natgillin/translations-raw huggingface dataset:
Where the investment is made by only one joint owner and there is no proportional increase in shares at the expense of the other (inactive) joint owners or the other joint owners fail to make a corresponding and proportional parallel contribution, this can be achieved only by opting for an advance remuneration at the expense of all joint owners, paid direct to the investor, independently of his owner status and for his sole benefit, before the regular dividends.
V primeru naložbe s strani solastnika je to ob odsotnosti sorazmernega povečanja deleža v breme ostalih (nedejavnih) solastnikov oz. ob odsotnosti ustreznega sorazmernega vzporednega prispevanja ostalih solastnikov zagotovljeno samo, če se izbere vnaprejšnje nadomestilo v breme vseh solastnikov, ki se pred rednimi izplačili dividend solastnikom izplačuje neposredno vlagatelju, neodvisno od njegovega lastniškega deleža in ima tako samo on od tega koristi.
Capital basis for the remuneration and elements of the remuneration
Kapitalska osnova za nadomestilo in elemente nadomestila
Capital basis
Kapitalska osnova
As in the WestLB case, the Commission has determined the appropriate remuneration for the transferred housing–promotion assets in the light of their commercial usefulness for BayernLB, while drawing a distinction in the present case between the ‘business-expansion function’ and the (mere) ‘guarantee function’ of the assets made available as equity capital for the bank's business activities.
Kot v primeru WestLB Komisija določa primerno nadomestilo za prenesena sredstva za pospeševanje glede na njihovo poslovno uporabnost za BayernLB. Komisija tudi v obravnavanem razlikuje med tako imenovano funkcijo širjenja dejavnosti in (samo) funkcijo jamstva sredstev za pospeševanje, ki so na razpolago kot lastni kapital za poslovne dejavnosti kreditne institucije.
The ‘business-expansion function’ of capital refers to the expansion of business potential by means of risk-bearing assets following the recognition for supervisory purposes of a bank's additional equity capital.
Funkcija širjenja dejavnosti kapitala se nanaša na širjenje poslovnega potenciala s tveganimi sredstvi po priznanju dodatnega lastnega kapitala banke s strani nadzorstva.
In this regard the starting point for determining the normal market remuneration is the remuneration that would be demanded by a private investor providing a bank with equity capital.
V tej zvezi je izhodišče za določitev običajnega tržnega nadomestila nadomestilo, ki bi ga zahteval zasebni vlagatelj, ki banki zagotavlja lastni kapital.
Where the capital provided is shown in the balance sheet as equity but is not recognised as such for supervisory purposes or is intended to underpin promotion activities, it is not available for expanding business.
Če je razpoložljiv kapital v bilanci stanja sicer vknjižen kot lastni kapital, a ni priznan s strani nadzorstva kot lastni kapital ali se uporablja za kritje dejavnosti za pospeševanje, ni na razpolago za širjenje dejavnosti.
However, equity is also important for reasons other than banking supervision.
Kapital pa ni pomemben zgolj zaradi bančnega nadzorstva.
Its availability to the bank's creditors at least for the purposes of covering liabilities (‘guarantee function’) means that its economic function can still be compared to that of a surety or guarantee.
Ker je garantom kreditne institucije na razpolago vsaj za namene jamstva (t.i. funkcija jamstva), se lahko njegova gospodarska funkcija vseeno primerja s funkcijo jamstva ali garancije.
The amount of equity shown in the balance sheet is an indication for the bank's lenders of its soundness and thus influences the conditions under which the bank is able to raise outside funds.
Obseg lastnega kapitala, vknjiženega v bilanci stanja, bančnim posojilodajalcem potrjuje kreditno sposobnost banke in s tem vpliva na pogoje, pod katerimi banka lahko prejema tuj kapital.
The normal market remuneration of the ‘guarantee function’ of capital is calculated according to the return which a private guarantor would have demanded from a credit institution comparable to BayernLB in size and risk strategy.
Običajno tržno nadomestilo za tako imenovano funkcijo jamstva kapitala se izračuna na podlagi nadomestila, ki bi ga zasebni garant zahteval od kreditne institucije, primerljive z BayernLB, kar zadeva njegovo velikost in strategijo tveganja.
The Land of Bavaria transferred to BayernLB interest-free and low-interest loans with a residual value of around DEM 3798 million on 31 December 1994 and loans with a residual value of around DEM 1219 million on 31 December 1995.
Svobodna država Bavarska je dne 31. decembra 1994 na BayernLB prenesla brezobrestna ali nizko obrestovana posojila s preostalo vrednostjo okrog 3,798 milijonov DEM in dne 31. decembra 1995 s preostalo vrednostjo okrog 1,219 milijonov DEM.
