natgillin/translations-raw huggingface dataset:
It was not defensible in economic terms to reduce this rate by the tax savings since the remuneration for capital market instruments was independent of the tax situation.
V gospodarskem smislu znižanje te stopnje zaradi prihranka pri davku ni opravičljivo, saj nadomestilo za instrumente na trgu kapitala ni odvisno davčnega položaja.
Otherwise the price of a capital market instrument would have to differ according to tax considerations.
Sicer bi se morala vrednost instrumenta na trgu kapitala razlikovati glede na davčni položaj.
Finally, the fact that the assets’ lack of liquidity did not pose a risk to the liquidity position should be seen as reducing the risk — and hence the remuneration — and should be taken into account by applying a corresponding deduction.
Nazadnje pa se mora dejstvo, da nelikvidnost sredstev ne ogroža stanja likvidnosti, obravnavati kot znižanje tveganja – in s tem nadomestila. To se mora upoštevati z ustreznim odbitkom.
Likewise, a discount should be granted on account of the ‘owner effect’ since an investor who already owned shares in a company took a different view of an additional investment from that of a new investor.
Prav tako se mora opraviti odbitek zaradi „lastniškega učinka“, saj vlagatelj, ki ima že svoj delež v podjetju, dodatne naložbe vrednoti drugače kot nov vlagatelj.
COMMENTS BY NORDLB AND THE LAND OF LOWER SAXONY
PRIPOMBE NORDLB IN DEŽELE SPODNJA SAŠKA
Since the observations made by NordLB and by the Land of Lower Saxony were also presented by the Federal Government, they are included here together with the comments by Germany.
Ugotovitve NordLB in dežele Spodnje Saške navaja tudi zvezna vlada. Zaradi tega so predstavljene skupaj s pripombami Nemčije.
COMMENTS BY GERMANY
PRIPOMBE NEMČIJE
Germany argues that, even after the decision by the Court of First Instance, there are still fundamental doubts as to whether investments in profitable undertakings by public authorities can be assessed using the private investor test.
Zvezna vlada je mnenja, da tudi po odločitvi Sodišča prve stopnje obstajajo temeljni dvomi glede tega, ali se naložbe javnih organov v donosna podjetja lahko vrednotijo z merili za zasebne naložbe.
It is also convinced that the transfer of promotion-related assets to NordLB by the Land of Lower Saxony does not constitute aid according to the principles applied by the Commission in Decision 2000/392/EC.
Nemčija je prepričana, da prenos sredstev Spodnje Saške za pospeševanje na NordLB po načelih iz Odločbe Komisije 2000/392/EES ne predstavlja pomoči.
In this respect, the Land already acted like a private investor in its transfer of the promotion-related assets to NordLB.
V tem pogledu je Spodnja Saška pri prenosu sredstev za pospeševanje že ravnala kot zasebni vlagatelj.
Moreover, Germany argued, NordLB also paid an appropriate remuneration.
Poleg tega je NordLB izplačala ustrezno nadomestilo.
Germany argues that the BdB and the Commission were mistaken in the way they calculated the minimum remuneration in the Decision 2000/392/EC.
BdB in Komisija naj bi v Odločbi 2000/392/ES na napačen način izračunala najmanjše nadomestilo.
The CAPM method is said to be unsuitable for determining the market return for a number of reasons.
Metoda CAPM iz več razlogov ni primerna za določanje tržnega donosa.
First, the assets transferred to NordLB were not freely available.
Kot prvo sredstva, prenesena na NordLB, niso bila prosto na razpolago.
This meant that the investment alternatives assumed under the CAPM method were practically non-existent.
To pomeni, da druge možnosti naložbe, predpostavljene v okviru CAPM, praktično ne obstajajo.
The risk assumed in the CAPM to account for market fluctuations did not exist either, as the Landesbanks were not quoted on the stock exchange, the investment was remunerated at a fixed rate and at that time the Landesbanks still benefited from Anstaltslast (institutional liability) and Gewährträgerhaftung (guarantor liability).
