natgillin/translations-raw huggingface dataset:
In that decision a premium of a further 0,3 % per annum was added to the rate of 0,3 % per annum (before tax) because guarantees are normally tied to certain transactions and of limited duration (which was not the case in WestLB) and because the amount of DEM 3400 million made available to WestLB was higher than that normally covered by such bank guarantees.
V Odločbi se je navedena letna stopnja 0,3 % (pred obdavčitvijo) zvišala za pribitek dodatnih 0,3 % letno, ker so jamstva običajno povezana z določenimi transakcijami in so časovno omejena (v primeru WestLB pa ni bilo tako), poleg tega pa je znesek 3,4 milijarde DEM, ki je bil dan na razpolago WestLB, presegel znesek, ki ga taka bančna jamstva običajno krijejo.
On account of the fundamental comparability between WestLB and HLB and for want of other points of reference, the Commission assumes that a rate of 0,3 % corresponds to the remuneration that HLB would also have had to pay on the market in the early 1990s for a guarantee in its favour.
Zaradi splošne primerljivosti WestLB in HLB in odsotnosti drugih meril je Komisija mnenja, da stopnja 0,3 % ustreza nadomestilu, ki bi ga morala HLB tudi v začetku 90-ih let prejšnjega stoletja na trgu plačati za prevzem jamstva v svojo korist.
It also notes that the amount of the capital in question is much smaller in the case of HLB than in the case of WestLB and that, for this reason, the second reason given in the WestLB decision does not hold.
Poleg tega ugotavlja, da je znesek zadevnega kapitala pri HLB veliko manjši kot pri WestLB in da zato drug razlog, naveden v odločbi glede WestLB, ni ustrezen.
Admittedly, in the case of HLB, the guarantee function was not of limited duration or tied to a particular transaction.
Res je, da tudi pri HLB funkcija jamstva ni bila časovno omejena ali povezana z določeno transakcijo.
On the other hand, there was a de facto time limitation since the total amount could be used for business expansion once BAKred had recognised it as core capital.
Vendar pa je časovna omejitev dejansko nastala, saj se je s priznanjem kot temeljni kapital s strani BAKred–a celotni znesek lahko uporabljal za širjenje dejavnosti.
As a result, a separate guarantee commission no longer needed to be paid.
Zato ni bilo treba več plačevati provizije za jamstvo.
The fact of the sole guarantee function was, therefore, restricted from the outset, and this distinguishes the HLB case from the WestLB case.
Dejansko stanje edine funkcije jamstva je bilo tako od vsega začetka omejeno, kar primer HLB razlikuje od primera WestLB.
Accordingly, the Commission considers that, in the case of HLB as opposed to WestLB, a premium is not justified and so sets a rate of 0,3 % per annum (before tax) as an appropriate remuneration for the guarantee function of the capital from the time of its inclusion in the balance sheet on 1 January 1993 until its recognition by BAKred.
Komisija zato pribitek v primeru HLB v nasprotju s primerom WestLB šteje za neupravičenega in 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.
Assuming a corporation tax rate of some 50 % at that time, an after-tax assessment gives a rate of 0,15 %.
Ocena stopnje po obdavčitvi ob upoštevanju takratne stopnje davka od dobička 50 % je torej 0,15 % letno.
This after-tax rate of 0,15 % was applied by the parties in calculating the aid element in the table attached to the understanding.
Letno stopnjo 0,15 % po obdavčitvi so stranke uporabile pri izračunu elementa pomoči v tabeli, priloženi dogovoru.
A guarantee premium constitutes an operating expense for HLB and thus reduces the taxable profit.
Premija jamstva za HLB predstavlja stroške poslovanja in torej zmanjšuje obdavčljiv dobiček.
The remuneration payable to FHH comes out of after-tax profits.
Nadomestilo, ki se mora izplačevati FHH, se izplačuje iz čistega dobička.
Consequently, the rate of 0,3 % has basically to be adjusted for the tax rate.
