natgillin/translations-raw huggingface dataset:
Whereas the LTS assets were transferred to NordLB with effect from 31 December 1991, it was only with effect from 1 July 1994 that LBS was hived off from NordLB and the LBS special-purpose reserve of DEM 450 million was formed.
Medtem ko so se sredstva LTS na NordLB začela prenašati z dnem 31. decembra 1991, je bila LBS šele s 1. julijem 1994 izločena iz NordLB in se je oblikovala rezerva LBS za posebne namene v višini 450 milijonov DEM.
The silent partnership contribution of DEM 550 million took effect only from 10 October 1994.
Vloga tihega partnerstva v višini 550 milijonov DEM se je začela izvajati šele z 10. oktobrom 1994.
In the Commission’s view, this difference in timing between the transactions already shows that they did not take place under similar conditions.
Že ta velika časovna razlika med transakcijama po mnenju Komisije kaže na to, da nista bili opravljeni pod primerljivimi pogoji.
Moreover, the investments in question took a different form, at least in the case of the silent partnership.
Poleg tega gre vsaj pri vlogi tihega partnerstva za drugačno obliko.
At that time, all silent partnership contributions constituted ‘lower tier I capital’, i.e. additional capital which could not be drawn on to the same extent as share capital in order to comply with solvency regulations.
Takrat je šlo pri vseh vlogah tihega partnerstva za „lower tier 1 kapital“- torej dodatni kapital, ki se za ujemanje s predpisi o solventnosti ni mogel uporabiti v takšni meri kot osnovni kapital.
Also, in contrast to share-capital investors, silent partners do not share in a company’s increases in value, but are remunerated entirely by means of direct payments, which are normally lower than those for share-capital investments.
Tihi partnerji torej v nasprotju z vlagatelji v osnovni kapital ne sodelujejo pri večanju vrednosti podjetja, temveč prejmejo celotno nadomestilo v obliki neposrednih izplačil, ki so običajno manjša od tistih za naložbe v osnovni kapital.
Even if one assumes that a higher remuneration should have been paid for the (liquid) silent partnership contribution of DEM 550 million than for the (non-liquid) promotion-related assets of the LTS, the transfers of assets by the Land and by NSGV are not comparable given the differences in remuneration.
Tudi ob predpostavki, da bi se moralo za likvidno vlogo tihega partnerstva v višini 550 milijonov DEM izplačati večje nadomestilo kot za nelikvidna sredstva LTS za pospeševanje, prenosa sredstev Spodnje Saške in NSGV zaradi različnih nadomestil nista primerljiva.
Each year a payment of 7,5 % (before tax) is made for the LBS special-purpose reserve, while, according to the Federal Government, the silent partnership contribution yields interest of around 9,11 % (before tax).
Letno izplačilo za rezervo LBS za posebne namene je 7,5 % (pred obdavčitvijo), medtem ko se po navedbah zvezne vlade vloga tihega partnerstva obrestuje s približno 9,11 % (pred obdavčitvijo).
By contrast, the LTS assets yield interest of 0,5 % after tax (around 1,2 % before tax).
Sredstva LTS za pospeševanje pa se obrestujejo s 0,5 % po obdavčitvi (približno 1,2 % pred obdavčitvijo).
So the remuneration for the LTS assets is much lower than that for the measures taken by the NSGV.
Nadomestilo za sredstva LTS za pospeševanje je tako znatno manjše kot nadomestilo za ukrepe NSGV.
Given such marked differences between the transactions carried out by the Land and by NSGV, the question can ultimately be left open as to whether, at the time when the LTS assets were transferred to NordLB, NSGV was in fact bound by an obligation to inject into NordLB an amount of capital corresponding to its shareholding or whether this obligation was laid down only later.
Ker se transakciji Spodnje Saške in NSGV tako občutno razlikujeta, lahko ostane odprto vprašanje, ali se je v času prenosa sredstev LTS za pospeševanje na NordLB združenje NSGV dejansko zavezalo za vlogo kapitala v NordLB, skladno z njegovim deležem, ali je to storilo šele kasneje.
