natgillin/translations-raw huggingface dataset:
Moreover, a clear aim of the business plan was to reduce the dependence of Sachsen LB on profits from capital markets and in particular from the ‘asset management & structured products’ business segment.
Poleg tega naj bi bil jasen cilj poslovnega načrta, da se zmanjša odvisnost banke Sachsen LB od dobičkov, ki naj bi jih dosegala na kapitalskem trgu in še zlasti pri upravljanju premoženja in strukturiranih stvaritev.
Germany argued further that the investment of several hundred million euro which LBBW had made to acquire Sachsen LB had to pay off and that LBBW would therefore do its utmost to restore Sachsen LB’s long-term viability.
Nemčija naprej utemeljuje, da se mora naložba več sto milijonov eurov, ki jih je LBBW plačala za nakup Sachsen LB, izplačati in da bo LBBW zato storila vse, kar je v njeni moči, da bi Sachsen LB ponovno vzpostavila dolgoročno sposobnost preživetja.
Regarding its own contribution, Germany argued that considerable own efforts had been made by LBBW and the other banks totalling EUR […(about 30)] billion and that this met the standards set forth in the Guidelines.
Glede svojega prispevka je Nemčija mnenja, da so LBBW in druge banke zagotovile znatno lastno udeležbo v vrednosti skupaj […(okoli 30)] mrd EUR in da naj bi bili s tem izpolnjeni pogoji Smernic.
The amount of EUR […(about 30)] billion was based on costs for the setting-up of the Super SIV (EUR […] million), the integration of Sachsen LB (EUR […] million) and the financing of portfolio 2 (EUR 17,5 billion) and portfolio 1 (EUR 11,8 billion).
Vsota […(okoli 30)] mrd EUR vključuje stroške ustanovitve naložbenega nosilca Super-SIV ([…] mio EUR), integracije Sachsen LB ([…] mio EUR) ter financiranja portfelja 2 (17,5 mrd EUR) in portfelja 1 (11,8 mrd EUR).
Finally, Germany was of the opinion that an important compensation to be considered was the sale of Sachsen LB by its former owners to LBBW.
Končno je treba po mnenju Nemčije šteti za pomembno izravnavo to, da so prejšnji lastniki banko Sachsen LB prodali banki LBBW.
The sale underlined the joint wish for a durable restructuring of the bank.
Prodaja poudarja skupno željo po dolgoročno zasnovanem prestrukturiranju banke.
According to Germany, the sale of companies in difficulty constituted an essential step toward their durable restructuring.
Prodaja podjetij, ki se znajdejo v težavah, naj bi bila prvi resen korak k njihovemu trajnemu prestrukturiranju.
It could generally be assumed that a company would more likely be viable under the control of a well established major German bank and that this ensured that the company would not have to rely on state aid again.
Na splošno bi lahko izhajali iz tega, da bi podjetje pod nadzorom ugledne velike nemške banke z veliko verjetnostno postalo rentabilno in da bi to zagotavljalo, da podjetju ne bo treba ponovno dodeliti državnih pomoči.
The sale would thus prove to be a central element of the restructuring of Sachsen LB.
Prodaja naj bi se zato izkazala kot osrednji element prestrukturiranja banke Sachsen LB.
Furthermore, no competitor had submitted comments on the Commission’s opening decision.
Poleg tega noben konkurent ni predložil pripomb na odločitev Komisije o sprožitvi postopka.
The sale of the bank would thus not lead in the eyes of other competitors to a distortion of competition.
Prodaja banke torej po mnenju drugih konkurentov naj ne bi vodila do izkrivljanja konkurence.
Germany provided in agreement with LBBW (on behalf of the beneficiary of the aid, i.e. Sachsen LB) the following commitments [22]:
Nemčija je v dogovoru z LBBW (v imenu upravičenke do pomoči Sachsen LB) ponudila naslednje obveznosti [22]:
The following assets of Sachsen LB, which during the course of the integration have gone over to LBBW, will be sold or liquidated:
Naslednje udeležbe banke Sachsen LB, ki so ob združitvi prešle na LBBW, se prodajo ali likvidirajo:
Sachsen LB Europe will be sold or liquidated by […].
