natgillin/translations-raw huggingface dataset:
This comparison is not appropriate, because Treasury products are distributed essentially to institutional investors, while bank bonds and postal savings certificates are distributed according to the typical process of the retail segment of the market.
Ta primerjava ni ustrezna, ker se zakladni produkti distribuirajo zlasti institucionalnim vlagateljem, medtem ko se bančne obveznice in potrdila o poštnem varčevanju distribuirajo v skladu z običajnim postopkom maloprodajnega dela trga.
Moreover, the level of remuneration charged by banks for the distribution of Treasury bonds to retail investors is not a market price resulting from the interplay between supply and demand for retail distribution services, but is fixed unilaterally by the State, and has the force of law.
Poleg tega stopnja nadomestila, ki ga zaračunajo banke za distribucijo državnih obveznic malim vlagateljem, ni tržna cena, ki bi temeljila na medsebojnem vplivu ponudbe in povpraševanja po storitvah distribucije malim vlagateljem, ampak jo enostransko določi država in ima zakonsko moč.
This fee consequently cannot be taken as the market level of remuneration for distribution services in the Italian market [64].
Zato tega nadomestila ni mogoče šteti kot tržne stopnje nadomestila za storitev distribucije na italijanskem trgu [64].
The Commission considers that the comparators identified by the expert address ABI’s concerns in that i) bank bonds are issued by financial companies, and hence are more closely comparable to postal savings certificates issued by CDP; ii) State securities and bank bonds have similar risk profiles; and iii) the bank bonds considered comparable to ordinary and fixed-term postal savings certificates are not structured bonds but ‘plain vanilla’ bonds.
Komisija meni, da primerljivi instrumenti, ki jih je opredelil strokovnjak, obravnavajo pomisleke ABI, ker i) bančne obveznice izdajajo finančne družbe in so zato bolj primerljive s potrdili o poštnem varčevanju, ki jih je izdala CDP; ii) imajo državni vrednostni papirji in bančne obveznice podobne profile tveganja in iii) bančne obveznice, ki se štejejo za primerljive navadnim potrdilom o poštnem varčevanju in potrdilom o poštnem varčevanju z zapadlostjo, niso strukturirane obveznice, ampak klasične obveznice.
In conclusion, the Commission takes the view that the comparators relevant for purposes of the present Decision are those identified by the expert study, i.e. bank bonds in the first place, and then mutual funds with similar characteristics.
Komisija meni, da so za to odločbo pomembni primerljivi instrumenti, ki so opredeljeni v strokovni študiji, tj. najprej bančne obveznice in potem vzajemni skladi s podobnimi značilnostmi.
Estimated market remuneration for postal savings certificates
Ocenjeno tržno nadomestilo za potrdila o poštnem varčevanju
Methodology for evaluating market remuneration
Metodologija za oceno tržnega nadomestila
The Commission considers that the expert’s methodology and calculations regarding equivalent upfront fees for postal savings certificates are appropriate.
Komisija meni, da so metodologija in izračuni, ki jih je uporabil strokovnjak v zvezi z enakovrednimi predhodnimi nadomestili za potrdila o poštnem varčevanju, ustrezni.
In particular,
Velja zlasti naslednje:
the split of the remuneration according to its nature (annual, upfront, others) is appropriate, and
razdelitev nadomestila glede na naravo (letno, predhodno, drugo) je ustrezna, in
the expected life, the computation of present value and the discount rate for all products accepted by the expert are based on reasonable assumptions.
pričakovana življenjska doba, izračun sedanje vrednosti in diskontne stopnje za vse produkte, ki jih je sprejel strokovnjak, temeljijo na razumnih domnevah.
In conclusion, the upfront fees arrived at by the expert are correct.
Predhodna nadomestila, ki jih je izračunal strokovnjak, so pravilna.
Comparables
Primerljivi instrumenti
The Commission takes account of the limitations of the available data, and agrees with the expert that on the basis of economic literature and market research there is no financial product that is perfectly comparable to postal savings certificates in terms of all the relevant factors identified.
