natgillin/translations-raw huggingface dataset:
Clients with a lower creditworthiness (or a higher credit risk for the bank) are usually charged a higher interest rate to compensate for the additional risk [117].
Javna podpora podjetjem je državna pomoč v smislu člena 107(1) PDEU le, če „izkrivlja ali bi lahko izkrivljala konkurenco“, in le, če „prizadene trgovino med državami članicami“.
As discussed above (see section 7.3.1), NEUWOGES had a limited ability to obtain new loans because of its relatively high degree of indebtedness and the fact that its own capital was tied up in other investment projects.
Za ukrep, ki ga dodeli država, se šteje, da izkrivlja ali bi lahko izkrivljal konkurenco, kadar izboljša konkurenčni položaj prejemnika pomoči v primerjavi z drugimi podjetji, ki so njegovi konkurenti [125].
If, however, a bank had been prepared to grant a loan to NEUWOGES, it would have taken these elements into account when setting the interest rate.
Izkrivljanje konkurence se začne s tem, ko država podjetju v liberaliziranem sektorju, v katerem je konkurenca prisotna ali bi lahko bila prisotna, dodeli finančno prednost.
Loans to companies with a relatively high level of debt and a low own-capital contribution to the investment have higher interest rates.
V skladu s sodno prakso evropskih sodišč lahko vsaka pomoč, dodeljena podjetju, ki svoje dejavnosti opravlja na notranjem trgu, izkrivlja trgovino med državami članicami [126].
Because of this, any comparison of the leasing rate paid by NEUWOGES and the interest rates on loans available on the market should focus on the higher end of the Bundesbank interest-rate range [118].
Družba BAVARIA za vlagatelje in priložnosti za naložbe konkurira z drugimi nepremičninskimi skladi in poslovnimi vlagatelji iz Nemčije in drugih držav članic Unije.
As mentioned above, a leasing company has to refinance its initial investment (in this case mainly the purchase price for the apartment blocks and the costs of modernisation).
Finančna prednost, dodeljena družbi BAVARIA, bi okrepila konkurenčni položaj navedenega podjetja in bi torej lahko izkrivljala konkurenco.
The interest rate it has to pay for its own refinancing will depend on several factors, such as its size, its level of debt, the property in its portfolio, etc.
Ker trg za naložbe v nepremičnine obsega vso Unijo, bi vsaka finančna prednost družbi BAVARIA okrepila njen položaj na trgu v primerjavi z njenimi konkurenti iz drugih držav članic, to pa bi vplivalo na trgovino med državami članicami.
In any event, this interest rate is just the starting point, as the leasing company (BAVARIA) also needs to be compensated for the risks it bears.
Ob predpostavki in v nasprotju z zgoraj navedeno glavno ugotovitvijo Komisije, da posel prodaje in povratnega zakupa ni bil v skladu z načelom razumnega udeleženca v tržnem gospodarstvu in je bila z njim družbi BAVARIA dodeljena prednost, bi bilo treba ugotoviti, da je posel prodaje in povratnega zakupa vključeval državno pomoč.
These can include interest-rate risk (the risk that it will have to refinance its investment on the basis of a variable interest rate, while the lease payments have a fixed rate), credit risk (the possibility, as discussed above, that NEUWOGES will go bankrupt and that BAVARIA will not be able to recover the lease payments still due), and residual value risk (the uncertainty about the value of the property after the lease contract has expired).
Zato je treba oceniti, ali bi se na podlagi te hipoteze državna pomoč lahko štela za združljivo z notranjim trgom.
The leasing company is also likely to have certain overhead costs which would also be reflected in the leasing rate [119].
Združljivost z notranjim trgom v skladu s členom 107(3)(c) PDEU
Finally, the leasing company also intends to make a profit and will take account of this factor in setting the leasing rate [120].
V skladu s členom 107(3)(c) PDEU se lahko za združljivo z notranjim trgom šteje vsaka pomoč, če je namenjena „pospeševanj[u] razvoja določenih gospodarskih dejavnosti ali določenih gospodarskih območij, kadar takšna pomoč ne spreminja trgovinskih pogojev v obsegu, ki bi bil v nasprotju s skupnimi interesi“.
