natgillin/translations-raw huggingface dataset:
In conclusion, a comparison between the interest rates resulting from the Agreement and those deriving from the management of life assurance products does not demonstrate that the Agreement confers no advantage on PI.
Če povzamemo, primerjava obrestnih mer iz Sporazuma in obrestnih mer, ki izhajajo iz upravljanja produktov življenjskega zavarovanja, ne dokazuje, da Sporazum ne daje prednosti družbi PI.
In 2005, the yields deriving from the private borrower methodology and those of Posta Più and Posta Valore are broadly similar [79], and therefore do not change the overall assessment made by the Commission regarding the relevance of the private borrower methodology.
Leta 2005 sta bila donos na podlagi metodologije zasebnega posojilojemalca ter donos produktov Posta Più in Posta Valore precej podobna [79], zato ne spreminjata splošne ocene Komisije v zvezi z ustreznostjo metodologije zasebnega posojilojemalca.
On average, over the period 2005-2007, the yields deriving from the private borrower methodology are comparable to those of Posta Più and Posta Valore.
V obdobju 2005–2007 so donosi na podlagi metodologije zasebnega posojilojemalca na splošno primerljivi z donosi produktov Posta Più in Posta Valore.
Alternative investment strategies
Alternativne naložbene strategije
The […] study indicates that the Obligation generates opportunity costs, associated in particular with the impossibility of investing in a diversified portfolio of assets on the basis of credit risks.
V študiji […] je navedeno, da obveznost povzroča oportunitetne stroške, povezane zlasti z nezmožnostjo vlaganja v razpršen portfelj sredstev zaradi kreditnega tveganja.
For example, bonds issued by European corporate and financial names with an AA rating bear interest rates higher than government bonds by a minimum of 60 bp and a maximum of 150 bp.
Na primer obveznice, ki jih izdajajo evropske gospodarske ali finančne družbe z oceno AA, imajo višje obrestne mere kot državne obveznice, in sicer za najmanj 60 in največ 150 baznih točk.
It should be pointed out, first of all, that in another State aid case relating to PI [80] Italy has indicated that the difference in pricing between different types of issuer (State, financial, banking and corporate) is very small: at the same risk rating, the difference in the cost of funding between the two extreme ranges, sovereign and corporate, is about 5-6 bp, and the difference between financial and corporate is about 2-3 bp.
Najprej je treba poudariti, da je v drugem primeru o državni pomoči v zvezi z družbo PI [80] Italija navedla, da je razlika med cenami različnih vrst izdajateljev (država, finančne, bančne in gospodarske družbe) zelo majhna; pri enaki oceni tveganja je razlika med stroški financiranja pri dveh skrajnih ravneh, in sicer državni in gospodarski, približno pet do šest baznih točk, razlika med finančno in podjetniško ravnjo pa približno dve do tri bazne točke.
Second, the […] study itself acknowledges that portfolio investment strategies diversified by credit risk are exposed to a credit risk higher than that of government bonds or deposits.
Drugič, študija […] sama priznava, da so strategije portfeljskih naložb, razpršenih zaradi kreditnega tveganja, izpostavljene večjemu kreditnemu tveganju kot državne obveznice ali depoziti.
The […] study does not quantify this greater risk.
V študiji […] to večje tveganje ni količinsko opredeljeno.
Third, even if some data are provided on the spreads between government, financial and corporate bonds (with an AA rating), the Commission considers that these investments are also exposed to other risks which do not exist in the case of the deposit with the Treasury provided for in the Agreement.
Tretjič, čeprav je predloženih nekaj podatkov o razlikah med državnimi, finančnimi in podjetniškimi obveznicami (z oceno AA), Komisija meni, da so te naložbe izpostavljene tudi drugim tveganjem, ki v primeru depozitov pri državni blagajni, predvidenih v Sporazumu, ne obstajajo.
For example, PI does not bear any liquidity risk on the funds deposited, since the liquidity risk is borne entirely by the Treasury.
