natgillin/translations-raw huggingface dataset:
Similarly, the exemptions from taxes on business capital and on property are limited to the housing promotion business.
Oprostitve davka od premoženja in obratovalnega davka so prav tako omejena na dejavnost pospeševanja gradnja stanovanj.
It is not the Commission's task to decide whether the German tax laws regarding exemptions for non-profit oriented activities have been infringed but only to assess the measure under the state aid rules of the EC Treaty.
Komisija ne odloča o tem, ali gre za kršitev nemških predpisov o davčnih oprostitvah v korist neprofitnih ustanov, temveč ukrep presoditi zgolj na podlagi določb Pogodbe ES glede državnih pomoči.
The exemption from property tax, tax on business capital and corporation tax enjoyed by Wfa within WestLB boosted Wfa's profits (or reduced its losses), alleviated the potential need for the Land to inject additional funds into housing promotion and subsequently increased Wfa's net assets.
Z oprostitvijo Wfa znotraj WestLB od davka od premoženja, obratovalnega davka in davka od dobička pravnih oseb so se povečali dobički (oz. zmanjšale izgube) Wfa, zmanjšala potencialna nujnost za deželo, da zagotovi dodaten kapital za pospeševanje gradnje stanovanj, in povečala neto sredstva Wfa.
Since Wfa needed only a certain part of this (enlarged) capital base as original own funds for its own business, the part available to WestLB to underpin its competitive activities also increased over time.
Ker je Wfa kot temeljna lastna sredstva za lastne dejavnosti potrebovala samo določen del tega (razširjenega) obsega lastnega kapitala, se je lahko del, ki je na razpolago WestLB za kritje njenih poslovnih dejavnosti, s časom prav tako povečal.
However, had this share increased, the basis for the remuneration to be paid to the Land would also have increased.
V kolikor pa bi se ta del povečal, bi se morala povečati tudi podlaga za nadomestilo, ki se plačuje deželi.
If the remuneration were fixed at an appropriate level, there would have been no distortion of competition in favour of WestLB as a result of the tax exemptions for the housing promotion business.
Če bi se določila primerna višina nadomestila, davčne oprostitve za pospeševanje gradnje stanovanj ne bi izkrivljale konkurence v korist WestLB.
According to the above calculations, an appropriate level would be 6,92 % per annum and 0,3 % per annum respectively.
Na podlagi zgornjih izračunov znaša primerno nadomestilo 6,92 % letno oz. 0,3 % letno po obdavčitvi dobička.
Germany argues that the waiver of liabilities did not adversely affect the Land's financial position and did not confer any competitive advantage on Wfa or WestLB.
Nemčija trdi, da oprostitev jamstvenih obveznosti ne slabša finančnega stanja dežele in ne predstavlja nobene konkurenčne prednosti za Wfa ali WestLB.
Following the transfer, Wfa's assets (the Land housing promotion fund) were not reduced each year by this liability, so that higher proceeds would have been possible in the event of Wfa being wound up, with such higher proceeds accruing to the Land.
Ker se sredstva Wfa (deželna sredstva za pospeševanje gradnje stanovanj) po prenosu zaradi zadevnih obveznosti letno niso več zmanjšale, bi bili v primeru razdružitve Wfa možni višji iztržki, pri čemer bi ti višji iztržki dotekali deželi.
The German authorities also state that, without the waiver, BAKred would not have accepted DEM 4000 million (EUR 2050 million) as original own funds of Wfa.
Poleg tega so nemški organi pojasnili, da brez te oprostitve BAKred 4 milijard DEM (2,05 milijarde EUR) ne bi sprejel kot temeljnih lastnih virov sredstev Wfa.
The waiver has certainly increased Wfa's value.
Z odpovedjo jamstva se je vrednost Wfa zagotovo povečala.
However, since the remuneration to be paid by WestLB was based on the valuation of Wfa after the waiver, i.e. taking into account this increase in its value, the waiver did not confer an advantage on WestLB in so far as the remuneration was in line with the market.
Ker pa nadomestilo, ki ga mora plačati WestLB, temelji na oceni Wfa po tej odpovedi, in je bilo to povečanje vrednosti s tem upoštevano, odpoved ne predstavlja ugodnosti za WestLB, v kolikor je nadomestilo v skladu s tržnimi pogoji.
