natgillin/translations-raw huggingface dataset:
Supplying a region with sufficient housing, helping to achieve a national public policy objective (bringing the housing conditions in East Germany into line with those in West Germany following reunification), enhancing the future prospects of the City of Neubrandenburg by offering its population attractive and affordable housing (including by favouring the current tenants of the buildings in question) all qualify as well-defined objectives of common interest.
Za Komisijo
The Commission therefore considers that the measure is to be regarded as pursuing an objective of common interest.
Podpredsednik
Appropriateness of the measures
UL C 141, 17.5.2012, str.
It is not disputed that the sale-and-lease-back contract concluded by NEUWOGES and BAVARIA achieved the desired objectives, in that the transaction ensured that the buildings bought by BAVARIA were comprehensively modernised, privatised and offered to the current tenants at a capped price, and that this led to the increased supply of quality housing in the region, thereby enhancing the City of Neubrandenburg’s future prospects.
28.
In seeking a buyer for the buildings and evaluating its options, NEUWOGES took a series of steps that, in effect, ensured that, if the sale-and-lease-back transaction involved any aid, this would be limited to the amount necessary to achieve the desired objectives.
Uredba Sveta (ES) št. 659/1999 z dne 22. marca 1999 o določitvi podrobnih pravil za uporabo člena 108 pogodbe o delovanju Evropske unije (UL L 83, 27.3.1999, str.
In particular, NEUWOGES carried out a limited bidding process, negotiated the terms of the transaction with BAVARIA over several months, and was finally convinced that the transaction represented the best offer on the market.
1).
There is, then, no indication that, even if aid was involved in the sale-and-lease-back transaction, this aid exceeded the minimum required.
Zadeva T-407/09, Neubrandenburger Wohnungsgesellschaft proti Komisiji, še ni objavljena.
The analysis above (see section 7.3) comparing the sale-and-lease-back transaction to various alternatives (such as a loan-based modernisation of the buildings or an outright sale) demonstrated that no alternative was available that would have achieved the same objectives without aid being granted or with a lower amount of aid being granted.
Glej opombo 1.
The sale-and-lease-back transaction and any aid it may have contained were thus appropriate instruments for achieving the objectives of common interest.
Zadeva C-145/12 P, Neubrandenburger Wohnungsgesellschaft proti Komisiji, še ni objavljena.
Necessity and incentive effect
Števke za decimalno vejico v tem sklepu niso navedene.
Assuming that the sale-and-lease-back transaction involved state aid, it must further be examined whether this aid had an incentive effect.
Zakon o odpisu podedovanega dolga (Altschuldenhilfegesetz) z dne 23. junija 1993 (BGBl.
NEUWOGES and BAVARIA negotiated the terms of the transaction over several months.
I, str.
It appears that BAVARIA would not have entered into a transaction that did not fit in with its ‘real-estate leasing model’.
944, 986), kakor je bil nazadnje spremenjen 31. oktobra 2006 (BGBl.
If the transaction that was eventually concluded, which was based on BAVARIA’s ‘real-estate leasing model’, involved state aid, then there is no doubt that, without this aid, BAVARIA would not have engaged in the transaction.
I, str.
The Commission has already indicated that the policy objectives pursued by NEUWOGES in entering into this transaction must be viewed as being important.
Glej dopis zveznega ministrstva za regionalno načrtovanje „Anerkennung mieternaher Privatisierungsformen“ z dne 18. maja 1995 in dopis banke za obnovo „Merkblatt zu Mieterprivatisierung, mieternahen Privatisierungsformen und subsidiärem Drittverkauf“ z dne 22. decembra 1995.
The modernisation and privatisation of the buildings, including their sale at a capped price to the tenants, made an important contribution to improving economic and social cohesion within the Union.
Dopis zveznega ministrstva za regionalno načrtovanje „Anerkennung mieternaher Privatisierungsformen“ z dne 18. maja 1995, str.
