natgillin/translations-raw huggingface dataset:
The external study carried out for the Commission supports this view and comments on various individual assessments in the study submitted by Germany.
Zunanje izvedensko mnenje, ki je bilo izdelano za Komisijo, potrjuje to stališče, v njem pa so obravnavane tudi različne posamezne ocene, ki so vsebovane v izvedenskem mnenju Nemčije.
For example, it sheds a different light on the ‘coupon effect’ by stating that, in the event of ongoing losses or liquidation, the whole capital and not only part of it would be lost.
Tako je npr. t.i., „učinek kupona“ predstavljen v drugačni luči, s tem ko se ugotovi, da bi se pri tekočih izgubah ali likvidaciji vsekakor izgubil ves kapital in ne samo en del.
The study also points to two subjective elements of the studies submitted by Germany: market data are said to be used selectively and, in some places, they are simply replaced by data from the authors ' own experience, without this being stated explicitly.
Izvedensko mnenje nadalje opozarja na dva pristranska vidika izvedenskega mnenja Nemčije: Po eni strani, tako sklep, se podatki o trgu uporabljajo selektivno, in po drugi strani so podatki o trgu delno nadomeščeni s podatki, ki so jih avtorji povzeli iz lastnih izkušenj, ne da bi to posebej navedli.
The chosen minimum remuneration is also supported by statements and studies on actual and expected returns on equity made by investment banks and consultancy firms.
To je podkrepljeno tudi z izjavami in študijami investicijske banke in svetovalnih podjetij za dejanske in pričakovane donose lastnega kapitala.
Salomon Brothers puts the equity return for most European banks at between 10 % and 14 %, Merryl Lynch estimates a figure of some 11,8 % for different German banks and WestLB Panmure gives a figure of between 11,8 % and 12,3 %.
Podjetje Salomon Brothers je ocenilo donos lastnega kapitala za večino evropskih bank na 10 do 14 %, podjetje Merryl Lynch za različne nemške banke na približno 11,8 % in WestLB Panmure prav tako na približno 11,8 %.
In the decision to initiate proceedings under Article 88(2) of the EC Treaty, the Commission, on the basis of information provided at the time by WestLB, indicated a provisional rate of 7 %.
V odločitvi o sprožitvi postopka v skladu s členom 88(2) Pogodbe ES je Komisija na podlagi podatkov, ki jih je v tem času prejela s strani WestLB, navedla predhodno stopnjo 7 %.
According to documents provided by the German Government, the corporate income tax rate was 42 % in 1995 and 1996, with a solidarity surcharge of 7,5 %, i.e. 49,5 % in total.
Na podlagi dokumentacije, ki jo je predložila Nemčija, je davek od dobička pravnih oseb leta 1995 in 1996 znašal 42 %, h kateremu se je prištel še solidarnostni pribitek v višini 7,5 % (skupno torej 49,5 %).
The overall rate dropped to 47,5 % in 1998.
Celotna stopnja obdavčitve se je leta 1998 zmanjšala na 47,5 %.
It is only since 2001 that the overall tax rate has been 30,5 %.
Šele od leta 2001 je celotna stopnja obdavčitve znašala le še 30,5 %.
The study from First Consulting quoted in footnote 49 of the first WestLB decision had taken a flat-rate top-up of 1 %-2 % for the various above-mentioned aspects. It had, however, not acknowledged that the volume should have been taken into consideration when determining what was akin to share capital.
Izvedensko mnenje podjetja First Consulting citirano v opombi 49 prvotne Odločbe glede WestLB je sicer predvidelo pavšalen pribitek 1–2 % za posamezne navedene vidike, vendar glede obsega ni presodilo, da je treba slednjega upoštevati že pri določitvi podobnosti osnovnemu kapitalu.
In so far as the fungibility aspect is concerned, First Consulting had, in the view of the Commission, not recognised that the asset was not sellable but that, by law, it was possible to withdraw it from WestLB and reinvest it elsewhere.
Kar zadeva vidik tržnosti, First Consulting iz zornega kota Komisije ni presodil, da vloga sicer ni prenosljiva, vendar pa se lahko z zakonom izvzame iz WestLB in tako načeloma na novo investira.
