natgillin/translations-raw huggingface dataset:
I dette tilfælde har det dog været muligt at opstille en række tidsserier over den godtgørelse, sælgeren har modtaget i forbindelse med investeringsfonde.
However, a time series could be built for the fees earned by distributors for mutual funds.
Man må også se på strukturen af den godtgørelse, der ydes ved salg af sammenlignelige produkter:
Consideration had also to be given to the structure of the remuneration for the distribution of the comparable products:
godtgørelsen ved salg af bankobligationer består i en procentdel af salgsbeløbet, der straks forfalder til udbetaling (upfront-betaling)
the remuneration paid for the distribution of bank bonds consisted of an upfront percentage of the amount subscribed,
visse investeringsfonde betaler sælgerne både en upfront-provision og en årlig provision, medens andre kun betaler årlig provision. For med henblik på undersøgelsen at få ét enkelt grundlag for sammenligningen af provisioner har eksperten for hver enkelt investeringsfond beregnet summen af den reelle upfront-provision og den skønnede upfront-tillægsprovision, dvs. svarende til nutidsværdien af de årlige provisioner, der kommer til udbetaling i løbet af den forventede varighed af investeringen i fonden.
some mutual funds paid the distribution network both upfront fees and annual fees, while others paid annual fees only; in order to obtain a single measure of the fees that would be valid for the purpose of the study, the expert added to the actual upfront fee for each mutual fund an estimated additional upfront fee, equal to the present value of the annual fees to be earned over the expected life of the customer’s investment in the fund.
Identificering af data til sammenligning med den godtgørelse, som CDP-kassen reelt har betalt for salget af postsparebeviser
Establishing figures for comparison with the actual remuneration paid for postal savings certificates by CDP
Den godtgørelse, som Poste Italiane har modtaget fra CDP-kassen i medfør af årsaftalerne for 2000-2006, består af følgende komponenter [47] (se også skema 4):
The overall remuneration that PI received from CDP under the annual agreements for 2000-2006 was made up of a number of components (see also Table 4) [47]:
en upfront-provision for salget af postsparebeviser, dvs. svarende til en vis procentdel af salgsbeløbet
an upfront fee on the subscriptions of postal savings certificates, equal to a given percentage of the amount subscribed;
en årlig provision på de eksisterende postsparebeviser, svarende til en vis procentdel af værdien af den samlede beholdning af postsparebeviser. Denne provision er at betragte som en godtgørelse for administrationen og bogføringen af postsparebeviserne. Siden 2003 har denne procentdel været forskellig for postsparebeviser i papirform og i elektronisk form
an annual fee on the volume of postal savings certificates outstanding, equal to a given percentage of the value of the certificates outstanding; this fee was the remuneration for the administrative and accounting management of the certificates; since 2003 it had been different for paper certificates and dematerialised certificates;
nogle år, andre faste beløb, bl.a. for realisering af bestemte kvantitative og kvalitative mål.
in some years, other fixed amounts, notably for achieving given quantitative or qualitative targets.
Godtgørelsens struktur har været ret svingende i de forskellige aftaler for årene 2000-2002.
Under the agreements for the years 2000-2002, the structure of remuneration was quite variable.
Den samlede godtgørelsesstruktur har været stabil siden 2003 i den forstand, at man genfinder de samme godtgørelseskomponenter (omend tallene for de enkelte komponenter svinger).
The overall remuneration structure had become stable since 2003, in the sense that the overall remuneration was made up of the same components, although the figures for each component could vary.
Det er ikke nemt at sammenligne de enkelte år i tidsrummet 2000-2002 med hinanden, eller perioden 2000-2002 med 2003-2006.
Generally, in the period 2000-2002 it was not easy to compare one year with another, and it was not easy to compare the period 2000-2002 period with the period 2003-2006.
For at kunne sammenligne provisionen på postsparebeviser med provisionen på tilsvarende finansielle produkter har eksperten konverteret den dobbelte godtgørelse for postsparebeviser til én samlet upfront-provision, der skønnes at svare hertil; dette tal kan umiddelbart sammenlignes med den reelle upfront-provision på bankobligationer og fællesinvesteringsfonde.
To make the remuneration for the distribution of postal savings certificates comparable to the remuneration for similar financial products, the expert converted the dual remuneration schedule of the certificates into an equivalent estimated overall upfront fee which would be directly comparable with the actual upfront fee computed for bank bonds and mutual funds.
