FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: The Sharpe ratios [88] of the benchmark portfolio and of the tactical strategy portfolio are significantly lower than the ratio of the Agreement. This is not surprising, because the greater returns on the benchmark and tactical strategy portfolios, as compared with the returns under the Agreement, come at the cost of a sharp increase in the volatility of the returns themselves.
French: L’indice de Sharpe [88] des portefeuilles benchmark et stratégie tactique est nettement inférieur à celui prévu par la convention, ce qui n’est pas surprenant dans la mesure où la supériorité des rendements du benchmark et de la stratégie tactique par rapport à l’indicateur de référence est obtenue au prix d’une augmentation significative de la volatilité des rendements.
Polish: Wskaźnik Sharpe’a [88] portfeli benchmark i strategii taktycznej jest znacznie niższy od wskaźnika porozumienia, co nie dziwi w związku z tym, że wyższy dochód benchmark i strategii taktycznej, w porównaniu z parametrem, osiągany jest dzięki znacznie większej zmienności oprocentowania.
English: In addition, the benchmark and the tactical strategy portfolio are baskets of fixed-income securities of various lifetimes. This means that they too are exposed to a significant repricing risk.
French: En outre, le benchmark et la stratégie tactique se composent de paniers de titres à revenu fixe mais de durées différentes, ce qui signifie qu’eux aussi sont exposés à un risque significatif de refixing.
Portuguese: Além disso, a carteira de referência e a carteira da estratégia táctica correspondem a cabazes de obrigações de rendimento fixo com diversos prazos de vencimento, o que significa que também elas estão expostas a um elevado risco de alteração de preços.
English: PI’s liabilities are essentially made up of current accounts (postal current accounts). This is not the case with ‘normal’ banks, which rely notably on bonds, current accounts, savings accounts etc.
French: Le passif de PI est essentiellement constitué par les comptes courants (comptes courants postaux), ce qui n’est pas le cas des banques classiques qui basent leur financement sur des titres, comptes courants, produits d’épargne, etc.
Portuguese: Os passivos da PI são basicamente compostos por contas à ordem (contas postais à ordem), o que não é o caso dos bancos «normais», cuja actividade assenta nomeadamente em obrigações, contas à ordem, contas de poupança, etc.
English: The Agreement defines the practical mechanism for calculating the interest rates for a three-year period; it entered into force on 4 April 2006 [23], with retrospective effect from 1 January 2005. It is to expire on 4 April 2009.
Hungarian: A megállapodás meghatározza a hároméves időszakra szóló kamatlábak kiszámításának gyakorlati módszerét; a megállapodás 2005. január 1-től kezdődő visszamenőleges hatállyal 2006. április 4-én lépett hatályba [23], és 2009. április 4-én jár le.
Lithuanian: Susitarime apibrėžti konkretūs palūkanų mokėjimo skaičiavimo būdai trejiems metams; susitarimas įsigaliojo 2006 m. balandžio 4 d. [23] ir taikomas atgaline data nuo 2005 m. sausio 1 d. Susitarimo galiojimas baigiasi 2009 m. balandžio 4 d. Metinis palūkanų mokėjimas yra iš esmės skaičiuojamas kaip svertinis vidutinės metinės grąžos vidurkis BTP [24] 30 metų (80 % dydis) ir 10 metų (10 % dydis), o BOT [25] – 12 mėn. (10 % dydis).
English: The Italian authorities compare the rate provided for in the Agreement with the cost of funding calculated on the following basis: the funds are raised through the issue of multiannual Treasury bonds at 5, 10, 15 and 30 years, the period under consideration is 2001-2006, the weighted average of the issues referred to is calculated taking into account the weight and the cost of all the outstanding issues in the period. Table 3 Year
Polish: Władze włoskie porównują oprocentowanie wypłacane zgodnie z parametrem uzgodnionym między PI i Skarbem Państwa z kosztem pozyskania kapitału dłużnego, obliczanym na następującej podstawie:
Hungarian: Az olasz hatóságok összehasonlítják a megállapodásban előírt kamatlábat a következők alapján kiszámított finanszírozási költséggel:
English: insurance policies written by Poste Vita [19], investment funds managed by the asset management company Bancoposta Fondi SGR [20],
Lithuanian: Poste Vita [19] išleisti draudiminiai polisai,bendri turto valdymo bendrovės Bancoposta Fondi SGR fondai [20],finansavimas trečiųjų šalių vardu.
