natgillin/translations-raw huggingface dataset:
Any aid associated with the contribution of 24 % of WK's shares to HLB on 1 January 1986 is to be regarded as existing aid within the meaning of Article 15(3) of the Regulation.
Vsaka pomoč, povezana z vlogo 24 % delnic WK v HLB z dne 1. januarja 1986, se obravnava kot obstoječa pomoč v smislu člena 15(3) navedene uredbe.
The observations below refer exclusively to the transfers carried out on 1 January 1993.
Sledeče se nanaša izključno na prenosa z dne 1. januarja 1993.
Article 87(1) of the EC Treaty states that, save as otherwise provided in the Treaty, any aid granted by a Member State or through state resources which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods is incompatible with the common market, in so far as it affects trade between Member States.
Po členu 87(1) Pogodbe ES, če v tej pogodbi ni določeno drugače, državne ali iz državnih sredstev dodeljene pomoči, ki koristijo določenim podjetjem ali proizvodnji določenega blaga in s tem izkrivljajo konkurenco ali predstavljajo grožnjo, niso združljive s skupnim trgom, če ovirajo trgovino med državami članicami.
State resources and favouring of a particular undertaking
Državna sredstva in pomoč določenemu podjetju
As stated above, a total of just under 58 % of FHH's shares in WK was transferred directly and indirectly (silent partnership contribution through HGV) to HLB on 1 January 1993.
Kot je navedeno zgoraj, se je dne 1. januarja 1993 preneslo skupaj skoraj 58 % delnic FHH pri WK neposredno in posredno (vloga tihe družbe prek HGV) na HLB.
This ranks as state resources within the meaning of Article 87(1) of the EC Treaty.
Gre torej za državna sredstva v smislu člena 87(1) Pogodbe ES.
The economic benefit of a broader capital base resides in a greater lending capacity and the associated possibility of expanding business.
Gospodarska korist razširjene osnove lastnega kapitala je v povečani kreditni sposobnosti in s tem povezani možnosti širjenja dejavnosti.
If additional capital is made available to the undertaking on conditions better than normal market conditions, this ranks as favouring within the meaning of Article 87(1) of the EC Treaty.
Če se podjetju zagotovi dodatni lastni kapital pod pogoji, boljšimi od običajnih tržnih pogojev, gre za pomoč v smislu člena 87(1) Pogodbe ES.
In examining this matter, the Commission applies the ‘market-economy investor’ principle.
To vprašanje Komisija preučuje z uporabo načela „vlagatelja v tržnem gospodarstvu“.
The Court of Justice and the Court of First Instance have accepted and developed this principle in a number of cases, in particular in the ruling by the Court of First Instance of 6 March 2003, which is of relevance to the present case.
To načelo sta Sodišče Evropskih skupnosti in Sodišče prve stopnje sprejeli in razvijali v številnih primerih, zlasti v sodbi Sodišča prve stopnje z dne 6. marca 2003, ki je pomembna za zadevni primer.
According to this principle, no state aid is involved where funds are made available on ‘terms which a private investor would find acceptable in providing funds to a comparable private undertaking when the private investor is operating under normal market-economy conditions’.
Po tem načelu ne gre za državno pomoč, kadar so sredstva na razpolago pod „pogoji, pod katerimi bi bil zasebni vlagatelj, ki deluje v običajnih pogojih tržnega gospodarstva, pripravljen zagotoviti sredstva zasebnemu podjetju“.
In contrast, a financial measure is deemed unacceptable for a market-economy investor if, and this has to be examined, the expected or agreed remuneration for the transferred resources is lower than the remuneration paid on the market for comparable investments.
Finančni ukrep pa je za vlagatelja, ki ravna po načelu tržnega gospodarstva, nesprejemljiv takrat, kadar je predvideno oziroma dogovorjeno nadomestilo za prenesena sredstva, in to je treba preučiti, manjše od nadomestila, izplačanega na trgu za primerljive naložbe.