Tudi tveganje zaradi tržnih nihanj, predpostavljeno s CAPM, ne obstaja, saj deželne banke niso kotirale na borzi, ker se je naložba nadomeščala po fiksni obrestni meri in takrat so imele deželne banke še vedno ugodnost pomoči Anstaltslast in Gewährträgerhaftung.
There were therefore no historical data series for beta factors.
Zaradi tega serija zgodovinskih podatkov za beta faktorje ne obstaja.
Among the special circumstances of the asset transfer, consideration should be given to the fact that the liability of the promotion-related assets is limited in accordance with the proportion of NordLB’s share capital held by the Land of Lower Saxony and that the Land is entitled to compensation from NordLB's other guarantors.
Pri posebnih okoliščinah prenosa sredstev je potrebno upoštevati dejstvo, da je jamstvo za sredstva za pospeševanje omejeno v skladu z deležem Spodnje Saške pri osnovnem kapitalu NordLB in da ima Spodnja Saška pravico do izravnave s strani drugih garantov NordLB.
In deciding to invest, an investor would pay particular attention to the fact that, although externally the promotion-related assets were exposed to loss without limitation, internally their liability was restricted to an amount corresponding to the share of NordLB’s capital held by the Land of Lower Saxony.
Vlagatelj je pri svoji odločitvi za naložbo upošteval zlasti dejstvo, da so sredstva za pospeševanje navzven sicer neomejeno izpostavljena izgubi, navznoter pa je njihovo jamstvo omejeno na obseg, ki je v skladu z deležem Spodnje Saške pri osnovnem kapitalu NordLB.
The Land was therefore entitled to compensation from NordLB's other guarantors — all of them public-law corporations — which ran no risk of insolvency.
Spodnja Saška ima zato pravico do izravnave s strani drugih garantov NordLB – vsi družbe v javni lasti – pri katerih ne obstaja tveganje insolventnosti.
With regard to a premium on account of the exceptionally high volume of the transaction, Germany cannot understand how such a volume is to be defined or why such a premium is justified.
Nemčija v zvezi s pribitkom zaradi izjemno visokega obsega transakcije ne razume, kako bi se takšen obseg lahko opredelil ali zakaj je takšen pribitek upravičen.
In 1992 the assets transferred represented only 34,89 % of the total equity of the NordLB group recognised for supervisory purposes.
Leta 1992 so prenesena sredstva predstavljala le 34,89 % celotnega lastnega kapitala koncerna NordLB, priznanega za nadzorne namene.
This proportion had fallen to a mere 9,62 % by 2001.
Ta delež je do leta 2001 padel na zgolj 9,62 %.
The figures for NordLB’s equity capital used as a basis for these calculations are DEM 4298 million in 1992 and DEM 15596 million in 2001.
Ti izračuni temeljijo na dejstvu, da je lastni kapital NordLB leta 1992 znašal 4,298 milijarde DEM in leta 2001 15,596 milijarde DEM.
They already include the LTS assets.
Pri tem pa podatki o lastnem kapitalu že vključujejo sredstva LTS.
Germany also argues that no premium is justified on account of the failure to issue new shares to the Land of Lower Saxony.
Tudi zaradi neizdaje novih delnic v podjetju naj dežela Spodnja Saška ne bi bila upravičena do pribitkov.
At the time of the transfer, NSGV gave an undertaking to inject capital in line with its share of NordLB, which it subsequently did.
Združenje NSGV se je v času prenosa sredstev za pospeševanje zavezalo za vlogo kapitala, skladno z njegovim deležem pri NordLB, kar se je kasneje tudi zgodilo.
There was therefore no reason to increase the shares held by the Land.
Torej ni razloga za povečanje deleža Spodnje Saške.
Finally, in Germany’s view, no premium is justified either for the lack of fungibility of the promotion-related assets.
Nazadnje pa tudi nezadostna tržnost sredstev za pospeševanje pribitka ne upravičuje.
