natgillin/translations-raw huggingface dataset:
This means that, as soon as the State decides to assign public-purpose assets (also) to a commercial use, it should seek a remuneration corresponding to market terms.
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.
SPECIFIC NATURE OF THE MEASURE
POSEBNOST UKREPA
In carrying out the above transfer operation in response to WestLB's need to expand its original own funds, the Land authorities chose a method of increasing capital that had very special features.
Dežela se je z izvedbo opisanega prenosa kot odgovoru na potrebe po dodatnih temeljnih lastnih virih sredstev WestLB odločila za način dokapitalizacije, ki ima zelo specifične lastnosti.
The general idea was to merge a non-profit credit institution pursuing a particular task (Wfa) with a normal commercial bank operating under conditions of competition, with the aim of utilising surplus capital (from the point of view of the solvency rules) within the non-profit institution for the purposes of the entity exposed to competition.
Osnovna zamisel je bila združitev občekoristne kreditne institucije, ki opravlja posebno nalogo (Wfa), z običajno poslovno banko, ki posluje v splošnih pogojih konkurence, da bi (iz vidika predpisov o solventnosti) presežen kapital znotraj občekoristne institucije lahko uporabil za namene institucije, ki deluje v pogojih konkurence.
At the same time, the assets transferred remained earmarked for their original purpose.
Istočasno ostanejo prenesena sredstva namenjena njihovemu prvotnemu namenu.
Consequently, the approach of an ‘entity within an entity’ was chosen, with Wfa's assets forming an independent and ‘closed’ circuit in which profits generated by Wfa accrue to and are retained by that institution only.
Zato je bila izbrana rešitev „ustanova znotraj ustanove“, pri čemer sredstva Wfa tvorijo neodvisen in „zaprt“ krog, v katerem se presežki, ki jih Wfa ustvari, prištejejo le njej in ostanejo samo njeni.
The Commission is not aware of any precedents for a capital increase involving such an ‘imperfect’ merger in so far as this might be relevant from a state aid viewpoint.
Komisija ne pozna nobenega precedenčnega primera za povečanje kapitala na način takšne „nepopolne združitve“, v kolikor bi to lahko bilo pomembno z vidika državne pomoči.
In its opinion, however, if a construction like the one at issue is chosen by a Member State, a thorough analysis of its financial and economic impact on the competitive part of the entity is imperative so as to ensure that non-transparent mechanisms are not used to circumvent the EC Treaty's state aid rules.
Vendar pa je Komisija mnenja, da je treba, če se država članica, tako kot v obravnavanem primeru, odloči za tovrstno izvedbo temeljito preveriti, kakšen je finančni in ekonomski učinek tega dejanja na tisti del institucije, ki deluje v pogojih konkurence. Samo tako se lahko prepreči uporaba netransparentnih izvedbenih ukrepov, s katerimi se skušajo zaobiti pravila o državnih pomočeh iz Pogodbe ES.
It is necessary to assess to what extent the integration carried out is economically advantageous to the competitive divisions of WestLB despite the creation of ‘closed circuits’.
Treba je presoditi, v kolikšni meri izvedena vključitev kljub ustanovitvi „zaprtih krogov“ predstavlja gospodarske ugodnosti za del podjetja, ki deluje v pogojih konkurence.
It should be pointed out here that the complexity of the case and the lack of directly comparable transactions on the free market make this judgement a rather difficult one.
Na tej točki je treba pripomniti, da je zaradi kompleksnosti primera in pomanjkanja direktno primerljivih transakcij na svobodnem trgu, presoja zelo zahtevna.
Therefore, the Commission devoted a considerable amount of time to gathering information and analysing the case.
Zato je Komisija porabila veliko časa za zbiranje informacij in analizo primera.
Furthermore, it arranged for an outside expert to deliver an opinion on the transaction and on the remuneration that can be regarded as corresponding to market terms.
Poleg tega je pri zunanjem strokovnjaku naročila izdelavo izvedenskega mnenja o transakciji in nadomestilu, ki se lahko šteje kot običajno tržno nadomestilo.
