natgillin/translations-raw huggingface dataset:
The Commission has already made clear in its Decision 2000/392/EC that a comparison between WfA's assets, which were also recognised as core capital, and hybrid equity instruments that were regarded 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.
Komisija je že v Odločbi 2000/392/ES pojasnila, da primerjava sredstev Wfa, ki so prav tako priznana kot temeljni kapital, s hibridnimi instrumenti kapitala, ki so bila priznana le 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 (e.g. profit participation certificates) up to the same amount in order to increase its own funds base.
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 lastnega kapitala.
For the capital provided to be recognised 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 razpoložljiv 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’ that offer only limited scope for 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 the comparison with silent partnership contributions made by Germany and HLB is not suitable as a basis for determining the appropriate remuneration for the capital reserve.
Komisija meni, da primerjava s strani Nemčije in HLB z vlogami tihe družbe ni primerna za podlago za določitev primernega nadomestila za kapitalsko rezervo.
Instead, the transfer of the shares is comparable to an investment of share capital in HLB.
Namesto tega je prenos delnic primerljiv z naložbo v osnovni kapital.
An essential point for the Commission is that the transfer of the promotion-related assets was precisely not in the legal form of a silent partnership contribution but consisted in the creation of a reserve.
Za Komisijo je pri tem bistvenega pomena, da vloga sredstev za pospeševanje ni bila opravljena ravno z oblikovanjem vloge tihe družbe, temveč z oblikovanjem rezerve.
Although it is also true that a capital reserve has a number of characteristics that are typical, if anything, of silent partnership contributions, the Commission considers that the risk that the transferred capital would be used at least in part for cover purposes in the event of insolvency or liquidation was generally no less than that associated with a share capital investment.
Poleg tega sicer drži, da ima kapitalska rezerva številne značilnosti, ki so tipične za vloge tihe družbe, vendar Komisija meni, da tudi tveganje, da bi se vloženi kapital v primeru insolventnosti ali likvidacije vsaj delno uporabljal za kritje, običajno ni manjše od tveganja pri naložbi v osnovni kapital.
Given the above views, notably regarding an analysis of the risk incurred by an investor in carrying out the transaction at issue, the Commission concludes that the starting point for calculating the appropriate remuneration for the transfer to HLB's capital reserve is the amount of share capital made available.
Na podlagi navedenih stališč, zlasti analize tveganja, ki bi ga vlagatelj prevzel v primeru obravnavane transakcije, je Komisija prišla do zaključka, da je izhodišče za določitev primernega nadomestila za vlogo v kapitalsko rezervo HLB razpoložljiv osnovni kapital.
Germany takes the view that, on account of the lack of liquidity and the resulting refinancing costs, the transfer of WK's shares can best be compared to a real capital contribution.
Nemčija meni, da je prenos delnic WK zaradi nelikvidnosti in posledičnih stroškov refinanciranja najbolje primerljiv s stvarnim vložkom.
As it stated in its original position, this meant, in terms of the gross return, a difference of some 6,6 % compared with capital contributed in cash.
Kot je navedla v svojem prvotnem stališču, predstavlja to, kar zadeva bruto donos, razliko okoli 6,6 % v primerjavi z denarnim vložkom.
A market-economy investor must take this cost into account when considering the appropriateness of his remuneration.
Tudi vlagatelj v tržnem gospodarstvu mora te stroške upoštevati pri oceni primernosti svojega nadomestila.
The Commission is also of the opinion that the lack of liquidity should be taken into account.
Komisija tudi meni, da je treba upoštevati nelikvidnost.
A ‘normal’ capital injection into a bank supplies it both with liquidity and with an own funds base which it requires for supervisory reasons to extend its business.
„Običajna“ vloga kapitala banki zagotovi tako likvidnost kot obseg lastnih sredstev, ki ju banka potrebuje zaradi nadzorstva za širjenje svojih dejavnosti.
In order to use the capital in full, i.e. to expand its 100 % risk-adjusted assets by a factor of 12,5 (i.e. 100 divided by a solvency ratio of 8 %), the bank must refinance itself on the financial markets 11,5 times over.
Da bi kapital uporabila v celoti, tj. razširila svojo 100 % tveganju prilagojeno tehtano aktivo s faktorjem 12,5 (100 deljeno s stopnjo solventnosti 8 %), se mora banka 11,5-kratno refinancirati na finančnih trgih.
Put simply, the difference between 12,5 times the interest received and 11,5 times the interest paid minus other costs of the bank (e.g. administration) gives the profit on the equity.