For the purposes of calculating the minimum return, the BdB and the Commission compared the asset transfer to a share-capital investment.
Za izračun najmanjšega donosa sta BdB in Komisija primerjala prenesena sredstva za pospeševanje z naložbo v osnovni kapital.
But the fungibility of share-capital investments was just as low as that of the LTS promotion-related assets.
Naložbe v osnovni kapital pa so netržne v takšni meri kot sredstva LTS za pospeševanje.
If NordLB were indeed favoured by the transfer of the promotion-related assets, the favourable treatment consisted only in compensation for NordLB for the costs it incurred for carrying out its public mandate.
Če bi NordLB dejansko pridobila s prenosom sredstev za pospeševanje, bi šlo pri tej pridobitvi le za izravnavo stroškov NordLB, nastalih pri opravljanju javnih nalog.
NordLB was not only the Land bank but also a savings bank in the Braunschweig area.
NordLB ni le deželna banka, temveč v območju Braunschweiga tudi hranilnica.
It therefore performed not only the traditional public tasks of a Land bank, with the attendant costs, but also the function of a savings bank.
Ne opravlja torej samo običajnih javnih nalog deželnih bank s spremljajočimi stroški, temveč ima tudi funkcijo hranilnice.
If, nevertheless, there were aid in this case, it was in any event existing aid since the promotion-related assets had been transferred on the basis of Anstaltslast, on which a final settlement was reached by the Brussels compromise of 17 July 2001.
Če gre v tem primeru vendarle za pomoč, gre na vsak način za obstoječo pomoč, saj so se sredstva za pospeševanje prenesla na podlagi pomoči Anstaltslast, dokončno dogovorjene z Bruseljskim kompromisom dne 17. julija 2001.
UNDERSTANDING BETWEEN BDB, THE LAND OF LOWER SAXONY AND NORDLB
DOGOVOR MED BDB, DEŽELO SPODNJA SAŠKA IN NORDLB
On 7 October 2004 the Commission was informed of the outcome of an understanding reached between the complainant BdB, the Land of Lower Saxony and NordLB.
Komisija je bila 7. oktobra 2004 obveščena o rezultatih sporazuma med pritožnikom BdB, Spodnjo Saško in NordLB.
Irrespective of their basic interpretations of the legal situation, which remained unchanged, the parties to the understanding agreed on what they themselves would regard as suitable parameters for determining an appropriate remuneration and as an appropriate remuneration.
Čeprav se njihovi temeljni pravni položaji niso spremenili, so se stranke sporazuma strinjale glede, kot to vidijo same, primernih parametrov za določitev ustreznega nadomestila.
The parties asked the Commission to take account of the outcome of the understanding in its decision.
Komisijo so prosile, da rezultate dogovora upošteva pri svoji odločitvi.
Applying the CAPM, the parties first determined a minimum remuneration for a hypothetical share-capital investment in NordLB.
Stranke so najprej na podlagi modela vrednotenja dolgoročnih naložb („CAPM“) določile najmanjše nadomestilo za domnevno naložbo v osnovni kapital NordLB.
They arrived at an appropriate minimum remuneration of 10,03 % for the LTS promotion-related assets.
Primerno nadomestilo za sredstva LTS za pospeševanje naj bi bilo tako 10,03 %.
They took as their basis the risk-free interest rates of the REX1O Performance Index of Deutsche Börse AG and, for the beta factors, a KPMG report of 26 May 2004 drawn up on behalf of the Landesbanks (and now in the Commission's possession).
Podlaga so bile netvegane obrestne mere indeksa donosnosti REX10 Nemške borze AG, za beta faktorje pa strokovno poročilo KPMG z dne 26. maja 2004, ki so ga pooblastile deželne banke (in predložile Komisiji).
In practical terms, a risk-free basic interest rate of 7,15 % was calculated for NordLB as at 31 December 1991 and a beta value of 0,72 was applied on the basis of the KPMG study.
Konkretno je bila v času prenosa (31. decembra 1991) za NordLB netvegana temeljna obrestna mera 7,15 %. Na podlagi študije KPMG je bil uporabljen beta faktor 0,72.