English: The fact that the parameters are updated every 15 days means that the yields are variable and fluctuating. In the event of a shift in the rates curve that changes the relationship between long- and short-term rates, PI may request a review of the basket.
Lithuanian: Be to, rodiklių kreivės pasislinkimų, keičiančių santykius tarp trumpalaikių ir ilgalaikių rodiklių, atveju PI turi galimybę prašyti peržiūrėti krepšelį.
English: The average life of PI’s investments in securities is […] to […] years [61]. Of this figure 85 % is invested in bonds having a […] to […] year maturity, while the remainder is invested in instruments with a maximum maturity of […] year. These figures validate the Commission’s conclusions a posteriori.
Lithuanian: Vidutinė PI investicijos į vertybinius popierius trukmė yra […]–[…] m. [61] 85 % yra investuoti į vertybinius popierius, kurių trukmė […]–[…] m., o likusioji dalis investuota į priemones, trunkančias daugiausiai […] m. Šie duomenys patvirtina a posteriori Komisijos jau pateiktas išvadas.
English: credit risk (default risk), liquidity risk (funding liquidity risk and market liquidity risk),
Lithuanian: likvidumo rizika (finansavimo likvidumo rizika (funding liquidity risk) ir rinkos likvidumo rizika (market liquidity risk)),
English: At the time of the conclusion of an agreement covering the period 2005-2009, no private investor would have analysed the historical series for rates over the period 1997-2007. From an economic point of view, the […] study performs an ex post analysis, based on financial indicators covering the period 1997-2007.
Slovenian: Ob sklenitvi sporazuma, ki zajema obdobje 2005–2009, nobeden od zasebnih vlagateljev ne bi analiziral preteklih serij obrestnih mer za obdobje 1997–2007.
Lithuanian: Joks privatus investuotojas susitarimo dėl 2005–2008 m. laikotarpio pasirašymo metu nebūtų analizavęs ankstesnių rodiklių, susijusių su 1997–2007 m. ekonominiu požiūriu […] atliekant analizę ex post (kuri remiasi 1997–2007 m. finansiniais rodikliais).
English: These clauses are intended to protect both parties from the risk that during the three-year period special conditions might arise, linked to the market or to the characteristics of postal current accounts, which might alter the rationale of the remuneration mechanism. If the choice of floating-rate parameters had proved inappropriate the Agreement could have been amended.
Lithuanian: Šios sąlygos buvo įtrauktos siekiant abi šalis apsaugoti nuo rizikos, kuri net ir per trejus metus galėtų sudaryti ypatingas sąlygas, susijusias su rinka ar su lėšų surinkimu, kurios pakeistų grąžos mechanizmą.
English: This did not happen. The Commission considers, therefore, that from a methodological point of view the use of portfolios based on fixe-rate securities in the […] study is not correct.
Lithuanian: Todėl Komisija laikosi nuomonės, kad metodiniu požiūriu nėra tikslinga naudotis […] portfelių analize, paremta vertybiniais popieriais su pastoviu rodikliu.
English: From 1 January 2006, following the merger of Infrastrutture SpA into CDP SpA (Article 1(79) et seq. of Act No 266 of 23 December 2005), interest-bearing current account No 20347, in the name of ISPA, was renamed “Cassa DP SpA – gest. Patrimonio TAV”.
Lithuanian: Susijungus Infrastrutture SpA ir siekiant inkorporuoti indėlius ir paskolas (Cassa depositi e prestiti SpA) (2005 m. gruodžio 23 d. įstatymo Nr. 2664 straipsnio 1 dalies 79 ir tolesni punktai), nuo 2006 m. sausio 1 d. einamoji sąskaita, duodanti palūkanas, Nr. 20347, registruota ISPA vardu, buvo pervadinta „Cassa DP SpA – gest.