On the basis of the foregoing considerations, it can be stated that all the criteria laid down in Article 87(1) of the EC Treaty are met and the transfer of Wfa therefore involves state aid within the meaning of that Article.
Na podlagi vseh teh preudarkov lahko ugotovimo, da prenos posebnih namenskih sredstev izpolnjuje vsa merila iz člena 87(1) Pogodbe ES in zato prenos Wfa vključuje državne pomoči v smislu navedenega člena 87(1) Pogodbe ES.
On this basis, an assessment has to be made as to whether that aid can be considered compatible with the common market.
Na podlagi tega je treba preveriti, ali se pomoč lahko spozna za skladno s skupnim trgom.
It should be pointed out that the German Government did not invoke any exemption clause of the EC Treaty with regard to possible state elements in connection with the transfer of Wfa.
Vendar je treba pripomniti, da nemška vlada v zvezi z morebitnimi elementi pomoči v okviru prenosa Wfa ni uveljavila posebne določbe Pogodbe.
The aid is not of a social character, is not granted to individual consumers, does not make good the damage caused by natural disasters or exceptional occurrences, and does not compensate for economic disadvantages caused by the division of Germany.
Pomoč ni socialnega značaja in se ne dodeljuje posameznim potrošnikom. Prav tako ne povrne škode, nastale zaradi naravnih nesreč ali drugih izjemnih okoliščin, in ni nadomestilo gospodarske škode, ki jo je povzročila delitev Nemčije.
Given that the aid has no regional objective — it is designed neither to promote the economic development of areas where the standard of living is abnormally low or where there is serious underemployment nor to facilitate the development of certain economic areas — neither Article 87(3)(a) nor Article 87(3)(c) of the EC Treaty, as regards the latter's regional aspect, is applicable.
Ker pomoč nima regionalnega cilja – ni namenjena niti za pospeševanje gospodarskega razvoja območij z izjemno nizko življenjsko ravnijo ali z znatno podzaposlenostjo niti za pospeševanje razvoja določenih gospodarskih območij – se člen 87(3)(a) in regionalni vidiki iz člena 87(3)(c) Pogodbe ES ne uporabljajo.
Nor does the aid promote the execution of an important project of common European interest.
Pomoč tudi ne pospešuje izvedbe pomembnega načrta skupnega evropskega interesa.
Since the economic survival of WestLB was not at stake when the measure took place, there is no need to consider whether the collapse of a single large credit institution like WestLB could lead to a general banking crisis in Germany, 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 WestLB v času ukrepa ni bil ogrožen, ni potrebno preučiti, ali bi propad ene same velike kreditne institucije, kot je WestLB, 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 if it facilitates the development of certain economic activities.
V skladu s členom 87(3)(c) Pogodbe ES se lahko pomoči spoznajo za skladne s skupnim trgom, če pospešujejo razvoj določenih gospodarskih dejavnosti.
However, in the case at hand, the conditions for the application of this exemption clause are not met.
Vendar pa v zadevnem primeru pogoji za uporabo te posebne določbe niso izpolnjeni.
WestLB is not described as an undertaking in difficulty whose viability should be restored with the support of state aid.
WestLB ni obravnavana kot podjetje v težavah, čigar vitalnost bi se morala povrniti z državno pomočjo.
Article 86(2) of the EC Treaty, which allows exemptions from the state aid rules of the Treaty under certain conditions, is, in principle, also applicable to the financial services sector.
Člen 86(2) Pogodbe ES, ki pod določenimi pogoji dopušča odstopanja od določb o državni pomoči iz Pogodbe, se načeloma uporablja tudi za sektor finančnih storitev.
This has been confirmed by the Commission in its report on ‘Services of general economic interest in the banking sector’.
Komisija je to potrdila v svojem poročilu „Storitve splošnega gospodarskega interesa v bančnem sektorju“.
However, it is clear that the transfer was effected in order to allow WestLB to comply with the new own funds requirements and with no regard to any services of general economic interest.
Jasno pa je, da se je prenos izvedel zato, da bi WestLB lahko izpolnila nove zahteve po lastnem kapitalu, in brez upoštevanja kakršnih koli storitev skupnega gospodarskega interesa.
