natgillin/translations-raw huggingface dataset:
Provisionen ved salg af nulkupon-statsobligationer (CTZ) ligger på 0,20 % af den tegnede kapital.
The remuneration for the placement of CTZs was 0,20 % of the amount subscribed.
Postsparebeviser med fast løbetid kan sidestilles med statsudstedte værdipapirer, såsom BOT-, CTZ- og BTP-papirer, alt efter bevisets restløbetid.
Fixed-term postal savings certificates were comparable to State bonds such as BOTs, CTZs or BTPs depending on the residual life of the savings certificate.
Pristalsregulerede postsparebeviser kan sidestilles med mellem-/langfristede statsobligationer indeksreguleret på basis af inflationen i euro-området (BTP EURi).
Inflation-linked postal savings certificates were comparable to BTPEUR i bonds (medium- to long-term State bonds indexed to the inflation rate of the euro area).
De kan ikke sidestilles med equity-relaterede virksomhedsobligationer, eftersom de har en langt lavere risikoprofil, og afkastet ikke er knyttet til en kurv af finansielle instrumenter (som equity-relaterede obligationer), men til inflationen.
They could not be compared to corporate equity-linked bonds, because their risk profile was much lower, and their yield was linked not to a basket of financial instruments, as the yield on equity-linked bonds was, but to the inflation rate.
Provisionen på salg af BTP EURi-obligationer er 0,40 % af den tegnede kapital.
Commissions for placing BTPEUR i bonds amounted to 0,40 % of the amount subscribed.
Pristalsregulerede postsparebeviser kan sidestilles med pristalsregulerede obligationer udstedt af et finansielt selskab (omend risikoprofilen er lavere for postsparebeviser).
Index-linked postal savings certificates were comparable to index-linked bonds issued by financial companies (even though the risk profile was lower in the case of postal savings certificates).
Denne type postsparebeviser kan dog ikke sammenlignes med virksomhedsobligationer, eftersom CDP-kassen er en finansformidlende virksomhed.
They could not be compared to corporate bonds, since CDP was a financial intermediary.
Provisionen på salg af pristalsregulerede finansielle obligationer ligger mellem 1 % og 2,5 % af den tegnede kapital.
Commissions for placing financial index-linked bonds varied from 1 % to 2,5 % of the amount subscribed.
Associazione Bancaria Italiana havde oprindeligt argumenteret, at postsparebeviser kunne sidestilles med investeringsfonde, der sætter midlerne i euro-statsobligationer, men vender ikke tilbage til dette argument i brevet af 18. maj 2007; sammenslutningen giver ikke nogen forklaring herpå.
ABI had initially argued that postal savings certificates could be compared to mutual funds investing in euro area government bonds; ABI’s letter of 18 May 2007 does not return to this argument, though it offers no explanation.
Godtgørelsens sammensætning
Structure of remuneration
Associazione Bancaria Italiana opstiller to eksempler på scenarier for salg af produkter, der kan sidestilles med postsparebeviser.
ABI indicated two possible scenarios for placing products comparable to postal savings certificates.
I det første scenario sælges produktet af en institution, der udelukkende får betaling for salget (administrationen varetages af emittenten), medens postsparebeviserne i det andet scenario sælges og administreres af institutionen, der får betaling for begge aktiviteter (i hvilket tilfælde der ikke er noget klart skel mellem de to godtgørelseskomponenter, dvs. salg og regnskabsføring og administration).
Either these products were placed by an operator remunerated solely for placement, and the issuer bore the management costs, or they were placed and managed by an operator remunerated for both activities, in which case it was not easy to distinguish the two components of the remuneration, the placement on the one hand and the accounting and administrative management on the other.
Undersøgelsen har vist, at der ikke på grundlag af markedspraksis kan skelnes mellem den del af provisionen, der alene vedrører salg, den del, der vedrører regnskabsføring og administration, og den del, der vedrører fremstillingen af papirobligationer.
The study had shown that market practice did not allow a distinction to be made between the part of the commission that related to placement only, the part that related to accounting and administrative management, and the part that related to the production of paper bonds.
Godtgørelsens størrelse afhænger ifølge Associazione Bancaria Italiana både af obligationens kompleksitet, emittentens kreditværdighed, salgsnettet, værdipapirets løbetid, emittentens omdømme, emissionens struktur og de juridiske krav (emittentens lovgivnings- og licenskrav).
