natgillin/translations-raw huggingface dataset:
The expected return on fixed-interest government securities is normally used in determining the risk-free basic rate (or, as the case may be, an index based on such securities), but these represent forms of investment with a comparably low risk.
Ponavadi se za določitev netvegane osnovne stopnje uporabi pričakovan donos fiksno obrestovanih vrednostnih papirjev, ki jih držav izdaja država (oziroma indeks, ki temelji na takšnih vrednostnih papirjih), ker predstavljajo obliko vloge s primerljivo nizkim tveganjem.
The various methods differ, however, when it comes to determining the risk premium:
Vendar pa med metodami obstajajo razlike glede določitve premije tveganja:
Financing approach: an investor's expected return on capital represents, from the point of view of the bank using the capital, future financing costs.
Pristop financiranja: pričakovan donos na lastni kapital vlagatelja predstavlja z vidika banke, ki kapital uporablja, prihodnje stroške financiranja.
Under this approach, the historic capital costs incurred by comparable banks are first of all determined.
Pri tem pristopu se najprej določijo zgodovinski stroški lastnega kapitala, nastali v bankah, ki so primerljive z zadevno banko.
The arithmetic average of the historic capital costs is then compared with the future expected equity capital costs and hence with the investor's expected return requirement.
Aritmetično povprečje zgodovinskih stroškov kapitala se nato enači s prihodnjimi pričakovanimi stroški lastnega kapitala in s tem s pričakovano zahtevo donosnosti s strani vlagatelja.
Financing approach with Compound Annual Growth Rate: at the heart of this approach stands the use of the geometric rather than the arithmetic mean value (Compound Annual Growth Rate).
Pristop financiranja s sestavljeno letno rastjo „Compound Annual Growth Rate“: v središču tega pristopa je uporaba geometrične namesto aritmetične srednje vrednosti (Compound Annual Growth Rate).
Capital Asset Pricing Model (CAPM): the CAPM is the best-known and most frequently tested model of modern financial economics, by which the return expected by an investor can be determined using the following equation:
Capital Asset Pricing Model (CAPM): CAPM je najbolj znan in najbolj preizkušen model sodobnega finančnega gospodarstva, s katerim se lahko pričakovan donos vlagatelja določi z naslednjo formulo:
risk-free base rate + (market risk premium × beta)
netvegana osnovna stopnja + (tržna premija tveganja × beta)
The risk premium for the equity investment is obtained by multiplying the risk premium of the market by the beta factor (market risk premium × beta).
Premijo tveganja za naložbo v lastni kapital dobimo z množenjem tržne premije tveganja z beta faktorjem (tržna premija tveganja × beta).
However, since BayernLB is not a listed company, it is not possible directly to infer its beta value.
Ker BayernLB ni podjetje, ki bi kotiralo na borzi, njegove beta vrednosti ni mogoče izpeljati neposredno.
The CAPM can be used only on the basis of an estimate of the beta factor.
Uporaba metode CAPM je zato možna samo na podlagi ocene beta faktorja.
In its comments of 29 July 2003, the BdB, using the CAPM, concluded that the minimum remuneration to be expected for an investment in the share capital of BayernLB at the time when the building-loan claims were transferred was 13,34 % per annum at 31 December 1994 and 12,87 % per annum at 31 December 1995.
V svojem mnenju z dne 29. julija 2003 je BdB z uporabo metode CAPM izračunal, da je pričakovano najmanjše nadomestilo za hipotetično naložbo v osnovni kapital BayernLB v času prenosa terjatev iz stanovanjskih posojil dne 31. decembra 199413,34 % letno in dne 31. decembra 199512,87 %. Nemčija pa uporabi metode CAPM nasprotuje.
Germany raised objections in principle to the use of the CAPM.
Poleg tega naj bi BdB izhajal iz previsokega beta faktorja in vrh tega še napačno določil netvegano osnovno stopnjo.
It also argued that the BdB started from a high beta value and was incorrect in its calculation of the risk-free base rate, and that the market-risk premium of 4,6 % was too high.