The Commission finds that Germany has unlawfully implemented the aid in question in breach of Article 88(3) of the EC Treaty.
Komisija ugotavlja, da je Nemčija odobrila zadevni ukrep pomoči na nezakonit način in ob kršitvi člena 88(3) Pogodbe ES.
This aid is therefore illegal.
Ta pomoč je potemtakem nezakonita.
The aid cannot be found compatible either under Article 87(2) or (3) or under any other provision of the EC Treaty.
Pomoč se ne more obravnavati kot skladna niti po členu 87(2) ali (3) niti po kateri koli drugi določbi Pogodbe ES.
It is therefore declared incompatible with the Treaty and must be discontinued and the aid element of the measure illegally put into effect must be recovered by the German Government.
V skladu s tem se pomoč spozna za neskladno s skupnim trgom, se mora odpraviti, element pomoči nezakonitega ukrepa pa mora Nemčija zahtevati nazaj –
The state aid which Germany implemented for Westdeutsche Landesbank-Girozentrale, now WestLB AG, between 1 January 1992 and 1 August 2002, amounting to EUR 978,51 million, is incompatible with the common market.
Državna pomoč v višini 978,51 milijonov EUR, ki jo je Nemčija v času od 1. januarja 1992 do 1. avgusta 2002 odobrila v korist Westdeutsche Landesbank – Girozentrale, zdaj WestLB AG, ni skladna s skupnim trgom.
Germany shall take all necessary measures to recover from the beneficiary the aid referred to in Article 1 and unlawfully made available to the beneficiary.
Nemčija sprejme vse potrebne ukrepe, da prejemnica vrne pomoč, navedeno v členu 1 in dano na razpolago nezakonito.
Recovery shall be effected without delay and in accordance with the procedures of national law provided that they allow the immediate and effective execution of the Decision.
Vračilo se izvede nemudoma in skladno s postopki nacionalne zakonodaje, če omogočajo takojšnjo in učinkovito izvajanje te odločbe.
Interest shall be calculated in accordance with the provisions laid down in Chapter V of Commission Regulation (EC) No 794/2004.Article 4
Obresti se izračunajo v skladu z določbami iz poglavja V Uredbe Komisije (ES) št. 794/2004.Člen 4
Germany shall inform the Commission, within two months of notification of this Decision, of the measures taken to comply with it, using the questionnaire attached in the Annex to this Decision.
Nemčija obvesti Komisijo v dveh mesecih po objavi te odločbe z izpolnitvijo vprašalnika, prikazanega v Prilogi, o ukrepih, sprejetih za izvajanje te odločbe.
Done at Brussels, 20 October 2004.
V Bruslju, 20. oktober 2004.
OJ C 140, 5.5.1998, p. 9.
UL C 140, 5.5.1998, str. 9.
See footnote 1.
Primerjaj z opombo 1.
Joined Cases T-228/99 and T-233/99 Westdeutsche Landesbank Girozentrale and Land Nordrhein-Westfalen v Commission [2003] ECR II-435.
Sodba z dne 6. marca 2003 v združenih zadevah T-228/99 in T-233/99, Westdeutsche Landesbank Girozentrale in dežela Severno Porenje-Vestfalija/Komisija, Recueil 2003, II-435.
Submission by Germany of 10 March 2004, p. 2.
Pripombe Nemčije z dne 10. marca 2004, str. 2.
Wohnungsbauförderungsgesetz, in the version published on 30 September 1979 (Official Gazette of North Rhine-Westphalia, p. 630).
Različica zakona o pospeševanju gradnje stanovanj („Wohnungsbauförderungsgesetz“), ki je bila objavljena 30. septembra 1979 (Uradni list dežele Severno Porenje-Vestfalija, str. 630).
OJ L 386, 30.12.1989, p. 14 (as repealed and replaced by Directive 2000/12/EC (OJ L 126, 26.5.2000)).
UL L 386, 30.12.1989, str. 14, ki je bila razveljavljena in nadomeščena z Direktivo 2000/12/ES, UL L 126, 26.5.2000.
The capital requirements must be met by credit institutions on a consolidated, a subconsolidated and an unconsolidated basis.
Zahteve po lastnem kapitalu morajo kreditne institucije izpolnjevati na konsolidirani, delno konsolidirani in nekonsolidirani osnovi.