Sachsen LB Europe se proda ali likvidira do […].
The LBBW group will not take over any staff from Sachsen LB Europe, unless it is required to do so by legal obligations, and will therefore neither propose to nor conclude with existing staff of Sachsen LB Europe any new working contracts [23].
Skupina LBBW ne bo prevzela osebja Sachsen LB Europe, razen če bi to morala storiti zaradi zakonskih obveznosti, in zato današnjemu osebju banke Sachsen LB Europe ne bo niti ponudila novih delovnih pogodb niti takih pogodb ne bo sklenila [23].
Germany commits that SachsenBank, represented through LBBW, will not carry out actively in any of its branches in Saxony as an independent business activity proprietary trading activities on its own account and at its own risk going beyond those of customer service in its core business activities.
Nemčija zagotavlja, da se Sachsen Bank, ki jo zastopa LBBW, v nobeni od svojih podružnic na Saškem ne bo ukvarjala z lastniškim trgovanjem na svoj račun in svojo odgovornost kot s samostojnim poslovnim področjem, ki presega poslovanje z njenimi strankami na osnovnih poslovnih področjih.
This behavioural commitment is valid for the restructuring timeframe of four years.
Ta obljuba poslovnega ravnanja velja za dobo prestrukturiranja štirih let.
Germany commits that SachsenBank, represented through LBBW, will not carry out actively in any of its branches in Saxony as an independent business activity international real estate business going beyond that of customer service in its core business activities.
Nemčija zagotavlja, da se Sachsen Bank, ki jo zastopa LBBW, v nobeni od svojih podružnic na Saškem ne ukvarja z lastniškim trgovanjem na svoj račun in svojo odgovornost kot s samostojnim poslovnim področjem, ki presega poslovanje z njenimi strankami na osnovnih poslovnih področjih.
Germany confirmed that […].
Nemčija je potrdila, da […].
Germany claims that the activity is profitable and not related to the current crisis in the subprime housing segment, which was triggered by increased lending to higher-risk borrowers with lower income or lesser credit history than prime borrowers.
Nemčija trdi, da je poslovanje rentabilno in ni v nikakršni zvezi s sedanjo krizo hipotekarnih posojil, ki je izbruhnila zaradi prevelikega dajanja posojil plačilno šibkejšim posojilojemalcem z nižjimi dohodki in slabšo boniteto od prvorazrednih posojilojemalcev.
Germany further confirmed that […] [25].
Nemčija je še potrdila, da […] [25].
AS REGARDS THE OBSERVATIONS OF THE THIRD PARTY
PRIPOMBA NA PRIPOMBE TRETJE STRANKE
Concerning the observations of the third party Germany argued that the guarantee granted to the Super SIV did not constitute state aid because, even including the potential liabilities stemming from the EUR 2,75 billion guarantee granted to the Super SIV, the owners of Sachsen LB had still sold the bank for an overall positive price, and that the contribution from LBBW to Sachsen LB’s 2007 results as well as the EUR 250 million prepayment had been considered by LBBW to be part of the sales price and therefore the sales price paid by LBBW to the owners reflected the market price of the bank.
Glede pripombe tretje stranke Nemčija zatrjuje, da jamstvo za Super-SIV ni nobena državna pomoč, saj naj bi lastniki banke Sachsen LB celo ob upoštevanju morebitnih obveznosti iz jamstva 2,75 mrd EUR za Super-SIV skupno dosegli za Sachsen LB pozitivno prodajno ceno, ter da doplačilo LBBW banki Sachsen LB v poslovni izid 2007 in predčasna poravnava z denarjem LBBW v znesku 250 mio EUR LBBW šteje za del kupne cene in da bi zato kupnina, ki jo je LBBW plačala lastnikom, ustrezala tržni ceni banke Sachsen LB.
Germany stressed that, apart from the EUR 391 million contribution from LBBW to Sachsen LB’s 2007 results, no other loss compensation had been paid.
Nemčija poudarja, da razen doplačila 2007 banke LBBW banki Sachsen LB v znesku 391 mio EUR ni bila odobrena nobena izravnava izgub.
