natgillin/translations-raw huggingface dataset:
Contrary to what the BdB asserted, the 15 % limit did not, according to a newspaper report submitted on the subject, apply to this contribution, since no increase in the interest rate had been agreed if the bank did not exercise a right of withdrawal that had been accorded to it (no ‘step-up’ clause).
V nasprotju s trditvijo BdB meja 15 % glede na časopisno poročilo o tej zadevi za ta vložek ne velja, saj ni prišlo do dogovora za povečanje obrestne mere v primeru, da banka ne uveljavlja pravice odpovedi, ki ji je bila dodeljena (ni klavzule „step-up“).
The Deutsche Bank perpetuals were by no means exceptional in character, since in the subsequent period numerous other credit institutions had taken up ‘permanent’ contributions on the market, examples of which Germany provided.
Perpetuali v lasti Deutsche Bank nikakor niso izjema, saj so kasneje številne druge kreditne institucije sprejele „trajne“ vložke na trgu, za katere je Nemčija navedla primere.
No single issue, whose volumes ranged from EUR 150 million to over EUR 2 billion, provided anything like the return of share capital; the remuneration lay in the range between 110 and 290 basis points above mid-swaps.
Nobena izdaja, katere obseg znaša ob velikem povpraševanju med 150 milijoni EUR in več kot 2 milijardami EUR, ne prinaša niti približno takšnega donosa kot osnovni kapital; nadomestilo se giblje med 110 in 290 odstotnimi točkami nad „Mid-Swaps“.
Already in 1999, the market had, as regards remuneration, not attached any major importance either to the distinction between capital instruments of limited and unlimited duration or to the question of whether the issue proceeds fell under the 15 % limit or not.
Trg že leta 1999, kar zadeva nadomestilo, ni pripisoval odločilne pomembnosti niti razliki med instrumenti kapitala omejenega in neomejenega trajanja niti vprašanju, ali je iztržek od izdaje pod mejo 15 % ali ne.
Nor did Germany accept the criteria selectively applied by the BdB, which were supposed on the one hand to demonstrate common features between share capital and the silent partnership contribution of the Land of Hessen and, on the other, differences between this silent partnership contribution and a ‘normal’ silent partnership contribution.
Tudi selektivno uporabljena merila s strani BdB, ki naj bi po eni strani prikazala skupne značilnosti osnovnega kapitala in vložke tihe družbe s strani dežele Hessen ter po drugi strani razlike med tem vložkom tihe družbe in „običajnim“ vložkom tihe družbe, niso prepričljiva.
The BdB was overlooking on the one hand the extent to which the shaping of silent partnership contributions could be shaped by agreement between the parties and, on the other, features that were essential and indispensable to the distinction between share capital and a silent partnership.
BdB po eni strani zanemarja obseg, v katerem je dopustno oblikovanje vložkov tihe družbe s sporazumom med strankami, po drugi strani pa značilnosti, ki so obvezne in neizbežne za razlikovanje med osnovnim kapitalom in vložkom tihe družbe.
Share capital did not yield interest, but conferred a claim to payment of a dividend, which was not only dependent on profits, but above all in proportion to profits.
Osnovni kapital se ne „obrestuje“, predstavlja pa zahtevo po izplačilu dividende, ki ni le odvisna od dobička temveč predvsem sorazmerna z dobičkom.
The remuneration on a silent partnership contribution, by contrast, was only profit-dependent.
Nadomestilo za vložek tihe družbe pa je le odvisno od dobička.
Whether or not provision was made for retrospective payments in the case of a silent partnership contribution was a matter for agreement between the parties and was not in any case one of the constitutive features of a ‘normal’ silent partnership.
Če so pri vložku tihe družbe predvidena doplačila ali ne, je predmet sporazuma med strankami in v nobenem primeru ne spada med značilnosti „običajne“ tihe udeležbe.
