natgillin/translations-raw huggingface dataset:
In addition, the LTS capital is available to NordLB without any time limitation, while profit participation certificates are usually issued for a period of ten years.
In kapital LTS je NordLB na razpolago brez kakršne koli časovne omejitve, medtem ko se potrdila o udeležbi pri dobičku navadno izdajo za deset let.
Furthermore, the enormous size of the capital injection would be atypical for profit participation certificates, and the ranking in the event of losses must be seen in this context.
Velikanski obseg vloge kapitala bi bil za potrdila o udeležbi pri dobičku neznačilen in na vrstni red v primeru izgub se mora gledati v tem kontekstu.
Since the share of the LTS capital is rather large, it will be used relatively quickly when major losses occur.
Ker je delež kapitala LTS precej velik, se bo pri pojavu večjih izgub uporabil precej hitro.
The Commission considers that a comparison with silent partnership contributions is not suitable either for determining the appropriate remuneration for the special-purpose reserve recognised as core capital.
Komisija meni, da tudi primerjava z vlogami tihega partnerstva ni primerna za določitev primernega nadomestila za rezervo za posebne namene, priznano kot temeljni kapital.
In its view, an important factor here is that the LTS assets were transferred precisely not in the form of a silent partnership contribution but as a special-purpose reserve.
Tu za pomemben dejavnik šteje dejstvo, da se sredstva LTS za pospeševanje niso prenesla ravno v obliki vloge tihega partnerstva, temveč kot rezerva za posebne namene.
BAKred too recognised the transfer as a reserve and not as a silent partnership contribution under Section 10 KWG.
Tudi BAKred je prenos priznal kot rezervo in ne kot vlogo tihega partnerstva v skladu s poglavjem 10 KWG.
The fact that the German supervisory authority treated the transfer as a reserve suggests that the capital made available is more akin to share capital than to a silent partnership contribution.
Dejstvo, da je nemški nadzorni organ prenos spoznal za rezervo, kaže na to, da je razpoložljiv kapital primerljivejši z osnovnim kapitalom kot z vlogo tihega partnerstva.
In addition, there is no less risk that at least part of the transferred capital might be lost in the event of insolvency or liquidation than would be the case for a share-capital investment, as the LTS assets make up a considerable proportion of NordLB’s equity capital and NordLB has used a substantial amount of those assets to cover risk-bearing assets over many years.
Prav tako pa tveganje za izgubo vsaj dela prenesenega kapitala v primeru insolventnosti ali likvidacije ni nič manjše od tveganja v primeru naložbe v osnovni kapital, saj sredstva LTS predstavljajo znatni delež lastnega kapitala NordLB in NordLB je v več letih uporabila znatni znesek teh razpoložljivih sredstev LTS za kritje tveganih sredstev.
For all these reasons, the Commission believes that, because of the peculiarities of the LTS capital, a comparison with perpetuals, profit participation certificates and silent partnership contributions is not a suitable way to determine the appropriate remuneration to be paid for the LTS capital.
Komisija je zaradi vsega tega mnenja, da zaradi posebnosti kapitala LTS primerjava s perpetuali, potrdili o udeležbi pri dobičku in vlogami tihega partnerstva ni primeren način za določitev primernega nadomestila za kapital LTS.
Instead, the transfer of the LTS assets has most in common with a share-capital investment.
Sredstva LTS imajo sicer največ skupnega z naložbo v osnovni kapital.
Right to compensation and low liability risk
Pravica do izravnave in majhno tveganje jamstva
The liability in respect of the promotion-related assets is limited internally to the share of the Land of Lower Saxony in NordLB’s capital, and the Land is entitled to seek compensation from all of NordLB’s other guarantors.
Jamstvo za sredstva za pospeševanje je navznoter omejena v skladu z deležem Spodnje Saške pri osnovnem kapitalu NordLB in Spodnja Saška ima pravico do izravnave s strani vseh drugih garantov NordLB.