The term ‘risk-adjusted assets’ is used below to describe all risk-bearing and risk-adjusted items.
V nadaljevanju zajema pojem „tveganju prilagojena tehtana aktiva“ vse tvegane in tveganju prilagojene postavke.
In fact, the new capital requirements should already have entered into force on 1 January 1993 but were implemented late in Germany.
Dejansko bi morale nove zahteve po lastnem kapitalu začeti veljati že 1. januarja 1993, ampak so v Nemčije stopile v veljavo z zamudo.
However, this figure was based on a definition of own funds that was narrower than the one set out in the Own Funds Directive.
Vendar pa je ta številka temeljila na bolj ozki opredelitvi lastnih sredstev kot opredelitev uporabljena v Direktivi o lastnih virih sredstev.
Council Directive 92/121/EEC of 21 December 1992 on the monitoring and control of large exposures of credit institutions (OJ L 29, 5.2.1993, p. 1).
UL L 29, 5.2.93, str. 1.
It should, however, be pointed out that not only the thresholds were changed but also the definitions of ‘own funds’ and ‘risk-adjusted assets’.
Vendar pa je treba pripomniti, da niso bili spremenjeni le pragi, ampak tudi opredelitvi pojmov „lastna sredstva“ in „tveganju prilagojena tehtana aktiva“.
OJ L 386, 30.12.1989, p. 1.
JUL L 386, 30.12.89, str. 1.
Deutsche Bundesbank, Monthly Report, May 1993, p. 49.
Mesečno poročilo Deutsche Bundesbank, maj 1993, str. 49.
See, for example, Document 11/2329 of the Parliament of North Rhine-Westphalia.
Glej med drugim dokument 11/2329 deželnega zbora Severno Porenje-Vestfalija.
Gesetz zur Regelung der Wohnungsbauförderung of 18 December 1991 (Official Gazette of the Land of North Rhine-Westphalia, No 61, 30 December 1991, p. 561).
Zakon, ki ureja pospeševanje gradnje stanovanj z dne 18. decembra 1991 (Uradni list dežele Severno Porenje-Vestfalija, št. 61, z dne 30. decembra 1991, str. 561).
According to Germany, the expression ‘act in money's worth’ used there is in fact imprecise and was clarified later.
Po navedbah Nemčije je tam uporabljen izraz „denarna storitev“ nenatančen in je bil kasneje pojasnjen.
Section 13 of the Law concerning the asset transfer stipulates that the housing promotion division must carry out its tasks in a manner that is neutral in its effect on competition.
Poglavje 13 zakona o prenosu sredstev določa, da mora oddelek za pospeševanje gradnje stanovanj svoje naloge izpolnjevati na način, ki je ima nevtralen učinek na konkurenco.
The actual measures to be taken to this end are laid down in an agreement between WestLB and the Land authorities.
Dejanski ukrepi, ki to zagotavljajo, so določeni v pogodbi med WestLB in deželo.
The transfer of Wfa took effect on 1 January 1992.
Prenos Wfa je začel veljati 1. januarja 1992.
Based on the 5,6 % requirement in force at that time.
Na podlagi takrat veljavnih zahtev 5,6 %.
+) Confidential information is indicated below by [...].
+) Zaupen podatek, tudi v nadaljevanju označen z […]
Anomalies in this year should be attributed to the change in the method of showing Wfa's assets in the balance sheet, to changes in the definition of own funds and in the solvency ratios, and to the timing of the acceptance of Wfa's capital by BAKred.
Anomalije iz tega leta se pripišejo spremembi metode za vknjižbo aktive Wfa v bilanco stanja, spremembi opredelitve pojma lastnega kapitala, spremembi stopnje solventnosti in času priznanja kapitala Wfa s strani BAKred-a.
#) Figures relate to WestLB AG, into which the commercial activities of former Westdeutsche Landesbank Girozentrale were regrouped in 2002.
#) Številke se nanašajo na WestLB AG, v katero so bile leta 2002 vključene konkurenčne dejavnosti nekdanje Westdeutsche Landesbank Girozentrale.
This calculation leaves out of consideration the risk-bearing, off-balance-sheet transactions.
Pri tem izračunu se ne upošteva tveganih zunajbilančnih transakcij.