However, under [...] pursuant to Section 10(4) of the German Banking Act, specific provision had been made, in the event of losses, for the junior-ranking retrospective payment requirement typical of silent partnership contributions.
Vendar je v skladu z […] v smislu člena 10(4) KWG jasno predvidena drugotna obveznost doplačila v primeru izgub, značilna za vložke tihe družbe.
The prior-ranking requirement was to replenish the contribution again to the original amount from future profits.
Prednostna obveznost je napolnitev vložka do začetnega zneska iz bodočih dobičkov.
The assertion that for very large volumes only share capital and not ‘normal’ silent partnerships could be used was contradicted by the size of the silent partnership contributions which private credit institutions had taken up on the capital market in 1998/99 and were also currently taking up.
Trditev, da se za zelo velike obsege lahko uporablja le osnovni kapital in ne „običajne“ tihe udeležbe, izpodbija red velikosti vložkov tihe družbe, ki so jih kreditne institucije prejele na trgu kapitala v letih 1998/99 in jih še prejemajo.
Current evidence of the possibility of the 15 % limit being exceeded was provided by a capital measure taken on 2 December 2003 by a BdB member institution, the Deutsche Bank.
Aktualen dokaz za možnost prekoračitve meje 15 % predstavlja finančni ukrep, ki ga je 2. decembra 2003 sprejela članica BdB, Deutsche Bank.
This was the taking up of silent partnership contributions from private investors totalling EUR 300 million for an unlimited term (a so-called ‘perpetual’) .
Gre za prejem vložkov tihe družbe s strani zasebnih vlagateljev v skupnem znesku 300 milijonov EUR za neomejeno obdobje (tako imenovan perpetual).
This illustrated once again how liquid and transparent the market for silent partnership contributions in respect of German banks was, even where large volumes were involved.
To znova ponazarja, kako likviden in transparenten je trg za vložke tihe družbe v primerih nemških bank, tudi kadar gre za večje obsege.
With an agreed liability premium of 0,99 %, moreover, the measure provided further evidence that the liability remuneration that had been agreed for the silent partnership contribution of the Land of Hessen to Helaba had been calculated in a way that was market-related and market-adequate.
Poleg tega z dogovorjenim pribitkom za jamstvo v višini 0,99 % ukrep predstavlja nadaljnji dokaz, da se je nadomestilo za jamstvo, dogovorjeno za vložke tihe družbe s strani dežele Hessen pri Helabi, izračunalo na način, ki je povezan s trgom in je z njim skladen.
In response to a request from the Commission, Germany submitted a table showing the trend of silent partnership contributions and other hybrid core capital instruments for selected large banks in the private sector from 1998 to 2003.
Nemčija je kot odgovor na prošnjo Komisije za informacije predložila preglednico o razvoju vložkov tihe družbe in drugih hibridnih instrumentov temeljnega kapitala za izbrane velike banke v zasebnem sektorju med letoma 1998 in 2003.
Germany argued that this made it clear that the institutions listed had also taken up hybrid core capital beyond the 15 % limit set for banking supervisory purposes, and the extent to which they had done so, since the proportion of total core capital accounted by such instruments exceeded 15 %.
Po mnenju Nemčije je razvidno, da, in v kakšnem obsegu, so navedene institucije prejemale tudi hibridni temeljni kapital izven meje 15 %, določene s strani bančnega nadzorstva, saj njegov delež presega 15 % celotnega temeljnega kapitala:
[Bank C]
[Banka C]
Hybrid core capital instruments(of which silent partnership contributions)
Hibridni instr. temelj. kapitala (od tega vložki tihih družb) (v mio. EUR)
Core capital (€ millions)
Temeljni kapital (v milijardah EUR)
Share of hybrid core capital ( %)
EUR) Delež temeljnega kapitala ( %)
Hybrid core capital instruments (€ millions)
Hibridni instrumenti temeljenega kapitala (v mio. EUR)
Share of hybrid core capital ( %) [18]
Delež hibridnega temeljnega kapitala ( %) [18]
Contrary to what the BdB argued, both the silent partnership contribution of the Land of Hessen and silent partnership contributions taken up on the capital market would be paid back in the event of insolvency before the share capital, i.e. on a prior-ranking basis compared to the share capital.