According to Germany, WestLB paid DEM [...] for the whole of 2002.
Po podatkih Nemčije je WestLB za celotno leto 2002 plačala […] DEM.
In terms of the relevant period from 1 January to 1 August 2002 ([...] multiplied by the factor of 7/12), an amount of [...] was thus paid as remuneration.
V povezavi s tukaj obravnavanim časovnim obdobjem med 1. januarjem in 1. avgustom 2002 ([…] pomnoženo s faktorjem 7/12) je kot nadomestilo treba plačati znesek […].
This report was presented to the ECOFIN Council on 23 November 1998 but has not been published.
To poročilo je bilo predloženo Ekonomsko-finančnemu svetu dne 23. novembra 1998, vendar ni bilo objavljeno.
It can be obtained from Competition Directorate-General IV of the Commission and can also be found on the Commission's website.
Na voljo je pri Generalnemu direktoratu za konkurenco (IV) Komisije, kot tudi na spletni strani Komisije.
Please explain in detail how the interest payable on the amount to be recovered will be calculated.
Natančno razložite, kako se izračunajo obresti, ki se morajo plačati za pomoč, za katero se terja vračilo.
Please also explain which alternative measures are available in national legislation to bring about recovery of the aid.
Razložite tudi, kateri drugi ukrepi obstajajo v nacionalni zakonodaji za izvršitev vračila pomoči.
Please provide the following details of aid that has been recovered from the recipient:
Navedite naslednje podrobnosti o pomočeh, ki jih je upravičenec že povrnil:
Amount of aid repaid
Povrnjen znesek
Please attach supporting documents for the repayments shown in the table at point 3.1.
Dokažite povračilo zneskov pomoči, podrobno opredeljenih v zgornji tabeli pod točko 3.1.
(°) Date or dates on which the aid or individual instalments of aid were put at the disposal of the recipient; if the measure consists of several instalments and reimbursements, use separate rows.
Datum, ko je upravičenec dobil na razpolago pomoč ali posamezne obroke pomoči (če ukrep sestavlja več obrokov in nadomestil, uporabite ločene vrstice)
Amount of aid put at the disposal of the recipient, in gross grant equivalent.
Višina pomoči, ki jo je dobil na razpolago upravičenec (bruto znesek)
(°) Date or dates on which the aid was repaid.
Datum povračila pomoči
The Commission decision to initiate the procedure was published in the Official Journal of the European Communities.
Sklep Komisije o sprožitvi postopka je bil objavljen v Uradnem listu Evropskih skupnosti.
The Commission invited interested parties to submit their comments on the measure.
Ob tej priložnosti je od zainteresiranih strank zahtevala, da podajo svoje pripombe.
As for the new threshold of at least 8 %, half of these own funds have to be ‘original own funds’ (Basiseigenmittel), which consist of capital items available to a credit institution for unrestricted and immediate use to cover losses as soon as they occur.
Kar zadeva novi prag 8 %, mora biti vsaj polovica teh sredstev v „temeljnih lastnih virih sredstev“, ki zajemajo postavke kapitala, s katerimi kreditna institucija razpolaga neomejeno in neposredno za kritje izgub, takoj ko se te pojavijo.
Original own funds are therefore of crucial importance for the level of a bank's total own funds for prudential purposes since other own funds of lower quality, or ‘additional own funds’ (ergänzende Eigenmittel), are accepted only up to the amount of original own funds to underpin the risk-bearing business of a bank.
Temeljni lastni viri sredstev so pri ugotavljanju celotnih lastnih virov sredstev banke v smislu nadzorstva odločilnega pomena, saj se „dodatni lastni viri sredstev“, namreč dodatna lastna sredstva nižje kakovosti, za kritje tveganega poslovanja banke prizna le v višini razpoložljivih temeljnih lastnih sredstev.
These resources served to finance housing promotion loans, which are either non-interest-bearing or low-interest loans and often have long grace periods. Therefore, in order to establish its actual value, the nominal capital had to be heavily discounted.
