natgillin/translations-raw huggingface dataset:
The injected capital makes up a significant proportion of the total core capital, making it extremely likely that it will be drawn on — at least in part — in the event of losses.
Vložen kapital predstavlja pomemben del celotnega temeljnega kapitala, zato obstaja zelo velika verjetnost, da bo v primeru izgub uporabljen vsaj delno.
LSH's argument regarding the liquidity costs can in principle be accepted.
Argument LSH glede stroškov zaradi likvidnosti je načeloma sprejemljiv.
A ‘normal’ capital injection into a bank supplies it both with liquidity and with an own funds base which it requires for supervisory reasons to expand its activities.
„Običajen“ vložek kapitala pri banki slednji zagotovi tako likvidnost kot obseg lastnega kapitala, ki ju banka potrebuje zaradi nadzorstva za širjenje svojih dejavnosti.
Since the promotion assets did not provide LSH with initial liquidity because they and all the income from them remained earmarked by law for business and housing promotion, LSH faced additional funding costs equal to the amount of the capital if it was to raise the necessary funds on the financial markets to take full advantage of the business opened up by the additional capital, i.e. to expand risk-adjusted assets by 12,5 times the capital amount (or to maintain existing assets at that level).
Ker sredstva za pospeševanje LSH sprva niso zagotovila likvidnosti, ker so bila prenesena sredstva in celoten donos na sredstva za pospeševanje po zakonu namenjena pospeševanju gospodarstva in gradnje stanovanj, je imela LSH dodatne stroške financiranja v višini kapitala, če je želela zbrati sredstva na finančnih trgih, potrebna za popolno izrabo poslovnih možnosti, ki so se ji odprle z dodatnim lastnim kapitalom, t.j. razširiti svojo tveganju prilagojeno tehtano aktivo z 12,5-kratnim zneskom kapitala (ali ohraniti obstoječa sredstva v tem obsegu).
Because of these extra costs, which do not arise in the case of equity capital provided in liquid form, the appropriate remuneration must be reduced accordingly.
Zaradi teh dodatnih stroškov, ki pri likvidnem lastnem kapitalu ne nastajajo, se mora primerno povračilo ustrezno znižati.
However, in the Commission's view, the entire refinancing interest rate does not have to be taken into account.
Vendar Komisija meni, da ni potrebno upoštevati celotne obrestne mere refinanciranja.
This means that the bank's net result is not reduced by the amount of additional interest expenses incurred.
Neto rezultat banke torej ni zmanjšan za znesek dodatno plačanih obresti.
These expenses are offset in part by reduced corporation tax.
Del teh stroškov je namreč poravnan z znižanim davkom od dobička pravnih oseb.
Only the net costs should be taken into account as an additional burden on LSH because of the special nature of the capital transferred.
Samo neto stroške je treba upoštevati kot dodatne obremenitve LSH, zaradi posebnega značaja prenesenega kapitala.
The Commission therefore accepts that LSH incurs additional ‘liquidity costs’ to the extent of ‘refinancing costs minus corporation tax’.
Skupno Komisija torej priznava, da ima LSH dodatne „stroške zaradi likvidnosti“ v višini „stroškov refinanciranja minus davek od dobička“.
Appropriate remuneration
Primerno nadomestilo
Appropriate remuneration for the amount available for competitive business
Primerno nadomestilo za znesek, uporaben za konkurenčne dejavnosti
There are no doubt different ways of calculating the appropriate remuneration for the amount available for competitive business.
Primerno nadomestilo za znesek, uporaben za konkurenčne dejavnosti, je nedvomno mogoče izračunati na več načinov.
All the methods for calculating the remuneration for capital made available follow the same basic principles, however.
Vse metode izračun nadomestila za razpoložljiv osnovni kapital pa sledijo enakim temeljnim načelom.
Taking these basic principles, the Commission here does the calculation in two steps: first, it determines the minimum remuneration that an investor would expect for a (hypothetical) investment in the share capital of LSH.