The market-economy investor principle is likewise applicable to all public undertakings, irrespective of whether they are profit- or loss-making.
Načelo vlagatelja v tržnem gospodarstvu se na enak način uporablja za vsa javna podjetja in sicer ne glede na to, ali so donosna ali poslujejo z izgubo.
This position of the Commission has been confirmed by the Court of First Instance in WestLB.
To stališče Komisije je potrdilo Sodišče prve stopnje v sodbi v primeru WestLB.
The Commission must base its assessment of a case on the information that was available to the investor when he decided on the financial measure in question.
Komisija mora svojo presojo primera podpreti s podatki, ki so bili na razpolago vlagatelju v času njegove odločitve o vprašljivem finančnem ukrepu.
The transfer at issue here was decided by the competent authorities at the end of 1992 and became effective on 1 January 1993.
Za sporni prenos so se pristojni javni upravni organi odločili ob koncu leta 1992, opravljen pa je bil 1. januarja 1993.
The Commission must, therefore, assess the transaction on the basis of the information available and the economic and market circumstances obtaining at the time.
Tako mora Komisija prenos oceniti na podlagi podatkov, ki so bili takrat na razpolago, in takratnih gospodarskih in tržnih razmer.
Information in this decision that refers to subsequent years is used only for purposes of illustration.
Podatki v tej odločbi, ki se nanašajo na kasnejša leta, so uporabljeni zgolj za ponazoritev.
If a public shareholder decides that a capital injection for the bank is appropriate for meeting capital requirements, the question arises whether the specific circumstances under which the capital is provided would be acceptable to a market-economy investor.
Če se javni delničar odloči, da je vloga kapitala za banko ustrezna za izpolnitev kapitalskih zahtev, se poraja vprašanje, ali bi bile posebne okoliščine, v katerih se zagotovi kapital, sprejemljive za vlagatelja, ki ravna po načelu tržnega gospodarstva.
If a capital measure is necessary to meet solvency requirements, a market-economy investor might be prepared to undertake such a measure in order to safeguard the value of the existing investment.
Če je za izpolnitev zahtev glede solventnosti potreben finančni ukrep, bi bil lahko vlagatelj v tržnem gospodarstvu pripravljen izvesti tak ukrep z namenom ohranitve vrednosti obstoječe naložbe.
He would, however, insist on an appropriate return for the new capital injection that took account of the risk profile.
Vendar bi zahteval primeren donos na novo vlogo kapitala ob upoštevanju profila tveganja.
Even if a market-economy investor already holds shares in an undertaking, he will look into other investment options outside that undertaking.
Vlagatelj v tržnem gospodarstvu bo tudi v primeru, da že ima delnice nekega podjetja, preveril ostale investicijske možnosti izven tega podjetja.
As a rule, he will then choose to invest further in the public undertaking only if he can expect a reasonable return on the additional resources.
Praviloma se bo za naložbo dodatnih sredstev v javno podjetje odločil samo, če lahko za ta dodatna sredstva pričakuje primeren donos.
Basically, no account is taken of the mere avoidance of losses or of a better use than previously of the resources in question in deciding whether a capital contribution constitutes state aid.
Načeloma se pri ugotavljanju, ali vloga kapitala predstavlja državno pomoč, ne upošteva samo preprečevanje izgub ali uporaba zadevnih sredstev, ki je boljša od predhodne.
The Court has raised no objections to this interpretation of the market-economy investor principle, which the Commission has already applied in its Decision 2000/392/EC.
Sodišče tej razlagi načela vlagatelja v tržnem gospodarstvu, ki ga je Komisija že uporabila v svoji Odločbi 2000/392/ES, ni ugovarjalo.
It has also adopted as a guiding principle that even a private investor who already owns share capital in an undertaking is not normally content with the fact that an investment does not cause him a loss or produces only limited profits.
