natgillin/translations-raw huggingface dataset:
Nevertheless, in the Commission's view, it cannot necessarily be deduced from this that an institutional investor would not have made a comparable silent partnership contribution because of the high proportion of total equity capital it represented.
Vendar po mnenju Komisije to ne pomeni zagotovo, da institucionalni vlagatelj zaradi velikega deleža pri celotnem lastnem kapitalu ne bi opravil primerljivega vložka tihe družbe.
Germany pointed out that Landesbanks generally make greater use of silent partnership contributions beyond the 15 % limit as instruments of core capital procurement, and do so predominantly from amongst their guarantors, but also from third-party investors.
Nemčija je poudarila, da deželne banke običajno v večji meri uporabljajo vložke tihe družbe izven meje 15 % kot instrumente za pridobivanje temeljnega kapitala in sicer večinoma iz kroga svojih garantov, a tudi od tretjih vlagateljev.
For example, according to the information provided by Germany, the share of silent partnership contributions of in 2003 was 72 % in the case of [...], 39 % in the case of [...] , 33 % in the case of [...] 39 %, in the case of [...] and 42 % in the case of [...].
Po navedbah Nemčije je tako leta 2003 delež vložkov tihe družbe pri […]znašal 72 %, pri […] 39 %, pri […] 33 %, pri […]39 % in pri […] 42 %.
The reasons for this high share of hybrid instruments have to do with the fact that, because of their public-law structure, the Landesbanks are not allowed to raise capital on the stock markets.
Razlogi za ta velik delež hibridnih instrumentov so povezani z dejstvom, da deželne banke zaradi svoje javne strukture ne smejo sprejemati kapitala na delniških trgih.
It also seems that investors in Landesbanks are more prepared to accept a smaller share capital buffer, since, because of the different business orientation and the accompanying reduced risk structure of the institutions, the capital is exposed to a generally smaller risk.
Poleg tega se zdi, da so vlagatelji pri deželnih bankah prej pripravljeni sprejeti manjšo rezervo osnovnega kapitala, saj je kapital zaradi drugačnega poslovnega profila in s tem povezane manjše strukture tveganja institucij izpostavljen skupno manjšemu tveganju.
At least in the case of Helaba, which, even within the group of the above-mentioned Landesbanks, must be regarded as a comparatively low-risk credit institution, the Commission cannot therefore exclude the possibility that, despite a share capital buffer of (only) some 50 %, an institutional investor would have made a comparable investment in the form of a silent partnership contribution to Helaba.
Vsaj v primeru Helabe, ki se mora tudi v skupini zgoraj navedenih deželnih bank obravnavati kot kreditna institucija z razmeroma nizkim tveganjem, Komisija torej ne more izključiti možnosti, da bi kljub rezervi osnovnega kapitala v višini (le) približno 50 % institucionalni vlagatelj izpeljal primerljivo naložbo v obliki vložka tihe družbe pri Helabi.
The Commission also examined in detail to what extent the perpetuity of the contribution, i.e. the fact that it is of unlimited duration and not withdrawable subject to notice by the Land of Hessen, affects the risk analysis to be carried out here.
Komisija je tudi podrobno preučila, v kakšni meri trajnost vložka, torej dejstvo, da je časovno neomejena in za deželo Hessen neodpovedljiva, vpliva na zadevno analizo tveganja.
The BdB argues here that no hybrid instruments of unlimited duration exist on the capital market.
BdB tu navaja, da na trgu kapitala ne obstajajo časovno neomejeni hibridni instrumenti.
Institutional investors were in principle prepared to acquire only hybrid equity instruments of fixed duration or instruments for which repayment could be assumed, because the payout rate was higher (so-called step-up) or the instrument was transformed into another form of investment at a given point in time.
Institucionalni vlagatelji so načeloma pripravljeni pridobiti le hibridne instrumente lastnega kapitala z določenim trajanjem ali instrumente, za katere se lahko domneva vračilo, ker je obrestna mera izplačila večja (t.i. step-up) ali pa se instrument v določenem obdobju preoblikuje v drugo obliko vloge.
Step-up clauses gave the debtor (issuer) a strong economic incentive to repay the silent partnership contribution.
Klavzule step-up predstavljajo dolžniku (izdajatelju) močno gospodarsko spodbudo za vračilo vložka tihe družbe.