Komisija na podlagi teh temeljnih načel opravi zadevni izračun v dveh korakih: naprej določi najmanjše nadomestilo, ki bi ga vlagatelj pričakoval za (domnevno) naložbo v osnovni kapital LSH.
It then examines whether, in view of the particularities of the transaction at issue, the market would have agreed on a premium or a discount, and if so, whether it can produce a sufficiently robust quantification of that amount.
Nato preveri, ali bi na trgu zaradi posebnosti zadevne transakcije prišlo do dogovora glede pribitka ali odbitka, in če bi se to zgodilo, ali bi lahko izvedla dovolj robustno količinsko opredelitev tega zneska.
Determination of a likely minimum remuneration for an investment in the share capital of LSH
Določitev pričakovanega najmanjšega nadomestila za naložbo v osnovni kapital LSH
The return expected on an investment and the risk involved are important determining factors in the investment decision of a market-economy investor.
Pričakovan donos na naložbo in tveganje pri naložbi sta ključna dejavnika pri odločanju vlagatelja v tržnem gospodarstvu za naložbo.
He bases himself on historical average rates, which, generally speaking, are also a point of reference for a firm's future efficiency, and inter alia on an analysis of the company's business model for the investment period in question, the strategy and quality of management or the relative prospects for the sector in question.
Pri tem se opira na pretekle povprečne donose, ki na splošno služijo kot izhodišče tudi za prihodnje poslovne izide podjetja, ter med drugim na analizo poslovnega modela podjetja v času investicijskega obdobja, strategijo in kakovost vodenja podjetja ali relativna pričakovanja v zadevni gospodarski panogi.
A market-economy investor will make an investment only if it offers him a higher return or a lower risk than the next best alternative use of his capital.
Vlagatelj v tržnem gospodarstvu bo izvedel naložbo le v primeru, če le-ta prinaša večji donos ali manjše tveganje kot druga najboljša uporaba njegovega kapitala.
Accordingly, he will not invest in a company whose expected returns are lower than the average of other companies with a comparable risk profile.
Skladno s tem vlagatelj ne bo vložil v podjetje, katerega pričakovani donosi so manjši od povprečnih pričakovanih donosov drugih podjetij s primerljivim profilom tveganja.
In this case it can be assumed that there are sufficient alternatives to the investment that promise a higher expected return for the same risk.
V zadevnem primeru se lahko domneva, da obstaja dovolj drugih možnosti za domnevni naložbeni projekt, ki obetajo večji pričakovan donos pri enakem tveganju.
There are various methods of determining an appropriate minimum return.
Obstajajo različne metode za določitev primernega najmanjšega nadomestila.
In describing these various approaches, it makes sense to draw a distinction between two components, namely a risk-free return and a project-specific risk premium:
Pri predstavitvi različnih pristopov je smiselno razlikovati med dvema komponentama, med netveganim donosom in premijo tveganja za določen projekt:
Appropriate minimum return on a high risk investment
primeren najmanjši donos na tvegano naložbo
The appropriate minimum return on a high-risk investment can therefore be described as the sum of the risk-free rate of return and the additional risk premium for assuming the specific investment risk.
Primeren najmanjši donos na tvegano naložbo se lahko torej opiše kot vsota netvegane stopnje donosa in dodatne premije tveganja za prevzem tveganja za določeno naložbo.
Normally the risk-free base rate is determined using the expected return on fixed-rate securities issued by state issuers (or an index based on such securities), as they represent forms of investment with comparably low risks.
Ponavadi se za določitev netvegane temeljne obrestne mere uporabi pričakovan donos fiksno obrestovanih vrednostnih papirjev, ki jih izdajajo državni organi (oziroma indeks, ki temelji na takšnih vrednostnih papirjih), ker predstavljajo oblike vloge s primerljivo nizkim tveganjem.
