natgillin/translations-raw huggingface dataset:
Banca d'Italia bekræfter, at postsparebeviser er at betragte som strukturerede finansielle instrumenter, da de er værdipapirer af samme art som obligationer, eller i hvert fald lån, da de er derivatprodukter, idet de indbefatter en afledt kontrakt af optionstypen, og de to komponenter — obligationen og derivatet — udgør uadskillelige dele af ét instrument.
The Banca d’Italia indicated that postal savings certificates qualified as structured financial instruments, for the following reasons: they were securities in the nature of bonds, or at any rate of debt; they were derivatives, in that they incorporated a derivative contract of the option type; and the two components, bond and derivative, were inseparable components of one instrument.
Italiens bemærkninger til den italienske banksammenslutnings betragtninger
Comments from Italy on ABI’s submissions
Italien er ikke enig i den argumentation, som Associazione Bancaria Italiana har fremført vedrørende identificeringen af produkter, der kan sidestilles med postsparebeviser.
Italy did not share ABI’s view regarding the identification of products comparable to postal savings certificates.
Italien anfører, at prisfastsættelsesforskellen mellem de forskellige emittenter — det være sig stats- (stater eller supranationale organisationer), finans-, bank- eller virksomhedsinstitutioner (i snæver betydning) — på nuværende tidspunkt ved samme kreditværdighed ligger inden for nogle få procentpoint, idet forskellen i finansieringsomkostninger mellem de to yderpunkter (statsinstrumenter og virksomhedsinstrumenter) er på ca. 5-6 basispoint, medens forskellen mellem finansieringsinstrumenter og virksomhedsinstrumenter andrager 2-3 point.
Italy argued that the difference in pricing between different issuers having the same risk rating — sovereign (State and international bodies), financial, banking and corporate (industrial in the narrow sense) — was of the order of a few hundredths of one per cent: the difference in the cost of funding between two extreme ranges — sovereign and corporate — was about 5-6 basis points, and the difference between financial and corporate was 2-3 basis points.
Sagt med andre ord: for så vidt angår emittenter med samme kreditværdighed er emittenttypen (staten, finansinstitution, kreditinstitut mv.) ikke signifikant, og rokker ikke ved de konklusioner, der drages i den af Italien fremlagte undersøgelse.
In other words, between issuers with the same rating, the type of issuer (State, financial institution, bank etc.) was not significant, and did not invalidate the conclusions of the study submitted by Italy.
I modsætning til, hvad der hævdes af den italienske banksammenslutning, lægges der i benchmark-undersøgelsen en bred definition af virksomhedsobligationer til grund, eftersom der ikke blot henvises til obligationer udstedt af industrivirksomheder, men også obligationer udstedt af finansielle institutioner.
Contrary to what was affirmed by ABI, the benchmark study applied a broad definition of corporate bonds which referred to bonds issued not only by industrial companies but also by financial companies.
Det bør ydermere nævnes, at obligationerne i den kurv, der bruges i undersøgelsen, har en gennemsnitlig kreditværdighed på AA–, hvilket er højere end den kreditværdighed (A+), som CDP-kassen, der udsteder postsparebeviserne, sidder inde med, og den kreditværdighed (A+), som Den Italienske Republik, der er garant for postsparebeviserne, har.
Moreover, the average rating of the basket referred to by the benchmark study was AA–, higher than the rating of CDP, which issued postal savings certificates (A+), or of Italy, which guaranteed them (A+).
Italien fremfører også, at Poste Italiane/Bancoposta i gennemsnit havde modtaget en provision på 2,9 % for salget af strukturerede obligationer udstedt af de italienske banker, hvilket er på linje med provisionen for salget af postsparebeviser.
In addition, for the placement of structured bonds issued by Italian banks PI/Bancoposta had received an average commission of 2,9 %, which was in line the remuneration for placing postal savings certificates.
Italien mener ikke, at postsparebeviser kan sidestilles med statsudstedte værdipapirer af følgende grunde:
Italy contested ABI’s comparison of postal savings certificates to State bonds, for the following reasons.
der er tale om en anden salgstype (statsudstedte værdipapirer udstedes ved auktion, medens postsparebeviser udstedes løbende i åben serie)
They were issued in different ways, State bonds by an auction system, and postal savings certificates on tap,
kompleksitetsgraden er forskellig
The degree of complexity was different,
godtgørelsen for salg af statsobligationer er uafhængig af det beløb, der sælges for; dette er ikke tilfældet med godtgørelsen for postsparebeviser, der indebærer et større planlægnings- og administrationsarbejde i Poste Italiane's afdelinger, hvis de specifikke salgsmål skal realiseres.