Germany argues that an investor would have given this due consideration in his investment decision and his demand for remuneration.
Nemčija je mnenja, da je vlagatelj to ustrezno upošteval pri svoji odločitvi za naložbo in zahtevi za nadomestilo.
However, the internal restriction on liability cannot justify any reduction in remuneration since, from NordLB's point of view, it remains the case that the advantage obtained by means of the capital transfer must be adequately remunerated in order to avoid distortions of competition.
Vendar pa notranja omejitev jamstva ne more upravičiti kakršnega koli zmanjšanja nadomestila, saj z vidika NordLB ostaja dejstvo, da se mora prednost, pridobljena s prenosom kapitala, primerno nadomestiti z namenom preprečitve izkrivljanja konkurence.
The Land’s right to compensation from the other guarantors constitutes an agreement between guarantors and not a concession by NordLB that might justify a lower remuneration.
Pri pravici za izravnavo s strani drugih garantov gre za sporazum garantov in ne za ugodnost NordLB, ki bi lahko upravičila manjše nadomestilo.
If, for example, the other guarantors had agreed to assume full liability for the promotion-related assets internally, this could not have led to a situation where NordLB had to pay no remuneration at all.
Če bi se na primer drugi garanti strinjali z notranjim prevzemom celotnega jamstva za sredstva za pospeševanje, to ne bi moglo privesti do tega, da NordLB sploh ne bi bilo več potrebno izplačati nadomestila.
Moreover, from the Commission’s point of view, it is irrelevant whether the LTS assets were used continuously and fully in order to meet solvency requirements.
Poleg tega po mnenju Komisije ni pomembno, ali so bila sredstva LTS za pospeševanje, potem ko jih je priznal BAKred, v uporabi vseskozi in v celoti za izpolnitev zahtev glede solventnosti.
Even if this were not the case, a market-economy investor would have insisted on remuneration in full since the bank was free to employ all the capital in its competitive business according to its economic discretion.
Tudi v nasprotnem primeru bi vlagatelj v tržnem gospodarstvu zahteval celotno nadomestilo, saj je imela banka možnost, da uporabi celotni kapital po svoji gospodarski presoji.
Appropriate remuneration for the amount of DEM 1400 million
Primerno nadomestilo za znesek v višini približno 100 milijonov DEM
There are no doubt different ways of calculating the appropriate remuneration for the amount of DEM 1400 million which was available to NordLB each year for its competitive business.
Primerno nadomestilo za približni znesek 1,4 milijarde DEM, ki ga ima NordLB vsako leto na razpolago za konkurenčne dejavnosti, se lahko nedvomno izračuna na različne načine.
However, as will be shown, all the methods for calculating the remuneration for capital made available follow the same basic principles.
Kot bo prikazano, pa vse metode za izračun nadomestila za razpoložljiv osnovni kapital sledijo enakim temeljnim načelom.
Taking these basic principles, the Commission here does the calculation in two steps: first, it determines the minimum remuneration that an investor would expect for a (hypothetical) investment in the share capital of NordLB.
Komisija na podlagi teh temeljnih načel opravi zadevni izračun v dveh korakih: naprej določi najmanjše nadomestilo, ki bi ga vlagatelj pričakoval za (domnevno) naložbo v osnovni kapital NordLB.
It then examines whether, in view of the particularities of the transaction at issue, the market would have agreed on a premium or a discount and, if so, whether it can produce a methodically robust quantification of that amount.
Nato preveri, ali bi na trgu zaradi posebnosti zadevne transakcije prišlo do dogovora glede pribitka ali odbitka, in če bi se to zgodilo, ali lahko zagotovi metodično zadostno obremenilno količinsko opredelitev tega zneska.
Determination of a likely minimum remuneration for an investment in the share capital of NordLB
Določitev pričakovanega najmanjšega nadomestila za naložbo v osnovni kapital NordLB
The expected return on an investment and the investment risk are key determinants in the decision of a market-economy investor to invest.