However, the difference between the various methods lies in the method of determining the risk premium: -
Razlike med posameznimi metodami pa vendarle obstajajo pri določanju premije tveganja:
Financing approach: An investor's expected return on capital represents, from the point of view of the bank using the capital, future financing costs.
Pristop financiranja: Donos na lastni kapital, pričakovan s strani vlagatelja, predstavlja s stališča banke, ki kapital uporablja, prihodnje stroške financiranja.
Under this approach, the historical capital costs incurred by comparable banks are determined first.
Pri tem pristopu se najprej določijo pretekli stroški lastnega kapitala, nastali pri bankah, ki so primerljive z zadevno deželno banko.
The arithmetic average of the historical capital costs is then compared with the future expected equity capital costs and hence with the investor's expected-return requirement.
Aritmetično povprečje preteklih stroškov kapitala se nato enači s stroški lastnega kapitala, pričakovanimi v prihodnosti, in s tem s pričakovano zahtevo donosnosti s strani vlagatelja.
Financing approach with Compound Annual Growth Rate: at the heart of this approach stands the use of the geometric rather than the arithmetic mean value.
Pristop financiranja s sestavljeno letno stopnjo rasti (Compound Annual Growth Rate): Bistvo tega pristopa je uporaba geometričnega in ne aritmetičnega povprečja.
CAPM: the CAPM is the best-known and most frequently tested model of modern finance, by which the return expected by an investor can be determined using the following equation:
CAPM: CAPM je najbolj znan in najpogosteje preskušen model sodobnega denarnega gospodarstva, s pomočjo katerega je mogoče določiti donos, pričakovan s strani vlagatelja, z naslednjo enačbo:
Minimum return on capital =
najmanjši donos =
However, since LSH is not a listed company, it is not possible directly to infer its beta value.
Ker pa LSH ni podjetje, ki bi kotiralo na borzi, njene beta vrednosti ni mogoče izpeljati neposredno.
In its comments of 29 July 2003, the BdB, using the CAPM, concluded that the minimum remuneration to be expected for an investment in the capital of LSH at 31 December 1990, when the transfer took place, was 14,85 % per annum.
BdB je v svojem stališču z dne 29. julija 2003 z uporabo metode CAPM izračunalo, da je pričakovano najmanjše nadomestilo za naložbo v osnovni kapital LSH v času prenosa dne 31. decembra 199114,85 % letno. Nemčija je izrazila temeljne pomisleke glede uporabe CAPM.
Had the BdB applied the CAPM correctly, it would have arrived at a much lower minimum remuneration for a hypothetical investment in the share capital of LSH.
Praviloma bi moralo BdB na podlagi metode CAPM priti do občutno manjšega najmanjšega nadomestila za domnevno naložbo v osnovni kapital LSH.
In their understanding on the normal market remuneration, the Land of Schleswig-Holstein, HSH Nordbank and the BdB concluded that a minimum remuneration of 9,29 % was appropriate.
V okviru dogovora o običajnem tržnem nadomestilu so dežela Schleswig-Holstein, HSH Nordbank in BdB ugotovili, da je najmanjše nadomestilo v višini 9,29 % primerno.
In their calculations, the parties based themselves on the CAPM and applied a risk-free basic interest rate of 6,61 %.
Stranke so za svoje izračune uporabile metodo CAPM. Pri tem so kot netvegano temeljno obrestno mero uporabile 6,61 %.
Determination of this interest rate was based on the assumption that special-purpose assets were to be made available to LSH on a permanent basis.
Določitev te obrestne mere se je izvršila ob domnevi, da so bila posebna namenska sredstva LSH dana na razpolago na trajni osnovi.
The parties thus decided not to use a risk-free rate obtaining on the market at the time of the capital injection for a fixed investment period (e.g. 10-year return on government bonds), since such an approach would disregard the reinvestment risk, i.e. the risk that it would not be possible to invest again at the level of the risk-free interest rate once the investment period had expired.