It can therefore be concluded that there was no proportional, comparable capital injection by a private investor, so that the conditions underlying the Alitalia case are not met here.
Lahko se torej zaključi, da ni šlo za sorazmerno, primerljivo vlogo kapitala zasebnega vlagatelja, tako da tudi pogoji, na katerih temelji primer Alitalia, tu niso izpolnjeni.
The investment was made by another public shareholder, NSGV, and the conditions of the capital injection are not comparable since the two contributions took place at different times and the terms also differed.
Naložbo je izvedel drug javni delničar (NSGV) in pogoji, pod katerimi se je zgodil prenos kapitala, niso primerljivi, saj se prenosa časovno ne ujemata in pogoji so različni.
OWNER EFFECT
LASTNIŠKI UČINEK
Germany believes that, in calculating the remuneration, a market-economy investor would have taken into account the increase in value in its own holding in NordLB.
Nemčija je mnenja, da je vlagatelj v tržnem gospodarstvu pri izračunu nadomestila upošteval povečanje vrednosti lastnega deleža pri NordLB.
At the time when the LTS assets were transferred, the Land of Lower Saxony had a 60 % share in NordLB, the value of which increased as a result of the transfer.
Dežela Spodnja Saška je imela v času prenosa sredstev LTS 60 % delež pri NordLB. Vrednost teh 60 % je v času prenosa narasla.
Moreover, according to Germany, the Land ensured that NSGV also injected capital commensurate with its own holding in order to prevent NSGV from sharing in an increase in value brought about solely by the Land.
Poleg tega naj bi Spodnja Saška zagotovila, da je sorazmerno s svojim deležem kapital vložilo tudi združenje NSGV, in s tem preprečila, da bi bilo NSGV deležno povečane vrednosti, za katero je poskrbela Spodnja Saška sama.
For the reasons set out in paragraph 102 et seq., no importance can be attached to the fact that the Land had shares in NordLB and NSGV’s capital injection cannot be regarded as a comparable investment.
Zaradi razlogov, navedenih v (b), se dejstvu, da ima Spodnja Saška delež pri NordLB, ne more pripisati noben pomen, vloga kapitala NSGV pa se ne more obravnavati kot primerljiva naložba.
By means of that injection NSGV shared in the increase in value without having made a corresponding contribution.
S tem je združenje NSGV deležno povečanja kapitala, ne da bi samo poskrbelo za ustrezen prispevek.
No market-economy investor would agree, as a joint owner, to bear the entire cost of an investment if it were then to realise only part of the gains from it.
Noben vlagatelj v tržnem gospodarstvu se ne bi kot solastnik strinjal s kritjem celotnih stroškov naložbe, če bi nato lahko unovčil le del nastalega dobička.
The Court of First Instance has specifically confirmed this view in its judgment in WestLB.
To je izrecno potrdilo Sodišče prve stopnje v sodbi v primeru WestLB.
CAPITAL BASIS FOR CALCULATING THE REMUNERATION
KAPITALSKA OSNOVA ZA IZRAČUN NADOMESTILA
Germany submits that only the part of the accepted original own funds which can be used by NordLB to underpin its commercial business has an economic value for the bank, so that a remuneration can be demanded by the Land in respect of this part only.
Po navedbah Nemčije ima za banko gospodarsko vrednost le tisti del priznanega temeljnega kapitala, ki ga NordLB lahko uporablja za kritje svojih trgovskih dejavnosti, zato lahko Spodnja Saška zahteva nadomestilo le za ta del.
BdB claims that the whole amount of DEM 1 754.4 million is at risk and therefore a remuneration must be paid on that amount.
BdB trdi, da je celotni znesek 1,7544 milijarde DEM tvegan in se mora zato izplačati nadomestilo za ta znesek.