The market-risk premium was set at 4 % (for all Landesbanks).
Določena je bila premija tržnega tveganja 4 % (za vse deželne banke).
A deduction was then determined for the capital's lack of liquidity on the basis of the risk-free interest rate of 7,15 % as gross refinancing costs.
Nato se je določil odbitek zaradi nelikvidnosti kapitala. Pri tem se je spet uporabila netvegana obrestna mera 7,15 % kot podlaga za bruto stroške refinanciranja.
To determine the net refinancing costs, the standard tax burden of NordLB at the transfer date was fixed at a flat rate of 50 %, giving a liquidity discount of 3,75 %.
Za določitev neto stroškov refinanciranja se je dejanska davčna obremenitev NordLB v času prenosa obravnavala pavšalno s 50 %, tako da je odbitek zaradi nelikvidnosti znašal 3,57 %.
Lastly, a premium of 0,3 % was added to allow for the failure to issue voting rights.
Nazadnje se je dodal pribitek v višini 0,3 % zaradi neizdaje glasovalnih pravic.
This resulted overall in an appropriate remuneration of 6,76 % per annum after tax for that portion of the LTS proportion-related assets that could be used for the competitive activities of NordLB.
Vse to je oblikovalo primerno nadomestilo za sredstva LTS za pospeševanje v višini 6,76 % letno po obdavčitvi za tisti delež sredstev LTS za pospeševanje, ki se lahko uporablja za konkurenčne dejavnosti NordLB.
This remuneration was payable as of the end of the month when the assets were recognised as core capital (30 November 1993).
To nadomestilo naj bi bilo izplačljivo po koncu meseca, v katerem so bila sredstva priznana kot temeljni kapital (30. november 1993).
The understanding makes no mention of any remuneration for that portion of the LTS promotion-related assets that could not be used for the competitive activities of NordLB (bank guarantee — Avalprovision).
V dogovoru ni obravnavano nadomestilo za tisti delež sredstev LTS za pospeševanje, ki se ne more uporabljati za konkurenčne dejavnosti NordLB (provizija za jamstvo).
The first step in appraising the measure under the state aid rules of the EC Treaty is to assess whether it constitutes state aid within the meaning of Article 87(1) of the EC Treaty.
Pri ocenjevanju ukrepa po predpisih o državni pomoči iz Pogodbe ES je treba najprej preveriti ali ukrep predstavlja državno pomoč v smislu člena 87(1) Pogodbe.
STATE RESOURCES AND FAVOURING OF A PARTICULAR UNDERTAKING
DRŽAVNA SREDSTVA IN POMOČ DOLOČENEMU PODJETJU
As described above, the Land of Lower Saxony’s shares in the promotion-related assets of the three LTS were transferred to NordLB as equity capital.
Kot je navedeno zgoraj, so se deleži dežele Spodnje Saške pri sredstvih za pospeševanje treh LTS prenesli na NordLB kot lastni kapital.
If state assets of this kind, which have a commercial value, are transferred to an undertaking, then state resources within the meaning of Article 87(1) of the EC Treaty are involved.
Kadar se takšna državna sredstva s tržno vrednostjo prenesejo na podjetje, gre za državna sredstva v smislu člena 87(1) Pogodbe ES.
In order to verify whether the transfer of state resources to a publicly owned undertaking favours the latter and is therefore liable to constitute state aid within the meaning of Article 87(1) of the EC Treaty, the Commission applies the ‘market-economy investor principle’.
Komisija pri preverjanju ali prenos državnih sredstev na podjetje v javni lasti temu podjetju koristi in je s tem lahko v skladu z državno pomočjo v smislu člena 87(1) Pogodbe ES, uporablja „načelo vlagatelja v tržnem gospodarstvu“.
This principle has been accepted (and developed) by the Court in a number of cases.
To načelo je Sodišče sprejelo in razvijalo v številnih primerih.
The assessment under that principle will be made in paragraph 93 et seq. below.