Stranke torej za fiksno investicijsko obdobje niso uporabile netveganega donosa, razvidnega na trgu v času prenosa (na primer 10-letni donosi na državne obveznice), ker takšno opazovanje ne bi upoštevalo tveganja ponovne naložbe, t.j. tveganje po koncu investicijskega obdobja, da kapitala ni mogoče ponovno vložiti na ravni netvegane obrestne mere.
In the view of the parties, a total return index was the best way of taking the investment risk into account.
Stranke so mnenja, da se tveganju pri naložbi najbolje sledi na podlagi indeksa skupnega donosa („Total Return Index“).
They opted, therefore, for the REX10 Performance Index of Deutsche Börse AG, which tracks the performance of an investment in Federal loans over a period of ten years.
Zato so uporabile indeks uspešnosti REX10 Performance Index nemške borze Deutsche Börse AG, ki izraža uspešnost naložbe v obveznicah Zvezne republike Nemčije za obdobje natanko 10 let.
The parties then calculated the rate of return per annum, which reflects the trend tracked by the REX10 Performance Index in the period 1970 to 1990 and, in this way, arrived at the risk-free base rate of 6,61 %.
Stranke so nato določile letni donos, ki odraža trend, prikazan v uporabljenem indeksu REX10 v obdobju med 1970 in 1990, ter tako prišle do netvegane temeljne obrestne mere 6,61 %.
Since LSH's capital injection was made available on a permanent basis, the method of determining the risk-free basic interest rate appears appropriate in this specific case.
Ker je bila vloga LSH dejansko dana na razpolago na trajni osnovi, se zdi v tem posebnem primeru takšno postopanje za določitev netvegane temeljne obrestne mere primerno.
Moreover, the REX10 Performance Index is a generally recognised source of data.
Hkrati pa uporabljen indeks uspešnosti REX10 predstavlja vsesplošno priznan vir podatkov.
The risk-free basic interest rate calculated thus appears appropriate here.
Izračunana netvegana temeljna obrestna mera je torej tu očitno primerna.
The beta factor of 0,670 was estimated on the basis of a KPMG report on adjusted beta factors for all listed credit institutions in Germany that is available to the Commission.
Ocena beta faktorja 0,670 temelji na izvedenskem mnenju KPMG o tako imenovanih prilagojenih („adjusted“) beta faktorjih vseh kreditnih institucij, ki v Nemčiji kotirajo na borzi, predloženem Komisiji.
In the light of the report and of LSH's business profile, this beta factor may be regarded as appropriate.
Na podlagi tega izvedenskega mnenja in glede na poslovno usmerjenost LSH se ta beta faktor lahko šteje za primernega.
The so-called general long-term market-risk premium, i.e. the difference between the long-term average return on a normal share portfolio and the return on government bonds, has already been applied on several occasions in the WestLB case, which resulted in Decision 2000/392/EC.
Tako imenovana splošna dolgoročna premija tržnega tveganja, torej razlika med dolgoročnim povprečnim donosom na običajni portfelj delnic in na državne obveznice, je bila večkrat obravnavana že v postopku zoper WestLB, ki je privedel k Odločbi 2000/392/ES.
In the corresponding report on the procedure, a range of some 3 % to 5 % was applied, depending on the method, the period under examination and the basic relevant data.
V ustreznem izvedenskem mnenju o postopku je bil določen razpon približno 3 % do 5 %, odvisno od uporabljene metodologije, obdobja obravnave in osnovnih podatkov.
A report prepared for BdB calculated figures of 3,16 % and 5 %. Another report on WestLB drawn up in the first procedure produced figures of 4,5 % and 5 %, while Lehman Brothers, also for WestLB, calculated a figure of 4 %.
Tako sta v izvedenskem mnenju, sestavljenem za BdB, izračunani možni stopnji 3,16 % in 5 %, v drugem izvedenskem mnenju, sestavljenem za WestLB v istem postopku, sta izračunani možni stopnji 4,5 % in 5 %, medtem ko je Lehman Brothers, tudi za WestLB, izračunal stopnjo 4 %.