LEGAL ASSESSMENT
PRESOJA V SKLADU S PRAVILI O DRŽAVNI POMOČI
EXISTENCE OF STATE AID
OBSTOJ DRŽAVNE POMOČI
As stated in Article 87(1) EC, any aid granted by a Member State or through state resources in any form whatsoever which distorts or threatens to distort competition by favouring certain undertakings or the production of certain goods shall, in so far as it affects trade between Member States, be incompatible with the common market.
Člen 87(1) Pogodbe ES navaja, da so dodeljene državne pomoči ali kakršne koli vrste pomoči iz državnih sredstev, ki izkrivljajo ali bi lahko izkrivljale konkurenco z dajanjem prednosti posameznim podjetjem, kolikor vplivajo na trgovino med državami članicami, nezdružljive s skupnim trgom.
The Commission adheres to its opinion as expressed in the opening decision that neither of the two financial interventions would have been provided by a market economy investor and hence both measures constitute state aid.
Komisija vztraja pri svojem stališču, zastopanem v odločitvi o sprožitvi postopka, da se vlagatelj, ki deluje v tržnem gospodarstvu, ne bi odločil za nobenega od obeh finančnih posegov in da zato oba ukrepa pomenita državno pomoč.
It should be noted, however, that already in its opening decision the Commission did not raise any competition concerns about the refinancing by LBBW and the banking pool.
Vendar v tej zvezi velja opozoriti na to, da Komisija že v svoji odločitvi o sprožitvi postopka z vidika konkurenčne zakonodaje ni izrazila nobenih pomislekov proti refinanciranju, ki so ga izvedle LBBW in skupina bank.
This is further enlarged upon at the end of this section.
Njeni razmisleki v tej zvezi bodo podrobneje razloženi na koncu tega razdelka.
DekaBank and most of the Landesbanken are agencies under public law.
DekaBank in tudi večina deželnih bank so ustanove javnega prava.
DekaBank is jointly held by the Landesbanken and the regional savings banks associations.
Lastniki DekaBank so polovično deželne banke in regionalna združenja hranilnic.
The Landesbanken are generally held by the Länder and the regional savings banks associations.
Deželne banke so na splošno v lasti dežel in regionalnih združenj hranilnic.
The credit facility of EUR 17,1 billion which has been made available by the banking pool to Sachsen LB is therefore attributable to the State and can be regarded as ‘granted by a Member State or through state resources’ within the meaning of Article 87(1) EC [26].
Kreditno linijo v višini 17,1 mrd EUR, ki jo je banki Sachsen LB dodelila skupina bank, je posledično treba pripisati državi in se jo je mogoče obravnavati kot „državni ukrep ali ukrep, dodeljen iz državnih sredstev“ v smislu člena 87(1) Pogodbe ES [26].
Moreover, in view of Sachsen LB’s cross-border and international activities any advantage from state resources would also affect competition in the banking sector and have an impact on intra-Community trade.
Poleg tega bi vsaka ugodnost iz državnih sredstev zaradi čezmejnih in mednarodnih dejavnosti vplivala tudi na konkurenco v bančnem sektorju in trgovino v Skupnosti.
Furthermore, the Commission notes Sachsen LB’s cross-border and international activities, so that any advantage from state resources would affect competition in the banking sector and have an impact on intra-Community trade [27].
Komisija nadalje ugotavlja, da Sachsen LB opravlja čezmejne in mednarodne dejavnosti, tako da bi ugodnost iz državnih sredstev vplivala na konkurenco v bančnem sektorju in trgovino v Skupnosti [27].
Germany denies that the measure confers a selective advantage upon Sachsen LB.
Nemčija oporeka, da bi ukrep banki Sachsen LB prinesel selektivno ugodnost.
The Commission would recall that under Article 87(1) EC any measure financed with state resources which favours an undertaking normally constitutes state aid, unless the measure would have also been taken by an investor operating under normal market economy conditions.
Komisija opozarja na to, da vsak poseg, financiran iz državnih sredstev, ki podjetju daje prednost, v skladu s členom 87(1) Pogodbe ES običajno pomeni državno pomoč, razen če bi vlagatelj, ki deluje v normalnih tržnih razmerah, prav tako sprejel enak ukrep.