An expert evaluation put the cash value of these housing-promotion assets at DEM 655,7 million for the first instalment and DEM 542,1 million for the second instalment.
Denarna vrednost teh sredstev za pospeševanje je bila za prvo tranšo strokovno določena s 655,7 milijoni DEM in za drugo tranšo s 542,1 milijoni DEM.
This constituted a special-purpose reserve totalling DEM 1197 million, which was shown in BayernLB's balance sheet as own funds.
To je predstavljalo skupno rezervo za posebne namene v višini 1,197 milijard DEM, ki je bila v bilanci stanja BayernLB vknjižena kot lastni vir sredstev.
BAKred had recognised as original own funds for supervisory purposes the cash value of the two instalments — DEM 1197 million in total — as determined at the time of each transfer and shown as own funds in the balance sheet.
BAKred je denarno vrednost v skupnem znesku 1,197 milijard DEM, ki je bila določena za ustrezen čas prenosa obeh tranš in v bilanci stanja vknjižena kot lastni vir sredstev, za potrebe nadzora v polnem obsegu priznal kot temeljna sredstva.
Germany submits that all of BayernLB's housing-promotion assets concentrated in the special-purpose reserve were also available to underpin its competitive business.
Poleg tega so bila po navedbah Nemčije tudi sredstva BayernLB za pospeševanje, ki so zbrana v rezervi za posebne namene, v celoti na razpolago za kritje konkurenčnih dejavnosti.
Unlike in the WestLB case, there were no plans to use part of the special-purpose reserve for the additional purpose of underpinning the bank's promotion business.
Za razliko od primera WestLB, delna uporaba rezerve za posebne namene tudi za kritje dejavnosti kreditne institucije za pospeševanje ni bila predvidena.
So the question does not arise here as to whether part of the special-purpose reserve shown in the balance sheet as own funds might only have served a guarantee function for BayernLB.
Tako se tukaj ne pojavi vprašanje, ali je morebiti del rezerve za posebne namene, ki je v bilanci stanja prikazan kot lastni vir sredstev, služil zgolj kot funkcija jamstva za BayernLB.
The value of the special-purpose reserve recognised for supervisory purposes therefore forms the basis for determining the appropriate remuneration for the business-expansion function of the capital provided.
Vrednost rezerve za posebne namene, priznana za potrebe nadzora, tako predstavlja osnovo za določitev primernega nadomestila za širjenje dejavnosti kot funkcijo razpoložljivega kapitala.
The Commission acknowledges here that, in 1998 and 1999, the cash value of the special-purpose reserve fell below the amount recognised by BAKred (DEM 1197 million) and hence during those years the full amount of the special-purpose reserve recognised by BAKred was not available for underpinning competitive business.
Komisija priznava, da je denarna vrednost rezerve za posebne namene v letih 1998 in 1999 padla pod znesek 1,197 milijard DEM, ki ga je BAKred priznal, in v tem smislu rezerva za posebne namene v teh letih ni bila v celoti na razpolago v obsegu, ki ga je BAKred priznal za kritje konkurenčnih dejavnosti.
Although the Land's default guarantee for loans from the special-purpose assets secured at least the return flow from the loan claims concentrated in the special-purpose reserve, the cash value could still fall below the reference amount, for example when the returned funds were granted afresh to promote housing construction, whereby the Land held sole decision-making power pursuant to the transfer agreement.
Res pa je, da so se z jamstvom Bavarske za posojila posebnih namenskih sredstev zagotovila vsaj povračila terjatev iz posojil, ki so združena v posebnih namenskih sredstvih. Nedoseganja denarne vrednosti pa so lahko med drugim nastopila tudi, če so bila povrnjena sredstva vnovič uporabljena za pospeševanje gradnje stanovanj, o čemer je skladno z dogovorom o prenosu odločala samo Bavarska.
No agreement was concluded whereby the Land guaranteed that the transferred assets would not fall below a certain cash value.
Ni bilo nobenega dogovora o tem, da mora Bavarska zagotoviti, da vložena sredstva ne prekoračijo določene denarne vrednosti.
Consequently, for 1998 and 1999, when fluctuations pushed the cash value below the amount recognised by BAKred, only the lower cash value should be used as a basis for calculation.
Za leti 1998 in 1999, v katerih je denarna vrednost zaradi nihanj dejansko padla pod znesek, ki ga je BAKred priznal, se za davčno osnovo uporabi samo zmanjšana denarna vrednost.
The parties to the understanding submitted on 24 September 2004 also agreed on this point.