Družba PI na primer ne nosi likvidnostnega tveganja za deponirana sredstva, saj ga v celoti nosi državna blagajna.
This is not mentioned in the […] study, but it is relevant to an assessment of the case.
To v študiji […] ni navedeno, vendar je pomembno za oceno primera.
Thus the brief reference in the study to one theoretical investment strategy does not demonstrate that no advantage is conferred on PI as a consequence of the Agreement, notably in terms of risk and return.
Kratko sklicevanje na eno teoretično naložbeno strategijo v študiji tako ne dokazuje, da Sporazum ne daje nobene prednosti družbi PI, zlasti v smislu tveganja in donosa.
Active fund management strategies
Strategije aktivnega upravljanja sredstev
Comparison with the French operator La Poste
Primerjava s francoskim izvajalcem La Poste
Regarding the comparison made with the yield achieved in 2005 by Efiposte, the financial arm of the French postal operator La Poste, the Commission would observe that:
Kar zadeva primerjavo z donosom, ki ga je leta 2005 dosegel Efiposte, finančna podružnica francoskega izvajalca poštnih storitev La Poste, Komisija ugotavlja, da:
in order to determine whether an advantage is conferred on an undertaking, the Commission does not compare situations in different Member States,
za ugotovitev, ali se podjetju daje prednost, Komisija ne primerja razmer v različnih državah članicah,
the alleged lifetime of five years for Efiposte’s investments is not clearly confirmed by the La Poste/Efiposte annual report [81],
domnevna petletna življenjska doba naložb družbe Efiposte v letnem poročilu družbe La Poste/Efiposte ni jasno potrjena [81],
Efiposte’s investments appear to have risk profiles different from those of PI; in particular, Efiposte is exposed to liquidity risk, which PI is not [82],the comparison made by Italy concerns one year only, which is too short to allow meaningful conclusions in the present case; and the comparison made in the […] study concerns the period 2004-2005, which differs from the period covered by the Agreement.
se zdi, da imajo naložbe družbe Efiposte drugačne profile tveganja kot naložbe družbe PI; družba Efiposte je v nasprotju z družbo PI zlasti izpostavljena likvidnostnemu tveganju [82],primerjava, ki jo je opravila Italija, zadeva le eno leto, kar je premalo za oblikovanje pomembnejših sklepov v tem primeru; primerjava iz študije […] zadeva obdobje 2004–2005, kar se razlikuje od obdobja, ki ga zajema Sporazum.
Each of the above points is by itself sufficient to show that the comparison made by Italy is not conclusive.
Vsaka od zgornjih točk je sama po sebi dovolj kot dokaz, da primerjava Italije ni prepričljiva.
Trading system active management
Aktivno upravljanje trgovinskega sistema
Italy argues that active management of the trading system type, investing in government bonds, can generate substantial extra returns above the deposit market or the bond market.
Italija trdi, da lahko aktivno upravljanje vrste trgovinskega sistema z vlaganjem v državne obveznice ustvari znatne dodatne donose glede na trg depozitov ali trg obveznic.
The Commission does not deny that some forms of active management may, in theory, generate returns higher those of other forms of fund management; but it considers that the […] does not allow any conclusions to be drawn that are relevant to the present case, for the following reasons:
Komisija ne zanika, da lahko nekatere oblike aktivnega upravljanja teoretično ustvarjajo donose, ki so višji od donosov drugih oblik upravljanja sredstev, vendar meni, da […] ne omogoča sklepov, ki bi bili ustrezni za ta primer, iz naslednjih razlogov.
As a general remark, the […] study acknowledges that the effect of limiting the scope for actively managing a portfolio is difficult to evaluate.
Na splošno je treba opomniti, da študija […] priznava, da je vpliv omejevanja možnosti za aktivno upravljanje portfelja težko oceniti.
