natgillin/translations-raw huggingface dataset:
Article 87(1) of the EC Treaty states that, save as otherwise provided in that 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 it affects trade between Member States.
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 skladne s skupnim trgom, če ovirajo trgovino med državami članicami.
The transfer was decided on by the Land of Berlin in order to increase LBB's capital by transferring to it the public-service institutions WBK/IBB, whose guarantor and owner the Land was.
S prenosom se je dežela Berlin, s tem ko je vanjo vključila WBK/IBB, ki sta imeli splošnokoristne naloge in je bila dežela Berlin njuna nosilka in lastnica, odločila za povečanje kapitala LBB.
The transfer increased LBB's liable equity capital recognised for supervisory purposes by letter of 24 February 1993 by some DEM 1,9 billion.
S to vključitvijo se je rizični lastni kapital LBB, ki je bil za potrebe nadzora priznan v pismu z dne 24. februarja 1993, povečal za približno 1,9 milijarde DEM.
DEM 187,5 million of that amount corresponded to an increase in LBB's nominal capital by the nominal capital of the former WBK and some DEM 1,715 billion to WBK's revenue reserves (without the net profit for 1992 of just under DEM 200 million), which from that point on were shown as a special-purpose reserve belonging to IBB and continued to grow each year.
Od tega je osnovni kapital nekdanje WBK znašal 187,5 milijonov DEM in za to vrednost se je povečal osnovni kapital LBB, približno 1,715 milijarde DEM pa je znašala rezerva iz dobička WBK (brez letnega presežka 1992 slabih 200 milijonov DEM), ki se jo je od takrat naprej prikazovalo kot rezervo IBB za posebne namene in je stalno naraščala.
The transfer of some DEM 1,9 billion and its recognition as core capital for supervisory purposes significantly increased LBB's lending capacity and thus its scope for expanding its competitive business.
S prenosom približno 1,9 milijarde DEM in za potrebe nadzora priznanim temeljnim kapitalom se je možnost LBB, da daje kredite in razširi konkurenčne posle, občutno povečala.
With a risk weighting of 100 % for all claims (e.g. from loans to non-banks) and without any further raising of additional capital, the business expansion potential theoretically lies at 12,5 times the additional liable equity capital (in this case just under DEM 24 billion).
Ob tveganju prilagojeni tehtani aktivi 100 % za vse terjatve (npr. iz kreditov do nebank) in brez nadaljnjega najemanja dopolnilnih sredstev je potencial za širitev poslovanja teoretično 12,5-krat večji od dodatnega rizičnega lastnega kapitala (v tem primeru torej slabih 24 milijard DEM).
It is not possible to give a precise figure for this potential in individual cases, as it depends on customer structure, strategic planning and unforeseeable external influences.
Kako velik je ta potencial v posameznem primeru, ni mogoče natančno določiti, ker je to odvisno od strukture strank, strateškega načrtovanja in nepredvidljivih zunanjih vplivov.
However, the question of whether and how a credit institution employs new own funds is not a matter for this investigation.
Vendar pa pri preiskavi postopka tudi ne gre zato, če in kako natančno kreditna institucija uporablja nova lastna sredstva.
Irrespective of the fact that IBB still needed part of the funds to underpin its promotion activities, the transferred assets were recognised by the supervisory authority and could thus be used by LBB, which was competing with other credit institutions, to cover its liabilities.
Kljub temu da je IBB del sredstev še naprej potrebovala za financiranje pospeševalnih poslov, so bila prenesena sredstva priznana za potrebe nadzora in se jih je tako lahko uporabljalo v namen jamstva LBB, ki je na trgu nastopala s konkurenčnimi drugimi kreditnimi inštitucijami.
There is therefore no doubt that this case involves the transfer to LBB of state resources which were such as to give it an economic advantage over its competitors to the extent that the resources concerned were not obtained on market terms.
Brez dvoma so se na LBB prenesla državna sredstva, s pomočjo katerih si je LBB pred svojimi tekmeci pridobila gospodarsko prednost, kolikor teh sredstev ni dobila pod tržno gospodarskimi pogoji.
FAVOURING OF A PARTICULAR UNDERTAKING
POMOČ DOLOČENEMU PODJETJU
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 s tem lahko predstavlja državno pomoč v smislu člena 87(1) Pogodbe ES, uporablja „načelo vlagatelja v tržnem gospodarstvu“.
The Court of First Instance has accepted and developed this principle in a number of cases, most recently in its judgment of 6 March 2003 regarding a similar transfer to WestLB.