Kot vodilno načelo je sprejelo tudi umovanje, da se tudi zasebni vlagatelj, ki je že udeležen pri temeljnem kapitalu nekega podjetja, običajno ne zadovolji s tem, da mu naložba ne prinese izgube ali le omejen dobiček.
Instead he will always seek to obtain an appropriate return on his investment according to the particular circumstances and the satisfaction of his short-, medium- or long-term interests.
Ravno nasprotno, vedno si bo prizadeval, da doseže primeren donos na svojo naložbo sorazmerno z obstoječimi razmerami in njegovimi kratkoročnimi, srednjeročnimi in dolgoročnimi interesi.
According to the market-economy investor principle, the key question in examining this case is, therefore, whether a market-economy investor would have transferred under the same conditions capital that had the same characteristics as the promotion-related assets of FHH, especially in view of the expected return on the investment.
Ob upoštevanju načela vlagatelja v tržnem gospodarstvu se torej temeljno vprašanje v zadevni preiskavi glasi, ali bi vlagatelj v tržnem gospodarstvu kapital, ki ima enake značilnosti kot sredstva FHH za pospeševanje, prenesel pod enakimi pogoji, zlasti glede na predviden donos na naložbo.
Article 295 lays down that the system of property ownership in the various Member States must not be affected.
V skladu s členom 295 Pogodbe ES mora ureditev lastniških razmerij v različnih državah članicah ostati nespremenjena.
This does not, however, justify any infringement of the competition rules of the Treaty.
To pa ne opravičuje kakršne koli kršitve predpisov o konkurenci iz Pogodbe.
Germany has stated that the resources transferred could not have been used in any other profitable manner than by being injected into a similar public institution.
Nemčija trdi, da prenesena sredstva ne bi mogla biti uporabljena na kakršen koli drug dobičkonosen način kot s prenosom na podobno osebo javnega prava.
So any remuneration for the transfer, i.e. any additional return on the assets transferred, would be sufficient to justify the transfer in the light of the market-economy investor principle.
Tako bi bilo vsako povračilo za prenos, tj. vsak dodaten donos iz prenesenih sredstev, zadostno za upravičenost prenosa z ozirom na „načelo vlagatelja v tržnem gospodarstvu“.
It may be that the contribution of the shares to HLB and the resulting opportunity for the bank to use the capital for solvency purposes was the economically most sensible use to which it could be put.
Morda drži, da je bila vloga delnic v HLB in posledična možnost banke, da kapital uporabi za namene solventnosti, gospodarsko najbolj smiselna uporaba.
However, as soon as public monies and other assets are used for commercial, competition-oriented activities, the normal market rules must be applied.
Vendar pa je treba, takoj ko gre za uporabo javnih sredstev in drugih aktiv za komercialne in konkurenčno usmerjene dejavnosti, uporabiti običajna pravila tržnega gospodarstva.
The key question, as formulated by the Court of First Instance in WestLB with reference to the previous case law, is whether, in similar circumstances, a private investor operating in normal conditions of a market economy and of a comparable size to that of the bodies operating in the public interest could have been prompted to make the capital contribution in question.
Temeljno vprašanje te preiskave se po navedbah Sodišča prve stopnje v sodbi WestLB s sklicevanjem na dotedanjo sodno prakso glasi, ali bi bil zasebni vlagatelj, ki deluje v običajnih pogojih tržnega gospodarstva, in je po velikosti primerljiv z upravnimi institucijami v javnem sektorju, v podobnih okoliščinah pripravljen vložiti kapital.
Lastly, as the Court also points out with reference to other case law, ‘the comparison between the conduct of public and private investors must be made by reference to the attitude which a private investor would have had at the time of the transaction in question having regard to the available information and foreseeable developments at the time’.