As mentioned in recital 85, the study compares a baseline investment strategy (benchmark strategy), consisting of a mixture of 10-year multiannual Treasury Bonds (60 %) and of three-month ordinary Treasury bills (40 %), with an active trading system using a long-term signalling approach (referred to as the ‘tactical portfolio’) [83].
Kot je navedeno v uvodni izjavi 85, študija primerja osnovno naložbeno strategijo („referenčna strategija“), ki jo sestavlja mešanica desetletnih državnih obveznic (60 %) in trimesečnih običajnih zakladnih menic (40 %), z aktivnim trgovinskim sistemom, ki uporablja pristop dolgoročnega sporočanja (imenovan tudi „taktični portfelj“) [83].
The performance metric relates to the benchmark portfolio.
Sistem merjenja uspešnosti zadeva referenčni portfelj.
The portfolios are composed of fixed interest rate securities.
Portfelje sestavljajo vrednostni papirji s fiksnimi obrestnimi merami.
In this context, Italy argues that, over a 10-year period, investment portfolios based on floating rates (such as the rate provided for in the Agreement) can be compared to investment portfolios based on fixed rates (such as the benchmark defined by […]), because capital gains will offset capital losses.
V zvezi s tem Italija trdi, da je mogoče v desetletnem obdobju naložbene portfelje, ki temeljijo na spremenljivi obrestni meri (kakršna je obrestna mera, določena v Sporazumu), primerjati z naložbenimi portfelji, ki temeljijo na fiksnih obrestnih merah (kot je merilo, ki ga opredeljuje […]), ker bodo kapitalski dobički izravnali kapitalske izgube.
Over a 10-year period, it is argued, returns on fixed-rate portfolios tend to be in line with returns on floating-rate portfolios.
Navedeno je, da je v desetletnem obdobju donos portfeljev s fiksno obrestno mero ponavadi v skladu z donosom portfeljev s spremenljivo obrestno mero.
Moreover, according to Italy, the comparison between the remuneration provided for in the Agreement and the remuneration offered by active management fund strategies has to consider a significant time horizon – 10 years – in order to cover a full economic cycle.
Poleg tega je po trditvah Italije pri primerjavi med obrestovanjem, določenim v Sporazumu, in obrestovanjem, ki ga ponujajo strategije aktivnega upravljanja sredstev, treba upoštevati večji časovni razpon, tj. deset let, da se vključi celoten gospodarski ciklus.
During the period from 2005 to the first half of 2007, interest rates rose, and alternative investment strategies based on fixed interest rates, like the ones used by […], provided a return lower than that provided for in the Agreement, because of capital losses.
V obdobju od leta 2005 do prve polovice leta 2007 so se obrestne mere višale, zato so alternativne naložbene strategije, ki temeljijo na fiksnih obrestnih merah, kakršne je uporabil […], zaradi kapitalskih izgub zagotovile donos, ki je nižji od donosa, določenega v Sporazumu.
But the Commission cannot accept the methodology or the conclusions of the Italian authorities, for the following reasons.
Vendar Komisija metodologije ali sklepov italijanskih organov ne more sprejeti iz naslednjih razlogov.
The Commission therefore takes the view that capital gains or losses should not be considered here, but that instead the focus should be on the yields that PI could be expected to achieve on an ex ante basis (that is to say the interest rate component in total returns) [85].
Zato Komisija meni, da se tukaj ne smejo upoštevati kapitalski dobički ali izgube, ampak se je treba osredotočiti na donose, ki bi jih družba PI lahko dosegla predhodno (torej del obrestne mere v skupnem donosu) [85].
Even if the annual average return over a 10-year horizon could be used in order meaningfully to compare the different investments (as the Italian authorities claim), the comparison would still have to address the expected performance of the alternative investment portfolios over the period for which the Agreement was concluded (see also point (iii)).
Tudi če bi lahko uporabili letni povprečni donos v desetletnem obdobju za ustrezno primerjavo različnih naložb (kot trdijo italijanski organi), bi primerjava vseeno morala upoštevati pričakovano uspešnost alternativnih naložbenih portfeljev v obdobju, za katero je bil sklenjen Sporazum (glej tudi točko (iii)).
