natgillin/translations-raw huggingface dataset:
It should not depend on what the other shareholders are willing to accept but on the risk for the Land and the usability for WestLB.
Višina nadomestila naj ne bi bila odvisna od tega, kaj so ostali delničarji pripravljeni sprejeti, temveč od tveganja za deželo in uporabnosti za WestLB.
Germany moreover did not provide any documents about these negotiations on the remuneration and the way in which it was calculated.
Prav tako Nemčija ni predložila nobene dokumentacije iz pogajanj o nadomestilu in izračunu višine nadomestila.
It is certainly right in claiming that only the result, i.e. the level of the remuneration, is decisive for the Commission's assessment under the state aid rules and not the way in which this result was achieved.
Vsekakor se gre strinjati z Nemčijo, ko opozarja na to, da je z vidika presoje državne pomoči s strani Komisije odločilen samo rezultat, t.j. višina nadomestila, in ne način kako je do tega prišlo.
However, in the Commission's view, the way the remuneration was fixed and the considerations that played a part in that respect can certainly provide pointers to the extent to which the Land behaved like a market-economy investor.
Z vidika Komisije pa lahko način, kako je bilo nadomestilo določeno, in preudarki, ki so pri tem igrali vlogo, pripomorejo pri ugotavljanju, v kolikšni meri je dežela ravnala kot vlagatelj v tržnem gospodarstvu.
Furthermore, it was agreed between the shareholders of WestLB that the remuneration should be fixed once WestLB's financial results for 1992 onwards were available.
Poleg tega je bilo med delničarji in WestLB dogovorjeno, da se nadomestilo določi šele, ko bodo znani finančni rezultati WestLB za leta od 1992.
In the Commission's view, the financial results of the bank should not, in fact, be of any relevance in determining the level of the fixed remuneration, which should be based not on the profits actually generated by WestLB but on the risk for the Land and the potential benefits of the transfer for the bank.
Po mnenju Komisije pa bi morali biti finančni rezultati banke za določitev višine pavšalnega nadomestila brez pomena. Takšno nadomestilo ne sme biti odvisno od dobičkov, ki jih WestLB dejansko ustvari, temveč od tveganja za deželo in potencialne uporabnosti prenesenih sredstev za banko.
A market-economy investor would not be prepared to accept a lower level of fixed remuneration because the results of the company in question were poor.
Vlagatelj v tržnem gospodarstvu ne bi bil pripravljen, zaradi slabših rezultatov zadevnega podjetja, sprejeti nižjega pavšalnega nadomestila.
This agreement does not therefore suggest behaviour corresponding to that of an investor acting under normal market-economy conditions.
Ta dogovor tako ne kaže na ravnanje, ki bi ustrezalo vlagatelju v tržnem gospodarstvu.
During the Commission's preliminary investigations, negotiations took place between the complainant and WestLB with a view to finding a solution, i.e. to establishing on a common basis a remuneration regarded as being in line with the market, without recourse to the procedure laid down in Article 88(2) of the EC Treaty.
Na začetni stopnji preiskave Komisije so se med pritožnikom in WestLB pričela pogajanja, katerih cilj je bil doseči rešitev brez izvedbe postopka po členu 88(2) Pogodbe ES, t.j. določiti tržno primerno nadomestilo na skupni osnovi.
These negotiations were not successful.
Ti pogovori niso privedli do rezultata.
During them, however, WestLB proposed that, in the event of its liquidation, the Land should be granted the right to receive, in addition to the existing fixed remuneration of 0,6 %, an appropriate consideration for the increase in value of WestLB due to the additional business made possible by the transfer of Wfa, i.e. the Land would be given an additional share in WestLB's open and hidden reserves.
Vendar pa je WestLB tekom teh pogajanj predlagala, da deželi poleg že obstoječega pavšalnega nadomestila 0,6 % odobri pravico, da v primeru likvidacije WestLB prejme primerno nadomestilo za povečanje vrednosti, ki bi v WestLB nastalo z razširitvijo poslovne dejavnosti kot posledice prenosa sredstev Wfa; t.j. deželi bi se dodelil dodaten delež odprtih rezerv in tihih udeležb WestLB.