Stopnjo 0,3 % je treba torej načeloma prilagoditi zaradi davčne stopnje.
As with the refinancing costs, the Commission assumes a single overall tax rate of 50 %.
Komisija tako kot pri stroških refinanciranja izhaja iz enotne skupne davčne stopnje 50 %.
Remuneration for the silent partnership contribution
Nadomestilo za vlogo tihe družbe
A remuneration of DEM [...] million, i.e. [at most 10 %] on an amount of DEM 300 million per year, was paid throughout for the silent partnership contribution.
Za vlogo tihe družbe se je vseskozi izplačevalo nadomestilo [...] milijonov DEM, kar je [največ 10 %] na znesek 300 milijonov DEM letno.
In the Commission's view, it is of no relevance to the assessment that this compensation was paid to HGV since the latter was a wholly owned holding of FHH and since the indirect way was chosen only for tax reasons.
Po mnenju Komisije pri oceni ni pomembno dejstvo, da se je nadomestilo izplačevalo HGV, saj je šlo za holding podjetje, ki je bilo v celoti v lasti FHH, posredni način pa je bil izbran zgolj iz davčnih razlogov.
Whether an investor selects a holding to receive the remuneration or books the remuneration direct cannot be of any importance for the state aid investigation in the present case.
Ali vlagatelj izbere holding za prejem nadomestila ali le-to knjiži neposredno, pri preiskavi o državni pomoči v zadevnem primeru ne more biti pomembno.
The silent partnership contribution had a 16-year maturity, i.e. it could not be called earlier.
Vloga tihe družbe je trajala 16 let, tj. odpoved pred tem je bila izključena.
And so, in spite of this long period, it has to be regarded as a silent partnership contribution of limited duration.
Kljub temu dolgemu obdobju trajanja, pa jo je treba obravnavati kot časovno omejeno vlogo tihe družbe.
Germany has stated that a remuneration of 1,29 % would have been appropriate for the silent partnership contribution given the comparison with similar instruments and the lack of liquidity.
Nemčija je navedla, da bi bilo nadomestilo 1,29 % za vlogo tihe družbe glede na primerjavo s podobnimi instrumenti in zaradi nelikvidnosti primerno.
The BdB considers that, although, compared with the capital reserve, a deduction should be made, there was basically a similarity to share capital so that, as stated above, a higher remuneration should be assumed.
BdB je mnenja, da je glede na kapitalsko rezervo sicer potreben odbitek, načeloma pa gre za podobnost z osnovnim kapitalom, zato je treba, kakor je navedeno zgoraj, izhajati iz večjega nadomestila.
Capital base
Kapitalska osnova
From 1 January 1993 onwards, the value of the silent partnership contribution remained unchanged at DEM 300 million.
Vrednost vloge tihe družbe je po 1. januarju 1993 vseskozi znašala 300 milijonov DEM.
However, as stated earlier, the amount was not used as liable capital before its recognition by BAKred.
Vendar se, kakor je navedeno zgoraj, znesek pred priznanjem s strani BAKred-a ni uporabljal kot rizični lastni kapital.
After 1 January 1997 the DEM 300 million could be used in full until May 2003.
Po 1. januarju 1997 se je znesek 300 milijonov DEM v celoti lahko uporabljal do vključno maja 2003.
The table in paragraph 183 provides details on the calculation basis of relevance to the appropriate return on liable capital.
V tabeli v odstavku 183 je prikazana osnova za izračun primernega donosa na rizični lastni kapital.
Although the silent partnership contribution that was not covered prior to 1997 was not, and could not, be used to expand competitive business, it was of benefit to HLB since the amount of equity shown on the balance sheet provides the bank's lenders with some indication of its soundness and thus affects the conditions on which the bank can borrow outside capital.