Tudi tržna premija tveganja v višini 4,6 % je previsoko nastavljena.
Had the BdB applied the CAPM correctly, it would have arrived at a much lower minimum remuneration for a hypothetical investment in the share capital of BayernLB.
Praviloma bi BdB moral na podlagi metode CAPM priti do občutno nižjega najmanjšega nadomestila za hipotetično naložbo v osnovni kapital BayernLB.
In their understanding on the normal market remuneration, the Land of Bavaria, BayernLB and the BdB concluded that the appropriate minimum remuneration was 9,87 % for the first instalment and 8,00 % for the second instalment.
V okviru dogovora o primernem nadomestilu, so se Svobodna država Bavarska, BayernLB in BdB sporazumeli o najmanjšem nadomestilu 9,87 % za prvo tranšo in 8,00 % za drugo tranšo.
In their calculations, the parties based themselves on the CAPM and applied risk-free basic interest rates of 7,50 % (31 December 1994) and 6,10 % (31 December 1995).
Stranke so za svoj izračun uporabile metodo CAPM. Pri tem se kot netvegane temeljne obrestne mere uporabile 7,50 % (31. december 1994) in 6,10 % (31. december 1995).
Determination of these interest rates was based on the assumption that BayernLB's special-purpose assets were to be made available on a permanent basis.
Določitev teh obrestnih mer se je izvršila ob domnevi, da so bila posebna namenska sredstva BayernLB dana na razpolago na trajni osnovi.
The parties thus calculated the return per annum that reflects the trend as tracked by the REX10 Performance Index in the period 1970-94/1970-95 and, in this way, arrived at the risk-free basic interest rates of 7,50 % and 6,10 % referred to above.
Stranke so nato določile letne donose, ki odražajo trend, prikazan v uporabljenem indeksu REX10 v obdobju med 1970 in 1994 oz. 1970 in 1995, ter tako prišli do zgoraj navedenih netveganih temeljnih obrestnih mer 7,50 % (31. december 1994) in 6,10 % (31. december 1995).
Since BayernLB's capital injection was made available on a permanent basis, the method of determining the risk-free basic interest rates appears appropriate in this specific case.
Ker je bila vloga BayernLB dejansko dana na razpolago na trajni osnovi, se zdi v tem posebnem primeru takšno postopanje za določitev netveganih temeljnih obrestnih mer primerno.
Moreover, the REX10 Performance Index is a generally recognised source of data.
Tudi uporabljen indeks REX10 velja za splošno priznan vir podatkov.
The risk-free basic interest rates calculated thus appear appropriate here.
Določene netvegane obrestne mere se zato zdijo primerne.
The beta factors of 0,593 (at 31 December 1994) and 0,475 (at 31 December 1995) were estimated on the basis of a report by […] on adjusted beta factors for all listed credit institutions in Germany.
Ocena beta faktorjev – 0,593 (31. december 1994) in 0,475 (31. december 1995) je temeljila na podlagi Komisiji predloženega izvedenskega mnenja [...] o t.i. prilagojenega beta faktorja vseh kreditnih institucij, ki kotirajo na nemški borzi.
In the light of the report — which is available to the Commission — and of BayernLB's business profile, these beta factors are to be regarded as appropriate
Na podlagi te študije in glede na poslovno usmerjenost BayernLB se ti beta faktorji lahko štejejo za primerne.
The Commission also regards the market-risk premium of 4,0 % as acceptable.
Po mnenju Komisije je sprejemljiva tudi tržna premija tveganja 4,0 %.
Already in the WestLB case, the so-called general long-term market-risk premium, i.e. the difference between the long-term average return on a normal share portfolio and that on government bonds, was applied on several occasions.
Tako imenovana splošna dolgoročna tržna premija tveganja, torej razlika med dolgoročnim povprečnim donosom na običajni portfelj delnic in na državne obveznice, je bila večkrat obravnavana že v postopku zoper WestLB.
In the corresponding reports relating to the procedure, a range of some 3 % to 5 % was applied, depending on the method, the period under examination and the basic relevant data.