A step-up clause thus made a perpetual in actual fact into an instrument with a fixed term.
Klavzula step-up torej perpetual dejansko spremeni v instrument za določeno obdobje.
Furthermore, innovative core capital instruments were typically placed only by private investors.
Poleg tega je vloga inovativnih instrumentov temeljnega kapitala značilna le za zasebne vlagatelje.
Germany and Helaba argue in response to this that, even in the case of perpetuals, investors have to reckon with step-up, that, contrary to possible expectations, at the time when the step-up clauses become effective, there is no ‘on-schedule’ repayment and that thus the perpetuity risk exists.
Nemčija in Helaba temu ugovarjata, saj morajo vlagatelji tudi v primeru perpetualov ob klavzulah „step-up“ računati s tem, da v nasprotju z morebitnimi pričakovanji v času začetka veljavnosti klavzul step-up ni „pravočasnega“ vračila in da obstaja tveganje trajnosti.
This was due, firstly, to the fact that the right of withdrawal lay solely with the debtor (issuer); secondly, the economic situation of the issuer at the time the step-up clause became effective was crucial for on-schedule repayment; thirdly, the supervisory authority had to approve the withdrawal, and it gave its approval only if the debtor had, at the time of the withdrawal, a comfortable equity capital base or carried out a replacement transaction on the market.
Razlog za to je v prvi vrsti dejstvo, da je „pravica odpovedi“ izključno na strani dolžnika (izdajatelja), kot drugo je gospodarski položaj izdajatelja v času začetka veljavnosti klavzule step-up odločilen za pravočasno vračilo, kot tretje pa mora nadzorni organ odpoved odobriti, kar stori le v primeru, da ima dolžnik v času odpovedi zadovoljiv obseg priznanega lastnega kapitala ali opravi nadomestno transakcijo na trgu.
Furthermore, examples showed that even institutional investors placed hybrid instruments with unlimited duration and without step-up, one instance cited by Germany being a junior-ranking Air Canada loan of unlimited duration from 1987 which, as the Commission ascertained, did indeed not have any step-up arrangement.
Poleg tega primeri kažejo, da tudi institucionalni vlagatelji vlagajo hibridne instrumente za neomejeno obdobje in brez klavzul step-up, pri čemer Nemčija navaja primer podrejenega in časovno neomejenega posojila Air Canada iz leta 1987, pri katerem, kot je potrdila Komisija, dejansko ne gre za ureditev step-up.
Germany also argued that, although the existence of withdrawal rights was taken into account in the prices, the remuneration corridor was not wide.
Nemčija tudi navaja, da kljub upoštevanju obstoja pravic odpovedi pri cenah razpon nadomestila ni velik.
For the Commission, the key point in the situation to be assessed here is the fact that the perpetuity of the contribution in this instance involves primarily the risk for the investor of not being able to profit from interest rate increases on the market, since, on the one hand, he has no possibility of withdrawal and, on the other, cannot rely on a step-up.
Za Komisijo je v obravnavanem primeru ključno predvsem dejstvo, da tu trajnost vložka vključuje predvsem tveganje vlagatelja, da ne bo mogel pridobiti s povečanji obrestne mere na trgu, saj po eni strani nima možnosti odpovedi, po drugi pa se ne more zanesti na „step-up“.
The perpetuity aspect does not, however, involve the risk of loss in the event of insolvency or liquidation.
Vendar trajnost ne vključuje tveganja izgube v primeru insolventnosti ali likvidacije.
Against this background and taking account of the market description provided by Germany, the Commission therefore takes the view that the unlimited duration of the contribution does not in this instance justify changing the reference to the product from ‘silent partnership contribution’ to ‘share capital’.
Komisija ob upoštevanju navedenega in s strani Nemčije opisanega trga meni, da tudi neomejeno trajanje vložka tu ne opravičuje preimenovanja „vložka tihe družbe“ v „osnovni kapital“.
However, the Commission will later examine whether the perpetuity aspect justifies a premium on the usual market remuneration for the silent partnership contribution.
Kasneje pa bo podrobno preučila, ali trajnost upravičuje pribitek na običajno tržno nadomestilo za vložek tihe družbe.
The conclusion must be, therefore, that in the case of Helaba the transfer was undoubtedly made in the legal form of a silent partnership that has much more in common with other silent partnerships than with share capital.
