natgillin/translations-raw huggingface dataset:
The two ratings remained unchanged from 1997 to 2000, i.e. despite the contribution of the silent partnership at the end of 1998 (Moody's financial strength rating remained at C+ and the Fitch individual rating at B/C) and deteriorated as from 2001 (Moody's financial strength rating fell to C+ (neg.) and C(neg.) and the Fitch individual rating to C).
Navedeni oceni se nista spreminjali med letoma 1997 in 2000, torej kljub vložku tihe družbe ob koncu leta 1998 (ocena finančne moči Moody je ostala C+, posamezna ocena Fitch pa B/C), poslabšali pa sta se po letu 2001 (ocena finančne moči Moody C+ (neg.) in C (neg.) in posamezna ocena Fitch C).
In Germany's view, this showed that the silent partnership had had no influence on Helaba's credit standing even leaving aside the existing state liabilities.
Po mnenju Nemčije to dokazuje, da vložek tihe družbe ni vplival na kreditno sposobnost Helabe, tudi ne glede na obstoječa državna jamstva .
The Commission cannot agree with Germany's argument.
Komisija se na podlagi analize dejstev ne more strinjati s trditvijo Nemčije.
Germany's comments on the financial strength rating and individual rating show rather than a financial institution's endowment with equity capital is an important factor for the quality of a rating and hence also for financial standing.
Ugotovitve Nemčije glede ocene finančne moči in posamezne ocene prej kažejo na to, da je obseg lastnega kapitala finančne institucije pomemben dejavnik za kakovost ocene in s tem tudi za kreditno sposobnost.
From an ex ante perspective, i.e. at the time of the agreement on the silent partnership between the Land of Hessen and Helaba, the two parties had to start from the assumption that the entering of core capital amounting to some EUR 1,2 billion was such as to further improve the bank's financial standing.
Z vidika pred vlogo, t.j. v času dogovora za vložek tihe družbe med deželo Hessen in Helabo, sta morali stranki izhajati iz domneve, da je vknjižba temeljnega kapitala v višini približno 1,2 milijarde EUR namenjena nadaljnjemu izboljšanju kreditne sposobnosti banke.
The financial strength ratings given by Moody's and Fitch and cited by Germany show that a further improvement was entirely possible, since the ratings had by no means reached the highest level.
Oceni finančne moči s strani agencij Moody in Fitch, ki ju navaja Nemčija, kažeta na to, da je bilo nadaljnje izboljšanje povsem mogoče, saj oceni še zdaleč nista dosegli najvišje stopnje.
The fact that ex post no change in the financial strength rating was discernible does not necessarily mean that there was no positive influence on the financial strength rating.
Dejstvo, da po vlogi ni bila razvidna sprememba pri oceni finančne moči, še ne pomeni, da vloga ni imela pozitivnega vpliva na oceno finančne moči.
The positive influence of the significant increase in the core capital base could have helped to ensure that the financial strength rating did not fall for other reasons or did not fall faster than it in fact did, i.e. only as from 2001.
Pozitiven učinek znatnega povečanja obsega temeljnega kapitala bi namreč lahko preprečil, da bi se ocena finančne moči morda poslabšala iz drugih razlogov ali hitreje, kot se dejansko je, t.j. šele po letu 2001.
In assessing the potential influence (to be assessed ex ante) of a measure on the financial standing of a bank and/or on future financing conditions, the Commission sees the financial strength rating of a Landesbank as being important in its own right alongside the long-term rating based on the existing state liabilities in the form of Anstaltslast and Gewahrträgerhaftung.
Komisija pri oceni morebitnega vpliva ukrepa (se oceni pred vlogo) na kreditno sposobnost banke in/ali na bodoče pogoje financiranja oceno finančne moči deželne banke obravnava kot pomembno samo po sebi poleg dolgoročne ocene, ki temelji na obstoječih državnih jamstvih Anstaltslast in Gewährträgerhaftung.