To načelo je Sodišče prve stopnje v nizu zadev podprlo in nadalje razvilo, nazadnje v svoji sodbi z dne 6. marca 2003, katere predmet je bil podoben prenos sredstev na WestLB.
Market-economy investor principle
Načelo vlagatelja v tržnem gospodarstvu
According to the market-economy investor principle, no state aid is involved where funds are made available on ‘terms which a private investor would find acceptable in providing funds to a comparable private undertaking when the private investor is operating under normal market-economy conditions’.
Glede na načelo vlagatelja v tržnem gospodarstvu ne gre za pomoč podjetju, kadar so sredstva na razpolago pod „pogoji, pod katerimi bi bil zasebni vlagatelj, ki deluje v običajnih pogojih v tržnem gospodarstvu, pripravljen zagotoviti sredstva zasebnemu podjetju“.
In contrast, the undertaking is being favoured within the meaning of Article 87(1) of the EC Treaty if the proposed remuneration arrangement and/or the financial position of the undertaking is 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 se običajni donos na naložbo ne more pričakovati v primernem roku.
Article 295 of the EC Treaty
Člen 295 Pogodbe ES
Article 295 of the EC Treaty lays down that the system of property ownership in the various Member States must not be affected.
V skladu s členom 295 Pogodbe ES mora ureditev lastniških razmerij v različnih državah članicah ostati nespremenjena.
However, this cannot justify any infringement of the Treaty's competition rules.
To pa ne opravičuje kakršne koli kršitve predpisov Pogodbe o konkurenci.
Germany claims that, because of the constraints imposed by the special purpose assigned to the WBK assets, the only possible profitable use of these resources was to transfer them to a similar public-law institution.
Nemčija trdi, da je zaradi namenskosti sredstev WBK za pospeševanje edina donosna uporaba teh sredstev njihov prenos v podobno javno institucijo.
Consequently, the transfer represented the commercially most sensible use of those assets.
Prenos zato predstavlja trgovsko najbolj smiselno uporabo teh sredstev.
Germany therefore argues that any remuneration for the transfer, i.e. any additional return on WBK's capital, is sufficient to justify the transfer in the light of the market-economy investor principle.
Torej je vsako povračilo za prenos, tj. vsak dodaten donos na kapital WBK, zadostno, da se upraviči prenos z ozirom na „načelo vlagatelja v tržnem gospodarstvu“.
This line of argument cannot be accepted.
Ta utemeljitev ni sprejemljiva.
It may be true that WBK's transfer to LBB, which subsequently allowed LBB to use part of WBK's capital for underpinning its competitive business, was the commercially most sensible use.
Morda drži, da je bil prenos WBK na LBB, ki je slednji omogočil, da del kapitala WBK uporabi za kritje konkurenčnih dejavnosti, gospodarsko najbolj smiselna uporaba.
However, as soon as public funds and other assets are used for commercial, competitive activities, the normal market rules must be applied.
Vendar pa je treba, takoj ko gre za uporabo javnih sredstev ali drugih aktiv za komercialne in tržno usmerjene dejavnosti, uporabiti običajna pravila tržnega gospodarstva.
This means that the State, once it decides to assign public-purpose assets to a commercial use, must demand a remuneration in line with normal market conditions.
To pomeni, da mora država, takoj ko se odloči javna sredstva uporabiti (tudi) v gospodarske namene, za to zahtevati povračilo, ki ustreza običajnemu tržnemu nadomestilu.
Ownership structure
Lastniška struktura
The key question, as formulated by the Court of First Instance in its judgment in WestLB with reference to the previous case law, is whether, in similar circumstances, a private investor operating in normal conditions of a market economy and of a comparable size to that of the bodies operating in the public sector could have been prompted to make the capital contribution in question.
Temeljno vprašanje te preiskave je, ali bi bil zasebni vlagatelj v tržnem gospodarstvu velikosti, ki je primerljiva z velikostjo upravnih inštitucij javnega sektorja, v ustreznih okoliščinah pripravljen vložiti zadevna sredstva, kot je pri sodbi WestLB s sklicevanjem na dosedanjo sodno prakso odločilo Sodišče prve stopnje.
Lastly, as the Court also points out with reference to other case law, ‘the comparison between the conduct of public and private investors must be made by reference to the attitude which a private investor would have had at the time of the transaction in question, having regard to the available information and foreseeable developments at that time’.
Nenazadnje je treba, kot je Sodišče v nadaljevanju pojasnilo s sklicevanjem na druge sodbe, „vedenje javnega vlagatelja z zasebnim primerjati glede na to, kako bi se zasebni vlagatelj v zadevnem postopku obnašal spričo informacij in predvidljivega razvoja dogodkov, ki bi mu bili na voljo v ustreznem trenutku“.