Only on the basis of all the data available and after a careful examination has the Commission finally drawn its conclusions and come to the present decision.
Samo na podlagi vseh razpoložljivih informacij in po skrbnem preverjanju je Komisija na koncu oblikovala svoje sklepe in sprejela pričujočo odločbo.
NO CHANGE IN OWNERSHIP STRUCTURE
NESPREMENJENA LASTNIŠKA STRUKTURA
When injecting equity capital into a bank, a market-economy investor demands an appropriate share in the bank's profits.
Če vlagatelj v tržnem gospodarstvu banki zagotovi lasten kapital, zahteva primerno udeležbo pri dobičku banke.
One way of ensuring such participation is via a corresponding change in the structure of ownership, giving him an appropriate share in the bank's dividends and in a possible increase in its disclosed and non-disclosed value as a result of its enhanced earning capacities.
En način za zagotovitev takšne udeležb je ustrezna sprememba lastniške strukture. To mu omogoča dostop do primernih dividend banke in udeležbo pri morebitnem odprtem ali kritem povečanju vrednosti kot rezultat večjih možnosti donosa.
Therefore, one way of ensuring an adequate return on the capital provided would have been to increase the Land's participation in WestLB accordingly, provided that the bank's overall profitability corresponds to the normal rate of return that a market-economy investor would expect from his investment.
En način za zagotovitev primernega donosa iz zagotovljenega kapitala bi torej bil, ustrezno povečanje udeležbe dežele v WestLB, v kolikor splošna donosnost banke ustreza običajnemu donosu, ki ga vlagatelj v tržnem gospodarstvu pričakuje za svojo naložbo.
This would have avoided the discussion of whether the 0,6 % rate of remuneration is appropriate. However, this course was not taken by the Land.
S tem bi se izognili razpravi o vprašanju, ali je nadomestilo 0,6 % primerno, vendar se dežela ni odločila za takšno postopanje.
According to the German authorities, a redistribution of shares in WestLB was not possible owing to the specific character of the transaction, especially the closed-circuit arrangement and the Land's prerogative (only valid internally) as regards the net assets of Wfa in the event of the liquidation of WestLB, which was agreed on by WestLB's shareholders.
Po mnenju Nemčije prerazdelitev deležev WestLB ob upoštevanju posebnega značaja transakcije ni možna, predvsem zaradi pristopa zaprtega kroga in (samo interno veljavne) posebne pravice dežele do neto sredstev Wfa v primeru likvidacije WestLB, ki je bila dogovorjena med delničarji WestLB.
In this case, however, the Land should have demanded appropriate remuneration for the transfer in another form, in accordance with the market-economy investor principle.
V tem primeru pa bi dežela morala v skladu z načelom vlagatelja v tržnem gospodarstvu za prenos kapitala zahtevati primerno nadomestilo v drugačni obliki.
Otherwise, if the Land forgoes a remuneration which the market normally demands, it is not behaving like a market-economy investor and is thereby granting an advantage to WestLB which constitutes state aid.
V kolikor pa se dežela odpove običajnemu tržnemu nadomestilu, se ne ravna kot vlagatelj v tržnem gospodarstvu in tako WestLB odobri ugodnost, ki predstavlja državno pomoč.
Germany and WestLB submit that only the part of the accepted original own funds which can be used by WestLB to underpin its commercial business has an economic value for the bank, with the result that a remuneration can be demanded by the Land in respect of this part only.
Po mnenju Nemčije in WestLB ima samo tisti del priznanih temeljnih lastnih virov sredstev, ki ga WestLB lahko uporabi za kritje svojih komercialnih dejavnosti, za banko ekonomsko vrednost, zato lahko dežela zahteva nadomestilo samo za ta del.
BdB claims that the whole amount of DEM 5900 million (EUR 3020 million) is at risk and therefore a remuneration should be paid on that amount.
