natgillin/translations-raw huggingface dataset:
At least 4 percentage points of this amount must consist of what is termed core capital, or ‘tier 1’ capital, meaning items of capital which are at the credit institution's disposal without restriction and immediately to cover risks or losses as soon as they arise.
Od tega morajo vsaj štiri odstotne točke predstavljati tako imenovani temeljni kapital (kapital „razred 1“), ki zajema postavke kapitala, s katerimi kreditna institucija razpolaga neomejeno in neposredno z namenom kritja tveganj in izgub, takoj ko se te pojavijo.
In determining the total own funds available to a bank for supervisory purposes, the core capital is of decisive importance because additional capital, or ‘tier 2’ capital, is accepted as underpinning for risk-bearing transactions only up to the amount of the available core capital.
Temeljni kapital je pri ugotavljanju celotnih lastnih sredstev banke v smislu nadzorstva odločilnega pomena, saj je dodatni kapital (kapital „razred 2“) za kritje tveganega poslovanja banke priznan le v višini razpoložljivega temeljnega kapitala.
By 30 June 1993 German banks had to adapt their own funds to the new requirements of the Solvency Directive and the Own Funds Directive.
Nemške banke so morale do 30. junija 1993 svoj rizični kapital uskladiti z novimi zahtevami Direktive o solventnosti in Direktive o lastnih virih sredstev.
They now had to strengthen their own-funds base as a matter of urgency in order to avoid restrictions on their business expansion and indeed to maintain their current level of activities.
Zadevne kreditne institucije so morale zato nujno okrepiti osnovo lastnega kapitala, da bi preprečile omejitev širjenja dejavnosti ali vsaj zadržale svojo obstoječo raven dejavnosti.
It was therefore decided to undertake transfers of assets and capital: in WestLB's case, for example, there was a transfer of the assets of the housing organisation Wohnungsbauförderungsanstalt des Landes Nordrhein-Westfalen (‘WfA’), and in LSH's case there was a transfer of the assets of WKA and WAK, followed later by the real estate.
Zato je prišlo do odločitve za prenose sredstev oziroma kapitala, na primer v primeru WestLB sredstev stanovanjske organizacije Wohnungsbauförderungsanstalt dežele Severno Porenje-Vestfalija („WfA“), ter v primeru LSH navedenih sredstev WKA in WAK ter kasneje nepremičnin.
EFFECTS OF THE TRANSFERS ON LSH
POSLEDICE PRENOSOV NA LSH
TRANSFER OF WKA'S AND WAK'S ASSETS TO LSH
PRENOS SREDSTEV WKA IN WAK NA LSH
According to Germany, WKA's own assets and WAK's assets were placed in IB's special-purpose reserve.
Po navedbah Nemčije so bila lastna sredstva WKA in sredstva WAK vložena v IB rezervo za posebne namene.
This took IB's capital up to a total of DEM 1306,05 million (IB special-purpose reserve of DEM […] million made up of WKA's capital (DEM […] million) and WAK's capital (DEM […] million), plus the special housing reserve of DEM […] million).
Kapital IB je tako skupaj znašal 1306,05 milijona DEM (IB rezerva za posebne namene v višini [...] milijonov DEM iz kapitala WKA [...] milijonov DEM in kapitala WAK [...] milijonov DEM plus posebna rezerva za gradnjo stanovanj v višini [...] milijonov DEM.
The provisional opening balance sheet at 1 January 1991 showed total equity capital of DEM 1558 million.
Začasna začetna bilanca stanja z dne 1. januarja 1991 je pokazala celotni lastni kapital v višini 1558 milijonov DEM.
The final audit at 1 January 1991 corrected this amount to DEM 1306,05 million.
Končna revizija z dne 1. januarja 1991 je ta znesek popravila na 1306,05 milijona DEM.
BAKred had acknowledged by letter of 15 August 1991 that LSH's liable equity capital had increased by DEM 1559,44 million as a result of IB's capital reserve.
BAKred je v pismu z dne 15. avgusta 1991 potrdil, da je bil rizični lastni kapital LSH povečan za 1559,44 milijona DEM kot posledica kapitalske rezerve IB.
