natgillin/translations-raw huggingface dataset:
In the last few years, too, PI has significantly broadened the range of the payment services it offers its customers, adding to the traditional postal instruments, such as current account deposit receipts and postal orders, a range of instruments that were formerly the province of banks (debit and credit cards, credit transfers, or standing debit orders for utility bills).
Družba PI je v zadnjih nekaj letih tudi znatno razširila ponudbo plačilnih storitev za svoje stranke in tradicionalnim poštnim instrumentom, kot so potrdila o depozitu na tekočem računu in poštne nakaznice, dodala vrsto instrumentov, ki so jih prej ponujale samo banka (bančne plačilne kartice, kreditne kartice, nakazila ali trajnike za račune javnih gospodarskih družb).
In some cases (debit cards and standing debit orders) the service is provided by PI itself; in others PI distributes the products of third parties (banks, in the case of credit cards).
Nekatere storitve (bančne plačilne kartice in trajniki) zagotavlja družba PI sama, drugače pa distribuira tudi produkte tretjih strank (bank v primeru kreditnih kartic).
These developments have increased the substitutability of the financial services offered by PI with those offered by banks.
Zaradi tega razvoja se je povečala zamenljivost finančnih storitev, ki jih opravljajo družba PI in banke.
Banks and other players in the financial market in Italy are likely to be adversely affected by the aid.
Na banke in druge udeležence na italijanskem finančnem trgu bo ta pomoč verjetno negativno vplivala.
In particular, to the extent that the remuneration by the Treasury of the sums deposited by PI exceeds the relevant market benchmark, PI will have an incentive to expand its deposit collection business beyond the level that it would have chosen if it obtained only the remuneration that is normal in the market.
Zlasti če obrestovanje državne blagajne za zneske, ki jih pri njej deponira družba PI, preseže ustrezno tržno referenco, bo imela družba PI spodbudo za širjenje svojih poslov zbiranja depozitov nad raven, za katero bi se odločila, če bi ji bilo zagotovljeno samo običajno obrestovanje na trgu.
The market opportunities for banks will be diminished correspondingly.
Tržne priložnosti za banke se bodo zato ustrezno zmanjšale.
For the same reason, the Commission is of the view that the measure makes it more difficult for undertakings established in other Member States to penetrate the Italian market.
Komisija zato tudi meni, da podjetja s sedežem v drugih državah članicah zaradi tega ukrepa težje prodrejo na italijanski trg.
Banks from different Member States operate in Italy, either directly through branches or representative offices, or indirectly by controlling Italian-based banks and financial institutions.
Banke iz različnih držav članic poslujejo v Italiji neposredno prek podružnic ali predstavniških pisarn ali posredno z obvladovanjem bank in finančnih ustanov s sedežem v Italiji.
Recent cross-border capital transactions involving Italian banks such as Antonveneta and BNL exemplify the situation.
Ta položaj ponazarjajo nedavne čezmejne kapitalske transakcije, ki vključujejo italijanske banke, kot sta Antonveneta in BNL.
Both types of market penetration are hampered by the strengthened market position of PI.
Obe vrsti prodora na trg ovira okrepljen tržni položaj družbe PI.
To conclude, there is trade between Member States in the postal and financial services sectors.
Če povzamemo, med državami članicami obstaja trgovina v sektorjih poštnih in finančnih storitev.
The loan rate strengthens the position of PI in relation to postal undertakings and banks competing in intra-Community trade.
Obrestna mera za posojila krepi položaj družbe PI v primerjavi s poštnimi podjetji in bankami, ki tekmujejo pri trgovini v Skupnosti.
The measure is consequently liable to affect such trade and to distort competition.
Zato bi ta ukrep lahko prizadel tako trgovino in izkrivljal konkurenco.
To constitute State aid, a measure must favour the undertakings concerned.
Da bi ukrep pomenil državno pomoč, mora zadevnim podjetjem dajati prednost.
Context of the analysis
Ozadje analize
It has already been said that the loan rates payable under the 2006 Finance Act and the Agreement will confer an economic advantage if they are higher than the rate that a private borrower operating under market conditions would be prepared to pay to PI for the funds deposited, in the light of their nature and volume.
Kot je že bilo navedeno, bodo obrestne mere za posojila, ki se plačajo na podlagi Finančnega zakona iz leta 2006 in Sporazuma, zagotovile gospodarsko prednost, če so višje kot obrestne mere, ki bi jih bil zasebni posojilojemalec, delujoč pod tržnimi pogoji, pripravljen plačati družbi PI za deponirana sredstva glede na njihovo naravo in količino.