If account were also to be taken of the capital gains (and losses) derived ex post, as Italy suggests, one would necessarily also have to consider the risk factors associated with these capital gains and losses.
Če bi se upoštevali tudi kapitalski dobički (in izgube), nastali naknadno, kot predlaga Italija, bi bilo treba nujno upoštevati tudi dejavnike tveganja, povezane s temi kapitalskimi dobički in izgubami.
In comparing the performance of different portfolios, return cannot be dissociated from risk.
Pri primerjavi uspešnosti različnih portfeljev donosa ni mogoče ločiti od tveganja.
As shown below (point (iii)), it is very unlikely that the risk-return performance of the active management portfolios would match that of the Agreement.
Kot je navedeno spodaj (točka (iii)), je zelo malo verjetno, da bi bilo razmerje med tveganjem in donosom pri aktivno upravljanih portfeljih enako kot pri Sporazumu.
Benchmark and tactical strategy portfolios do not incorporate the liquidity risk aspect.
Referenčni portfelji in portfelji na podlagi taktične strategije ne vključujejo vidika likvidnostnega tveganja.
In the present case, the liquidity risk is borne entirely by the borrower, and not by PI.
V tem primeru likvidnostno tveganje v celoti nosi posojilojemalec in ne družba PI.
More specifically, in the hypothetical case that depositors were all to withdraw their deposits at once, the funds needed to meet the demand would have to be provided by the borrower, that is to say the Treasury, and PI would not need to refinance itself at high rates or with substantial capital losses.
Natančneje, v hipotetičnem primeru, ko bi vsi deponenti hkrati dvignili svoje depozite, bi moral sredstva, potrebna za zadostitev povpraševanja, zagotoviti posojilojemalec, tj. državna blagajna, družbi PI pa se ne bi bilo treba refinancirati po visoki obrestni meri ali z večjimi kapitalskimi izgubami.
According to Italy, the parties (PI and the Treasury) could not be aware of the future trend of the rate curve [86].
Po trditvah Italije se stranki (družba PI in državna blagajna) nista mogli zavedati prihodnjega gibanja obrestne krivulje [86].
Italy therefore considers that the choices made in the Agreement were rational.
Italija torej meni, da so bile odločitve iz Sporazuma racionalne.
The Commission agrees that at the time the Agreement was negotiated, on the basis of the information available, the choice of variable parameters was a rational one for the parties to make.
Komisija se strinja, da je bila med pogajanji o Sporazumu na podlagi razpoložljivih informacij izbira spremenljivih parametrov racionalna odločitev strank.
By choosing variable parameters the parties protected themselves against the risk of capital loss.
Stranki sta se z izbiro spremenljivih parametrov zavarovali pred tveganjem izgube kapitala.
The choice of parameters in the Agreement is not a consequence of any legal constraint.
Izbira parametrov v Sporazumu ni posledica nobene pravne omejitve.
Moreover, as Italy has acknowledged, the Agreement allows either party to withdraw from the contract if market conditions no longer guarantee the consistency of the mechanism of calculating the remuneration of the deposit.
Kot je potrdila Italija, Sporazum poleg tega vsaki stranki omogoča, da odstopi od pogodbe, če tržni pogoji ne zagotavljajo več skladnosti mehanizma za izračun obresti za depozit.
These clauses are intended to protect both parties from the risk that during the three-year period special conditions might arise, linked to the market or to the characteristics of postal current accounts, which might alter the rationale of the remuneration mechanism.
Namen teh klavzul je zavarovati obe stranki pred tveganjem, da bi se med triletnim obdobjem pojavile posebne razmere, povezane s trgom ali značilnostmi poštnih tekočih računov, ki bi lahko spremenile temeljno načelo mehanizma obrestovanja.
If the choice of floating-rate parameters had proved inappropriate the Agreement could have been amended.