Zaključiti je torej treba, da je bila v primeru Helabe vloga nedvomno opravljena v pravni obliki vložka tihe družbe, ki ima veliko več skupnega z drugimi vložki tihe družbe kot z osnovnim kapitalom.
There is, therefore, in the Commission's view, not sufficient evidence of an abuse of the legal form of a silent partnership for a contribution of capital that in actual economic terms constituted share capital.
Po mnenju Komisije zato ni zadostnih dokazov za zlorabo pravne oblike vložka tihe družbe za vlogo kapitala, ki v resnici v gospodarskem smislu predstavlja osnovni kapital.
Determination of the capital base to be used in determining the remuneration
Določanje kapitalske osnove, pomembne za izračun nadomestila
Capital base standard
Pomembnost kapitalske osnove
In determining the capital base to be remunerated, the Commission distinguishes firstly between the ‘business-expansion function’ and the (mere) ‘guarantee function’ of the promotion-related assets made available as equity capital for the business activity of the credit institution.
Komisija pri določanju kapitalske osnove, ki se mora nadomestiti, najprej 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.
In this regard the starting point for determining the normal market remuneration is the remuneration that would be demanded in the specific situation by a private investor providing a bank with equity capital.
V tej zvezi je izhodišče za določitev običajnega tržnega nadomestila nadomestilo, ki bi ga v konkretnih okoliščinah zahteval zasebni vlagatelj, ki banki zagotavlja lastni kapital.
In so far as capital made available is shown in the balance sheet as equity capital but is not recognised for supervisory purposes as equity capital or is used to underpin promotion activities or for other reasons cannot be used to underpin competitive business, it is not available for business expansion.
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 ali se iz drugih razlogov ne more uporabljati za kritje konkurenčnih dejavnosti, ni na razpolago za širjenje dejavnosti.
However, capital 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 (‘liability 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 gives the bank's lenders an indication of its soundness and may thus influence 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 lahko s tem vpliva na pogoje, pod katerimi banka lahko prejema tuj kapital.
The normal market remuneration of the ‘liability function’ of capital is calculated according to the return which a private guarantor would have demanded in this specific situation from a credit institution comparable to Helaba in size and risk strategy.
Običajno tržno nadomestilo za tako imenovano funkcijo jamstva kapitala se izračuna na podlagi nadomestila, ki bi ga zasebni garant v konkretnih okoliščinah zahteval od kreditne institucije, primerljive s Helabo, kar zadeva njeno velikost in strategijo tveganja.
Consequently, in calculating the remuneration, the silent partnership recognised in full as core capital must be divided into two separate capital bases.
Za izračun nadomestila se mora zato vložek tihe družbe, v celoti priznan kot temeljni kapital s strani nadzorstva, razdeliti na dve različni kapitalski osnovi.
The capital base which was available to underpin Heleba's competitive business must be remunerated in the same way as a market-economy investor would have reasonably required for a silent partnership with the same characteristics in this specific situation.
Kapitalska osnova, ki je bila na razpolago za kritje konkurenčnih dejavnosti Helabe, se mora nadomestiti tako, kot bi vlagatelj v tržnem gospodarstvu razumno zahteval v konkretnih okoliščinah za vložek tihe družbe z enakimi značilnostmi.
The capital base that was not available for Heleba's competitive business must be remunerated in such a way as a market-economy investor would have reasonably required in this specific situation.
Kapitalska osnova, ki ni bila na razpolago za kritje konkurenčnih dejavnosti Helabe, se mora nadomestiti tako, kot bi vlagatelj v tržnem gospodarstvu razumno zahteval v konkretnih okoliščinah.
Capital base that was available to underpin Helaba's competitive business
Kapitalska osnova, ki je bila na razpolago za kritje konkurenčnih dejavnosti Helabe
The Commission takes the fundamental view that the extent to which the capital provided was actually used cannot be a factor in determining the appropriate remuneration.
Komisija je načeloma mnenja, da se pri določanju primernega nadomestila ne more upoštevati obseg, v katerem je bil razpoložljiv kapital dejansko uporabljen.
In this regard, the Commission agrees in principle 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 načeloma 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 in principle, 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 načeloma 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.