The level of remuneration was affected by the bond’s complexity, the issuer’s rating, the placement network, the maturity, the issuer’s reputation, the issue’s structure and the legal constraints (obligations borne by the issuer under legislation or licences).
Associazione Bancaria Italiana begrunder argumentet om, at statsgaranterede postsparebeviser har en klart lavere risikoprofil end virksomhedsobligationer, med at statsudstedte værdipapirers interne forrentning (IRR) altid ligger lavere end forrentningen af virksomhedsobligationer med samme kreditværdighed.
Postal savings certificates, which carried a State guarantee, had a risk profile much lower than that of corporate bonds, as could be seen from the fact that the internal rate of return on a State bond was always lower than that on a corporate bond with an equivalent rating.
Associazione Bancaria Italiana hævder ydermere, at default-satsen ved emission af statsudstedte værdipapirer med Aa-kreditværdighed er 0 over ti år, medens den for virksomhedsobligationer med samme kreditværdighed ligger på 0,59.
Over the last 10 years, the default rate of Aa-rated sovereign bonds had been 0, whilst the default rate of Aa-rated corporate bonds had been 0,59.
Endelig hævdes det, at det er umuligt at opgøre provisionen på fremstilling af værdipapirer i papirform, eftersom man efterhånden næsten overalt handler med værdipapirer i elektronisk form.
Finally, it was not possible to identify a market remuneration for the production of paper bonds, because financial markets now dealt almost exclusively with dematerialised products.
Benchmark-undersøgelsen
The benchmark study
Italien baserer sine bemærkninger på den benchmark-undersøgelse, som landet lod foretage i januar 2006 for at fastslå CDP-kassens og Poste Italiane's markedsgodtgørelse for postspareprodukter med henblik på forberedelsen af den nye aftale for 2006-2008.
Italy based its comments on the results of the benchmark study conducted in January 2006 in order to prepare the ground for the agreement covering the three years 2006-2008, which sought to identify a market remuneration for CDP and PI for postal savings products (the benchmark study).
Benchmark-undersøgelsen bygger på en sekstrinsmetode, hvori man:
The methodology of the benchmark study worked in six successive steps:
identificerer postspareprodukternes karakteristika
the identification of the main characteristics of each postal savings product,
identificerer produkter, der kan sammenlignes med postspareprodukterne
the identification of a comparable financial instrument for each postal savings product,
identificerer en referencestikprøve som grundlag for undersøgelsen
the definition of a reference sample,
identificerer, hvilke økonomiske komponenter der skal måles
the identification of the economic components to be compared,
fastslår godtgørelsesprocenten
the determination of the rate of remuneration, and
sammenligner markedsgodtgørelsen med CDP-kassens og Poste Italiane's godtgørelse.
the comparison of the rate of remuneration with the rate paid by CDP to PI.
Undersøgelsen viser, at tre faktorer influerer på provisionsniveauet inden for postopsparing: risiko/afkast-profilen, værdipapirernes struktur (strukturerede instrumenter over for »plain vanilla«-instrumenter [30], samt investeringens varighed.
The benchmark study found that the level of placement fees was affected by three factors: the risk/return profile, the contractual complexity (whether the security was a structured or ‘plain vanilla’ instrument) [30], and the maturity.
Italien anfører bl.a., at provisionen for salg af postsparebeviser ikke kan sammenlignes med provisionen for salg af statsudstedte værdipapirer af følgende årsager:
Italy argued, in particular, that the remuneration for the placement of postal savings certificates could not be compared to the remuneration for the placement of State bonds, because:
de to produktfamilier er væsensforskellige: postsparebeviser omfatter en implicit mulighed for førtidig indløsning (se betragtning 37) og er dermed med komplekse instrumenter end »plain vanilla«-instrumenter; de kan derfor betragtes som ægte strukturerede obligationer
the two families of products were intrinsically different: postal investment certificates embedded a put option for the investor (see recital 37), which meant that they were a more complex financial product than ‘plain vanilla’ bonds and could be considered full-scale structured bonds,
Poste Italiane varetager ikke blot salg, men også administration og bogføring af postsparebeviser; denne opgave påhviler ikke de banker, der sælger statsudstedte værdipapirer.
in addition to placement, PI performed the accounting and administrative management of the savings certificates, a service that was not asked of banks that placed State securities.