This fact suggests that the value to WestLB of the transferred capital actually exceeded the agreed remuneration.
Iz teh dejstev je razvidno, da je bila vrednost prenesenega kapitala za WestLB dejansko večja, kot ustreza dogovorjenemu nadomestilu.
However, no such share in the break-up value was agreed.
Vendar pa takšen delež likvidnostne vrednosti ni bil dogovorjen.
Nor would a market-economy investor accept such a hypothetical remuneration since, in the case of a perpetual company like WestLB, he would never be able to encash it; it would thus have no value.
Prav tako vlagatelj v tržnem gospodarstvu ne bi sprejel takšnega hipotetičnega „nadomestila“, ker ga pri takšnem podjetju kot je WestLB na dolgi rok nikoli ne bi mogel narediti donosnega, zato zanj ne bi imelo vrednosti.
Total remuneration
Celotno nadomestilo
On the basis of the above considerations and in agreement with the complainant BdB, the Land of North Rhine-Westphalia and WestLB, the Commission considers that an appropriate remuneration for the investment in question would be 6,92 % (after corporation tax), i.e. 10,19 % (after corporation tax) normal return on equity plus a premium of 0,3 percentage point (after corporation tax) on account of the particularities of the transaction less 3,75 percentage points (after corporation tax) on account of the financing costs resulting from the transferred assets' lack of liquidity for WestLB.
Na podlagi vseh teh preudarkov in soglasno s pritožnikom BdB, deželo Severno Porenje-Vestfalija in WestLB AG, je Komisija prišla do zaključka, da bi primerno nadomestilo za zadevni kapital znašalo 6,92 % (po plačilu davka od dobička), namreč 10,19 % (po plačilu davka od dobička) običajnega donosa za zadevno naložbo s pribitkom 0,3 % (po plačilu davka od dobička) zaradi posebnosti transakcije z odbitkom 3,75 % (po plačilu davka od dobička) zaradi stroškov financiranja, ki jih ima WestLB zaradi manjkajoče likvidnosti prenesenih sredstev.
Appropriate remuneration for the amount of DEM 3400 million (EUR 1740 million)
Primerno nadomestilo za znesek 3,4 milijarde DEM (1,74 milijarde EUR)
As already mentioned, the equity of DEM 3400 million (EUR 1740 million) is also of material value to WestLB and its economic function may be compared to that of a guarantee.
Kot je že bilo predstavljeno, ima tudi delež lastnega kapitala v višini 3,4 milijarde DEM (1,74 milijarde EUR) za WestLB materialno vrednost, njegova ekonomska funkcija pa je primerljiva s funkcijo garancije ali jamstva.
A market-economy investor would demand an appropriate remuneration in return for exposing himself to a risk of this sort.
Vlagatelj v tržnem gospodarstvu bi zahteval primerno nadomestilo v zameno za izpostavitev takšnemu tveganju.
In the decision to initiate the procedure laid down in Article 88(2) of the EC Treaty, the Commission quoted a rate of 0,3 % as having been indicated by Germany as the appropriate commission on a bank guarantee (‘Avalprovision’) for a bank like WestLB.
V odločitvi o začetku postopka v skladu s členom 88(2) Pogodbe ES je Komisija navedla stopnjo 0,3 %, ki jo je Nemčija navedla za primerno provizijo za jamstvo za banko, kot je WestLB.
However, two factors in particular must be taken into account here.
V zvezi s tem pa je treba upoštevati zlasti dva dejavnika.
Firstly, the amount of DEM 3400 million (EUR 1740 million) exceeds what is normally covered by such bank guarantees.
Kot prvo je znesek 3,4 milijarde DEM (1,74 milijarde EUR) nad zneskom, ki se ponavadi krije s takšnimi bančnimi jamstvi.
Secondly, bank guarantees are normally associated with certain transactions and limited in time.
Ko drugo pa so bančna jamstva običajno povezana z določenimi transakcijami in časovno omejena.
By contrast, Wfa's special reserve is at WestLB's disposal without any time limit.
Po drugi strani pa je posebna rezerva Wfa WestLB časovno neomejeno na razpolago.
These two factors require an increase in the premium to about 0,5 % 0,6 %.
Oba dejavnika zahtevata povečanje nadomestila na približno 0,5 do 0,6 %.
