natgillin/translations-raw huggingface dataset:
Ved sammenligninger mellem det faktiske resultat og de »klassiske intervaller« af middelværdien +/– 1 eller 2 standardafvigelser går man normalt ud fra, at den underliggende fordeling er symmetrisk og normal.
When comparing the actual outcome with the ‘classical intervals’ of mean plus or minus one or two standard errors, it is usually assumed that the underlying distribution is symmetric and normal.
I nærværende tilfælde kan det konkluderes, at resultatet har en sandsynlighed på 68,2 % for at falde inden for intervallet »middelværdien +/– 1 standardafvigelse«, og en sandsynlighed for at falde inden for intervallet »middelværdien +/– 2 standardafvigelser«.
In this case, we can say that the outcome has a probability of 68,26 % of falling in the interval defined by the mean plus or minus one standard error, and a probability of 95,44 % of falling in the interval defined by the mean plus or minus two standard errors.
At henvise til intervallet »middelværdien +/– 1 eller 2 standardafvigelser« er imidlertid ikke kun relevant for normalfordelingen, idet det generelt kan siges, at en begivenhed, der falder inden for én standardafvigelse fra middelværdien (dette interval ligger til grund for analysen i næste afsnit) i det store og hele kan betragtes som »normal«.
However, the relevance of the reference to the interval defined by the mean plus or minus one or two standard errors is not limited to the case of the normal distribution, so that is possible in general to say that an event falling within one standard deviation of the mean can be considered — roughly speaking — ‘ordinary’ (this interval will be employed in the analysis in the next section).
Det er vigtigt at slå fast, at regressionsanalysen af stikprøven af de to strukturerede bankobligationer har en klart ringere værdi som forklaring for så vidt angår de øvrige bankobligationer, der lægges til grund for et skøn over godtgørelsen for salg af andre typer postsparebeviser.
It is important to note that the regression analysis on the sample of both structured bank bonds has an explanatory value significantly lower than in the case of other bank bonds used to estimate the remuneration for the distribution of other categories of postal savings certificate.
Eksperten påpeger i denne forbindelse, at resultatet af beregningen for så vidt angår pristalsregulerede postsparebeviser kun vanskeligt kan forenes med de økonomiske mekanismer: det er ikke klart, hvorfor provisionen for pristalsregulerede postsparebeviser skulle ligge så langt under det gennemsnit, som delstikprøven af equity-relaterede bankobligationer udviser.
In this regard, the expert pointed out that in the case of index-linked certificates the results of the simulation appeared difficult to reconcile with fundamental economic mechanisms: it was not apparent why index-linked certificates should command fees so much lower than the average obtained in the equity-linked bank bonds subsample.
Denne omstændighed, samt det forhold, at regressionsanalyserne af provisionen for pristalsregulerede postsparebeviser munder ud i så lidet overbevisende resultater, tyder efter vores opfattelse på, at der i dette tilfælde bør lægges større vægt på resultatet af en simpel sammenligning af gennemsnitsværdierne, da denne mere overbevisende tyder på markedskonformitet.
This point, coupled with the evidence about the low explanatory power of the regressions for the fees of indexed certificates, suggested in the expert’s opinion that more weight should be given in this case to the result of the simple comparison of average values, which gave a more decisive indication of market conformity.
De deskriptive statistikker viser, at den gennemsnitlige godtgørelse ligger på 3,10 %, for equity-relaterede bankobligationer og på -2,82 % for inflationsjusterede.
The descriptive statistics indicate that the average remuneration is 3,10 % for equity-linked bank bonds and – 2,82 % for inflation-linked bank bonds.
Begge disse værdier ligger højere end den maksimumsgodtgørelse, som Poste Italiane har modtaget for pristalsregulerede og inflationsjusterede postsparebeviser.
Both values are above the maximum remuneration received by PI for index-linked and inflation-linked postal savings certificates.
I regressionsanalyse forstås ved en »dummy« variabel (eller en indikatorvariabel eller blot en »dummy«) en variabel, som kan antage værdierne 1 eller 0, og som viser, om kategoriske virkninger, der kan influere på resultatet, er til stede eller ej.
In regression analysis, a ‘dummy variable’(also known as an ‘indicator variable’ or just a ‘dummy’) is one that takes the values 0 or 1 to indicate the absence or presence of some categorical effect that may be expected to shift the outcome.
Brugen af dummy-variabler giver normalt en bedre tilpasning af modellen, omend med tab af frihedsgrader og generalitet.
Use of dummy variables usually increases model fit (coefficient of determination), but at a cost of fewer degrees of freedom and loss of generality of the model.