As determined in Decision 2000/392/EC and confirmed by the Court of First Instance, remuneration is, in principle, payable on the entire value of the transferred assets. This approach was applied in the WestLB case and upheld by the Court.
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.
However, the remuneration may differ for the different parts of the transferred assets.
Nadomestilo pa se lahko razlikuje za posamezne dele prenesenih sredstev.
For the purpose of determining an appropriate remuneration, a distinction should be made between the different parts of the LTS assets according to their use to NordLB.
Za določitev ustreznega povračila se morajo razlikovati posamezni deli sredstev LTS glede na njihovo korist NordLB.
The value of the assets is determined every year.
Vrednost sredstev je konec leta 1991 znašala 1,7544 milijarde DEM.
At the end of 1991 it stood at DEM 1 754.4 million.
Opredeli se vsako leto.
However, only DEM 1500 million was entered as equity on NordLB's balance sheet.
Vendar pa je bilo v bilanca stanja NordLB vknjiženih le 1,5 milijarde DEM kot lastni kapital.
The difference between this amount and the value of the LTS assets was booked as a provision for commitments arising from the transfer agreement.
Razlika do vrednosti sredstev LTS za pospeševanje se je knjižila kot rezervacija za obveznosti iz sporazuma o prenosu.
Such provisions are built up against imminent liabilities and do not constitute equity capital.
Takšne rezervacije se oblikujejo za neizbežne obveznosti in ne predstavljajo lastnega kapitala.
As a consequence, they generally do not improve a firm’s credit standing.
Torej načeloma ne izboljšajo bonitete podjetja.
The Land of Lower Saxony is also entitled to withdraw interest payments and amortisations which flow back to the promotion-related assets, in so far as the market value of the assets exceeds DEM 1500 million.
Spodnja Saška ima tudi pravico za pridobitev izplačila obresti in amortizacij, ki se iztekajo nazaj v sredstva za pospeševanje, če tržna vrednost sredstev za pospeševanje preseže 1,5 milijarde DEM.
Since NordLB is therefore unable to use the capital that exceeds the value of DEM 1500 million either to expand its business or to cover liabilities, the Commission assumes that an investor could not demand a remuneration for this portion of the promotion-related assets.
Ker NordLB torej ne more uporabljati kapitala, ki presega vrednost 1,5 milijarde DEM, niti za širjenje dejavnosti niti za kritje jamstva, je Komisija mnenja, da vlagatelj za ta del sredstev za pospeševanje ne bi smel zahtevati nadomestila.
Since the time of the transfer, a value of DEM 1500 million has been booked as equity capital in NordLB’s balance sheet.
Vrednost 1,5 milijarde DEM se od prenosa v bilanci stanja NordLB knjiži kot lastni kapital.
However, the LTS assets could not be used in full as equity capital until recognised by BAKred.
Vendar pa se sredstva LTS za pospeševanje, dokler jih ni priznal BAKred, niso mogla v celoti uporabljati kot lastni kapital.
Until the amount was provisionally recognised on 26 July 1993, the use of the promotion-related assets was tolerated by BAKred only in so far as was necessary in order to comply the solvency rules in force at the time.
Do začasnega priznanja sredstev kot lastni kapital dne 26. julija 1993 je BAKred uporabo sredstev za pospeševanje dopustil le v tolikšni meri, da so bili izpolnjeni takrat veljavni predpisi o solventnosti.
The full amount of DEM 1500 million could be used only after it was provisionally recognised on 26 July 1993.
Šele po začasnem priznanju dne 26. julija 1993 se je znesek 1,5 milijarde DEM lahko uporabljal v celoti.
However, of this DEM 1500 million, only around DEM 1400 million — the exact amount fluctuates from year to year — can be used by NordLB to expand its competitive business activities since the remainder is needed for its promotion-related business.