Hovedkonklusionerne af undersøgelsen er som følger:
The main conclusions of the benchmark study were the following:
Produkter, der kan sidestilles med langfristede postsparebeviser, omfatter strukturerede værdipapirer såsom inflationsjusterede og equity-relaterede strukturerede virksomhedsobligationer [31] med en kreditværdighed svarende til eller højere end Standard & Poor ' s BBB og/eller Moody ' s Baa2, og fonde for investering i EUR-statsobligationer.
The comparables for long-term postal savings certificates were structured instruments like inflation-linked and equity-linked corporate bonds [31] with a rating equal to or higher than Standard and Poor’s BBB or Moody’s Baa2, or mutual funds investing in euro area government bonds.
Med hensyn til investeringsfonde konstateres det i undersøgelsen, at disse produkter svarer til postsparebeviser i den forstand, at de også udstedes løbende, og at køberen til enhver tid kan kræve kapitalen med påløbne renter udbetalt; et andet lighedspunkt er, at den virksomhed, der forvalter midlerne, også varetager den administrative forvaltning af værdipapirerne.
Mutual funds resembled postal savings certificates in that they were issued ‘on tap’ and the subscriber could at any time request repayment of the capital and the accrued interest; another similarity was that the company managing the fund would perform the administrative management of the securities.
I undersøgelsen sammenholder man de forskellige komponenter i godtgørelsen for salg af obligationer med komponenterne i godtgørelsen for salg af postsparebeviser og når frem til den konklusion, at godtgørelsesniveauet ligger inden for de rammer, der er normale på markedet for disse sammenligningsprodukter [32].
The study compared different elements of the remuneration for the placement of mutual funds with those of postal savings certificates, and concluded that they were in line with market rates for these comparables [32],
For så vidt angår postsparebeviser med en varighed på 18 måneder findes der ikke produkter med tilsvarende karakteristika, hvorfor man i undersøgelsen ekstrapolerer provisionen på grundlag af strukturerede obligationer med en kortere varighed og en kreditværdighed svarende til eller højere end Standard & Poor's A– og/eller Moody's A3, idet man går ud fra en lineær fordeling af salgsprovisionen.
For 18-month postal savings certificates, no matching comparables were found, and so the benchmark study extrapolated a fee from the shortest-maturity corporate bonds with a minimum rating of Standard & Poor’s A– or Moody’s A3, assuming a linear distribution of placement fees,
Det fremgår af undersøgelsen, at postsparebeviser ikke kan sidestilles med statsudstedte værdipapirer, da sidstnævnte har en »plain vanilla«-struktur, og postsparebeviser udgør et mere komplekst produkt (se betragtning 37).
The benchmark study found that postal savings certificates were not comparable to government bonds, because government bonds were ‘plain vanilla’ bonds, whereas postal savings certificates were more complex (see recital 38),
Skema 6 viser markedssatsen og CDP-kassens/Poste Italiane's satser på grundlag af en obligationsstikprøve.
The benchmark study found that the market rates and the rates applicable to CDP and PI on the basis of a reference sample of corporate bonds were as shown in table 6.
Skema 6
Table 6
Markedsprovionssatsen for referencestikprøven af strukturerede virksomhedsobligationer i tidsrummet 2006-2008 og CDP-kassens/Poste Italiane's satser (%)
Market fees for a reference sample of structured corporate bonds in the period 2006–2008 and fees applicable to CDP and PI (%)
Poste Italiane's godtgørelse
Remuneration for PI
Salgsgodtgørelse
remuneration on sum collected
Som det fremgår af skemaet konkluderedes det i benchmark-undersøgelsen på grundlag af en analyse af en stikprøve af sammenlignelige værdipapirer, at provisionssatsen for postsparebeviser ligger inden for et interval, der ikke er højere end sammenlignelige produkters.
As shown in the table, the benchmark study, after analysing a sample of comparable bonds, concluded that the fees for the placement of postal savings certificates were within a range no higher than that for comparable financial products.
Det fastslås også i benchmark-undersøgelsen, at Poste Italiane's godtgørelse kan nedsættes, hvis salgsmålene ikke nås.
The benchmark study also noted that if PI did not meet the targets set in the agreement for net funds raised in postal savings certificates, the remuneration could be reduced.
Da postsparebeviser — modsat obligationer — kan kræves indløst når som helst, må Poste Italiane nøje påse, at de forhåndsfastsatte mål realiseres.
