natgillin/translations-raw huggingface dataset:
According to WestLB, the remuneration paid for the capital in question is appropriate.
Po mnenju WestLB je višina nadomestila, plačanega za kapital Wfa, primerna.
In support of this opinion, WestLB submitted a report from an investment bank which had been commissioned by WestLB to assess the remuneration.
Za podkrepitev svojega mnenja je WestLB predložila izvedenska mnenja investicijske banke, pri kateri je naročila oceno nadomestila.
The expert report compares the risk profile of Wfa's capital with that of other equity instruments on the capital markets and, on the basis of this comparison, identifies a rate within the range of 0,9 % to 1,4 % as appropriate remuneration for Wfa's capital.
Ta izvedenska mnenja primerjajo profil tveganja kapitala Wfa z drugimi instrumenti lastnega kapitala na trgih kapitala, iz njih pa je izpeljano, da je posebna rezerva Wfa primerno obrestovana s stopnjo v razponu od 0,9 % do 1,4 %.
This compared with costs of about 1,1 % (before tax) for WestLB for the use of Wfa's capital.
To se primerja s stroški WestLB v višini 1,1 % (pred obdavčitvijo) za uporabo sredstev Wfa.
WestLB stresses that, in order to be used in full, the capital requires additional refinancing costs, which are given in different documents in the range of 7,5 % to 9,3 %.
WestLB poudarja, da pri polnem izkoristku sredstev Wfa nastanejo še dodatni stroški refinanciranja, ki se v različnih dokumentih gibljejo med 7,5 % in 9,3 %.
WestLB also submits that the figures presented by BdB on the return on equity of German banks are not correct for several reasons.
WestLB trdi tudi, da so številke o donosih lastnega kapitala nemških bank, ki jih je predložil BdB, iz različnih razlogov netočne.
On account of specific stock exchange developments, the investment period used by BdB for the calculation led to particularly high returns.
Investicijsko obdobje, ki ga je BdB uporabil za izračun, vodi zaradi posebnih borznih gibanj do posebej visokih vrednosti donosov.
The arithmetic average used by BdB did not provide correct results as the compound annual growth rate method should be used for such calculations.
Aritmetično povprečje, ki ga uporablja BdB, ne zagotavlja pravilnih rezultatov; za tovrstne izračune se uporablja geometrično povprečje oz. metoda „compound annual growth rate“.
BdB included in its calculations investment periods which were not relevant for an investment decision in 1992 and, because it took into account all possible holding periods, it counted individual years several times over.
BdB se v svojem izračunu nanaša na investicijska obdobja, ki so za odločitev o naložbi v letu 1992 nepomembne, in šteje, zaradi upoštevanja vseh možnih obdobij posedovanja, nekatera leta večkrat.
The banks used by BdB for computing an average rate of return on equity for large German banks could not be compared to WestLB because of differing core businesses.
Kreditne institucije, ki jih je BdB uporabil za izračun povprečne donosnosti kapitala za nemške velike banke, zaradi različnih temeljnih dejavnosti niso primerljive z WestLB.
According to WestLB, the average return on equity of 16,6 % presented by BdB falls to 5,8 % after adjustment for all these factors.
Po mnenju WestLB se povprečna donosnost kapitala 16,6 %, ki jo je predstavil BdB, po prilagoditvi vseh teh elementov zniža na 5,8 %.
SYNERGY EFFECTS
SINERGIJSKI UČINKI
According to WestLB, the integration of Wfa into WestLB led to considerable cost savings for Wfa.
WestLB meni, da je vključitev Wfa v WestLB prvi prinesla znatne prihranke stroškov.
The reduction in staff numbers should continue and annual savings were expected to increase to around DEM 25 million (EUR 13 million) from 1997 onwards.
V prvih letih je vključitev Wfa prinesla sinergijske učinke v višini 13 milijonov DEM (7 milijonov EUR). Zmanjšanje števila zaposlenih se bo nadaljevalo, tako da bi se prihranki do leta 1997 letno lahko zvišali za približno 25 milijonov DEM (13 milijonov EUR).