Even if BAVARIA had been in a position to refinance its investment at an interest rate lower than that which NEUWOGES would have been charged for a bank loan, the refinancing interest rate would have had to be increased in the light of these different elements (risk premium, costs and profit) in order to obtain the applicable leasing rate, which could have ended up being higher than the interest rate on a traditional loan.
Zaradi uporabe člena 107(3)(c) mora Komisija proučiti pozitivne in zaželene učinke ukrepa pomoči ter škodljive učinke na trgovinske pogoje, ki izhajajo iz izvedbe ukrepa.
Taking into account all of the above elements, a leasing rate of […]% p.a. for a fixed leasing payment (or even of […]% for a leasing payment indexed at […]%, although this figure appears less suitable for comparison purposes) appears rather reasonable when compared to the Bundesbank figures for loans.
Da bi ukrep pomoči prestal ta preskus, mora izpolnjevati pet kumulativnih pogojev.
The Bundesbank figures should be adjusted to reflect, for example, a fixed-rate duration of 30 years.
Prvič, ukrep pomoči mora biti usmerjen v natančno opredeljen cilj skupnega interesa.
While the correction required to arrive at a suitable benchmark cannot be precisely quantified, the difference between the average interest rates for loans and mortgages and the leasing rate seems sufficient to conclude that there are no indications that the BAVARIA leasing rate was too high.
Drugič, mora biti ustrezen instrument za dosego tega cilja.
Accordingly, the Commission concludes that the leasing rate applied by BAVARIA was in line with market conditions at the relevant time (late 1997/early 1998).
Tretjič, mora biti nujen in imeti spodbujevalni učinek.
The available information indicates that the NEUWOGES/BAVARIA deal was within the range of transactions that a MEO would reasonably have engaged in.
Četrtič, mora biti sorazmeren.
The comparison contracts, the bidding process, and the comparison with other financing instruments all suggest that the transaction conformed to market conditions at the time and that the BAVARIA model was not overpriced.
Petič, ne sme spreminjati trgovinskih pogojev v obsegu, ki bi bil v nasprotju s skupnimi interesi.
SUPPLEMENTARY ASSESSMENT: REMAINING STATE AID ELEMENTS AND COMPATIBILITY WITH THE INTERNAL MARKET
Cilj skupnega interesa
The Commission’s primary analysis thus demonstrates that NEUWOGES’ decision to enter into the sale-and-lease-back transaction was in line with the MEO principle, which means that the transaction did not confer an advantage on BAVARIA and that no aid was therefore granted to BAVARIA.
Na podlagi členov 3 in 174 PDEU je ekonomska in socialna kohezija cilj Unije.
Nevertheless, the Commission has also examined whether a different result — namely that an advantage had in fact been granted to BAVARIA by NEUWOGES — would have necessarily resulted in finding that the transaction amounted to state aid incompatible with the internal market.
Krepitev ekonomske in socialne kohezije prinaša izboljšanje mestnega okolja in kakovosti življenja mestnega prebivalstva.
On the hypothetical assumption that NEUWOGES had not complied with the MEO principle and that an advantage had thus been granted to BAVARIA, the Commission therefore examined whether the measures amounted to state aid in favour of BAVARIA and whether this aid could be declared compatible with the internal market.
Kohezijska politika lahko pomaga ustvariti trajnostne skupnosti, tako da zagotovi, da so gospodarske, družbene in okoljske zadeve obravnavane z integriranimi strategijami za obnovo, prenovo ter razvoj mest in podeželja.
Remaining state aid elements
To se lahko doseže na več načinov [127].
Undertaking
Komisija ugotavlja, da je pravni namen družbe NEUWOGES zagotoviti „dovolj stanovanj“ v regijah, v katerih posluje.
Public funding granted to an entity can be classified as state aid only if that entity is an ‘undertaking’ within the meaning of Article 107(1) TFEU.
Komisija ugotavlja tudi, da si je pri sklenitvi posla prodaje in povratnega zakupa družba NEUWOGES prizadevala za določene cilje politike.
The Court of Justice has consistently defined an undertaking as any entity engaged in an economic activity [121].