Germany pointed out that the final audit indicated that the recognised equity capital was only DEM 1306,05 million and that, from 15 August 1991, LSH had only that amount of additional liable capital at its disposal.
Nemčija je poudarila, da je končna revizija pokazala, da je priznani lastni kapital dejansko znašal le 1306,05 milijona DEM in da je imela LSH od 15. avgusta 1991 na razpolago le ta znesek dodatnega rizičnega kapitala.
Because the special-purpose reserve was earmarked for promotion-related tasks, even though it constituted own funds, it was not, however, at LSH's unrestricted disposal.
Prenesena sredstva pa LSH niso bila na razpolago neomejeno, saj je bila rezerva za posebne namene vezana na naloge pospeševanja, čeprav je predstavljala lastni kapital.
Of the IB special-purpose reserve of DEM 1306 million, DEM 288 million was assigned in 1991 to IB's promotion-related tasks.
Od IB rezerve za posebne namene v višini 1306 milijona DEM je bilo v letu 1991 porabljenih 288 milijonov DEM za naloge pospeševanja IB.
Germany states that, for the period 1991-2003, the following amounts were available to LSH for use in competitive business or were actually used by LSH as a liability basis.
Po navedbah Nemčije so bili v obdobju med 1991 in 2003 LSH na razpolago naslednji zneski za konkurenčne dejavnosti ali pa jih je LSH dejansko uporabila kot obveznostno osnovo:
Figure 1:
Preglednica 1:
Transferred IB capital and capital amounts available for and actually used in competitive business (annual average values)
Vložen kapital IB in kapitalski zneski, uporabni in dejansko uporabljeni za konkurenčne dejavnosti (povprečne letne vrednosti)
DEM million
V milijonih DEM
(4 months)
(4 meseci)
(5 months
(5 mesecev)
Total IB capital
Celotni kapital IB
Recognised for supervisory purposes
Priznan s strani nadzorstva
Used by IB
Uporabljen s strani IB
Amount available to LSH
Znesek, na razpolago LSH
Actually used by LSH
Dejansko uporabljen s strani LSH
Germany states that, at 31 December 1990, LSH had core capital of DEM 581 million and additional capital of DEM 100 million.
LSH je imela po navedbah Nemčije 31. decembra 1991 temeljni kapital v višini 581 milijonov DEM in dodatni kapital v višini 100 milijonov DEM.
The promotion-related assets of DEM 1306 million therefore increased the total equity capital base of DEM 681 million by around 190 %.
Sredstva za pospeševanje v višini 1306 milijonov DEM so torej povečala obseg lastnega kapitala, ki je takrat znašal skupaj 681 milijonov DEM, za približno 190 %.
Assuming that DEM 1013 million was available for LSH's competitive business in 1992, its 100 % risk-lending capacity, based on the then applicable solvency ratio of 5,6 % laid down in the Banking Act, was enhanced by at least DEM 18000 million.
Ob predpostavki, da je imela LSH leta 1992 za konkurenčne dejavnosti na razpolago 1013 milijonov DEM, je bila njena 100 % tveganju prilagojena tehtana kreditna sposobnost, ki je temeljila na takrat veljavni stopnji solventnosti 5,6 %, določeni v Zakonu o bančništvu, povečana za najmanj 18000 milijonov DEM.
Assuming also that, since the Community solvency ratio of 8 % has been applicable, between DEM 1024 million (1994) and DEM […] million (2002) has been available for LSH's competitive business, its 100 % risk-lending capacity has been enhanced by DEM 12800 million (1994) and by over DEM […] million (2002) respectively.
Ob predpostavki, da je imela LSH po začetku veljavnosti stopnje solventnosti Skupnosti 8 % za konkurenčne dejavnosti na razpolago med 1024 milijonov DEM (1994) in [...] milijonov DEM (2002), je bila njena 100 % tveganju prilagojena tehtana kreditna sposobnost povečana za 12800 milijonov DEM (1994) in za več kot [...] milijonov DEM (2002).
In 1999 it had as much as DEM […] million available, representing an increase in capacity of at least DEM […] million.
Leta 1999 je imela na razpolago celo [...] milijonov DEM, tako da je bila njena sposobnost povečana za najmanj [...] milijonov DEM.