Poleg tega je treba, kakor je s sklicevanjem na druge sodbe poudarilo tudi Sodišče, opraviti „primerjavo ravnanja javnih in zasebnih vlagateljev z ozirom na to, kako bi zasebni vlagatelj ravnal v času zadevnega postopka ob upoštevanju takrat razpoložljivih podatkov in predvidenega razvoja“.
This makes it clear that the assessment must focus on the time of the investment and on the expectations which an investor might reasonably, i.e. on the basis of available information, have had at that time.
Jasno je torej, da so pri preiskavi bistvenega pomena čas naložbe in razumna, tj. na razpoložljivih podatkih temelječa, pričakovanja, ki jih je morda takrat imel vlagatelj.
These expectations essentially relate to the likely return.
Slednja se nanašajo predvsem na verjeten donos.
FHH was the sole owner of HLB.
FHH je bila edina lastnica HLB.
Even if this fact were to make it possible not to focus simply on an agreed remuneration (here DEM [...] million [...], corresponding to [at most 10 %] on the silent partnership contribution), ownership of FHH cannot be relied on in the present case to justify the low level of direct remuneration.
Tudi če bi to dejstvo omogočalo, da se ne upošteva zgolj fiksno dogovorjeno nadomestilo (tukaj [...] milijonov DEM [...], kar predstavlja [največ 10 %] za vlogo tihe družbe), se v zadevnem primeru ni mogoče sklicevati na lastništvo FHH, da bi se upravičilo majhno neposredno nadomestilo.
Reference to FHH's ownership of HLB would necessitate the existence of a business plan, expert report or valuation of the expected return on the investment in question.
Za sklicevanje na lastništvo FHH bi bil potreben ustrezen poslovni načrt, strokovno poročilo ali ocena pričakovanega donosa na zadevno naložbo.
This was not the case here.
V zadevnem primeru ta pogoj ni izpolnjen.
At the time of the investment, there was no business plan, expert report or valuation of the expected return on the investment in question.
V času naložbe ni bilo niti poslovnega načrta, strokovnega poročila niti strokovne ocene pričakovanega donosa na zadevno naložbo.
Except for the agreed direct remuneration, the Commission therefore has no reliable and quantifiable evidence for the return expected by FHH at the time.
Komisija zato razen dogovorjenega neposrednega nadomestila nima obremenilnega dokaza in dokaza o količini donosa, ki ga je takrat pričakovala FHH.
Germany stated that not only the reserves built up by HLB itself and regularly converted into capital but also the dividend payments to FHH as the sole owner ought to have been considered since the profits generated by HLB were inevitably also attributable to the resources transferred by FHH.
Nemčija je navedla, da je treba upoštevati rezerve, ki jih je prigospodarila HLB sama in jih redno pretvarjala v osnovni kapital, in izplačila dividend banki FHH kot edini lastnici, saj se prigospodarjeni dobički HLB nujno pripisujejo tudi sredstvom, ki jih je prenesla FHH.
In addition, account must be taken of the increases in value that were produced by the capital contributed and were also achieved in 1997 with the sale of the shares to LSH.
Upoštevati je treba tudi povečanja vrednosti, ki so bila posledica vloženega kapitala, in so bila dosežena s prodajo delnic banki LSH leta 1997.
According to the principle of the market-economy investor, who, on the basis of the information available to him at the time of the investment, can either expect or agree on an appropriate return, dividend payments or increases in value occurring after the investment are not relevant.
Izplačila dividend ali povečanja vrednosti po naložbi po načelu vlagatelja v tržnem gospodarstvu, ki na podlagi podatkov, razpoložljivih v času naložbe, lahko pričakuje ali se dogovori za primeren donos, niso pomembna.
Consequently, dividend payments or increases in value that could not be calculated beforehand cannot be determining factors.
Izplačila dividend ali povečanja vrednosti, ki jih ni mogoče izračunati vnaprej, torej ne morejo biti odločilna.