Maltese: Wara l-amalgamazzjoni ta’ Infrastrutture SpA minħabba l-inkorporazzjoni fil-Cassa depositi u prestiti SpA (l-Artikolu 1(79) et seq tal-Liġi Nru 266 tat-23 ta’ Diċembru 2005), mill-1 ta’ Jannar 2006, il-kont kurrenti bl-imgħax Nru 20347, f’isem ISPA, ngħata isem ġdid, jiġifieri ‘Cassa DP SpA – gest.
English: about 60 % of Treasury issues are short-term instruments (BOTs and CTZs), having a maturity of no more than two years. The average maturity of the financial instruments issued by Italy in the period 2001-2005 (CCTs, CTZs, BTPs, BOTs) was about four years,
Lithuanian: maždaug 60 % iždo emisijų yra susiję su trumpalaikėmis priemonėmis (BOT ir CTZ), kurių ilgiausias galiojimo terminas yra dveji metai.
English: PI’s annual report for 2005 indicates that ‘“Cash flow interest rate risk and hedging policy” relates to financial assets that are remunerated at a floating rate. The company may pursue a hedging policy making use of derivatives limited to specific ratings, concentrations or amounts ’.
Lithuanian: 2005 m. PI balanse išskiriama: „Palūkanų rizika finansiniams srautams ir „hedging“ politikai: susijusi su finansavimo formomis, pasižyminčiomis atlygiu pagal kintančią palūkanų normą: Įmonė gali vykdyti „padengimo“ politiką ( hedging), kuri numato pajamų panaudojimą tik tam tikro lygio reitingo, koncentracijos, sumos atvejais“.
English: insurance policies written by Poste Vita [19], investment funds managed by the asset management company Bancoposta Fondi SGR [20], loans granted by third parties: personal loans and mortgages are sold on behalf of banks.
Latvian: Poste Vita sastādītie apdrošināšanas līgumi [19],ieguldījumu fondi, ko vada aktīvu pārvaldīšanas sabiedrība Bancoposta Fondi SGR [20],aizdevumi, ko piešķīrušas trešās personas: individuāli aizņēmumi un hipotēkas tiek pārdotas banku vārdā.
English: As an illustration, the table below indicates the annual average rates of Treasury issues of five- and 10-year multiannual Treasury bonds (BTPs), which have a fixed interest rate, and Treasury credit certificates (CCTs), which are seven-year instruments with a floating interest rate [72]. Table 7
Latvian: Kā ilustratīvs materiāls turpmāk dotā tabula rāda vidējo gada likmi Valsts kases izdoto piecu un desmit gadu valsts obligācijām (BTP), kam ir fiksēta procentu likme, un Valsts kases kredīta sertifikātiem (CCT), kas ir septiņu gadu instrumenti ar svārstīgo procentu likmi [72].7. tabula
English: The Commission considers, therefore, that from a methodological point of view the use of portfolios based on fixe-rate securities in the […] study is not correct. The Commission takes the view that each of the above arguments is by itself sufficient to show that the findings of the […] study regarding active management cannot be viewed as supporting the claim that the remuneration that PI obtains under the Agreement is in line with the market.
Latvian: Tādēļ no metodoloģiskā viedokļa uz svārstīgās procentu likmes vērtspapīriem balstītu portfeļu izmantojumu […] pētījumā Komisija uzskata par nepareizu.Komisija uzskata, ka visi iepriekš minētie argumenti pienācīgi parāda, ka pētījuma […] konstatējumus attiecībā uz aktīvo pārvaldību nav iespējams uzskatīt par apliecinājumu apgalvojumam, ka atlīdzība, ko PI iegūst saskaņā ar Līgumu, atbilst tirgum;
English: PI’s annual report for 2005 indicates the following: ‘“Market risk” relates to financial assets that PI intends to sell. At present there are no assets held with the specific purpose of trading ’.
Latvian: 2005. gada PI gada pārskatā norādīts: ““Tirgus risks” attiecas uz finansiālajiem aktīviem, ko PI plāno pārdot.Šobrīd īpašumā nav aktīvu, kas būtu īpaši paredzēti tirdzniecībai.”““Kredītrisks” ir risks, ka parādnieks, pret kuru PI ir prasījums, neizpildīs savas saistības.