The effect of the measure on trading conditions was thus also limited.
Vendar je pozneje navedeni delež popravila na […] EUR.
While any aid contained in the sale-and-lease-back transaction would have improved the competitive position of BAVARIA, which was at least potentially in competition with other undertakings (including undertakings from other Member States), the extent of this effect depends on the amount of aid received.
Ob predpostavki, da je ta popravek temeljil na popravku skupnega odpisa dolga, je bil slednji znesek ustrezno popravljen.
Since BAVARIA’s competitive position would thus have been only marginally improved, it can be concluded that the sale-and-lease-back transaction, even if it contained aid, did not affect trading conditions to a degree contrary to the common interest.
Glej sodbo deželnega sodišča v Rostocku z dne 28. novembra 2008 (v nadaljnjem besedilu: sodba deželnega sodišča v Rostocku), str.
Conclusion concerning the remaining state aid elements and compatibility with the internal market
24.
On the basis of the reasons stated in section 7.5.2, the Commission has concluded that, if the sale-and-lease-back transaction granted an advantage to BAVARIA, it would amount to state aid within the meaning of Article 107(1) TFEU.
UL C 209, 10.7.1997, str.
The Commission further finds, however, that any state aid contained in the transaction would be compatible with the internal market under Article 107(3)(c) TFEU.
3.
CONCLUSION REGARDING THE EXISTENCE OF AID AND COMPATIBILITY WITH THE INTERNAL MARKET
Izračuni družbe NEUWOGES temeljijo na 5-odstotni diskontni stopnji.
On the basis of the analysis of the value of the sale-and-lease-back transaction for NEUWOGES, the comparison with possible alternative transactions, and the examination of the transaction’s conformity to market practices, it can be concluded that the transaction complies with the MEO principle.
Splošna pogodba o upravljanju z […] z dne 19. decembra 1997.
In concluding the sale-and-lease-back transaction, NEUWOGES’ actions were such as a MEO would have chosen to engage in.
Splošna pogodba o upravljanju in o zajamčeni najemnini z […] z dne 13. avgusta 1998.
Crucially, it is apparent neither that an economically more attractive option was available, nor that, in the light of the available benchmarks and of the other offers that had emerged from the bidding process, the conditions of the sale-and-lease-back transaction at the relevant time (1997/98) were out of line with market conditions.
Splošna pogodba o upravljanju in o zajamčeni najemnini s podjetjem za razvoj nepremičnin […] z dne 1. decembra 1999.
It must therefore be concluded that the transaction with NEUWOGES did not confer an advantage on BAVARIA, since NEUWOGES’ behaviour corresponded to that of a MEO.
Glej uvodno izjavo 12.
As the measure in question did not grant an advantage, it does not fulfil one of the conditions for being classified as state aid and does not, therefore, constitute state aid within the meaning of Article 107(1) TFEU.
Sklep o začetku postopka, uvodna izjava 46.
In addition to the primary finding that the sale-and-lease-back transaction did not confer an advantage on BAVARIA and did not, therefore, involve state aid, the Commission reaches the additional conclusion that if the sale-and-lease-back transaction did, however, confer an advantage on BAVARIA, the transaction would indeed amount to state aid.
Sklep o začetku postopka, uvodna izjava 47.
This state aid would, however, be compatible with the internal market under Article 107(3)(c) TFEU,
Sklep o začetku postopka, uvodna izjava 55.
HAS ADOPTED THIS DECISION:
Sklep o začetku postopka, uvodna izjava 56.
Article 1
Sklep o začetku postopka, uvodna izjava 60 in nadaljnje uvodne izjave.
The legal transaction concluded on 21 January 1998 between Neubrandenburger Wohnungsgesellschaft mbH, Bavaria Immobilien Trading GmbH & Co, Immobilien Leasing Objekt Neubrandenburg KG and Bavaria Immobilien Beteiligungsgesellschaft mbH & Co.