Ker so ta finančna sredstva služila za financiranje posojil za gradnjo stanovanj, ki bodisi niso obrestovana ali so obrestovana z znižanimi obrestmi in imajo pogosto dolga obdobja mirovanja, je bilo treba za določitev njegove dejanske vrednosti nominalni kapital močno diskontirati.
This is clearly so in the case of non-voting preference shares.
To postane očitno pri prednostnih delnic brez glasovalnih pravic.
A higher remuneration is demanded as well as preferential ranking for forgoing voting rights.
Za odpoved glasovalni pravici se nudi večja obrestna mera ter prednostna uporaba.
But by selling the shares he can realise their economic countervalue.
Lahko pa s prodajo delnice realizira njeno gospodarsko protivrednost.
His assets have thereby become marketable.
Njegova vloga kapitala tako postane tržna.
Furthermore, Germany did not claim that the transfer of Wfa was designed to indemnify WestLB for the provision of certain services of general economic interest.
Sicer pa Nemčija ni trdila, da naj bi prenos Wfa predstavljal nadomestilo za naloge, ki jih WestLB opravlja pri zagotavljanju storitev skupnega gospodarskega interesa.
Therefore, this exemption clause does not apply either in the case at hand.
Tudi ta posebna določba zato v zadevnem primeru ne velja.
The aid to be recovered shall include interest from the date on which it was at the disposal of the beneficiary until the date of its recovery. Interest shall be calculated on the basis of the reference rate used for calculating the grant equivalent of regional aid.
Znesek pomoči, ki ga je treba izterjati, se poviša za obresti od dneva izplačila pomoči prejemniku do njenega dejanskega vračila in se izračuna na podlagi referenčne obrestne mere, ki se uporablja za izračun ekvivalenta dotacije regionalnih pomoči.
Yet, the generally tight budgetary situation meant that the public shareholders could not undertake cash injections of capital. Instead, other solutions were found to provide additional capital.
Vendar pa je na splošno tesno proračunsko stanje javnih delničarjev onemogočalo kapitalske vložke Namesto tega so našli drugačne rešitve za pridobitev dodatnega lastnega kapitala.
This point is also stressed by the Commission's outside experts, who criticise the fact that the studies submitted by the German Government omit any reference to the size of the transaction and compare the transfer to what are — in terms of size — marginal instruments.
Ta vidik poudarjajo tudi zunanji strokovnjaki Komisije, ki kritizirajo izvedensko mnenje Nemčije, da se je vzdržalo vsakršne omembe velikost transakcije in jo je primerjalo z (glede na obseg) marginalnimi instrumenti.
According to those experts, Wfa's capital should therefore be compared instead to original own funds instruments like non-voting shares.
Po mnenju svetovalnega podjetja Komisije bi se morala sredstva Wfa primerjati z instrumenti temeljnih lastnih virov sredstev kot so delnice brez glasovalnih pravic.
In the first two years Wfa's staff of 588 (personnel within the ‘old’ Wfa as well as in the housing promotion division of WestLB, the costs of which had to be borne by Wfa before the transfer) was reduced by 53. In the early years the transfer led to annual savings of DEM 13 million (EUR 7 million) for Wfa as a result of synergies.
V prvih dveh letih se je osebje Wfa (prej 588 oseb: zaposleni v „stari Wfa“ ter sodelavci oddelka za pospeševanje gradnje stanovanj WestLB, katerih stroške je pred prenosom nosila Wfa) zmanjšalo za 53 zaposlenih.
These resources, earmarked to serve exclusively as the funding base for housing loans by virtue of Section 16 of the Law on the promotion of housing, accounted for some 75 % of Wfa's refinancing, i.e. DEM 24700 million (EUR 12600 million) as at 31 December 1991. (31) Prior to the transfer, Wfa guaranteed Land liabilities incurred for housing promotion purposes. Each year, in line with the Land's repayments of its liabilities, Wfa's guarantee was transformed into reimbursement claims of the Land against Wfa which reduced the value of the Land Housing Promotion Fund accordingly. These liabilities of Wfa would have fallen due only when it no longer needed its revenues from interest and loan recovery in order to perform its public tasks.
