natgillin/translations-raw huggingface dataset:
It objects to the BdB's method of determining the risk-free interest rate, i.e. using a real interest rate based on a reference date, arguing instead for the use of an average value over the longest possible period.
Metoda BdB za določitev netvegane obrestne mere, t.j. uporaba dejanske obrestne mere, ki se nanaša na referenčni datum, naj bi bila sporna. Namesto tega bi bilo treba uporabiti povprečno vrednost za čim daljše obdobje.
Germany applied an arithmetic mean of the annual total returns of the REX10 between February 1970 and December 1990, which yielded a result of 6,91 %.
Nemčija je uporabila aritmetično povprečje letnih skupnih donosov indeksa uspešnosti REX10 Performance Index nemške borze Deutsche Börse AG med februarjem 1970 in decembrom 1990 in prišla do rezultata 6,91 %.
Germany rejected the figure of 4,6 % used by the BDB for the market-risk premium, proposing 3,0 % instead.
Kar zadeva premijo tržnega tveganja, je Nemčija zavrnila vrednost 4,6 %, uporabljeno s strani BdB, in menila, da je potrebno izhajati iz vrednosti 3,0 %.
The banks listed in the CDAX used by the BdB to determine the beta value for LSH are said to give rise to distortions: first, the five largest commercial banks together account for a very high proportion of the CDAX banks (76 %); second, there are differences in business profile.
Banke, navedene v CDAX in uporabljene s strani BdB za določitev beta vrednosti za LSH, so razlog za popačenje, saj kot prvo pet največjih kreditnih bank skupaj predstavlja zelo velik delež bank CDAX (76 %), kot drugo pa gre za razlike v poslovnem profilu.
Instead, the correct beta value for LSH should be determined by taking a comparable group, namely IKB, BHF Bank and Vereins- und Westbank, resulting in a beta value of 0,7894.
Za določitev pravilne beta vrednosti za LSH bi bilo namesto tega treba uporabiti primerljivo skupino, namreč IKB, BHF-Bank in Vereins- und Westbank, kar bi privedlo do beta vrednosti 0,7894.
Germany therefore concluded that the minimum remuneration for an investment in the share capital of LSH at 31 December 1990 (taking account of the beta factor of 0,7894, the market-risk premium of 3 % and the base rate of 6,91 %) was 9,28 %.
Nemčija je tako izhajala iz najmanjšega nadomestila 9,28 % za naložbo v LSH z dne 31. decembra 1990, ki je podobna osnovnemu kapitalu (ob upoštevanju beta faktorja 0,7894, premije tržnega tveganja 3 % in navedene temeljne obrestne mere 6,91 %).
COMMENTS BY THE LAND OF NORTH RHINE-WESTPHALIA AND WESTLB
STALIŠČI DEŽELE SEVERNO PORENJE-VESTFALIJA IN WESTLB
On 30 October 2003 Germany forwarded a response from the Land of North Rhine-Westphalia and WestLB to the decision to initiate the investigation procedure in which they disputed the statement that the assets transferred to the Landesbanks, including LSH, could be compared to share capital.
Nemčija je 30. oktobra 2003 posredovala odgovor na Sklep o sprožitvi preiskovalnega postopka, v katerem dežela Severno Porenje-Vestfalija in WestLB izpodbijata trditev, da so sredstva, prenesena na deželne banke, tudi v primeru LSH, primerljiva z osnovnim kapitalom.
They argued that silent partnership reserves and ‘perpetuals’ had in fact been recognised as core capital in Germany since 1991.
Vloži tihe družbe in tako imenovani perpetuali se namreč v Nemčiji priznavajo kot temeljni kapital že od leta 1991.
They added that remuneration for an investment depended not on how it was classified by the banking supervisory authorities, but on its risk profile.
Poleg tega nadomestilo ne temelji na tem, kako organi za bančni nadzor klasificirajo naložbo, temveč na njenem profilu tveganja.
WestLB had no objections to the CAPM method for calculating the minimum remuneration for a share-capital investment, WestLB had no objections to the CAPM method for calculating the minimum remuneration for a share-capital investment but felt that the beta values determined by the BdB — at well over 1 — were inappropriate.