As far as the (from the point of view of 1998) future borrowing of outside capital is concerned, Helaba obtained in 1998 and the following years the top rating of AAA/Aaa on the basis of Anstaltslast und Gewährträgerhaftung.
Kar zadeva bodoči sprejem tujega kapitala z vidika leta 1998, je Helaba po zaslugi Anstaltslast-a in Gewährträgerhaftung-a leta 1998 in v naslednjih letih uživala najboljšo oceno.
As far as the Commission is aware and as Germany itself points out, the actual refinancing costs of a bank vary or fluctuate, in comparison with other similarly rated banks, within a corridor for a given rating category.
Glede na vedenje Komisije in po navedbah Nemčije same, se konkretni stroški refinanciranja banke spreminjajo ali nihajo in v primerjavi z drugimi enako ocenjenimi bankami v razponu za zadevno kategorijo ocenjevanja.
In other words, specific refinancing costs cannot be deduced precisely and unchangingly for all similarly rated banks and over time from a specific long-term rating, in this instance AAA/Aaa.
Z drugimi besedami se določeni stroški refinanciranja ne morejo razbrati natančno in nespremenjeno za vse enako ocenjene banke in v določenem času iz določene dolgoročne ocene, v tem primeru AAA/Aaa.
It follows from this empirical observation that other influences and factors play a role, such as the financial strength of Helaba in relation to other Landesbanks with the same long-term rating on the basis of Anstaltslast and Gewährträgerhaftung.
Iz te empirične ugotovitve sledi, da igrajo vlogo tudi drugi vplivni dejavniki, kot je finančna moč Helabe glede na druge deželne banke z enako dolgoročno oceno na podlagi Anstaltslast-a in Gewährträgerhaftung-a.
The better Helaba's financial strength is, the better are its prospects, within the AAA/Aaa rating category, in specific negotiations on refinancing conditions, of finding itself at the favourable edge of the corridor of the refinancing conditions observable on the market for AAA/Aaa.
Boljša ko je finančna moč Helabe, boljši so njeni izgledi, da se v okviru kategorije ocenjevanja AAA/Aaa ob konkretnih pogajanjih glede pogojev refinanciranja nahaja na zanjo ugodnem robu razpona pogojev refinanciranja, razvidnih na trgu za AAA/Aaa.
Furthermore, its dependence on the rating of the guarantors is reduced, i.e. in the event of a possible deterioration in their rating, which cannot be excluded ex ante, Helaba could use its individual financial strength as an argument in defence of its favourable refinancing conditions.
Poleg tega je manjša njena odvisnost od ocene garantov, t.j. v primeru morebitnega poslabšanja njihove ocene, ki pred vlogo ne more biti izključeno, bi Helaba lahko uporabila svojo lastno finančno moč v bran svojim ugodnim pogojem refinanciranja.
As far as the (from the point of view of 1998) future borrowing of further outside funds is concerned, which in fact took place in 2001 in the form of further silent partnership assets, a large capital buffer entered in the balance sheet reduces the probability of the new capital being lost in the event of bankruptcy provided that old and new capital are liable on a pari passu basis.
Kar zadeva bodoči sprejem drugih lastnih sredstev z vidika leta 1998, ki se je dejansko zgodil leta 2001 v obliki drugih vložkov tihe družbe, velika rezerva kapitala, vknjižena v bilanci stanja, zmanjšuje možnost izgube tega novega kapitala v primeru stečajnega postopka, pod pogojem, da star in nov kapital predstavljata jamstvo pari passu.
Germany stated that such pari passu liability is the rule with silent partnerships.
Nemčija je navedla, da je takšno jamstvo pari passu pri vlogah tihe družbe pravilo.
From the perspective of 1998, therefore, it could not be ruled out that new investors might insist on it.
Z vidika leta 1998 torej ni bilo izključeno, da bodo morda pri tem vztrajali novi vlagatelji.