It should be borne in mind that, under the new rules, not only the ratios changed but also the definitions of ‘own funds’ and ‘risk-adjusted assets’.
Treba je opomniti, da se z novimi predpisi niso spremenile le stopnje, ampak tudi opredelitvi pojmov „lastna sredstva“ in „tveganju prilagojena tehtana aktiva“.
According to a study submitted by Germany on the remuneration paid by WestLB, the corporation tax rate was 46 % until 1993 and 42 % thereafter.
Na podlagi študije o plačanem nadomestilu s strani WestLB, ki jo je predložila Nemčija, je davek od dobička pravnih oseb do leta 1993 znašal 46 % in potem 42 %.
To this must be added a solidarity surcharge rate of 3,75 % in 1992, 0 % in 1993 and 7,5 % thereafter.
K temu se je prištel še solidarnostni dodatek 3,75 % v letu 1992, 0 % v letu 1993 in potem 7,5 %.
For the sake of clarity, where the amount on which the remuneration is to be paid is discussed, reference is always made to the situation at the end of 1993, i.e. the split between DEM 1500 million (EUR 770 million) and DEM 2500 million (EUR 1280 million), irrespective of the fact that the division between the capital tied up in Wfa business and the amount available for WestLB changes.
V kolikor je v nadaljevanju govora o znesku, ki ga je treba plačati za nadomestilo, se zaradi poenostavitve in neodvisno od tega, da se razlikovanje med namensko vezanim kapitalom za dejavnosti Wfa in zneskom, s katerim razpolaga WestLB, s časom spreminja, ta znesek vedno nanaša na položaj konec leta 1993, torej na razliko med 1,5 milijarde DEM (770 milijonov EUR) in 2,5 milijarde DEM (1,28 milijarde EUR).
Since BAKred accepted Wfa's capital only on 30 December 1992, the capital share of DEM 2322000 million (EUR 1200 million) was available for WestLB in 1992 for two days only.
Ker je BAKred kapital Wfa sprejel šele 30. decembra 1992, je bil kapitalski delež 2,332 milijarde DEM (1,2 milijarde EUR) WestLB v letu 1992 na razpolago samo dva dneva.
This results in an average available capital for WestLB of DEM 13 million (EUR 7 million) for that year.
Iz tega sledi, da je imela WestLB v tem letu na razpolago kapital v višini povprečno 13 milijonov DEM (7 milijonov EUR).
#) Since Wfa's capital could be used for underpinning commercial activities only until 1 August 2002 as a result of the split-up of WestLB, the difference of [...] between the total amount of recognised original own funds of [...] and the amount of DEM 632 million tied up by Wfa needs to be multiplied by a factor of 7/12.
#) Ker se je zaradi razdružitve WestLB kapital Wfa lahko uporabljal za kritje konkurenčnih dejavnosti samo do 1. avgusta 2002, je treba razliko […] med skupnim zneskom priznanih temeljnih virov lastnih sredstev […] in zneskom, potrebnim za stanovanjska posojila Wfa v višini 632 milijonov DEM, pomnožiti s faktorjem 7/12.
This gives the amount of [...] as the average capital available for the commercial activities of WestLB.
Tako dobimo kapital v višini […], ki je v povprečju na razpolago za konkurenčne dejavnosti WestLB v letu 2002.
The 0,6 % rate was laid down in a protocol notice to the covering agreement dated 11 November 1993.
Nadomestilo v višini 0,6 % letno je bilo določeno v protokolu k okvirnemu sporazumu z dne 11. novembra 1993.
Germany has explained that there was an agreement between the owners that such recovery payments should take place but that there was no corresponding legal obligation on WestLB.
Nemčija navaja, da med delničarji obstaja dogovor, ki naj bi se uporabil v primeru takšnih nadomestil, ampak WestLB k temu ni pravno zavezana.
The following features are described: country of issue and of issuer, treatment of the instrument by banking regulators, its typical maturity, treatment in the event of bankruptcy/liquidation and for loss absorption, whether it is callable, whether it is possible to defer interest/dividend payments and whether a cumulative deferral is possible.