Če poenostavimo, pomeni razlika med 12,5-kratnimi prejetimi obrestmi in 11,5-kratnimi plačanimi obrestmi na ta kapital minus drugi stroški banke (na primer za upravljanje) dobiček na lastni kapital.
Since its capital did not provide any liquidity at first, HLB incurred additional financing costs to the extent of the amount of capital if it borrowed on the financial markets the funds necessary to exploit fully the business opportunities opened up by the additional own capital, i.e. to expand the risk-weighted assets by a factor of 12,5 (or to maintain existing assets at this level).
Ker kapital banki HLB sprva ni zagotavljal likvidnosti, je imela HLB dodatne stroške financiranja v višini kapitala, če je želela zbrati sredstva na finančnih trgih, potrebna za popolno izrabo poslovnih možnosti, ki so se ji odprle z dodatnim lastnim kapitalom, tj. razširiti svojo tveganju prilagojeno tehtano aktivo z 12,5-kratnim zneskom kapitala (ali ohraniti obstoječa sredstva v tej višini).
Because of these extra costs, which do not arise in the case of equity capital provided in liquid form, the appropriate remuneration must be reduced accordingly.
Zaradi teh dodatnih stroškov, ki pri lastnem kapitalu, prenesenem v likvidni obliki, ne nastajajo, se mora primerno povračilo ustrezno znižati.
The Commission is here of the opinion that the overall refinancing interest rate must be taken into account.
Komisija je pri tem mnenja, da ni potrebno upoštevati celotne obrestne mere refinanciranja.
These expenses are offset in part by reduced cooperation tax.
Ti stroški se namreč delno izravnajo z manjšim davkom od dobička.
Only the net costs should be taken into account as an additional burden on HLB because of the special nature of the capital transferred.
Kot dodatna obremenitev HLB se morajo zaradi posebnega značaja prenesenega kapitala upoštevati le neto stroški.
Overall, therefore, the Commission recognises that HLB incurred additional ‘liquidity costs’ to the amount of ‘refinancing costs less company taxes’.
V celoti gledano Komisija torej priznava, da ima HLB dodatne „likvidnostne stroške“ v višini „stroškov refinanciranja minus davek od dobička“.
In their understanding, the parties similarly base their calculation on the net refinancing costs.
Tudi stranke v svojem dogovoru pri izračunu izhajajo iz neto stroškov refinanciranja.
They applied a long-term, risk-free interest rate of 7,23 % for the total refinancing costs.
Za celotne stroške refinanciranja so določile dolgoročno netvegano obrestno mero 7,23 %.
They also agreed to accept a flat-rate level of tax of 50 %.
Poleg tega so se dogovorile za sprejetje pavšalne davčne stopnje 50 %.
Determination of a likely minimum remuneration for an investment in the share capital of HLB
Določitev pričakovanega najnižjega nadomestila za naložbo v osnovni kapital HLB
He bases himself on historical average rates, which, generally speaking, are also a point of reference for a firm's future efficiency, and inter alia on an analysis of the company's business model for the investment period in question, the strategy and quality of management or the relative prospects for the sector in question.
Pri tem se opira na pretekle povprečne donose, ki v splošnem predstavljajo referenčno točko tudi za nadaljnjo učinkovitost podjetja, ter med drugim na analizo poslovnega modela podjetja za zadevno obdobje naložbe, strategije in kakovosti upravljanja ali na relativne izglede za zadevni sektor.
Similarly, he will not invest in a company whose expected return is lower than the average return expected for other companies with a similar risk profile.
Prav tako vlagatelj ne bo izvedel naložbel v podjetje, katerega pričakovan donos je manjši od povprečnega donosa, pričakovanega za druga podjetja s primerljivim profilom tveganja.
Various methods exist for determining the minimum appropriate remuneration.
Obstajajo različne metode za določitev ustreznega najnižjega primernega nadomestila.
In describing the various approaches, it makes sense to distinguish between two components, viz. a risk-free return and a project-specific risk premium: minimum appropriate return on a risky investment = risk-free basic rate + risk premium for the risky investment.
Pri predstavitvi različnih pristopov je smiselno razlikovati med dvema komponentama, med netveganim donosom in premijo tveganja za določen projekt: najmanjši primeren donos na tvegano naložbo = netvegana temeljna obrestna mera + premija tveganja za tvegano naložbo.
Financing approach: An investor's expected return on capital represents, from the point of view of the bank using the capital, future financing costs.