Družba NEUWOGES pojasnjuje, da:
An economic activity is any activity that consists in offering goods and services on the market [122].
je bil v 90. letih prejšnjega stoletja, tj. po združitvi Nemčije, pomemben politični projekt ureditev stanovanjskih razmer v Vzhodni Nemčiji po vzoru razmer v Zahodni Nemčiji, posledica pa je bila, da so bile stavbe v Vzhodni Nemčiji na hitro privatizirane in posodobljene ne glede na to, ali je bilo to z gospodarskega vidika razumno,
BAVARIA is involved in a series of economic activities, such as commercial investment in real estate and the leasing of such real estate to commercial and private customers.
so bila prizadevanja za privatizacijo in posodobitev stavb, ki so bile predmet posla prodaje in povratnega zakupa, usmerjena tudi v izboljšanje prihodnjih obetov za mesto Neubrandenburg: s ponujanjem visokokakovostnih, cenovno dostopnih stanovanj ljudem in s privatizacijo teh stanovanj (h kateri je bila zavezana družba BAVARIA) je družba NEUWOGES poskušala narediti Neubrandenburg privlačnejši za njegove prebivalce.
BAVARIA is thus an undertaking within the meaning of Article 107(1) TFEU.
Nazadnje Komisija ugotavlja, da je družba BAVARIA sprejela obveznost, da poskusi prodati določeno število stanovanj tedanjim najemnikom.
Use of state resources and imputability
Pri tem družba BAVARIA ni mogla zahtevati cene, ki jo je prosto določil trg, ampak je morala upoštevati nekatere omejitve cen [128].
The measure must be imputable to the State and be financed from state resources.
Pogodba, ki je nalagala te pogoje, je torej dodelila določeno prednost tedanjim najemnikom v zadevni stavbi.
According to the case law of the Court of Justice in Stardust Marine [123], state aid that is not financed directly from the national budget can fulfil this criterion if funds are subject to the control of the State and the decision to transfer these funds is imputable to the State.
Če bi se posel prodaje in povratnega zakupa, ki sta ga sklenili družbi NEUWOGES in BAVARIA, dejansko štel za državno pomoč, kar v tem primeru ne drži, bi bila ta pomoč dodeljena v okviru uresničevanja navedenih ciljev politike.
NEUWOGES is 100 % owned by the City of Neubrandenburg and is thus a public undertaking within the meaning of Article 2(b) of Commission Directive 2006/111/EC [124], as referred to by the Court in the Stardust Marine judgment.
Zagotavljanje zadostnega števila stanovanj v regiji, pomoč pri doseganju nacionalnega javnega cilja politike (ureditev stanovanjskih razmer v Vzhodni Nemčiji po vzoru razmer v Zahodni Nemčiji po njuni združitvi), izboljšanje prihodnjih obetov za mesto Neubrandenburg s ponujanjem privlačnih in cenovno dostopnih stanovanj njegovim prebivalcem (vključno z dajanjem prednosti tedanjim najemnikom v zadevnih stavbah) so vsi natančno opredeljeni cilji skupnega interesa.
The City of Neubrandenburg holds all the shares in NEUWOGES and, being the sole shareholder, can exercise significant control over the Supervisory Board and in the general meeting of shareholders.
Po mnenju Komisije je zato treba za ukrep šteti, da si prizadeva za cilj skupnega interesa.
Therefore, the Commission concludes that the City is able to control the use of NEUWOGES’ funds.
Ustreznost ukrepov
Consequently, the sale-and-lease-back transaction involved state resources.
Ni sporno, da je posel prodaje in povratnega zakupa, ki sta ga sklenili družbi NEUWGES in BAVARIA, dosegel želene cilje, saj je zagotovil, da so bile stavbe, ki jih je kupila družba BAVARIA, celovito posodobljene, privatizirane in ponujene tedanjim najemnikom po omejeni ceni, povečalo pa se je tudi število kakovostnih stanovanj v regiji, s čimer so se izboljšali prihodnji obeti za mesto Neubrandenburg.
As regards imputability to the State, the Commission notes that the available information indicates that the City of Neubrandenburg was significantly involved in the conclusion of the sale-and-lease-back transaction.