To illustrate the point one might take the example of a rented house: a landlord will insist on rent being paid even if, for whatever reason, the tenant no longer lives in the house, as by renting to the tenant, the landlord is forgoing the possibility of renting to someone else, and, in any event, he has no control over where the tenant resides.
To se lahko ponazori s primerom najetega stanovanja: Najemodajalec vztraja pri plačilu najemnine tudi takrat, ko najemnik iz kakršnih koli razlogov v stanovanju ne živi, saj si s tem, ko odda stanovanje v najem, odpove možnosti, da bi ga dal v najem komu drugemu, in v nobenem primeru nima nadzora nad tem, kje najemnik dejansko biva.
It is therefore the usability of the house that is the subject of the contract.
Predmet najemne pogodbe je torej uporabnost stanovanja.
The Commission notes firstly that the capital base to be remunerated as agreed which was available to Helaba to underpin competitive business is not dependent on actual use, but focuses only on usability to underpin competitive business.
Komisija najprej navaja, da kapitalska osnova, ki se mora nadomestiti po dogovoru in je bila Helabi na razpolago za širjenje konkurenčnih dejavnosti, ni odvisna od dejanske uporabe, temveč temelji le na uporabnosti za kritje konkurenčnih dejavnosti.
The arrangement accordingly is in line with the Commission's criteria outlined above.
Ureditev je torej v skladu s pravkar navedenimi merili Komisije.
The Land of Hessen and Helaba agreed on the ‘phased model’ described above.
Dežela Hessen in Helaba pa sta se dogovorili za tako imenovani stopenjski model, opisan zgoraj.
Under that model, although the cash value of the entire promotion-related assets was entered in the balance sheet on 31 December 1998 so as not to have to divide up the promotion-related assets, most of the promotion-related assets, i.e. with the exception of the part required to underpin the promotion-related business, were de facto usable to underpin the competitive business.
Po tem modelu je bila sicer denarna vrednost celotnih sredstev za pospeševanje v bilanci stanja vknjižena že 31. decembra 1998, da sredstev ni bilo potrebno deliti. Ta so bila tako od vsega začetka večinoma, t.j. z izjemo dela, potrebnega za kritje dejavnosti za pospeševanje, dejansko na razpolago za kritje konkurenčnih dejavnosti Helabe.
However, Heleba made it clear from the outset to the Land that, in line with its business plan, it required the assets only in stages, i.e. according to the agreed phased instalments, to underpin its competitive business.
Vendar je Helaba deželi Hessen že na začetku pojasnila, da v skladu s svojim poslovnim načrtom potrebuje sredstva za kritje konkurenčnih dejavnosti le postopno, t.j. skladno z naposled dogovorjenimi stopnjami.
Within the stages, however, the key criterion was the usability of the capital, i.e. the remuneration was not dependent on actual use.
Med stopnjami pa je bila ključna uporabnost kapitala, t.j. nadomestilo ni bilo odvisno od dejanske uporabe.
On the basis of this clear plan of use, the capital base to be remunerated was clearly predictable for the Land of Hessen.
Na podlagi tega jasnega načrta uporabe je bila kapitalska osnova, ki se mora nadomestiti, za Hessen že od vsega začetka povsem predvidljiva.
The Land of Hessen therefore did not leave use to the business discretion of the bank, but accepted the arrangement on the basis of Heleba's clear wish.
Dežela Hessen uporabe tako ni prepustila poslovni presoji banke, temveč je sprejela tako ureditev zaradi razumljive želje Helabe.
The Commission considers this approach compatible with the conduct of a market-economy investor who, in the situation of the Land of Hessen, would not realistically have been able to achieve any faster increase in the capital base to be remunerated, since, in view of its business plan, Heleba would not have agreed to it.
Komisiji se zdi ta pristop skladen z ravnanjem vlagatelja v tržnem gospodarstvu, ki v položaju dežele Hessen realno gledano ne bi mogel doseči hitrejšega povečanja kapitalske osnove, ki se mora nadomestiti, saj se Helaba glede na svoj poslovni načrt s tem ne bi strinjala.
Consequently, in the Commission's view, from 1999 to 2002 only the stages provided for and, only from 2003, the full amount of the silent participation usable to underpin competitive business are to be remunerated in such a way as a market-economy investor would have required for a silent participation having the same characteristics in this specific situation.