Komisija upošteva omejitve glede razpoložljivih podatkov in se strinja s strokovnjakom, da na podlagi literature s področja gospodarstva in tržne raziskave ni finančnega produkta, ki bi bil glede vseh zadevnih opredeljenih dejavnikov popolnoma primerljiv s potrdili o poštnem varčevanju.
The Commission considers that the substantial volume of quantitative and qualitative data collected and used by the expert is adequate for the purposes of the present Decision [65].
Komisija meni, da je velika količina kvantitativnih in kvalitativnih podatkov, ki jih je zbral in uporabil strokovnjak, za namene te odločbe [65] ustrezna.
The Commission agrees that a conclusion regarding the whole period (2000-2006) is of relevance, because field interviews conducted by the expert established that there had been no appreciable change in the size of distribution fees for bank bonds since 2000 (some answers even indicated that they had decreased in size).
Komisija se strinja, da je ugotovitev v zvezi s celotnim obdobjem (2000–2006) pomembna, ker je bilo z intervjuji na terenu, ki jih je izvedel strokovnjak, ugotovljeno, da se od leta 2000 višina nadomestil za distribucijo bančnih obveznic ni znatno spremenila (na podlagi nekaterih odgovorov je mogoče celo sklepati, da se je zmanjšala).
Moreover, the negotiations between the parties have resulted in significant changes in the terms of remuneration over the years (for instance, the annual management fee has fallen both as a percentage and as an amount).
Poleg tega so se na podlagi pogajanj med strankami pogoji nadomestila v zadnjih letih znatno spremenili (zmanjšala sta se na primer odstotek in znesek letnega nadomestila za upravljanje).
The Commission is of the view that the fee negotiations must take account of a multiannual perspective.
Komisija meni, da je treba pri pogajanjih o nadomestilih upoštevati večletno perspektivo.
It is therefore important that the reasoning should cover a multiannual period.
Zato je pomembno, da obrazložitev zajema večletno obdobje.
Furthermore, the Commission agrees with the expert that since the remuneration structures for postal savings certificates and all the comparable financial products are different, the rate of remuneration for the distribution of the different products needs to be expressed in homogenous terms.
Poleg tega se Komisija strinja s strokovnjakom, da je treba stopnjo nadomestila za distribucijo različnih produktov izraziti enotno, ker se strukture nadomestila za potrdila o poštnem varčevanju in vse primerljive finančne produkte razlikujejo.
In this regard, since for bank bonds the only fees paid are distribution fees, the Commission considers it right to compute equivalent upfront fees for mutual funds.
Ker so edina nadomestila, ki se plačajo za bančne obveznice, le nadomestila za distribucijo, Komisija v zvezi s tem meni, da je pravilno, da se izračunajo enakovredna predhodna nadomestila za vzajemne sklade.
The Commission also considers that the regression analysis carried out on the basis of the sample of bank bonds appears generally to be the best method in order to establish the market remuneration for the distribution of postal savings certificates.
Poleg tega Komisija meni, da je regresijska analiza, izvedena na podlagi vzorca bančnih obveznic, na splošno najboljša metoda za določitev tržnega nadomestila za distribucijo potrdil o poštnem varčevanju.
The Commission agrees with the expert that the descriptive statistics for mutual funds, identified as comparables by both ABI and Italy, can be used to draw meaningful conclusions.
Komisija je strinja s strokovnjakom, da je možno na podlagi opisnih statističnih podatkov za vzajemne sklade, ki sta jih ABI in Italija opredelila kot primerljive instrumente, oblikovati smiselne ugotovitve.
The Commission accordingly finds that the means and expected values computed by the expert are acceptable.
V skladu s tem Komisija ugotavlja, da so povprečne in pričakovane vrednosti, ki jih je izračunal strokovnjak, sprejemljive.