BdB trdi, da celoten znesek 5,9 milijarde DEM (3,02 milijarde EUR) tvegan in zato je treba za ta znesek plačati nadomestilo.
The level of this remuneration should be different for the accepted original own funds of DEM 4000 million (EUR 2050 million) and the remaining amount of DEM 1900 million (EUR 970 million).
Višina tega nadomestila mora biti različna za priznana temeljna lastna sredstva v višini 4 milijard DEM (2,05 milijarde EUR) in preostali znesek 1,9 milijarde DEM (970 milijonov EUR).
The Commission's consultants based their assessment on the assumption that, at the time of the transfer, the value of Wfa was established by the Land and WestLB at DEM 5900 million (EUR 3020 million) and that a market-economy investor would therefore, in principle, seek a remuneration in respect of that figure, regardless of any later developments such as the acceptance of the capital (or only part of it) as original own funds by BAKred.
Svetovalci Komisije so se pri svoji oceni opirali na domnevo, da je bila vrednost Wfa v času prenosa sredstev z dežele na WestLB določena v višini 5,9 milijarde DEM (3,02 milijarde EUR) in da bi vlagatelj v tržnem gospodarstvu zato načeloma zahteval nadomestilo za to vrednost, neodvisno od kasnejših dogodkov, na primer priznanja kapitala (ali samo dela tega) kot temeljnih lastnih virov sredstev s strani BAKred.
The only decisive factor for the fixing of a remuneration for a capital investment is the circumstances obtaining at the time of the investment decision, and not subsequent events.
Odločilnega pomena za določitev nadomestila za kapitalsko naložbo so samo okoliščine v času odločitve o naložbi in nobeni kasnejši dogodki.
However, the Commission's consultants also accept that the transaction would have taken a different course if normal commercial practice had been followed.
Vendar pa se svetovalci Komisije strinjajo, da bi se transakcije odvijala drugače, če bi se izvedla pod običajnimi tržnimi pogoji.
In the Commission's view, the sequence of steps in which the transfer was carried out could, in fact, point to an equal remuneration for the whole capital shown in WestLB's balance sheet.
Po mnenju Komisije bi lahko zaporedje korakov prenosa dejansko kazalo na enako nadomestilo za celoten kapital, ki je prikazan v bilanci stanja WestLB.
The transfer was first decided and carried out, and then BAKred was requested to accept Wfa's special reserve as original own funds and the remuneration was fixed only close on two years after the transfer decision.
Prenos je bil najprej sklenjen in izveden, potem je bil BAKred zaprošen, da prizna posebno rezervo Wfa kot temeljni lastni vir sredstev, nadomestilo pa je bilo določeno šele skoraj dve leti po odločitvi o prenosu.
However, under normal market conditions no bank would have agreed to include Wfa in its balance sheet for the sum of DEM 5900 million (EUR 3020 million) and to pay a uniform remuneration on that amount before first checking whether that amount would also be accepted as original own funds by the supervisory authority.
Pod običajnim tržnimi pogoji ne bi nobena banka sprejela, da vnese Wfa s 5,9 milijarde DEM (3,02 milijarde EUR) v svoje poslovne knjige in na ta znesek plačala enotno nadomestilo, ne da bi najprej preverila ali bo nadzorni organ vnos priznal kot temeljni lastni vir sredstev.
Furthermore, as is also stressed by the Commission's outside experts, a rational investor would certainly not behave in this way, i.e. consent to a substantial capital injection without first agreeing on an appropriate remuneration mechanism.
Kakor je poudaril tudi zunanji strokovnjak Komisije, razumen vlagatelj v tržnem gospodarstvu nikakor ne bi ravnal na ta način, t.j. privolil v znatni kapitalski vložek, ne da bi se pred tem dogovoril o primernem mehanizmu za določitev nadomestila.
However, in the Commission's view, the sequence of events can be explained by the special circumstances of the case.
Po mnenju Komisije pa se zaporedje dogodkov lahko pojasni s posebnimi okoliščinami tega primera.