V izvedenskem mnenju k temu postopku so bile glede na metodiko, časovno obdobje in uporabljeno bazo podatkov nastavljene stopnje med 3 % in 5 %.
A report prepared for BdB calculated figures of 3,16 % and 5 %. Another report on WestLB drawn up in the first procedure produced figures of 4,5 % and 5 %, while Lehman Brothers, also for WestLB, calculated a figure of 4 %.
Tako je študija, izdelana za BdB, računala s stopnjama 3,16 % in 5 %, druga študija, izdelana za WestLB v istem postopku, je računala s stopnjama 4,5 % in 5 %, medtem ko je podjetje Lehman Brothers, ki prav tako dela za WestLB, računalo s stopnjo 4 %.
Against this background, the Commission has no reason to depart from the market-risk premium used in the understanding.
Ob upoštevanju tega Komisija v zadevnem primeru ne namerava odstopiti od tržne premije tveganja, ki je bila uporabljena v dogovoru.
On the basis of the CAPM, the Commission considers there to be no doubt that the minimum remuneration determined by the parties can be regarded as appropriate
Na osnovi CAPM Komisija ne dvomi, da se najmanjše nadomestilo, ki so ga določile stranke, lahko šteje za primerno.
The Commission has no reason to believe that the minimum remuneration determined by the parties for a hypothetical share-capital investment cannot pass a market test.
Komisija nima nobenih dokazov, da najmanjše nadomestilo za hipotetično naložbo v osnovni kapital, ki so ga v zadevnem primeru določile stranke, ne bi bilo skladno s trgom.
Accordingly, it sets as the appropriate minimum remuneration (after corporation tax and before investor tax) a figure of 9,87 % per annum for the first instalment and 8,00 % per annum for the second instalment.
Komisija zato kot primerno najmanjše nadomestilo za prvo tranšo posebnih namenskih sredstev določi vrednost 9,87 % letno in za drugo tranšo vrednost 8,00 % letno (obe po obdavčitvi dobička in pred obdavčitvijo naložbe).
Return discount for lack of liquidity
Zmanjšanje donosa zaradi manjkajoče likvidnosti
Germany stated that BayernLB's actual refinancing costs came to 7,71 % in the second half of 1994, when the first instalment was transferred, and 6,78 % in the second half of 1995, when the second instalment was transferred.
Nemčija je navedla, da so dejanski stroški refinanciranja BayernLB v drugem polletju 1994 in s tem za časa prenosa prve tranše v povprečju znašali 7,71 % in v drugem polletju 1995 in s tem za časa prenosa druge tranše 6,78 %.
In the understanding the parties used a long-term risk-free base rate of 7,50 % at 31 December 1994 and 6,10 % at 31 December 1995 as minimum gross refinancing costs.
V dogovoru so stranke kot najmanjše bruto stroške refinanciranja določile dolgoročno netvegano temeljno obrestno mero 7,50 % v času 31. decembra 1994 (prva tranša) in 6,10 % v času 31. decembra 1995 (druga tranša).
They also agreed to assume a flat 50 % tax rate .
Poleg tega so se stranke dogovorile o pavšalni davčni stopnji 50 %.
On this basis, they arrived at a net refinancing rate of 3,75 % for the first instalment and 3,05 % for the second instalment and hence a corresponding deduction for liquidity.
V skladu s tem so stranke prišle do neto obrestne mere refinanciranja 3,75 % za prvo tranšo in 3,05 % zadrugo tranšo in s tem do ustreznega odbitka zaradi manjkajoče likvidnosti.
In view of that understanding and the fact that the amounts in question still fall below the range previously cited by Germany, the Commission sees no reason to regard them as inappropriate and consequently uses these amounts as a basis for determining the aid element.
Na podlagi tega dogovora in dejstva, da navedeni zneski sovpadajo z okvirom, ki ga je Nemčija že navedla poprej, Komisija nima razloga, da teh zneskov ne bi upoštevala kot upravičenih in jih tako tudi uporabila pri določitvi elementov pomoči.