Against this background, the Commission here sees no reason to depart from the market-risk premium used in the understanding.
Komisija ob upoštevanju navedenega v zadevnem primeru ne vidi razloga, da bi odstopila od premije tržnega tveganja, uporabljene v dogovoru.
On the basis of the CAPM, the Commission considers there to be no doubt that the minimum remuneration determined by the parties can be regarded as appropriate
Na podlagi metode CAPM tu ne dvomi v primernost najmanjšega nadomestila, ki so ga določile stranke.
The Commission has no reason to believe that, in the case under consideration, the minimum remuneration determined by the parties for a hypothetical share-capital investment cannot stand up to a market test.
Komisija nima nobenih dokazov, da najmanjše nadomestilo za domnevno naložbo v osnovni kapital, ki so ga v obravnavanem primeru določile stranke, ne bi bilo združljivo s trgom.
Accordingly, it sets the minimum remuneration for the special-purpose reserve at 9,29 % per annum (after corporation tax and before investor tax).
Komisija zato kot primerno najmanjše nadomestilo za posebna namenska sredstva določa vrednost 9,29 % letno (po obdavčitvi dobička in pred obdavčitvijo naložbe).
Return discount for lack of liquidity
Odbitek na donos zaradi manjkajoče likvidnosti
The long-term risk-free rate (10-year German Federal government bonds) at the end of 1990 was 8,98 %.
Dolgoročna netvegana obrestna mera (10-letne nemške obveznice) je ob koncu leta 1990 znašala 8,98 %.
LSH claimed that its actual refinancing costs on the basis of its financial structure at the time of the transfer were 9,2 %.
LSH je navedla, da so njeni stroški refinanciranja v času prenosa sredstev na podlagi njene finančne strukture znašali 9,2 %.
In their understanding the parties apply a long-term risk-free rate of 6,61 %.
V dogovoru so stranke uporabile dolgoročno netvegano obrestno mero 6,61 %.
They also agree to adopt a flat 50 % tax rate.
Poleg tega so se dogovorile o pavšalni davčni stopnji 50 %.
On this basis, they arrive at a net refinancing rate of 3,31 % and a corresponding deduction for liquidity.
V skladu s tem so stranke prišle do neto obrestne mere refinanciranja 3,31 % in s tem do ustreznega odbitka zaradi manjkajoče likvidnosti.
In view of that understanding and the fact that the amount in question falls below the range previously cited by Germany, the Commission sees no reason to regard this amount as inappropriate and consequently uses it as a basis for determining the aid element.
Na podlagi tega dogovora in dejstva, da znesek sovpada z okvirom, ki ga je Nemčija že navedla poprej, Komisija nima razloga, da tega zneska ne bi upoštevala kot primernega in ga tako uporabila pri določitvi elementa pomoči.
It must therefore be examined whether the particularities, and especially the specific risk profile of the transfer of IB's capital, constitute grounds for adjusting the minimum remuneration determined of 9,29 % which a private investor would expect for a (hypothetical) investment in the capital of LSH and whether the Commission can produce a methodically robust quantification of that adjustment.
Zato je treba preveriti, ali skladno s posebnostmi, zlasti konkretnim profilom tveganja prenosa kapitala IB, obstajajo razlogi za prilagoditev določenega najmanjšega nadomestila 9,29 %, ki bi ga zasebni vlagatelj pričakoval za (domnevno) naložbo v osnovni kapital LSH, in ali bi Komisija lahko izvedla metodično dovolj robustno količinsko opredelitev.
In this connection, three aspects should be considered: first, the non-issuance of new shares in the company with the associated voting rights; second, the exceptional volume of the asset transfer; and third, the non-marketability of the assets.
V tej zvezi je treba preveriti tri vidike: kot prvo neizdajo novih delnic v družbi in s tem povezanih glasovalnih pravic, kot drugo izredno velik obseg prenesenih sredstev in kot tretje nezadostno tržnost vloge.