The Land had long-term financial relations with the bank and was its main owner.
Dežela je imela dolgoročne finančne odnose z banko in bila njen glavni lastnik.
There were only a small number of shareholders (all of them public), which means in practice less need for transparency and openness compared with a company that has a large number of (‘outside’) shareholders or is listed on the stock exchange.
Obstajalo je le malo število (samo javnih) delničarjev, kar v praksi pomeni, da je potreba po transparentnosti in odprtosti manjša v primerjavi s podjetji z večjim številom („zunanjih“) delničarjev ali z borzno kotacijo.
These special circumstances made it possible to decide on the transfer while leaving the decision on the final remuneration open until it was established that Wfa's capital could actually be used for commercial banking purposes.
Zaradi teh posebnih okoliščin je bilo možno skleniti prenos sredstev in določiti dokončno nadomestilo šele, ko je bila uveljavljena dejanska uporabnost kapitala Wfa za konkurenčne bančne dejavnosti.
For the purpose of establishing an appropriate remuneration, a distinction should be made between the different parts of Wfa's special reserve according to their use to WestLB.
Za določitev primernega nadomestila je treba razlikovati med deli posebne rezerve Wfa glede na njihovo uporabnost za WestLB.
An amount of DEM 5900 million (EUR 3020 million) was entered as equity on WestLB's balance sheet.
5,9 milijarde DEM (3,02 milijarde EUR) je bilo vknjiženih kot lastni kapital v bilanco stanja WestLB.
An amount of DEM 4000 million (EUR 2050 million) was accepted by BAKred as original own funds.
4 milijarde DEM (2,05 milijarde EUR) pa je BAKred priznal kot temeljni lastni vir sredstev.
Of these amounts only DEM 2500 million (EUR 1280 million) allows WestLB to expand its activities and should be the primary basis of a remuneration for the Land.
Samo 2,5 milijarde DEM (1,28 milijarde EUR) teh sredstev WestLB dovoljujejo, da razširi svoje dejavnosti, in morajo biti primarna osnova nadomestila za deželo.
The remaining DEM 1500 million (EUR 770 million) of the accepted original own funds are shown in the balance sheet but are needed to underpin Wfa's housing promotion business.
Preostanek priznanih temeljnih lastnih sredstev v višini 1,5 milijarde DEM (770 milijonov EUR) se prikaže v bilanci stanja, vendar se uporabi za kritje dejavnosti pospeševanja gradnje stanovanj Wfa.
An amount of DEM 1900 million (EUR 970 million) is shown in the balance sheet but not accepted as own funds for solvency purposes.
Znesek 1,9 milijarde DEM (970 milijarde EUR) se sicer pojavi v bilanci, vendar ni priznan kot lastna sredstva za potrebe solventnosti.
Therefore, the amount shown in WestLB's balance sheet but not usable by WestLB to expand its commercial business totals DEM 3400 million (EUR 1740 million).
Tako znaša znesek, ki je prikazan v bilanci stanja WestLB, a se ne more uporabiti za razširitev konkurenčnih dejavnosti WestLB, 3,4 milijarde DEM (1,74 milijarde EUR).
However, equity is necessary not only for supervisory reasons.
Kapital pa ni pomemben zgolj zaradi bančnega nadzorstva.
The amount of equity shown in the balance sheet is also an indication for the bank's lenders of its soundness and thus influences the conditions under which the bank is able to raise outside funds.
Obseg lastnega kapitala, vknjiženega v bilanci stanja, bančnim posojilodajalcem potrjuje tudi trdnost banke kot finančne institucije in s tem vpliva na pogoje, pod katerimi banka lahko prejema tuj kapital.
Contrary to the arguments of Germany and WestLB, creditors and rating agencies look not only at accepted own funds but also at the overall economic and financial situation of the bank.
V nasprotju z argumenti Nemčije in WestLB, upniki in rating agencije ne upoštevajo samo priznanih lastnih sredstev, temveč celotno ekonomsko in finančno stanje banke.