Kar zadeva izračun najmanjšega nadomestila za naložbo v osnovni kapital, se WestLb strinja z metodo CAPM. Vendar beta vrednosti, določene s strani BdB, ki so znatno večje od 1, niso primerne.
Although this was generally a sensible approach to adopt in relation to the private-investor test, Although this was generally a sensible approach to adopt in relation to the private-investor test, it here meant using as a basis the returns expected in 1991.
V tem primeru pa to pomeni, da je podlaga donos, pričakovan leta 1991.
As regards the discount for the lack of liquidity of the transferred assets, WestLB and the Land of North Rhine-Westphalia considered that the rate for risk-free government bonds should be deducted in full from the basic return.
Kar zadeva odbitek zaradi manjkajoče likvidnosti prenesenih sredstev, sta WestLB in dežela Severno Porenje-Vestfalija mnenja, da je treba stopnjo za netvegane državne obveznice v celoti odbiti od osnovne stopnje donosa.
Finally, the fact that the assets' lack of liquidity did not pose a risk to the liquidity position should be seen as reducing the risk — and hence the remuneration — and should be taken into account by applying a corresponding deduction.
Nazadnje pa je treba dejstvo, da manjkajoča likvidnost sredstev ne ogroža stanja likvidnosti, obravnavati kot znižanje tveganja – in s tem nadomestila. To je treba upoštevati z ustreznim odbitkom.
Likewise, a discount should be granted on account of the ‘owner effect’ since an investor who already owned shares in a company took a different view of an additional investment from that of a new investor.
Prav tako je treba opraviti odbitek zaradi tako imenovanega lastniškega učinka, saj vlagatelj, ki že ima svoj delež v podjetju, dodatno naložbo vrednoti drugače kot nov vlagatelj.
UNDERSTANDING BETWEEN THE BDB, THE LAND OF SCHLESWIG-HOLSTEIN AND HSH NORDBANK
DOGOVOR MED BDB, DEŽELO SCHLESWIG-HOLSTEIN IN HSH NORDBANK
On 8 October 2004, the Commission was informed of the outcome of an understanding between the complainant (the BdB), the Land of Schleswig-Holstein and HSH Nordbank, which was formed from LSH and Hamburgische Landesbank in 2003.
Komisija je bila 8. oktobra 2004 obveščena o rezultatih dogovora med pritožnikom BdB, deželo Schleswig-Holstein in HSH Nordbank, nastalo z združenjem LSH in Hamburgische Landesbank leta 2003.
Although their basic legal positions remained unchanged, the parties to that understanding concurred on what they themselves regarded as suitable parameters for determining an appropriate remuneration.
Ne glede na še naprej obstoječe razlike v temeljnem pojmovanju prava med strankami dogovora, so se stranke dogovorile o tem, kar one razumejo kot ustrezne parametre za določitev primernega nadomestila.
The parties asked the Commission to take account of this understanding in its decision.
Stranke Komisijo prosijo, da rezultate dogovora upošteva pri svoji odločitvi.
First, the parties determined a minimum remuneration for a hypothetical investment in the share capital of LSH on the basis of the CAPM, which produced an appropriate remuneration for the special-purpose reserve of around 9,29 % per annum.
Stranke so najprej na podlagi metode CAPM določile najmanjše nadomestilo za domnevno naložbo v osnovni kapital LSH. Primerno nadomestilo za posebna namenska sredstva naj bi bilo tako 9,29 % letno.
To arrive at this figure, the parties used the long-term risk-free interest rate calculated on the basis of the REX10 Performance Index of Deutsche Börse AG and the beta factor estimated on the basis of a study by KPMG of 26 May 2004 commissioned by the Landesbank.
Stranke so za izračun tega uporabile dolgoročno netvegano obrestno mero, ki so jo deželne banke določile z uporabo indeksa uspešnosti REX10 Performance Index nemške borze Deutsche Börse AG, in predviden beta faktor iz izvedenskega mnenja KPMG z dne 26. maja 2004, ki je bilo izdelano na pobudo deželnih bank.