The Commission’s assessment of the measure will analyse whether the Agreement establishes a remuneration similar to what a private borrower in a market economy would have offered for the funds deposited, taking account in particular of the Obligation and the associated financial risks (Section 7.4.2).
Komisija bo v svoji oceni ukrepa analizirala, ali Sporazum uvaja obrestovanje, podobno ponudbi zasebnega posojilojemalca v tržnem gospodarstvu za deponirana sredstva, zlasti ob upoštevanju obveznosti in s tem povezanih finančnih tveganj (oddelek 7.4.2).
An adequate remuneration should reflect both the expected return and the risk, and not merely the performance in terms of return determined ex post.
Ustrezno obrestovanje mora odražati pričakovani donos in tveganje, ne le uspešnosti v smislu naknadno ugotovljenega donosa.
Furthermore, because of the Obligation, Italy has repeatedly maintained that PI has been put at a disadvantage, as it would have obtained higher yields in the absence of the Obligation.
Poleg tega je Italija zaradi obveznosti večkrat trdila, da je bila družba PI postavljena v neugoden položaj, saj bi lahko brez obveznosti dosegla večje donose.
The Commission will analyse whether Italy’s argument is well founded (Section 7.4.3).
Komisija bo analizirala, ali je argument Italije ustrezno utemeljen (oddelek 7.4.3).
The assessment by the Commission involves a complex economic appraisal.
Ocena Komisije vključuje zapleteno ekonomsko presojo.
Where the Commission adopts a measure involving such an appraisal, it enjoys a wide discretion [48].
Komisija pri sprejetju ukrepa, ki vključuje tako presojo, uživa široko diskrecijsko pravico [48].
Finally, the Agreement, which entered into force on 4 April 2006, was concluded on 23 February 2006 [49].
Nazadnje, Sporazum, ki je začel veljati 4. aprila 2006, je bil sklenjen 23. februarja 2006 [49].
The analysis conducted by the Commission has to be made on the basis of the information available to the parties to the Agreement up to February 2006.
Analiza, ki jo je opravila Komisija, mora temeljiti na informacijah, ki so bile na voljo strankam Sporazuma do februarja 2006.
The test of the prudent borrower operating in a market economy
Preskus preudarnega posojilojemalca, ki deluje v tržnem gospodarstvu
In defining the loan rate, a prudent borrower operating in a market economy (hereinafter a ‘private borrower’) would essentially have considered the following factors:
Pri določanju obrestne mere za posojila preudarni posojilojemalec, ki deluje v tržnem gospodarstvu (v nadaljevanju „zasebni posojilojemalec“) upošteva zlasti naslednje dejavnike:
the gross volume of the funds deposited,
bruto količino deponiranih sredstev,
the stable and volatile components in the deposits,
stabilne in nestanovitne komponente depozitov,
the average life and variations of the deposits,
povprečno življenjsko dobo in nihanje depozitov,
the financial risks borne.
prevzeta finančna tveganja.
These aspects are interrelated, and jointly determine the rate a private borrower would be willing to pay in a risk-return perspective.
Ti vidiki so medsebojno povezani in skupaj določajo obrestno mero, ki bi jo bil pripravljen plačati zasebni posojilojemalec v smislu primerjave med tveganjem in donosom.
The present decision will discuss them one by one.
V tej odločbi bo obravnavan vsak vidik posebej.
It will then be possible to draw a conclusion regarding the structure and amount of the associated rates of interest, so that the difference between the rates established by the Agreement and the private borrower’s rates can be quantified.
To bo omogočilo oblikovanje sklepov v zvezi s strukturo in zneskom zadevnih obrestnih mer za količinsko opredelitev razlike med obrestnimi merami, uvedenimi s Sporazumom, in obrestnimi merami zasebnega posojilojemalca.
Gross volume of the funds deposited
Bruto količina deponiranih sredstev
Before 2004, funds collected in postal current accounts were deposited not only with the Treasury but also with CDP [50].
Pred letom 2004 so bila sredstva, zbrana na poštnih tekočih računih, deponirana ne le pri državni blagajni, ampak tudi v skladu CDP [50].
The following table shows the average volume of postal current accounts and the annual average deposit with the Treasury:
Naslednja preglednica prikazuje povprečen obseg poštnih tekočih računov in povprečnega letnega depozita pri državni blagajni.
Postal current accounts
Poštni tekoči računi
Deposit to Treasury
Depozit pri državni blagajni
The large increase in the deposit with the Treasury from 2002 onward is linked to the creation of the BancoPosta account.