The remuneration for placing State bonds was independent of the amount subscribed; this was not the case for postal savings certificates, which required intense planning and management in PI’s network in order to achieve specific placement targets.
Af særlig betydning er arbejdet i forbindelse med administration og organisation samt bestræbelserne på at fastholde kunderne i en situation, hvor investorerne til enhver tid har mulighed for at trække deres investering ud.
Management and organisational efforts and retaining the loyalty of customers were particularly important because investors could withdraw from the investment at any time.
Det følger heraf, at postsparebeviser ikke kan sidestilles med statsudstedte værdipapirer, men bedre kan sammenlignes med investeringsfonde på grund af salgsmetoden og administrationen.
In terms of method and management of placement, therefore, postal savings certificates were not comparable to State bonds, but rather to mutual funds.
Med hensyn til den omstændighed, at omkostningerne ved salg af postsparebeviser ifølge loven skal holdes på linje med omkostningerne i forbindelse med statens gældssættelse på markedet, anfører Italien, at det årlige bruttoafkast af postsparebeviser ligger lavere end for statsudstedte værdipapirer (ca. 180 basispoint for de instrumenter, der er anført som eksempler, med løbetid på 8, 10 eller 20 år).
As for the fact that the cost of collecting postal savings certificates had by law to be kept in line with the cost of Treasury debt on the market, Italy pointed out that postal savings certificates had a gross yearly return lower than that of State bonds (for the instruments suggested by way of example, with 8-year, 10-year and 20-year maturities, the difference amounted to 180 bps).
Denne forskel mener Italien skyldes den implicitte put-option af amerikansk type.
Italy was of the view that the difference was due to the implied US-style put option.
Hvis distributionsprovisionen lægges oveni, når man frem til, at statens omkostninger ligger på et lignende niveau.
If distribution fees were then added, the cost to the State was in line.
Italien gør gældende, at Associazione Bancaria Italiana ser bort fra, at postsparebeviser omfatter en implicit put option, og undlader at anføre investeringsfonde blandt de sammenlignelige instrumenter.
ABI had overlooked the fact that postal savings certificates carried an implicit put option, and could be compared to mutual funds.
Efter de italienske myndigheders opfattelse omfattes postsparebeviser af Banca d'Italia's definition af strukturerede værdipapirer.
Postal savings certificates fell within the definition of structured bonds used by the Banca d’Italia.
Italien konstaterer, at provisionen ved salg af postsparebeviser betales også for Poste Italiane's aktiviteter i forbindelse med realiseringen af de forskellige salgsmål (brutto og netto) for postopsparingen samt for de enkelte produkter.
The commission for placing postal savings certificates also reflected the whole of the work done by PI in order to achieve certain objectives in term of gross subscription and net subscription, both for postal savings as a whole and for the individual products.
Provisionen omfatter også Poste Italiane's godtgørelse for kundeadministrationen efter salget og i hele postsparebevisets løbetid (specifikt fordi produktet kan kræves indløst når som helst, og fordi der ikke findes noget sekundært marked for postsparebeviser).
This remuneration also took account of the customer management carried on by PI after placement and along the whole life of the certificate, specifically because of the investor’s entitlement to ask for the reimbursement of the certificate, and the absence of a secondary market.
Italien bestrider den italienske banksammenslutnings påstand om, at provisionsbeløbene for salg af pristalsregulerede obligationer ligger på mellem 1 % og 2,5 %. Poste Italiane's gennemsnitlige distributionsprovision for salg af strukturerede obligationer udstedt af udenlandske og italienske banker er på 3,05 % [36], og provisionen for italienske bankers obligationer er på 2,9 % [37] (til eksempel kan nævnes, at Poste Italiane for salget af strukturerede obligationer udstedt af Capitalia SpA har modtaget en provision på 3,212 % [38] af det nominelle tegningsbeløb.
Italy contested ABI’s statement regarding the level of commissions for placing index-linked bonds (1 %-2,5 %): the average remuneration received by PI was 3,05 % for placing structured bonds issued by foreign and Italian banks [36], and 2,9 % for placing bonds issued by Italian banks only [37] (as an example, for placing structured bonds issued by Capitalia SpA PI received a fee of 3,212 % of the nominal value subscribed [38].
Italien konkluderer, at den italienske banksammenslutnings undersøgelse er af generel art og ikke tager hensyn til de specifikke omstændigheder i forbindelse med salg af postsparebeviser set i forhold til salg af andre obligationer.