The transfer did not provide the Land with any additional voting rights.
Dežela s prenosom ni pridobila dodatnih glasovalnih pravic.
By forgoing voting rights, an investor renounces a say in decisions taken by the bank's board.
Z odpovedjo glasovalnim pravicam se vlagatelj odpove možnosti vplivanja na odločitve vodstva banke.
If the Land's voting rights had been increased, it would have possessed more than 50 % of those rights, thereby becoming the majority shareholder.
Če bi se povečale glasovalne pravice dežele, bi slednja posedovala več kot 50 % glasovalnih pravic, t.j. dežela bi postala večinski lastnik.
To compensate for this acceptance of a higher risk of loss without a corresponding increase in influence over the company, a market-economy investor would demand a higher remuneration (even if the potential risk were cushioned by internal agreements with the other shareholders).
Vlagatelj v tržnem gospodarstvu bi za izravnavo za sprejetje večjega tveganja izgube brez ustreznega povečanja vpliva na podjetje zahteval večje nadomestilo (tudi če bi bilo tveganje zmanjšano z notranjimi dogovori z drugimi delničarji).
On the basis of the higher remuneration for preference shares compared with ordinary shares and in agreement with the complainant, BdB, the Land of Schleswig-Holstein and LSH, who, as a result of their meetings in August and September 2004, regard a rate of 0,3 % per annum (after tax) as reasonable, the Commission considers a premium of at least 0,3 % per annum (after corporation tax) to be appropriate.
Na osnovi večjega nadomestila za prednostne delnice v primerjavi z navadnimi delnicami in v soglasju s pritožnikom BdB, deželo Schleswig-Holstein in LSH, ki so kot rezultat svojih pogovorov avgusta/septembra 2004 v ta namen kot primerno določili stopnjo 0,3 % letno (po obdavčitvi), Komisija meni, da je pribitek najmanj 0,3 % letno (po obdavčitvi dobička) upravičen.
The parties to the understanding also regard a 0,3 % premium as appropriate to take account of the failure to issue voting rights.
Tudi stranke dogovora menijo, da je pribitek 0,3 % zaradi neizdaje novih glasovalnih pravic upravičen.
The size of the amount transferred and its effect on LSH from the point of view of the Solvency Directive has already been mentioned.
Obseg prenesenih sredstev in njegov vpliv na LSH z vidika Direktive o solventnosti, je že bil omenjen.
Through the transfer of IB's capital, LSH's core capital was increased substantially without any acquisition or administration costs.
S prenosom kapitala IB je bil občutno povečan temeljni kapital LSH in sicer brez stroškov pridobivanja in upravljanja.
A market-economy investor would probably have demanded a premium for an injection of capital as large in relative and absolute terms as the IB assets.
Vlagatelj v tržnem gospodarstvu bi za kapitalski vložek, ki je po velikosti v relativnem in absolutnem smislu enak sredstvom IB, verjetno zahteval pribitek.
On the other hand, in the light of the exceptional capital requirements of credit institutions in the EU laid down by the Solvency Directive, a capital injection of some DEM 1300 million in one of the largest German all-purpose banks must not be regarded as completely alien to any normal business decision. Moreover, where an investment involves a large volume of assets, this suggests a similarity with share capital.
Po drugi strani pa vložki v osnovni kapital ene izmed največjih nemških splošnih bank v višini 1,3 milijarde DEM glede na izjemne kapitalske zahteve evropskih kreditnih institucij na osnovi Direktive o solventnosti ne smemo obravnavati kot popolnoma izven običajnih poslovnih dimenzij.
When the transfer took place at the end of 1990, large silent partnership contributions were atypical on the market.
Poleg tega velik obseg sredstev lahko uporabimo kot pokazatelj podobnosti vloženih sredstev osnovnemu kapitalu, saj veliki vložki tihe družbe v času prenosa ob koncu leta 1990 na trgu niso bile tipični.