Družba NEUWOGES je pri iskanju kupca za stavbe in ocenjevanju svojih možnosti sprejela več ukrepov, ki so posledično zagotovili, da bi bila morebitna pomoč, če bi bila prisotna v poslu prodaje in povratnega zakupa, omejena na znesek, potreben za dosego želenih ciljev.
Entering into this transaction required the approval of NEUWOGES’ Supervisory Board, whose members acted on behalf of the City.
Družba NEUWOGES je zlasti izvedla omejen postopek za zbiranje ponudb, se z družbo BAVARIA več mesecev dogovarjala glede pogojev posla in se je na koncu prepričala, da je bil zadevni posel najboljša ponudba na trgu.
The records also show that the Supervisory Board was actively involved in negotiating the contracts.
Nič torej ne kaže na to, da je pomoč, če je bila prisotna v poslu prodaje in povratnega zakupa, presegala potrebni minimum.
The Commission therefore finds that the conclusion of the sale-and-lease-back contract is imputable to the State.
Analiza (glej oddelek 7.3), v kateri se je posel prodaje in povratnega zakupa primerjal z več drugimi možnostmi (kot je posodobitev s pomočjo posojila ali neposredna prodaja), je pokazala, da ni bilo na voljo nobene druge možnosti, s katero bi se lahko dosegli isti cilji brez dodeljene pomoči ali z dodeljenim nižjim zneskom pomoči.
Selectivity
Posel prodaje in povratnega zakupa ter morebitna pomoč, ki jo je ta posel vseboval, sta bila torej ustrezna instrumenta za dosego ciljev skupnega interesa.
Under Article 107(1) TFEU, a measure counts as state aid only if it favours ‘certain undertakings or the production of certain goods’.
Nujnost in spodbujevalni učinek
Hence, only measures granting undertakings a selective advantage come under the heading of state aid.
Ob predpostavki, da je posel prodaje in povratnega zakupa vključeval državno pomoč, je treba proučiti tudi, ali je imela ta pomoč spodbujevalni učinek.
Since the measure in question was a bilateral transaction between NEUWOGES and BAVARIA, any advantage granted by NEUWOGES to BAVARIA would have been selective, in that no other undertakings would have had access to it.
Družbi NEUWOGES in BAVARIA sta se glede pogojev posla dogovarjali več mesecev.
Distortion of competition and effect on trade
Zdi se, da družba BAVARIA ne bi sklenila posla, ki ne bi bil v skladu z njenim „nepremičninskim modelom zakupa“.
Public support to undertakings amounts to state aid within the meaning of Article 107(1) TFEU only if it ‘distorts or threatens to distort competition’ and only insofar as it ‘affects trade between Member States’.
Če je posel, ki je bil nazadnje sklenjen in je temeljil na „nepremičninskem modelu zakupa“ družbe BAVARIA, vključeval državno pomoč, potem ni nobenega dvoma, da družba BAVARIA brez te pomoči posla ne bi sklenila.
A measure granted by a State is considered to distort or to threaten to distort competition when it is liable to improve the competitive position of the recipient compared to other undertakings with which it competes [125].
Sorazmernost
Distortion of competition is thus assumed to take place as soon as a State grants a financial advantage to an undertaking in a liberalised sector where there is, or could be, competition.
Komisija je že navedla, da je treba cilje politike, za katere si je družba NEUWOGES prizadevala pri sklenitvi tega posla, šteti za pomembne.
The case-law of the European Courts has established that any grant of aid to an undertaking exercising its activities in the internal market can be liable to affect trade between Member States [126].
Posodobitev in privatizacija stavb, vključno z njihovo prodajo po omejeni ceni najemnikom, pomenijo pomemben prispevek k izboljšanju ekonomske in socialne kohezije v Uniji.
BAVARIA competes for investors and investment opportunities with other real-estate funds and corporate investors from Germany and other Member States of the Union.
Hkrati je bil morebitni znesek pomoči v korist družbe BAVARIA, vključen v posel prodaje in povratnega zakupa, kvečjemu omejen, zaradi tega pa je bilo omejeno tudi morebitno izkrivljanje konkurence zaradi ukrepa.
A financial advantage granted to BAVARIA would strengthen that undertaking’s competitive position and would therefore be liable to distort competition.