Italy concluded that ABI’s study was a general one and overlooked the specific features of the placement of postal savings certificates as compared to that of other bonds.
EKSPERTUNDERSØGELSEN
THE EXPERT STUDY
De undersøgelser, der blev bestilt af Poste Italiane og den italienske banksammenslutning, bygger på samme metode, men når frem til indbyrdes modstridende konklusioner.
The studies commissioned by PI and ABI followed similar methodologies, but their results were difficult to reconcile.
I ingen af de to undersøgelser er det lykkedes at findes produkter, der helt kan sidestilles med hinanden, og der er således afdækket forskellige faktorer med virkning for salgsprovisionen alt efter, hvilket sammenligningsprodukt der er valgt.
In particular, neither identified products that were perfectly comparable, and in selecting one or other comparator they emphasised different factors affecting placement fees.
Kommissionen gav således en uvildig ekspert i opdrag at lave en undersøgelse af godtgørelsen for salg af postsparebeviser.
The Commission therefore asked an independent expert to conduct a study in order to establish a market remuneration for the placement of postal savings certificates.
Ekspertens metode til identificering af sammenlignelige produkter
Methodology used in the expert study to define the comparators
En grundlæggende konstatering i ekspertundersøgelsen er, at det italienske værdipapirmarked er opdelt på to niveauer: i) niveau 1, hvor emittenterne henvender sig til investeringsinstitutioner; hvor udbyttet ligger på et normalt niveau alt under hensyntagen til risikoen for misligholdelse og euroens afkastskurve; hvor salget varetages af de store investeringsbanker (eller via en konkurrencebaseret auktionsordning, som det er tilfældet med størsteparten af de italienske statsobligationer); og hvor salgsprovisionen er forholdsvis lav; ii) niveau 2, hvor salget sker via detailsalgskontorer, der henvender sig direkte til de enkelte sparere; hvor emittenterne kan opnå bedre lånevilkår end på niveau 1, og hvor salgsprovisionen er klart højere.
A fundamental finding of the expert study was that the Italian market for securities was divided into: (i) a first tier, in which issuers targeted institutional investors, yields were at the ordinary level given the default risk and the euro yield curve, distribution was in the hands of large investment banks (or was by open auction, as in the case of most Italian Treasury bonds), and distribution fees were relatively small; and (ii) a second tier, in which distribution took place through banking retail networks targeting individual savers, issuers could obtain better borrowing terms than in the first-tier market, and distribution fees were in the nature of things larger than in the first-tier market.
Dette forhold har direkte følger for størrelsen af salgsprovisionen på finansprodukter: hvordan man end sammenstiller de forskellige finansprodukters egenskaber i en kombination, der forventes at spille ind på salgsprovisionens størrelse, så er det en kendsgerning, at man får en væsentligt højere provision blot ved at sælge produktet på niveau 2.
This had direct consequences on the level of distribution fees embedded in financial products: for any given combination of the characteristics that could be expected to influence the distribution fees for the financial product, the simple fact that the product was sold on the second-tier market drove the fees sharply up.
Eksperten anfører, at salgsprovisionen på finansprodukter bør afspejle det arbejde, der udfoldes af distributionsnettet for at afsætte produktet.
The expert study noted that that the distribution fees for financial products ought to be a function of the effort required of the distribution network for their distribution.
Eksperten udvælger derpå de produkter, der bedst kan sidestilles med postsparebeviser på basis af de pågældende finansprodukters grundlæggende karakteristika, dvs. risiko, likviditet, kontraktens kompleksitet [39], emittentens omdømme og juridiske status, løbetid, emissionsstørrelse, udbudsstruktur, minimumsinvestering og salgskanaler (institutionssalg/detailsalg); de enkelte karakteristika tildeles derefter en rating.
It then identified the products most comparable to postal savings certificates by looking at their essential characteristics — risk, liquidity, contractual complexity [39], reputation and legal status of the issuer, maturity, size of the issue, offering structure, minimum investment required, and distribution channel (institutional/retail distribution) — and assigning ratings to these characteristics.
De enkelte finansprodukters klassificering sammenlignes derefter med de enkelte postsparebevistypers klassificering.
It then compared the rating of each characteristic of each financial product with those of each category of postal savings certificate.