Vloga tihe družbe, ki ni bila uporabljena do leta 1997, se sicer ni uporabljala in se tudi ni mogla uporabljati za širjenje konkurenčnih dejavnosti, a je vseeno koristila HLB, saj obseg lastnega kapitala, vknjižen v bilanci stanja, bančnim posojilodajalcem potrjuje solidnost banke in s tem vpliva na pogoje, pod katerimi banka lahko pridobiva tuj kapital.
Creditors and ratings agencies take the bank's overall economic and financial situation into consideration.
Upniki in agencije za oceno kreditnih tveganj upoštevajo gospodarski in finančni položaj banke.
Since this amount cannot be used each year for business expansion but improves the bank's standing in the eyes of creditors, its economic function can in this respect be compared at least to a guarantee.
Ker se ta letni znesek ne more uporabljati za širjenje dejavnosti, temveč izboljšuje ugled banke pri upnikih, se lahko njegova gospodarska funkcija v tem pogledu primerja vsaj z jamstvom.
A market-economy investor would also have demanded a remuneration for these resources on account of the economic benefit they conferred.
Vlagatelj v tržnem gospodarstvu bi zaradi gospodarske koristi zahteval nadomestilo tudi za ta sredstva.
However, as with the capital reserve, the amount of this remuneration is lower than that for the part of the equity that can be used by HLB for its competitive business.
Vendar je obseg nadomestila tako kot pri kapitalski rezervi manjši od obsega nadomestila za del lastnega kapitala, ki ga HLB lahko uporablja za konkurenčne dejavnosti.
Legal and economic classification of the transferred capital
Pravna in gospodarska klasifikacija vloženega kapitala
As with its approach in Decision 2000/392/EC, the Commission will determine the appropriate remuneration for the promotion-related assets transferred on the basis of their commercial benefit to HLB.
Kot v postopku v Odločbi 200/392/EG Komisija določa primerno nadomestilo za prenesena sredstva za pospeševanje glede na njihovo poslovno uporabnost za HLB.
As explained above, the starting point for determining the normal market remuneration in this case is the remuneration that would be demanded by a market-economy investor providing a bank with equity capital.
Kot je navedeno zgoraj, je izhodišče za določitev običajnega tržnega nadomestila v tem primeru nadomestilo, ki bi ga zahteval vlagatelj v tržnem gospodarstvu, ki banki zagotavlja lastni kapital v tej obliki.
The BdB is of the opinion that this constitutes an investment similar to share capital.
BdB meni, da gre za naložbo, podobno osnovnemu kapitalu.
However, the comparability with share capital is undermined by the fact that the investment is callable, albeit only after a long time.
Primerljivost z osnovnim kapitalom sicer izpodbija odpovedljivost naložbe, čeprav šele po tem dolgem obdobju.
Even so, in the event of losses, the silent partnership contribution would have equal ranking with the share capital.
Vseeno bi bila vloga tihe družbe v primeru izgub enakovredna osnovnemu kapitalu.
Lastly, the callability of the investment serves to reduce risk, with the result that the silent partnership contribution should be remunerated with a small discount compared with share capital.
Navsezadnje pa možnost odpovedi zmanjšuje tveganje, tako da se vloga tihe družbe obrestuje z majhnim odbitkom glede na osnovni kapital.
However, Germany disputes this similarity to share capital.
Nemčija izpodbija podobnost z osnovnim kapitalom.
In its view, the capital is instead a silent partnership contribution, with this being reflected in the level of the remuneration.
Kapital je namreč vloga tihe družbe, kar vpliva na višino nadomestila.
Germany, the BdB and the Commission agree that the silent partnership contribution constitutes core capital.
Nemčija, BdB in Komisija se strinjajo, da gre pri vlogi tihe družbe za temeljni kapital.
Since 1997 at any rate, the silent partnership contribution has been recognised by BAKred as core capital (‘Tier 1 capital’) and can, therefore, be compared only with such equity capital instruments that were recognised in Germany as core capital at the time of the transfer.