Ta sredstva, namenjena izključno financiranju posojil za gradnjo stanovanj so na podlagi poglavja 16 nekdanjega zakona o pospeševanju gradnje stanovanj prispevala 75 % refinanciranja Wfa, t.j.
According to information provided by the German authorities, DEM 1500 million (EUR 770 million) was needed for this purpose at the time when the new capital requirements entered into force. This means that the remaining DEM 2500 million (EUR 1280 million) could be used by WestLB at that time as own funds to underpin its competitive business.
Po podatkih nemških organov je bilo v ta namen v času, ko so začele veljati nove zahteve po lastnem kapitalu, potrebnih 1,5 milijarde DEM (770 milijonov EUR).
In their understanding submitted to the Commission on 13 October 2004, the Land of North Rhine-Westphalia, WestLB and the complainant BdB took as the basis a market-risk premium of 4 %. The consultants then estimated the beta value, i.e. the individual risk premium for WestLB.
V dogovoru, ki je bil Komisiji predložen 13. oktobra 2004, so tudi dežela Severno Porenje-Vestfalija, WestLB in pritožnik BdB uporabili tržno premijo tveganja 4 %.
Using this value, the general market-risk premium was adjusted for WestLB. Since WestLB was not a listed company at the end of 1991, its beta value could not be statistically estimated.
Nato so izvedenci ocenili beta vrednost WestLB, t.j. izračunali posamezno premijo tveganja WestLB.
on State Aid implemented by Germany for Norddeutsche Landesbank — Girozentrale
o državni pomoči Nemčije za Norddeutsche Landesbank – Girozentrale
(notified under document number C(2004) 3926)
(notificirano pod dokumentarno številko C(2004) 3926)
Having called on the Member State and other interested parties to submit their comments pursuant to the provisions cited above and having regard to their comments,
po pozivu države članice in drugih zainteresiranih strank, da na podlagi zgoraj omenjenih določb izrazijo svoje stališče, in ob upoštevanju njihovih pripomb,
The subject of these proceedings is the transfer of three Land trust agencies (Landestreuhandstellen (‘LTS’)) to Norddeutsche Landesbank — Girozentrale (‘NordLB’) by the Land of Lower Saxony.
Predmet postopka je prenos treh deželnih fiduciarnih agencij („LTS“) s strani dežele Spodnje Saške na Norddeutsche Landesbank – Girozentrale („NordLB“).
By letter of 12 January 1993, the Commission asked Germany for information on a capital increase in WestLB resulting from the incorporation of the housing organisation Wohnungsbauförderanstalt (‘WfA’) and on similar increases in the own funds of the Landesbanks of other Länder.
Komisija je v pismu z dne 12. januarja 1993 Nemčijo zaprosila za informacije o povečanju kapitala pri WestLB kot posledici vključitve stanovanjske organizacije Wohnungsbauförderanstalt („WfA“) ter o podobnih povečanjih lastnih sredstev deželnih bank drugih zveznih dežel.
It also asked which Landesbanks had benefited from a transfer of publicly owned promotion-related assets and for information on the reasons for those transactions.
Zaprosila je tudi za informacije o tem, v katerih deželnih bankah je prišlo do prenosa javnih sredstev za pospeševanje, ter o utemeljenih razlogih za te prenose.
Germany replied by letters dated 16 March and 17 September 1993.
Nemčija je odgovorila v pismih z dne 16. marca 1993 in 17. septembra 1993.
The Commission requested further information by letters of 10 November and 13 December 1993, to which Germany replied by letter of 8 March 1994.
Komisija je zaprosila za nadaljnje informacije v pismih z dne 10. novembra 1993 in 13. decembra 1993, na katera je Nemčija odgovorila s pismom z dne 8. marca 1994.
(‘BdB’), an association representing private banks established in Germany, informed the Commission among other things that, under a law adopted on 17 December 1991, the Land of Lower Saxony’s shares in assets used to promote housing, agriculture, trade and industry had been transferred to NordLB with effect from 31 December 1991.