In concrete terms this yielded a risk-free basic interest rate for LSH of 6,61 % at the time of the transfer (31 December 1990).
Za LSH je to konkretno v času prenosa dne 31. decembra 1990 pomenilo netvegano temeljno obrestno mero 6,61 %.
A beta factor of 0,670 was applied on the basis of KPMG's study.
Kot beta faktor je bila na podlagi študije KPMG določena vrednost 0,670.
A uniform market-risk premium of 4 % was set for all the Landesbanks.
Premija tržnega je bila določena na 4 % (za vse deželne banke).
A deduction was then determined for the capital's lack of liquidity on the basis of the risk-free interest rate of 6,61 % as gross refinancing costs.
Nato je bil zaradi manjkajoče likvidnosti kapitala določen odbitek. Pri tem je bila spet uporabljena netvegana obrestna mera 6,61 % kot podlaga za bruto stroške refinanciranja.
To determine the net refinancing costs, the standard tax burden on LSH at the time of the transfer was set at a flat rate of 50 %, producing a liquidity discount of 3,31 %.
Za določitev neto stroškov refinanciranja je bila dejanska davčna obremenitev LSH v času prenosa obravnavana pavšalno s 50 %, kar je privedlo do odbitka zaradi manjkajoče likvidnosti v višini 3,31 %.
Lastly, a premium of 0,3 % was added to allow for the failure to issue voting rights.
Nazadnje je bil dodan pribitek v višini 0,3 % zaradi neizdaje glasovalnih pravic.
Altogether this produced an appropriate remuneration for the special-purpose reserve of 6,28 % per annum after taxes for the portion of the promotion-related assets available for use in LSH's competitive business.
Skupno iz tega izhaja primerno nadomestilo za posebna namenska sredstva v višini 6,28 % letno po obdavčitvi za tisti del sredstev za pospeševanje, ki se ga je lahko uporabljalo za konkurenčne dejavnosti LSH.
This remuneration was payable as of the end of the month when the assets were recognised as core capital (31 August 1991).
To nadomestilo naj bi bilo izplačljivo od konca meseca, v katerem so bila sredstva priznana kot temeljni kapital (31.8.1991).
According to the understanding, the aid element, which HSH Nordbank must pay back, resides in the difference between the actual remuneration paid by LSH and the remuneration determined as appropriate (6,28 %).
V skladu z dogovorom element pomoči tako sestoji iz razlike med povračilom, dejansko izplačanim s strani LSH, in ustrezno določenim primernim nadomestilom 6,28 %, ki ga mora HSH Nordbank vrniti.
The parties also agreed on a guarantee commission of 0,3 %, payable not only on the liable capital used by IB itself, but also on the special-purpose real-estate reserve.
Stranke so se dogovorile tudi za provizijo za jamstvo v višini 0,3 %, ki jo je treba izplačevati tako na rizični kapital, uporabljen s strani IB same, kot tudi na nepremičnine kot rezervo za posebne namene.
Furthermore, HSH Nordbank raised no objection to the suggestion that, for the period of the transfer up to the end of the month when the assets were recognised as core capital by BAKred (1 January 1991 — 30 August 1991), a guarantee commission of 0,3 % is also payable on the sum of DEM 1306,05 million shown on the balance sheet.
Nadalje HSH Nordbank ni nasprotovala predlogu, da je treba za obdobje med prenosom in koncem meseca, v katerem je BAKred sredstva priznal kot temeljni kapital (1. januar 1991 – 30. avgust 1991), provizija za jamstvo 0,3 % izplačati tudi na znesek 1306,05 milijona DEM, vknjižen v bilanci stanja.
During negotiations on the understanding, it was argued for the first time that, in addition to the remuneration for IB's capital already mentioned, a further remuneration element consisted of IB's annual surplus, which was paid to the Land of Schleswig-Holstein as a dividend on the basis of Section 17(2) IBG (1990 version) or Section 19(2) IBG (1998 version).
