natgillin/translations-raw huggingface dataset:
BdB also stressed that the agreement between WestLB's shareholders whereby Wfa's capital should be subordinate in its liability only to the other equity of WestLB had, in fact, no real effect because the Land, by virtue of its institutional liability (Anstaltslast), had to step in if WestLB were in difficulties.
BdB je poudaril, da je dogovor med delničarji WestLB, po kateri je kapital Wfa v podrejenem položaju v primerjavi z ostalimi lastnimi viri sredstev WestLB za jamstvo, dejansko nima nobenega učinka, saj je dežela že na podlagi Anstaltslast-a dolžna WestLB v primeru težav zagotoviti potrebni kapital.
In fact, as owner of WestLB, the Land now guaranteed not only WestLB's entire liabilities but also Wfa's equity that it itself injected, without receiving any remuneration.
Tako dežela kot lastnik WestLB jamči ne le za vse obveznosti WestLB, ampak tudi za lastni kapital Wfa, ki ga je sama vložila, ne da bi za to prejela kakršno koli povračilo.
That means that any reduction in the risk attaching to the transferred capital would merely be the result of an increased risk for the Land as a WestLB shareholder.
To pomeni, da bi zmanjšanje tveganja prenesenega kapitala lahko bil zgolj rezultat povečanega tveganja za deželo kot delničarja WestLB.
Thus, the risk profile of Wfa is no different from that of normal equity.
Profil tveganja sredstev Wfa se tako ne razlikuje od profila tveganja običajnega lastnega kapitala.
As regards the comparison with equity instruments on the financial market submitted by Germany and WestLB, BdB stressed that profit participation certificates (Genußrechte) and cumulative perpetual stocks could not be compared to Wfa's capital.
Glede primerjave z instrumenti lastnega kapitala na finančnem trgu, ki sta jo predložila Nemčija in WestLB (glej spodaj), BdB poudarja, da pravice za udeležbo pri dobičku in „cumulative perpetual stock“ niso primerljivi s sredstvi Wfa.
Firstly, they were not accepted as original own funds. (Cumulative perpetual stocks were not even accepted as additional own funds in Germany.)
Prvič sploh niso priznani kot temeljni lastni viri sredstev („cumulative perpetual stock“ v Nemčiji niso priznani niti kot dodatni lastni viri sredstev).
Because it qualifies as original own funds, Wfa's capital allowed WestLB to increase further its own funds by raising additional own funds.
Zaradi svoje kakovosti kot temeljni lastni vir sredstev so sredstva Wfa WestLB omogočila, da svoja lastna sredstva z zbiranjem dodatnih lastnih virov sredstev še poveča.
Secondly, the instruments referred to were limited in time and profit participation certificates lost their additional own funds character two years before maturity.
Drugič, navedeni instrumenti so časovno omejeni, pravice za udeležbo pri dobičku pa izgubijo svojo kakovost kot dodatni lastni vir sredstev dve leti pred dospelostjo.
Wfa's capital was, however, at WestLB's disposal for an unlimited period.
Sredstva Wfa pa so WestLB na razpolago brez časovne omejitve.
Thirdly, such instruments normally provided only a limited part of a bank's own funds and required a considerable share of original own funds.
Tretjič predstavljajo takšni instrumenti običajno le omejen del lastnih sredstev banke in predpostavljajo precejšen delež temeljnih lastnih virov sredstev.
Fourthly, capital markets instruments could be traded on the markets, which meant that an investor could terminate his investment whenever he wished. The Land does not have this opportunity.
Četrtič, z instrumenti na trgu se lahko trguje na trgih, kar pomeni, da lahko vlagatelji zaključijo svoje naložbe kadar želijo.
In return for accepting such a lack of trading possibilities, a private investor would demand a premium of at least 0,5 percentage point on his normal return.
Dežela te možnosti nima; kot izravnavo za to, da nima takšnih poslovnih možnosti, bi zasebni vlagatelj zahteval pribitek najmanj 0,5 odstotkov na običajni donos.
BdB also provided the Commission with data on the equity components and solvency ratios of some large German private banks from 1990 onwards.