Guarantee premiums normally count as operating expenses and therefore reduce taxable profit, but the remuneration for Wfa's capital is paid to the Land from after-tax profits, so the rate must be adapted accordingly.
Ker premije jamstva ponavadi predstavljajo stroške poslovanja in tako zmanjšujejo obdavčljive dobičke, nadomestilo, ki se deželi plača za kapital Wfa, pa se izplačuje iz teh dobičkov, je treba to stopnjo ustrezno prilagoditi.
In view of all this, the Commission is of the opinion that a rate of 0,3 % after tax is a correct remuneration for this kind of capital.
Ob upoštevanju vsega tega Komisija meni, da predstavlja stopnja nadomestila v višini 0,3 % po obdavčitvi primerno nadomestilo za to vrsto kapitala.
The German authorities claim that the real reason for the transfer was to achieve potential synergies and not to increase WestLB's equity.
Nemški organi oblasti navajajo, da so bile pravi razlog za prenos potencialne sinergije in ne povečanje lastnega kapitala WestLB.
It might be true that a discussion on the efficiency of housing promotion had already begun in the 1970s.
Vsekakor je možno, da se je razprava o učinkovitosti pospeševanja gradnje stanovanj pričela že v sedemdesetih letih prejšnjega stoletja.
However, despite this lengthy debate, the transfer did not take place until 1991, when WestLB's capital requirements forced its public owners to take such action.
Kljub tej dolgotrajni razpravi pa do prenosa ni prišlo pred letom 1991, ko so potrebe po kapitalu WestLB javne lastnike prisilile, da so v tej smeri kaj storili.
It is clear from the documents — especially the relevant material on the Transfer Law, such as the grounds of the law and the minutes of the parliamentary debates — that the actual purpose of the transfer was to provide WestLB with the equity base needed to comply with the new solvency rules.
Iz dokumentacije – zlasti zadevne dokumentacije glede zakona o prenosu kot je obrazložitev zakona ali zapisniki razprav v deželnem zboru – je jasno razvidno, da je pravi namen prenosa bilo povečanje obsega lastnega kapitala WestLB in izpolnitev novih predpisov o solventnosti.
Synergy effects were seen as a positive (side-)effect but were certainly not the main driving force behind the transaction at that time.
Sinergije so veljale za pozitiven (stranski) učinek, vendar v tem času zagotovo niso bile glavni razlog za transakcijo.
The German authorities and WestLB claim that the Land had not only received the payment of 0,6 % on the amount of DEM 2500 million (EUR 1280 million) but also benefited from synergy effects worth about DEM 30 million (EUR 15 million) annually as a result of the transfer and integration of Wfa and WestLB's takeover of Wfa's pension obligations totalling DEM 33 million (EUR 17 million).
Nemčija in WestLB trdita, da dežela ni prejela samo nadomestila 0,6 % za znesek 2,5 milijarde DEM (1,28 milijarde EUR), ampak poleg tega imela še korist od sinergijskih učinkov v višini približno 30 milijonov DEM (15 milijonov EUR) letno, zaradi prenosa in vključitve Wfa in prevzema pokojninskih obveznosti Wfa s strani WestLB v višini 33 milijonov DEM (17 milijonov EUR).
The cost savings from synergies arise from the merger of Wfa with the former housing promotion division of WestLB, which led to an organisational streamlining of the Land's housing promotion activities and a reduction in staff.
Prihranke, ki so jih pogojevale sinergije, lahko razložimo kot stranski učinek združitve Wfa z nekdanjim oddelkom WestLB za pospeševanje gradnje stanovanj, ki je omogočila dejavnosti pospeševanja gradnje stanovanj organizacijsko oklestiti in privarčevati z osebjem.
Synergy effects are the normal consequence of a merger.
Sinergije so običajne posledice združitve.
However, it is not clear how such synergies dovetail with the closed-circuit approach claimed by the Land and the competitive neutrality of Wfa.
Vendar pa ni jasno, kako so takšni sinergijski učinki združljivi s pristopom zaprtega kroga, ki ga uveljavlja dežela, in konkurenčno nevtralnostjo Wfa.