Germany also argued, in response to an enquiry by the Commission, that silent partnerships within the meaning of Section 10(4) of the German Banking Act do not fall within the protected area of Anstaltslast and Gewährträgerhaftung.
Nemčija je na prošnjo Komisije za informacije odgovorila tudi s trditvijo, da vložki tihe družbe v smislu člena 10(4) KWG niso zajeti v zaščitenem območju Anstaltslast-a in Gewährträgerhaftung-a.
This was the direct consequence of the contractually arranged participation in losses as a precondition for the recognition of the silent partnership reserves as liable own funds.
To naj bi bila neposredna posledica pogodbeno urejene udeležbe pri izgubah kot pogoja za priznanje kot rizični lastni kapital.
Consequently, the investor was not to be regarded as a creditor of the bank and was not covered by Gewährträgerhaftung.
Vlagatelj se tako ne obravnava kot upnik banke in ni zajet v Gewährträgerhaftung.
Similarly, he was not covered by Anstaltslast, since that provided only for the obligation of providing the institution with an economic basis and of making available the contributions required for maintaining normal business operation.
Prav tako pa nima ugodnosti Anstaltslast-a, saj ta zgolj nalaga obveznost, da se instituciji zagotovi gospodarska osnova in dajo na razpolago vloge, potrebne za ohranjanje pravilnega poslovanja.
This in no way excluded third-party participation in losses.
To nikakor ne izključuje udeležbe tretji strank pri izgubah.
Losses were in principle possible up to the point where the liable own funds had been used up.
Izgube so načeloma možne do porabe rizičnega lastnega kapitala.
Consequently, the silent partner is not protected in his asset interests by the intervention of the guarantor on the basis of Anstaltslast.
Tihi družbenik zato pri svojih interesih glede sredstev ni zaščiten s posredovanjem garanta na podlagi Anstaltslast-a.
In view of the fact that equity investors do not fall within the protective scope of ‘Anstaltslast’ and ‘Gewährträgerhaftung’, the individual financial strength of Helaba, which was enhanced or kept constant, had, from the viewpoint of 1998, in the Commission's view a positive influence on the future terms and conditions on which Helaba was able to take up further equity such as silent partnerships.
Ob upoštevanju dejstva, da vlagatelji lastnih sredstev niso v zaščitenem območju Anstaltslast-a in Gewährträgerhaftung-a, je imela finančna moč Helabe, ki se je povečevala ali ohranjala, z vidika leta 1998 po mnenju Komisije pozitiven vpliv na bodoče pogoje, pod katerimi je Helaba lahko prejemala nadaljnja sredstva, kot so vložki tihe družbe.
The Commission concludes that the substantial improvement in the core-capital ratio for supervisory purposes which was achieved through the immediate entry of the silent partnership in the balance sheet in 1998 represented, at least from an ex ante point of view, a potentially decisive factor in the assessment of the individual financial strength and future financing conditions of the bank and hence an advantage for Helaba, regardless of whether the amount was used to underpin competitive business.
Komisija zaključuje, da znatno povečanje dežela temeljnega kapitala, priznanega s strani nadzorstva, ki ga je omogočila takojšnja vknjižba vložka tihe družbe v bilanco stanja leta 1998, vsaj s stališča po vlogi predstavlja potencialno odločujoč dejavnik pri oceni posamezne finančne moči in bodočih pogojev financiranja banke in s tem prednost za Helabo, ne glede na to, ali se je znesek uporabljal za kritje konkurenčnih dejavnosti.
A market-economy investor who, as a result of the immediate entry of the entire invested capital in the balance sheet, exposed it in full to the risk of loss in the event of bankruptcy would have required an appropriate remuneration reflecting this loss risk.
Vlagatelj v tržnem gospodarstvu, ki je zaradi takojšnje vknjižbe celotnega vloženega kapitala v bilanco stanja le-tega v celoti izpostavil tveganju izgube v primeru tečajnega postopka, bi zahteval primerno nadomestilo, ki odraža to tveganje izgube.