Če bi se izbira parametrov spremenljive obrestne mere izkazala za neustrezno, bi se lahko Sporazum spremenil.
This did not happen.
To se ni zgodilo.
The Commission considers, therefore, that from a methodological point of view the use of portfolios based on fixe-rate securities in the […] study is not correct.
Zato Komisija meni, da z metodološkega vidika uporaba portfeljev, ki temeljijo na vrednostnih papirjih s fiksno obrestno mero, v študiji […] ni pravilna.
The Commission takes the view that each of the above arguments is by itself sufficient to show that the findings of the […] study regarding active management cannot be viewed as supporting the claim that the remuneration that PI obtains under the Agreement is in line with the market.
Komisija meni, da je vsak od zgornjih argumentov posebej dovolj kot dokaz, da se ugotovitve študije […] glede aktivnega upravljanja ne morejo obravnavati, kot da podpirajo trditev, da so obresti, ki jih prejema družba PI na podlagi Sporazuma, združljive s trgom.
As a complement to point (ii) above, if the Commission were to accept the approach used by […] – which it does not – the results obtained by the model over the last 10 years would have been the following:
Kot dodatek točki (ii) zgoraj, če bi Komisija sprejela pristop, ki ga uporablja […] – vendar ga ne sprejema –, bi bili rezultati modela za zadnjih deset let naslednji:
Cash return
Donos gotovine
Benchmark total return
Skupni donos pri merilu
Tactical strategy total return
Skupni donos pri taktični strategiji
Average return
Povprečni donos
Volatility of return
Nestanovitnost donosa
Sharpe ratio
Sharpovo razmerje
From Table 8 it will be seen that the tactical strategy model generates a return substantially higher (176 bp higher) than the benchmark return, with only a modest increase in risk.
Preglednica 8 kaže, da model taktične strategije ustvarja bistveno višji donos (za 176 baznih točk), kot je referenčni donos, ob zelo majhnem povečanju tveganja.
According to Italy, this confirms that active management can be more efficient than the benchmark portfolio.
Po trditvah Italije to potrjuje, da je lahko aktivno upravljanje učinkovitejše kot referenčni portfelj.
But the benchmark portfolio is not the deposit with the Treasury under the Agreement.
Vendar referenčni portfelj ni depozit pri državni blagajni na podlagi Sporazuma.
The risk-return profile is completely different.
Profil tveganja in donosa je popolnoma drugačen.
The Sharpe ratios [88] of the benchmark portfolio and of the tactical strategy portfolio are significantly lower than the ratio of the Agreement.
Sharpova razmerja [88] so pri referenčnem portfelju in portfelju na podlagi taktične strategije precej nižja kot razmerje pri Sporazumu.
This is not surprising, because the greater returns on the benchmark and tactical strategy portfolios, as compared with the returns under the Agreement, come at the cost of a sharp increase in the volatility of the returns themselves.
To ni presenetljivo, ker večje donose iz referenčnega portfelja in portfelja na podlagi taktične strategije v primerjavi z donosi na podlagi Sporazuma spremlja veliko povečanje nestanovitnosti samih donosov.
Furthermore, the benchmark and tactical strategy portfolios do not incorporate the liquidity risk, as they would need to;
Poleg tega referenčni portfelj in portfelj na podlagi taktične strategije ne vključujeta likvidnostnega tveganja, kot bi ga morala.
Looking at the period relevant to the Agreement, the annual returns under the Agreement – and under the private borrower methodology – are higher than those deriving from the active funds management outlined by […]:
V obdobju, povezanem s Sporazumom, so bili letni donosi na podlagi Sporazuma in na podlagi metodologije zasebnega posojilojemalca višji od donosov na podlagi aktivnega upravljanja sredstev, ki ga je opisal […]:
Trading strategy total return [89]
Skupni donos pri trgovinski strategiji [89]
Trading strategy interest income [90]
Dohodek od obresti pri trgovinski strategiji [90]
In 2007, the first year of real active fund management conducted by PI, the portfolio had an average life of […] years, and its implicit return was 5,13 %, made up of 4,13 % in yield on the portfolio and 1 % in implicit capital gain.