In so far as they were achievable after the transfer, despite the clear separation between the two entities, and arose from the merger of Wfa with the housing promotion division of WestLB, which had already in the past worked exclusively for Wfa, it is difficult to understand why it should not also have been possible to obtain such synergies without the transfer.
Kolikor so sinergije po prenosu bile možne, čeprav obe enoti ostajata med seboj jasno ločeni, in so nastale iz združitve Wfa z oddelkom WestLB za pospeševanje gradnje stanovanj, ki je že pred tem delala izključno za Wfa, ni razvidno, zakaj takšne sinergije ne bi bile možne tudi brez prenosa.
Furthermore, if such synergies and cost savings accrue to Wfa, this will help the housing promotion activities (and hence the Land) by reducing costs but cannot be regarded as consideration paid by WestLB for the provision of the original own funds.
Nadalje, če za Wfa nastanejo takšne sinergije in prihranki stroškov, to koristi dejavnostim pospeševanja gradnje stanovanj z zmanjšanjem stroškov (in tako deželi), ampak se ne more šteti kot vračilo WestLB za zagotovitev temeljnih lastnih virov sredstev.
Since these synergies neither reduce the usability of the transferred capital for WestLB nor increase WestLB's costs from the transfer, they should also not influence the level of remuneration for the equity provided which a market-economy investor can demand from the bank.
Ker se s temi sinergijami ne zmanjša niti uporabnost prenesenega kapitala za WestLB niti povečajo stroški, ki so za WestLB nastali s prenosom, sinergije tudi ne smejo vplivati na višino nadomestilo, ki bi ga vlagatelj v tržnem gospodarstvu od banke zahteval za zagotovljeni lastni kapital.
Even if an actual benefit accrued to the Land as a result of synergies, any competitor would have been forced by competition to ‘pay’ to the Land, on top of the appropriate consideration for the equity provided, a ‘remuneration’ in the form of benefits for the financial instrument (Wfa).
Tudi v primeru dejanske prednosti za deželo kot posledico sinergij, bi bil vsak tekmec zaradi konkurence prisiljen, deželi za finančni instrument (Wfa) poleg primernega nadomestila za zagotovljeni lastni kapital „plačati“ še „nadomestilo“ v obliki takšnih ugodnosti.
For the rest, synergy effects as result of a merger operation normally arise in both merged entities.
Med drugim nastajajo sinergije kot posledica združitve običajno v obeh združenih podjetjih.
It is difficult to understand why WestLB should not profit at all from such advantages.
Težko je razumeti, zakaj WestLB sploh ni mogla imeti koristi od teh ugodnosti.
If WestLB made payments for Wfa's pension obligations which reduce Wfa's annual costs, such payments cannot be regarded as synergies from the merger.
Če je WestLB poravnala plačila pokojninske obveznosti Wfa, s čimer so znižali letni izdatki Wfa, takšna plačila ne štejejo kot sinergije, nastale zaradi združitve.
Nevertheless, they can be regarded as indirect remuneration for the Land paid by WestLB.
Lahko pa se štejejo kot posredno nadomestilo WestLB za deželo.
The benefits should arise within the housing promotion business and therefore increase the funds available there.
Ugodnosti bi morale nastati v okviru dejavnosti pospeševanja gradnje stanovanj in posledično povečati sredstva, ki so tam na razpolago.
The Commission takes the view, therefore, that the claimed synergy effects do not represent a remuneration paid by WestLB for the transfer of Wfa, but it is prepared to regard the amount of DEM 33 million (EUR 17 million) paid by WestLB in 1992 for Wfa's pension costs as part of the remuneration paid by WestLB for the transfer.
Komisija je tako mnenja, da pri uveljavljanih sinergijskih učinkih ne gre za nadomestilo, ki bi ga WestLB plačala za prenos Wfa, vendar pa je pripravljena znesek 33 milijonov DEM (17 milijonov EUR), ki ga je WestLB leta 1992 plačala za pokojninske izdatke Wfa, upoštevati kot del nadomestila, ki ga je WestLB plačala za prenos.
INCLUSION OF THE YEAR 2002
UPOŠTEVANJE POSLOVNEGA LETA 2002
Contrary to the view taken by the parties to the agreement, the Commission furthermore came to the conclusion that the year 2002 needs to be taken into account when determining the aid element, on a proportional basis up to 1 August 2002.