A technical difference has emerged between the Commission and the expert regarding the ranges to be applied to the expected values (standard error/standard deviation) in order to ascertain whether remuneration is market-conform.
V zvezi z razponi, ki jih je treba uporabiti za pričakovane vrednosti (standardna napaka/standardno odstopanje), da se ugotovi, ali je nadomestilo v skladu s tržnimi pravili, so med Komisijo in strokovnjakom nastale tehnične razlike.
However, the Commission will not need to examine this question further here, because the ranges will not be needed in its assessment.
Vendar v tem primeru Komisiji tega vprašanja ni treba dodatno preučiti, ker razponi pri oceni ne bodo potrebni.
Analysis of market conformity
Analiza skladnosti s tržnimi pravili
It has to be assessed whether the following products were market-conform over the relevant period:
Oceniti je treba, ali so bili naslednji produkti v skladu s tržnimi pravili v zadevnem obdobju:
period of subscription of the various types of postal savings certificate
Obdobje vpisovanja različnih vrst potrdila o poštnem varčevanju
Dematerialised form
Dematerializirana oblika
Paper form
Materializirana oblika
Not available for subscription
ni na voljo za vpis
Indexed: equity-linked
Indeksirano: vezano na kapital
Indexed: inflation-linked
Indeksirano: vezano na inflacijo
Dematerialised certificates
Potrdila v dematerializirani obliki
As regards dematerialised postal savings certificates a comparison of the values in tables 9 and 10 shows the following.
V zvezi s potrdili o poštnem varčevanju v dematerializirani obliki primerjava vrednosti iz tabel 9 in 10 kaže naslednje:
Ordinary certificates: over the relevant period, the upfront equivalent of the certificates is 2,64 %, while the lowest estimate of the expected value is 3,05 %.
navadna potrdila: v zadevnem obdobju je predhodni ekvivalent za potrdila 2,64 %, medtem ko je najnižja ocena pričakovane vrednosti 3,05 %.
The remuneration is therefore market-conform,
Zato je nadomestilo v skladu s tržnimi pravili;
18-month certificates: over the relevant period, the upfront equivalent of the certificates is 0,65 %, while the expected value is 0,63 %.
18-mesečna potrdila: v zadevnem obdobju je predhodni ekvivalent za potrdila 0,65 %, medtem ko je pričakovana vrednost 0,63 %.
The remuneration for the certificates is so close to the expected value that the Commission can reasonably conclude only that it is market-conform [66].
Nadomestilo za potrdila je tako blizu pričakovani vrednosti, da lahko Komisija utemeljeno ugotovi le, da je v skladu s tržnimi pravili [66].
Besides, the Commission considers, as the expert has shown, that the most similar bank product is the deposit certificate (CD).
Poleg tega Komisija v skladu z ugotovitvijo strokovnjaka meni, da je najbolj podoben bančni produkt potrdilo o vlogi.
Despite the small size of the sample of these deposit certificates (which have no upfront distribution fee, and annual fees of 0,60 %), the Commission feels that for purposes of this Decision it is possible to ascertain the level of the distribution fee.
Kljub majhnemu vzorcu teh potrdil o vlogi (ki nimajo predhodnega nadomestila za distribucijo in imajo letno nadomestilo v višini 0,60 %) Komisija meni, da je za namene te odločbe mogoče določiti stopnjo nadomestila za distribucijo.
If an annual fee of 0,60 % on an 18-month security [67] is calculated back to present value in the years 2005 and 2006, the equivalent upfront fee obtained is equal to 0,863 %, which is higher than the estimated value of the upfront fee for 18-month postal savings certificates.
Če se letno nadomestilo v višini 0,60 % za 18-mesečni vrednostni papir [67] izračuna za sedanjo vrednost v letih 2005 in 2006, je dobljeno enakovredno predhodno nadomestilo enako 0,863 %, kar presega ocenjeno vrednost predhodnega nadomestila za 18-mesečna potrdila o poštnem varčevanju.