Thus the behaviour of the banking pool in granting the liquidity measure at issue needs to be in conformity with the market economy investor principle in order to exclude state aid elements.
Sklep skupine bank, da dodeli obravnavano likvidnostno posojilo, mora biti v skladu z načelom vlagatelja, ki deluje v tržnem gospodarstvu, da bi lahko izključili elemente državne pomoči.
It is therefore appropriate to analyse whether a market economy investor would have granted the credit facility to Sachsen LB on the same conditions as the banking pool.
Zato je priporočljivo raziskati, ali bi vlagatelj, ki deluje v tržnem gospodarstvu, banki Sachsen LB odobril kreditno linijo pod istimi pogoji kot skupina bank.
The Commission would observe that, at the time the pool contract was concluded, the demand for mortgage-backed CPs had practically dried up and that therefore there was no longer any effective market for this type of investment.
Komisija ugotavlja, da v trenutku sklenitve meddeželnega sporazuma o črpanju sredstev ni bilo tako rekoč nobenega povpraševanja po CP, zavarovanih s hipoteko, in posledično nobenega delujočega trga za take naložbe.
Such lack of demand should, however, not be confused with the absence of a market benchmark.
Tako nizko povpraševanje pa nikakor ne pomeni, da ni nobenega tržnega merila.
Instead the market benchmark was simply that such CPs had at that time no reasonable economic value.
Tržno merilo je bilo preprosto v tem, da obravnavani CP v tistem času niso imeli nobene primerne tržne vrednosti.
That implies that, even if the CPs issued by Ormond Quay were AAA rated, properly remunerated and the default risks were very low, there remained no commercial interest for this type of investment.
To pomeni, da za CP, ki jih je izdal Ormond Quay, ni bilo tržnega zanimanja, čeprav so bili uvrščeni v bonitetni razred AAA, redno odplačani, in da je bilo zanje plačilno tveganje neznatno.
The Commission therefore concludes that a market economy investor would not have granted the credit facility to Sachsen LB.
Zato Komisija sklepa, da vlagatelj, ki deluje v tržnem gospodarstvu, banki Sachsen LB ne bi odobril likvidnostnega posojila.
Therefore the measure constitutes state aid.
Pri obravnavanem ukrepu gre posledično za državno pomoč.
Germany disputes that the sale of Sachsen LB to LBBW could involve state aid.
Nemčija se ne strinja, da bi prodaja banke Sachsen LB banki LBBW lahko vsebovala državno pomoč.
The Commission, however, maintains its view that the Free State of Saxony did not behave like a market economy investor when selling Sachsen LB.
Komisija vztraja pri svojem stališču, da Zvezna dežela Saška pri prodaji banke Sachsen LB ni ravnala kot vlagatelj, ki deluje v tržnem gospodarstvu.
The sale of Sachsen LB to LBBW could involve state aid in two respects: first, to the buyer (i.e. LBBW), if too low a sales price was accepted, and, second, to Sachsen LB, if liquidation would have been less costly than accepting the sale with the guarantee.
Prodaja banke Sachsen LB banki LBBW bi lahko vsebovala državno pomoč z dveh vidikov: prvič pomoč v korist kupca (to je LBBW), če je bila sprejeta prenizka nakupna cena, in drugič pomoč v korist banke Sachsen LB, če bi bila likvidacija stroškovno ugodnejša kot prodaja z dodeljenim jamstvom.
The Commission considers that the sales price paid by LBBW corresponds to the market value of Sachsen LB and observes that the Free State of Saxony conducted negotiations with several potential buyers and in the end decided to sell Sachsen LB to LBBW.
Komisija meni, da nakupna cena, ki jo je plačala LBBW, ustreza tržni vrednosti Sachsen LB, in ugotavlja, da se je Zvezna dežela Saška pogajala z več mogočimi kupci in se na koncu odločila, da banko Sachsen LB proda banki LBBW.
The Commission would recall that the sales price is considered to be the market price if the sale is organised via an open and unconditional tender and the assets go to the highest or only offer.