Accepted own funds form only part of such an analysis of the bank's credit standing.
Priznana lastna sredstva tvorijo samo del takšne analize, s katero se ocenjuje boniteta banke.
The amount of DEM 5900 million (EUR 3020 million) has been established by the Land and WestLB as a probable value which could be achieved in the event of Wfa being sold to a third party.
Znesek 5,9 milijarde DEM (3,02 milijarde EUR) je bil s strani dežele in WestLB določen kot verjetna vrednost, ki bi lahko bila dosežena v primeru prodaje Wfa tretjemu.
If this assessment had not been reasonable, WestLB's auditors would not have allowed it to stand in the balance sheet.
Če ta pristop ne bi bil primeren, revizorji WestLB ne bi dovolili, da se obdrži v bilanci stanja.
The amount of DEM 4000 million (EUR 2050 million) accepted by BAKred reflects the supervisory body's very cautious approach to its valuation.
Znesek v višini 4 milijarde DEM (2,05 milijarde EUR), ki ga je BAKred priznal, izhaja iz zelo previdne ocene s strani nadzornega organa.
It should be borne in mind that the valuation made for BAKred also gives a spread of between DEM 4000 million (EUR 2050 million) and DEM 5400 million (EUR 2760 million).
Treba je opomniti, da tudi ocena, opravljena za BAKred, navaja razpon od 4 milijard DEM (2,05 milijarde EUR) do 5,4 milijarde DEM (2,76 milijarde EUR).
Therefore, the total amount of DEM 5900 million (EUR 3020 million) would be viewed by a potential creditor as security for his monies and would increase the credit standing of WestLB.
Zato se bo skupni znesek 5,9 milijarde DEM (3,02 milijarde EUR) za potencialnega upnika štel kot varščina za njegov denar in izboljša kreditno sposobnost WestLB.
This positive effect of the transfer on the bank's creditworthiness was also stated in the valuation of Wfa made for WestLB in 1992.
Ta pozitiven učinek prenosa sredstev na boniteto banke je bil ugotovljen tudi v oceni Wfa, izdelani za WestLB leta 1992.
Since the amount of DEM 3400 million (EUR 1740 million) cannot be used to expand business but improves the bank's appearance in the eyes of creditors, its economic function may be compared in that respect to at least that of a guarantee, even if shown as equity in the balance sheet.
Ker zneska 3,4 milijarde DEM (1,74 milijarde EUR) ni mogoče uporabiti za razširitev poslovnih dejavnosti, ampak izboljša ugled banke v očeh upnikov, lahko njegovo ekonomsko funkcijo – čeprav je v bilanci prikazan kot lastni kapital – v tej zvezi primerjamo vsaj z garancijo.
Since, therefore, the amount of DEM 3400 million (EUR 1740 million) is also of economic use to WestLB, a market-economy investor would have asked for a remuneration to be paid on it.
Ker ima tako WestLB ekonomsko korist tudi od zneska 3,4 milijarde DEM (1,74 milijarde EUR), bi vlagatelj v tržnem gospodarstvu zanj zahteval nadomestilo.
Certainly, the level of this remuneration will be lower than that for the DEM 2500 million (EUR 1280 million), which is of greater use to WestLB since it can also be used under the solvency rules as own funds to expand its commercial business.
Višina tega nadomestila bo zagotovo nižja od nadomestila za del v višini 2,5 milijarde DEM (1,28 milijarde EUR), od katerega ima WestLB večjo korist, ker se lahko po predpisih o solventnosti uporablja tudi kot obseg lastnega kapitala za razširitev njenih konkurenčnih dejavnosti.
Investments of differing economic quality require differing returns.
Finančne naložbe različne ekonomske 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 WestLB.
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 WestLB dan na razpolago.
The complainant originally claimed that the transaction at issue constituted a state guarantee by the Land of North Rhine-Westphalia for WestLB's debt.
Pritožnik je prvotno trdil, da zadevna transakcija predstavlja državno jamstvo dežele Severno Porenje-Vestfalija za obveznosti WestLB.