Veliko povečanje depozitov pri državni blagajni od leta 2002 je povezano z vzpostavitvijo računa BancoPosta.
Before the launch of the BancoPosta account, the postal current account was not an adequate retail instrument, because of the lack of associated services (such as credit and debit cards); it was used mainly by the public administration and companies writing large numbers of invoices (national utilities).
Pred uvedbo računa BancoPosta poštni tekoči račun ni bil ustrezen instrument za občane, ker ni vključeval povezanih storitev (kot so kreditne in bančne plačilne kartice); uporabljali so ga zlasti javna uprava in podjetja, ki izdajajo veliko računov (javne gospodarske družbe).
The Italian authorities state that postal current accounts provide the Treasury with a stable and reliable source of funds which gives it an alternative to the market.
Italijanski organi trdijo, da poštni tekoči računi zagotavljajo državni blagajni stabilen in zanesljiv vir sredstev, ki je alternativa trgu.
In addition, Italy argues that in 2005-2006, when the Agreement was prepared and signed, the deposits in postal current accounts were expected to grow.
Poleg tega Italija navaja, da se je v obdobju 2005–2006, ko je bil pripravljen in podpisan Sporazum, pričakovala rast depozitov na poštnih tekočih računih.
In this context, EUR 35 billion from a single lender is a considerable loan.
V tem smislu je 35 milijard EUR od enega posojilodajalca precejšnje posojilo.
The Commission notes, however, that the Italian Treasury issued securities with both short and long maturities for a value of around EUR 400 billion annually over the period 2001-2005 [51], and that the issues were oversubscribed.
Vendar Komisija ugotavlja, da je italijanska državna blagajna izdajala vrednostne papirje s kratkimi in dolgimi roki zapadlosti v vrednosti približno 400 milijard EUR letno v obdobju 2001–2005 [51] ter da je bilo preveč ponudb za nakup vrednostnih papirjev.
Thus there was no shortage of funds on the market in that period.
Tako v tem obdobju ni bilo pomanjkanja sredstev na trgu.
Furthermore, the Commission would observe that growth in deposits in postal current accounts does not necessarily mean an increase in the deposit with the Treasury, because the Obligation might, at least theoretically, be modified (see below).
Poleg tega Komisija ugotavlja, da rast depozitov na poštnih tekočih računih ne pomeni nujno povečanja depozita pri državni blagajni, ker se lahko obveznost vsaj teoretično spremeni (glej spodaj).
Stable and volatile components in the deposits
Stabilne in nestanovitne komponente depozitov
Normally, the remuneration that a private borrower would be willing to pay is a function of the lifetime of the funds provided.
Obresti, ki bi jih bil zasebni posojilojemalec pripravljen plačati, so običajno odvisne od življenjske dobe zagotovljenih sredstev.
Funds that are committed for a long term are typically remunerated at a higher rate than funds that are committed only for a short period.
Dolgoročno dodeljena sredstva se običajno obrestujejo po veliko višji obrestni meri kot le kratkoročno dodeljena sredstva.
In the case of the Agreement, none of the money is really committed: if the level of deposits collected by PI goes down, the amount of funds allocated to the Treasury goes down correspondingly.
V primeru Sporazuma se denarna sredstva dejansko ne dodelijo; če se raven depozitov, ki jih zbere družba PI, zniža, se ustrezno zniža tudi količina sredstev, dodeljenih državni blagajni.
However, the historical level of funds and the development of funds over time show that a distinction can be made between a stable component of the deposits and a volatile component.
Vendar pretekla raven sredstev in razvoj sredstev v različnih obdobjih kažeta, da je mogoče razlikovati med stabilno in nestanovitno komponento depozitov.
As the Treasury here obtains access to a source of funding that is relatively stable, the Italian authorities hold that it is appropriate to base the remuneration on a benchmark that partially reflects the funds’ long-term nature.
Ker državna blagajna tako pridobi dostop do vira financiranja, ki je sorazmerno stabilen, italijanski organi trdijo, da je ustrezno obrestovanje utemeljiti na merilu, ki delno izraža dolgoročnost sredstev.
The Commission shares the view that a private borrower would link the remuneration of the bulk of the funding, which is stable, to medium or long-term parameters, and the remuneration of the remainder, which is volatile, to short-term ones.
Komisija se strinja, da bi zasebni posojilojemalec vezal obrestovanje večjega dela financiranja, ki je stabilen, na srednje- ali dolgoročne parametre, obrestovanje preostalega dela, ki je nestanoviten, pa na kratkoročne parametre.
As noted above, Italy has taken the stable component of total deposits in postal current accounts to be equal to the minimum level of the annual total deposits in postal current accounts.