For its part Helaba, on the basis of the at least potential advantage to it, whose actual achievement depended on future developments which were not fully foreseeable in 1998, would have agreed to a remuneration.
Na drugi strani pa bi se Helaba na podlagi zanjo vsaj potencialne prednosti, katere dejanska uresničitev je temeljila na nadaljnjem razvoju, ki ga leta 1998 še ni bil moč predvideti v celoti, strinjala z nadomestilom.
The Commission therefore agrees on this point in principle and on the basis of a factual analysis with the comments of the complainant BdB.
Komisija se torej v tej točki načeloma in na podlagi analize dejstev strinja z ugotovitvami pritožnika BdB.
Appropriate remuneration for the capital contributed and comparison with remuneration actually paid
Primerno nadomestilo za vložen kapital in primerjava z dejansko izplačanim nadomestilom
Assessment of whether the remuneration that was agreed for the capital to be used to underpin competitive business was the normal market remuneration
Ocena, ali je bilo nadomestilo, dogovorjeno za kapital, namenjen za kritje konkurenčnih dejavnosti, običajno tržno nadomestilo
(aa) Preliminary remark
(aa) Uvodna opomba
As explained, the Commission considers the capital measure agreed between the Land of Hessen and Helaba to be a silent partnership.
Kot je navedeno zgoraj, je Komisija mnenja, da je finančni ukrep, dogovorjen med deželo Hessen in Helabo, vložek tihe družbe.
Consequently, in examining whether the remuneration specifically agreed was appropriate to the market, it is important to determine whether such remuneration can be regarded as lying within the corridor of remunerations agreed on the market in economically and legally comparable transactions involving silent partnerships.
Pri preverjanju, ali je bilo konkretno dogovorjeno nadomestilo primerno za trg, je zato odločilno, ali se nadomestilo lahko spozna za tako, ki leži v razponu nadomestil, dogovorjenih na trgu za gospodarsko in pravno primerljive transakcije, ki vključujejo vložke tihe družbe.
According to information provided by Germany, however, in making the market comparison of the silent partnership of the Land of Hessen, the trade tax effect of (in relation to Helaba's silent partnership) 0,26 % a year must be taken into account.
Vendar se mora po navedbah Nemčije pri tržni primerjavi vložka tihe družbe s strani dežele Hessen upoštevati učinek obratovalnega davka – v povezavi z vložkom tihe družbe v primeru Helabe – v višini 0,26 % letno.
Helaba had to pay on the remuneration of 1,4 % trade tax to which the Land of Hessen was not subject, so that there was a total charge of 1,66 % (before tax).
Helaba na nadomestilo 1,4 % plačuje tudi obratovalni davek, h kateremu dežela Hessen ni zavezana, tako da je skupna obremenitev 1,66 % letno (pred obdavčitvijo).
Commercial investors operating in Germany pay trade tax on dividends from silent partnership assets.
Poslovni vlagatelji v Nemčiji plačujejo obratovalni davek od dividend iz tihih udeležb.
Instead, Helaba had to pay the trade tax applicable to the remuneration of the silent partnership.
Namesto tega mora obratovalni davek v okviru nadomestila za vložek tihe družbe plačevati Helaba.
Conversely, Helaba would have been immediately prepared to pay a remuneration premium to such an investor, since it makes no difference to it whether it pays the premium as a remuneration to the investor or as trade tax to the tax office.
V nasprotnem primeru bi bila Helaba takoj pripravljena takemu vlagatelju izplačevati pribitek na nadomestilo, saj je vseeno, ali pribitek plačuje kot nadomestilo vlagatelju ali kot obratovalni davek davčni upravi.
When the BdB argues that the trade tax, most of which does not go to the Land at all, but to the local authority, is not a component part of the remuneration, but a charge imposed by law, stemming from tax-related circumstances that are independent of the intentions of the parties, this is in itself, in the Commission's view, correct.