Vlogo tihe družbe je BAKred od leta 1997 vsekakor priznaval kot temeljni kapital (kapital „razreda 1“), zato se lahko primerja le s takimi instrumenti lastnega kapitala, ki so bili v Nemčiji priznani kot temeljni kapital v letu prenosa.
It already made clear in its Decision 2000/392/EC that a comparison between WfA's assets, which were also recognised as core capital, and equity instruments that were recognised only as additional capital, such as profit participation certificates and non-voting preference shares, cannot serve as a basis for determining the appropriate remuneration for the transferred capital.
Že v Odločbi 2000/392/ES je pojasnila, da primerjava sredstev Wfa, ki so se prav tako priznavala kot temeljni kapital, z instrumenti kapitala, ki so se lahko uporabljali zgolj kot dodatni kapital, kot so potrdila o udeležbi pri dobičku in neglasovalne prednostne delnice, ne more služiti kot podlaga za določitev primernega nadomestila za preneseni kapital.
Core capital is of greater benefit to an undertaking because it can be used to raise additional own funds (such as profit participation certificates) up to the same amount in order to increase the bank's own funds.
Temeljni kapital je podjetju v večjo korist, saj si slednje lahko z njim priskrbi dodatna lastna sredstva (kot na primer potrdila o udeležbi pri dobičku) do enakega obsega z namenom povečanja obsega lastnih sredstev.
For the capital provided to be regarded as original own funds, there must be greater exposure to risk, which, as a general rule, is also reflected in a higher market remuneration for such instruments.
Da se razpoložljivi kapital prizna kot temeljni kapital, je potrebna večja izpostavljenost tveganju, ki se načeloma izraža tudi v večjem tržnem nadomestilu za take instrumente.
Any point of comparison with ‘additional funds’, which offer only limited scope in business expansion, can therefore be ruled out at the outset.
Primerljivost s tako imenovanimi dodatnimi sredstvi, ki se lahko le v omejenem obsegu uporabljajo za širjenje dejavnosti, se torej lahko izključi že na začetku.
The Commission considers that, viewed from a risk analysis angle, the silent partnership contribution is, typologically speaking, a ‘normal’ silent partnership contribution, and not share capital.
Po mnenju Komisije je vloga tihe družbe z vidika analize tveganja tipološko gledano „običajna“ vloga tihe družbe in ne osnovni kapital.
To this extent, it agrees with Germany.
Komisija se tu strinja z ugotovitvami Nemčije.
In the event of insolvency, both the silent partnership contribution in question and other silent partnership contributions of limited duration raised on the capital market would be repaid before the share capital and the investor would receive the relevant percentage in bankruptcy whereas, in the case of a share capital investment, he would come out with nothing.
Zadevna vloga tihe družbe in druge časovno omejene vloge tihe družbe, prejete na trgu kapitala, bi bile v primeru insolventnosti vrnjene pred osnovnim kapitalom in vlagatelj bi prejel delež povračila, medtem ko v primeru osnovnega kapitala ne bi dobil ničesar.
As long as the undertaking does not make any losses, FHH receives the total remuneration agreed, whereas an investor in share capital qualifies simply for the payment of a profit-related, i.e. much smaller, dividend.
Če podjetje ne posluje z izgubo, prejme FHH celotno dogovorjeno nadomestilo, medtem ko je vlagatelj v osnovni kapital upravičen le do izplačila dividende, sorazmerne z dobičkom, tj. znatno nižje dividende.
Determining an appropriate remuneration for the silent partnership contribution of limited duration to HLB
Določitev primernega nadomestila za časovno omejeno vlogo tihe družbe pri HLB
As explained, the Commission regards the capital measure at issue as a silent partnership contribution.
Kot je navedeno zgoraj, je Komisija mnenja, da je zadevni finančni ukrep vloga tihe družbe.
A determining factor in assessing the market appropriateness of the agreed remuneration is whether it can be regarded as normal compared with remunerations agreed on the market for economically and legally comparable transactions involving silent partnership contributions.