These amounts were said to benefit exclusively the housing promotion business of the Land.
Od teh zneskov naj bi imela korist izključno dejavnost pospeševanja gradnje stanovanj dežele.
Another document refers to a synergy effect of at least DEM 35 million (EUR 18 million) annually.
V drugem dokumentu je govora o sinergijskih učinkih v višini najmanj 35 milijonov DEM (18 milijonov EUR) letno.
Furthermore, in the course of the merger, changing the pension scheme for Wfa employees cost WestLB DEM 33 million (EUR 17 million) in payments to the pension institution of the Federation and the Länder.
V okviru vključitve je WestLB prevzela izdatke v višini 33 milijonov DEM (17 milijonov EUR) za spremembo pokojninskega sistema za delavce Wfa in to vsoto plačala pokojninskim ustanovam zvezne države in dežel.
The payments would reduce Wfa's subsequent expenses.
To plačilo bo zmanjšalo kasnejše izdatke Wfa.
TAX EXEMPTIONS
DAVČNE OPROSTITVE
According to WestLB, the exemption of Wfa from certain taxes is in line with the system of German tax law, under which the taxes in question do not apply to institutions that serve public purposes and do not compete with other, tax-paying institutions.
Po mnenju WestLB je oprostitev Wfa od določenih davkov skladna z nemškim davčnopravnim sistemom, po katerem zadevni davki ne veljajo za ustanove, ki služijo občekoristnim namenom in niso v konkurenci z ustanovami, ki plačujejo davke.
WestLB itself is liable in full to all these taxes and does not derive any benefit from the exemption of Wfa.
Sama WestLB je neomejeno podvržena vsem tem davkom in nima nobene koristi od oprostitev, ki veljajo za Wfa.
It is also pointed out that property tax has not been levied since 1 January 1997 and tax on business capital not since 1 January 1998.
Omenja tudi, da se davek od premoženja ni spremenil vse od 1. januarja 1997, obratovalni davek pa vse od 1. januarja 1998.
As WestLB points out, the waiver of the liabilities in question was made before the transfer and subsequent valuation of Wfa's assets.
Oprostitev zadevnih obveznosti se je izvršila pred prenosom in kasnejši oceni sredstev Wfa.
The value of DEM 4000 million (EUR 2050 million) therefore reflects the situation without liabilities.
Znesek 4 milijard DEM (2,05 milijarde EUR) tako predstavlja stanje brez obveznosti.
Since the remuneration is based on this value, WestLB does not receive any advantage from the waiver.
Ker se nadomestilo nanaša na ta znesek, WestLB nima nobene koristi od oprostitve.
Germany submitted that the transaction does not include any elements of state aid for WestLB within the meaning of the EC Treaty.
Po mnenju Nemčije transakcija v smislu Pogodbe ES ne vključuje nobenega elementa državne pomoči v korist WestLB.
The Land of North Rhine-Westphalia received an appropriate remuneration which corresponded to the terms of the market.
Dežela Severno Porenje-Vestfalija je prejela primerno nadomestilo, ki ustreza tržnim pogojem.
Nor did the transaction constitute state aid for the other shareholders of WestLB as the preservation of the shareholder structure after Wfa's transfer was justified by the appropriate remuneration paid by WestLB.
Prav tako transakcija ne predstavlja državne pomoči za druge delničarje WestLB, ker je bila ohranitev lastniške strukture po vključitvi Wfa upravičena s plačilom primernega nadomestila s strani WestLB.
Furthermore, the tax exemptions for Wfa do not include elements of state aid for WestLB because they did not affect the commercial business of the bank.
Tudi davčne oprostitve, ki so veljale za Wfa, niso vsebovale elementov državne pomoči v korist WestLB, ker niso vplivale na komercialne dejavnosti banke.
In Germany's opinion, the Commission may examine the case only on the basis of the circumstances obtaining at the time of the investment, i.e. at the end of 1991.
Po mnenju Nemčije lahko Komisija primer presoja le na podlagi danih okoliščin v času naložbe, t.j. konec leta 1991.