Komisija opozarja na to, da gre pri prodajni ceni za tržno ceno, kadar se prodaja opravi po odprtem in brezpogojnem postopku javnega razpisa, vrednost premoženja pa dobi najboljši ali edini ponudnik.
While such a tender, if carried out properly, can exclude the presence of state aid elements, its absence does not automatically mean that state aid is present.
Medtem ko se pri pravilno izvedenem razpisu lahko izključi prisotnost državne pomoči, pa odpoved razpisu sama po sebi še ne pomeni, da je državna pomoč prisotna.
In the case at hand, the parties to the sales agreement decided to carry out a valuation in order to determine the value of Sachsen LB as at 31 December 2007, on the assumption that the financial market would have stabilised by then, allowing a more ‘normal’ market evaluation.
V tem primeru so se pogodbene stranke odločile ugotoviti vrednost banke Sachsen LB na dan 31. decembra 2007 ob domnevi, da se bo nato finančni trg umiril in se bo lahko izvedlo bolj „normalno“ vrednotenje.
While such an evaluation does not automatically exclude the presence of state aid elements, in the case at hand the Commission did not find any evidence putting the market orientation of the transaction into doubt.
Čeprav tako ovrednotenje samo po sebi ne izključuje prisotnost elementov državne pomoči, v obravnavani zadevi Komisija ni imela nobenih dokazov, ki bi vzbudili dvom o tržni naravnanosti posla.
On the basis of the information available, the Commission has no reason to consider that the company was sold below market price.
Na podlagi razpoložljivih informacij Komisija nima nobenega razloga za domnevo, da je bilo podjetje prodano pod tržno ceno.
As explained in paragraph (37), the value of Sachsen LB in December 2007 was established at EUR 328 million [28], which is the price paid by LBBW.
Kot je pojasnjeno v uvodni izjavi (37), je bila vrednost banke Sachsen LB decembra 2007 izračunana na 328 mio EUR [28]. Toliko je znašala nakupna cena, ki jo je plačala LBBW.
Also, within the formal investigation procedure no party submitted comments calling into doubt the adequacy of the sales price and the Commission is not aware of any party which would have been interested in acquiring Sachsen LB and would have been willing to offer a higher price.
Poleg tega v okviru formalnega postopka preiskave nobena tretja stranka v svojih pripombah ni izrazila dvoma o primernosti prodajne cene in Komisija ne pozna nobene tretje stranke, ki bi jo zanimal nakup banke Sachsen LB in bi bila pripravljena ponuditi višjo ceno.
The Commission thus maintains its view that the sale took place at the market price and that no state aid was granted to LBBW in connection with the sale of Sachsen LB.
Komisija zato vztraja pri svojem stališču, da je bila banka prodana po tržni ceni in da s prodajo banke Sachsen LB banki LBBW ni bila dodeljena nobena državna pomoč.
In addition, the Commission assessed whether Sachsen LB received an advantage because liquidation would have been less costly for the Free State of Saxony than accepting the sale with the guarantee.
Poleg tega je Komisija preučila, ali je bila banka Sachsen LB zaradi dejstva, da bi bila likvidacija stroškovno ugodnejša od prodaje z odobrenim jamstvom, deležna ugodnosti.
The investigation did not alter the Commission’s view that the EUR 250 million prepayment of August 2007 would not have been taken into account by the owners when comparing the costs of liquidation and the sale with a guarantee as the amount was not reimbursable in the event of the sale falling through.
Komisija po preiskavi ni spremenila stališča, da lastniki pri primerjavi stroškov likvidacije in stroškov prodaje z jamstvom niso upoštevali predčasne poravnave iz avgusta 2007 v znesku 250 mio EUR, ker tega zneska ne bi bilo treba vrniti, če do prodaje ne bi prišlo.
In other words, as there was no obligation on Sachsen LB’s previous owners to reimburse LBBW the prepayment should the sale fall through, the prepayment would not have been considered an additional cost by a market economy investor in a hypothetical counter-scenario.
Z drugimi besedami, ker prejšnji lastniki banke Sachsen LB niso bili obvezani banki LBBW vrniti predčasne poravnave z denarjem, če bi prodaja spodletela, vlagatelj, ki deluje v tržnem gospodarstvu, te poravnave z denarjem ne bi štel kot dodatni strošek v hipotetičnem scenariju neuspešne prodaje.