This makes it clear that the assessment must focus on the time of the investment and on the expectations which an investor might reasonably, i.e. on the basis of the available information, have had at that time.
To ponazarja, da je pri preiskavi treba upoštevati čas naložbe in razumna pričakovanja vlagatelja, ki temeljijo na informacijah, ki so na voljo v tem času.
These expectations essentially relate to the likely return.
Pričakovanja so v glavnem povezana z verjetnim donosom.
The Land of Berlin was the sole shareholder of LBB (and of WBK).
Dežela Berlin je bila edina lastnica LBB (in WBK).
Even if this circumstance should make it possible to depart from an approach which takes account only of the fixed, agreed rate of remuneration (on average 0,25 % on the part of the special-purpose reserve used by LBB as of December 1995), in the present case ownership by the Land of Berlin cannot be used to justify the low direct remuneration.
Tudi če bi ta okoliščina omogočila, da se ne upošteva samo fiksno dogovorjenega nadomestila – povprečno 0,25 % od dela rezerve za posebne namene, ki ga je LBB koristila od decembra 1995 dalje, dejstvo, da je dežela Berlin lastnica, v tem primeru ne more upravičiti majhnega neposrednega nadomestila.
To cite the Land’s ownership as justification, there would have to be an adequate business plan, expert valuation or assessment of the likely return from the investment at issue.
Pogoj za sklicevanje na lastništvo dežele je zadosten poslovni načrt, izvedensko mnenje o vrednosti ali ocena pričakovanega donosa zadevne naložbe.
None was produced at the time.
Takrat ta pogoj ni bil izpolnjen.
The Commission therefore has no means of verifying the Land's statements.
Zato Komisija nima vzroka, da bi preverila trditve dežele.
The Commission accordingly takes the view that, in this case, the appropriate return must be established on the basis of the direct market return.
Komisija zato meni, da je v tem primeru primerno nadomestilo treba določiti na osnovi neposrednega tržno primernega nadomestila.
Remuneration and elements of remuneration
Nadomestilo in elementi nadomestila
Capital basis for calculating the remuneration
Kapitalska osnova za izračun nadomestila
In principle, remuneration is payable on the entire value of the transferred assets. This approach was applied in Decision 2000/392/EC and upheld by the Court of First Instance.
Kakor je navedeno v Odločbi 2000/392/ES in potrjeno s strani Sodišča prve stopnje, se mora načeloma izplačati nadomestilo za celotno vrednost prenesenih sredstev.
As BAKred directly recognised the full amount as core capital, the funds were available to LBB to cover liabilities from 1 January 1993 onwards, except for the amount required each year for the promotion-related business itself.
Ker je BAKred sredstva v polni višini nemudoma priznal za temeljni kapital, so bila LBB od 1. januarja 1993 z izjemo zneskov, ki jih je vsako leto sama potrebovala za pospeševalne posle, na voljo za kritje jamstva.
The capital needed to underpin the promotion-related business and which LBB could not use has to be deducted from the amounts which grew each year from then on.
Od zneskov, ki so od takrat vsako leto rasli, je treba vsako leto odšteti še kapital, ki ga LBB ni mogla koristiti, saj ga je potrebovala za kritje jamstva pospeševalne dejavnosti.
The values for the WBK/IBB special-purpose reserve and for the capital needed for IBB's promotion-related business varied, or continually increased, as of early 1993.
Vrednosti namenskih sredstev WBK/IBB in kapitala, ki ga je IBB vsako leto potrebovala za pospeševalno dejavnost, so od začetka leta 1993 nihale oz. stalno rasle.
They are shown in the table at paragraph 142.
Vrednosti so navedene v tabeli v odstavku 142.
The nominal capital of WBK/IBB worth DEM 187,5 million and transferred to LBB's nominal capital was liquid capital.
Osnovni kapital WBK/IBB v višini 187,5 milijonov DEM, ki se je prenesel v osnovni kapital LBB, je bil likviden kapital.
75,01 % of LBB's shares were sold to BGB in 1994, and the remaining 24,99 % in 1998 at a price of DEM 1,5 billion.
Leta 1994 je bil BGB odsvojen 75,01 % delež LBB, leta 1998 pa še preostali 24,99 % delež za ceno 1,5 milijarde DEM.
The nominal capital was therefore attributed to BGB as of 1998.
S tem je osnovni kapital od leta 1998 dalje pripadal BGB.