Only these circumstances could have been the basis for the Land's investment decision.
Samo te okoliščine so lahko bile osnova za odločitev dežele o naložbi.
Subsequent questions and developments such as the acceptance of own funds by BAKred or the annual valuation and integration of Wfa's assets and liabilities into WestLB's accounts fell outside the scope of the Commission's investigation.
Kasnejša vprašanja in razvoj dogodkov kot je priznanje rizičnega kapitala s strani nemškega bančnega nadzornega organa (Bundesaufsichtsamt für das Kreditwesen) in letna ocenitev ter vključitev sredstev in obveznosti Wfa v bilanco stanja WestLB, niso predmet preiskave Komisije.
According to Germany, the ideas on integrating Wfa into WestLB dated back to the 1970s and the 1980s and were prompted by the view that housing promotion could be made more efficient.
Nemčija meni, da segajo razmišljanja o vključitvi Wfa v WestLB v sedemdeseta in osemdeseta leta prejšnjega stoletja. Osnova teh razmišljanj je bila možnost za bolj učinkovito oblikovanje pospeševanja gradnje stanovanj.
Before the transfer, the procedure for receiving a housing loan was very complicated as both Wfa and WestLB were involved alongside the relevant public authorities.
Pred vključitvijo je bil postopek za pridobitev posojila za gradnjo stanovanj precej zapleten, ker sta bili vanj poleg pristojnih javnih organov vključeni tako Wfa kot tudi WestLB.
Within WestLB, a special housing promotion department was set up, with the costs being borne by Wfa.
Znotraj WestLB je obstajal poseben oddelek „pospeševanje gradnje stanovanj“, katerega stroške je krila Wfa.
This structure led to duplication of posts and files and other inefficiencies.
Zaradi takšne strukture je prihajalo do podvojitve delovnih mest, podvojitve gradiva in dokumentov ter ostalih neučinkovitosti.
Since the transfer, the beneficiaries of housing loans have had to deal with only one party and not two.
Od prenosa dalje pa se upravičenci stanovanjskih posojil lahko obrnejo samo na enega namesto na dva sogovornika.
Germany states further that WestLB could also have met the new solvency criteria by raising additional own funds but that, with a view to securing the long-term functioning of the bank, it seemed reasonable to increase the original own funds.
Nemčija nadalje navaja, da bi lahko WestLB nove zahteve glede solventnosti izpolnila tudi z zbiranjem dodatnih lastnih sredstev. Za zagotovitev dolgoročnega delovanja banke pa je bilo bolj smiselno povišati temeljna lastna sredstva.
All this shows that the prime reason for the transfer was not to increase WestLB's equity but to achieve potential synergy effects and improve housing promotion procedures.
Vse to kaže, da je osnovno vodilo pri prenosu ni bilo povišanje lastnega kapitala WestLB, temveč možni sinergijski učinki in izboljšanje postopkov za pospeševanje gradnje stanovanj.
The change in solvency rules merely triggered the process.
Sprememba zahtev glede solventnosti je zgolj sprožila vključitev.
The legislative initiative in question already laid down that the resources of the Land Housing Promotion Fund would have to remain earmarked, that its substance would have to be secured and that the instruments for housing promotion would have to be maintained.
V ustrezni zakonski pobudi je že bilo zapisano, da se ohrani namenska vezanost deželnih sredstev za pospeševanje gradnje stanovanj, zagotovi njegova vsebina in ohranijo instrumenti stanovanjske politike.
In accordance with these principles, Wfa must be managed by WestLB as an organisationally and economically independent entity which draws up its own annual accounts.
V skladu s tem mora WestLB upravljati Wfa kot organizacijsko in ekonomsko samostojno ustanovo, ki pripravi svoje lastne letne računovodske izkaze.
In the event of WestLB being wound up, the Land has a preferential claim on Wfa's net assets.
V primeru likvidacije WestLB bi dežela imela prednostno pravico do neto sredstev Wfa.
All of Wfa's income is still given over to housing promotion.
Vsi dohodki Wfa se vselej uporabljajo za dejavnost pospeševanja gradnje stanovanj.