V nasprotju s trditvijo BdB bi se tako vložek tihe družbe s strani dežele Hessen kot vložki tihe družbe, prejeti na trgu kapitala, v primeru insolventnosti vrnili pred osnovnim kapitalom, t.j. prednostno glede na osnovni kapital.
Contrary to what the BdB stated, the Land of Hessen like the investor of any other silent partnership contribution would in the event of insolvency receive the recovery percentage, whereas the owner would receive nothing, resulting in a reduced risk compared with share capital.
V nasprotju z njegovo trditvijo bi dežela Hessen ali vlagatelj drugega vložka tihe družbe v primeru insolventnosti prejel delež povračila, medtem ko lastnik ne bi prejel ničesar, kar ima za posledico manjše tveganje glede na osnovni kapital.
A silent partnership differed significantly from share capital because the silent partner did not have a stake in the assets of the undertaking and also did not have any voting rights.
Tiha družba se bistveno razlikuje od osnovnega kapitala, saj tihi družbenik ni udeležen pri sredstvih podjetja in tudi nima glasovalnih pravic.
The BdB had mistaken this in its analysis and thought that a premium should be paid for it.
Tu se BdB v svoji analizi moti in za to zahteva nadomestilo.
The market did not follow this line of thinking.
Trg tega mnenja ne upošteva.
The BdB's doubts as to the tax deductibility of the remuneration were unfounded.
Dvomi BdB, da je nadomestilo odbitna postavka, so neutemeljeni.
The Land of Hessen had taken on neither the entrepreneurial risk nor the entrepreneurial initiative necessary for the assumption of a partnership.
Dežela Hessen ni prevzela niti podjetniškega tveganja niti podjetniške pobude, ki sta potrebna za oblikovanje partnerstva.
The Land of Hessen, like any typical silent partner, participated, under the contract on the setting up of the silent partnership, only in Helaba's current profit and loss, but not in its undisclosed reserves, nor in the business value and increases in value in the operating assets.
Tako kot drugi značilni tihi družbeniki torej v skladu s sporazumom o ustanovitvi tihe družbe sodeluje le pri tekočem dobičku in izgubi Helabe, ne pa tudi pri njenih skritih rezervah, poslovni vrednosti in večanju vrednosti poslovnih sredstev.
Upon termination of the silent partnership, it merely got back its contribution.
Ob koncu tihe družbe se mu povrne zgolj njegov vložek.
The Land of Hessen had not been given any possibility of exercising company rights that corresponded to the voting, monitoring and contradictory rights of a limited partner or the monitoring rights of a shareholder in accordance with Article 716(1) of the Civil Code.
Dežela Hessen ni prejela možnosti za uveljavljanje pravic družbe, ki so v skladu s pravicami glasovanja, nadzora in ugovora komanditista ali pravic nadzora družbenika po členu 716(1) Civilnega zakonika (BGB).
Furthermore, the state contract between the Länder of Hessen and Thuringia on the formation of a joint savings bank organisation had authorised the bank to take up an atypical silent partner.
Poleg tega državna pogodba med deželama Hessen in Turingija o ustanovitvi skupne hranilniške organizacije banki ni dopustila sprejema neznačilnega tihega družbenika.
In the absence of partnership, the financial authorities had accordingly also recognised the tax deductibility of the remuneration paid to the Land of Hessen.
Ob odsotnosti partnerstva so torej tudi finančni organi priznali nadomestilo, ki se izplačuje deželi Hessen, za odbitno postavko.
Balance sheet treatment was also different.
Tudi bilančna obravnava je drugačna.
Share capital was serviced from the balance sheet profit (surplus of asset items over liability items) by decision of the general meeting of shareholders.