Pri preverjanju, ali je konkretno dogovorjeno nadomestilo primerno za trg, je zato odločilno, ali se nadomestilo lahko šteje za običajno v primerjavi z nadomestili, dogovorjenimi na trgu za gospodarsko in pravno primerljive transakcije, ki vključujejo vloge tihe družbe.
Starting from the methodology employed by FHH and HLB, the remuneration for the silent partnership contribution in question should be determined on the basis of silent partnership contributions that are of limited duration and otherwise comparable.
Nadomestilo za zadevno vlogo tihe družbe je treba z metodologijo, ki sta jo uporabili FHH in Helaba, določiti na podlagi časovno omejenih in sicer primerljivih vlog tihe družbe.
Germany has stated that, during the 1990s, silent partnership contributions were used increasingly by the Landesbanks to expand their capital base.
Nemčija je navedla, da so deželne banke v 90-tih letih prejšnjega stoletja vloge tihe družbe vedno bolj uporabljale za širjenje svoje osnove lastnega kapitala.
The silent partnership contribution resulting from the transfer of WK's assets to HLB was, therefore, one of the first such transactions of appreciable size in the banking sector in Germany.
Vloga tihe družbe kot rezultat vloge WK pri HLB je bila tako ena izmed prvih takih transakcij znatnega obsega v nemškem bančnem sektorju.
As a risk profile analysis of various equity capital instruments had shown, silent partnership contributions, given a comparable share of liability and in view of their fungibility as a contribution of limited duration with a fixed remuneration, strongly resembled profit participation certificates.
Kot je pokazala ocena profila tveganja pri različnih instrumentih lastnega kapitala, so vloge tihe družbe ob primerljivem jamstvu in glede na svojo tržnost kot časovno omejene vloge s fiksnim nadomestilom zelo podobne potrdilom o udeležbi pri dobičku.
In addition, there were tax advantages for the accepting bank since the interest payable does not involve the use of profits but usually, as in the present case, represented a (tax-reducing) operating expense.
Poleg tega ima banka prejemnica davčne ugodnosti, saj obresti, ki jih je treba plačevati, ne vključujejo uporabe dobičkov, temveč običajno, kot tudi v zadevnem primeru, predstavljajo strošek poslovanja (kot odbitno postavko).
The silent partnership contribution to HLB on 1 January 1993 was the first and — for almost five years — the only transaction of this kind for the bank and HLB knew nothing about simultaneous reference transactions by other Landesbanks.
Vloga tihe družbe pri HLB dne 1. januarja 1993 je bila za banko prva in skoraj pet let tudi edina tovrstna transakcija in HLB ni bila seznanjena z istočasnimi referenčnimi transakcijami pri drugih deželnih bankah.
It was not possible, therefore, to determine the appropriate risk premium for the silent partnership contribution directly on the basis of other agreed silent partnership contributions.
Neposredna določitev primerne premije tveganja za vlogo tihe družbe na podlagi drugih dogovorjenih vlog tihe družbe torej ni mogoča.
However, the available data on silent partnership contributions of limited and unlimited duration that were agreed with third parties in 1997 and 1998 permitted an indirect calculation in cases where the extent to which the appropriate risk premium for HLB instruments similar to equity capital instruments had changed between the end of 1992 and the end of 1997.
Razpoložljivi podatki o časovno omejenih ali neomejenih vlogah tihe družbe, dogovorjenih s tretjimi strankami v letih 1997 in 1998, pa omogočajo neposredno izpeljavo v primerih, ko je mogoče količinsko opredeliti spremembo primerne premije tveganja za instrumente HLB, podobne instrumentom lastnega kapitala, med koncem leta 1992 in koncem leta 1997.
Changes in the risk premium for long-term HLB profit participation certificates could serve as a benchmark.
Tu lahko kot merilo služijo spremembe premije tveganja za dolgoročna potrdila HLB o udeležbi pri dobičku.