Sklep o začetku postopka, uvodna izjava 62.
Objekte Neubrandenburg KG in the form of a land-lease and sale contract and a general management contract does not constitute state aid within the meaning of Article 107(1) TFEU.
Sklep o začetku postopka, uvodna izjava 64.
Article 2
Sklep o začetku postopka, uvodna izjava 66.
If, however, the transaction concluded on 21 January 1998 between Neubrandenburger Wohnungsgesellschaft mbH, Bavaria Immobilien Trading GmbH & Co, Immobilien Leasing Objekt Neubrandenburg KG and Bavaria Immobilien Beteiligungsgesellschaft mbH & Co.
Sklep o začetku postopka, uvodna izjava 68.
Objekte Neubrandenburg KG in the form of a land-lease and sale contract and a general management contract does constitute state aid within the meaning of Article 107(1) TFEU, this aid is compatible with the internal market within the meaning of Article 107(3)(c) TFEU.
Sklep o začetku postopka, uvodna izjava 69.
Article 3
Sklep o začetku postopka, uvodna izjava 70.
This Decision is addressed to the Federal Republic of Germany.
Sodba deželnega sodišča v Rostocku, str.
Done at Brussels, 16 September 2014.
18.
For the Commission
Sodba deželnega sodišča v Rostocku, str.
Vice-President
23–24.
OJ C 141, 17.5.2012, p.
Sodba deželnega sodišča v Rostocku, str.
28.
24–25.
Council Regulation (EC) No 659/1999 of 22 March 1999 laying down detailed rules for the application of Article 108 of the Treaty on the Functioning of the European Union (OJ L 83, 27.3.1999, p.
Sodba deželnega sodišča v Rostocku, str.
Case T-407/09 Neubrandenburger Wohnungsgesellschaft v Commission, not yet reported.
Sodba deželnega sodišča v Rostocku, str.
See footnote 1.
19.
Case C-145/12 P Neubrandenburger Wohnungsgesellschaft v Commission EU, not yet reported.
Sodba deželnega sodišča v Rostocku, str.
Parts of the text have been amended to ensure that confidential information is not published.
19–20.
These parts are hereinafter replaced by square brackets.
Sodba deželnega sodišča v Rostocku, str.
Throughout this Decision, the Commission has converted all original DM amounts into EUR amounts, using the official conversion rate of EUR 1 = DM 1,95583.
20.
Small rounding errors may have occurred.
Sodba deželnega sodišča v Rostocku, str.
All digits after the decimal point have been omitted from this Decision.
20–21.
Inherited Debt Support Law (Altschuldenhilfegesetz) of 23 June 1993 (Federal Law Gazette I p.
Sodba deželnega sodišča v Rostocku, str.
944, 986), as last amended on 31 October 2006 (Federal Law Gazette I p.
21.
2407).
Sodba deželnega sodišča v Rostocku, str.
See the Federal Ministry of Regional Planning’s letter ‘Anerkennung mieternaher Privatisierungsformen’ dated 18 May 1995, and the Bank for Reconstruction’s ‘Merkblatt zu Mieterprivatisierung, mieternahen Privatisierungsformen und subsidiärem Drittverkauf’ dated 22 December 1995.
22–23.
Letter from the Federal Ministry of Regional Planning, ‘Anerkennung mieternaher Privatisierungsformen’ dated 18 May 1995, p.
Predložitev družbe BAVARIA z dne 18. junija 2012, str.
183.
4–5.
The Bank for Reconstruction’s ‘Merkblatt zu Mieterprivatisierung, mieternahen Privatisierungsformen und subsidiärem Drittverkauf’ dated 22 December 1995, pp. 5-6.
Sodba Sodišča z dne 5.6.2012 v zadevi C-124/10 P, Komisija proti EDF, še ni objavljena, točki 78 in 79.