Osnovni kapital se streže iz bilančnega dobička (presežek aktivnih postavk nad pasivnimi postavkami) z odločitvijo skupščine.
In the case of the silent partnership contribution of the Land of Hessen, by contrast, the remuneration reduced the bank's operating result by reducing net interest received (the remuneration was a component part of expenditure on interest) and did not constitute profit utilisation, and did not therefore require any decision by shareholders.
V primeru vložka tihe družbe s strani dežele Hessen pa nadomestilo zmanjšuje izid poslovanja banke z bremenitvijo presežka obresti (nadomestilo je del izdatkov za obresti) in ne predstavlja uporabe dobička in zato ne zahteva sklepa družbenikov.
This mandatory balance sheet treatment of the silent partnership contribution reduced the cost-income-ratio and the balance-sheet equity return.
Ta obvezna bilančna obravnava vložka tihe družbe bremeni razmerje med stroški in prihodki banke in bilančno donosnost lastnega kapitala.
Contrary to what the BdB argued, a market-economy investor would have agreed to the assessment basis for calculating his remuneration being limited to the part actually used for business expansion and would, for the excess part, not have required a remuneration of 0,3 % in line with the Commission's WestLB decision.
V nasprotju s trditvijo BdB bi vlagatelj v tržnem gospodarstvu sprejel omejitev davčne osnove za izračun njegovega nadomestila na tisti del, ki se dejansko uporablja za širjenje dejavnosti, za presežni del pa ne bi zahteval nadomestila 0,3 % v skladu z Odločbo Komisije glede WestLB.
Because of Helaba's limited requirement, made known from the outset, any other investor would not have been able to achieve any better negotiating result than the Land of Hessen.
Zaradi omejene potrebe Helabe, priglašene že od vsega začetka, ne bi mogel noben drug vlagatelj doseči boljšega rezultata pogajanj kot dežela Hessen.
As far as the level of the appropriate remuneration was concerned, the BdB's argument was mistaken in its very approach.
Kar zadeva obseg primernega nadomestila, je trditev BdB napačna že v osnovi.
The criterion could only be remunerations that had been agreed during the relevant period on the market for comparable silent partnership contributions to credit institutions.
Merilo so lahko le nadomestila, dogovorjena v zadevnem obdobju na trgu za primerljive vložke tihe družbe v kreditne institucije.
Differences in the shaping of the various silent partnership contributions, but also in the quality of the credit institutions taking them up, should be taken into account in the comparison of the remunerations through deductions from or premiums on such remunerations and not on the remuneration for a hypothetical share capital investment.
Razlike v obliki različnih vložkov tihe družbe ter kakovosti kreditnih institucij, ki vložke prejemajo, se morajo upoštevati pri primerjavi nadomestil s pribitki ali odbitki na taka nadomestila in ne na nadomestilo za domnevno naložbo v osnovni kapital.
Quite apart from that, the determination of the yield on share capital investments by the BdB was erroneous.
Neodvisno od tega je napačna tudi določitev donosa na naložbe v osnovni kapital s strani BdB.
In determining the beta value, the Landesbanks should not be equated with credit banks with an above-average systematic risk.
Pri določanju beta vrednosti se deželne banke ne smejo enačiti s tako imenovanimi kreditnimi bankami z nadpovprečnim sistematičnim tveganjem.
Rather, the proper criterion should be the clearly defined group of banks listed on the stock exchange, the so-called CDAX banks.
Primerno merilo mora biti jasno opredeljena skupina bank, ki kotirajo na borzi, tako imenovane banke CDAX.
A large proportion of Helaba's balance sheet total related to low-risk local authority, interbank and mortgage claims.
Velik delež bilančne vsote Helabe so lokalne, medbančne in hipotekarne terjatve z nizkim tveganjem.
As part of an objective business appraisal, an independent expert had, on 1 January 1999, determined for seven credit institutions with a comparable risk structure in terms of business risk, business activity, customer structure and size, an average beta factor of [...], i.e. well below 1.
