Примери за използване на Shareholder loans на Английски и техните преводи на Български
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Shareholder loans in favour of FLH.
Market conformity of FLH's shareholder loans.
Shareholder loans in favour of FLH amounting up to, potentially, EUR 255,6 million(‘bridge financing partially already put into place');
Relation between the shareholder loans and the capital injections.
Therefore, the Commission has to establish the loss given default(53)(‘LGD') of the shareholder loans at stake.
According to MFAG, the shareholder loans were granted on market terms.
The shareholder loans and capital injections aim at financing the infrastructure and infrastructure-related measures summarised in Table 2 and amounting to EUR 255,6 million.
MFAG stated further that FLH's shareholder loans are also highly collateralised.
Regarding the necessity of aid and its incentive effect,MFAG stated that the measures would not have been carried out without the shareholder loans or capital injections.
Between 2006 and 2011(15)the total amount of shareholder loans granted to FLH accounted for EUR[…] million.
The shareholder loans granted to Flughafen Leipzig/Halle GmbH do not constitute State aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union.
In the meantime the financing of the project will be through shareholder loans, which were allegedly granted at market terms.
The conditions of the shareholder loans in 2006-08 were determined on the basis of a loan agreement between Sachsen LB and MFAG.
Table 8 compares the actual interest rate that is charged for the shareholder loans under assessment and the benchmark rate.
The Commission concluded that the shareholder loans to and capital injections into MFAG do not constitute State aid since they are both intended to be transferred to FLH.
Germany pointed out that these loans had so far not been converted into equity and that the conversion of the shareholder loans is subject to Commission's approval decision.
Benchmarking of the conditions of FLH's shareholder loans with market proxies based on credit default swap(CDS) spreads.
Moreover, Germany argued that the loan agreement between MFAG andSachsen LB of 19/22 August 2003 indeed constituted a suitable benchmark to identify the market level of the interest rates for the shareholder loans.
In order to be able to assess the conditions of the shareholder loans, the Commission has first to assess the credit-worthiness of FLH.
If the shareholder loans at stake could be considered as highly collateralised, the market practice in such cases would suggest increasing the rating of the debt instrument(the‘issue rating') in question by one notch compared to the issuer rating(52).
Under these circumstances, the Commission considers that the shareholder loans and the capital injections can be considered as separate measures.
As FLH's shareholder loans and the subsequent capital injections might constitute State aid, the Commission had to examine whether this aid could be found compatible with the internal market on the basis of Article 107(3)(c) of the Treaty.
Hence according to the 2008 Reference Rate Communication the shareholder loans at stake have a‘normal' level of collateralisation with a LGD in the middle category(30%< LGD< 60%).
According to MFAG, the fact that the measures have already been carried out in part does not exclude the presence of the incentive effect since these measures have only been carried out after receiving financing guarantees and decisions of the public shareholders, which also provided the interim financing through the shareholder loans.
Equity capital can be provided amongst others in the form of open equity participations,dormant holdings, shareholder loans as well as combinations of different types of equity participations issued to the investors.
Regarding the aid nature of the shareholder loans in favour of FLH, the Commission expressed doubts whether FLH's shareholder loans were granted at conditions which could have been normally obtained on the market.
The infrastructure and infrastructure-related projects have been first financed through shareholder loans, which will be converted into capital only after the authorisation of these financing measures by the Commission.
Before assessing whether the shareholder loans in favour of FLH constitute State aid, it is necessary to determine whether the shareholder loans and the capital injections should be considered as separate measures or as a single measure.
Regarding the financing of the infrastructure measures at stake,Germany stated that the measures were financed by shareholder loans which were granted under normal market conditions, and thus do not constitute State aid pursuant to Article 107(1) of the Treaty.
Germany stated that in its opinion the market conformity of FLH's shareholder loans should be assessed on the basis of market comparators and not on the basis of the 2008 Reference Rate Communication.