Det samlede tal for postsparebeviserne beregnes for hvert år ved, at den ved kontrakt fastsatte reelle upfront-provision sammenlægges med en skønnet upfront-tillægsprovision, der skal repræsentere nutidsværdien af den fremtidige godtgørelse, som Poste Italiane forventer at opnå på de postsparebeviser, der sælges de enkelte år, i medfør af den årlige procentuelle provision på eksisterende postsparebeviser.
This single figure for postal savings certificates was obtained for each year by adding to the actual contractually defined upfront fee an estimated additional upfront fee, representing the present value of the remuneration that PI expected to earn in the future on the certificates subscribed in the year from the annual percentage fees on the stock of certificates outstanding.
Størrelsen af den forhåndsfastsatte tillægsprovision fastsættes under hensyntagen til gennemsnitsløbetiden af de enkelte postsparebevistyper [48], idet nutidsværdien i salgsåret beregnes på grundlag af de årlige procentuelt ansatte provisioner, der opnås i løbet af et postsparebevis' gennemsnitlige løbetid [49].
This additional upfront fee was estimated by considering the average life [48] of each class of certificate, and computing the present value, in the year of subscription, of the annual percentage fees that would be earned over the years of the average life of the certificate [49].
Eksperten mener, at beregningen af ovennævnte nutidsværdi ydermere forudsætter man lægger sig fast på en af to — lige acceptable — valgmuligheder med hensyn til fremtidige årsprovisioner:
In order to compute the present value referred to, the expert found that a further assumption had to be made regarding the annual fees to be earned in future.
den anden mulighed (i det følgende omtalt som »den variable årsprovision«) består i at beregne godtgørelsen for salg af postsparebeviser på grundlag af de årsprovisioner, der er fastsat i de på hinanden følgende aftaler over produkternes [50] samlede levetid.
The second option was to assume a variable annual remuneration, quantifying the remuneration for the distribution of postal savings certificates on the basis of the annual fees set by the successive agreements over the life of the products [50].
Det antages således her, at Poste Italiane kunne forudse de fremtidige årsprovisioners variabilitet, og at virksomheden derfor måtte beregne den samlede skønnede upfront-provision ud fra den hypotese, at årsprovisionerne ville udvikle sig på den måde, som har kunnet konstateres efterfølgende.
Here it was assumed that PI could forecast the variability of annual fees in future, and therefore would each year have computed the equivalent overall estimated upfront fee on the basis that the annual fees would have followed the path that can in fact be discerned ex post.
En ny beregning af upfront-provisionerne på postsparebeviser på basis af en variabel årsprovision resulterer generelt i lavere tal end beregninger på grundlag af en konstant årsgodtgørelse.
The upfront fees for postal savings certificates recalculated by the variable annual remuneration method appear to be generally lower than those arrived at by applying the constant annual remuneration method.
Skema 8 afbilder dette forhold for almindelige postsparebeviser og postsparebeviser med fast løbetid:
Table 8 illustrates this point for ordinary and fixed-term certificates:
Skema 8
Table 8
Skøn over samlede upfront-betalte provisioner på postsparebeviser (%)
Overall estimated upfront fees for postal savings certificates (%)
Postsparebeviser i papirform
Ordinary certificates (paper form)
Konstant årsgodtgørelse
Constant annual remuneration
Variabel årsgodtgørelse
Variable annual remuneration
Postsparebeviser med fast løbetid, i papirform
Fixed-term certificates (paper form)
Eksperten har fulgt sædvanlig praksis ved i størsteparten af rapporten at tage udgangspunkt i en konstant årsprovision.
For reasons of conservatism the expert relied in most of the study upon the assumption of a constant annual remuneration.
Den genberegnede upfront-provision, som Poste Italiane har modtaget for postsparebeviser på grundlag af ovennævnte antagelse, er anført i det følgende.
Under that assumption the recalculated upfront fees received by PI for postal savings certificates are the following:
Skema 9
Table 9
Den genberegnede upfront-provision, som Poste Italiane har modtaget for postsparebeviser
Recalculated upfront fees received by PI for postal savings certificates
Postsparebeviser i papirform (samtlige beviser forud for 2003)
Paper certificates (all certificates before 2003)
Postsparebeviser i elektronisk form (efter 2003)
Dematerialised certificates (after 2003)
Pristalsregulerede postsparebeviser (equity-relaterede)
Indexed (equity-linked)
Pristalsregulerede postsparebeviser (inflationsjusterede)
Indexed (inflation-linked)
Sammenligning med den skønnede godtgørelse i bankobligationsstikprøven
Comparison with the remuneration estimated on the basis of the sample of bank bonds
På grundlag af de indsamlede oplysninger kan der foretages et skøn over, hvor stor spredningen er i markedsgodtgørelsen for salg af postsparebeviser.