Alt for mange dummy-variabler resulterer i en model, der ikke kan lægges til grund for almene konklusioner ( kilde: Wikipedia).
Too many dummy variables result in a model that does not provide any general conclusions ( source: Wikipedia).
Kommissionen mener dog ikke, at de forskellige aftaler, som CDP-kassen og Poste Italiane har indgået i tidens løb, i sig selv indebærer nogen overdragelse af en tjenesteydelse af almen økonomisk interesse.
However, the Commission does not consider that the successive remuneration agreements between CDP and PI entrust a service of general interest by themselves.
Se også punkt 88 i beslutningen om iværksættelse af proceduren af 22. november 2006.
See also the opening decision of 22 November 2006, paragraph 88.
Der er meget få offentlige oplysninger til rådighed herom, eftersom de udstedende institutioner ikke har pligt til at offentliggøre oplysninger om provisionen for udstedelse af indlånsbeviser; eksperten har derfor ikke gjort større brug af denne type sammenligningsprodukt.
Very little public data is available, since the issuers are not obliged to disclose the fees paid for the distribution of CDs, and this comparator has not been used extensively in the expert study.
Kommissionen skal her bemærke, at det er almindeligt accepteret blandt finanseksperter, at salgsprovisionen som følge af ineffektive markedsmekanisme er forskellige på engros- og detailniveau.
The Commission would observe that it is commonly accepted among financial specialists that because of market inefficiencies distribution fees are different at wholesale and retail level.
Under de nuværende markedsforhold går forskellen mellem provisionerne til de formidlende institutioner, ikke til de udstedende institutioner (se Hayes, Roger G., »Government Finance Review«, 1.6.2003).
Under present market conditions, the difference between the fees goes to the intermediaries, and not to the issuers (see Hayes, Roger G., ‘The Path to Bond Market Efficiency: How increased retail distribution can lower borrowing costs’, in Government Finance Review, 1.6.2003.
Ifølge et finansglossar i almindelig brug på internettet (InvestorWords.com) forstås ved en »structured note« en »a debt security with one or more special features, such as making payments based on an underlying index.
One commonly employed financial glossary on the web (InvestorWords.com) defines a structured note as ‘a debt security with one or more special features, such as making payments based on an underlying index.
This type of debt security is complex and is used primarily by sophisticated investors«.
This type of debt security is complex and is used primarily by sophisticated investors’.
OECD bruger følgende definition: »structured bonds have characteristics that are designed to attract a certain type of investor and/or take advantage of particular market circumstances.
The OECD adopts this definition: ‘Structured bonds have characteristics that are designed to attract a certain type of investor and/or take advantage of particular market circumstances.
Typically the structured features are achieved through the use of derivatives—for instance, a credit-linked note is a bond with an embedded credit derivative«.
Typically the structured features are achieved through the use of derivatives — for instance, a credit-linked note is a bond with an embedded credit derivative’.
Banca d'Italia's note om definitionen på strukturerede værdipapirer ændrer ikke noget ved dette standpunkt.
The note from the Banca d’Italia on the definition of structured bonds does not change this assessment.
Kommissionen mener, at det egentlige problem ikke er et spørgsmål om terminologi eller at vælge det rette adjektiv til et givet substantiv, men derimod er et spørgsmål om substansen, nemlig hvordan man finder et produkt, der perfekt kan sammenlignes med et specifikt finansprodukt.
The Commission is of the view that the real problem is not one of terminology, choosing the right adjective for a given noun, but rather a problem of substance, finding the right comparable for a specific financial product.
Selv hvis man går ud fra, at almindelige postsparebeviser er at betragte som strukturerede obligationer, vil det være nødvendigt at sammenligne dem med strukturerede obligationer, som har samme karakteristika, dvs. en indbygget put-option af amerikansk type, og intet andet.
Even if it were to be accepted that postal savings certificates were structured bonds, they would in any event have to be compared to structured bonds with similar characteristics, bonds with a US-style put option embedded, and nothing more.
Selv hvis man går ud fra, at statsobligationer — lige som bankobligationer — er det produkt, der bedst tåler sammenligning med postsparebeviser, ændrer dette efter ekspertens mening ikke noget ved den empiriske undersøgelse af markedsprovisionen for salg af postsparebeviser.
Even if Treasury bonds were to be taken to be the closest comparable to postal savings certificates, on the same footing as bank-issued bonds, the expert concluded that their inclusion would not affect the empirical assessment of the market remuneration for the distribution of postal savings certificates.
Kommissionen er enig i dette synspunkt.