Kot je navedeno zgoraj, je Italija stabilno komponento skupnih depozitov na poštnih tekočih računih obravnavala kot enakovredno najnižji ravni skupnih letnih depozitov na poštnih tekočih računih.
The difference between this minimum level of the annual total deposits and the annual average total deposits in postal current accounts constitutes the volatile component of the annual total deposits in postal current accounts.
Razlika med to najnižjo ravnjo skupnih letnih depozitov in povprečnimi letnimi skupnimi depoziti na poštnih tekočih računih je nestanovitna komponenta skupnih letnih depozitov na poštnih tekočih računih.
It has been confirmed by Italy, and verified by the Commission, that other financial institutions make a distinction between ‘stable’ and ‘non-stable’ to characterise the level of the deposits they collect in their ordinary business.
Italija je potrdila in Komisija preverila, da druge finančne institucije razlikujejo med „stabilnim“ in „nestabilnim“ pri opredelitvi ravni depozitov, ki jih zbirajo pri rednem poslovanju.
They use different methodologies to draw this distinction [52], but the method proposed by the Italian authorities is one that is relatively simple to use.
Za to razlikovanje uporabljajo različne metodologije [52], vendar je metoda, ki so jo predlagali italijanski organi, sorazmerno enostavna za uporabo.
And the benchmark obtained using this method appears to be close to the outcome obtained using other approaches.
Poleg tega se zdi, da je merilo, pridobljeno s to metodo, podobno rezultatu, doseženemu z uporabo drugih pristopov.
The Commission can therefore accept the methodology proposed by Italy for differentiating between the stable and volatile components in the deposits.
Komisija lahko torej sprejme metodologijo, ki jo je Italija predlagala za razlikovanje med stabilnimi in nestanovitnimi komponentami depozitov.
Since 1995, the amounts lodged in absolute terms have been the following:
Od leta 1995 so bili vplačani zneski v absolutnem smislu naslednji:
Average total deposits in postal current accounts
Povprečni skupni depoziti na poštne tekoče račune
Average stable total deposits (equal to lowest level of total deposits in the calendar year)
Povprečni skupni stabilni depoziti (enakovredni najnižji ravni skupnih depozitov v koledarskem letu)
Average volatile total deposits
Povprečni skupni nestanovitni depoziti
The Commission has calculated that the stable and volatile components represent on average respectively 85,4 % and 14,6 % of the postal current accounts over the period 1995-2005, with a standard deviation for the volatile component of 4,1 %.
Komisija je izračunala, da je v obdobju 1995–2005 stabilna komponenta znašala povprečno 85,4 %, nestanovitna komponenta pa povprečno 14,6 % poštnih tekočih računov s standardnim odstopanjem v višini 4,1 % pri nestanovitni komponenti.
In conclusion, the Commission is of the opinion that 90 % of the deposits in postal current accounts can be considered relatively stable and 10 % relatively volatile.
Če povzamemo, Komisija meni, da se lahko 90 % depozitov na poštnih tekočih računih obravnava kot sorazmerno stabilnih, 10 % pa sorazmerno nestanovitnih.
As long as the Obligation stands, the Commission is of the view that, in percentage terms, the stable and volatile components of the deposits in postal current accounts would be mirrored in a deposit with a private borrower.
Komisija meni, da se bosta v depozitu pri zasebnem posojilojemalcu, izraženo v odstotkih, odražali stabilna in nestanovitna komponenta depozitov na poštnih tekočih računih, dokler bo veljala obveznost.
Consequently, in line with the Agreement, a 10 % weight for the short-term component in the loan rate in the present case appears justified.
Zato se zdi v skladu s Sporazumom 10-odstotna utež za kratkoročno komponento pri obrestni stopnji za posojilo v tem primeru upravičena.
The weight of the medium- and long-term element is therefore 90 %.
Utež za srednje- in dolgoročni del je torej 90 %.
It will be shown below that within the medium- and long-term element there is no need to enter into more detailed analysis regarding the 10 % weight given to the medium-term component and 80 % given to the long-term component.
Kot bo prikazano spodaj, pri srednje- in dolgoročnem elementu ni treba natančneje analizirati 10-odstotne uteži za srednjeročno komponento in 80-odstotne uteži za dolgoročno komponento.
Average life and variations in the deposits
Povprečna življenjska doba in nihanje depozitov
Analysing the liability side of the balance sheet for sources of funding requires a bank to understand the characteristics of its fund providers and funding instruments.