English: ‘“Credit risk” is the risk that a debtor on whom PI has a claim might default. Since Gruppo Poste is not authorised to issue loans, this risk is limited to the financial instruments in the investment portfolio (issuer risk) ’.
Latvian: Tā kā Gruppo Poste nav pilnvarota izsniegt aizdevumus, šis risks skar tikai ieguldījumu portfeļa finanšu instrumentus (izsniedzēja (emitenta) risks).”
English: The assessment by the Commission involves a complex economic appraisal. Where the Commission adopts a measure involving such an appraisal, it enjoys a wide discretion [48].
Dutch: De analyse door de Commissie omvat een complexe economische beoordeling wanneer de Commissie een maatregel aanneemt die een dergelijke beoordeling omvat, dan beschikt zij daarbij over een zeer grote discretionaire bevoegdheid [48].
English: CDP had been a State agency until late 2003, when it was converted into a limited company (SpA). Since then, although 30 % of its share capital has been transferred to 65 banking foundations [7], CDP has remained under the control of the State.
Polish: CDP została przekształcona przez administrację państwa w spółkę akcyjną pod koniec 2003 r. Od tej pory, pomimo przeniesienia 30 % jej kapitału zakładowego do 65 fundacji bankowych [7], CDP pozostaje pod kontrolą państwa.
English: The rate defined by the Agreement might not be a market rate. In particular, PI’s deposit with the Treasury was in a current account.
Polish: Komisja zwracała w szczególności uwagę na fakt, że rachunek, na który PI deponowała środki w ramach Skarbu Państwa, był jej rachunkiem bieżącym.
English: This is for the following reasons: the Obligation is unlimited in time; Italy points out that PI has no (possibly more rewarding) outlet for the use of the money collected from its customers’ current accounts other than the account with the Treasury,
Polish: warunek wiążący jest bezterminowy; Włochy przypominają, że PI nie ma innych możliwości (ewentualnie bardziej dochodowych) promowania depozytów na pocztowych rachunkach bieżących niż przekazywanie jej na rachunek prowadzony w ramach Skarbu Państwa,
English: If PI was not required by law to deposit the funds with the Treasury, the short-term interest rate it would have to pay on the market in order to receive the remuneration provided by the Treasury (in a constant maturity swap) would be the six-month Euribor rate plus a spread of 0,43 % [41]; […] is of the view that this is a yield perfectly consistent with what can be achieved by the management of government or high-grade corporate fixed-rate securities. […] concludes, therefore, that the yield obtained by PI under the Finance Act and the Agreement would be achievable in financial markets with a comparable risk profile.
Polish: Gdyby PI nie była zobowiązana prawem do przekazywania środków zdeponowanych na rachunkach pocztowych na konto Skarbu Państwa, krótkoterminowa stopa odsetek, które PI musiałoby zapłacić na rynku w celu uzyskania wynagrodzenia równego temu uzyskiwanemu od Skarbu Państwa (constant maturity swap) byłaby równa sześciomiesięcznej stopie Euriboru powiększonej o spread wynoszący 0,43 % [41], co stanowi, zdaniem […] – wynagrodzenie dokładnie odpowiadające temu, które zostałoby uzyskane dzięki zarządzaniu państwowymi papierami wartościowymi lub papierami spółek o wysokim ratingu o stałej stopie oprocentowania.
English: 12-month BOT bond 10 %
Polish: Dwunastomiesięczne BOT
English: Obviously the 2007 Finance Act was not mentioned in the decision to initiate the procedure. However, its can be assessed under the State aid rules without any difficulty.
Polish: Z oczywistych względów w decyzji o wszczęciu postępowania nie wspomina się o ustawie budżetowej na 2007 r. Jednak ocena tej ustawy w świetle norm dotyczących pomocy państwa nie jest trudna.
English: To give the Italian authorities an opportunity to reply the Commission forwarded ABI’s comments, by letter of 15 January 2007. The Italian authorities commented by letter dated 16 February 2007.
Portuguese: Para dar às autoridades italianas a oportunidade de responder, a Comissão transmitiu-lhes as observações da ABI por carta de 15 de Janeiro de 2007, tendo as autoridades italianas apresentado as suas observações por carta de 16 de Fevereiro de 2007.