Skema 7
Table 7
Finansielle produkter — faktorer der influerer på salgsprovisionen
Financial products and factors affecting distribution fees
Likviditet
Liquidity
Kompleksitet
Complexity
Emittentens omdømme
Reputation
Løbetid
Duration
Institutions- eller detailsalg Struktur
Institutional or retail distribution
Minimumsinvestering, i EUR
Offering structure
lav
low
høj
high
høj
High
kort
short
institutionssalg
institutional
auktion
auction
Flerårige statsobligationer (BTP)
BTPs
lav/mellem
low to medium
mellem/lang
medium to long
Statsudstedte lånebeviser (CCT) [40]
CCTs [40]
mellem
medium
Opsparingskonto
Savings deposits
detailsalg
retail
løbende
on tap
Konto på opsigelse
Time deposits
kort/mellem
short to medium
Indlånsbeviser (CD)
Deposit certificates (CDs)
Børsnoterede plain vanilla-bankobligationer
Listed plain vanilla bank bonds
offentligt udbud
public offer
Ikke-børsnoterede plain vanilla-bankobligationer
Unlisted plain vanilla bank bonds
Børsnoterede strukturerede bankobligationer
Listed structured bank bonds
Ikke-børsnoterede strukturerede bankobligationer
Unlisted structured bank bonds
Virksomhedsobligationer
Corporate bonds
mellem/høj
medium to high
lav/høj
low to high
Fonde til investering i pengemarkedet
Money market mutual funds
Obligationsfonde
Bond mutual funds
Aktiefonde
Equity mutual funds
Equity (børsnoteret)
Equity (listed)
Ekspertundersøgelsen Almindelige postsparebeviser
Ordinary postal savings certificates
lang
long
Postsparebeviser med fast løbetid
Fixed-term postal savings certificates
Postsparebeviser pristalsreguleret ved udløbet
Postal savings certificates indexed at maturity
Inflationsjusterede postsparebeviser
Postal savings certificates, inflation-linked
Postsparebeviser med 18 måneders løbetid
18-month postal savings certificates
Salgskanalen (institutions- eller detailsalg) har været afgørende ved indkredsningen af sammenlignelige produkter.
The distribution channel (institutional or retail distribution) was a key point in the identification of comparable products.
Postsparebeviser kan bedst sammenlignes med detailsalgsfinansprodukter, eftersom de normalt sælges til private.
Postal savings certificates were best compared to retail financial products, because they were typically sold to households.
Så godt som den samlede beholdning af postsparebeviser (ca. 99 %) er i private hænder; institutionsinvestorer køber normalt ikke disse produkter.
Families held almost the entire stock of postal savings certificates outstanding (about 99 %), and they were not usually bought by institutional investors.
Dette er hovedårsagen til, at statsudstedte værdipapirer (BOT, BTP og CCT) ikke kan sidestilles med postsparebeviser.
This was also the main attribute that meant that State bonds (BOTs, BTPs and CCTs) were not comparable to postal savings certificates.
Det konstateres i ekspertundersøgelsen, at det produkt, der bedst kan sidestilles med postsparebeviser, er bankobligationer (almindelige postsparebeviser og postsparebeviser med fast løbetid sidestilles med plain vanilla-bankobligationer, og pristalsregulerede postsparebeviser med pristalsregulerede obligationer — se skema 14).
The expert study found that the product most closely comparable to postal savings certificates was bank bonds (ordinary and fixed-term postal savings certificates being comparable to ‘plain vanilla’bank bonds, and indexed postal savings certificates to indexed bank bonds — see table 14).
Det næstbedste sammenligningsprodukt [41] er investeringsfonde.
The second most closely comparable product was mutual funds [41].
Det gælder for begge disse produkter, at de kun eksisterer i elektronisk form [42].
Both of these comparable products existed only in dematerialised form [42].
Kommissionen skal i denne forbindelse understrege, at provisionen skal beregnes for såvel postsparebeviser i papirform som postsparebeviser i elektronisk form, uanset at de to former for postspareviser har andre karakteristika tilfælles (gennemsnitlig løbetid, afkast ved indløsning og den omstændighed, at de sælges af Poste Italiane).
The Commission would observe at this stage that although the remuneration has to be assessed for both paper and dematerialised postal savings certificates, the two forms of postal savings certificate share other characteristics, namely average maturity, yield at maturity, and the features linked to PI as distributor.
Ekspertens metode for beregningen af markedsprovisionen for sammenlignelige produkter
Methodology used in the expert study to quantify the market remuneration of the comparators
Eksperten søger at sammenligne provisionen for salg af postsparebeviser ved at opstille et sæt data om obligationer og investeringsfonde på grundlag af i) et stort antal prospekter over bankobligationer, der noteres på TLX [43], dvs. det sekundære regulerede marked for værdipapirer (efter den italienske børs), og ii) de største italienske bankers netsteder, hvor prospekter om obligationsemissioner sædvanligvis kan hentes.