NEUWOGES first submitted that the total debt relief amounted to EUR […] and the attributable share to EUR […].
Ibid., točke od 81 do 85.
However, it later corrected the attributable share to EUR […].
Glej uvodni izjavi 80 in 87.
Assuming that this correction stemmed from a correction of the total debt relief, the latter amount was corrected accordingly.
Zloženka družbe BAVARIA, „Leasingmodell Immobilien“, str.
See Rostock Regional Court, judgment of 28 November 2008 (hereinafter: ‘Rostock Regional Court judgment’, p.
4.
24.
Glej na primer del I (3) pogodbe o dolgoročnem zakupu z možnostjo nakupa; Preambula k splošni pogodbi o upravljanju.
OJ C 209, 10.7.1997, p.
Predložitev družbe NEUWOGES z dne 17. julija 2012, Priloga 1.
3.
Glej tudi zloženko družbe BAVARIA, „Leasingmodell Immobilien“, str.
NEUWOGES based its calculations on a discount rate of 5 %.
8 in 10.
General management contract with […] dated 19 December 1997.
Predložitev št. 110/97 na seji nadzornega odbora družbe NEUWOGES dne 30. oktobra 1997; zapisnik seje nadzornega odbora družbe NEUWOGES dne 30. oktobra 1997; predložitev št. 114/97 na seji nadzornega odbora družbe NEUWOGES dne 12. decembra 1997; zapisnik seje nadzornega odbora družbe NEUWOGES dne 16. decembra 1997.
General management and rent guarantee contract with […] dated 13 August 1998.
Sodba sodišča z dne 19.3.2013 v zadevi C-399/10 P, Bouygues proti Komisiji in drugim, še ni objavljena, točki 103 in 104.
General management and rent guarantee contract with […] property development company, dated 1 December 1999.
Oddelek 1 dela IV pogodbe o dolgoročnem zakupu z možnostjo nakupa.
See recital 12.
Oddelek 10(2) dela III pogodbe o dolgoročnem zakupu z možnostjo nakupa.
Opening Decision, recital 46.
Oddelek 10(3) dela III pogodbe o dolgoročnem zakupu z možnostjo nakupa.
Opening Decision, recital 47.
Oddelki 2–4 splošne pogodbe o upravljanju.
Opening Decision, recital 55.
Glej dopis družbe NEUWOGES družbi BAVARIA z dne 24. novembra 1997, str.
Opening Decision, recital 56.
2.
Opening Decision, recital 60 et seq.
Glej oddelek 3 dela IV pogodbe o dolgoročnem zakupu z možnostjo nakupa v povezavi z oddelkoma 3 in 4 dela V pogodbe o dolgoročnem zakupu z možnostjo nakupa.
Opening Decision, recital 62.
Glej predložitev družbe BAVARIA z dne 22. aprila 2013, Priloga 12.
Opening Decision, recital 64.
Glej predložitev št. 114/97 na seji nadzornega odbora družbe NEUWOGES dne 12. decembra 1997.
Opening Decision, recital 66.
Predložitev družbe BAVARIA z dne 18. junija 2012, Priloga 11.
Opening Decision, recital 68.
Glej dopis družbe NEUWOGES družbi BAVARIA z dne 7. marca 1997 in prvo ponudbo, ki jo je družba BAVARIA podala v odgovoru na ta dopis (predložitev BAVARIA z dne 18 junija 2012, prilogi 9 in 10).
Opening Decision, recital 69.
Glej dopis družbe NEUWOGES družbi BAVARIA z dne 7. marca 1997 (predložitev družbe BAVARIA z dne 18. junija 2012, Priloga 9).
Opening Decision, recital 70.
Študija družbe Pestel (predložitev družbe NEUWOGES z dne 17. julija 2012, Priloga 2), str.
Rostock Regional Court, p.
68 („Sanierungsstufe 2“).
18.