Ocena na podlagi tega načela je podana v točki IV. 3. spodaj.
As a result of the liberalisation of financial services and the integration of financial markets, banking within the Community has become increasingly sensitive to distortions of competition, especially since remaining obstacles to competition in the financial services markets are being gradually dismantled.
Z liberalizacijo finančnih storitev in združevanjem finančnih trgov je bančništvo v Skupnosti vse bolj občutljivo na izkrivljanje konkurenčnosti, zlasti ker se preostale ovire za konkurenčnost na trgu finančnih storitev postopoma odpravljajo.
NordLB is an all-purpose bank and an important player on the international capital markets.
NordLB je splošna banka in pomemben akter na mednarodnih trgih kapitala.
It offers banking services in competition with other European banks inside and outside Germany.
Nudi bančne storitve v konkurenci z drugimi evropskimi bankami v Nemčiji in izven nje.
Aid given to NordLB therefore distorts competition and affects trade between the Member States.
Pomoči za NordLB zato izkrivljajo konkurenco in ovirajo trgovino med državami članicami.
It should also be recalled that there is a close link between the equity of a credit institution and its banking activities.
Opozoriti je treba tudi, da je med lastnim kapitalom kreditne institucije in njenimi bančnimi dejavnostmi tesna povezava.
As the state measure provided NordLB with such equity capital for solvency purposes, it directly influenced the bank's business possibilities.
Državni ukrep je NordLB zagotovil takšen kapital za namene solventnosti, zato je neposredno vplival na poslovne možnosti banke.
In deciding whether a financial measure taken by a public owner of an enterprise constitutes aid within the meaning of Article 87(1) of the EC Treaty, the Commission applies the market-economy investor principle.
Komisija pri odločanju, ali finančni ukrep javnega lastnika podjetja predstavlja pomoč v smislu člena 87(1) Pogodbe ES, uporablja „načelo vlagatelja v tržnem gospodarstvu“.
This principle has been applied by the Commission in many cases and has been accepted and developed by the Court of Justice of the European Communities in several decisions.
To načelo je Komisija uporabila v številnih primerih, Sodišče Evropskih skupnosti pa ga je sprejelo in razvijalo pri več odločitvah.
It allows the Commission to bear in mind the specific circumstances of each case, e.g. to take into account certain strategies of a holding company or group of companies or to distinguish between the short- and long-term interests of an investor.
Komisiji omogoča, da vključi posebne okoliščine vsakega primera, na primer upošteva določene strategije holdinške družbe ali skupine podjetij ali razlikuje med kratkoročnimi in dolgoročnimi interesi vlagatelja.
The market-economy investor principle will also be applied to the case at hand.
Načelo vlagatelja v tržnem gospodarstvu se bo uporabilo tudi v zadevnem primeru.
According to the principle, no state aid is involved if 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 v tržnem gospodarstvu, pripravljen zagotoviti sredstva zasebnemu podjetju“.
In particular, a financial measure must be considered unacceptable to a market-economy investor if the proposed remuneration arrangements are less attractive than the market-rate remuneration paid for comparable investments.
Zlasti je finančni ukrep za vlagatelja v tržnem gospodarstvu nesprejemljiv takrat, kadar predvideno nadomestilo zaostane za nadomestilom, izplačanim na trgu za primerljive naložbe.
In the light of the market-economy investor principle, the key question is therefore whether such an investor would have supplied NordLB with capital that had the specific characteristics of the LTS assets and under the same conditions, especially in view of the probable return on the investment.
Po „načelu vlagatelja v tržnem gospodarstvu“ se torej temeljno vprašanje glasi ali bi takšen vlagatelj NordLB zagotovil kapital, ki ima posebne značilnosti sredstev LTS za pospeševanje, in pod enakimi pogoji, zlasti glede na verjetni donos na naložbo.
This question will be examined below.
To vprašanje se bo obravnavalo spodaj.
This does not, however, justify any infringement of the competition rules of the Treaty.