Med pogajanji o dogovoru je bilo prvič navedeno, da se je poleg že navedenega nadomestila za kapital IB deželi Schleswig-Holstein kot nadaljnji element nadomestila izplačeval letni presežek IB. Pravna podlaga za to izplačilo je poglavje 17(2) IBG (različica 1990) ali poglavje 19(2) IBG (različica 1998).
In accordance with these legal provisions, the annual surplus from the IB's special-purpose reserve was paid out to the Land (in each case on the basis of a corresponding decision by the Landesbank's bodies).
V skladu s to zakonsko ureditvijo se je letni presežek rezerve IB za posebne namene (vsakokrat na podlagi ustreznega sklepa o izplačilu organov deželne banke) izplačeval deželi Schleswig-Holstein.
Under a rule laid down in the respective budgetary law of the Land of Schleswig-Holstein, these payments were intended for the purposes of the IB, i.e. for the Land's promotion-related tasks, and transferred back to IB accordingly.
V skladu z ureditvijo iz posameznih zakonov o proračunu dežele Schleswig-Holstein so bila ta izplačila predvidena za namene IB, torej za naloge pospeševanja dežele, in so bila temu ustrezno prenesena nazaj na IB.
This arrangement served to respect the budgetary sovereignty of the Land Parliament, as it should be the parliament, not the executive arm that had decision-making power over these funds.
S tem postopkom se je upoštevala proračunska suverenost deželnega zbora, saj mora o teh sredstvih odločati parlament in ne izvršna oblast.
In economic terms, this was a ‘pay out and claw back’ arrangement which did not prevent the amounts being counted as dividend payments.
V gospodarskem smislu je šlo za postopek „izplačaj in pridobi nazaj“ (Schütt-Aus-Hol-Zurück), ki ni preprečeval, da bi zneske šteli kot izplačila.
Moreover, the cycle was broken by the suspension of the special purpose by a number of individual laws accompanying the budget, each relating to the annual surplus.
Poleg tega je bil ta krog pretrgan z odpravo namenske vezanosti v številnih posameznih zakonih, ki spremljajo proračun, vsakokrat za letni presežek.
In these cases the dividends paid out were not reinvested in IB.
V teh primerih izplačana sredstva niso bila ponovno vložena pri IB.
As the special purpose was suspended, the surplus in those years was paid entirely to the Land of Schleswig-Holstein to finance expenditure from the Land budget.
Zaradi odprave namenske vezanosti je bil v tistih letih izplačan presežek v celoti na razpolago deželi Schleswig-Holstein za financiranje izdatkov iz deželnega proračuna.
It should be borne in mind here that the lion's share of the dividend payments discussed here concerns amounts that, for that reason, were not transferred back to IB but remained entirely with the Land.
Pri tem je treba upoštevati, da zneski izplačil, ki iz tega razloga niso bili preneseni nazaj na IB, temveč so v celoti ostali deželi Schleswig-Holstein, predstavljajo daleč največji del tu obravnavanih zneskov izplačil.
The table below shows the IB dividend payments to the Land:
Spodnja preglednica prikazuje izplačila dividend IB deželi Schleswig-Holstein:
Figure 3:
Preglednica 3:
IB dividend payments to the Land of Schleswig-Holstein (DEM million)
Izplačila IB deželi Schleswig-Holstein (v milijonih DEM)
IB dividend payments to the Land
Izplačila dividend IB deželi Schleswig-Holstein
Accordingly, these dividend payments from the annual surplus must be taken into account in calculating the aid element and were indeed included by the parties to the understanding in their calculations.
Ta izplačila letnega presežka je treba torej upoštevati pri izračunu elementa pomoči in so jih stranke dogovora dejansko upoštevale pri svojih izračunih.
Article 87(1) of the EC Treaty states that, save as otherwise provided in the Treaty, any aid granted by a Member State or through state resources which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods is incompatible with the common market, insofar as trade between Member States is affected.