Since postal savings certificates were repayable on demand, unlike bonds, PI had to manage the system with care in order to meet all the targets set.
Med hensyn til godtgørelsen for administrationen af elektroniske postsparebeviser foreslås det i undersøgelsen, at man som benchmark for provisionssatserne anvender de satser, som Monte Titoli SpA praktiserer over for de formidlende institutioner til betaling for central administration; denne del af godtgørelsen viser sig at svare til markedets satser (inden for et interval på 0,0023 %-0,0020 %, alt afhængigt af beholdningen af elektroniske postsparebeviser).
For the remuneration of the management of dematerialised postal savings certificates, the benchmark study suggested that the benchmark should be the levels charged to intermediaries by Monte Titoli SpA for central management of securities: the level of this part of the remuneration was market-conform (being in a range of 0,002-0,0023 %, depending on the stock of dematerialised postal savings certificates).
Med hensyn til postsparebeviser i papirform har det ikke været muligt at foretage en sammenlignende analyse på Italiens bankmarked, da denne type beviser er den eneste, der endnu optræder i papirform.
In the case of paper savings certificates, however, it was not possible to carry out a comparative analysis of the Italian banking market, because this kind of postal savings certificate was the only one still on the market in paper form.
Italiens bemærkninger til iværksættelsen af den officielle undersøgelse
Comments from Italy following the initiation of the formal investigation procedure
Ved brev af 2. februar 2007, 18. april 2007, 22. juni 2007, 11. marts 2008, 13. maj 2008 og 17. juni 2008 har Italien fremsat nedenstående bemærkninger.
In its letters of 2 February 2007, 18 April 2007, 22 June 2007, 11 March 2008, 13 May 2008 and 17 June 2008, Italy’s main comments were as follows.
Italien hævder, at den salgsprovision, som Poste Italiane har modtaget siden 2000, er markedskonform; der er tale om et maksimum, som kun betales, hvis bruttosalgsmålene for postsparebeviser realiseres.
Italy argued that the remuneration paid to PI for placing postal savings certificates since the year 2000 was in line with market conditions, and also that it was a maximum which would be paid to PI only if the objectives for the gross sum collected from postal savings certificates were to be achieved.
Poste Italiane's godtgørelse kan derfor kun vanskeligt sammenlignes med den godtgørelse, der modtages af andre institutioner, der sælger tilsvarende produkter.
That remuneration was therefore difficult to compare with what was received by other operators for placing similar products.
Italien henviser igen til konklusionerne af benchmark-undersøgelsen for så vidt angår identificeringen af sammenlignelige produkter og godtgørelsen herfor.
For the identification of comparable products and their remuneration, Italy referred to the results of the benchmark study.
En sammenligning med provisionsstrukturen for postsparebøger — som ifølge beslutningen af 22. november 2006 var markedskonforme — viser, at godtgørelsen for postsparebeviser er mindre.
It said the remuneration for placing postal savings certificates was lower than the remuneration for placing postal savings books, which the Commission’s decision of 22 November 2006 had found to be in line with market conditions.
Hvis godtgørelsen for postsparebeviser fordeles over den gennemsnitlige løbetid (ca. [7-10] år) ligger provisionen på ca. […] %, hvilket er lavere end den årlige godtgørelse for postsparebøger, der ligger på 0,90 %.
This was because the average life of postal savings certificates was about [7-10] years, and if the 2,63 % remuneration for placing the certificates was distributed over that period the yearly remuneration for placing them was […] %, which was lower than the yearly remuneration for distributing postal savings books, namely 0,90 %.
Men postsparebeviser og postsparebøger er naturligvis forskellige produkter: postsparebøger er et kortfristet produkt, medens postsparebeviser er et mellem-/langfristet, mere komplekst og mere struktureret produkt.
It was true, however, that there were differences between the two products: postal savings books were short-term financial products, whereas postal savings certificates were medium- to long-term ones; and postal savings books were simple products, whereas postal savings certificates were complex structured ones.
Italien anfører, at finansielle produkter i papirform er yderst sjældne på markedet, men at postsparebeviser af papir kan sidestilles med de indlånsbeviser (certificati di deposito), der udstedes af kreditinstitutioner.
Financial products in paper form were extremely rare in the market, but postal savings certificates could be considered comparable to the deposit certificates issued by banks (certificati di deposito — CDs).