(„BdB“), združenje, ki predstavlja zasebne banke s sedežem v Nemčiji, je v pismih z dne 31. maja in 21. decembra 1994 Komisijo obvestilo o tem, da so bili v skladu z zakonom, sprejetim 17. decembra 1991, deleži dežele Spodnja Saška pri sredstvih za pospeševanje stanovanjskega gospodarstva, kmetijstva, trgovine in industrije z dnem 31. decembra 1991 preneseni na NordLB.
This increased the own funds at NordLB's disposal and, in the BdB's view, distorted competition in its favour since the parties had not agreed remuneration consistent with the market-economy investor principle.
To je povečalo lastna sredstva NordLB, kar je po mnenju BdB izkrivilo konkurenco v njen prid, saj se stranke niso dogovorile o nadomestilu, skladnim z načelom vlagatelja v tržnem gospodarstvu.
In its second letter, the BdB accordingly lodged a formal complaint and called on the Commission to initiate proceedings against Germany under Article 93(2) of the EC Treaty (now Article 88(2)).
V drugem zadevnem pismu je BdB zato vložilo uradno pritožbo in od Komisije zahtevalo, da proti Nemčiji začne postopek v skladu s členom 93(2) Pogodbe ES (zdaj člen 88(2) Pogodbe ES).
In February and March 1995 and December 1996 several banks associated themselves individually with the complaint lodged by the BdB.
Februarja in marca 1995 ter decembra 1996 se je pritožbi Združenja pridružilo več njegovih posameznih bank.
The Commission investigated first the transfer of assets to WestLB but announced that it would examine the transfers to the other Landesbanks, including NordLB, in the light of the findings in that case.
Komisija je najprej preiskala prenos sredstev na WestLB in napovedala preiskavo prenosov na druge deželne banke, zlasti NordLB, glede na ugotovitve v primeru WestLB.
By Decision 2000/392/EC, it finally declared in 1999 that the aid measure (the difference between the remuneration paid and the normal market remuneration) was incompatible with the common market and ordered that the aid should be recovered.
Leta 1999 je z Odločbo 2000/392/ES glede tega primera na koncu ugotovila, da pomoč (razlika med izplačanim nadomestilom in običajnim tržnim nadomestilom) ni združljiva s skupnim trgom in jo je treba vrniti.
This decision was annulled by the Court of First Instance of the European Communities on 6 March 2003 as insufficient reasons had been given for two of the factors used to calculate the appropriate remuneration, but it was confirmed in all other respects.
Evropsko sodišče prve stopnje je to odločbo 6. marca 2003 razveljavilo zaradi nezadostnih razlogov za dva izmed dejavnikov, uporabljenih pri izračunu višine nadomestila, v vseh drugih pogledih pa jo je potrdilo.
On 20 October 2004 the Commission, having become aware of an understanding between the complainant, WestLB and the Land of North-Rhine Westphalia, issued a new decision which took account of the Court's criticisms.
Komisija je 20. oktobra 2004, potem ko je bila obveščena o dogovoru med pritožnikom WestLB in deželo Severno Porenje-Vestfalija, izdala novo odločbo, v kateri je upoštevala kritiko Sodišča.
On 1 September 1999, following Decision 2000/392/EC, the Commission sent Germany a request for information on the transfers of assets to the other Landesbanks.
Po Odločbi WestLB 2000/392/ES je Komisija 1. septembra 1999 Nemčijo zaprosila za informacije o prenosih sredstev na druge deželne banke.
By letter of 8 December 1999, Germany supplied information on the transfer of the LTS to NordLB which it supplemented in a letter dated 22 January 2001 in response to the Commission’s requests for further information.
Nemčija je nato v pismu z dne8. decembra 1999 predložila informacije o prenosu deželnih fiduciarnih agencij na NordLB, ki jih je dopolnila v pismu z dne 22. januarja 2001 kot odgovoru na prošnjo Komisije za nadaljnje informacije.
On 1 March 2001 the Commission asked for more information, in particular on the transfers of capital by the Niedersächsische Sparkassen und Giroverband (‘NSGV’). Germany replied on 15 May 2001.