As a general overview that was submitted showed, the risk premium on HLB profit participation certificates demanded by investors increased appreciably overall during this period.
Kot je pokazal predložen pregled, se je premija tveganja na potrdila HLB o udeležbi pri dobičku, zahtevana s strani vlagateljev, v tem obdobju skupno občutno povečala.
If, therefore, the market conditions at the end of 1997 are transposed to 31 December 1992, the appropriate risk premium at the end of 1992 is at least not understated.
Če se torej tržni pogoji ob koncu leta 1997 prenesejo na 31. december 1992, primerna premija tveganja ob koncu leta 1992 vsaj ni prenizka.
Accordingly, the risk premium appropriate for the end of 1992 for a silent partnership contribution with a duration i can be determined by applying the following equation: risk premium on silent partnership contributions, i, 1992 = swap spread on Federal loans, i, 1992 + swap spread on silent partnership contributions, i, 1997.
Primerna premija tveganja za vlogo tihe družbe s trajanjem i ob koncu leta 1992 se torej lahko določi z naslednjo enačbo: premija tveganja vloge tihe družbe, i,1992 = swapspread obveznice zvezne vlade, i,1992 + swapspread vloge tihe družbe, i,1997.
The market data collected for December 1997 and February 1998 and the interest rates on agreed silent partnership contributions would give for such contributions with a duration of 16 years a premium of some 1,25 % over swaps.
Glede na tržne podatke, zbrane za december 1997 in februar 1998, ter obrestne mere za dogovorjene vloge tihe družbe bi bil pribitek za vloge tihe družbe z dobo trajanja 16 let okoli 1,25 % nad swapi.
Taking the market data as at 31 December 1992 (swap spread for Federal loans of 0,04 %), an appropriate risk premium for 16-year silent partnership contributions would be 0,04 % + 1,25 % = 1,29 %.
Če se tržni podatki prenesejo na 31. december 1992 (swapspread za obveznice zvezne vlade 0,04 %), bi bila primerna premija tveganja za vloge tihe družbe z dobo trajanja 16 let 0,04 % + 1,25 % = 1,29 %.
Alternatively, the fair risk premium could also be derived from the conditions for other financial instruments with a similar risk profile, this being normal practice.
Primerna premija tveganja bi se lahko izpeljala tudi iz pogojev za druge finančne instrumente s podobnim profilom tveganja, kar je običajna praksa.
Silent partnership contributions of limited duration rank between profit participation certificates and silent partnership contributions of unlimited duration as regards their risk profile.
Časovno omejene vloge tihe družbe se uvrščajo med potrdila o udeležbi pri dobičku in časovno neomejene vloge tihe družbe, kar zadeva njihov profil tveganja.
As a result, their risk premium must basically be higher than that for profit participation certificates but lower than that for silent partnership contributions of unlimited duration.
Njihov profil tveganja mora biti zato načeloma večji od profila tveganja potrdil o udeležbi pri dobičku, a manjši od tistega pri časovno neomejenih vlogah tihe družbe.
Whereas reference values for silent partnership contributions of unlimited duration were available only from October 1999, market data for profit participation certificates were available as early as the beginning of the 1990s since the latter had already been in existence for quite some time and were dealt in daily on the stock exchange.
Medtem ko so referenčne vrednosti za časovno neomejene vloge tihe družbe na razpolago šele od oktobra 1999, so tržni podatki za potrdila o udeležbi pri dobičku na razpolago že od začetka 90-let prejšnjega stoletja, saj so bili ti instrumenti že dolgo v obtoku in se je z njimi dnevno trgovalo na borzi.
In addition, the report drawn up by Lehman Brothers for WestLB gave risk premiums for profit participation certificates issued by German banks as at mid-December 1991.
Lehman Brothers je v strokovnem poročilu, sestavljenem za WestLB, navedel premijo tveganja za potrdila o udeležbi pri dobičku, izdana s strani nemških bank, za sredino decembra 1991.