English: For monthly, quarterly and half-yearly periods, the volatile component of the deposits is on average close to or below 10 % for the periods 1995-2005 and 2001-2005. The first months of 2006 confirm this trend.
Portuguese: Com base em cálculos mensais, trimestrais e semestrais, a componente volátil dos depósitos atinge, em média, um valor próximo ou inferior a 10 % nos períodos 1995-2005 e 2001-2005, tendência confirmada pelos primeiros meses de 2006.
English: A similar event, which was not entirely predictable in 2005-2006 (especially as regards the precise date of its occurrence), took place again in early 2007, when the 2007 Finance Act significantly narrowed the scope of the Obligation. This led to a sharp fall in the money deposited by PI with the Treasury: in December 2007, the deposit with the Treasury accounted for only around 25 % of total deposits in postal current accounts.
Portuguese: No início de 2007 verificou-se uma situação idêntica, não inteiramente previsível em 2005-2006 (sobretudo no que se refere à data precisa de ocorrência), quando a Lei das Finanças de 2007 reduziu significativamente o âmbito da Obrigação, o que provocou uma queda acentuada dos montantes depositados pela PI junto o Tesouro: em Dezembro de 2007, o depósito junto do Tesouro representava apenas cerca de 25 % do total de depósitos em contas postais à ordem.
English: The average life of PI’s investments in securities is […] to […] years [61]. Of this figure 85 % is invested in bonds having a […] to […] year maturity, while the remainder is invested in instruments with a maximum maturity of […] year.
Portuguese: A vida média dos investimentos da PI em obrigações é de […] a […] anos [61], sendo 85 % investidos em obrigações com um prazo de vencimento entre […] e […] anos, e o restante investido em instrumentos com um prazo de vencimento máximo de […] ano.
English: The letters and the study may have been written in the course of commercial relations between their authors and PI. The Commission has to approach them with great caution.
Portuguese: As cartas e o estudo podem ter sido elaborados no âmbito das relações comerciais entre os respectivos autores e a PI, pelo que a Comissão as deve analisar com extrema prudência.
English: According to Italy, the parties (PI and the Treasury) could not be aware of the future trend of the rate curve [86]. Italy therefore considers that the choices made in the Agreement were rational.
Portuguese: De acordo com a Itália, as partes (PI e Tesouro) não podiam antecipar a futura tendência da curva das taxas de juro [86] e, portanto, as opções tomadas na Convenção foram razoáveis.
English: If the choice of floating-rate parameters had proved inappropriate the Agreement could have been amended. This did not happen.
Portuguese: Caso a escolha de parâmetros de taxa variável se tivesse revelado inadequada, existia a possibilidade de alterar os termos da Convenção, o que não sucedeu.
English: The Commission notes that a market spread may contain State aid elements under certain circumstances, notably when the loan and deposit rates individually are off market. This is not the case in the present case.
Portuguese: A Comissão nota que, em algumas circunstâncias, um diferencial de mercado pode conter elementos de auxílios estatais, nomeadamente quando as taxas de empréstimo e de depósito não estão individualmente em conformidade com o mercado, o que não é o presente caso.
English: The aid is not compatible under Article 87(2). It is not aid having a social character, granted to individual consumers; nor aid to make good the damage caused by natural disasters or exceptional occurrences; nor aid granted to the economy of certain areas of the Federal Republic of Germany affected by the division of Germany.
Portuguese: O auxílio não é compatível nos termos do n.o 2 do artigo 87.o: não é de natureza social atribuído a consumidores individuais; não se destina a remediar os danos causados por calamidades naturais ou por outros acontecimentos extraordinários; não se destina à economia de certas regiões da República Federal da Alemanha afectadas pela divisão da Alemanha.
English: In fact, ex ante and ex post returns often move in opposite directions. This can be clearly seen in the case of zero coupon bonds.
Portuguese: De facto, os rendimentos ex ante e ex post seguem frequentemente direcções opostas, como é claramente o caso das obrigações de cupão zero.
English: 31 December 2006 2,80
Swedish: 31 december 2006
English: 31 December 2007 2,71
Swedish: 31 december 2007