NordLB pa od 1,5 milijarde DEM lahko uporablja le približno 1,4 milijarde DEM – vrednost niha iz leta v leto – za širjenje konkurenčnih dejavnosti, saj je preostanek potreben za dejavnosti za pospeševanje.
The main basis for determining the remuneration payable to the Land should therefore be, for 1992 and up to August 1993, only the capital actually used and, from August 1993, the capital earmarked for use, i.e. around DEM 1400 million each year.
Glavna osnova za določitev nadomestila za Spodnjo Saško za leto 1992 in do avgusta 1993 je zato le dejansko uporabljen kapital in po avgustu 1993 rezerviran kapital, t.j. približno 1,4 milijarde letno.
Although the remaining original own funds (around DEM 100 million a year from August 1993, previously a higher amount) cannot be used to expand competitive business, they are of use to NordLB since the amount of own funds shown in the balance sheet is an indication to the bank's lenders of its soundness and thus influences the conditions under which the bank is able to raise outside funds.
Preostali temeljni kapital (po avgustu 1993 približno 100 milijonov DEM letno, prej več) se sicer ne more uporabljati za širjenje konkurenčnih dejavnosti, vendar vseeno koristi NordLB, saj znesek lastnega kapitala, vknjižen v bilanci stanja, bančnim posojilodajalcem potrjuje solidnost banke in s tem vpliva na pogoje, pod katerimi banka lahko pridobiva tuj kapital.
Creditors and ratings agencies look at the bank’s overall economic and financial standing.
Upniki in agencije za oceno kreditnih tveganj preverijo gospodarski in finančni položaj banke.
Since the amount of around DEM 100 million each year 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.
Ker se letni znesek v višini približno 100 milijonov ne more uporabljati za širjenje dejavnosti, temveč izboljšuje ugled banke pri upnikih, se njegova gospodarska funkcija lahko v tem pogledu primerja vsaj z jamstvom.
Since the amount of around DEM 100 million each year is also of economic use to WestLB, a market-economy investor would have asked for a remuneration to be paid on it.
Ker je tako tudi letni znesek v višini približno 100 milijonov DEM NordLB v gospodarsko korist, bi vlagatelj v tržnem gospodarstvu zanj zahteval nadomestilo.
The level of this remuneration will certainly be lower than that for the DEM 1400 million, which is of greater use to NordLB, since it can also be used under the solvency rules as own funds to expand its commercial business.
To povračilo je zagotovo manjše od tistega za del v višini 1,4 milijarde DEM, ki je NordLB v večjo korist, saj se po predpisih o solventnosti lahko uporablja tudi kot lastni kapital za širjenje konkurenčno usmerjenih dejavnosti.
A final point to be made here is that the text of the understanding between the Land of Lower Saxony, NordLB and BdB states that remuneration is payable for the transferred assets only as of the end of the month in which they were finally recognised as core capital by BAKred, i.e. 30 November 1993.
Na koncu je treba opozoriti, da besedilo dogovora med deželo Spodnjo Saško, NordLB in BdB navaja, da je nadomestilo za prenesena sredstva izplačljivo šele po koncu meseca, v katerem je BAKred ta sredstva dokončno priznal kot temeljni kapital, t.j. šele po 30. novembru 1993.
On this point, however, the Commission cannot agree with the understanding.
Vendar pa se Komisija s tem dogovoru v tem pogledu ne more strinjati.
The transferred LTS assets were available for use by NordLB following the transfer on 31 December 1991 at least to the extent that their use was tolerated by BAKred, and NordLB did indeed use a considerable portion of the assets before they were finally recognised by BAKred.
Prenesena sredstva LTS so bila na razpolago NordLB po prenosu 31. decembra 1991 vsaj v tolikšni meri, da je njihovo uporabo dovoljeval BAKred, in NordLB je dejansko uporabila znatni del sredstev, še preden jih je dokončno priznal BAKred.
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 to NordLB of the capital provided.