Pričakovan donos na naložbo in tveganje pri naložbi sta ključna dejavnika pri odločanju vlagatelja v tržnem gospodarstvu za naložbo.
In order to determine their level, the investor incorporates all available firm-related and market-related information into his calculation.
Vlagatelj za določitev višine teh dveh dejavnikov v izračun vključi vse razpoložljive informacije, povezane s podjetji in trgom.
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 ima za osnovo 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.
A market-economy investor will undertake an investment only if it produces a higher return or a lower risk than the next-best alternative use of his capital.
Vlagatelj v tržnem gospodarstvu bo izvedel naložbo le v primeru, če le-ta prinaša večji donos ali manjše tveganje kot druga najboljša uporaba njegovega kapitala.
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 naložbe v podjetje, katerega pričakovan donos je manjši od povprečnega donosa, pričakovanega za druga podjetja s primerljivim profilom tveganja.
It can be assumed in the present case that there are sufficient alternatives to the assumed investment project that promise a higher expected return with the same risk.
V zadevnem primeru se lahko domneva, da obstaja dovolj drugih možnosti za domnevni naložbeni projekt, ki obetajo večji pričakovani donos pri enakem tveganju.
Various methods exist for determining the minimum appropriate remuneration.
Obstajajo različne metode za določitev najmanjšega primernega nadomestila.
They range from differing variants of the financing approach to the CAPM method.
Segajo od različnih oblik pristopa financiranja do metode CAPM.
In describing the various approaches, it makes sense to distinguish between two components, viz. a risk-free return and a project-specific risk premium:
Pri predstavitvi različnih pristopov je smiselno razlikovati med dvema komponentama, med netveganim donosom in premijo tveganja za določen projekt:
Minimum appropriate return on a risky investment
najmanjši primeren donos na tvegano naložbo
risk-free base rate + risk premium for the risky investment.
netvegana temeljna obrestna mera + premija tveganja za tvegano naložbo
Consequently, the minimum appropriate remuneration for a risky investment can be described as the sum of the risk-free rate of return and the additional risk premium for assuming the investment-specific risk.
Najmanjši primeren donos na tvegano naložbo se lahko torej opiše kot vsota netvegane stopnje donosa in dodatne premije tveganja za prevzem tveganja določene naložbe.
The basis for any determination of return is thus the existence of a default-risk-free form of investment with an assumed risk-free return.
Podlaga za vsako določitev donosa je tako obstoj za povračilo netvegane oblike vloge z domnevnim netveganim donosom.
The expected return on fixed-interest government securities is normally used in determining the risk-free basic rate (or, as the case may be, an index based on such securities), but these represent forms of investment with a comparably low risk.
Za določitev netvegane temeljne obrestne mere se navadno uporablja pričakovan donos na vrednostne papirje s fiksnimi obrestmi, ki jih izdajajo državni organi (oziroma indeks, ki temelji na takih vrednostnih papirjih), toda ti predstavljajo oblike vloge z manjšim tveganjem.
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 kapitala, nastali pri bankah, ki so primerljive z zadevno banko.
The arithmetic average of the historical capital costs 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 (compound annual growth rate).
Pristop financiranja s skupno letno stopnjo rasti: Bistvo tega pristopa je uporaba geometričnega in ne aritmetičnega povprečja (skupna letna stopnja rasti).
Capital Asset Pricing Model (CAPM): The CAPM is the best-known and most frequently tested model of modern finance, by which the return expected by an investor can be determined using the following equation:
Model vrednotenja dolgoročnih naložb (CAPM): CAPM je najbolj znan in najpogosteje preskušen model denarnega gospodarstva, s pomočjo katerega se lahko določi pričakovan vlagateljev donos z naslednjo enačbo:
Minimum return
najmanjši donos
risk-free base rate + (market-risk premium × beta)
netvegana temeljna obrestna mera + (premija tržnega tveganja × beta)
The risk premium for the equity investment is obtained by multiplying the risk premium on the market by the beta factor (market-risk premium × beta).