O tem so se sporazumele tudi stranke dogovora, ki je bil predložen 24. septembra 2004.
The Commission would point out once again that the extent to which the capital provided was actually used cannot be a factor in determining the appropriate remuneration.
Komisija ob tem vnovič poudarja, da se pri določanju primernega nadomestila ne more upoštevati obseg, v katerem je bil razpoložljiv kapital dejansko uporabljen.
All that matters is the possibility of using the capital to expand business.
Pomembna je le možnost uporabe kapitala za širjenje dejavnosti.
Even a private investor would not be happy with a remuneration dependent on the capital being used.
Tudi zasebni vlagatelj ne bi bil zadovoljen z nadomestilom, odvisnim od uporabe kapitala.
In this regard the Commission agrees with the BdB's observation that, for the market-economy investor who runs the risk of losing his investment, it is irrelevant whether the credit institution actually uses the injected capital to expand its business.
Komisija se v tej točki strinja s trditvijo BdB, da vlagatelju v tržnem gospodarstvu, ki tvega izgubo svoje vloge, ni pomembno, ali kreditna institucija dejansko uporablja vložen kapital za širjenje svojih dejavnosti.
As the BdB rightly points out, all that matters to the market-economy investor is that he himself can no longer use the amount transferred to engage in economic activity and hence achieve corresponding returns.
BdB pravilno ugotavlja, da je vlagatelju v tržnem gospodarstvu pomembno le, da on sam z vloženim zneskom ne more več gospodariti in s tem doseči ustreznega donosa.
So the fact that BayernLB used the injected capital only once in 1996 and even then only to a limited extent to cover risk-bearing assets is also irrelevant to the question of the capital basis being examined here. The parties themselves acknowledge this point in the understanding submitted to the Commission on 24 September 2004.
Zato je dejstvo, da je BayernLB razpoložljiv kapital uporabil le enkrat samkrat v letu 1996 in še takrat za neznatno kritje tvegane aktive, nepomembno tudi za tukaj obravnavano odločilno kapitalsko osnovo, kar so navedle tudi same stranke v dogovoru, ki so ga predložile Komisiji dne 24. septembra 2004.
Moreover, for the purposes of determining the remuneration for the business-expansion function of the capital, the most important point in time is when the special-purpose reserve was recognised by BAKred as core capital.
Nadalje je treba opozoriti na to, da je bil odločilen trenutek za določitev nadomestila za širjenje dejavnosti kot funkcijo kapitala priznanje rezerve za posebne namene kot temeljni kapital s strani BAKred za potrebe nadzora.
According to Germany, BayernLB and the complainant, it was only from that time on that the capital could be used to cover risk-bearing assets.
Po navedbah Nemčije, BayernLB in pritožnika BdB se je kapital lahko šele po tem začel uporabljati za kritje tvegane aktive.
However, insofar as the capital had already been shown in the balance sheet as own funds, it also had at least a guarantee function, as explained above in more detail.
V kolikor je kapital bil že pred tem v bilanci stanja vknjižen kot lasti vir sredstev, je opravljal vsaj funkcijo jamstva, kot je bolj podrobno pojasnjeno zgoraj.
This must also be taken into account in determining the appropriate remuneration.
To se mora upoštevati tudi pri določitvi primernega nadomestila.
Remuneration actually paid (elements of remuneration)
Dejansko izplačano nadomestilo (elementi nadomestila)
In addition to the 0,6 % per annum remuneration paid for capital actually used to cover risk-bearing assets, the Commission also acknowledges — contrary to the provisional view it expressed in its decision to initiate proceedings — the 0,05 % per annum guarantee fee which BayernLB had to pay for assuming the Land's default guarantee.
Poleg izplačanega nadomestila 0,6 % letno za kapital, ki se dejansko uporablja za kritje tvegane aktive, Komisija kot izplačano nadomestila priznava tudi – v nasprotju z njenim predhodnim mnenjem v odločitvi o začetku postopka – provizijo za jamstvo v višini 0,05 % letno, ki jo je BayernLB morala plačati za dodelitev jamstva s strani Bavarske.
With reference to expert reports by the auditors […] dated 5 October 1994 and 30 April 1996, which have been supplied to the Commission, Germany was able to prove that, without the default guarantee, the cash value of the transferred loan claims would have had to have been set at a lower level, as the fixed capitalisation interest rate of 7,5 % would have been supplemented by a risk premium.