The Commission then had to establish whether Sachsen LB’s costs under the guarantee go beyond the price received for Sachsen LB.
Komisija je morala poleg tega preučiti, ali so za banko Sachsen LB stroški, nastali za zagotovitev jamstva, presegli prodajno ceno za Sachsen LB.
This would at least be the case if the value of expected losses under the EUR 2,75 billion guarantee were to be above the amount received of EUR […] million (plus any potential nominal provisions of up to EUR […] million).
To bi se zgodilo, če bi bila vrednost pričakovanih izgub, zavarovanih z jamstvom 2,75 mrd EUR, višja od prejetih […] mio EUR (in garancijskih provizij, ki bi lahko dosegle knjižno vrednost […] mio EUR).
Germany estimated the expected losses involved in the guarantee at EUR […(> 800)] million in a bad case, EUR […(< 500)] million in a base case and EUR […(< 200)] million in the best case.
Nemčija je ocenila pričakovane izgube na podlagi jamstva na okoli […(> 800)] mio EUR (negativni scenarij), […(< 500)] mio EUR (osnovni scenarij) oz. […(< 200)] mio EUR (najboljši scenarij).
However, the Commission’s doubts whether the model applied by LBBW to quantify the expected losses in the guarantee fully reflects the aid element involved in the guarantee could not be allayed.
Vendar dvomov Komisije, da model, ki ga LBBW uporablja za količinsko ovrednotenje pričakovanih izgub iz garancije, v resnici v celoti upošteva element pomoči, vsebovan v jamstvu, ni bilo mogoče odpraviti.
The Commission would point out that, based on established case law, the aid element involved in a guarantee to a company in difficulty may be as high as the amount effectively covered by the guarantee (i.e. in this case EUR 2,75 billion).
Komisija opozarja na to, da po ustaljeni sodni praksi element pomoči v jamstvu, ki se izda za podjetje v težavah, lahko doseže enako višino kot znesek, ki je z jamstvom dejansko pokrit (v tem primeru posledično 2,75 mrd EUR).
The Commission would stress, moreover, that, even in the base case scenario, which was based on the assumption of a quick recovery of the markets, the expected losses would have meant a negative price for the Free State of Saxony.
Poleg tega Komisija poudarja, da bi Zvezna dežela Saška celo v osnovnem scenariju, pri katerem se domneva, da si bodo tržišča hitro opomogla, na podlagi pričakovanih izgub dosegla negativno prodajno ceno.
Contrary to what is claimed by Germany, accepting the base case scenario is not an established practice [31].
V nasprotju z nemškim mnenjem tudi ni v ustaljeni praksi [31], da se sprejema osnovni scenarij.
However, the Commission recognises that a negative sales price might exceptionally be accepted by a market economy investor if the liquidation costs for the seller would be higher.
Vendar Komisija priznava, da je negativna prodajna cena v izjemnih primerih lahko sprejemljiva za vlagatelja, ki deluje v tržnem gospodarstvu, če bi bili za prodajalca stroški likvidacije višji.
For the calculation of the liquidation cost only those liabilities can be considered which would have been entered into by a market economy investor [32].
Za obračun likvidacijskih stroškov se lahko upoštevajo samo tiste obveznosti, ki bi jih prevzel vlagatelj, ki deluje v tržnem gospodarstvu [32].
This excludes liabilities stemming from state aid as these would have not been taken over by a market economy investor [33].
Izključene so obveznosti v okviru državnih pomoči, ker teh vlagatelj, ki deluje v tržnem gospodarstvu, ne bi prevzel [33].
One such liability is Gewährträgerhaftung [34].
Ena od takih obveznosti, ki se ne upoštevajo, je državno jamstvo za nemške javne banke (Gewährträgerhaftung) [34].
The Commission has held that Gewährträgerhaftung is existing aid and has proposed appropriate measures to abandon it [35].
Komisija meni, da gre pri tem za obstoječo pomoč, in je predlagala ustrezne ukrepe za njeno odpravo [35].