Premija tveganja za naložbo v lastni kapital se izračuna s pomnožitvijo premije tveganja na trgu z beta faktorjem (premija tržnega tveganja × beta).
However, since NordLB is not a listed company, it is not possible directly to infer its beta value.
Ker pa NordLB ne kotira na borzi, se njena beta vrednost ne more izpeljati neposredno.
In its comments of 29 July 2003, the BdB, using the CAPM, concluded that the minimum remuneration to be expected for an investment in the share capital of NordLB at 31 December 1991, when the LTS assets were transferred, was 13,34 % per annum.
Združenje BdB je v svojem stališču z dne 29. julija 2003 na podlagi metode CAPM ugotovilo, da je najmanjše pričakovano nadomestilo za naložbo v osnovni kapital NordLB 31. decembra 1991, ko so se prenesla sredstva LTS, znašalo 13,34 % letno. Nemčija je izrazila temeljne pomisleke glede uporabe CAPM.
Germany raised objections in principle to the use of the CAPM.
Poleg tega naj bi BdB izhajalo iz prevelikega beta faktorja in je napačno izračunalo netvegano temeljno obrestno mero.
It also argued that the BdB started from a high beta value and was incorrect in its calculation of the risk-free base rate, and that the market-risk premium of 4,6 % was too high.
Tudi premija tržnega tveganja 4,6 % naj bi bila prevelika.
Had the BdB applied the CAPM correctly, it would have arrived at a much lower minimum remuneration for a hypothetical investment in the share capital of NordLB.
BdB bi moralo ob pravilni uporabi CAPM ugotoviti veliko manjše najmanjše nadomestilo za domnevno naložbo v osnovni kapital NordLB.
In their understanding on the normal market remuneration, the Land of Lower Saxony, NordLB and the BdB concluded that a minimum remuneration of 10,03 % was appropriate.
Dežela Spodnja Saška, NordLB in BdB so v svojem dogovoru o običajnem tržnem nadomestilu ugotovili, da je najmanjše nadomestilo v višini 10,03 % primerno.
In their calculations, the parties based themselves on the CAPM and applied a risk-free basic interest rate of 7,15 % for NordLB.
Stranke so za svoje izračune uporabile metodo CAPM in netvegano temeljno obrestno mero za NordLB v višini 7,15 % z dne 31. decembra 1991.
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 ima NordLB sredstva LTS na razpolago vseskozi.
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 7,15 % referred to above.
Stranke so nato izračunale letni donos, ki zrcali trend, izražen v temeljnem indeksu donosnosti REX10 v obdobju med 1970 in 1991, in tako prišle do navedene netvegane temeljne obrestne mere v višini 7,15 % (31. december 1991).
Since NordLB'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 NordLB 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 indeks donosnosti REX10 predstavlja vsesplošno priznan vir podatkov.
The risk-free basic interest rate calculated thus appears appropriate here.
Izračunana netvegana temeljna obrestna mera je torej primerna.
The beta factor of 0,72 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 0,72 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 te študije in glede na poslovni profil NordLB upoštevati za primernega.
Previously, in Decision 2000/392/EC, 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 delniški portfelj in donosom na državne obveznice, je bila večkrat obravnavana že v Odločbi 2000/392/ES.
In the corresponding report on the procedure, a range of some 3 % to 5 % was applied, depending on the method, the period under examination and the basic relevant data.
V strokovnih poročilih glede tega primera so se določile stopnje v razponu 3 % do 5 %, odvisno od uporabljene metode, obdobja obravnave in osnovnih podatkov.
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 enem izmed strokovnih poročil, sestavljenem za BdB, sta izračunani možni vrednosti 3,16 % in 5 %, v drugem strokovnem poročilu, sestavljenem za WestLB v istem primeru, sta izračunani možni vrednosti 4,5 % in 5 % in Lehman Brothers, ki je tudi delal za WestLB, je izračunal stopnjo 4 %.