Only that part of Wfa's own funds which it does not itself need to underpin its assets can be used by WestLB for solvency purposes.
WestLB lahko za namene solventnosti uporabi samo tisti del lastnih sredstev Wfa, ki jih Wfa ne potrebuje za kritje lastnih sredstev.
The Land retains a special influence over Wfa by way of specific supervisory, information and cooperation rights.
Dežela ohrani poseben vpliv na Wfa s pomočjo posebnih pravic do nadzora, informacij in sodelovanja.
Externally, liability in respect of the special reserve is unlimited.
Navzven je odgovornost posebne rezerve neomejena.
In the event of WestLB's liquidation or bankruptcy, creditors would have direct access to it.
V primeru stečaja ali likvidacije WestLB bi imeli upniki neposreden dostop do posebne rezerve Wfa.
Losses could also be offset against the special reserve without limitations.
Tudi v primeru izgub bi se slednje lahko v celoti izravnale s posebno rezervo.
Internally, however, WestLB's owners have laid down other arrangements regarding the order in which liable capital is called on, with Wfa's capital being ranked after the remaining equity capital of WestLB.
V notranjem razmerju pa so lastniki WestLB vrstni red obremenitve rizičnega kapitala Wfa določili drugače. Tukaj so sredstva Wfa podrejena ostalemu lastnemu kapitalu WestLB.
Since this internal agreement does not affect external legal liability, BAKred accepted the special reserve as original own funds amounting to DEM 4000 million (EUR 2050 million) on 30 December 1992.
Ker pa ta interni dogovor ne vpliva na zakonsko odgovornost navzven, je BAKred dne 30. decembra 1992 posebno rezervo v višini 4,0 milijarde DEM (2,05 milijarde EUR) priznal kot temeljni lastni vir sredstev.
MARKET-ECONOMY INVESTOR PRINCIPLE
NAČELO VLAGATELJA V TRŽNEM GOSPODARSTVU
Germany notes that the Land was in no way obliged to consider privatisation as an alternative to the transfer. Privatisation would have allowed WestLB to approach the capital markets in order to raise the necessary equity.
Nemčija trdi, da dežela nikakor ni bila dolžna kot alternativo prenosu Wfa razmisliti tudi o privatizaciji, da bi na ta način WestLB omogočila dostop do trgov kapitala za pridobitev potrebnega lastnega kapitala.
The Land was not obliged to open up WestLB for private investors.
Dežela ni bila dolžna odpreti WestLB zasebnemu kapitalu.
Such an argument would infringe Article 295 of the EC Treaty.
Takšna argumentacija bi kršila člen 295 Pogodbe ES.
An increase in the total return on WestLB's equity is said to be unnecessary because measures to increase the return are required only if the State invests in loss-making companies.
Povečanje skupne donosnosti WestLB ni bila potrebna, ker so ukrepi za povečanje donosa potrebni samo takrat, ko država investira v podjetja, ki poslujejo z izgubo.
Germany claims that the Court applied the market-economy investor principle in the past only to state interventions in loss-making companies and sectors suffering from structural overcapacity.
Sodišče je načelo vlagatelja v tržnem gospodarstvu vedno uporabljal samo v primerih državnega investiranja v podjetja, ki ustvarjajo izgubo in gospodarskih panogah s strukturnimi presežnimi zmogljivostmi.
It cannot be inferred from the case law that the Commission may examine state investments in sound and profitable public enterprises in order to determine whether they generate at least an average return.
Iz sodne prakse ne izhaja, da je Komisiji dovoljeno preverjanje državnih naložb v zdrava in donosna javna podjetja, če ustvarjajo vsaj povprečen donos.
The State may take into account long-term and strategic considerations and enjoys a certain latitude for entrepreneurial decisions and, within those confines, the Commission is not allowed to vet such decisions.
Država lahko upošteva tudi dolgoročne strateške preudarke in uživa določeno podjetniško svobodo, in znotraj tega manevrskega prostora Komisija nima pravice preverjati odločitev podjetja.