But WestLB shows the assets transferred as equity capital in their accounts and BAKred accepted an amount of DEM 4000 million (EUR 2050 million) as original own funds within the meaning of the Own Funds Directive, of which DEM 2500 million (EUR 1280 million) can be used by WestLB to underpin its commercial business.
Toda WestLB prenesen kapital v svoji bilanci stanja prikazuje kot lasten kapital, znesek 4,0 milijarde DEM (2,05 milijarde EUR), ki ga je BAKred priznal, pa kot temeljni lastni vir sredstev v smislu Direktive o solventnosti, od katerega lahko WestLB 2,5 milijarde DEM (1,28 milijarde EUR) uporabi za kritje svojih konkurenčnih dejavnosti.
Consequently, a coherent appraisal of the financial measure in the light of Article 87(1) of the EC Treaty calls for its principal classification as a capital injection and for payment of an appropriate remuneration.
Pogoj za koherentno presojo finančnega ukrepa v skladu s členom 87(1) Pogodbe ES je, da se ukrep uvrsti kot kapitalski vložek in zanj zahteva ustrezno nadomestilo.
The very same financial measure cannot be regarded as a capital injection under banking supervisory rules and as a guarantee under the EC Treaty's state aid rules.
En in isti finančni ukrep se ne more šteti kot povečanje kapitala z vidika bančnega nadzorstva in kot jamstvo po pravilih o državnih pomočeh iz Pogodbe ES.
This principal classification does not, however, rule out the possibility that the Commission might, because of its particularities, liken part of that equity which cannot be used by WestLB in the same way as ‘normal’ equity to a guarantee for the purpose of calculating an appropriate remuneration.
Vendar pa to načelno razvrščanje ne izključuje možnosti, da Komisija del tega kapitala, ki ga WestLB ne more uporabiti na enak način kot „običajni“ lastni kapital, zaradi njegovega posebnega značaja in za potrebe izračuna primernega nadomestila primerja z jamstvom.
Germany claims that, since no direct comparison with other transactions is possible, the appropriate remuneration for the capital provided should be established by comparing the transfer with various equity instruments on the markets.
Nemčija trdi, da bi bilo treba, ob upoštevanju dejstva, da direktna primerjava z drugimi transakcijami ni možna, primerno nadomestilo za kapital, ki je bil dan na razpolago, določiti s primerjavo prenosa sredstev z različnimi instrumenti lastnega kapitala, ki se običajno pojavljajo na trgu.
To this end, it submitted outside studies the findings of which are given above and which conclude that Wfa's capital can best be likened to profit participation certificates, perpetual preferred stock and dormant holdings.
V ta namen je Nemčija predložila zunanje izvedensko mnenje, katerega rezultati so bili predstavljeni že zgoraj in ki so privedli do zaključka, da je kapital Wfa najbolje primerljiv s potrdili o udeležbi pri dobičku, trajnimi prednostnimi delnicami in tihimi udeležbami.
In the Commission's opinion, it is, in fact, difficult to liken Wfa's transfer to any instrument available on the market at that time because of its special nature.
Komisija pa meni, da je zaradi posebnega značaja transakcije zelo težko primerjati vključitev Wfa v WestLB s katerim koli takrat na trgu obstoječim instrumentom.
The transfer might resemble certain instruments in some respects, but there are also enough differences compared with each instrument to assign only a limited value to this comparison.
Čeprav je lahko transakcija v nekaterih pogledih podobna določenim instrumentom pa obstaja glede na vsak instrument toliko razlik, da ima vsaka primerjava le omejeno veljavo.
Furthermore, the studies submitted by Germany are not really comprehensive because they leave out several relevant instruments such as non-voting shares.
Poleg tega tudi izvedenska mnenja, ki jih je predložila Nemčija, niso zares popolna, saj ne upoštevajo nekaterih zadevnih instrumentov, kot so npr. delnice brez glasovalnih pravic.