Po mnenju Komisije se morajo zato od leta 1999 do 2002 le predvidene stopnje in šele od leta 2003 dalje celoten znesek vložka tihe družbe, uporaben za kritje konkurenčnih dejavnosti, nadomeščati tako, kot bi vlagatelj v tržnem gospodarstvu v konkretnih okoliščinah zahteval za vložek tihe družbe z enakimi okoliščinami.
Capital base entered in the balance sheet, but not available to Helaba for competitive business
Kapitalska osnova, ki je bila vknjižena v bilanci stanja, a ni bila na razpolago za kritje konkurenčnih dejavnosti Helabe
As stated above, the amount of the silent participation that could not be used to underpin competitive business was also entered in Heleba's balance sheet on 31 December 1998.
Kot je navedeno zgoraj, je bil tudi znesek vložka tihe družbe, ki se ni mogel uporabljati za kritje konkurenčnih dejavnosti, dne 31. decembra 1998 vknjižen v bilanci stanja Helabe.
It was in full a component part of the liable equity capital and was thus from the outset available as security to the bank's creditors.
V celoti je bil del rizičnega lastnega kapitala in je bil tako od vsega začetka na razpolago upnikom banke kot jamstvo.
Potentially at least, this represents an advantage for the bank, since the level of the equity capital shown in the balance sheet gives the bank's investors an indication of its soundness and may thus influence the conditions under which the bank is able to raise outside funds.
Vsaj potencialno to pomeni prednost za banko, saj obseg lastnega kapitala, vknjiženega v bilanci stanja, bančnim posojilodajalcem potrjuje kreditno sposobnost banke in lahko s tem vpliva na pogoje, pod katerimi banka lahko prejema tuj kapital.
Germany argues that the fact that Helaba entered the full amount of the silent partnership contribution of EUR 1 264.4 million in the balance sheet directly after receiving it cannot be interpreted as having had any effect in improving the bank's credit standing.
Nemčija ugovarja, da dejstvo, da je Helaba celoten znesek vložka tihe družbe v višini 1264,4 milijona EUR takoj po prejemu vknjižila v bilanco stanja, ne pomeni nikakršnega vpliva pri izboljšanju kreditne sposobnosti.
Since the mid-1980s Helaba has been ranked in the top category AAA/Aaa in the long-term credit standing rating which is relevant for creditors of the bank, with the key criteria being the existing liability arrangements such as ‘institutional responsibility’ (Anstaltslast) and ‘guarantor liability’ (Gewährträgerhaftung) and hence the creditworthiness of the guarantors.
Helaba je že od sredine 80-ih let prejšnjega stoletja uvrščena v najvišjo kategorijo AAA/Aaa, kar zadeva njeno dolgoročno kreditno sposobnost, ki je pomembna za upnike banke, pri čemer so glavno merilo obstoječe ureditve jamstva, kot sta Anstaltslast in Gewährträgerhaftung, ter s tem kreditna sposobnost garantov.
Showing the silent partnership contribution in the balance sheet could not have improved this outstanding top-rank credit standing any further.
Vknjižba vložka tihe družbe ni mogla še dodatno izboljšati te izredne kreditne sposobnosti najvišje stopnje.
Germany also argues in response to further enquiry from the Commission that even if the Moody's Investors Service financial strength rating for Helaba and Fitch's individual rating during the relevant period are taken into account, the silent partnership could have had no perceptible influence on the ranking of Helaba's financial strength.
Nemčija kot odgovor na prošnjo Komisije za nadaljnje informacije navaja, da tudi pri obravnavi ocene finančne moči s strani rating agencije Moody's Investors Service ter posamezne ocene s strani rating agencije Fitch za Helabo v zadevnem obdobju ni bilo moč opaziti vpliva vloge tihe družbe na oceno finančne moči Helabe.
The two ratings mentioned were based, notwithstanding the existing state liabilities in the form of Anstaltslast and Gewährträgerhaftung and ownership structures, solely and directly on the profitability of the relevant institution, the quality of its management, the market position and also equity capital endowment.
Navedeni oceni temeljita, ne glede na obstoječi državni jamstvi Anstaltslast in Gewährträgerhaftung ter lastniške strukture, izključno in neposredno na donosnosti zadevne institucije, kakovosti njenega upravljanja, tržnem položaju in tudi obsegu lastnega kapitala.