Ob upoštevanju navedenega je bila pomoč, ki je bila morebiti vključena v posel prodaje in povratnega zakupa med družbama NEUWOGES in BAVARIA, sorazmerna glede na zastavljeni cilj.
Since the market for real-estate investments is Union-wide, any financial advantage for BAVARIA would strengthen the latter’s market position in comparison with its competitors from other Member States, thereby having an impact on trade between Member States.
Brez učinka na trgovinske pogoje, ki bi bil v nasprotju s splošnim interesom
Assuming that, contrary to the Commission’s primary conclusion outlined above, the sale-and-lease-back transaction did not comply with the rational MEO principle and therefore granted an advantage to BAVARIA, it would have to be concluded that the sale-and-lease-back transaction involved state aid.
Ponovno je treba poudariti, da je bil morebitni znesek pomoči v korist družbe BAVARIA, ki je bil vključen v posel prodaje in povratnega zakupa, kvečjemu omejen.
Consequently, it must be assessed whether, on this hypothesis, the state aid could be considered as being compatible with the internal market.
Učinek ukrepa na trgovinske pogoje je bil torej prav tako omejen.
Compatibility with the internal market pursuant to Article 107(3)(c) TFEU
Čeprav bi morebitna pomoč, vključena v posel prodaje in povratnega zakupa, izboljšala konkurenčni položaj družbe BAVARIA, ki je vsaj potencialno konkurirala drugim podjetjem (vključno s podjetji iz drugih držav članic), bi bil obseg tega učinka odvisen od zneska prejete pomoči.
Under Article 107(3)(c) TFEU, an aid measure may be considered compatible with the internal market where it ‘facilitate[s] the development of certain economic activities or of certain economic areas, where [it] does not adversely affect trading conditions to an extent contrary to the common interest’.
Ker bi se konkurenčni položaj družbe BAVARIA s tem le nekoliko izboljšal, je mogoče ugotoviti, da posel prodaje in povratnega zakupa, tudi če je vključeval pomoč, ni vplival na trgovinske pogoje v meri, ki bi bila v nasprotju s splošnim interesom.
The application of Article 107(3)(c) requires the Commission to weigh the positive and desired effects of an aid measure against the adverse effect on trading conditions that results from its implementation.
Sklepna ugotovitev glede ostalih elementov državne pomoči in združljivosti z notranjim trgom
For an aid measure to withstand that test, it must comply with five cumulative conditions.
Na podlagi razlogov iz oddelka 7.5.2 je Komisija sklenila, da bi posel prodaje in povratnega zakupa, če bi družbi BAVARIA dodelil prednost, pomenil državno pomoč v smislu člena 107(1) PDEU.
First, the aid measure must serve a well-defined objective of common interest.
Vendar Komisija nadalje ugotavlja, da bi bila morebitna državna pomoč, vključena v posel prodaje in povratnega zakupa, združljiva z notranjim trgom na podlagi člena 107(3)(c) PDEU.
Second, it must be an appropriate instrument for achieving that objective.
SKLEPNA UGOTOVITEV GLEDE OBSTOJA POMOČI IN ZDRUŽLJIVOSTI Z NOTRANJIM TRGOM
Third, it must be necessary and have an incentive effect.
Na podlagi analize vrednosti posla prodaje in povratnega zakupa za družbo NEUWOGES, primerjave z morebitnimi drugimi možnostmi ter presoje skladnosti posla s tržnimi praksami se lahko ugotovi, da je posel v skladu z načelom udeleženca v tržnem gospodarstvu.
Fourth, it must proportionate.
Pri sklenitvi posla prodaje in povratnega zakupa so bili ukrepi družbe NEUWOGES takšni, da bi jih sprejel tudi udeleženec v tržnem gospodarstvu.
Fifth, it must not affect trading conditions to an extent contrary to the common interest.
Bistveno je, da ni bila na voljo nobena možnost, ki bi bila z ekonomskega vidika privlačnejša, ter da so bili ob upoštevanju razpoložljivih primerjav in drugih ponudb na podlagi postopka za zbiranje ponudb pogoji posla prodaje in povratnega zakupa v zadevnem obdobju (med letoma 1997 in 1998) v skladu z razmerami na trgu.