BdB je Komisiji predložil tudi podatke o sestavi lastnega kapitala nekaterih zasebnih nemških velikih bank in njihove stopnje solventnosti, in sicer od leta 1990 dalje.
These data show that, at the beginning of the 1990s, no hybrid original own funds instruments were in fact available to (or at least used by) German banks.
Ti podatki kažejo, da nemške banke v začetku devetdesetih let prejšnjega stoletja v svojih temeljnih lastnih sredstvih niso imele na razpolago nobenih hibridnih instrumentov (ali pa teh vsaj niso uporabljale).
It also transpires from that information that these credit institutions generally had solvency ratios well above the minimum requirements of 4 % for original own funds and 8 % for total own funds.
Nadalje iz teh podatkov izhaja, da so bile kreditne institucije na splošno s svojo stopnjo solventnosti občutno nad zahtevano minimalno vrednostjo 4 % za temeljne lastne vire sredstev in 8 % za skupne lastne vire sredstev.
BdB also commented on the covering agreement between the shareholders of WestLB, which stipulated that, internally, Wfa's capital was subordinate in its liability only to the other liable equity capital.
BdB je podal tudi pripombe glede okvirnega sporazuma med delničarji WestLB, po katerem je kapital Wfa v podrejenem položaju v primerjavi z ostalimi lastnimi viri sredstev WestLB za jamstvo.
Since the expression ‘other liable equity capital’ also covered additional own funds instruments like profit participation certificates and subordinated loans and was therefore detrimental to their position, it argued that the agreement was a ‘contract at the expense of third parties’ (Vertrag zu Lasten Dritter) and thus void.
Ker se izraz „ostali rizični lastni kapital“ nanaša tudi na dodatne instrumente lastnega kapitala, kot so pravice za udeležbo pri dobičku in podrejena posojila, in tako slabša njihov položaj, je dogovor „sporazum v škodo tretjih“ in s tem ničen.
Therefore, the risk profile of Wfa's special reserve was therefore said to be higher than that of profit participation certificates and subordinated loans.
Tveganje posebne rezerve Wfa je tako večje kot tveganje pravice za udeležbo pri dobičku in podrejenih posojil.
For all these reasons, BdB assumed that the remuneration of 0,6 % paid by WestLB did not constitute a market rate.
Na podlagi vseh teh razlogov BdB predpostavlja, da nadomestilo 0,6 %, ki ga je WestLB plačala, ne predstavlja običajne tržne stopnje.
Taking into account WestLB's need to raise liquid funds in order to use Wfa's capital in full and the lack of participation in the accumulated reserves because the Land's share in WestLB did not increase, BdB suggested a rate within the range of 14 % to 17 % as correct remuneration.
Ob upoštevanju okoliščine, da je WestLB morala zbrati likvidna sredstva, da bi lahko popolnoma izkoristila sredstva Wfa, in pomanjkanje udeležbe pri povečanju rezerv, ker se delež dežele v WestLB ni povečal, je BdB kot pravilno nadomestilo najprej sprejel stopnjo v razponu med 14 in 17 %.
This rate was to be paid on the total accepted amount of DEM 4000 million (EUR 2050 million).
To stopnjo je bilo treba plačati za celoten priznan znesek 4 milijard DEM (2,05 milijard EUR).
Liquidity costs
Likvidnostni stroški
In its complaint BdB accepted the ‘liquidity costs’ so that a reduction of about 7 percentage points should be applied when calculating the appropriate remuneration for the capital.
V svoji pritožbi je BdB sprejel obstoj „likvidnostnih stroškov“ in meni, da bi bilo treba pri izračunu primernega nadomestila za kapital upoštevati odbitek 7 %.
However, it claimed that, because the equity also served to underpin off-balance-sheet business not requiring liquid funds, this figure of 7 percentage points should, in fact, be lower.
Ker pa je lastni kapital služil tudi za kritje zunajbilančnih dejavnosti, ki ne potrebujejo likvidnostih sredstev, bi bilo treba ta odbitek 7 % dejansko znižati.
In its observations on the Commission decision to initiate the procedure laid down in Article 88(2) of the EC Treaty, BdB argues that ‘liquidity costs’ should not be taken into account in calculating the appropriate return on Wfa's capital.