Predložitev družbe NEUWOGES z dne 27. septembra 2012, priloga.
Rostock Regional Court, pp. 23-24.
Predložitev št. 114/97 na seji nadzornega odbora družbe NEUWOGES dne 12. decembra 1997, str.
Rostock Regional Court, pp. 24-25.
3.
Rostock Regional Court, p.
Glej predložitev družbe NEUWOGES z dne 17. julija 2012, Priloga 1.
Rostock Regional Court, p.
Družba BAVARIA trdi, da je družba NEUWOGES sama izbrala zadevne parametre.
19.
Glej predložitev družbe BAVARIA z dne 22. aprila 2013, odstavek 23.
Rostock Regional Court, pp. 19-20.
Glej tudi dopis družbe NEUWOGES družbi BAVARIA z dne 6. maja 1997 (predložitev družbe BAVARIA z dne 18. junija 2012, Priloga 1a), v katerem je družba NEUWOGES od družbe BAVARIA zahtevala, naj pripravi pogodbi s 30-letno veljavnostjo, […]-odstotno indeksacijo obroka zakupnine in […]-odstotno preostalo vrednostjo.
Rostock Regional Court, p.
V tem okviru je treba opozoriti, da mesečni obrok zakupnine skupaj z letno indeksacijo (v tem primeru […] % letno), časom veljavnosti pogodbe (v tem primeru 30 let) in preostalo vrednostjo stavb (v tem primeru […] %) vplivajo na skupni obseg naložbe.
20.
To pomeni, da se pri izbiri nižje najemnine, višjih stroškov ali nižje indeksacije zmanjša skupna raven naložb.
Rostock Regional Court, pp. 20-21.
Ob nadaljnjem upoštevanju, da je prodajna cena neposredno povezana s skupnim obsegom naložb minus stroški posodobitve, stroški privatizacije in davki/pristojbine, je prodajna cena neposredno odvisna od višine najemnine, stroškov, indeksacije itd.
21.
Ker je bila v sklepu o začetku postopka predpostavljena 5-odstotna diskontna stopnja in je družba NEUWOGES to stopnjo uporabila v svojih izračunih, se je Komisija odločila, da bo še naprej predpostavljala 5-odstotno diskontno stopnjo.
Rostock Regional Court, pp. 22-23.
Predložitev družbe NEUWOGES z dne 17. julija 2012, Priloga 7.
BAVARIA submission of 18 June 2012, pp. 4-5.
Predložitev družbe NEUWOGES z dne 17. julija 2012, Priloga 8(e).
Case C-124/10 P Commission v EDF, not yet reported, paragraphs 78 and 79.
Predložitev družbe NEUWOGES z dne 17. julija 2012, str.
Case C-124/10 P, paragraphs 81 to 85.
60.
See recitals 80 and 87 above.
Glej oddelek 18 uredbe o vrednotenju zemljišč (Wertermittlungsverordnung) z dne 6. decembra 1988, BGBl.
BAVARIA leaflet, ‘Leasingmodell Immobilien’, p.
I, str.
4.
2209.
See, for example, Part I (3) of land-lease and sale contract; Preamble to the general management contract.
Glej predložitev št. 114/97 na seji nadzornega odbora družbe NEUWOGES dne 12. decembra 1997, Priloga 6.
NEUWOGES’ submission of 17 July 2012, Annex 1.
Glej na primer predložitev družbe NEUWOGES z dne 5. novembra 2007, str.
See also BAVARIA Leaflet ‘Leasingmodell Immobilien’, pp. 8, 10.
4.
Submission 110/97 to the meeting of NEUWOGES’ supervisory board on 30 October 1997; minutes of the meeting of NEUWOGES’ supervisory board on 30 October 1997; submission 114/97 to the meeting of NEUWOGES’ supervisory board on 12 December 1997; minutes of the meeting of NEUWOGES’ supervisory board on 16 December 1997.