In reality, the permissible credit volume could have been expanded even more because the risk-adjusted assets of a bank are not normally deemed to bear a 100 % risk.
Dejansko pa bi bil lahko dovoljen obseg kreditiranja razširjen v večji meri, saj aktiva banke običajno ni 100 % tveganju prilagojena tehtana aktiva.
This is also true for LSH since inter alia it conducts its refinancing business with savings banks and its lending business with municipalities.
To velja tudi za LSH, saj med drugim opravlja refinanciranje v sodelovanju s hranilnicami in kreditno poslovanje z občinami.
On the basis of a realistic risk adjustment, which in LSH's case is probably below 50 %, it should be possible to double the above-mentioned business expansion to over DEM 30000 million.
Na podlagi realnega tehtanega tveganja, ki je v primeru LSH verjetno pod 50 %, obstaja možnost podvojitve zgoraj navedenega širjenja dejavnosti na več kot 30 milijard DEM.
TRANSFER OF LAND-OWNED REAL ESTATE TO LSH
PRENOS NEPREMIČNIN DEŽELE SCHLESWIG-HOLSTEIN NA LSH
According to Germany, BAKred refused, by letter of 25 May 1999, to recognise the special-purpose real-estate reserve as core capital for supervisory purposes, deeming it to constitute a capital reserve but not equity capital.
Po navedbah Nemčije je BAKred za potrebe nadzora v pismu z dne 25. maja 1999 zavrnil priznanje nepremičnin kot rezerve za posebne namene kot temeljni kapital. V tem pismu je nepremičnine kot rezervo za posebne namene sicer ovrednotil kot kapitalsko rezervo, ne pa kot lastni kapital.
In its view, the transferred property and the special-purpose reserve formed immediately after its acquisition by LSH were ‘deductible’ at any time.
Po njegovem mnenju je vložene nepremičnine in s tem rezervo za posebne namene, oblikovano neposredno po njihovi pridobitvi s strani LSH, mogoče kadar koli „dvigniti“.
Following this refusal, LSH did not, according to Germany, again seek BAKred's recognition of this reserve as core capital, not even in view of the current proceedings concerning the amount of remuneration.
LSH se po tej zavrnitvi ni več obrnila na BAKred zaradi priznanja te rezerve za posebne namene kot temeljni kapital, niti ob upoštevanju obstoječih postopkov glede obsega nadomestila.
The consequence of this is, in Germany's view, that the special-purpose real-estate reserve cannot be used by LSH for its commercial business or by IB in its own business.
Posledica tega je po mnenju Nemčije dejstvo, da nepremičnin kot rezerve za posebne namene ni mogoče uporabljati s strani LSH za konkurenčne dejavnosti ter s strani IB za lastne dejavnosti.
REMUNERATION FOR WKA'S AND WAK'S ASSETS
NADOMESTILO ZA SREDSTVA WKA IN WAK
LSH paid remuneration for the transferred IB capital, but only to the extent of the liable amount actually used.
LSH je izplačevala povračilo za prenesen kapital IB, a le za dejansko uporabljen rizični kapital.
According to available information, a flat-rate remuneration of DEM 900000 was agreed for 1993.
Glede na razpoložljive informacije je bilo za leto 1993 dogovorjeno pavšalno povračilo v višini 900000 DEM.
For 1994 and 1995 a so-called ‘profits advance’ (Gewinnvorab) of 0,5 % was charged on those portions of the special-purpose reserve used for competitive business, in addition to a flat-rate remuneration of DEM 750000 (1994) and DEM 200000 (1995).
Za leta med 1994 in 1996 je bil za dele rezerve za posebne namene, uporabljene za konkurenčne dejavnosti, izplačan „dobiček vnaprej“ (Gewinnvorab) 0,5 % poleg pavšalnega nadomestila v višini 750000 DEM (1994) in 200000 DEM (1995).
For 1997 to 2002, the profits advance was set at […] % of the portion of IB's capital used for competitive business.
Za leta med 1997 in 2002 je dobiček vnaprej znašal [...] % za dele kapitala IB, uporabljene za konkurenčne dejavnosti.
No remuneration was paid for 1991 or 1992.