Leta 2007, v prvem letu dejanskega aktivnega upravljanja sredstev, ki ga je izvajala družba PI, je bila povprečna življenjska doba portfelja […] let, njegov implicitni donos pa je bil 5,13 %, sestavljen iz 4,13-odstotnega donosa portfelja in 1-odstotnega implicitnega kapitalskega dobička.
The Commission would point out, however, that capital gains (or capital losses) cannot be considered in an analysis ex ante.
Vendar Komisija poudarja, da kapitalskih dobičkov (ali kapitalskih izgub) ni mogoče obravnavati v naknadni analizi.
Thus no meaningful comparisons can be made between the total returns on the benchmark and tactical portfolios and the total returns under the Agreement.
Tako niso mogoče pomembnejše primerjave med skupnimi donosi referenčnih in taktičnih portfeljev ter skupnimi donosi na podlagi Sporazuma.
If anything, the 4,13 % return on active management in 2007 (fixed, without capital gains, and apparently without transaction costs) is lower than the 4,70 % rate obtained under the Agreement and the 4,23 % rate computed by the private borrower methodology.
Donos pri aktivnem upravljanju leta 2007, ki je znašal 4,13 % (fiksen, brez kapitalskih dobičkov in domnevno brez stroškov transakcije), je nižji kot obrestna mera v višini 4,70 % na podlagi Sporazuma in obrestna mera v višini 4,23 %, izračunana z metodologijo zasebnega posojilojemalca.
Moreover, in 2005, and on average over the period 2005-2007, the rates achieved by means of the private borrower methodology compare positively to those of the trading strategy.
Poleg tega so bile v letu 2005 in v povprečju v obdobju 2005–2007 obrestne mere na podlagi metodologije zasebnega posojilojemalca pozitivno primerljive z obrestnimi merami pri trgovinski strategiji.
Italy claims that the Agreement is subject to a repricing risk [91] higher than that of the benchmark and the tactical strategy.
Italija trdi, da pri Sporazumu obstaja večje tveganje prevrednotenja [91] kot pri referenčni in taktični strategiji.
However, while it is true that for a 10-year period the average return on a fixed-rate bond with a 10-year maturity is known in advance, Italy’s reasoning depends critically on an equality between the investment horizon and the asset portfolio maturity.
Kljub vnaprejšnjemu poznavanju povprečnega donosa obveznice s fiksno obrestno mero in desetletno zapadlostjo v desetletnem obdobju pa je utemeljitev Italije odločilno odvisna od enakovrednosti naložbenega obdobja in zapadlosti premoženjskega portfelja.
In addition, the benchmark and the tactical strategy portfolio are baskets of fixed-income securities of various lifetimes.
Poleg tega sta referenčni portfelj in portfelj na podlagi taktične strategije košarici vrednostnih papirjev s stalnim donosom in različnimi življenjskimi dobami.
This means that they too are exposed to a significant repricing risk.
To pomeni, da sta preveč izpostavljena znatnemu tveganju prevrednotenja.
In conclusion, the returns theoretically achievable by active fund management on PI’s part, according to the […] study, are not comparable to the returns achieved under the Agreement (or the private borrower methodology), because the underlying financial instruments are different in nature.
Če povzamemo, donosi, ki jih lahko teoretično doseže družba PI z aktivnim upravljanjem sredstev, na podlagi študije […] niso primerljivi z donosi, doseženimi na podlagi Sporazuma (ali metodologije zasebnega posojilojemalca), ker se temeljni finančni instrumenti glede na svojo naravo razlikujejo.
In particular, the risk profiles of the types of investment differ substantially.
Znatno se razlikujejo zlasti profili tveganja pri različnih vrstah naložb.