Therefore, the Commission may not request a certain minimum return as long as it can be assumed that the enterprises in question will not be loss-making in the long run.
Komisija potemtakem ne sme zahtevati določenega najmanjšega donosa, dokler se lahko sklepa, da zadevna podjetja dolgoročno ne bodo ustvarjala izgube.
The concept of average returns necessarily implies that the profitability of many enterprises is below the average in their industry.
Obenem pa so povprečni donosi pokazali, da številna podjetja znotraj določene panoge dejansko ne ustvarjajo povprečnih donosov.
Furthermore, it is not clear which enterprises and which periods of time should be used as a basis for computing average returns.
Nadalje ostaja nejasno, katera podjetja in obdobja naj se uporabijo za izračun povprečnega donosa.
The State is not obliged to be guided only by profitability considerations when taking entrepreneurial decisions.
Država se pri podjetniških odločitvah ni dolžna ravnati samo po upoštevanju donosnosti.
Even a private investor might take other aspects into account.
Tudi zasebni vlagatelj lahko upošteva druge vidike.
It is part of the entrepreneurial freedom to continue to operate enterprises with a below-average return and to inject additional capital into them.
K podjetniški svobodi sodi tudi možnost nadaljnjega vodenja podjetij s podpovprečno donosnostjo in vlaganje dodatnega kapitala v takšna podjetja.
The limit for the State is reached only when such behaviour can no longer be economically justified by the private-investor test.
Mejo država doseže šele takrat, ko njenega ravnanja ni več mogoče ekonomsko upravičiti v primerjavi z morebitnim ravnanjem zasebnega vlagatelja.
However, the transaction can also be justified on the basis of the market-economy investor principle as a measure which would also have been taken by a private owner.
Vendar pa se izvedena transakcija lahko upraviči tudi na podlagi načela vlagatelja v tržnem gospodarstvu kot ukrep, za katerega bi se odločil tudi zasebni vlagatelj.
By virtue of being earmarked for a special purpose, the capital cannot be compared to a normal equity injection and the transfer constitutes the commercially most sensible and efficient utilisation of Wfa's capital.
Vložena sredstva zaradi svoje namenske vezanosti niso primerljiva z „običajnim“ vložkom lastnega kapitala, prenos Wfa pa komercialno predstavlja najbolj razumno in učinkovito uporabo sredstev Wfa.
The Land has optimised the value of Wfa's assets by the transfer.
Dežela je z vključitvijo v WestLB optimizirala vrednost sredstev Wfa.
If Wfa is compared to a private, non-profit-making entity (e.g. a foundation), the private owner of such an entity would have acted in the same way in order to put the assets, which cannot be used for any other purpose, to a commercial use.
Če Wfa primerjamo z zasebno, neprofitno ustanovo (npr. dobrodelno ustanovo ali skladom), bi zasebni lastnik teh sredstev ravnal enako z namenom, da bi sicer neuporabna namensko vezana sredstva gospodarsko uporabil.
According to Germany, the public purpose of Wfa's assets constitutes a task of general economic interest which, under Article 295 of the EC Treaty, is not subject to Commission supervision.
Po mnenju Nemčije predstavlja javna namembnost sredstev Wfa nalogo splošnega gospodarskega interesa, ki na podlagi člena 295 Pogodbe ES ni podvržena nadzoru Komisije.
The Member States are free to create such special-purpose assets.
V pristojnosti držav članic je, da ustvarijo takšna posebna namensko vezana sredstva.
Germany submitted that the way in which an adequate remuneration is paid was of no relevance under the state aid rules.
Nemčija trdi, da način izplačila primernega nadomestila nima pomena za pravila o državni pomoči.
Since the Land received an adequate remuneration, an increase in its participation in WestLB was neither necessary nor justified and would, in fact, have provided the Land with an additional economic advantage without additional consideration.
Ker je dežela prejela primerno nadomestilo, povečanje njenega deleža v WestLB ni bilo niti potrebno niti upravičeno, saj bi to deželi dejansko omogočilo dodatno ekonomsko ugodnost brez dodatnega povračila.