Opisane so naslednje značilnosti: dežela izdaje in izdajatelja, razvrstitev za potrebe bančnega nadzora, tipična obdobja, obravnava v primeru stečaja ali likvidacije ali pa udeležbe pri izgubah, možnost predčasne odpovedi, možnost mirovanja obresti ali odloga obresti, možnost kumulativnega mirovanja.
Wfa's capital is compared in one version only to profit participation certificates and perpetual preferred stock and in another to all three instruments.
V eni različici so sredstva Wfa primerjana samo s potrdili o udeležbi pri dobičku in trajnimi prednostnimi delnicami, v drugi pa z vsemi tremi instrumenti.
Data from the US and British markets were used for perpetual preferred shares because these instruments are not available in Germany.
Ker trajne prednostne delnice v Nemčiji niso na razpolago, so bili uporabljeni ustrezni podatki iz ameriških in britanskih trgov.
This is based on the rate of 0,6 %, a corporation tax rate of 46 % until 1993 and 42 % thereafter, plus a solidarity surcharge rate of 3,75 % in 1992, 0 % in 1993 and 7,5 % thereafter.
Ta vrednost temeljni na stopnji 0,6 %, 46 % davčni stopnji za davek na dohodek do leta 1993 in potem 42 % ter solidarnostnem dodatku 3,75 % v letu 1992, 0 % v letu 1993 in potem 7,5 %.
This is based, firstly, on the fact that the special reserve was accepted by BAKred only on 30 December 1992, resulting in a figure for usable capital (for calculation purposes) of only DEM 2 million (EUR 1 million) and, secondly, on the payment in 1992 by WestLB of DEM 33 million (EUR 17 million) for future pension entitlements of Wfa staff, which is taken as remuneration paid by WestLB to the Land in that year.
To temelji, prvič, na dejstvu, da je BAKred posebno rezervo priznal šele 30. decembra 1992, tako da se je pri izračunu kot osnova upošteval samo delež, ki ga je WestLB dejansko rezervirala in sicer v višini 2 milijonov DEM (1 milijon EUR), in drugič, na plačilu WestLB iz leta 1992 v višini 33 milijonov DEM (17 milijonov EUR) za bodoče zahtevke za pokojnine delavcev Wfa, ki se šteje kot nadomestilo, plačano deželi s strani WestLB v tistem letu.
See, for example, Cases C-303/88 Italy v Commission [1991] ECR I-1433 and C-305/89 Italy v Commission [1991] ECR I-1603.
Glej na primer sodbe v zadevah C-303/88, Italija/Komisija, Recueil. 1991, I-1433 in C-305/89, Italija/Komisija, Recueil. 1991, I-1603.
Commission communication to the Member States: Application of Articles 92 and 93 of the EEC Treaty and of Article 5 of Commission Directive 80/723/EEC to public undertakings in the manufacturing sector (OJ C 307, 13.11.1993, p. 3, point 11).
Sporočilo Komisije državam članicam o uporabi členov 92 in 93 Pogodbe ES in člena 5 Direktive Komisije 80/723/EGS o javnih podjetjih v predelovalni industriji (UL C 307, 13.11.1993, str. 3, glej točko 11).
Public authorities' holdings in company capital — The Commission's position, Bull. EC 9-1984, pp. 93 and 94.
Deleži javnega sektorja v kapitalu podjetij – mnenje Komisije, Bilten ES 9-1984, str. 93f.
OJ C 307, 13.11.1993, p. 3, point 37.
UL C 307, 13.11.1993, str. 3, glej odstavek 37.
It cannot be said that investments are made only in profitable companies on the market.
Ne moremo reči, da na trgu prihaja samo do naložb v dobičkonosna podjetja.
High-risk investments e.g. in innovative or new technology companies, are quite common.
Naložbe z visoko stopnjo tveganja, npr. v inovativne podjetja ali podjetja, ki uporabljajo nove tehnologije, so precej pogosta.
However, in these cases too the investor invests his capital on the expectation that the start-up losses and the risks can subsequently be offset by high profits.
Vendar pa tudi v teh primerih vlagatelj svoj kapital investira glede na svoja pričakovanja, to pomeni, ali bo začetne izgube in obstoječe tveganje lahko kompenziral z visokimi dobički.
Even in the case of such investments, the benchmark is the expected long-term return.
Tudi pri tovrstnih naložbah je referenca pričakovan dolgoročni donos.