Sklicujoč se na izvedenski mnenji revizijskega podjetja [...] z dne 5. oktobra 1994 in z dne 30. aprila 1996, ki sta na razpolago Komisiji, je Nemčija lahko dokazala, da bi se brez jamstva denarna vrednost prenesenih terjatev iz posojil morala določiti na nižji ravni, ker bi se morala fiksni kapitalizacijski obrestni meri 7,5 % dodati še premija tveganja.
Since the Commission's decision to initiate proceedings, Germany has conceded that the other elements mentioned in that decision, i.e. (1) interest payments by borrowers, also accruing to the Land, (2) interest on intermediate investments abroad and (3) proportional contributions to administrative costs, should not be regarded as elements of remuneration.
Glede ostalih elementov, ki so navedeni v odločitvi o začetku postopka, kot (1) plačila obresti posojilojemalcev, ki se še naprej izplačujejo Bavarski, (2) obresti od začasnih naložb v tujini in (3) sorazmerni prispevki za upravne stroške, Nemčija sedaj priznava, da se ne smejo šteti kot deli nadomestila.
The Commission therefore sees no reason to depart from the views expressed in its decision to initiate proceedings:
Komisija tako ne vidi razloga, da bi odstopila od stališča, ki ga je izrazila v odločitvi o začetku postopka:
Interest payments by borrowers: The arrangement laid down in Section 2(1) of the transfer agreement, whereby future and current interest on claims forming part of the transferred special-purpose reserve accrue to the Land, results from the fact that the special-purpose reserve is to be kept separate from the bank's other assets (see Section 2(3) of the transfer agreement).
Plačila obresti posojilojemalcev: Ureditev iz poglavja 2(1) dogovora o prenosu, po kateri se prihodnje in sedanje obresti za terjatve iz prenesenih posebnih namenskih sredstev dotekajo državi, je posledica dejstva, da je treba posebna namenska sredstva ločiti od ostalih sredstev banke, prim. poglavje 2(3) dogovora o prenosu.
Future and current interest on claims forming part of the special-purpose reserve cannot therefore be regarded as remuneration for the reserve's business-expansion function as equity capital.
Prihodnje in sedanje obresti na terjatve iz prenesenih posebnih namenskih sredstev se tako ne morejo obravnavati kot nadomestilo za širjenje dejavnosti kot funkcijo posebnih namenskih sredstev kot lastni kapital.
This Section 2(1) arrangement is more a consequence of the requirement of Article 1(2) of the Special-purpose Assets Act that the transferred housing-promotion assets be used for social purposes.
Ta ureditev iz poglavja 2(1) dogovora o prenosu je bolj posledica zahteve iz člena 1(2) zakona o posebnih namenskih sredstvih, da se prenesena sredstva za pospeševanje uporabijo v socialne namene.
Under Article 1(2) of that Act, steps must be taken to ensure that the transferred assets are used to the same extent as hitherto for the purposes of social-housing construction.
V skladu s členom 1(2) zakona o posebnih namenskih sredstvih je treba zagotoviti, da se prenesena sredstva za pospeševanje uporabijo na enak način kot doslej za potrebe gradnje socialnih stanovanj.
Consequently, future and current interest on claims forming part of the special-purpose reserve must be used solely for social-housing construction.
Posledično se morajo prihodnje in sedanje obresti na terjatve iz teh posebnih namenskih sredstev zaradi njihove namenskosti uporabljati izključno za ukrepe gradnje socialnih stanovanj.
The fact that this interest accrues to the Land is thus merely an expression of the mandatory social purpose of the assets and cannot subsequently be reinterpreted as remuneration payable by BayernLB.
Dejstvo, da obresti dotekajo državi, je tako izključno izraz obvezne socialne namenskosti sredstev za pospeševanje in se ne more naknadno razlagati kot nadomestil, plačano s strani BayernLB.
Interest on intermediate investments: The interest payments on intermediate investments laid down in the fourth and fifth sentences of Section 2(1) of the transfer agreement cannot be regarded as remuneration for the business-expansion function of liable equity capital either.
Obresti od začasnih naložb: Plačila obresti od začasnih naložb, ki so predvidena v četrtem in petem stavku poglavja 2(1) dogovora o prenosu se prav tako ne morejo obravnavati kot nadomestilo za širjenje dejavnosti kot funkcijo rizičnega lastnega kapitala.
This is because any returns which accrue to the special-purpose reserve on the basis of their continuing social purpose are ploughed back as low-interest loans specifically for social-housing construction in accordance with the Land guidelines and requirements .
Kajti povračila, ki na podlagi svoje stalne socialne namenskosti tako in tako dotekajo posebnim namenskim sredstvom, se v skladu s smernicami in zahtevami Svobodne države Bavarske še naprej uporabljajo kot obrestno ugodna posojila usmerjena v gradnjo socialnih stanovanj.