To pa ne opravičuje kakršne koli kršitve predpisov Pogodbe o konkurenci.
Germany claims that, because of the constraints imposed by the special purpose assigned to the LTS assets, the only possible profitable use of these resources was to transfer them to a similar public-law institution.
Nemčija trdi, da je zaradi namenskosti sredstev LTS za pospeševanje edina donosna uporaba teh sredstev njihov prenos v podobno javno institucijo.
So any remuneration for the transfer, i.e. any additional return on the LTS capital, would be sufficient to justify the transfer in the light of the market-economy investor principle.
Torej je vsako povračilo za prenos, t.j. vsak dodaten donos na kapital LTS, zadostno, da se upraviči prenos z ozirom na „načelo vlagatelja v tržnem gospodarstvu“.
It may be that the transfer of the three LTS to NordLB, which subsequently allowed NordLB to use part of the LTS capital to underpin its competitive business, was the commercially most sensible use.
Morda drži, da je bil prenos treh LTS na NordLB, ki je slednji omogočil, da del kapitala LTS uporabi za kritje konkurenčnih dejavnosti, gospodarsko najbolj smiselna uporaba.
However, simply taking the view of a public investor would leave out of account the fundamental question of whether the recipient benefited from preferential treatment.
Zaradi omejitve pa se s stališča javnega vlagatelja temeljno vprašanje glede pomoči za prejemnika ne upošteva.
NO CHANGE IN OWNERSHIP STRUCTURE
NESPREMENLJIVOST LASTNIŠKE STRUKTURE
One way of ensuring an adequate return on the capital provided would have been to increase the Land's participation in NordLB accordingly, provided that the bank's overall profitability corresponds to the normal rate of return that a market-economy investor would expect from his investment.
En način za zagotovitev primernega donosa na prenesen kapital bi bil ustrezno povečanje deleža Spodnje Saške pri NordLB, pod pogojem, da je skupna donosnost banke skladna z običajnim donosom, ki ga vlagatelj v tržnem gospodarstvu pričakuje za svojo vlogo.
However, this course was not taken by the Land of Lower Saxony.
Dežela Spodnja Saška pa se za ta postopek ni odločila.
Germany also attributes the failure to increase the Land’s shares in NordLB to the fact that, at the time of the asset transfer, NSGV undertook to inject capital in proportion to its share in NordLB, which it then did by creating the LBS special-purpose reserve of DEM 450 million and making the silent partnership contribution of DEM 550 million.
Nemčija nezmožnost povečanja deleža Spodnje Saške pri NordLB pripisuje tudi dejstvu, da se je v času prenosa sredstev združenje NSGV tudi zavezalo za vlogo kapitala, skladno z njegovim deležem pri NordLB, kar se je kasneje zgodilo z oblikovanjem rezerve LBS za posebne namene v višini 450 milijonov DEM in z vlogo tihega partnerstva v višini 550 milijonov DEM.
Moreover, Germany argues that, in Alitalia, the Court held that a capital injection from public funds would always satisfy the private investor principle if another shareholder made an investment and that in such a case no state aid was involved.
Poleg tega pa poudarja, da je Sodišče v primeru Alitalia odločilo, da je vloga kapitala iz javnih sredstev vedno v skladu z načelom zasebnega vlagatelja, kadar gre za naložbo še enega delničarja, in da v takšnem primeru ne gre za državno pomoč.
It should be pointed out that the Court of Justice's ruling in Alitalia referred to investments by private parties.
V zvezi z odločitvijo Sodišča v primeru Alitalia je potrebno opozoriti, da se odločitev nanaša na naložbe zasebnikov.
But, in the case of NSGV, we are dealing not with a private party but with a public-law entity.
Vendar pa NSGV ni zasebna, temveč javna organizacija.
The contributions by NSEV were, moreover, not comparable to the transfer of the LTS assets either in timing or in content.
Poleg tega pa vloge kapitala NSGV niso primerljive s prenosom sredstev LTS za pospeševanje niti časovno niti vsebinsko.