Trditev BdB, da obratovalni davek, ki se večinoma sploh ne odvaja deželi Hessen, temveč občini, ni del nadomestila, temveč zakonsko naložena obremenitev, ki neodvisno od namena strank izhaja iz davčnega položaja, je sama po sebi po mnenju Komisije pravilna.
However, the BdB fails to recognise that in making the market comparison the question is not ultimately whether the trade tax does or does not represent a part of the remuneration.
Vendar BdB ne uvidi, da pri tržni primerjavi naposled ne gre za vprašanje, ali obratovalni davek predstavlja del nadomestila ali ne.
The point is rather to take account of Helaba's special situation in taking up the silent partnership of the Land of Hessen and, in particular, of the particular charge involved here, which would not have arisen in taking up silent partnerships from commercial investors, in the market comparison to be carried out here.
Bolj gre za to, da se pri zadevni tržni primerjavi upošteva poseben položaj Helabe ob prejemu vložka tihe družbe s strani dežele Hessen in zlasti posebna obremenitev, do katere pri prejemih vložkov tihe družbe s strani poslovnih vlagateljev ne bi prihajalo.
The Commission therefore shares Germany's view that, in the market comparison, the trade tax of 0,26 % a year to be paid by Helaba must be added to the remuneration of 1,40 % a year, giving a total charge of 1,66 % a year.
Komisija se torej strinja z mnenjem Nemčije, da se mora pri tržni primerjavi obratovalni davek 0,26 % letno, ki ga mora plačevati Helaba, prišteti nadomestilu 1,40 % letno, tako da znaša skupna obremenitev 1,66 % letno.
According to information provided by Germany, the trade tax may be divided proportionally between the two remuneration components, with 0,23 % a year apportioned to the agreed initial remuneration of 1,2 % a year and 0,03 % apportioned to the agreed perpetuity premium of 0,2 %.
Obratovalni davek se lahko po navedbah Nemčije sorazmerno razdeli na oba dela nadomestila, 0,23 % letno na dogovorjeno izhodiščno nadomestilo 1,2 % letno in 0,03 % na dogovorjen pribitek za trajnost 0,2 %.
For the purposes of the market comparison, therefore, the rate of 1,43 % a year is to be applied for the initial remuneration and the rate of 0,23 % a year for the perpetuity premium.
Za namene tržne primerjave se mora torej uporabiti stopnja 1,43 % letno za izhodiščno nadomestilo in stopnja 0,23 % letno za pribitek za trajnost.
(bb) Customary market nature of the agreed initial remuneration of 1,2 % a year (rate of 1,43 % a year for the purposes of the market comparison taking account of the trade tax)
(bb) Običajna tržna narava dogovorjenega izhodiščnega nadomestila 1,2 % letno (stopnja 1,43 % letno za namene tržne primerjave ob upoštevanju obratovalnega davka)
The initial remuneration of the relevant silent partnership is to be determined, using the method applied by the Land of Hessen and Helaba, on the basis of time-limited, but otherwise comparable, silent partnerships.
Izhodiščno nadomestilo za zadevni vložek tihe družbe se mora z metodologijo, ki sta jo uporabili dežela Hessen in Helaba, določiti na podlagi časovno omejenih, sicer pa primerljivih vložkov tihe družbe.
The question of the appropriate remuneration for the unlimited nature of the period covered by the silent partnership of the Land of Hessen must be examined separately under point bb) with a view to a premium on this initial remuneration.
Vprašanje primernega nadomestila za časovno neomejenost vložka tihe družbe s strani dežele Hessen se mora obravnavati ločeno pod točko bb) z ozirom na pribitek na to izhodiščno nadomestilo.
Germany presented comprehensive data on remunerations of time-limited silent partnerships round about the time of the contribution at the end of 1998 and thereafter.