Pristop financiranja: Pričakovan vlagateljev donos na lastni kapital predstavlja s stališča banke, ki kapital uporablja, prihodnje stroške financiranja.
Under this approach, the historical capital costs incurred by comparable banks are first of all determined.
Pri tem pristopu se najprej določijo pretekli stroški lastnega kapitala, nastali pri bankah, ki so primerljive z zadevno banko.
Their arithmetic average is then compared with the future expected equity capital costs and hence with the investor's expected return requirement.
Aritmetično povprečje preteklih stroškov kapitala se nato primerja s stroški lastnega kapitala, pričakovanimi v prihodnosti, in s tem s pričakovano vlagateljevo zahtevo za donos.
Financing approach with compound annual growth rate: At the heart of this approach stands the use of the geometric rather than the arithmetic mean.
Pristop financiranja s skupno letno stopnjo rasti: Bistvo tega pristopa je uporaba geometričnega namesto aritmetičnega povprečja.
CAPM: The CAPM is the best-known and most frequently tested model of modern finance with which the return expected by an investor can be determined applying the following equation: expected return = risk-free interest rate + market-risk premium x beta.
CAPM: CAPM je najbolj znan in najpogosteje preskušen model sodobnega denarnega gospodarstva, s pomočjo katerega se lahko določi donos, pričakovan s strani vlagatelja, z naslednjo enačbo: pričakovan donos = netvegana obrestna mera + premija tržnega tveganja x beta.
The beta factor is used to quantify the risk of a company relative to the overall risk of all companies.
Z beta faktorjem se količinsko opredeli stopnja tveganja podjetja glede na skupno tveganje vseh podjetij.
The risk premium for the specific investment is determined by multiplying the market's risk premium by the beta factor.
Premija tveganja za določeno naložbo se izračuna s pomnožitvijo premije tveganja na trgu z beta faktorjem.
However, since HLB is not a listed company, it is not possible directly to infer its beta value.
Ker pa HLB ne kotira na borzi, njene beta vrednosti ni mogoče izpeljati neposredno.
The CAPM can, therefore, be used only on the basis of an estimate of the beta factor.
CAPM se torej lahko uporabi le na podlagi ocene beta faktorja.
Germany is thus critical of the use of the CAPM for, among other things, a transfer to a Landesbank.
Kot je bilo že navedeno, je Nemčija kritična do uporabe CAPM, med drugim v primeru prenosa na deželno banko.
In their calculations, the parties based themselves on the CAPM and applied a risk-free basic interest rate of 7,23 % for NordLB.
Stranke so za svoje izračune uporabile metodo CAPM. Pri tem so izhajale iz netvegane temeljne obrestne mere 7,23 %.
Determination of this interest rate was based on the assumption that the LTS special-purpose assets were to be made available on a permanent basis.
Določitev te obrestne mere je temeljila na domnevi, da so bila posebna namenska sredstva HLB na razpolago na trajni osnovi.
The parties thus decided not to use a risk-free rate obtaining on the market at the time of the capital injection for a fixed investment period (e.g. 10-year return on government bonds) since such an approach would disregard the reinvestment risk, i.e. the risk that it would not be possible to invest again at the level of the risk-free interest rate once the investment period had expired.
Stranke torej niso upoštevale časovno omejenega netveganega donosa, razvidnega na trgu v času prenosa za točno določeno obdobje naložbe (na primer 10-letni donosi na državne obveznice), saj takšna obravnava ne bi upoštevala tveganja ponovne naložbe, tj. tveganja, da po izteku obdobja naložbe ne bi bila mogoča ponovna naložba s takšno netvegano obrestno mero.
They opted, therefore, for the REX10 Performance Index of Deutsche Börse AG, which tracks the performance of an investment in Federal loans over a period of ten years.
Zato so uporabile indeks donosnosti REX10 Performance Index nemške borze (Deutsche Börse AG), ki kaže uspešnost naložbe v obveznice Zvezne republike Nemčije za dobo natanko 10 let.
The parties then determined the rate per annum, which reflects the trend tracked by the REXIO Performance Index in the period 1970-91 and, in this way, arrived at the risk-free basic interest rate of 7,23 % referred to above.
Stranke so nato izračunale letni donos, ki zrcali trend, izražen v temeljnem indeksu donosnosti REX10 v obdobju med 1970 in 1992, in tako prišle do navedene netvegane temeljne obrestne mere 7,23 %.
Since HLB's capital injection was made available on a permanent basis, the method of determining the risk-free basic interest rate appears appropriate in this specific case.