V svojih pripombah k odločitvi Komisije, da začela uradni postopek v skladu s členom 88(2) Pogodbe, BdB trdi, da se „likvidnostni stroški“ ne bi smeli upoštevati pri izračunavanju primernega donosa za sredstva Wfa.
These costs are said to have already been taken into account when discounting Wfa's assets to the value of DEM 5900 million (EUR 3020 million).
Ti stroški naj bi se izravnali že z diskontiranjem sredstev Wfa na denarno vrednost 5,9 milijard DEM (3,02 milijarde EUR).
Moreover, several banking activities, e.g. guarantees, do not need any liquidity at all.
Različne bančne dejavnosti, kot npr. garancije, likvidnosti sploh ne potrebujejo.
Therefore, if any costs at all are taken into account, then it should only be a small margin of 2,7 percentage points in order to offset the fact that the Wfa assets are locked up in unprofitable business.
V kolikor naj bi se sploh upoštevali kakršni koli stroški, potem samo manjši odbitek 2,7 % za poravnavo, ker sredstva Wfa niso vključena v dobičkonosne dejavnosti.
BdB submitted an outside expert's opinion on this point.
V ta namen je BdB predložil mnenje zunanjega izvedenca.
The BdB further mentioned that the 7,5 % for refinancing costs claimed by WestLB was questioned as being too high in any case.
BdB nadalje ugotavlja, da so stroški refinanciranja WestLB na ravni 7,5 % vsekakor previsoki.
On the basis of an analysis of the average market rates in the different years for the various refinancing instruments and in accordance with WestLB's balance-sheet structure, the actual rate for WestLB's refinancing on the markets was said to be an average of between 6,07 % and 6,54 % for the years 1992-96.
Na podlagi analize povprečnih tržnih obresti v posameznih letih za različne instrumente refinanciranja in glede na strukturo bilance WestLB, naj bi bila dejanska stopnja refinanciranja WestLB na trgih v letih 1992 do 1996 na povprečno ravni med 6,07 in 6,54 %.
BdB also provided the Commission with figures for the refinancing costs of some large German private banks at the time of the transfer, which were considerably lower than the 7,5 % claimed by WestLB as appropriate refinancing costs at an earlier stage of the procedure.
BdB je Komisiji predložil tudi podatke o stroških refinanciranja nekaterih zasebnih nemških velikih bank v času prenosa Wfa, katerih vrednosti so bile znatno pod 7,5 %, ki jih je WestLB v zgodnejši fazi postopka navedla kot primerne stroške refinanciranja.
Moreover, according to BdB, a distinction had to be drawn between figures before tax and figures after tax.
Poleg tega je po mnenju BdB treba razlikovati med vrednostmi pred in po obdavčitvijo.
Refinancing costs reduced the taxable profit.
Stroški refinanciranja so namreč zmanjšali obdavčljive dobičke.
So, if any refinancing costs are taken into account, only rates applied after tax should be considered.
V kolikor se upoštevajo stroški refinanciranja, je treba ustrezne stopnje refinanciranja izračunati šele po obdavčitvi.
Capital basis for the calculation of the remuneration
Kapitalska osnova za izračun nadomestila
As already mentioned, BdB suggested that the appropriate remuneration should be paid on the total accepted amount of DEM 4000 million (EUR 2050 million).
Kot je bilo že navedeno, je BdB predlagal, naj se primerno nadomestilo plača za celoten znesek 4 milijard DEM (2,05 milijard EUR), ki je bil priznan kot temeljni lastni vir sredstev.
However, it claimed in its observations that not only this amount, recognised by BAKred as original own funds, but also the excess amount of DEM 1900 million (EUR 970 million), which cannot be used to underpin business but is nevertheless shown as equity in the balance sheet, benefited WestLB.
Vendar pa je BdB v svojih pripombah navedel, da WestLB nima koristi samo od tega zneska, ki ga je BAKred priznal kot temeljni lastni vir sredstev, ampak tudi od preseženega zneska 1,9 milijarde DEM (970 milijonov EUR). Ta znesek se sicer ne more uporabiti za kritje dejavnosti, a se v bilanci stanja kljub temu knjiži kot lastni kapital.