Pri raziskavi, ali je vloga sprejemljiva za vlagatelja, ki deluje v običajnih razmerah na trgu, je zato potrebno izhajati iz posebne gospodarske narave zadevnega finančnega ukrepa in vrednosti razpoložljivega kapitala za NordLB.
Germany believes that the remuneration for share capital is not the correct benchmark for calculating an appropriate remuneration for the LTS assets.
Nemčija je mnenja, da nadomestilo za osnovni kapital ni pravilno merilo za izračun primernega nadomestila za sredstva LTS za pospeševanje.
While acknowledging that, for supervisory purposes, share capital counts as core capital, it points out that not all of a bank’s capital that qualifies as core capital is at the same time share capital.
Sicer se strinja, da se za nadzorne namene osnovni kapital šteje za temeljni kapital. Vendar ni ves kapital, opredeljen kot temeljni kapital, hkrati osnovni kapital banke.
In particular, share capital which is fully at the bank’s disposal for it to invest is entirely different in quality from the transferred LTS assets, which continue to be available to the Land for specific promotion-related purposes and are therefore not profitable for NordLB itself.
Zlasti je osnovni kapital, ki je v celoti na razpolago banki in ga ta lahko vlaga, povsem drugačne kakovosti kot prenesena sredstva LTS za pospeševanje, ki so še naprej na razpolago Spodnji Saški za posebne namene pospeševanja in zato za NordLB samo niso donosna.
At the time of their transfer, the LTS assets were most comparable to capital in the form of profit participation certificates.
Sredstva LTS so bila v času prenosa najbolj primerljiva s kapitalom v obliki potrdil o udeležbi pri dobičku.
At that time, NordLB and the Land of Lower Saxony compared the remuneration for the promotion-related assets with remuneration for profit participation certificates.
NordLB in dežela Spodnja Saška sta takrat primerjali nadomestilo za sredstva za pospeševanje z nadomestilom za potrdila o udeležbi pri dobičku.
Profit participation capital is additional capital which may, in principle, be taken into account only up to the extent of the core capital.
Kapital v obliki potrdil o udeležbi pri dobičku je dodatni kapital, ki se lahko načeloma upošteva le do višine temeljnega kapitala.
At 31 December 1991, NordLB is said to have had core capital of DEM 2043 million and additional capital of DEM 543 million.
NordLB naj bi imela 31. decembra 19912,043 milijarde DEM temeljnega kapitala in 543 milijonov DEM dodatnega kapitala.
The need for equity capital could therefore have been covered by issuing profit participation certificates amounting to DEM 1500 million, instead of the promotion-related assets recognised as core capital.
Potreba po lastnem kapitalu se je torej lahko, namesto s sredstvi za pospeševanje, priznanimi kot temeljni kapital, zadovoljila z izdajo potrdil o udeležbi pri dobičku v višini 1,5 milijarde DEM.
In their comments, the Land of North Rhine-Westphalia and WestLB also dispute the assertion that the various transfers of assets to the Landesbanks, i.e. also in the case of NordLB, could be compared to share capital.
Prav tako dežela Porenje-Vestfalija in WestLB v svojem stališču izpodbijata trditev, da se različni prenosi sredstev na deželne banke, tudi v primeru NordLB, lahko primerjajo z osnovnim kapitalom.
They argue instead that the transfers are comparable to silent partnership contributions or so-called ‘perpetuals’.
Prenosi naj bi bili primerljivi z vlogami tihega partnerstva ali tako imenovanimi perpetuali.
Silent partnership contributions and ‘perpetuals’ had been recognised as core capital in Germany since 1991.
Vloge tihega partnerstva in perpetuali se namreč v Nemčiji priznavajo kot temeljni kapital že od leta 1991.
Moreover, remuneration for an investment depended not on how it was classified by the banking supervisory authorities, but on its risk profile.
Poleg tega nadomestilo ne temelji na tem, kako organi za bančni nadzor klasificirajo vlogo, temveč na njenem profilu tveganja.