Objective of common interest
Zato je treba skleniti, da posel z družbo NEUWOGES družbi BAVARIA ni dodelil nobene prednosti, saj je bilo ravnanje družbe NEUWOGES takšno, kot bi bilo ravnanje udeleženca v tržnem gospodarstvu.
Under Articles 3 and 174 TFEU, economic and social cohesion is a Union objective.
Z zadevnim ukrepom ni bila dodeljena prednost, zato ne izpolnjuje pogojev, da se opredeli za državno pomoč, torej ne pomeni državne pomoči v smislu člena 107(1) PDEU.
Strengthening economic and social cohesion implies the improvement of the urban environment and the quality of life of urban dwellers.
Ob glavni ugotovitvi, da s poslom prodaje in povratnega zakupa družbi BAVARIA ni bila dodeljena prednost in zato ni vključeval državne pomoči, Komisija ugotavlja tudi, da bi posel prodaje in povratnega zakupa, če bi družbi BAVARIA dodelil prednost, dejansko pomenil državno pomoč.
Cohesion policy can help create sustainable communities by ensuring that economic, social and environmental issues are tackled through integrated strategies for renewal, regeneration and development in both urban and rural areas.
Vendar bi bila ta državna pomoč združljiva z notranjim trgom na podlagi člena 107(3)(c) PDEU –
This can be accomplished in several ways [127].
SPREJELA NASLEDNJI SKLEP:
The Commission observes that NEUWOGES’ statutory purpose is to secure a ‘sufficient housing supply’ in the region in which it is active.
Člen 1
The Commission also observes that, in concluding the sale-and-lease-back transaction, NEUWOGES pursued certain public policy objectives.
Pravni posel, ki so ga dne 21. januarja 1998 sklenile družbe Neubrandenburger Wohnungsgesellschaft mbH, Bavaria Immobilien Trading GmbH & Co, Immobilien Leasing Objekt Neubrandenburg KG in Bavaria Immobilien Beteiligungsgesellschaft mbH & Co.
NEUWOGES explains that:
Objekte Neubrandenburg KG v obliki pogodbe o dolgoročnem zakupu z možnostjo nakupa ter splošne pogodbe o upravljanju, ne pomeni državne pomoči v smislu člena 107(1) PDEU.
in the 1990s, after German reunification, it was an important political project to bring housing conditions in East Germany into line with those in West Germany, with the consequence that buildings in East Germany were hurriedly privatised and modernised, regardless of whether or not this made economic sense;
Člen 2
the efforts to privatise and modernise the buildings that were the subject of the sale-and-lease-back transaction were also directed at enhancing the future prospects of the City of Neubrandenburg: by offering people high-quality, affordable housing and by privatising it (as BAVARIA was obliged to do), NEUWOGES hoped to make Neubrandenburg more attractive to its citizens.
Če posel, ki so ga dne 21. januarja 1998 sklenile družbe Neubrandenburger Wohnungsgesellschaft mbH, Bavaria Immobilien Trading GmbH & Co, Immobilien Leasing Objekt Neubrandenburg KG in Bavaria Immobilien Beteiligungsgesellschaft mbH & Co.
Finally, the Commission observes that BAVARIA accepted the obligation to attempt to sell a certain number of the apartments to the current tenants.
Objekte Neubrandenburg KG v obliki pogodbe o dolgoročnem zakupu z možnostjo nakupa ter splošne pogodbe o upravljanju, pomeni državno pomoč v smislu člena 107(1) PDEU, je ta pomoč združljiva z notranjim trgom v smislu člena 107(3)(c) PDEU.
In doing so, BAVARIA could not ask for a price freely determined by the market, but rather had to respect certain price ceilings [128].
Člen 3
The contract imposing these conditions thus granted a certain advantage to the current tenants of the buildings in question.
Ta sklep je naslovljen na Zvezno republiko Nemčijo.
If the sale-and-lease-back transaction between NEUWOGES and BAVARIA were, in actual fact, classified as state aid, which it is not, this aid would have been granted in pursuit of the policy objectives listed above.
V Bruslju, 16. septembra 2014