Return premium on account of the particularities of the transfer
Povečanje donosa zaradi posebnosti prenosa
In practice, when remuneration is determined, atypical circumstances which depart from a normal investment in the share capital of the company concerned generally give rise to discounts or premiums.
V praksi se pri določitvi nadomestila atipične okoliščine, ki nastanejo v odstopanju od običajne naložbe v osnovni kapital v zadevno podjetje, na splošno upoštevajo z ustreznimi pribitki in odbitki.
It must therefore be examined whether the particularities, and especially the specific risk profile of the transfer of capital, constitute grounds for adjusting the above-determined minimum remuneration of 9,87 per annum (first instalment) and 8,00 % per annum (second instalment) which a private investor would expect for a (hypothetical) investment in the capital of BayernLB and whether the Commission can produce a methodically robust quantification of that adjustment.
Zato je treba preveriti, ali skladno s posebnostmi, zlasti konkretnim profilom tveganja prenosa posebnih namenskih sredstev, obstajajo razlogi za prilagoditev pravkar določenega najmanjšega nadomestila 9,87 % (prva tranša) in 8 % (druga tranša), ki bi ga zasebni vlagatelj pričakoval za (hipotetično) naložbo v osnovni kapital BayernLB, in ali bi Komisija lahko izvedla metodično dovolj robustno količinsko opredelitev.
In this connection, three aspects should be considered: first, the failure to issue new shares in the company with associated voting rights; second, the exceptional volume of the asset transfer; and third, the non-marketability of the assets.
V zvezi s tem je treba preveriti tri vidike: prvič, neizdaja novih delnic podjetja in s tem povezanih glasovalnih pravic, drugič, izreden obseg prenesenih sredstev in tretjič, nezadostna tržnost vloge.
The transfer did not provide the Land with any additional voting rights.
Dežela s prenosom ni pridobila dodatnih glasovalnih pravic in to tudi ni bilo izravnano s primerljivo naložbo drugega delničarja.
Nor was this disadvantage offset by a comparable investment by the other shareholder.
Z odpovedjo glasovalnim pravicam se vlagatelj odpove možnosti vpliva na odločitve in poslovanje banke.
By forgoing voting rights, an investor renounces a say in decisions taken by the bank's board.
Vlagatelj v tržnem gospodarstvu bi v zameno za prevzem večjega tveganja izgube brez ustreznega povečanja vpliva na podjetje (tudi pri zmanjšanju tveganja z internimi dogovori z ostalimi delničarji) zahteval višje nadomestilo.
To compensate for this acceptance of a higher risk of loss without a corresponding increase in influence over the company, a market-economy investor would demand a higher remuneration (even if the potential risk were cushioned by internal agreements with the other shareholders).
Na osnovi višjega nadomestila za prednostne delnice v primerjavi z navadnimi delnicami Komisija zato meni, da je pribitek 0,3 % letno (po obdavčitvi dobička) upravičen.
On the basis of the higher remuneration for preference shares compared with ordinary shares, the Commission considers a premium of at least 0,3 % per annum (after corporation tax) to be appropriate. The parties to the understanding also regard a premium of 0,3 % as appropriate to take account of the failure to issue new voting rights.
Tudi stranke dogovora menijo, da je pribitek 0,3 % letno upravičen, zaradi pomanjkljive izdaje glasovalnih pravic.
The Commission does not consider that a premium should be applied in this case on account of the volume of assets transferred and its effect on BayernLB from the point of view of the Solvency Directive.
Komisija meni, da obseg prenesenih sredstev in njegov vpliv na BayernLB z vidika Direktive o solventnosti, pribitka ne upravičuje.
As a result of the transfer of special-purpose assets, BayernLB's core capital increased by only 8 %, whereas in some of the other Landesbank cases mentioned, the core capital doubled.
S prenosom posebnih namenskih sredstev se je temeljni kapital BayernLB, drugače kot v ostalih navedenih primerih deželnih bank, kjer je deloma prišlo do podvojitve temeljnega kapitala, povečal zgolj za 8 %.