In order to be able to perform the comparison needed to establish a distribution fee for postal savings certificates, the expert constituted a dataset of bank bonds and mutual funds using (i) a large number of prospectuses for bank bonds listed on TLX, the second organised exchange for securities (after Borsa Italiana) [43] and (ii) the websites of major Italian banks, where prospectuses for bond issues are usually available for download.
Oplysningerne omfatter 511 obligationsemissioner, der er solgt på det italienske marked mellem 2002 og 2008 (heraf 162 udstedt før 2006).
The dataset consisted of 511 bond issues distributed on the Italian market between 2002 and 2008 (162 were issued before 2006).
Den årlige dækning (i forhold til de samlede emissioner) af de seneste emissioner er som følger: 18 % i 2006, 15 % i 2005, 9 % i 2004, 3 % i 2003 og 0,2 % i 2002.
Of total issues in each year the proportion represented by this dataset was as follows: 18 % in 2006, 15 % in 2005, 9 % in 2004, 3 % in 2003, and 0,2 % in 2002.
Eksperten har foretaget supplerende analyser på grundlag af statistikker over hvert enkelt sammenligningsprodukt.
The expert conducted additional analyses for each comparator using descriptive statistics.
Således har han med hensyn til bankudstedte »plain vanilla«-obligationer (der er det produkt, der bedst kan sidestilles med almindelige postsparebeviser og postsparebeviser med fast løbetid) konstateret, at de deskriptive statistikker ikke giver et tilstrækkelig godt billede af de faktorer, der er bestemmende for salgsprovisionen, til at man kan vurdere, om provisionen ved salg af postsparebeviser er markedskonform.
In the case of bank-issued ‘plain vanilla’ bonds, for example, which were the product most closely comparable to ordinary and fixed-term postal savings certificates, the expert considered that descriptive statistics were not sufficient to give a proper understanding of the factors determining distribution fees which could be used to judge whether the remuneration for the distribution of postal savings certificates was market-conform.
Det skal navnlig nævnes, at bankobligationer ikke er homogene i alle relevante aspekter og kan være ikke-homogene i forhold til den ene type postsparebeviser, de skal sammenlignes med.
In particular, bank bonds were not homogeneous in all the relevant respects, and might not be homogeneous with the particular class of postal savings certificates to which they were to be compared.
De statistiske prøver må derfor anvendes rationelt ved undersøgelsen af, hvilke karakteristika inden for en gruppe tilsvarende værdipapirer der rent faktisk er relevante ved opgørelsen af salgsprovisionen.
The statistical evidence had therefore to be used rationally in order to find out, within a group of similar bonds, what characteristics were really relevant to the measurement of distribution fees.
Med henblik herpå henviser eksperten til en liste over, hvilke faktorer der er relevante og influerer på salgsprovisionen (se betragtning 103-104).
Here the expert made reference to the list of relevant factors that affected distribution fees (see paragraphs 103-104).
En regressionsanalyse indgår i undersøgelsen af, hvor stor indflydelse disse uafhængige variabler har på provisionen ved salg af et produkt som postsparebeviser.
The effect of these independent variables on the distribution fee for a product like postal savings certificates was estimated by means of regression analysis.
Bankobligationsstikprøven tillader kun, at der drages konklusioner for tidsrummet 2000-2006 på et generelt — ikke et årligt — grundlag.
The sample of bank bonds allowed conclusions to be drawn only for the period 2000-2006 in general, and not on a year-by-year basis.
Eksperten mener dog klart, at der kan drages en relevant konklusion for hele perioden, da det ved samtaler på stedet er konstateret, at der ikke har været væsentlige udsving i salgsprovisionens omfang siden 2000 (ifølge nogle adspurgte har der faktisk været et fald).
The expert was of the clear opinion that a conclusion relating to the whole period was nevertheless relevant, because field interviews helped to establish that there had been no appreciable change in the scale of distribution fees since 2000; some answers even indicated that they had decreased.
For investeringsfonde er der opstillet et datasæt med oplysninger om 102 fonde [45]; den eneste nyttige analyse, der kan foretages af denne stikprøve, er repræsenteret ved deskriptive statistikker [46].
The expert also established a dataset of 102 mutual funds [45]; on this sample, the only useful data analysis carried out was a matter of descriptive statistics [46].