There are therefore three bases for calculating an appropriate remuneration: first, the liquid capital of DEM 187,5 million for 1993, with a value of DEM 46,9 million (corresponding to 24,99 % of shares) for the years 1994 to 1997; second, the special-purpose reserve and third, the funds needed for the promotion-related business.
Zato obstajajo tri osnove za izračun primernega nadomestila. Prvič likvidni kapital v višini 187,5 milijonov DEM za leto 1993 in za leta 1994 do 1997 v višini 46,9 milijonov DEM (kar ustreza 24,99 % deležev), drugič namenska rezerva in tretjič sredstva, ki so potrebna za pospeševalno dejavnost.
As the same minimum return applies to the first two elements, they can initially be considered together in what follows.
Ker je treba za oba prva instrumenta določiti enak najmanjši donos, ju lahko kot prva v nadaljevanju obravnavamo skupaj.
Appropriate remuneration for the nominal capital and the special-purpose reserve
Primerno nadomestilo za osnovni kapital in namensko rezervo
Investments of differing economic quality require differing returns.
Vloge različne gospodarske kakovosti zahtevajo različne donose.
In analysing an investment's acceptability to an investor acting under normal market conditions, it is important therefore to bear in mind the special economic nature of the financial measure in question and the value of the capital provided for LBB.
Pri preverjanju ali je naložba sprejemljiva za vlagatelja, ki deluje pod običajnimi tržnimi pogoji, je zato treba izhajati iz posebnega gospodarskega značaja zadevnega finančnega ukrepa in vrednosti kapitala, ki je LBB dan na razpolago.
Comparison with other equity instruments
Primerjava z drugimi instrumenti lastnega kapitala
In establishing an appropriate remuneration, it is important to determine to which other equity instruments the transfer of WBK's assets may be compared since market remuneration differs from one instrument to another.
Pri določanju primernega nadomestila je pomembno, s katerimi drugimi instrumenti lastnega kapitala lahko primerjamo prenos sredstev WBK, saj je nadomestilo za različne instrumente na trgu različno.
For the purposes of their understanding, the BdB, the Land and LBB assume that it can be compared to a share capital investment.
BdB, dežela in LBB prenos primerjajo z naložbo delniškega kapitala.
The Commission likewise takes the view that the transfer most closely resembles a share capital investment.
Tudi Komisija meni, da je prenos WBK še najbolj podoben naložbi delniškega kapitala.
For the nominal capital, this can undisputedly be assumed to be the case and does not require any further discussion here.
Za osnovni kapital to velja brez dvoma in tega tu ni treba podrobneje obravnavati.
However, it also applies to the special-purpose reserve, which was equally recognised by BAKred as core capital.
To pa velja tudi za rezervo za posebne namene, ki jo je BAKred prav tako priznal za temeljni kapital.
In this connection, it should be noted that the relatively broad range of innovative equity instruments now available to credit institutions in several countries did not exist in Germany back in 1993 when it was decided to transfer WBK to LBB.
V zvezi s tem je treba najprej poudariti, da relativno široko razdeljenega instrumentarija inovativnih instrumentov lastnega kapitala, ki je kreditnim institucijam v več državah na voljo sedaj, v Nemčiji leta 1993 v času prenosa WBK na LBB še ni bilo.
Some of these instruments have been developed in the meantime, while others already existed but were not accepted in Germany.
Nekateri izmed teh instrumentov so se razvili šele kasneje, drugi pa so že obstajali, a v Nemčiji niso bili priznani.
It would therefore be inappropriate to compare the special-purpose reserve to such innovative instruments, most of which have developed in the meantime and some of which are available only in other countries.
Primerjava rezerve za posebne namene s takšnimi inovativnimi instrumenti, ki so se večinoma razvili šele kasneje in so nekateri na razpolago le v drugih državah, zato ni primerna.
The Commission also takes the view that it is not appropriate to compare the special-purpose reserve recognised as core capital to a silent partnership contribution when determining the appropriate remuneration, precisely because the transfer did not take the form of a silent partnership contribution but of a special-purpose reserve.
Komisija meni, da tudi primerjava z vložki tihe družbe ni primerna za določitev primernega nadomestila za rezervo za posebne namene, priznano kot temeljni kapital. Tu za pomemben dejavnik šteje dejstvo, da se sredstva niso prenesla ravno v obliki vložka tihe družbe, temveč kot rezerva za posebne namene.
BAKred too recognised the transfer as a reserve and not as a silent partnership contribution pursuant to Section 10 of the German Banking Act.
Tudi BAKred je prenos priznal kot rezervo in ne kot vložek tihe družbe v skladu s členom 10 KWG.