The data collected allow an estimate to be made of the spreads of market remuneration for the distribution of postal savings certificates.
Den skønnede markedsgodtgørelse udviser forskelle, men afhænger af, hvad der vælges som sammenligningsprodukt.
The estimated market remuneration differs, but does depend on which comparator is taken as the appropriate one.
Skema 10 viser intervallet for de skønnede samlede upfront-provisioner på postsparebeviser (baseret på en regressionsanalyse af bankobligationsstikprøven) og de genberegnede reelle provisioner, som Poste Italiane har modtaget for postsparebeviser.
Table 10 shows the ranges of the overall estimated upfront fees for postal savings certificates (on the basis of the regression analysis on the sample of bank bonds) and the ranges of recalculated actual fees received by PI for postal savings certificates. The range of actual remuneration for postal savings certificates is defined by the minimum and maximum fee observed over the period 2000-2006.
Intervallet for den reelle godtgørelse for postsparebeviser er fastlagt ved de minimums- og maksimumsprovisioner [52], der er konstateret i tidsrummet 2000-2006. Det interval, der anvendes i sammenligningen, er defineret ved de forventede minimums- og maksimumsværdier for postsparebeviserne; disse værdier er opnået ved regression af provisionerne under hensyntagen til de relevante faktorer.
The range used for the comparison is defined by the minimum and maximum expected values [52] of fees for postal savings certificates on the basis of regressions of fees on the relevant factors.
Skemaet viser også de intervaller, der fremkommer ved at addere en eller flere standardafvigelser til de forventede minimums- og maksimumsværdier [53].
The table also shows the ranges built by adding one or two standard deviations to the expected minim and maxima [53].
Det er nyttigt at henvise til de klassiske intervaller (middelværdi + 1 standardafvigelse) og (middelværdi + 2 standardafvigelser) ved vurderingen af en begivenheds sandsynlighed: en observation, hvis afstand fra forventningsværdien er mindre end én standardafvigelse har statistisk en høj sandsynlighed for at være lig med forventningsværdien; hvis den ligger i en afstand på mellem én og to standardafvigelser, er sandsynligheden mindre, men ikke unormalt lav; hvis den ligger i en afstand på mere end to standardafvigelser, er sandsynligheden ret lav, og man kan derfor tale om en »sjælden« — eller potentielt »unormal« — begivenhed [54].
The reference to the classical intervals (mean + 1 standard deviation) and (mean + 2 standard deviations) is useful for assessing the probability of an event: an observation which is less than one standard deviation distant from the expected value has a high probability of being statistically similar to the expected value; when it is between one and two standard deviations distant, its probability is lower, but not abnormally low; when it is more than two standard deviations distant, its probability is quite low, so that it can be termed a ‘rare’ and potentially ‘abnormal’ event [54].
Skema 10
Table 10
Genberegnede upfront-provisioner og skønnede markedsgodtgørelser for postsparebeviser i bankobligationsstikprøven (%)
Recalculated upfront fee and estimated market remuneration for postal savings certificates based on the sample of bank bonds (%)
Postsparebevisets form
Form of certificate
Papirform
Paper
Elektronisk form
De-materialised
Papirform
Demat.
Equity-relateret [55]
Equity-linked [55]
Inflationsjusteret
Inflation-linked
18 måneder
18 month
Minimumsgodtgørelse for postsparebeviser 2000-2006
Minimum fee for postal savings certificates 2000-2006
Maksimumsgodtgørelse for postsparebeviser 2000-2006
Maximum fee for postal savings certificates 2000–2006
Forventningsværdi + 1 standardafvigelse — minimumsskøn
exp. value + 1 std. dev.
Forventningsværdi + 2 standardafvigelser — minimumsskøn
exp. value + 2 std. dev.