Furthermore, in the light of the exceptional capital requirements of credit institutions in the EU laid down by the Solvency Directive, a capital injection of some DEM 1197 million in one of the largest German all-purpose banks must not be regarded as completely alien to any normal business decision.
Poleg tega vloge v osnovni kapital v višini 1,197 milijard DEM v eno največjih nemških univerzalnih bank glede na izjemne kapitalske zahteve evropskih kreditnih institucij na osnovi Direktive o solventnosti ne smemo obravnavati kot popolnoma izven običajnih poslovnih dimenzij.
The Commission deems it unlikely that a market-economy investor would have demanded a special premium for an injection of capital as large in relative and absolute terms as in this case.
Komisija zato meni, da ni verjetno, da bi vlagatelj v tržnem gospodarstvu za dano absolutno in relativno velikost vloženega kapitala, kakor v tem primeru, zahteval poseben pribitek.
Consequently, it is not imposing a premium linked to the volume of the asset transfer, something which works in BayernLB's favour.
Komisija se tako z vidika obsega prenosa sredstev v korist BayernLB vzdržuje zahteve po pribitku.
The understanding between the parties also assumes that no premium should be applied on account of the high volume of assets transferred.
Tudi dogovor izhaja iz tega, da zaradi obsega prenesenih sredstev pribitek ni potreben.
A normal transfer of capital takes place as follows: the investor brings in assets (either in cash or in kind), which are entered on the assets side of the balance sheet.
Običajen prenos v osnovni kapital poteka takole: vlagatelj vloži sredstva (bodisi v denarju ali v naravi), ki se v bilanci stanja izkazujejo na strani sredstev.
As a rule, these are matched on the liabilities side by a tradable interest registered in the name of the investor, taking the form, in the case of a limited company for example, of shares.
Temu praviloma na strani obveznosti ustreza tržen delež v korist vlagatelja, npr. pri delniških družbah so to delnice. Te delnice lahko proda tretjemu.
He cannot withdraw the assets he originally brought in, as these now form part of the company's liable equity capital and are no longer at his disposal.
Saj slednja sedaj sestavlja del rizičnega lastnega kapitala družbe in njemu ni več na razpolago.
But by selling the shares — at the prevailing exchange price — he can realise their economic counter value.
Lahko pa s prodajo delnice – glede na borzni tečaj – realizira njeno gospodarsko protivrednost.
Because of the special circumstances surrounding the transfer of special-purpose assets, this option was not available to the Land.
Zaradi posebnih okoliščin prenosa posebnih namenskih sredstev dežela te možnosti nima.
However, the Commission does not see any reason for a further premium.
Vendar pa Komisija kljub temu ne vidi razloga za dodaten pribitek.
Although the Land was unable to realise the economic counter value by trading freely in the investment, it was and is able at any time to withdraw the special-purpose assets from BayernLB by law and achieve possibly higher returns by reinvesting them in other institutions.
Sicer dežela ni imela možnosti realizirati gospodarske protivrednosti s prosto tržnostjo naložbe, vendar pa je obstajala in obstaja načeloma možnost, da se posebna namenska sredstva z zakonom izvzamejo iz BayernLB in po potrebi z vnovičnim prenosom v druge institucije dosežejo višji donosi.
Here too the understanding between the BdB, the Land and BayernLB assumes that no premium should be applied on account of the lack of marketability.
Tudi tukaj dogovor med BdB, Svobodno državo Bavarsko in BayernLB izhaja iz tega, da zaradi nezadostne tržnosti sredstev pribitek ni potreben.
Overall, the Commission therefore considers a premium of 0,3 % per annum (after corporation tax and before investor tax) to be appropriate for forgoing additional voting rights.
Na splošno Komisija zato meni, da je povečanje donosa za pribitek 0,3 % letno (po obdavčitvi dobička in pred obdavčitvijo naložbe) primerno za odpoved dodatnim glasovalnim pravicam.