Komisija je v nasprotju z mnenjem strank dogovora prišla do zaključka, da se mora pri izračunu elementa pomoči upoštevati tudi leto 2002, in sicer sorazmerno do 1. avgusta 2002.
Germany, it is true, has stated repeatedly that, because of the retroactive accounting effect of the merger on 1 January 2002 of Wfa and Landesbank Nordrhein-Westfalen, which was ordered by law, the state aid element was to be regarded as having ceased to exist on that date.
Nemčija je sicer ponovno navedla, da se na podlagi povratne veljave po računovodskih predpisih in zakonsko določene vključitve Wfa v Landesbank Nordrhein-Westfalen s 1. januarjem 2002 državna pomoč od 1. januarja 2002 šteje kot odpravljena.
However, irrespective of the accounting effect, Wfa's capital was at the disposal of WestLB for underpinning its competitive business until 1 August 2002.
Ne glede na ta učinek pa je bil kapital Wfa vseeno WestLB dejansko na razpolago za kritje njenih konkurenčnih dejavnosti vse do 1. avgusta 2002.
This is the decisive point as regards the question to be addressed here.
Za odgovor na tukaj obravnavano vprašanje je to odločilnega pomena.
In particular, it has been argued that not only the profits of Wfa and the areas assisted but also the entire business involving public bonds were transferred to the Landesbank on 1 January 2002 as part of the reorganisation, with the result that the losses of WestLB regarded as being linked directly to the solution for the future of Wfa have been considerably higher than the appropriate remuneration for Wfa's capital, and this should be recognised as appropriate compensation. However, this argument is unconvincing.
Zlasti ne prepriča ugovor, da niso samo donosi Wfa in področja pospeševanja, temveč tudi celotno javno poslovanje s hipotekarnimi obveznicami z novo ureditvijo že s 1. januarjem 2002 prešla na Landesbank, tako da so bile izgube donosa za WestLB, ki so v neposredni povezavi s prihodnjo rešitvijo Wfa, že veliko višje kot primerno nadomestilo za kapital Wfa, ki bi se moralo priznati kot ustrezna kompenzacija.
The Commission has thus come to the conclusion that the disadvantage stemming from the separation of the areas assisted as well as of the business involving public bonds does not represent remuneration for the use of Wfa's capital up to 1 August 2002.
Komisija je prišla do zaključka, da škoda nastala iz ločitve dejavnosti pospeševanja ter javnega poslovanja s hipotekarnimi obveznicami ne predstavlja nadomestila za uporabo kapitala Wfa do 1. avgusta 2002.
It is precisely not only the areas assisted and the business involving public bonds that are underpinned by Wfa's capital but also the full range of WestLB's competitive activities.
S kapitalom Wfa namreč ni bila krita samo dejavnost pospeševanja in javno poslovanje s hipotekarnimi obveznicami, temveč vse konkurenčne dejavnosti WestLB.
WestLB will therefore have to pay a remuneration of 6,92 % on a pro rata basis until 1 August 2002.
WestLB mora zato plačati nadomestilo 6,92 % do 1. avgusta 2002.
AID ELEMENT
ELEMENT POMOČI
As calculated above, the Commission considers the following remuneration to be in line with market conditions: 6,92 % per annum after tax for the part of the capital which could be used by WestLB to underpin its commercial business, i.e. DEM 2500 million (EUR 1280 million) at the end of 1993, and 0,3 % after tax for the difference between this part and the amount of DEM 5900 million (EUR 3020 million) shown as equity in WestLB's balance sheet, i.e. DEM 3400 million (EUR 1740 million) at the end of 1993.
Na podlagi zgornjih izračunov Komisija meni, da je nadomestilo 6,92 % letno po obdavčitvi za tisti del kapitala, ki ga je WestLB lahko uporabljala za kritje svoje poslovne dejavnosti, namreč 2,5 milijarde DEM (1,28 milijarde EUR) s koncem leta 1993, in 0,3 % po obdavčitvi za razliko med tem delom in zneskom, ki je v bilanci stanja WestLB prikazan kot lastni kapital v višini 5,9 milijarde DEM (3,02 milijarde EUR), torej 3,4 milijarde DEM (1,74 milijarde EUR) s koncem leta 1993, skladno s trgom.