Forventningsværdi — maksimumsskøn
expected value — highest estimate
Eksperten drager følgende konklusioner heraf:
The conclusions drawn by the expert were therefore the following:
postsparebeviser med 18 måneders løbetid, almindelige elektroniske postsparebeviser og inflationsjusterede postsparebeviser: der er et »absolut entydigt« bevis på markedskonformitet
for 18-month certificates, dematerialised ordinary certificates and inflation-linked certificates, there was ‘absolutely unambiguous’proof that the conditions were market-conform;
pristalsregulerede postsparebeviser og almindelige postsparebeviser i papirform: beviset er ikke »absolut entydigt«, men tyder klart på markedskonformitet; regressionsbaserede beregninger viser, at godtgørelsen for postsparebeviser i disse tilfælde enten ligger lavere end forventningsværdien eller ligger inden for det interval, der er bestemt ved forventningsværdien + to standardafvigelser
for index-linked certificates and paper ordinary certificates, the evidence was not ‘absolutely unambiguous’, but did clearly tend to show that the conditions were market-conform; in these cases fees for postal savings certificates were, in regression-based simulations, either below the expected value, or within the interval defined by the expected value plus two standard deviations;
postsparebeviser med fast løbetid: det er muligt, at der i 2001 har været en unormalt høj maksimumsværdi.
for fixed-term certificates, there might have been an abnormal maximum in 2001.
Eksperten anfører også de salgsprovisioner, der forventes for almindelige postsparebeviser og postsparebeviser med fast løbetid, når der indregnes uafhængige variable dummy-værdier [56] for de enkelte salgsinstitutioner med det formål at måle en anden faktor, nemlig de enkelte salgsinstitutioners prispolitik, der ikke indgår i regressionsanalysen i skema 10:
The expert also indicated expected distribution fees for ordinary and fixed-term postal savings certificates when dummy independent variables were included for each distributor, in order to capture another factor, the pricing policies of individual distributors, which was not included in the regression analysis shown in table 10 [56]:
Skema 11
Table 11
Skønnede godtgørelser for postsparebeviser, pr. salgsinstitution
Estimated remuneration of distributor for postal savings certificates
Plain vanilla-bankobligationer
Plain vanilla bank bonds
Fast forrentede bankobligationer
Fixed-interest bank bonds
A: Almindelige postsparebeviser
Panel A: Ordinary postal savings certificates
B: Fastforrentede postsparebeviser
Panel B: Fixed-term postal savings certificates
Sammenligning med provisionen for investeringsfonde
Comparison with fees for mutual funds
Skema 12 viser de genberegnede samlede upfront-provisioner, som Poste Italiane har modtaget for salg af postsparebeviser (punktoverslag) og fonde for investering i pengemarkedet.
The overall recalculated upfront fees paid to PI for the distribution of postal savings certificates (point estimate) and for money-market mutual funds are shown in table12.
Skema 12
Table 12
Genberegnede upfront-provisioner og årlige markedsprovisioner for postsparebeviser skønnet på grundlag af stikprøven af investeringsfonde
Recalculated upfront fees and estimated yearly market remuneration for postal savings certificates based on the sample of mutual funds
Fonde for investering i pengemarkedet
Money-market mutual funds
Middelværdi
mean
Middelværdi + 1 standardafvigelse
mean + 1 standard deviation
Eksperten beregnede — ud fra den arbejdshypotese, at den årlige godtgørelse var konstant — den årlige godtgørelse for salg af postsparebeviser i absolutte tal, svarende til den godtgørelse, som Poste Italiane ville have modtaget, hvis virksomheden var blevet betalt de gennemsnitssatser, som sælgere af tilsvarende investeringsfonde modtog.
Working on the assumption of a constant annual remuneration, the expert computed the annual remuneration for the distribution of postal savings certificates in absolute figures, as compared with the remuneration PI would have obtained if it had been paid the average rates received by distributors of comparable mutual funds.
De årlige absolutte tal for godtgørelsen for postsparebeviser og for den godtgørelse, som fonde for investering i pengemarkedet ville være resulteret i, er vist i skema 13.
These yearly absolute figures for the remuneration of postal savings certificates and for the remuneration that would have been payable on the basis of the terms for money-market mutual funds are presented in Table 13.
Skema 13
Table 13
Reelle og skønnede godtgørelser for salg af postsparebeviser, i absolutte tal
Actual and estimated remuneration for postal savings certificates, in absolute figures
I alt 2000-2006
Total 2000-2006
Eksperten konkluderer:
The expert concluded that:
I den første metode (skema 12) ligger provisionerne for postsparebeviser næsten altid mellem forventningsværdien og forventningsværdien + 1 standardafvigelse, når de måles på grundlag af provisionerne for fonde for investering i pengemarkedet, og næsten altid under forventningsværdien, når de måles på grundlag af statsobligationer udstedt inden for EU.
By the first method (table 12), the fees for postal savings certificates nearly always lay between the expected value and the value equal to one standard deviation, if they were estimated on the basis of fees for money market funds, and nearly always below the expected value estimated on the basis of euro government bond funds;
I den anden metode (skema 13) ligger den samlede reelle godtgørelse for postsparebeviser altid under den godtgørelse, som bliver resultatet af gennemsnitsvilkårene for statsobligationer udstedt inden for EU.