No reduction in remuneration on account of the agreement on a fixed amount
Nespremenjeno povračilo zaradi dogovora o pavšalnem nadomestilu
The Land receives a fixed remuneration the level of which should reflect these two aspects of remuneration for ‘normal’ equity injections.
Dežela prejme pavšalno nadomestilo, katerega višina bi morala odražati ta dva vidika povračila za „običajno“ vlogo kapitala.
It could be argued that the fact that the Land receives a fixed remuneration instead of one directly linked to BayernLB's performance constitutes an advantage which justifies a reduction in the rate of the remuneration.
Lahko bi trdili, da fiksno nadomestilo, ki ga dežela prejme namesto neposrednega povračila, povezanega z rezultati BayernLB, predstavlja prednost, ki upravičuje zmanjšanje stopnje povračila.
If the performance declines, a fixed rate benefits the investor, but if it improves it places him at a disadvantage.
Če se slednji poslabšajo, je pavšalna stopnja vlagatelju v korist, če pa se izboljšajo, je on postavljen v slabši položaj.
The fixed nature of the rate accordingly does not benefit the investor in a way that he would have agreed to a lowering of the remuneration.
Pavšalni značaj nadomestila tako vlagatelju ne koristi na tak način, da bi se slednji zato strinjal z zmanjšanjem nadomestila.
In aggregate, the Commission believes that the rate of remuneration should not be reduced for this reason.
Spričo tega Komisija meni, da stopnje povračila iz tega razloga ne gre zmanjšati.
On the basis of all these considerations and in agreement with the complainant BdB, the Land of Bavaria and BayernLB, the Commission concludes that an appropriate remuneration for the first instalment of the capital in question would be 6,42 % per annum (after corporation tax and before investor tax), namely a 9,87 % normal return on the investment, plus a premium of 0,3 % for the particularities of the transaction and minus 3,75 % on account of the financing costs resulting from the transferred assets' lack of liquidity for BayernLB.
Na podlagi vseh teh preudarkov in soglasno s pritožnikom BdB, Svobodno državo Bavarsko in BayernLB, je Komisija prišla do zaključka, da bi primerno nadomestilo za prvo tranšo zadevnega kapitala znašalo 6,42 % letno (po obdavčitvi dobička in pred obdavčitvijo naložbe), namreč 9,87 % običajnega donosa za zadevni naložbo plus 0,3 % zaradi posebnosti transakcije z odbitkom 3,75 % zaradi stroškov financiranja, ki jih ima BayernLB zaradi manjkajoče likvidnosti prenesenih sredstev.
For the second instalment, the Commission concludes that an appropriate remuneration would be 5,25 % per annum (after corporation tax and before investor tax), namely a 8 % normal return plus a premium of 0,3 % and minus 3,05 % on account of the transferred assets' lack of liquidity for BayernLB.
Za drugo tranšo Komisija meni, da bi bilo primerno nadomestilo 5,25 % letno (po obdavčitvi dobička in pred obdavčitvijo naložbe), namreč 8,00 % običajnega donosa plus 0,3 % pribitka z odbitkom 3,05 % zaradi manjkajoče likvidnosti razpoložljivega kapitala.
Determination of the minimum remuneration for the capital of DEM 1197 million up to the time when it was recognised by BAKred
Določitev najmanjšega nadomestila za kapital v višini 1,197 milijard DEM do trenutka priznanja s strani BAKred
As already mentioned, the special-purpose reserve of DEM 1197 million was already of material value to BayernLB before it was recognised by BAKred as core capital within the meaning of the Banking Act (KWG), since the two instalments were recorded as equity capital in the balance sheet as from their transfer.
Kot že rečeno, je rezerva za posebne namene v višini 1,197 milijarde DEM za BayernLB imela materialno vrednost, še predenj je bila s strani BAKred priznana kot temeljni kapital v smislu nemškega zakona o bančništvu (KWG), saj sta obe tranši bili že za časa prenosa v bilanci stanja prikazani kot lastni kapital.
Its economic function may in this respect be compared to that of a guarantee.
Njeno ekonomsko funkcijo lahko v tem pogledu primerjamo z jamstvom.