Against this background, the Commission has here no reason to depart from the market-risk premium used in the understanding.
Komisija ob upoštevanju navedenega v zadevnem primeru ne vidi razloga, da bi odstopila od premije tržnega tveganja, uporabljene v sporazumu.
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 podlagi metode CAPM ne dvomi v primernost najmanjšega nadomestila, ki so ga določile stranke.
The Commission therefore has no reason to believe that the minimum remuneration determined by the parties for a hypothetical share-capital investment cannot stand up to a market test.
Komisija torej nima razloga za domnevo, da najmanjše nadomestilo za domnevno naložbo v osnovni kapital, ki so ga določile stranke, ne more izpolniti tržnih meril.
Accordingly, it sets the minimum remuneration for the special-purpose reserve at 10,03 % per annum (after corporation tax and before investor tax).
Komisija zato na podlagi teh dejstev določa najmanjše primerno nadomestilo v vrednosti 10,03 % letno (po davku od dobička in pred davkom od izplačanega dobička).
Return discount for lack of liquidity
Odbitek na donos zaradi nelikvidnosti
Germany believes that NordLB paid an appropriate remuneration, as a private investor would have deducted from the remuneration the refinancing costs he had saved.
Nemčija meni, da je NordLB izplačala primerno nadomestilo, saj je zasebni vlagatelj od nadomestila odštel stroške refinanciranja, ki jih je prihranil.
Since the investor saved the cost of refinancing the capital, Germany concludes that the LTS promotion-related assets yielded around 9,5 %.
Ker je vlagatelj prihranil stroške refinanciranja kapitala, Nemčija ugotavlja, da je obrestna mera za sredstva LTS za pospeševanje znašala približno 9,5 %.
However, the Commission considers that the key question here is not how much the Land saved as an investor.
Vendar pa po njenem mnenju ne gre za to, koliko je dežela Spodnja Saška prihranila kot vlagatelj.
The Land transferred the LTS assets to NordLB as non-liquid capital.
Spodnja Saška je sredstva LTS za pospeševanje prenesla na NordLB kot nelikvidna sredstva.
The Land made no savings as it was not obliged to ensure the assets’ liquidity.
Prihranila ni nič, saj ni bila zavezana k zagotovitvi likvidnosti sredstev.
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 expand its activities.
„Običajna“ vloga kapitala sicer banki priskrbi tako likvidnost kot lastni kapital, ki ga banka zaradi nadzorstva potrebuje za širjenje 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, t.j. 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.
Since the LTS capital does not provide NordLB with initial liquidity, NordLB faces additional financing costs equal to the amount of the capital if it is to raise the necessary funds on the financial markets to take full advantage of the business opened up by the additional capital, i.e. to expand risk-adjusted assets by 12,5 times the capital amount (or to maintain existing assets at that level).
Ker kapital LTS NordLB sprva ne zagotavlja likvidnosti, ima NordLB dodatne stroške financiranja v višini kapitala, če želi zbrati sredstva na finančnih trgih, potrebna za popolno izrabo poslovnih možnosti, ki so se ji odprle z dodatnim lastnim kapitalom, t.j. 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 in other forms, the appropriate remuneration must be reduced accordingly.
Zaradi teh dodatnih stroškov, ki pri lastnem kapitalu, prenesenem v drugih oblikah, ne nastajajo, se mora primerno povračilo ustrezno znižati.
Only the net costs should be taken into account as an additional burden on NordLB because of the special nature of the capital transferred.
Kot dodatna obremenitev NordLB se morajo zaradi posebnega značaja prenesenega kapitala upoštevati le neto stroški.
Overall, the Commission accepts that NordLB incurs additional ‘liquidity costs’ to the extent of ‘refinancing costs minus corporation tax’.
V celoti gledano Komisija torej priznava, da ima NordLB dodatne „likvidnostne stroške“ v višini „stroškov refinanciranja minus davek od dobička“.