V okviru objektivne ocene podjetij je neodvisni strokovnjak dne 1. januarja 1999 za sedem kreditnih institucij s primerljivo strukturo tveganja v smislu poslovnega tveganja, poslovne dejavnosti, strukture strank in velikosti podjetja določil povprečni beta faktor […], torej občutno pod 1.
The expert had started from the assumption of a long-term market yield of 5,0 % and a long-term risk-free interest rate of 6,0 %.
Strokovnjak je izhajal iz dolgoročnega tržnega donosa 5,0 % in dolgoročne netvegane obrestne mere 6,0 %.
This gave, on 1 January 1999, an equity capital cost of [...] %.
Stroški lastnega kapitala so torej 1. januarja 1999 […] %.
The BdB's assertion regarding the equity yield of 11,66 % on 31 December 1998 for Helaba was based on an excessive beta factor and, moreover, on historical data that were no longer current.
Trditev BdB glede donosa na lastni kapital v višini 11,66 % dne 31. decembra 1998 za Helabo temelji na prekomernem beta faktorju in hkrati na preteklih, ne več aktualnih podatkih.
The level of interest rates had changed significantly in recent decades, and the BdB's comments on inflation and inflation expectations were not comprehensible in this context.
Raven obrestnih mer se je v zadnjih desetletjih občutno spremenila in ugotovitve BdB glede inflacije in pričakovane inflacije v tej zvezi niso razumljive.
Furthermore, the agreed remuneration for the duration of the silent partnership contribution could be compared only with the changing level of the relevant share capital yield and not, for example, with the share capital yield of the undertaking at the time of the investment.
Poleg tega se dogovorjeno nadomestilo za obdobje trajanja vložka tihe družbe lahko primerja le s spremenljivo stopnjo zadevnega donosa na osnovni kapital in ne, na primer, z donosom na osnovni kapital podjetja v času naložbe.
No-one would have guaranteed an owner of the bank an equity yield at the level of the end of 1998 and thus afforded protection from the risk of yield fluctuations.
Nihče ne bi lastniku banke zagotovil donosa na lastni kapital na stopnji, obstoječi ob koncu leta 1998, in ga s tem zaščitil pred tveganjem nihanja donosa.
The BdB's comments on the level of the deduction of refinancing costs did not stand up.
Ugotovitve BdB glede obsega odbitka stroškov refinanciranja niso razumljive.
Reference could be made to the net refinancing costs only if, from the comparative remunerations which private credit institutions pay for comparable silent partnership contributions taken up by them on the capital market, the theoretical or actual overall tax ratio of such institutions was deducted.
Iz neto stroškov refinanciranja se lahko izhaja le v primeru, če se od primerljivih nadomestil, ki jih kreditne institucije izplačujejo za prejete primerljive vložke tihe družbe na trgu kapitala, odbija teoretična ali dejanska davčna stopnja takih institucij.
For the contributions taken up on the capital market, however, it was usually not the overall remuneration, but only the remuneration premium that was given, which in the case of variable interest rate instruments and in the case of illiquid contributions, was identical with the liability remuneration.
Vendar se za vložke, prejete na trgu kapitala, ponavadi ne navede celotno nadomestilo, temveč le pribitek na nadomestilo, ki je v primeru spremenljivo obrestovanih instrumentov in v primeru nelikvidnih vložkov enak nadomestilu za jamstvo.
The comparison between the remuneration on the silent partnership contribution of the Land of Hessen and the remunerations paid on the market could, therefore, be made directly.
Primerjava med nadomestilom za vložek tihe družbe s strani dežele Hessen in nadomestili, izplačanimi na trgu, se lahko torej naredi neposredno.
The roundabout approach of taking a fictitious overall remuneration on a fictitious cash contribution from which the refinancing costs then had to be deducted was unnecessary and, moreover, increased the uncertainty of the quantitative assessment many times over, since estimates then had to be introduced at a number of stages.