Komisija je 1. marca 2001 zaprosila za nadaljnje informacije, zlasti o prenosu kapitala Niedersächsische Sparkassen und Giroverband („NSGV“), Nemčija pa je odgovorila v pismu z dne 15. maja 2001.
It had already opened an investigation into a further similar transfer of assets by the Land of Berlin to Landesbank Berlin back in July 2002.
Komisija je pred tem že julija 2002 začela postopek v zvezi s prenosom na Landesbank Berlin.
The decisions initiating the procedure were published in the Official Journal of the European Union.
Sklepi o začetku postopka so bili objavljeni v Uradnem listu Evropske unije.
The Commission called on interested parties to submit comments.
Komisija je od zainteresiranih strank zahtevala, da izrazijo svoje stališče.
By letter of 11 April 2003, Germany submitted its comments on the initiation of the procedure in the NordLB case.
Nemčija je v pismu z dne 11. aprila 2003 izrazila svoje stališče glede začetka postopka v primeru NordLB.
By letter of 29 July 2003, the BdB submitted comments on all the decisions taken on 13 November 2002 to initiate the investigation procedure.
BdB je v pismu z dne 29. julija 2003 izrazilo skupno stališče glede vseh odločb za začetek postopka z dne 13. novembra 2002.
On 30 October 2003 Germany forwarded a reply by the Land Government of North Rhine-Westphalia and WestLB AG to the BdB's comments on the proceedings concerning the transfer of LTS to NordLB.
Nemčija je 30. oktobra 2003 na stališče BdB glede postopka v zvezi s prenosom LTS na NordLB poslala odgovor deželne vlade Severno Porenje-Vestfalija in WestLB.
In response to the Commission’s request for further information dated 1 September 2003, Germany supplied additional information and replied to the BdB's comments on NordLB on 28 October.
Nemčija je na podlagi prošnje Komisije za nadaljnje informacije z dne 1. septembra 2003 v pismu z dne 28. oktobra 2003 predložila dodatne informacije in odgovorila na stališče BdB glede primera NordLB.
On 7 April and 3 May 2004 the Commission sent Germany further requests for information, to which the latter replied by letters dated 27 May and 28 June 2004.
Komisija je 7. aprila 2004 in 3. maja 2004 Nemčiji predložila prošnji za nadaljnje informacije, na katere je slednja odgovorila v pismih z dne 27. maja 2004 in 28. junija 2004.
On 16 August and 9 September 2004 Germany sent further comments supplementing its previous position.
Nemčija je 16. avgusta in 9. septembra 2004 poslala svoji stališči, ki sta dopolnili prejšnjega.
On 19 July 2004 the complainant (the BdB), the Land of North Rhine-Westphalia and WestLB AG submitted a provisional understanding on the appropriate remuneration for the transferred assets.
julija 2004 so pritožnik BdB, dežela Severno Porenje-Vestfalija in WestLB AG predložili začasni dogovor o ustreznem nadomestilu za prenesena sredstva.
In their view, this remuneration should form the basis for the Commission’s decision.
To nadomestilo naj bi bilo po njihovem mnenju podlaga za Odločbo Komisije.
Likewise, the BdB, the Land of Lower Saxony and NordLB submitted a proposal for an understanding on appropriate remuneration for the transfer of the LTS assets.
Prav tako so BdB, dežela Spodnja Saška in NordLB predložili predlog za dogovor o ustreznem nadomestilu za prenesena sredstva LTS.
These parties and Germany subsequently addressed several letters to the Commission.
Komisija je nato prejela številna pisma teh strank in Nemčije.
The final version of the understanding on the transfer of the LTS assets to NordLB reached the Commission on 7 October 2004.
Končno različico dogovora o prenosu sredstev LTS na NordLB je Komisija prejela 7. oktobra 2004.
NordLB, to which the LTS were transferred, is a publicly owned credit institution operating in the form of a public-law institution (Anstalt des öffentlichen Rechts) with registered offices in Hanover, Braunschweig, Magdeburg and Schwerin.
NordLB, na katero so se prenesla sredstva LTS, je kreditna institucija v javni lasti, po pravni obliki javna institucija s sedežem v Hannovru, Braunschweigu, Magdeburgu in Schwerinu.