WestLB paid a remuneration of 0,6 % only on the amount which it could use for underpinning its commercial business.
WestLB je plačala nadomestilo 0,6 % samo za znesek, ki ga je lahko uporabljala za kritje svoje poslovne dejavnosti.
This remuneration was first paid for 1993.
To nadomestilo je bilo prvič plačano za leto 1993.
As explained above, the Commission accepts the payments by WestLB in 1992 for Wfa's pension claims as additional remuneration for the Land.
Kot je Komisija predstavila zgoraj, sprejme plačila WestLB v letu 1992 za pokojninske zahtevke Wfa kot dodatno nadomestilo za deželo.
The aid element can be calculated as the difference between the actual payments and the payments which would correspond to market conditions.
Element pomoči lahko izračunamo kot razliko med dejanskimi plačili in plačili, ki bi ustrezali tržnim pogojem.
Table 5: Calculation of the aid element
Tabela 5: Izračun elementa pomoči
(Amount: DEM 1913,80 million = EUR 978,51 million)
(vsota: 1913,80 milijonov DEM = 978,51 milijonov EUR)
Part of special reserve available to WestLB
Delež posebne rezerve, ki je na razpolago WestLB
Remainder (difference vis-à-vis DEM 5900) in 2002 at a proportional rate of 7/12
Preostali znesek (razlika do 5900 milijonov DEM, 2002 sorazmerno s 7/12)
Remuneration of 6,92 % (after tax) on point 1
Nadomestilo 6,92 % (po obdavčitvi) za 1.
Remuneration of 0,3 % (after tax) on point 2
Nadomestilo 0,3 % (po obdavčitvi) za 2.
Total remuneration in line with market conditions
Celotno nadomestilo, ki je skladno s trgom
Actual remuneration (after tax)
Dejansko nadomestilo (po obdavčitvi)
As stated in the Commission decision to initiate the procedure laid down in Article 88(2) of the EC Treaty, state aid may be involved if a particular enterprise is exempt from taxes whereas its competitors are subject to normal taxation.
Kot je Komisija pojasnila v svoji odločitvi o začetku postopka v skladu s členom 88(2) Pogodbe ES, lahko gre za državno pomoč, če je določeno podjetje oproščeno običajne obdavčitve, ki velja za njegove tekmece.
If the construction of an ‘entity within an entity’ involves a non-profit, tax-exempt entity, steps have to be taken to ensure that the economic effects of tax privileges are limited strictly to the non-profit entity and do not spill over to the enterprise in the competitive sector.
Če izvedba „ustanova znotraj ustanove“ vključuje neprofitno enoto podjetja, ki ni davčni zavezanec, je treba sprejeti ukrepe, s katerimi se zagotovi, da bodo ekonomski učinki davčnih olajšav omejeni samo na neprofitno ustanovo in da ne bodo vplivali na tržno usmerjeno podjetje.
WestLB was subject to neither property tax (Vermögenssteuer) nor tax on business capital (Gewerbekapitalsteuer) on the transferred capital.
WestLB za prenesena sredstva ni plačala niti davka od premoženja niti obratovalnega davka.
Furthermore, the profit from Wfa's activities remained exempt from corporation tax (Körperschaftssteuer) after the transfer.
Poleg tega poslovna dejavnost WestLB tudi po prenosu ni bila podvržena davku od dobička pravnih oseb.
According to Germany, these tax provisions are not intended to favour and do not favour WestLB over other taxable persons.
Po mnenju Nemčije WestLB s to davčno ureditvijo naj ne bi bila in tudi ni bila deležna ugodnosti v primerjavi z ostalimi davčnimi zavezanci.
Profits accruing within WestLB's competitive business as a result of the use of Wfa's capital for solvency calculations are being taxed normally.
Dobički, ki nastanejo s konkurenčno dejavnostjo WestLB zaradi uporabe kapitala Wfa za potrebe solventnosti, se normalno obdavčijo.
Only profits in the housing promotion sector are exempt from tax.
Samo dobički iz dejavnosti pospeševanja gradnje stanovanj so oproščeni davka.