Posredna uporaba dozdevnega celotnega nadomestila za dozdevno denarno vlogo, od katere se morajo odbiti stroški refinanciranja, je nepotrebna in večkratno poveča negotovost kvantitativnega vrednotenja, saj se morajo potem ocene upoštevati na več stopnjah.
Contrary to what the BdB argued, there was no justification for any remuneration premiums.
V nasprotju s trditvijo BdB pribitki na nadomestilo niso upravičeni.
There was no empirical evidence that a premium was paid on the market for a particularly large contribution.
Ni empirično dokazano, da se za posebej velik vložek na trgu izplačuje pribitek.
Comparable capital-raising operations by private credit institutions did not reveal any connection between the amount and the remuneration.
Primerljivi sprejemi kapitala kreditnih institucij ne kažejo na povezavo med zneskom in nadomestilom.
Rather, the Land had had to accept the agreed phased arrangements because Helaba had initially no use for the special fund en bloc.
Dežela Hessen je morala sprejeti dogovorjen stopenjski model, saj Helaba na začetku ni mogla uporabiti nerazdeljenega posebnega sklada.
On the market, no investor would have been able to receive not only a remuneration immediately for the entire amount, but in addition a premium as well.
Na trgu ne bi nobenemu vlagatelju uspel takojšen prejem, ne samo nadomestila za celoten znesek, temveč tudi pribitka.
Furthermore, the argument that, in the case of share capital investments, the waiving of a voting right must be compensated for by an additional remuneration could not be applied to a silent partnership.
Poleg tega se misel, da se mora v primeru naložb v osnovni kapital odpoved glasovalnim pravicam izravnati z dodatnim nadomestilom, ne more prenesti na tiho udeležbo.
The silent partner had by law no voting right, and the market did not grant any remuneration for the silent partner's ‘waiving’ of the possibility of exercising influence.
Tihi družbenik po zakonu nima glasovalne pravice in trg ne dodeljuje nadomestil za „odpoved“ tihega družbenika možnostim vpliva.
It was in principle true that, on the market, an investor accepted the lack of fungibility of his investment in return for a higher yield.
Načeloma sicer drži, da se na trgu vlagatelj strinja z nezadostno tržnostjo svoje vloge v zameno za večji donos.
Indeed, the lack of fungibility of the silent partnership contribution of the Land as compared with profit-sharing capital had been taken into account in the discussions leading up to the transaction.
Nezadostnost tržnosti vložka tihe družbe s strani dežele Hessen v primerjavi s pravicami za udeležbo pri dobičku se je dejansko upoštevala v razpravah pred prenosom.
The parties had taken account of the perpetuity of the contribution in the form of the remuneration premium of 0,20 % a year.
Stranke so upoštevale tudi trajnost vložka s pribitkom na nadomestilo v višini 0,20 % letno.
However, a private investor would have taken account of the fact that in this instance an investment was sought not for cash, but for a large, non-divisible special fund earmarked for a specific purpose that could be transferred only as an illiquid capital contribution.
Zasebni vlagatelj pa bi upošteval dejstvo, da se v tem primeru ni iskala vloga denarja temveč velikega nerazdeljivega posebnega sklada za posebne namene, ki se lahko vloži le kot nelikvidni vložek.
When the BdB argued that there was virtually no market for such an investment, this applied not only to reinvestment (fungibility), but also to the initial investment.
Kjer BdB navaja, da trg za tako naložbo praktično ne obstaja, to ne velja le za ponovno vlogo (tržnost) temveč tudi za prvotno naložbo.
It was not plausible that a private investor would in view of this have demanded or received an even higher premium than the 0,20 % a year agreed for the perpetuity aspect.
Ni verjetno, da bi zasebni vlagatelj ob upoštevanju tega zahteval ali prejemal celo večji pribitek kot 0,2 % letno, dogovorjen zaradi trajnosti.