Predložitev družbe NEUWOGES z dne 17. julija 2012, str.
Case 399/10 P — Bouygues and Bouygues Télécom v Commission and Others, not yet reported, paragraphs 103 and 104.
61.
Part IV, Section 1 of the land-lease and sale contract.
Zapisnik seje nadzornega odbora družbe NEUWOGES z dne 16. decembra 1997, str.
Part III, Section 10(2) of the land-lease and sale contract.
5.
Part III, Section 10(3) of the land-lease and sale contract.
Glej predložitev št. 114/97 na seji nadzornega odbora družbe NEUWOGES dne 12. decembra 1997, Priloga 6.
Sections 2-4 of the general management contract.
Dopis revizijske družbe Nordrevision družbi NEUWOGES z dne 20. novembra 1997 (predložitev družbe NEUWOGES z dne 25. aprila 2007, Priloga 13), str.
2.
Predlagani sklep za sestanek odbora družbe BAVARIA za proizvode z dne 13. septembra 1997 (predložitev družbe BAVARIA z dne 22. aprila 2013, Priloga 15), str.
See Part IV Section 3 of the land-lease and sale contract in connection with Part V Sections 3, 4 EBV.
2.
See BAVARIA’s submission of 22 April 2013, Annex 12.
Glej prejšnjo opombo, str.
See submission 114/97 to the meeting of NEUWOGES’ supervisory board on 12 December 1997.
3.
BAVARIA’s submission of 18 June 2012, Annex 11.
Glej predložitev družbe NEUWOGES z dne 5. novembra 2007, prilogi 1 in 5.
See letter from NEUWOGES to BAVARIA of 7 March 1997 and BAVARIA’s first offer in response thereto (BAVARIA’s submission of 18 June 2012, Annexes 9 and 10).
Študija družbe Pestel, str.
See letter from NEUWOGES to BAVARIA of 7 March 1997 (BAVARIA’s submission of 18 June 2012, Annex 9).
62.
Pestel-Study (NEUWOGES’ submission of 17 July 2012, Annex 2), p.
Opozoriti je treba, da bi, če bi bilo v cenitvi iz leta 1997 predvideno višje tveganje izgube najemnine, to pomenilo tudi, da so predvideni ustrezno nižji stroški upravljanja in vzdrževanja.
68 (‘Sanierungsstufe 2’).
Nasprotno, kadar se pričakuje, da se bo najemnina višala počasneje od splošne inflacije, in sicer zaradi pogodb o neindeksirani najemnini ali gibanja na trgu, je splošna praksa, da se zvišajo obresti na nepremičnino (Liegenschaftszins) za maržo, ki izraža pričakovano razliko med zvišanjem najemnine in inflacijo.
NEUWOGES’ submission of 27 September 2012, Annex.
Prvotna obrestna mera pri zakupu bi pri na primer 20-letni namesto 30-letni veljavnosti pogodbe namesto […] % znašala […] %.
Submission 114/97 to the meeting of NEUWOGES’ supervisory board on 12 December 1997, p.
Glej na primer cenitev GA 22b/07 (predložitev družbe NEUWOGES z dne 5. novembra 2007, Priloga 5), str.
3.
19: „Če se bo stavba zakupila dolgoročno, je nujno treba izvesti posodobitev in popravila. […] Zlasti neposodobljene stavbe običajno ostanejo prazne.“
Cf.
Zapisnik seje nadzornega odbora družbe NEUWOGES z dne 16. decembra 1997, str.
Ibid.
Zapisnik seje nadzornega odbora družbe NEUWOGES z dne 16. decembra 1997, str.
BAVARIA submits that NEUWOGES freely chose the relevant parameters.
2.
See BAVARIA’s submission of 22 April 2013, para.
Zapisnik seje nadzornega odbora družbe NEUWOGES z dne 30. oktobra 1997, str.
23.
3.