The fact that the German supervisory authority treated the capital made available as a reserve suggests that it resembles share capital rather than a silent partnership.
To, da je nemški nadzorni organ prenos obravnaval kot rezervo, pomeni da je kapital, ki je bil dan na razpolago, prej primerljiv z delniškim kapitalom kot pa z vložki tihe družbe.
Moreover, the risk that the transferred capital might at least partially be lost in the event of insolvency or liquidation is no less than the risk associated with a share capital investment since WBK's assets make up a considerable part of LBB's equity capital and LBB used it extensively for many years to cover risk-bearing assets.
Prav tako pa tveganje za izgubo vsaj dela prenesenega kapitala v primeru insolventnosti ali likvidacije ni nič manjše od tveganja v primeru naložbe v osnovni kapital, saj sredstva WBK predstavljajo znatni delež lastnega kapitala LBB in je LBB v več letih uporabila znatni znesek teh razpoložljivih sredstev za kritje tveganih sredstev.
Liquidity costs of the special-purpose reserve
Stroški likvidnosti rezerve za posebne namene
A ‘normal’ capital injection into a bank supplies it both with liquidity and with an own funds base which it requires for supervisory reasons to expand its activities.
„Običajni“ kapitalski vložek pri banki slednji zagotovi tako likvidnost kot obseg lastnega kapitala, ki ju banka potrebuje zaradi nadzorstva za razširitev njenih dejavnosti.
In order to use the capital in full, i.e. to expand its 100 % risk-adjusted assets by a factor of 12,5 (i.e. 100 divided by a solvency ratio of 8), the bank must refinance itself on the financial markets 11,5 times over.
Da bi kapital uporabila v celoti, tj. razširila svojo 100 % tveganju prilagojeno tehtano aktivo s faktorjem 12,5 (100 deljeno s stopnjo solventnosti 8 %), se mora banka 11,5-kratno refinancirati na finančnih trgih.
Put simply, the difference between 12,5 times the interest received and 11,5 times the interest paid minus other costs of the bank (e.g. administration) gives the profit on the equity.
Če poenostavimo, pomeni razlika med 12,5-kratnimi prejetimi obrestmi in 11,5-kratnimi plačanimi obrestmi minus drugi stroški banke (na primer za upravljanje) dobiček na lastni kapital.
Apart from the nominal capital of DEM 187,5 million, the transfer of WBK's assets did not provide LBB with initial liquidity.
Razen osnovnega kapitala v višini 187,5 milijonov DEM prenos sredstev WBK LBB sprva ni zagotovil likvidnosti.
LBB therefore faced additional funding costs equal to the amount of the capital if it was to raise the necessary funds on the financial markets to take full advantage of the business opened up by the additional capital, i.e. to expand risk-adjusted assets by 12,5 times the capital amount (or to maintain existing assets at that level).
LBB ima zato dodatne stroške financiranja v višini kapitala, če želi zbrati sredstva na finančnih trgih, potrebna za popolno izrabo poslovnih možnosti, ki so se ji odprle z dodatnim lastnim kapitalom, tj. razširiti svojo tveganju prilagojeno tehtano aktivo z 12,5-kratnim zneskom kapitala (ali ohraniti obstoječa sredstva v tej višini).
Because of these extra costs, which do not arise in the case of other forms of injected equity capital, the appropriate remuneration must be reduced accordingly.
Zaradi teh dodatnih stroškov, ki pri lastnem kapitalu, prenesenem v drugih oblikah, ne nastajajo, se mora primerno povračilo ustrezno znižati.
A market-economy investor could not expect to be remunerated in the same way as for a cash injection.
Vlagatelj v tržnem gospodarstvu ne more pričakovati enakega povračila kot pri denarnem vložku.
The Commission does not believe that the entire refinancing interest rate has to be taken into account.
Komisija je pri tem mnenja, da ni potrebno upoštevati celotne obrestne mere refinanciranja.
Refinancing costs constitute operating expenses and therefore reduce taxable income.
Stroški refinanciranja so stroški poslovanja in zato zmanjšujejo obdavčljiv dobiček.
This means that the bank's net result is not reduced by the amount of additional interest expenses incurred.
Neto rezultat banke se torej ne zmanjša za znesek dodatno plačanih obresti.
These expenses are offset in part by reduced corporation tax.
Ti stroški se delno izravnajo z manjšim davkom od dobička.
Only the net costs should be taken into account as an additional burden on LBB because of the special nature of the capital transferred.
Kot dodatna obremenitev LBB se morajo zaradi posebnega značaja prenesenega kapitala upoštevati le neto stroški.