (970 milijonov EUR), ki so v bilanci WestLB prikazani kot lastni kapital, vendar jih BAKred ni priznal kot temeljne lastne vire sredstev, za WestLB nima nobene ekonomske vrednosti, saj z njim ne more kriti nobenih dodatnih tveganih bančnih poslov.
The balance-sheet entry of DEM 1900 million (EUR 970 million) is simply the result of a difference in valuation.
Znesek 1,9 milijarde DEM (970 milijonov EUR), ki je prikazan v bilanci, je zgolj posledica razlike, ki je nastala med ocenjevanjem.
Since rating agencies and experienced investors look only at the accepted amount, the DEM 1900 million (EUR 970 million) is of no economic relevance for WestLB.
Ker se rating agencije in izkušeni vlagatelji ravnajo samo po priznanih zneskih, je 1,9 milijarde DEM (970 milijonov) za WestLB brez ekonomskega pomena.
No private investor could demand remuneration for it on the market because the bank would always have alternative possibilities to raise equity capital on the market that would be accepted as original own funds (e.g. normal cash injection).
Noben zasebni vlagatelj na trgu ne more za to zahtevati nadomestila, ker ima banka vselej na voljo druge možnosti, da si na trgu zagotovi lastni kapital (npr. kot običajni denarni vložek kapitala), ki se prizna kot temeljni lastni vir sredstev.
According to Germany, Wfa's assets and liabilities would be newly discounted each year in order to be entered in WestLB's balance sheet at their actual value.
Sredstva in obveznosti Wfa se vsako leto na novo diskontirajo, da se v bilanco WestLB vknjiži njihova dejanska vrednost.
Since repayments and interest would be granted again as new long-term, lower-interest housing loans, it is possible that the nominal amount of Wfa's assets would increase while the discounted value and the risk-adjusted amount would decrease.
Ker se odplačila in plačila obresti ponovno odobrijo kot nova dolgoročna posojila za gradnjo stanovanj z nizkimi obrestmi, je možno, da se poveča imenski znesek sredstev Wfa, medtem ko se diskontirana in tveganju prilagojena tehtana vrednost zmanjšata.
According to Germany, the Land expected synergies from the transfer amounting to more than DEM 30 million (EUR 15 million) annually in the longer term.
Po mnenju Nemčije je dežela od prenosa Wfa pričakovala sinergijske učinke v vrednosti več kot 30 milijonov DEM (15 milijonov EUR) letno na dolgi rok.
These were to come from a simplification of housing promotion procedure, e.g. the elimination of duplication, easier and faster communication, and less need for coordination.
Ti bi nastali zaradi poenostavitve postopka pospeševanja, med drugim zaradi odprave nekdanjega dvojnega dela, poenostavitve in pospešitve komunikacije in zmanjšanja potreb po usklajevanju.
Since the transfer, Wfa needs fewer staff and saves on compensation payments for work carried out in the past by WestLB's housing promotion department for Wfa.
Wfa od prenosa dalje potrebuje manj osebja in prihrani plačila nadomestil za dela, ki jih je v preteklosti zanjo opravljal oddelek za pospeševanje gradnje stanovanj WestLB.
It is claimed that the Land's expectations were indeed fulfilled and that, from a management point of view, the merger of Wfa with WestLB was the only way to achieve these synergy effects.
Nemčija poudarja, da so se pričakovanja dežele dejansko uresničila, in trdi, da je bila vključitev Wfa v WestLB z ekonomskega vidika edini način za dosego teh sinergijskih učinkov.
Furthermore, the way in which synergies are achieved falls within the economic freedom of the Land, as protected by Article 295 of the EC Treaty.
Poleg tega sodi način, kako so bile sinergije dosežene, v podjetniško svobodo dežele, ki jo zagotavlja člen 295 Pogodbe ES.
Germany points out that in 1992 WestLB paid DEM 33 million (EUR 17 million) to cover existing and future pension entitlements of Wfa employees, which reduced the future costs of Wfa.
Nemčija opozarja tudi na to, da je WestLB leta 1992 plačala 33 milijonov DEM (17 milijonov EUR) za obstoječe in bodoče zahtevke za pokojnine delavcev Wfa, kar je zmanjšalo bodoče izdatke Wfa.