Ker naj bi imela HLB vlogo dejansko na razpolago vseskozi, se zdi postopek za izračun netvegane temeljne obrestne mere v tem primeru ustrezen.
Moreover, the REX10 Performance Index is a generally recognised source of data.
Hkrati pa uporabljeni indeks donosnosti REX10 predstavlja vsesplošno priznan vir podatkov.
The risk-free basic interest rate calculated thus appears appropriate here.
Izračunana netvegana temeljna obrestna mera se torej tu zdi primerna.
The beta factor of 0,74 was estimated on the basis of a KPMG report on adjusted beta factors for all listed credit institutions in Germany that is available to the Commission.
Ocena beta faktorja 0,74 temelji na strokovnem poročilu KPMG o tako imenovanih prilagojenih beta faktorjih vseh kreditnih institucij, ki v Nemčiji kotirajo na borzi, predloženem Komisiji.
In the light of the report and of HLB's business profile, this beta factor is to be regarded as appropriate.
Ta beta faktor se mora na podlagi tega strokovnega poročila in glede na poslovni profil HLB upoštevati za primernega.
The Commission also regards the market-risk premium of 4,0 % as acceptable.
Po mnenju Komisije je sprejemljiva tudi premija tržnega tveganja 4,0 %.
Previously in the procedure, the so-called general long-term market-risk premium, i.e. the difference between the long-term average return on a normal share portfolio and that on government bonds, was applied on several occasions.
Tako imenovana splošna dolgoročna premija tržnega tveganja, torej razlika med dolgoročnim povprečnim donosom na običajen delniški portfelj in donosom na državne obveznice, je bila večkrat obravnavana že v postopku, ki je privedel do Odločbe 2000/392/ES.
A report prepared for BdB calculated figures of 3,16 % and 5 %. Another report on WestLB drawn up in the first procedure produced figures of 4,5 % and 5 %, while Lehman Brothers, also for WestLB, calculated a figure of 4 %.
V strokovnem poročilu, sestavljenem za BdB, sta izračunani možni vrednosti 3,16 % in 5 %, v drugem strokovnem poročilu, sestavljenem za WestLB v istem primeru, sta izračunani možni stopnji 4,5 % in 5 %, medtem ko je Lehman Brothers, ki je tudi delal za WestLB, izračunal stopnjo 4 %.
On the basis of the CAPM, the Commission considers there to be no doubt that the minimum remuneration determined by the parties can be regarded as appropriate.
Na osnovi metode CAPM Komisija ne dvomi v primernost najnižjega nadomestila, ki so ga določile stranke.
The Commission has no reason to believe that the minimum remuneration determined by the parties for a hypothetical share capital investment cannot pass a market test.
Komisija nima razloga za domnevo, da najnižje nadomestilo za domnevno naložbo v osnovni kapital, ki so ga določile stranke, ne more izpolniti tržnih meril.
Accordingly, it sets as the appropriate minimum remuneration a figure of 10,19 % per annum (after corporation tax and before investor tax).
Komisija zato določa najnižje primerno nadomestilo v vrednosti 10,19 % letno (po davku od dobička in pred davkom od izplačanega dobička).
Abolition of the return premium on account of sole ownership
Ukinitev pribitka na donos zaradi 100 % lastništva
It has to be ascertained whether there are reasons for adjusting the minimum remuneration.
Preveriti je treba, ali obstajajo razlogi za prilagoditev najnižjega nadomestila.
In line with the practice in the other Landesbank procedures, the following three characteristics, which are peculiar to the transaction, justify such a premium: (i) the decision not to issue any new company shares and the associated voting rights, (ii) the unusually large transfer of assets; and (iii) the investment's lack of fungibility.
V skladu s prakso v postopkih v primerih drugih deželnih bank naslednje tri značilnosti upravičujejo tak pribitek kot posebnosti transakcije: kot prvo neizdaja novih delnic v podjetju in s tem povezanih glasovalnih pravic, kot drugo izredno velik obseg prenesenih sredstev in kot tretje nezadostna tržnost vloge.
As in the other procedures, the Commission takes the view that premiums in connection with the last two aspects mentioned above are not justified.
Kot tudi v drugih postopkih se Komisiji pribitka v povezavi z zadnjima dvema navedenima vidikoma ne zdita upravičena.
No premium is possible either for the decision not to issue any new company shares and the associated voting rights since FHH already owns all the voting shares.