The remuneration is therefore market-conform [68],
Zato je nadomestilo v skladu s tržnimi pravili [68];
Index-linked certificates: over the relevant period, the upfront equivalent of the certificates is 2,64 %.
potrdila, vezana na indeks: v zadevnem obdobju je predhodni ekvivalent za potrdila 2,64 %.
However, because of the limited explanatory power of the regression analysis on the sample of structured bank bonds (see footnote 55), and given that mutual funds are not an appropriate comparable for index-linked postal savings certificates, the Commission shares the expert’s view that the comparison has to rely on the results of the descriptive statistics.
Vendar se zaradi omejene pojasnjevalne moči regresijske analize za vzorec strukturiranih bančnih obveznic (glej opombo 55) in glede na to, da vzajemni skladi niso ustrezen primerljiv instrument za potrdila o poštnem varčevanju, vezana na indeks, Komisija strinja s strokovnjakom, da mora primerjava temeljiti na rezultatih opisne statistične metode.
These results show that:
Ti rezultati kažejo:
the remuneration for inflation-linked postal savings certificates in the only year at issue — 2006 — was below the average remuneration for inflation-linked bank bonds (2,82 %, from 42 observations);
nadomestilo za potrdila o poštnem varčevanju, vezana na inflacijo, v edinem zadevnem letu, tj. 2006, je bilo nižje od povprečnega nadomestila za bančne obveznice, vezane na inflacijo (2,82 %, od 42 ugotovitev);
the remuneration for index-linked postal savings certificates in the years at issue (2003-2006) was below the average remuneration for index-linked bank bonds (3,10 %, from 109 observations).
nadomestilo za potrdila o poštnem varčevanju, vezana na indeks, v zadevnih letih (2003–2006) je bilo nižje od povprečnega nadomestila za bančne obveznice, vezane na indeks (3,10 %, od 109 ugotovitev).
The remuneration is therefore market-conform.
Zato je nadomestilo v skladu s tržnimi pravili.
Paper 18-month certificates
Osemnajstmesečna potrdila v materializirani obliki
Paper 18-month postal savings certificates are remunerated at the same rate as dematerialised ones (because there is no annual management fee for this type of certificate).
Nadomestilo za 18-mesečna potrdila o poštnem varčevanju v materializirani obliki je na enaki stopnji kot nadomestilo za takšna potrdila v dematerializirani obliki (ker za to vrsto potrdila ni letnega nadomestila za upravljanje).
This category of certificate is therefore also market-conform.
Zato je ta kategorija potrdila v skladu s tržnimi pravili.
Paper ordinary certificates and paper fixed-term certificates
Navadna potrdila v materializirani obliki in potrdila z zapadlostjo v materializirani obliki
It only remains to be ascertained whether the remuneration for paper ordinary postal savings certificates for the years 2000-2006 and for paper fixed-term certificates for 2000-2002 is market-conform.
Ugotoviti je treba le, ali je nadomestilo za navadna potrdila o poštnem varčevanju v materializirani obliki za obdobje 2000–2006 in za potrdila z zapadlostjo v materializirani obliki za obdobje 2000–2002 v skladu s tržnimi pravili.
The Commission notes that the expert also compares paper postal savings certificates to dematerialised comparables, because he could not identify suitable comparables in paper form among the products available on the market.
Komisija opozarja, da je strokovnjak potrdila o poštnem varčevanju v materializirani obliki primerjal tudi s primerljivimi instrumenti v dematerializirani obliki, ker med produkti, ki so na voljo na trgu, ni mogel opredeliti primernih primerljivih instrumentov v materializirani obliki.
The Commission is of the view that the specific tasks that PI performs in the case of paper bonds are different from the simple production of paper certificates, for which a separate fee is paid (see paragraphs 130-132).
Komisija meni, da se posebne naloge, ki jih izvaja PI v primeru obveznic v materializirani obliki, razlikujejo od preproste izdaje potrdil v materializirani obliki, za katera se plača posebno nadomestilo (glej uvodne izjave 130–132).