Analiza obveznosti v bilanci stanja za vire financiranja od banke zahteva, da razume značilnosti svojih financerjev in instrumentov financiranja.
To evaluate the cash flows arising from its liabilities, a bank would first examine the liabilities’ behaviour under normal business conditions, ascertaining in particular:
Za oceno denarnih tokov, ki izhajajo iz obveznosti, mora banka najprej proučiti gibanje obveznosti pod običajnimi tržnimi pogoji in ugotoviti zlasti:
the normal level of roll-over of deposits and other liabilities,
običajno stopnjo obnovitve depozitov in drugih obveznosti,
the effective maturity of deposits withdrawable on demand, such as current account deposits and many types of savings accounts,
dejansko zapadlost depozitov, ki se lahko na zahtevo dvignejo, kot so depoziti na tekočem računu in več vrst varčevalnih računov,
the normal growth in new deposit accounts.
običajno rast na novih depozitnih računih.
As in assessing roll-overs and new requests for loans, there are several techniques a bank might use to establish the effective maturities of its liabilities, such as using historical patterns of deposit behaviour.
Kot pri ocenjevanju obnovitev in novih zahtevkov za posojila ima banka na voljo več tehnik za ugotovitev dejanske zapadlosti svojih obveznosti, na primer z uporabo preteklih vzorcev gibanja depozitov.
For sight deposits, whether of individuals or businesses, many banks conduct a statistical analysis that takes account of seasonal factors, interest rate sensitivities, and other macroeconomic factors.
V zvezi z depoziti na vpogled, ki jih vlagajo posamezniki ali podjetja, več bank opravlja statistično analizo, pri kateri se upoštevajo sezonski dejavniki, občutljivost obrestnih mer in drugi makroekonomski dejavniki.
For some large wholesale depositors, a bank may undertake a customer-by-customer assessment of the probability of roll-over.
Za nekatere velike poslovne deponente lahko banka izvede oceno verjetnosti obnovitve za vsako stranko posebej.
The difficulty of establishing such estimates of liability behaviour has increased with the growing competition of investment alternatives to deposits.
Težava pri določanju takih ocen gibanja obveznosti se je povečala z vse večjo konkurenco, ki jo za depozite pomenijo naložbene alternative.
Assessments are also made of cash flows arising from a bank’s liabilities under abnormal circumstances (bank-specific or general market problems).
Ocenjujejo se tudi denarni tokovi na podlagi obveznosti banke v neobičajnih okoliščinah (težave posamezne banke ali splošne težave na trgu).
Against this background, the Commission has examined in depth the data transmitted by Italy regarding the statistical model used by PI to identify the prudential and estimated trends of funds collected in postal current accounts on the basis of an analysis of historical trends (the […] study) [53].
Komisija je na tej podlagi poglobljeno proučila podatke, ki jih je predložila Italija v zvezi s statističnim modelom, ki ga uporablja družba PI za ugotovitev preudarnih in pričakovanih gibanj sredstev, zbranih na poštnih tekočih računih, na podlagi analize preteklih gibanj (študija […]) [53].
The Commission stresses that the […] study is aimed at quantifying the behavioural lifetime of postal current account deposits, and that […] does not draw any conclusions regarding the lifetime of the deposit with the Treasury.
Komisija poudarja, da je cilj študije […] količinska opredelitev vedenjske življenjske dobe depozitov na poštnih tekočih računih in da […] ne sprejema nobenih sklepov glede življenjske dobe depozita pri državni blagajni.
In order to determine the relevant average life of the deposits, the Commission has here to consider two possible types of fund management: active and passive.
Za opredelitev ustrezne povprečne življenjske dobe depozitov mora Komisija tukaj upoštevati dve mogoči vrsti upravljanja sredstev, in sicer aktivno in pasivno.
Italy argues that, within the specific context of the passive management of PI’s liquidity in 2005 and 2006, the criteria for identifying the lifetime of the funds collected in postal current accounts are identified by the […] model.
Italija trdi, da v posebnem okviru pasivnega upravljanja likvidnosti družbe PI v letih 2005 in 2006 merila za opredelitev življenjske dobe sredstev, zbranih na poštnih tekočih računih, določa model […].
This probabilistic model is based on an analysis of postal current accounts’ historical volatility and on the behaviour of PI’s account holders [54], and identifies the behavioural dynamics of PI’s customers with a 99 % confidence interval.
Ta verjetnostni model temelji na analizi pretekle nestanovitnosti poštnih tekočih računov in vedenja imetnikov računov pri družbi PI [54] ter ugotavlja vedenjsko dinamiko strank družbe PI z 99-odstotnim intervalom zaupanja.