These payments are depreciated in WestLB's accounts over a period of 15 years by DEM 1,6 million (EUR 0,8 million) annually.
Ta plačila so bila v poslovnih knjigah WestLB v obdobju petnajstih letih amortizirana z zneskom 1,6 milijona DEM (0,8 milijona EUR) letno.
The exemption of Wfa from property tax (Vermögenssteuer), tax on business capital (Gewerbekapitalsteuer) and corporation tax (Körperschaftssteuer) is provided for in the German tax system.
Oprostitev Wfa od davka od premoženja, obratovalnega davka in davka od dobička pravnih oseb je skladna z nemškim davčnopravnim sistemom.
Wfa and other public-law entities are exempt because they do not compete with taxable financial institutions but are used by the State to pursue certain objectives.
Wfa in druga javnopravna podjetja so oproščena davkov, ker niso v konkurenci s finančnimi ustanovami, ki so davčni zavezanci, ampak jih država uporablja za določene namene pospeševanja.
Because of the tax savings, the State has to provide fewer funds for Wfa's activities.
Na podlagi zneskov, prihranjenih z davčno razbremenitvijo, mora država zagotoviti manj sredstev za pospeševanje dejavnosti Wfa.
WestLB is fully taxed on its income (and thus also on the commercial activities underpinned by Wfa's capital) and does not receive any financial advantage from Wfa's exemptions because the amount accepted as original own funds is not increased as a result.
WestLB plačuje davke za svoj celoten dohodek (torej tudi za tistega, ki ga doseže z lastnim kapitalom Wfa za kritje konkurenčnih dejavnosti) in nima zaradi davčnih oprostitev Wfa nobenih finančnih ugodnosti, ker se znesek, priznan kot temeljni lastni vir sredstev, s tem ne poveča.
Even if the tax exemptions were to lead to an increase in accepted capital, WestLB would not benefit as it would then have to pay an adequate remuneration on any additional amount.
Tudi če bi se zaradi davčnih oprostitev priznani kapital povečal, WestLB od tega ne bi imela posebnih ugodnosti, ker bi morala potem za razliko v zneskih plačati primerno nadomestilo.
As regards property tax and tax on business capital, an asset can be subject to such taxation only once and is taxed where it is used directly.
Kar zadeva davek od premoženja in obratovalni davek, so lahko sredstva obdavčena samo enkrat in se obdavčijo tam, kjer se sredstva neposredno uporabijo.
Since Wfa's assets are exempt regarding their primary use, i.e. the housing promotion business, they cannot be subject to taxation when put to an additional, secondary use.
Ker so sredstva Wfa na tej stopnji neposredne uporabe, torej pri pospeševanju gradnje stanovanj, oproščene davka, ne morejo biti obdavčene v primeru dodatne, sekundarne uporabe.
This would be contrary to the system underlying German tax law.
To bi bilo v nasprotju z nemškim davčnopravnim sistemom.
The same applies to the integration of a private tax-exempt entity into a private bank.
Enako bi veljalo za vključitev zasebne ustanove, ki je oproščena davkov, v zasebno banko.
Since these exemptions do not provide WestLB with an unpaid-for advantage, they do not constitute state aid.
Ker te davčne oprostitve WestLB niso zagotovile nobene ugodnosti, ki ne bi bila primerno nadomeščena, tudi ne predstavljajo državne pomoči.
Furthermore, tax on business capital and property tax have not been levied since 1997 and 1998 respectively as the Federal Constitutional Court ruled that they were anti-constitutional.
Poleg tega se davek od premoženja in obratovalni davek nista spremenila vse od leta 1997 oz. 1998, ker ju je nemško zvezno ustavno sodišče („Bundesverfassungsgericht“) razglasilo za protiustavna.
According to Germany, the waiver of liability serves to avoid a situation where the Land Housing Promotion Fund is constantly reduced because of the liability created each year.
Nemčija navaja, da oprostitev jamstvenih obveznosti preprečuje nenehno zmanjševanje deželnih sredstev za pospeševanje gradnje stanovanj zaradi obveznosti, ki se ustvarjajo vsako leto.