The Commission shares that view.
Eksperten har samlet et stort antal prospekter over TXL-noterede bankobligationer. TLX er Italiens næststørste regulerede værdipapirsmarked (efter Borsa Italiana) og drives af TSX S.p.A.
The expert collected a large number of prospectuses for bank bonds listed on TLX, the second organised exchange for securities in Italy (after Borsa Italiana), which is managed by TLX SpA.
Han konsultererede også de største italienske bankers netsteder: Mediobanca, Intesa San Paolo, Unicredit, UBI Banca, Banca Carige, Cassa di Risparmio di Pistoia, Banca Popolare di Verona, Banca Antonveneta, Banca Popolare di Milano, Banca delle Marche, Banca IMI, Mediocredito del Friuli Venezia Giulia, Cassa di Risparmio di Parma e Piacenza, Banca Popolare di Vicenza, Monte dei Paschi di Siena, samt Poste Italiane.
He also consulted the websites of the major Italian banks: Mediobanca, Intesa San Paolo, Unicredit, UBI Banca, Banca Carige, Cassa di Risparmio di Pistoia, Banca Popolare di Verona, Banca Antonveneta, Banca Popolare di Milano, Banca delle Marche, Banca IMI, Mediocredito del Friuli Venezia Giulia, Cassa di Risparmio di Parma e Piacenza, Banca Popolare di Vicenza, and Monte dei Paschi di Siena, and PI’s own website.
Alle obligationer udstedt i euro, hvis salgsprovision var angivet i prospekterne, blev indlæst i databasen.
He included in the database all euro-denominated bank bond issues for which the prospectus showed the distribution fees.
Datamængden består af i alt 511 obligationsemissioner, der afsættes på det italienske marked.
The dataset consists of 511 bond issues distributed on the Italian market.
Selv hvis den af eksperten beregnede standardafvigelse skulle vise sig ukorrekt, er det meget sandsynligt, at den skønnede markedsværdi + 1 korrigeret standardfejl ligger over den godtgørelse, som Poste Italiane har motaget.
In addition, even if the standard deviation computed by the expert were not appropriate, it would be very likely indeed that the estimated market value plus one corrected standard error would be above the remuneration paid to PI.
Idet man går ud fra en halvårlig provisionsbetaling på 0,30 %.
Assuming six-monthly payment of a fee of 0,30 %.
En upfront-maksimumsprovision på 0,7 % vil være markedskonform.
An upfront fee of up to around 0,7 % would be market-conform.
Den tegningsrelaterede del af provisionen er ens for postsparebeviser i papirform og beviser i elektronisk form.
The subscription-related part of the fee is the same for paper and dematerialised certificates.
De direkte ekstraomkostninger i forbindelse med fremstillingen af papirbeviser godtgøres separat — se afsnit VIII.3.3.b i nærværende beslutning.
The direct additional expenses incurred in the production of paper certificates are paid for separately — see section VIII.3.3.b.
Den omstændighed, at administrationsprovisionen ikke blev beregnet på samme måde i tidsrummet 2000-2006, ændrer ikke noget ved Kommissionens bedømmelse.
The management fees were not calculated in the same way over the period 2000–2006, but this does not change the assessment made by the Commission.
Kommissionen en tilfreds med den robusthedstest, der blev gennemført af eksperten med hensyn til de beløb, der blev udbetalt i 2001 og 2002 for specifikke opgaver ud over rent salg af postsparebeviser.
The Commission is satisfied with the robustness test conducted by the expert regarding the amounts paid in 2001 and 2002 for specific tasks going beyond the mere distribution of postal savings certificates.
Der var 13950 postkontorer i 2000 og 13787 i 2001 (Kilde: Poste Italiane's årsrapporter).
There were 13950 post office branches in 2000 and 13787 in 2001 (source: PI’s annual reports).
I denne beregning anvendes en administrationsprovision på 0,13 %; dette er den laveste provision, som Poste Italiane har modtaget i tidsrummet 2000-2006, og kan på ingen måde betragtes som overdrevent høj.
The management fee used in this computation is 0,13 %, which is the lowest of the management fees paid to PI over the period 2000–2002, and certainly cannot be regarded as excessive.
Den diskonteringssats, som Kommissionen har anvendt her, er 5-årsgennemsnittet af de årlige diskonteringssatser.
The discount rate used by the Commission here is the average of the annual five-year discount rates.
Som alternativ kunne man have anvendt den faktiske administrationsprovision, som er blevet udbetalt årligt til Poste Italiane i den periode, hvor fastløbetidsbeviserne har løbet.