Nor can the question as to whether or not an increase in value following a sale generates revenue.
Enako velja tudi za vprašanje, ali povečanje vrednosti s prodajo prinaša dobiček ali ne.
In addition, dividends are paid on capital and not on reserves, even if these contribute to an increase in earnings per share.
Poleg tega se dividende izplačujejo na osnovni kapital in ne na rezerve, četudi slednje prispevajo k povečanju dobička na delnico.
The Commission thus takes the view that, in the present case, an appropriate remuneration should be determined in the light of the direct return that a market-economy investor would have demanded.
Komisija zato meni, da je treba v zadevnem primeru primeren donos določiti glede na neposredno nadomestilo, ki bi ga zahteval vlagatelj v tržnem gospodarstvu.
Remuneration and elements of remuneration for the contribution of DEM 659,4 million to HLB's capital reserve
Nadomestilo in elementi nadomestila za vlogo 659,4 milijonov DEM v kapitalsko rezervo HLB
Capital base for calculating the remuneration
Kapitalska osnova za izračun nadomestila
As in the WestLB case and as has been confirmed by the Court, remuneration is basically payable in respect of the entire value of the assets transferred.
Kakor je navedeno v primeru WestLB in potrjeno s strani Sodišča prve stopnje, se mora nadomestilo načeloma izplačati za celotno vrednost prenesenih sredstev.
It may differ for parts of the resources transferred.
Nadomestilo pa se lahko razlikuje za posamezne dele prenesenih sredstev.
In setting an appropriate remuneration, a distinction should be made between the different parts of the capital reserve according to their benefit for HLB.
Za določitev primernega povračila je treba razlikovati med posameznimi deli kapitalske rezerve glede na njihovo korist za HLB.
The value of the shares transferred and shown on the balance sheet remained constant after 1 January 1993 at DEM 659,4 million.
Vrednost prenesenih in v bilanci stanja vknjiženih delnic je po 1. januarju 1993 vseskozi znašala 659,4 milijonov DEM.
However, that amount could not be used in full as capital prior to its recognition by BAKred.
Vendar tega zneska ni bilo mogoče v celoti uporabljati kot lastni kapital pred priznanjem s strani BAKred-a.
Until it was recognised as capital on 1 January 1997, its use was tolerated by BAKred only in so far as this was necessary to meet the relevant solvency rules.
Do priznanja sredstev kot lastnega kapitala dne 1. januarja 1997 je BAKred uporabo sredstev dopuščal le v tolikšni meri, da so bili izpolnjeni takrat veljavni predpisi o solventnosti.
For instance, from 1993 to 1996 HLB covered parts of the reserve (DEM 182,5 million in 1993, over DEM435,6 million in 1994, DEM 255,1 million in 1995 and DEM 451,1 million in 1996).
HLB je tako od leta 1993 do vključno leta 1996 uporabljala dele rezerve, tj. 182,5 milijonov DEM (1993), več kot 435,6 milijonov DEM (1994), 255,1 milijonov DEM (1995) in 451,1 milijonov DEM (1996).
After 1997, because of the prudential requirement to cover the reserve with capital of DEM [...] million at all times, only DEM [...] million could be utilised in full up to May 2003.
Po letu 1997 se je zaradi zahteve s strani nadzorstva, da se rezerva vseskozi krije z lastnim kapitalom v višini [...] milijonov DEM, lahko do vključno maja 2003 v celoti uporabljalo le [...] milijonov DEM.
The table in paragraph 183 gives the relevant basis for calculating the appropriate return on liable capital.
V tabeli v odstavku 183 je prikazana ustrezna osnova za izračun primernega donosa na rizični lastni kapital.
Although they were not, and could not, be used to expand its competitive business, the parts of the reserve that were not covered up to 1997 and could not subsequently be covered (see the table in paragraph 183) were still of benefit to HLB since the amount of capital shown on the balance sheet provides the bank's lenders with an indication of its soundness and thus affects the conditions on which it can borrow capital.