Po členu 87(1) Pogodbe ES, če v tej pogodbi ni določeno drugače, državne ali iz državnih sredstev dodeljene pomoči, ki koristijo določenim podjetjem in proizvodnji določenega blaga in s tem izkrivljajo konkurenco ali predstavljajo grožnjo, niso združljive s skupnim trgom, če izkrivljajo trgovino med državami članicami.
With the transfer of assets described above, the Land of Schleswig-Holstein opted for a form of capital increase based on the concept of transferring the assets and real estate of WKA and WAK to LSH in order to strengthen its equity-capital base.
Z zgoraj opisanim prenosom sredstev se je dežela Schleswig-Holstein odločila za obliko povečanja kapitala, ki temelji na konceptu prenosa sredstev WKA in WAK ter nepremičnin na LSH, da bi se okrepil njen obseg lastnega kapitala.
Although the resources transferred were not at LSH's unrestricted disposal, as the special-purpose reserve was earmarked for promotion-related tasks, the assets were recognised by the supervisory authority and could therefore be used to provide cover for the liabilities of LSH, which was in competition with other credit institutions.
Ne glede na dejstvo, da prenesena sredstva LSH niso bila na razpolago neomejeno, saj je bila rezerva za posebne namene namenjena za naloge pospeševanja, so bila sredstva priznana s strani nadzorstva ter so se tako lahko uporabljala za namene jamstva LSH, ki je tekmovala z drugimi kreditnimi institucijami.
There can therefore be no doubt that state resources were transferred to LSH.
Torej ni dvoma, da so bila na LSH prenesena državna sredstva.
In order to verify whether the transfer of state resources to a publicly-owned undertaking favours the latter and is therefore liable to constitute state aid within the meaning of Article 87(1) of the EC Treaty, the Commission applies the ‘market-economy investor principle’.
Komisija pri preverjanju ali prenos državnih sredstev na podjetje v javni lasti temu podjetju koristi in je s tem lahko v skladu z državno pomočjo v smislu člena 87(1) Pogodbe ES, uporablja „načelo vlagatelja v tržnem gospodarstvu“.
The European Court of Justice and Court of First Instance have accepted and developed this principle in a number of cases, most recently in the judgment of the Court of First Instance of 6 March 2003 in the WestLB case, which is of relevance to the present case.
To načelo sta Sodišče Evropskih skupnosti in Sodišče prve stopnje sprejeli in razvijali v številnih primerih, zlasti v sodbi Sodišča prve stopnje z dne 6. marca 2003 v primeru WestLB, ki je pomembna za zadevni primer.
In contrast, the undertaking is being favoured within the meaning of Article 87(1) of the EC Treaty if the agreed remuneration and/or the financial position of the undertaking are such that a normal return on investment cannot be expected within a reasonable period of time.
Nasprotno pa gre za pomoč v smislu člena 87(1) Pogodbe ES, kadar sta predvideno nadomestilo in/ali finančni položaj podjetja taka, da običajnega donosa na naložbo ni mogoče pričakovati v primernem roku.
The market-economy investor principle applies here even though LSH was a profitable company at the time the promotion-related assets were transferred.
Načelo vlagatelja v tržnem gospodarstvu je tu uporabljeno ne glede na dejstvo, da je bila LSH v času prenosa sredstev za pospeševanje donosno podjetje.
Although the principle has previously been applied mainly to undertakings in difficulties, this does not mean that its application is restricted to that category of undertakings.
Dejstvo, da je bilo načelo doslej uporabljeno predvsem za podjetja v težavah, ne omejuje njegove uporabe na to kategorijo podjetij.
Even if a company is profitable, a market-economy investor might refrain from injecting (further) capital if he cannot expect an appropriate return on his capital contribution (in the form of dividends or an increased value of the investment).
Tudi če podjetje posluje z dobičkom, bi se vlagatelj v tržnem gospodarstvu lahko vzdržal (nadaljnjega) kapitalskega vložka, če ne more pričakovati primernega donosa (v obliki dividend ali povečanju vrednosti) na vložen kapital.
The Commission's position in this respect was confirmed by the European Court of First Instance in its judgment in WestLB.