Za leti 1991 in 1992 nadomestilo ni bilo izplačano.
LSH has paid the following remuneration:
LSH je izplačala naslednja nadomestila:
Figure 2:
Preglednica 2:
Remuneration paid on transferred IB capital (after tax)
Nadomestilo, izplačano za vložen kapital IB (po obdavčitvi)
Remuneration paid (after tax)
Izplačano nadomestilo (po obdavčitvi)
According to Germany, however, the new Solvency Directive was not the only reason for the transfer of WKA's and WAK's assets.
Po obrazložitvah Nemčije pa nova Direktiva o solventnosti za LSH ni bila edini razlog za prenos sredstev WKA in WAK.
The purpose of transferring the special-purpose residential property assets without allowing them to be used as liquid capital was to enable the assets to be used as efficiently as possible by, on the one hand, broadening the capital base or further promotion-related activities and, on the other, putting the assets to a commercial use.
Namen vloge namensko vezanih sredstev za gradnjo stanovanj, ki se niso mogla uporabljati kot likvidni kapital, je bil omogočiti, da se sredstva uporabljajo na najučinkovitejši način, po eni strani, razširiti kapitalsko osnovo za nove dejavnosti za pospeševanje, po drugi strani pa ta sredstva uporabiti gospodarsko.
The Land felt that merging WKA and WAK with LSH was the appropriate financial solution, even compared with the option of setting up a legally independent promotion institution.
Deželi Schleswig-Holstein se je zdela združitev WKA in WAK z LSH primerna finančna rešitev, celo v primerjavi z ustanovitvijo pravno neodvisne razvojne institucije.
It also enabled LSH's financial strength to be enhanced in the event of a sale of its shares.
Poleg tega je vložek sredstev WKA in WAK omogočal okrepitev finančne moči LSH v primeru morebitne prodaje delnic pri LSH.
At the same time, the merger secured LSH's long-term equity-capital base in the face of more stringent Community requirements.
Hkrati je bil z združitvijo dolgoročno zagotovljen obseg lastnega kapitala LSH ob strožjih zahtevah Skupnosti.
The prospect of increasing its liable equity capital was, according to Germany, a major factor in the decision to transfer WKA's and WAK's assets to LSH.
Povečanje rizičnega lastnega kapitala je imelo torej tudi po navedbah Nemčije odločilno vlogo pri odločitvi za vlogo sredstev WKA in WAK pri LSH.
REMUNERATION FOR THE REAL ESTATE
NADOMESTILO ZA NEPREMIČNINE
Germany states that LSH paid no remuneration to the Land of Schleswig-Holstein for the assets transferred in the form of the special-purpose real-estate reserve.
Po navedbah Nemčije LSH deželi Schleswig-Holstein ni izplačevala nadomestila za sredstva, prenesena v obliki nepremičnin kot rezerve za posebne namene.
In its decision of 13 November 2002 initiating the procedure, the Commission concluded that the transfer of WKA and WAK and the placing of EUR […] million in a special-purpose real-estate reserve of the Land of Schleswig-Holstein probably constituted state aid to LSH within the meaning of Article 87(1) of the EC Treaty.
Komisija je v svojem Sklepu o sprožitvi postopka z dne 13. novembra 2002 ugotovila, da prenos sredstev WKA in WAK ter vložek [...] milijonov EUR v nepremičnine kot rezervo za posebne namene dežele Schleswig-Holstein verjetno predstavljata državno pomoč v korist LSH v smislu člena 87(1) Pogodbe ES.
The provision of public money confers an advantage only if funds are made available to such a public undertaking on terms which it would not have obtained under normal market conditions.
Po tem načelu gre pri vložku državnih sredstev za pomoč, če dobi podjetje na razpolago državna sredstva, ki jih pod običajnimi tržnimi pogoji ne bi prejelo.
In the present case, the Commission regarded the economic advantage conferred on LSH by the injection of own funds as consisting in particular in the increase in its commercial, competitive lending capacity (by dint of the business-expansion function of equity capital).
V tem primeru je Komisija obravnavala gospodarske prednosti, ki jih je bila LSH deležna z vložkom lastnih sredstev, zlasti s povečanjem kreditne sposobnosti za komercialno in tržno usmerjeno kreditno poslovanje (širjenje dejavnosti kot funkcija lastnega kapitala).