Deli rezerve, ki niso bili izplačani do leta 1997 oziroma niso bili izplačljivi po tem letu (glej tabelo v odstavku 183), se sicer niso in se tudi niso mogli uporabljati za širjenje konkurenčnih dejavnosti, a so vseeno koristili HLB, saj obseg lastnega kapitala, vknjižen v bilanci stanja, bančnim posojilodajalcem potrjuje solidnost banke in s tem vpliva na pogoje, pod katerimi banka lahko pridobiva tuj kapital.
Creditors and ratings agencies take the bank's overall economic and financial situation into account.
Upniki in agencije za oceno kreditnih tveganj upoštevajo gospodarski in finančni položaj banke.
Since these amounts could not be used each year for business expansion but improved the bank's standing in the eyes of creditors, the economic function of the capital can in this respect at least be compared to a guarantee.
Ker se ti letni zneski sicer niso mogli uporabljati za širjenje dejavnosti, so pa izboljšali ugled banke pri upnikih, se lahko gospodarska funkcija kapitala v tem pogledu primerja vsaj z jamstvom.
A market-economy investor would also have required a remuneration for these resources on account of the economic benefit they conferred.
Vlagatelj v tržnem gospodarstvu bi zaradi gospodarske koristi zahteval nadomestilo tudi za ta sredstva.
Appropriate remuneration for liable capital
Primerno nadomestilo za rizični kapital
Financial assets of differing economic quality demand differing returns.
Vloge različne gospodarske kakovosti zahtevajo različne donose.
Determining whether an asset is acceptable for an investor operating under normal market conditions must, therefore, be based on the specific economic nature of the capital measure in question and on the value to HLB of the capital made available.
Pri raziskavi, ali je vloga sprejemljiva za vlagatelja, ki deluje v običajnih razmerah na trgu, je zato potrebno izhajati iz posebne gospodarske narave zadevnega finančnega ukrepa in vrednosti razpoložljivega kapitala za HLB.
Similarity of the investment to share capital
Podobnost naložbe osnovnemu kapitalu
The Commission takes the view that, apart from its lack of liquidity, the contribution to the capital reserve, which, at least from 1997 onwards, has been regarded as core capital by BAKred, most closely resembles an investment in share capital.
Komisija meni, da je vloga v kapitalsko rezervo, ki jo BAKred najmanj od leta 1997 priznaval kot temeljni kapital, ne glede na nelikvidnost najbolj primerljiva z naložbo v osnovni kapital.
The complainant shares this view.
Tako meni tudi pritožnik.
Germany had, on account of the risk profile, compared the capital reserve to a silent partnership contribution.
Nemčija je zaradi profila tveganja kapitalsko rezervo primerjala z vlogo tihe družbe.
In their understanding, the parties took the similarity to share capital as the basis for calculating an appropriate remuneration.
Stranke so v svojem dogovoru za izračun primernega nadomestila izhajale iz podobnosti z osnovnim kapitalom.
The special-purpose reserve has been recognised by BAKred as core capital (‘tier 1 capital’) and can therefore be compared only with equity instruments that were recognised as core capital in Germany in the year of the transfer.
Rezervo za posebne namene je BAKred priznal kot temeljni kapital (kapital „razreda 1“), zato se lahko primerja le s takimi instrumenti lastnega kapitala, ki so bili v Nemčiji priznani kot temeljni kapital v letu prenosa.
According to the information available to the Commission, these were in 1992 simply the equity or share capital of a bank as well as the reserves and silent partnership contributions that satisfied the special requirements laid down in Section 10(4) KWG.
Glede na Komisiji razpoložljive podatke so bili ti instrumenti leta 1992 zgolj osnovni kapital banke in rezerve ter vloge tihe družbe, ki so ustrezali posebnim zahtevam iz člena 10(4) KWG.