It must be pointed out that the difference between the overall fees for paper and dematerialised postal savings certificates derives only from the management component of the fee [69].
Poudariti je treba, da razlika med skupnimi nadomestili za potrdila o poštnem varčevanju v materializirani obliki in dematerializirani obliki izhaja le iz dela nadomestila, povezanega z upravljanjem [69].
PI does carry out specific tasks connected to the management of the stock of paper certificates.
PI izvaja posebne naloge, povezane z upravljanjem zaloge potrdil v materializirani obliki.
Ordinary postal savings certificates can be ‘bought’in paper form any day in any Italian post office, by anyone who presents themselves in the post office with an identification document and with the amount in cash they wish to invest in the certificates.
Navadna potrdila o poštnem varčevanju lahko v materializirani obliki kadar koli in na katerem koli italijanskem poštnem uradu „kupi“ kdor koli, ki v poštnem uradu izkaže svojo istovetnost z identifikacijskim dokumentom in ima denarni znesek, ki ga želi vložiti v potrdila.
It is not necessary to have a current account with PI, because paper savings certificates can be bought for cash.
Pri tem ni treba imeti odprtega tekočega računa pri PI, ker je potrdila o varčevanju možno kupiti z gotovino.
The counter staff will ask the customer to fill in some forms, will enter the customer’s name on the certificates, and will hand over the certificates to the customer.
Osebje za okencem bo zahtevalo, da kupec izpolni nekatere obrazce, potem bo ime kupca vpisalo na potrdila in jih kupcu izročilo.
For the redemption of the certificates the procedure is much the same.
Za ponovni odkup potrdil je postopek zelo podoben.
Managing these steps requires an organisational effort that is not needed, or is at least easier, in the case of dematerialised postal savings certificates and bank bonds.
Za upravljanje teh dejanj je potrebno organizacijsko prizadevanje, ki pri potrdilih o poštnem varčevanju v dematerializirani obliki in bančnih obveznicah ni potrebno ali je vsaj bistveno lažje.
Thus the larger remuneration on the annual stock of paper certificates seems to be justified by the specific tasks that PI performs in respect of these paper certificates, so that a comparison between the overall estimated upfront fees for paper ordinary postal savings certificates and bank-issued bonds would be biased against PI, and a determination of the question whether the remuneration for postal savings certificates is market-conform ought to be based mainly on the evidence concerning dematerialised certificates.
Zato se zdi, da je višje nadomestilo za letno zalogo potrdil v materializirani obliki utemeljeno zaradi posebnih nalog, ki jih opravlja PI v zvezi s takšnimi potrdili v materializirani obliki, tako da bi bila primerjava med celotnimi ocenjenimi predhodnimi nadomestili za navadna potrdila o poštnem varčevanju v materializirani obliki in obveznicami, ki jih izda banka, pristranska do PI, odgovor na vprašanje, ali je nadomestilo za potrdila o poštnem varčevanju v skladu s tržnimi pravili, pa bi moral temeljiti zlasti na dokazih o potrdilih v dematerializirani obliki.
The Commission agrees with the expert that PI performs specific tasks in the case of paper postal savings certificates that go beyond compensation for the material production of the paper certificates [70].
Komisija se strinja s strokovnjakom, da v primeru potrdil o poštnem varčevanju v materializirani obliki PI izvaja posebne naloge, ki presegajo nadomestilo za dejansko izdajo potrdil v materializirani obliki [70].
The additional tasks justify higher annual fees.
Dodatne naloge utemeljujejo višja letna nadomestila.
On average over the period, the annual remuneration paid to PI for the specific additional tasks of managing paper certificates was around 0,14 % of the stock of paper certificates (see table 4) [71].
Povprečno je v zadevnem obdobju letno nadomestilo, plačano PI za posebne dodatne naloge upravljanja potrdil v materializirani obliki, znašalo približno 0,14 % zaloge potrdil v materializirani obliki (glej tabelo 4) [71].