See, in addition, the letter from NEUWOGES to BAVARIA of 6 May 1997 (BAVARIA’s submission of 18 June 2012, Annex 1a), where NEUWOGES asks BAVARIA to prepare the contracts with a 30-year duration, […]% indexation of the leasing payment and […]% residual value.
Predložitev družbe NEUWOGES z dne 5. novembra 2007, prilogi 2 in 6.
It is important to note in this context that the monthly leasing payment, together with the yearly indexation (here, […]% per year), the duration of the contract (here, 30 years), and the residual value of the buildings (here, […]%), result in the overall investment volume.
Predložitev št. 97/97 na seji nadzornega odbora družbe NEUWOGES dne 17. aprila 1997, str.
This means that, where lower rent levels, higher costs, or a lower indexation are chosen, the overall investment level is reduced.
3.
Considering, further, that the sale price is a direct consequence of the total investment volume minus the modernisation costs, privatisation costs and taxes/fees, the sale price is directly dependent on the rent level, costs, indexation, etc.
Predložitev Nemčije z dne 11. julija 2008, str.
The Commission’s own reference discount rate for the relevant period is 5,94 % (http://ec.europa.eu/competition/state_aid/legislation/reference_rates_eu15_en.pdf).
10–11.
However, since the Opening Decision assumed a discount rate of 5 %, and given that NEUWOGES adopted this rate in its own calculations, the Commission has decided to continue assuming a discount rate of 5 %.
Predložitev št. 97/97 na seji nadzornega odbora družbe NEUWOGES dne 17. aprila 1997, str.
NEUWOGES’ submission of 17 July 2012, Annex 7.
2.
NEUWOGES’ submission of 17 July 2012, Annex 8(e).
Glej predložitev št. 110/97 na seji nadzornega odbora družbe NEUWOGES dne 30. oktobra 1997, str.
60.
Predložitev št. 114/97 na seji nadzornega odbora družbe NEUWOGES dne 12. aprila 1997, str.
See Section 18 of the Land Valuation Order (Wertermittlungsverordnung) of 6 December 1988, BGBl.
3.
I, p.
Zapisnik seje nadzornega odbora družbe NEUWOGES z dne 16. decembra 1997, str.
2209.
5.
The Commission notes that NEUWOGES, in its cash-flow analyses, already indexed the costs for 1999.
Banke običajno raje uporabljajo posojila s spremenljivo obrestno mero, saj je tako njihovo obrestno tveganje manjše.
The Commission, however, only started indexing the costs from 2000 onwards.
Če dodelijo posojila s fiksno obrestno mero, je v njihovem interesu, da omejijo čas veljavnosti pogodbe in s tem zmanjšajo to tveganje.
The reason is that cost calculations were done with the post-modernisation period in view, and this period started in 1999.
Pri posojilih podjetjem je običajna praksa uporaba pogodb za obnavljajoča se posojila, pri katerih začne ob izteku prvotne posojilne pogodbe samodejno teči nova pogodba (če se kreditna sposobnost podjetja ni poslabšala) s popravljeno obrestno mero (ki zajema razmere na trgu v zadevnem času).
Likewise, NEUWOGES argued in its submission that the cost level was reasonable immediately after the modernisation, i.e. in 1999.
Banke poleg obrestnega tveganja nosijo tudi kreditno tveganje, to pa je še dodaten razlog za omejitev časa veljavnosti posojilnih pogodb s podjetji (zadevni zneski so namreč precej višji kot pri hipotekarni pogodbi, ki je običajno veljavna od 20 do 30 let).
In the light of this, it is more appropriate to start increasing the costs only from 2000 onwards.
Razlog za to premijo (tj. višja povprečna obrestna mera pri zakupu v primerjavi s fiksno obrestno mero od vsega začetka) je, da se je družba BAVARIA strinjala z odlogom plačila dela obrokov zakupnine na poznejša leta pogodbenega obdobja.