Nemčija je predložila obsežne podatke o nadomestilih za časovno omejene vložke tihe družbe približno v času zadevne vloge ob koncu leta 1998 in kasneje.
According to the information provided by Germany, in comparing premiums for silent partnerships, a distinction should be drawn on the basis of the reference interest rate.
Po navedbah Nemčije se mora pri primerjavi pribitkov za vložke tihe družbe razlikovati na podlagi referenčne obrestne mere.
If, in the case of a variable overall remuneration, the remuneration premium relates to the (variable) money market interest rate on the interbank market (Libor or Euribor), i.e. the refinancing rate for first-class banks, this corresponds to the liability remuneration for the silent partnership without any need for further adjustment.
Če se v primeru spremenljivega celotnega nadomestila pribitek na nadomestilo nanaša na (spremenljivo) obrestno mero v okviru denarnega trga na medbančnem trgu (LIBOR ali EURIBOR), t.j. na obrestno mero refinanciranja za prvorazredne banke, je ta skladen z nadomestilom za jamstvo za vložke tihe družbe brez potrebe za dodatno prilagajanje.
However, if, in the case of a fixed overall remuneration, the remuneration premium relates to the (fixed-interest) bond market rate (generally the yield on public bonds with a ten-year maturity), the remuneration premium consists of the (general) refinancing premium of the bank vis-à-vis the State for the procurement of liquidity and the specific liability remuneration for the silent partnership.
Če pa se v primeru fiksnega celotnega nadomestila pribitek na nadomestilo nanaša na (fiksno) obrestno mero na trgu obveznic (običajno donos na državne obveznice z 10-letno dospelostjo), je ta sestavljen iz (splošnega) pribitka za refinanciranje banke nasproti državi za pridobitev likvidnosti in konkretnega nadomestila za jamstvo za vložek tihe družbe.
For the purposes of comparing the liability remuneration with money-market-related liability remunerations, therefore, the refinancing premium must in this case be deducted from the remuneration premium.
Za primerjavo nadomestila za jamstvo z nadomestili za jamstvo, povezanimi z denarnim trgom, se mora torej v tem primeru pribitek za refinanciranje odbiti od pribitka na nadomestilo.
With illiquid capital contributions, as in the case of the silent partnership contribution of the Land of Hessen, the remuneration premium is, however, as with variable-interest money-market-related instruments, usually identical to the liability remuneration.
Pri nelikvidnih vložkih, kot v primeru vložka tihe družbe s strani Hessna, pa je pribitek na nadomestilo tako kot pri spremenljivo obrestovanih instrumentih, povezanih z denarnim trgom, ponavadi enak nadomestilu za jamstvo.
It follows from this that the remuneration for the silent partnership contribution of the Land of Hessen, as an illiquid capital contribution, can be compared directly with money-market-related remuneration premiums (i.e. variable-interest overall remunerations), since these correspond to the liability remunerations.
To pomeni, da se lahko nadomestilo za vložek tihe družbe s strani dežele Hessen kot nelikvidni vložek neposredno primerja s pribitki na nadomestilo, povezanimi z denarnim trgom (t.j. spremenljivo obrestovanimi celotnimi nadomestili), saj so ti skladni z nadomestili za jamstvo.
In the comparison with bond-market-related overall remunerations, however, the refinancing premium (from in principle around 20 to 40 basis points, leaving aside further short-term upward or downward deviations, in the relevant periods according to the information provided by Germany must be deducted from these in order to determine the specific liability remuneration for the silent partnership contribution.
Pri primerjavi s celotnimi nadomestili, povezanimi s trgom obveznic, pa se mora pribitek za refinanciranje (načeloma med približno 20 do 40 odstotnimi točkami, brez upoštevanja nadaljnjih kratkoročnih odstopanj navzgor in navzdol, v zadevnem obdobju po navedbah Nemčije od teh odbiti z namenom določitve konkretnega nadomestila za jamstvo za vložek tihe družbe.