An alternative approach would be to use the real management fee paid to PI year by year over the life of the fixed-term bonds.
Med denne metode ville konklusionen om, at de provisioner, der er betalt for postsparebeviser med fast løbetid i papirform, er markedskonforme, blive endnu klarere.
That methodology would lead to an even clearer conclusion that the fees paid for paper fixed-term postal savings certificates were market-conform.
Efter at have anmodet om en forlængelse af fristen, afgav Italien svar ved brev af 21. april 2006.
After requesting an extension of the deadline for a reply, Italy replied to the questions by letter dated 21 April 2006.
Kommissionen udbad sig yderligere oplysninger ved brev af 29. juni 2006; Italien svarede ved brev af 31. juli 2006 og brev af 9. august 2006.
The Commission put further questions by letter of 29 June 2006; Italy replied on 31 July 2006 and on 9 August 2006.
Associazione Bancaria Italiana fremsendte bemærkninger ved brev af 13. marts 2007.
ABI replied by letter of 13 March 2007.
Kommissionen videresendte nævnte bemærkninger til de italienske myndigheder ved brev af 20. marts 2007 for at høre deres kommentarer.
By letter of 20 March 2007 the Commission forwarded ABI’s comments to the Italian authorities so as to enable them to reply.
Kommissionen anmodede Associazione Bancaria Italiana om uddybende oplysninger ved brev af 23. marts 2007; de indløb den 18. maj 2007.
By letter of 23 March 2007, the Commission requested additional information from ABI; ABI replied by letter of 18 May 2007.
Kommissionen videresendte disse bemærkninger ved brev af 23. maj 2007 til de italienske myndigheder, som svarede ved brev af 22. juni 2007.
By letter of 23 May 2007, the Commission forwarded the observations received from ABI to the Italian authorities, who replied by letter dated 22 June 2007.
postsparebeviser med fast løbetid; salget af disse standsede pr. 1. januar 2003.
Fixed-term savings certificates: these have not been issued since the beginning of 2003.
De svarede til almindelige postsparebeviser, bortset fra at de havde en maksimal løbetid på 7 år
They were similar to ordinary certificates, except that they had a maximum maturity of seven years,
December 2004
Dec. 2004
Bankobligationsstikprøven løber ikke over så langt et tidsrum, at der kan drages relevante konklusioner med hensyn til, hvordan salgsprovisionen har udviklet sig i løbet af tidsrummet 2000-2003.
The period covered by the sample of bank bonds prevented any conclusion being drawn regarding the behaviour of distribution fees over time in the years 2000-2003.
Af statistiske årsager kan der ikke opstilles signifikante tidsserier [44] ud over 2000-2006.
For statistical reasons, it was not possible to construct meaningful time series for the years 2000-2006 [44].
Den samlede reelle godtgørelse ligger endvidere under den godtgørelse, som bliver resultatet af gennemsnitsvilkårene for fonde for investering i pengemarkedet i tidsrummet 2003-2006.
The actual total remuneration was also lower than the remuneration that would have been obtained by applying the average terms for money-market mutual funds in 2003-2006.
I tidsrummet 2000-2003 ligger den ikke under gennemsnitsvilkårene for fonde for investering i pengemarkedet, men den ligger under den godtgørelse, der svarer til forventningsværdien + én standardafvigelse.
In the years 2000-2003, it was no lower than the average terms for money-market mutual funds; but it was lower than the remuneration corresponding to a value equal to the expected value plus one standard deviation;
Eksperten anlagde det synspunkt, at det var rimeligt ikke at medtage denne komponent i beregningen af upfront-tillægsprovisionen, da der er tale om en meget specifik omstændighed i forbindelse med postsparebeviser, som ikke optræder i forbindelse med andre sammenlignelige finansielle produkter i tidsrummet 2000-2006.
The expert took the view that it was reasonable not to consider this component in the computation of the additional upfront fee, because it related to a highly specific feature of postal savings certificates that was not to be found in comparable financial products in the period 2000-2006.
Som nævnt ovenfor sammenligner Italien den godtgørelse, som Poste Italiane modtager for fremstilling af postsparebeviser i papirform, med den betaling, der kræves for investeringsfondenes udstedelse af papirbeviser.
As explained above, Italy compared the compensation PI received for the production of paper certificates to the payment required for issuing paper certificates by mutual funds.
Associazione Bancaria Italiana
ABI
Der er først for nylig indført pligt til at offentliggøre oplysninger om salgsprovisionen (dette skete ved det såkaldt prospektdirektiv, der blev indarbejdet i italiensk lovgivning i marts 2006, med virkning fra november 2006), og databasen omfatter derfor først og fremmest obligationer, der er udstedt efter 2006.