Rating agencies and investors did not look at the accepted original own funds but at the total equity shown in the balance sheet, as the latter formed the basis for commercial estimates of what was available to cover losses.
Rating agencije in vlagatelji ne gledajo na priznana temeljna lastna sredstva, temveč na celoten lastni kapital, ki je prikazan v bilanci stanja, saj slednji predstavlja osnovo za običajno oceno sredstev, ki so na razpolago za kritje izgub.
This amount therefore increased WestLB's credit standing, and a remuneration comparable to a guarantee premium should be paid for it.
Potemtakem znesek zviša boniteto WestLB in je zato treba zanj plačati nadomestilo, ki je primerljivo s premijo jamstva.
Synergy effects
Sinergijski učinki
According to BdB, the claimed synergy effects did not constitute the real reason for the transfer.
Po mnenju BdB domnevni sinergijski učinki ne predstavljajo dejanskega razloga za prenos sredstev.
This was said to be apparent from the fact that the law on the transfer justified the measure on the grounds of the need to strengthen WestLB's competitive position and from the agreement that a remuneration should be paid for the act in money's worth.
To naj bi bilo tudi jasno razvidno iz tega, da je ukrep v zakonu o prenosu utemeljen z nujnostjo izboljšanja konkurenčnega položaja WestLB, in iz dogovora, da je za to dejanje treba plačati nadomestilo v denarju.
Furthermore, BdB questioned how synergy effects could be achieved while Wfa's and WestLB's commercial businesses are separated from each other in economic, organisational and personnel terms, as provided for in the relevant legal provisions.
Poleg tega BdB sprašuje, kako se lahko dosežejo sinergijski učinki, če komercialne dejavnosti Wfa in WestLB ostajajo ekonomsko, organizacijsko in kadrovsko ločene, kakor je predvideno v zadevnih pravnih predpisih.
If synergies did emerge in Wfa's activities, they would reduce the costs of housing promotion but could not be regarded as remuneration for the Land from WestLB.
Če bi pri dejavnostih Wfa res prišlo do sinergij, bi to zmanjšalo stroške pospeševanja gradnje stanovanj, vendar se ne bi moglo šteti kot nadomestilo, ki bi ga dežela prejela s strani WestLB.
TAX ASPECTS
DAVČNI VIDIKI
BdB pointed out that Wfa remained exempt from property tax, tax on business capital and corporation tax even after the transfer.
BdB navaja, da so sredstva Wfa tudi po prenosu oproščena davka od dobička pravnih oseb, davka od premoženja in obratovalnega davka.
Tax exemptions for public-law credit institutions were justified only as long as these institutions were engaged exclusively in promotional activities and thus did not operate in competition with private taxable institutions.
Davčne oprostitve za javnopravne kreditne institucije pa so upravičene samo v primeru, da te institucije opravljajo izključno dejavnosti za pospeševanje in tako ne delujejo v konkurenci z zasebnimi ustanovami, ki so davčni zavezanci.
According to BdB, a normal bank increasing its capital would each year have to pay on this additional capital 0,6 % property tax and 0,8 % tax on business capital.
Po mnenju BdB običajna banka, ki zviša svoj kapital, bi morala za dodaten kapital letno plačati 0,6 % davka od premoženja in 0,8 % obratovalnega davka.
WestLB was therefore in a favourable position compared with other banks.
Nasproti drugim bankam je tako WestLB postavljena v boljši položaj.
The exemption from corporation tax was said to benefit WestLB indirectly.
Oprostitev od davka od dobička pravnih oseb naj bi WestLB koristila posredno.
The waiver of tax income constituted state aid within the meaning of Article 87(1) of the EC Treaty.
Odpoved davčnim prihodkom naj bi predstavljala državno pomoč v smislu člena 87(1) Pogodbe ES.
WAIVER OF LIABILITY
OPROSTITEV OBVEZNOSTI
Prior to the transfer, Wfa was released from liabilities of DEM 7300 million (EUR 3730 million) vis-à-vis the Land, which waived them without asking for any consideration for this either from Wfa or from WestLB.