Kar zadeva neizdajo novih delnic v podjetju in s tem glasovalnih pravic, pribitek tudi tu ni mogoč, saj je bila FHH lastnica vseh glasovalnih delnic.
No reduction in remuneration for agreement on a flat-rate remuneration
Nespremenjeno nadomestilo zaradi dogovora o pavšalnem nadomestilu
In the case of shares, the remuneration depends directly on the company's results and consists primarily of dividends and a share in the increase in the company's value (e.g. expressed through share price rises).
Pri delnicah je nadomestilo neposredno odvisno od uspešnosti poslovanja podjetja in se izraža predvsem v obliki dividend in udeležbi pri povečani vrednosti podjetja (na primer s povečanjem cen delnic).
FHH receives a flat-rate remuneration which should reflect these two aspects of the remuneration for a ‘normal’ capital injection.
FHH prejema pavšalno nadomestilo, ki bi moralo odražati ta dva vidika povračila za „običajno“ vlogo kapitala.
It could be argued that the fixed remuneration which FHH receives instead of a remuneration linked directly to HLB's results constitutes a benefit that justifies a reduction in the level of remuneration.
Lahko bi se trdilo, da fiksno nadomestilo, ki ga FHH prejema namesto nadomestila, neposredno povezanega z uspešnostjo poslovanja HLB, predstavlja prednost, ki upravičuje zmanjšanje stopnje povračila.
Whether such a fixed remuneration is actually more favourable than a variable, profit-related remuneration depends on the company's future results.
Če je tako fiksno nadomestilo dejansko ugodnejše od spremenljivega, od dobička odvisnega nadomestila, je odvisno od uspešnosti poslovanja podjetja v bodoče.
If these deteriorate, the flat-rate remuneration is beneficial for the investor but, if they improve, the opposite is true.
Če se ta zmanjša, je pavšalna stopnja za vlagatelja prednost, če pa se poveča, je zanj neugodna.
The actual trend cannot though be taken into account subsequently when it comes to assessing the investment decision.
Vendar pa se dejanski razvoj ne more upoštevati naknadno pri vrednotenju odločitve za vlogo.
Accordingly, the Commission takes the view that the rate of remuneration need not be reduced.
Komisija je ob upoštevanju vsega navedenega mnenja, da stopnje povračila ni potrebno zmanjšati.
In view of the foregoing and in agreement with the complainant BdB, FHH and HLB, the Commission comes to the conclusion that an appropriate remuneration for the amounts that were transferred to the capital reserve and that were used until 1997 and could be used subsequently as cover would be 6,57 % (after company taxes), i.e. normal return of 10,19 % on the investment less 3,62 % for the financing costs which HLB incurred on account of the lack of liquidity of the assets transferred.
Komisija na podlagi vseh teh ugotovitev in v soglasju s pritožnikom BdB, FHH in HLB prihaja do zaključka, da bi primerno nadomestilo za zneske, ki so se prenesli v kapitalsko rezervo ter bili uporabljeni do leta 1997 oziroma bi lahko bili uporabljeni po tem letu za kritje jamstva, znašalo 6,57 % (po davku od dobička), tj. običajni donos na naložbo 10,19 % minus 3,62 % zaradi stroškov financiranja, nastalih pri HLB zaradi nelikvidnosti prenesenih sredstev.
Appropriate remuneration for the uncovered and uncoverable part of the capital reserve
Primerno nadomestilo za neuporabljen in neuporaben del kapitalske rezerve
As stated above, the capital share that was not used up to 1997 and could not be used subsequently is of material value to HLB and its economic function can be compared to that of a guarantee or liability.
Kot je bilo že navedeno, tudi delež lastnega kapitala, ki ni bil uporabljen do leta 1997, oziroma ga ni bilo mogoče porabiti po tem letu, banki HLB predstavlja materialno vrednost, njegova gospodarska funkcija pa je primerljiva s funkcijo poroštva ali jamstva.
The understanding between BdB, FHH and HSH Nordbank is silent on this matter.
V dogovoru med BdB, FHH in HSH Nordbank to vprašanje ni obravnavano.
In Decision 2000/392/EC, Germany regarded a remuneration of 0,3 % per annum before tax as an appropriate initial rate.
Nemčija je v Odločbi 2000/392/ES nadomestilo 0,3 % letno pred obdavčitvijo obravnavala kot primerno osnovno stopnjo.
The grounds given in that decision for increasing the initial rate do not apply to the present case.
Vendar pa razlogi za povečanje izhodiščne stopnje, navedeni v Odločbi, niso ustrezni.