As Germany had already indicated that the rate of remuneration for a long-term, risk-free investment of assets stood at around 9 % per annum at the end of 1990, when the transfer of assets took place, the Commission had serious doubts as to whether the flat-rate remuneration paid and/or an extra 0,5 % or […] % per annum for the equity capital actually used could be deemed normal for the market, irrespective of any necessary risk premium.
Ker je Nemčija že navedla, da je stopnja nadomestila za dolgoročno netvegano naložbo v času prenosa sredstev konec leta 1990 znašala približno 9 %, je Komisija izrazila resne dvome o tem, da bi izplačano pavšalno povračilo in/ali nadomestilo 0,5 % ali [...] % letno za dejansko uporabljena lastna sredstva, brez upoštevanja potrebnih premij tveganj, lahko šteli kot običajno za trg.
The Commission also doubted whether a market-economy investor would have agreed to limit remuneration to the portion of the funds actually used.
Nadalje je Komisija podvomila, da bi vlagatelj v tržnem gospodarstvu sprejel omejitev nadomestila na delež dejansko uporabljenih sredstev.
However, the Commission had already acknowledged in its decision to initiate the procedure that the contributed capital's lack of liquidity should not be disregarded when determining the normal market remuneration.
Vendar je Komisija že v svojem Sklepu o sprožitvi postopka priznala, da je treba pri določanju običajnega tržnega nadomestila upoštevati nezadostno likvidnost obravnavanega vloženega kapitala.
Although the bank's non-liquid equity capital permitted an increase in the volume of its lending, it had to be borne in mind that LSH could achieve the full extent possible of any increase in its business volume only if it refinanced the additional lending in full on the capital market.
Čeprav so nelikvidna lastna sredstva banke dovoljevala razširitev njenega obsega kreditiranja, je treba upoštevati, da je LSH v primeru vloge nelikvidnega kapitala lahko dosegla poln obseg možnega povečanja svojega poslovanja samo, če je refinancirala dodatno kreditno sposobnost v celoti na kapitalskem trgu.
The Land could not therefore expect the same return as a provider of liquid capital, and the appropriate remuneration had to be reduced accordingly.
Zato dežela Schleswig-Holstein ne more pričakovati enakega donosa kot vlagatelj likvidnega kapitala in je torej ustrezen odbitek upravičen.
The Commission could not see that the Land of Schleswig-Holstein, when transferring WKA's and WAK's assets, had ensured that it was going to participate to an appropriate extent in the distribution of the bank's profits and the increase in its value.
Komisija ni mogla ugotoviti, da si je dežela Schleswig-Holstein pri vlogi sredstev WKA in WAK zagotovila primerno udeležbo pri razdelitvi dobička banke in povečanju vrednosti banke.
In particular, the Land did not insist on a change in the ownership structure in its favour, which it would have had to do in order to ensure that dividend payments and increases in value were consistent with the level of invested capital.
Zlasti dežela Schleswig-Holstein ni vztrajala pri spremembi lastniške strukture v lastno korist, kar bi sicer bilo potrebno za zagotovitev skladnosti plačil dividend in povečanja vrednosti z višino zneska vloženega kapitala.
As none of the exemptions provided for in Article 87(2) and (3) or Article 86(2) of the EC Treaty applied in the present case, the state aid appeared not to be compatible with the common market.
Ker ni bila v obravnavanem primeru uporabljena nobena posebna določba iz člena 87(2) in (3) ali člena 86(2) Pogodbe ES, se je državna pomoč izkazala kot nezdružljiva s skupnim trgom.
COMMENTS BY GERMANY AND LSH
STALIŠČI NEMČIJE IN LSH
It was submitted that IB's capital had been of only limited use to LSH since, unlike ordinary core capital, it failed to perform — or performed only to a limited extent — three important functions: (a) the financing function, which would have been at LSH's disposal only if WAK and WKA had been transferred in full; (b) the guarantee function, which was severely restricted as IB's capital was subordinate in liability to LSH's other equity capital (moreover, a replenishment commitment ensured that IB's capital would not be used even in the event of LSH becoming insolvent); (c) IB's capital was also of only limited use for generating business because, first, part of it had to be deducted for use as cover for the Land's real estate transferred to IB and, second, the portion of IB's capital available to LSH had shrunk in recent years because of IB's own expansion of business.