Wfa je bila pred prenosom oproščena obveznosti v višini 7,3 milijarde DEM (3,77 milijarde EUR) nasproti deželi. Dežela se je odrekla tem obveznostim Wfa, ne da bi za to od Wfa ali WestLB zahtevala nadomestilo.
A market-economy investor would have asked for a consideration for such a waiver.
Vlagatelj v tržnem gospodarstvu bi za takšno oprostitev zahteval nadomestilo.
The waiver was also a decisive prerequisite for the acceptance by BAKred of DEM 4000 million (EUR 2050 million) of capital.
Poleg tega je bila oprostitev jamstvenih obveznosti odločilen predpogoj za priznanje 4 milijard DEM (2,05 milijarde EUR) kot temeljnih lastnih sredstev s strani nemškega bančnega nadzornega organa (Bundesaufsichtsamt für das Kreditwesen – „BAKred“).
WestLB therefore profited directly from the waiver.
Tako je WestLB od te oprostitve obveznosti imela neposredno korist.
OBSERVATIONS FROM OTHER INTERESTED PARTIES
PRIPOMBE OSTALIH ZAINTERESIRANIH STRANK
Besides WestLB and BdB, two other interested parties commented on the Commission decision to initiate the procedure laid down in Article 88(2) of the EC Treaty.
Poleg WestLB in BdB sta svoje mnenje o odločitvi Komisije, da začne postopek v skladu s členom 88(2) Pogodbe ES, podali še dve drugi zainteresirani stranki.
The Association Française des Banques states that the transfer of own funds to WestLB, for which only an insignificant remuneration was sought, and the continuing guarantee for the bank from the Land lead to distortions of competition detrimental to French credit institutions.
Francosko združenje bank Association Française des Banques navaja, da prenos lastnih sredstev v WestLB, za katerega se je zahtevalo le neznatno nadomestilo, ter obstoječe jamstvo dežele za banko povzroča izkrivljanje konkurence na škodo francoskih kreditnih institucij.
Since WestLB's owners demanded a return on their capital that was clearly below the normal level, WestLB could offer its services at below cost (‘dumping’).
Ker so delničarji WestLB zahtevali samo donos na lastni kapital, ki je občutno nižji od običajne ravni, lahko WestLB ponuja svoje storitve pri ceni, ki je nižja od stroškov („dumping“).
As it benefits from guarantor liability, WestLB has a triple-A rating which allows it to refinance on the markets on very favourable terms.
Zaradi jamstva Gewährträgerhaftung ima WestLB rating „triple-A“, na podlagi katerega se lahko na trgih refinancira pod zelo ugodnimi pogoji.
These advantages place French banks operating in Germany at a disadvantage.
Te ugodnosti WestLB postavljajo francoske banke, ki delujejo v Nemčiji, v slabši položaj.
At the same time, WestLB can, under these special conditions, develop its business in France, especially in the sector of municipal finance.
Istočasno lahko WestLB na podlagi teh posebnih pogojev razširi svoje poslovne dejavnosti v Franciji, zlasti na področju komunalnega financiranja.
Competition within the banking sector is distorted in Germany, France and other Member States.
To povzroča izkrivljanje konkurence v bančnem sektorju v Nemčiji, Franciji in drugih državah članicah.
The British Bankers' Association argues that WestLB is an active competitor against non-German banks within Germany and across the European market.
Britansko združenje bank British Bankers' Association navaja, da je WestLB dejaven tekmec nenemških bank znotraj Nemčije in na celotnem evropskem trgu.
Therefore, any aid granted to WestLB has a distorting effect on trade within the Community.
Pomoči v korist WestLB zato izkrivljajo trgovino znotraj Skupnosti.
The Commission is called upon to uphold the principles of the single market and not to exempt publicly owned banks from the competition rules of the Treaty.
Komisija je pozvana, da uveljavi načela enotnega trga in da bank, ki se nahajajo v javni lasti, ne izvzema iz pravil o konkurenci iz Pogodbe ES.
OBSERVATIONS FROM WESTLB
PRIPOMBE WESTLB
Following publication of the Commission decision to initiate the procedure laid down in Article 88(2) of the EC Treaty, WestLB submitted as its position a copy of Germany's observations on the same question and declared itself fully in agreement with that statement.