As Germany itself states, BayernLB is in any case entitled only to the capital element of the loan rights (the securing function of equity capital), while the utilisation and earnings function of the equity capital will, by dint of its mandatory social purpose, remain entirely with the Land .
Po navedbah Nemčije pripada BayernLB zgolj glavnica posojilnih pravic (varnostna funkcija lastnega kapitala), medtem ko ostajata uporabnostna funkcija in funkcija donosnosti lastnega kapitala ob izpolnjevanju obvezne socialne namenskosti in v skladu s pogodbo v polnem obsegu v pri Svobodni državi Bavarski.
Since these proceedings are concerned with determining whether an appropriate remuneration has been paid for the securing function of the equity capital, any remuneration to be paid for actually using the funds cannot be counted as part of the remuneration for the securing function.
Ker se zadevni postopek ukvarja z določitvijo primernega nadomestila za varnostno funkcijo lastnega kapitala, se nadomestilo, plačano za dejansko uporabo sredstev, ne more šteti kot del nadomestila za varnostno funkcijo.
Proportional contributions to administrative costs: The contributions to the administrative costs of the transfer payable to the Land are also nothing more than a further expression of the principle laid down in Section 2(3) of the transfer agreement of the separation between the contributed funds and the bank's other assets.
Sorazmerni prispevki za upravne stroške: Prispevki za upravne stroške prenosa v posebna namenska sredstva, ki se plačajo Bavarski, niso nič drugega kot nadaljnji izraz načela ločitve prenesenih sredstev od ostalih sredstev banke iz poglavja 2(3) dogovora o prenosu.
The fact that a portion of the contributions from borrowers continues to accrue to the Land is thus an expression of the continued mandatory special purpose of the contributed funds and their associated separation from the bank's other assets.
Dejstvo, da del prispevkov posojilojemalcev za upravne stroške še naprej doteka državi, je tako izraz stalne namenskosti in s tem povezane ločitve prenesenih sredstev od ostalih sredstev banke.
This cannot be reinterpreted subsequently as remuneration payable by BayernLB.
Tudi to se ne more naknadno razlagati kot nadomestilo, ki ga mora plačati BayernLB.
As explained above, the starting point for determining the normal market remuneration in this case is the remuneration that would be demanded by a market-economy investor providing a bank with equity capital.
Kot je navedeno zgoraj, je izhodišče za določitev običajnega tržnega nadomestila v prvi vrsti nadomestilo, ki bi ga zahteval vlagatelj v tržnem gospodarstvu, ki banki zagotavlja lastni kapital.
It is beyond dispute here that the housing-promotion assets transferred to BayernLB cannot be compared directly to other transactions.
V tem primeru nesporno drži, da sredstev za pospeševanje, ki so bila prenesena na BayernLB, ni mogoče primerjati z drugimi transakcijami.
Consequently, as in the WestLB case, the appropriate remuneration can be determined only by comparing the asset transfer with various equity instruments normally found on the markets, in order to determine by analogy which instrument is most similar to it und is therefore the benchmark for determining the remuneration.
Posledično se lahko, kot v primeru WestLB, primerno nadomestilo tudi tukaj določi samo tako, da se prenos sredstev primerja z različnimi instrumenti lastnega kapitala, ki se običajno pojavljajo na trgu, da se smiselno določi instrument, ki mu je najbolj podoben in ki zato služi kot merilo za določitev nadomestila.
Germany, BayernLB and the complainant all agree that the housing-promotion assets concentrated in the special-purpose reserve can be compared only to either share capital or silent partnership contributions.
Nemčija, BayernLB in pritožnik se strinjajo, da se sredstva za pospeševanje, ki so zbrana v rezervi za posebne namene, lahko primerjajo samo z osnovnim kapitalom ali vložki tihe družbe.
The special-purpose reserve was recognised by BAKred as core capital (‘tier I 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 „razred 1“) in se torej lahko primerja le s takimi instrumenti lastnega kapitala, ki so bili v Nemčiji priznani kot temeljni kapital v letu prenosa.
Germany states that, in 1994 and 1995, this meant only the share capital of banks or reserves and silent partnership contributions that met the special requirements laid down in Article 10(4) of the German Banking Act (KWG).
Ti so po navedbah Nemčije v letih 1994 in 1995 bili le osnovni kapital in rezerve ter vložki tihe družbe, ki so ustrezali posebnim zahtevam poglavja 10(4) KWG.
The Commission agrees with the parties on this point.
Komisija se v tej točki s strinja z udeleženci v postopku.