Since the LTS assets were junior-ranking, the risk pattern had more in common with silent partnership contributions or ‘perpetuals’ than with share-capital investments.
Ker so sredstva LTS v podrejenem položaju, je struktura tveganja primerljivejša z vlogami tihega partnerstva ali perpetuali kot z naložbami v osnovni kapital.
The Commission shares the BdB’s view that the transfer of the LTS assets, which were recognised by BAKred as core capital, is most comparable to a share-capital investment.
Komisija se strinja z mnenjem BdB, da je prenos sredstev LTS za pospeševanje, ki jih je BAKred priznal kot temeljni kapital, najbolj primerljiv z naložbo v osnovni kapital.
In this connection, it should first be stressed that the relatively wide range of innovative equity instruments now available to credit institutions in several countries did not exist in Germany back in 1991, when a decision was taken on transferring the LTS to NordLB or, in 1993, when NordLB had to comply with new, stricter capital requirements.
V tej zvezi je treba najprej poudariti, da razmeroma širok obseg inovativnih instrumentov lastnega kapitala, ki je zdaj na razpolago kreditnim institucijam v več državah, še ni obstajal v Nemčiji leta 1991, ko je bil sklenjen prenos LTS na NordLB, in leta 1993, ko je morala NordLB izpolniti strožje kapitalske zahteve, ki so takrat stopile v veljavo.
Some of these instruments were 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.
In practice, the main instruments which were available and used at that time were profit participation certificates and subordinated loans (both of which are merely additional own funds, the latter being accepted only since 1993).
Instrumenti, ki so bili takrat dejansko na razpolago in so se uporabljali, so potrdila o udeležbi pri dobičku in sekundarne obveznosti (v obeh primerih gre zgolj za dodatna lastna sredstva, pri čemer je bil slednji instrument priznan šele leta 1993).
It is therefore inappropriate to compare the LTS capital to such innovative instruments, most of which have developed in the meantime and some of which are available only in other countries.
Primerjava kapitala LTS s takšnimi inovativnimi instrumenti, ki so se večinoma razvili šele kasneje in so nekateri na razpolago le v drugih državah, zato ni primerna.
Germany itself (indirectly) rejects such a comparison, claiming that the Commission must examine the case on the basis of the facts available at the time of the decision at the end of 1991.
Tudi sama Nemčija zavrača takšno primerjavo (neposredno) s potrditvijo, da mora Komisija primer preučiti na podlagi dejstev, razpoložljivih v času sklepa ob koncu leta 1991.
As regards perpetual preferred shares and profit participation certificates, a number of specific points should be stressed.
Kar zadeva tako imenovane perpetualne prednostne delnice in potrdila o udeležbi pri dobičku, je potrebno poudariti več posameznih točk.
Perpetual preferred shares count as core capital in some countries but are still not accepted in Germany.
Perpetualne prednostne delnice se v nekaterih državah štejejo za temeljni kapital, v Nemčiji pa kot takšne še vedno niso priznane.
Profit participation certificates constitute only additional own funds, whereas the LTS capital qualifies as core capital.
Potrdila o udeležbi pri dobičku se štejejo le za dodatna lastna sredstva, medtem ko ima kapital LTS kakovost temeljnega kapitala.
The latter is therefore of much greater use to NordLB because it can be used to raise additional own funds (such as profit participation certificates) up to the same amount in order to increase the bank's own-funds base.
Slednji je torej NordLB v veliko večjo korist, saj si lahko banka z njim poveča dodatna lastna sredstva (kot na primer potrdila o udeležbi pri dobičku) do enakega obsega z namenom povečanja lastnega kapitala.
Moreover, if profitable years followed loss-making ones, profit participation certificates would be replenished before the LTS capital.
Poleg tega bi se v primeru, da bi letom z izgubo sledila donosna leta, najprej do nominalne vrednosti napolnila potrdila o udeležbi pri dobičku in šele nato kapital LTS.