To stališče Komisije je potrdilo Evropsko sodišče prve stopnje v sodbi v primeru WestLB.
It follows that the key question in examining this case is whether a market-economy investor would have transferred capital that had the same characteristics as the Land of Schleswig-Holstein's promotion-related assets and real estate and under the same conditions, especially in view of the expected return on the investment.
Temeljno vprašanje v zadevni preiskavi se torej glasi, ali bi vlagatelj v tržnem gospodarstvu kapital, ki ima enake značilnosti kot sredstva za pospeševanje in nepremičnine dežele Schleswig-Holstein, prenesel pod enakimi pogoji, zlasti glede na predviden donos na naložbo.
According to Germany, the chief considerations here were to draw together all the Land's promotion-related activities and continue them in a more economic and more efficient manner, to optimise deliberation on and completion of promotion-related tasks and to create the conditions for the flexible use of funds.
Po navedbah Nemčije je bilo osrednjega pomena povezati vse dejavnosti pospeševanja dežele Schleswig-Holstein in jih nadaljevati na bolj gospodarski in učinkovitejši način, da bi zagotovili kar najboljše posvetovanje o nalogah pospeševanja in njihovo izpolnitev ter ustvarili pogoje za fleksibilno uporabo sredstev.
This reorganisation was combined with an increase in LSH's capital base, which helped secure its long-term capacity for expansion, given the foreseeable changes in solvency requirements.
S to reorganizacijo je bilo povezano povečanje obsega lastnega kapitala LSH, ki je z ozirom na predvidene spremembe zahtev glede solventnosti pomagal pri dolgoročni zagotovitvi sposobnosti širjenja.
Furthermore, the Land intended to make a fundamental change in its business orientation by managing its own real estate and the real estate used by the various Land departments and institutions with the aim of reducing inefficiency.
Poleg tega je dežela Schleswig-Holstein načrtovala temeljno spremembo usmeritve pri upravljanju svojih nepremičnin ter nepremičnin, ki jih uporabljajo različne deželne službe in institucije, da bi zmanjšala neučinkovitost.
Even if a market-economy investor already holds shares in an undertaking, he will look into other investment options outside that undertaking.
Tudi v primeru, da vlagatelj v tržnem gospodarstvu že ima delež v nekem podjetju, bo preveril druge naložbene možnosti izven tega podjetja.
As a rule he will then choose to invest further resources in the public undertaking only if he can expect a reasonable return on the investment of the fresh capital contributions.
Praviloma se bo odločal za naložbo novih sredstev v javno podjetje, le če lahko za dodatna sredstva pričakuje primeren donos.
So, in determining whether a capital injection constitutes state aid, one must in principle disregard the shareholder's prospects of long-term profitability or efficiency and synergy aspects.
Dolgoročne obete donosnosti delničarja ali vidike učinkovitosti in sinergije torej pri vprašanju, ali kapitalski vložek predstavlja državno pomoč, načeloma ni treba upoštevati.
Whatever the motives behind it, a capital injection by a shareholder should be measured instead according to whether the investor can expect a normal return within a reasonable period.
Namesto tega je treba kapitalski vložek s strani delničarja ne glede na spremljajoče motive oceniti glede na to, ali vlagatelj lahko na dodatna sredstva pričakuje običajen donos v primernem roku.
The Court of First Instance has raised no objections to this interpretation of the market-economy investor principle, which the Commission has already applied in Decision 2000/392/EG.
Sodišče prve stopnje ni nasprotovalo takšni razlagi načela vlagatelja v tržnem gospodarstvu, ki ji je Komisija sledila že v svoji Odločbi 2000/392/ES.
It has also adopted as a guiding principle that even a private investor who already owns share capital in an undertaking is not normally content with the fact that an investment does not cause him a loss or produces only limited profits.
Kot vodilno načelo je sprejelo tudi umovanje, da se tudi zasebni vlagatelj, ki je že udeležen pri osnovnem kapitalu nekega podjetja, običajno ne zadovolji z dejstvom, da mu vloga ne povzroča izgub ali mu prinaša le omejen dobiček.