By the second method (table 13), the actual total remuneration obtained by PI was always lower than the remuneration that would have been obtained by applying the average terms for euro area government bond mutual funds.
Den konklusion, som de sammenlignende undersøgelser af provisionerne for investeringsfonde munder ud i, nemlig at godtgørelserne er markedskonforme, må derfor betragtes som så godt som »absolut entydig«.
The conclusion that the fees are market-conform, obtained from the comparative evidence on mutual funds’ fees, can be regarded as close to ‘absolutely unambiguous’.
Specifikke provisioner for fremstillingen af postsparebeviser i papirform
Specific fees for the production of paper certificates
Den godtgørelse, som CDP-kassen har betalt til Poste Italiane, androg i alt 15 mio. EUR i 2003, 16 mio. EUR i 2004 og 18 mio. EUR i 2005 og 2006 (se skema 4).
The total fees that CDP paid to PI amounted to EUR 15 million in 2003, EUR 16 million in 2004, and EUR 18 million in 2005 and 2006 (see table 4).
Godtgørelsen for fremstilling af postsparebeviser i papirform indgår ikke i de tidligere undersøgelser af, om den godtgørelse, der er betalt til Poste Italiane for salg af postsparebeviser, er markedskonform.
In the analyses outlined above, examining whether or not the fees paid to PI for distributing postal savings certificates were market-conform, the remuneration for the production of paper certificates was not considered.
Italien bemærker, at denne betaling ligger på mellem 10 og 20 EUR pr. bevis, og understreger, at den godtgørelse, som CDP-kassen giver Poste Italiane, er på 1,70 pr. papirbevis, og konkluderer, at dette beløb ikke kan betragtes som overdrevent højt.
Italy observed that the payment required for paper certificates issued by mutual funds amounted to EUR 10 to EUR 20 per certificate, while the fee paid by CDP to PI amounted to EUR 1,70 per paper certificate, and concluded that this did not seem excessive.
Eksperten bekræfter, at de beløb, som investeringsfondene betaler for fremstilling af papirbeviser, svarer til det af Italien beskrevne niveau.
The expert confirmed that the amounts charged by mutual funds for the production of paper certificates were at the level described by Italy.
Den godtgørelse, som CDP-kassen har betalt til Poste Italiane for fremstilling af postsparebeviser i papirform, kan betragtes som markedskonform.
Therefore, the fee paid by CDP to PI for the production of paper certificates could be regarded as market-conform.
Ekspertens konklusion
The expert’s conclusion
Den generelle konklusion, som eksperten drager i sin rapport, er, at den godtgørelse, som CDP-kassen har betalt til Poste Italiane i tidsrummet 2000-2006, er markedskonform.
The overall conclusion of the expert report is that the remuneration paid for postal savings certificates in the years 2000-2006 was market-conform.
Ved vurderingen af, om en foranstaltning er at betragte som statsstøtte i den i traktatens artikel 87, stk. 1, omhandlede forstand, tager Kommissionen principielt stilling til, om ordningen:
In order to ascertain whether a measure constitutes State aid within the meaning of Article 87(1), the Commission has in principle to assess whether the scheme:
ydes af staten, eller i form af statslige midler
is granted by the State or through State resources,
indebærer en økonomisk fordel
confers an economic advantage,
kan fordreje konkurrencen ved at begunstige visse virksomheder eller visse produktionsgrene
is capable of distorting competition by favouring certain undertakings or the production of certain goods,
influerer på samhandelen mellem medlemsstaterne.
affects trade between Member States.
Baggrunden for bedømmelsen
The context of the assessment
For at drage en konklusion i dette tilfælde behøver Kommissionen blot at tage stilling til, hvorvidt den her debatterede godtgørelse har givet Poste Italiane en fordel.
In order to reach a conclusion in the present case, the Commission will have to consider only whether the remuneration at issue conferred an advantage on PI.
Det følger af dekretet af 6. oktober 2004, at modtagelse af postopsparingen er blevet en tjenesteydelse af almen økonomisk interesse [57].
As a consequence of the Order of 6 October 2004, the collection of postal savings has become a service of general economic interest [57].
Fra og med 2004 må bedømmelsen derfor tage udgangspunkt i Altmark-dommen [58].
From 2004 onward, therefore, the assessment has to be conducted in the framework established by the Altmarkjudgment [58].