Navedeno je bilo, da je bil kapital IB na razpolago LSH le omejeno, saj v nasprotju z običajnim temeljnim kapitalom ni opravljal – ali pa le v omejenem obsegu – treh bistvenih funkcij: (a) funkcije financiranja, ki bi jo imela LSH na razpolago le, če bi bili WAK in WKA preneseni v celoti; (b) funkcije jamstva, ki je bila močno omejena, saj je bil kapital IB podrejen ostalemu lastnemu kapitalu LSH. Poleg tega je bilo z obveznostjo napolnitve zagotovljeno, da kapital IB ne bi bil uporabljen niti v primeru plačilne nesposobnosti LSH; (c) kapital IB se je omejeno uporabljal tudi za ustvarjanje posla, saj je bilo od njega treba odbiti del za kritje deželnih nepremičnih, prenesenih na IB, kot drugo pa je bil del kapitala IB, s katerim je razpolagala LSH, v zadnjih letih zmanjšan zaradi širjenja dejavnosti IB.
The conclusion reached was that the transfer of IB's capital should not be regarded as a normal capital investment and that the special circumstances of the case reduced the remuneration which the Land was entitled to expect as appropriate.
Zaključilo se je, da prenosa kapitala IB ne smemo obravnavati kot običajen vložek osnovnega kapitala in da posebne okoliščine zmanjšujejo nadomestilo, ki ga dežela Schleswig-Holstein lahko pričakuje kot primernega za kapital IB.
It was also submitted that there is no state aid within the meaning of Article 87(1) of the EC Treaty in the present case.
Navedeno je bilo tudi, da v zadevnem primeru ne gre za državno pomoč v smislu člena 87(1) Pogodbe ES.
First, at the time when IB's capital was transferred, the relationship between the Landesbank and its guarantors was still determined primarily by the special guarantee arrangements enjoyed by publicly owned banks in Germany (i.e. Anstaltslast (institutional liability) and Gewährträgerhaftung (guarantor liability)).
Kot prvo je bil v času prenosa kapitala IB odnos med deželno banko in njenimi garanti še vedno določen predvsem s posebnimi ureditvami jamstva v korist javnih bank v Nemčiji (Anstaltlast und Gewährträgerhaftung).
Anstaltslast should be taken to mean an obligation on the part of the guarantors to furnish the institution with the financial resources it needs to perform its tasks and hence ensure that it is capable of functioning for the duration of its existence.
Anstaltslast pomeni obveznost garantov, da institucijo opremljajo s finančnimi sredstvi, potrebnimi za opravljanje njenih nalog, in ji s tem omogočajo delovanje v času njenega obstoja.
That was precisely the purpose of the transfer of IB's capital.
Ravno to je bil namen vloge kapitala IB.
To reduce Anstaltslast to a mere obligation on the guarantor to keep the institution out of bankruptcy would be inconsistent with the historical understanding of this established guarantee arrangement.
Omejitev Anstaltslast-a na zgolj obveznost garanta, da institucijo ščiti pred stečajem, se ne bi ujemala z zgodovinskim razumevanjem te ureditve jamstva.
Second, LSH argues that it provides services of general economic interest.
Kot drugo LSH trdi, da nudi storitve skupnega gospodarskega interesa.
Third, the average return requirement is said to be at variance with Article 87(1) EC, read in conjunction with Article 295 EC, since imposing such a special requirement on the public investor infringes the principle of equal treatment of private and public undertakings arising from Article 295 EC.
Kot tretje pa je zahteva glede povprečnega donosa v nasprotju s členom 87(1) Pogodbe ES v povezavi s členom 295 Pogodbe ES, saj bi taka posebna zahteva za javnega vlagatelja kršila načelo enakega obravnavanja zasebnih in javnih podjetij, ki izhaja iz člena 295 Pogodbe ES.
Appropriate remuneration according to the principle of the market-economy investor
Primernost nadomestila glede na načelo vlagatelja v tržnem gospodarstvu