Reporting distribution fees was made compulsory only recently (by the Prospectuses Directive, incorporated into Italian law in March 2006, with effect from November 2006), and the database is composed mainly of bonds issued after 2006.
Eksperten har dog kunnet fremskaffe oplysninger om salgsprovisionen for 162 bankobligationsemissioner før 2006.
However, he was able to find distribution fees for 162 bank bonds issued before 2006.
I alt blev der registreret oplysninger om værdipapirer udstedt af 42 emittenter via 28 banknet.Eksperten har også gennemført en række interviews i felten med det formål at indhente oplysninger om, hvilke faktorer der er relevante ved fastlæggelsen af salgsprovisionen.
Overall, the dataset is composed of issues made by 42 issuers and distributed through 28 banking networks.The expert also conducted a number of field interviews in order to gain insights into the factors that might be relevant in fixing distribution fees.
Indtil december 2003 ejedes Poste Italiane 100 % af den italienske stat. I december 2003 overdrog den italienske stat 35 % af Poste Italiane's aktiekapital til CDP-kassen.
Before December 2003, PI was wholly owned by the Italian State. In December 2003, the State transferred 35 % of the share capital in PI to CDP.
Indlånsbeviser løber gennemsnitligt over 24 måneder, og Italien konstaterer derfor, at kreditinstitutionernes årsprovision pr. bevis ligger på mellem 2,25 EUR og 4,65 EUR. Hvis man går ud fra, at postsparebeviser i gennemsnit har en værdi på ca. 2000 EUR og ganger dette beløb med Poste Italiane's accepterede godtgørelsesprocentsats på 0,11 %, så bliver resultatet en årsprovision pr. værdipapir i papirform på ca. 2,20 EUR, hvilket ligger på linje med provisionen på indlånsbeviser.
The average life of deposit certificates was 24 months, so that credit institutions were collecting an average annual fee of EUR 2,25 to EUR 4,65 per certificate. Taking the average amount on a postal savings certificate to be EUR 2000, and applying PI’s percentage remuneration (0,11 %) to that amount, the annual fee for a paper certificate was EUR 2,20, which was in line with the commission on deposit certificates.
Kortfristede nulkupon-statsobligationer (BOT)
Minimum Investment required (EUR ) BOTs
den ene mulighed er at antage, at årsgodtgørelsen er konstant, ud fra den betragtning at Poste Italiane ikke kunne forudse de fremtidige årsprovisioners variabilitet, og at virksomheden derfor måtte beregne den samlede skønnede upfront-provision ud fra den forudsætning, at de årlige provisioner ville forblive konstante på det niveau, der var kontraktligt fastsat i aftalen for det pågældende år
There were two equally acceptable options: One was to assume a constant annual remuneration, the reasoning being that PI could not forecast the variability of annual fees in future, and therefore would each year have computed the equivalent overall estimated upfront fee by assuming that the annual fees would remain fixed at the level contractually agreed in the agreement for that year,
Elektronisk form
Demat. Paper
Forventningsværdi — minimumsskøn
expected value — lowest estimate 3,05
Forventningsværdi + 1 standardafvigelse — maksimumsskøn
exp. value + 1 std. dev. 5,25
Forventningsværdi + 2 standardafvigelser — maksimumsskøn
exp. value + 2 std. dev. 5,96
Associazione Bancaria Italiana's undersøgelse
ABI study Expert study
Eksperten anvender udtrykkene »gennemsnitlig løbetid« og »forventet løbetid« som synonymer.
The expert used the values provided by Italy. When these data were lacking (for inflation-linked and 18-month certificates), the expert made reasonable estimates (at 7 years and 18 months respectively).
af 22. juli 2009
of 22 July 2009
om EF-tilskud til aktioner af hastende karakter til bekæmpelse af smitsomt blæreudslæt hos svin i Italien i 2008
on a financial contribution from the Community towards emergency measures to combat swine vesicular disease in Italy in 2008
(meddelt under nummer K(2009) 5608)
(notified under document number C(2009) 5608)
Smitsomt blæreudslæt er en infektiøs virussygdom hos svin, der klinisk ikke kan skelnes fra mund- og klovesyge, og som derfor forårsager forstyrrelser i handelen inden for Fællesskabet og eksporten til tredjelande.
Swine vesicular disease is an infectious viral disease of pigs which is clinically indistinguishable from foot-and-mouth disease and causing therefore disturbance to intra-community trade and export to third countries.