Den udstedende institution opkræver en engangsprovision på minimum 4,5 EUR og maksimum 9,30 EUR pr. værdipapir, uafhængigt af papirets værdi og varighed.
For these certificates subscribers paid the bank a one-shot fee varying from EUR 4,50 to EUR 9,30 per certificate, regardless of the amount of the deposit and the maturity.
For så vidt angår godtgørelsen for produktion af papirbeviser kan man sammenligne med de papirbeviser, som repræsenterer et indskud i en investeringsfond, hvor de gennemsnitlige omkostninger ligger på mellem 10 og 20 EUR pr. bevis.
With regard to the fee for the production of paper certificates, a comparable paper security was the paper certificate representing a holding in a mutual fund, the average cost of which was somewhere between EUR 10 and EUR 20 per certificate.
Det vil sige, at Poste Italiane's godtgørelse på ca. 1,70 EUR pr. værdipapir, må betragtes som rimelig.
PI’s remuneration of EUR 1,70 per certificate was therefore reasonable.
Med hensyn til fortjenesten ved salg af postsparebeviser understreger Italien, at disse beviser indgår som investeringstilbud i en bred vifte af finansielle tjenesteydelser, som Poste Italiane tilbyder sin kundekreds med det formål at sikre den mest formålstjenlige placering af midlerne.
As far as the margin for the placement of postal savings certificates was concerned, Italy said that these certificates were one of a wider range of financial services offered to PI’s customers in order to achieve the most appropriate asset allocation.
Bancoposta's fortjeneste på tjenesteydelser (i 2005 på […]) er langt mindre end fortjenesten på samtlige tilsvarende tjenesteydelser, der tilbydes af banksektoren (omkring 35 %).
The margin on Bancoposta services ([…] % in 2005) was lower than the margin on the comparable services offered by commercial banks (35 %).
Italien anfører, at det ved undersøgelsen af, om Poste Italiane har haft en økonomisk fordel, ikke er nødvendigt at splitte godtgørelsen for sammenlignelige produkter op i forskellige komponenter; det er nok blot at sammenligne den samlede godtgørelse for postsparebeviser med den samlede godtgørelse for sammenlignelige produkter.
Italy said that in order to establish whether or not there was an economic advantage to PI it was not necessary to break the remuneration for comparable products into separate components: it was enough to compare the total remuneration of postal savings certificates to that of the comparable products.
Vedrørende spørgsmålet om, hvorvidt det markedsøkonomiske investorprincip er overholdt, anfører Italien, at godtgørelsen er blevet beregnet på grundlag af en metode, der opfylder det økonomiske ræsonnement, der ligger til grund for sådanne beslutninger på markedet.
On the question of compliance with the market economy investor principle, Italy stated that the mechanisms for calculating the remuneration had been designed on the basis of the economic rationale underlying such decisions in the market.
Selvom ingen undersøgelser går tilbage til 2000, betyder dette, at godtgørelsen bygger på samme økonomiske principper, således som det også fremgår af benchmark-undersøgelsen (se skema 4 og 5).
Although there were no studies dating back to 2000, therefore, the remuneration was nevertheless based on these economic principles, as had subsequently been confirmed by the benchmark study (see tables 4 and 5).
Ifølge de italienske myndigheder fører Poste Italiane et separat regnskab for samtlige finansielle tjenesteydelser i detailsektoren og skelner ikke af regnskabshensyn mellem de forskellige finansielle produkter.
PI kept separate accounts for retail financial services as a whole, and did not distinguish between different financial products for accounting purposes.
Omkostninger og indtjening for de enkelte produkter — og herunder også postsparebeviser — sammenlignes kun med henblik på en administrationsanalyse, hvorfor sammenligningen indebærer en stor grad af usikkerhed.
A comparison of costs and revenues for individual products, including postal savings certificates, was made only for the purpose of management analysis, and was very approximate.
Undersøgelsen viser, at postsparebeviser indebærer en tungere administrationsbyrde end andre finansielle tjenesteydelser såsom anfordringskonti.
That comparison showed that postal savings certificates carried a heavier burden of administration than other products, such as current accounts.
Italien mener derfor, at den bedste proxy-indikator for de økonomiske og finansielle postsparebevisdata i 2005 er en samlet bruttorentabilitet på […] % [35].
For 2005, Italy found that the best proxy for the economic and financial data for postal savings certificates was a gross profitability of […] % [35].