The costs incurred in the management of paper certificates cannot be quantified precisely, but the Commission takes the view that the small extra remuneration identified here is not excessive, considering the work and organisational effort required for the management of paper certificates (described in paragraph 166).
Stroškov upravljanja potrdil v materializirani obliki ni mogoče natančno količinsko opredeliti, vendar Komisija meni, da neznatno dodatno nadomestilo, ugotovljeno v tem primeru, ni previsoko glede na delo in organizacijska prizadevanja, potrebna za upravljanje potrdil v materializirani obliki (opis v odstavku 166).
In 2006, the management fees paid to PI amounted to just EUR 7126 per post office branch.
Nadomestila za upravljanje, plačana PI, so leta 2006 znašala le 7126 EUR na poštno poslovalnico.
In 2000-2001, when specific qualitative targets were negotiated between the parties [72], the management fees paid to PI amounted respectively to EUR 18064 and EUR 14231 per post office branch [73].
Ko sta se leta 2000–2001 stranki dogovorili o posebnih kvalitativnih ciljih [72], so nadomestila za upravljanje, plačana PI, znašala 18064 EUR in 14231 EUR na poštno poslovalnico [73].
The Commission is of the view that these fee levels are proportionate to the management of paper certificates, and that they are market-conform.
Komisija meni, da so te stopnje nadomestila sorazmerne z upravljanjem potrdil v materializirani obliki in da so v skladu s tržnimi pravili.
The Commission also notes that the trend of this annual remuneration has been downward, and that the volume of paper certificates is expected to diminish over time.
Poleg tega Komisija opozarja, da se to letno nadomestilo zmanjšuje in da se pričakuje, da se bo postopno zmanjšal tudi obseg potrdil v materializirani obliki.
Fixed-term postal savings certificates were never available in dematerialised form: here the Commission has computed the fees paid to PI excluding the remuneration for management tasks.
Potrdila o poštnem varčevanju z zapadlostjo niso bila nikoli na voljo v dematerializirani obliki: v tem primeru je Komisija izračunala nadomestila, plačana PI, brez upoštevanja nadomestila za naloge upravljanja.
Over 2000-2002, the figure obtained is 1,72 % on average, taking a conservative approach [74], which is below the lowest estimated market remuneration (1,76 % — see table 10) and below several estimates for the remuneration of fixed-term postal savings certificates, taking account of the pricing policies of different distributors (see table 11, panel B).
Povprečna vrednost za obdobje 2000–2002, izračunana na podlagi konservativnega pristopa [74], je 1,72 %, kar je nižje od najnižjega ocenjenega tržnega nadomestila (1,76 % – glej tabelo 10) in nižje od več ocen nadomestila za potrdila o poštnem varčevanju z zapadlostjo, pri čemer je upoštevana cenovna politika različnih distributerjev (glej tabelo 11, nabor B).
The Commission can therefore conclude that the remuneration paid for paper fixed-term postal savings certificates was market-conform.
Zato lahko Komisija ugotovi, da je bilo nadomestilo, plačano za potrdila o poštnem varčevanju z zapadlostjo v materializirani obliki, v skladu s tržnimi pravili.
These considerations lead to the conclusion that the remuneration for paper ordinary and fixed-term postal savings certificates are market-conform.
Na podlagi tega je mogoče ugotoviti, da je nadomestilo za navadna potrdila o poštnem varčevanju v materializirani obliki in potrdila o poštnem varčevanju z zapadlostjo v materializirani obliki v skladu s tržnimi pravili.
The Commission accordingly concludes that the remuneration paid was market-conform in the years 2000-2006 for all paper postal savings certificates.
V skladu s tem Komisija ugotavlja, da je bilo plačano nadomestilo za vsa potrdila o poštnem varčevanju v materializirani obliki v obdobju 2000–2006 v skladu s tržnimi pravili.
Alternative method
Nadomestna metoda