Po objavi odločitve Komisije, da začne postopek v skladu s členom 88(2) Pogodbe ES, je WestLB kot mnenje predložila prepis pripomb Nemčije ob isti priložnosti ter izrekla svoje popolno soglašanje s tem sporočilom.
Thus, the arguments of Germany generally reflect the position of WestLB, which is therefore presented only briefly.
Argumenti Nemčije torej na splošno predstavljajo tudi stališče WestLB, ki je zato predstavljeno le na kratko.
GENERAL OBSERVATIONS ON THE TRANSFER
SPLOŠNE PRIPOMBE GLEDE PRENOSA SREDSTEV
According to WestLB, the market-economy investor principle is not applicable to investments in economically sound and profitable enterprises.
Po mnenju WestLB se načelo vlagatelja v tržnem gospodarstvu ne uporablja za gospodarsko donosna podjetja, ki poslujejo z dobičkom.
This is said to be confirmed by the Court, which had in the past applied this principle only in cases where, at the time of the investment decision, the enterprise in question had already been operating at a significant loss for a considerable time and was active in a sector characterised by structural overcapacity.
To naj bi potrdilo Sodišče, ki je omenjeno načelo v preteklosti uporabljalo samo v primerih, ko je zadevno podjetje v času odločitve o naložbi že zelo dolgo poslovalo z izgubo in bilo dejavno v sektorju s strukturnimi presežnimi zmogljivostmi.
It is claimed that there is no basis in case law for applying the principle to sound and profitable enterprises.
Sodna praksa ne nudi nobene podlage za uporabo načela v primeru zdravih in donosnih podjetij.
WestLB submits that, given Wfa's special purpose, its assets are not comparable to normal funds.
WestLB poudarja, da zaradi posebnih nalog Wfa njena sredstva niso primerljiva z običajnimi lastnimi sredstvi.
The transfer to WestLB of Wfa's otherwise unusable assets represents the most commercially sensible use of these assets.
Prenos sicer neuporabnih sredstev Wfa na WestLB predstavlja gospodarsko najbolj smiselno uporabo teh sredstev.
By means of the transfer the Land has optimised the use of funds earmarked for housing promotion.
S prenosom sredstev je dežela optimirala uporabo sredstev, ki so namensko vezana za pospeševanje gradnje stanovanj.
A private owner would have acted in the same way.
Zasebni lastnik bi ravnal enako.
According to WestLB, an increase in the Land's participation following the transfer would be not only unnecessary but also incompatible with the particular risk profile of Wfa's capital.
Po mnenju WestLB povečanje udeležbe dežele po prenosu sredstev ne bi bilo le nepotrebno, ampak tudi nezdružljivo s posebnim profilom tveganja sredstev Wfa.
Given the lack of liquidity, the transfer cannot be compared to other capital injections.
Ker ne zagotavlja likvidnosti, prenos Wfa ni primerljiv z drugimi kapitalskimi vložki.
Other equity instruments on the market do not carry voting rights either.
Tudi drugi instrumenti lastnega kapitala na trgu nimajo glasovalnih pravic.
It is claimed that, since the remuneration received by the Land was a reasonable price, there was no need to ask for any increase in WestLB's profitability.
Ker je nadomestilo, ki ga prejme dežela, ustrezno visoko, ni potrebe po povečanju donosnosti WestLB.
Furthermore, it was not apparent why a market-economy investor would require a certain target profit if he invested in a profitable company.
Poleg tega pa ni razvidno, zakaj bi vlagatelj v tržnem gospodarstvu zahteval določen ciljni dobiček, če investira v donosno podjetje.
Since WestLB had made a profit in the past, there was also no need to establish any restructuring plan.
Ker je WestLB v preteklosti ustvarjala dobičke, tudi ni bilo potrebe po načrtu za prestrukturiranje.
Such a plan was required by the Court only in cases of restructuring aid for loss-making enterprises.
Takšen načrt Sodišče zahteva samo v primeru podpore za prestrukturiranje za podjetja, ki ustvarjajo izgube.