Nor would such a redistribution of shares correspond to the special nature of Wfa's assets (lack of liquidity, internal subordinate liability).
Takšno povečanje deležev glede na poseben značaj sredstev Wfa (nezadostna likvidnost, podrejena odgovornost v notranjem razmerju) prav tako ne bi bilo ustrezno.
Equity instruments on the capital markets which are comparable to Wfa's assets do not carry voting rights either.
Poleg tega obstajajo tudi drugi instrumenti na trgu kapitala, ki so primerljivi s sredstvi Wfa in prav tako nimajo glasovalnih pravic.
Since the agreed remuneration is adequate, the other owners of WestLB would receive no additional income which they would not receive under normal market-economy conditions and WestLB's attractiveness for other investors is, therefore, not increased.
Ker je dogovorjeno nadomestilo primerno, drugi delničarji ne prejmejo dodatnih prihodkov, ki jih pod običajnimi pogoji tržnega gospodarstva prav tako ne bi prejeli, privlačnost WestLB za druge vlagatelje pa se zaradi tega tudi ni povečala.
Moreover, because the shareholder structure of WestLB is fixed and no new (private) shareholders are possible, a remuneration which was hypothetically too low would, in fact, have no influence on possible private investors.
Glede na to, da je lastniška struktura WestLB ostala fiksna in da noben nov (zasebni) delničar ni možen, bi bilo tudi hipotetično prenizko nadomestilo brez vpliva na potencialne zasebne vlagatelje.
Even if the other shareholders received an advantage, any effect on the savings banks would be too small to be perceptible.
Tudi če bi ostali delničarji dejansko bili deležni ugodnosti, bi učinek na hranilnice bil premajhen, da bi bil zaznaven.
Since the Land receives a fixed and adequate remuneration and since WestLB was and still is a profit-making enterprise which can undoubtedly pay the agreed remuneration, the actual level of WestLB's total return on capital is, in fact, of no relevance and there was no need for the Land to ask for an increase in the bank's profitability.
Ker dežela prejema fiksno in primerno nadomestilo in ker je WestLB vselej bilo in je dobičkonosno podjetje, ki lahko brez vsakršnega dvoma izplača dogovorjeno nadomestilo, je dejanska raven donosnosti lastnega kapitala WestLB brez pomena, zato ni bilo potrebe, da dežela zahteva povečanje donosnosti banke.
Germany submitted that WestLB paid an appropriate remuneration for the transferred assets.
Po mnenju Nemčije je WestLB za prenesena sredstva plačala primerno nadomestilo.
The fact that a remuneration would have to be paid by WestLB for the capital provided had always been regarded by the Land as a prerequisite for the transfer.
Dejstvo, da bo WestLB morala plačati nadomestilo za kapital, ki ji je bil dan na razpolago, je dežela vedno obravnavala kot predpogoj za prenos.
The level of and basis for assessing such remuneration was intensively discussed between the parties involved.
Višina in osnova za odmero nadomestila sta bili predmet temeljite razprave med vpletenimi stranmi.
Since it was not yet clear in 1991 what amount would be accepted by BAKred as original own funds, a remuneration was fixed only in principle, but not in detail, at the time of the transfer.
Ker pa leta 1991 še ni bilo znano, kateri znesek bo BAKred priznal kot temeljni lastni vir sredstev, je bilo nadomestilo določeno samo načelno, ne pa natančno v času prenosa sredstev.
The actual level of 0,6 % was fixed in 1993 after negotiations with the other owners of WestLB.
Dejanska stopnja 0,6 % je bila potem določena leta 1993 po pogajanjih z ostalimi delničarji WestLB.
Germany did not provide the Commission with any documents explaining how this figure was determined. Instead, it argued that the decisive factor from a state aid point of view was not the considerations on which the rate was based but only the result, which was said to be appropriate.
Nemčija Komisiji ni posredovala nobene dokumentacije z razlago, kako je bila ta vrednost določena, marveč trdi, da iz vidika državne pomoči niso odločilni preudarki, ki so bili vzeti za osnovo stopnje nadomestila, temveč samo rezultat, ta pa je primeren.