natgillin/translations-raw huggingface dataset:
On the basis of the VaR specification of this model using a 10 year cut-off point, […]% of the funds have an ‘almost unlimited’ behavioural lifetime (in the sense that it is considered very unlikely that the amount of deposits will have dropped below the two-thirds level 10 years from now), and the remaining part has a lifetime varying from 0 to 10 years (i.e. it is expected that these deposits may be withdrawn within 10 years).
Na podlagi opisa tega modela v skladu z metodo tvegane vrednosti z razmejitveno točko čez deset let je vedenjska življenjska doba […] % sredstev „skoraj neomejena“ (kar pomeni, da je zelo malo verjetno, da se bo znesek depozitov v naslednjih desetih letih znižal pod raven dveh tretjin), pri preostalem delu pa je življenjska doba od nič do deset let (tj. se pričakuje, da se lahko ti depoziti dvignejo v desetih letih).
The Commission takes the view that the passive management of funds by PI is the result mainly of the Obligation.
Komisija meni, da je pasivno upravljanje sredstev, ki ga izvaja družba PI, zlasti posledica obveznosti.
It is therefore critical to assess how a private borrower would have analysed the Obligation and the maintenance of the Obligation over time [55].
Zato je bistveno oceniti, kako bi zasebni posojilojemalec analiziral obveznost in njeno ohranjanje v prihodnosti [55].
First, the effect of the Obligation is to transfer the average life of the overall funds collected in postal current accounts to the current account held by PI with the Treasury.
Prvič, učinek obveznosti je prenos povprečne življenjske dobe celotnih sredstev, zbranih na poštnih tekočih računih, na tekoči račun, ki ga ima družba PI pri državni blagajni.
Italy shares the opinion that the Obligation is a key argument for describing the bulk of the deposit with the Treasury as long term.
Italija se strinja, da je obveznost ključni argument za opis večjega dela depozita pri državni blagajni kot dolgoročnega.
Without the Obligation, the deposit by PI would be quite similar to a current account with a private borrower.
Brez obveznosti bi bil depozit družbe PI precej podoben tekočemu računu pri zasebnem posojilojemalcu.
Second, as shown by the figure below, the amounts deposited with the Treasury have varied significantly since 1995 [56].
Drugič, kot kaže spodnja slika, so zneski, deponirani pri državni blagajni, od leta 1995 precej nihali [56].
The variations are due in particular to changes in the relevant national legislation:
Razlog za nihanja so zlasti spremembe ustrezne nacionalne zakonodaje:
there was a sudden fall in deposits in 1996 and 1997, when Act No 662 of 23 December 1996 imposed the closure of the accounts used by the Treasury to pay State pensions,
v letih 1996 in 1997 so se depoziti nenadoma zmanjšali, ko je Zakon št. 662 z dne 23. decembra 1996 določil zaprtje računov, ki jih je državna blagajna uporabljala za izplačevanje državnih pokojnin,
the introduction of the BancoPosta account, allowed by Act No 144/2001, led to a steep increase in deposits in postal current accounts in 2001,
uvedba računa BancoPosta, ki jo je omogočil Zakon št. 144/2001, je leta 2001 povzročila hitro povečanje depozitov na poštnih tekočih računih,
the deposit with the Treasury grew substantially in 2004 as compared with previous years as a result of the Ministerial Order of 5 December 2003 under which the Treasury took the place of CDP in relationships arising out of the postal current account service.
depoziti pri državni blagajni so se leta 2004 v primerjavi s prejšnjimi leti znatno povečali zaradi ministrske odredbe z dne 5. decembra 2003, na podlagi katere je državna blagajna nadomestila CDP pri razmerjih, ki izhajajo iz storitve poštnega tekočega računa.
The Italian authorities confirm that the legislative changes were made as a result of the Treasury’s determination to give PI greater financial autonomy.
Italijanski organi potrjujejo, da so bile zakonodajne spremembe izvedene zaradi odločenosti državne blagajne, da družbi PI zagotovi večjo finančno neodvisnost.
This process, which began with the conversion of PI into a public limited company in 1998, was marked by the launch of the BancoPosta retail postal account in 2001.
Ta postopek, ki se je začel s preoblikovanjem družbe PI v delniško družbo leta 1998, je zaznamovala uvedba poštnega računa za poslovanje z občani BancoPosta leta 2001.
A similar event, which was not entirely predictable in 2005-2006 (especially as regards the precise date of its occurrence), took place again in early 2007, when the 2007 Finance Act significantly narrowed the scope of the Obligation.
Podoben dogodek, ki ga v obdobju 2005–2006 ni bilo mogoče v celoti predvideti (zlasti kar zadeva natančen datum njegovega nastanka), se je ponovno pojavil na začetku leta 2007, ko se je s Finančnim zakonom iz leta 2007 znatno zmanjšalo področje uporabe obveznosti.
This led to a sharp fall in the money deposited by PI with the Treasury: in December 2007, the deposit with the Treasury accounted for only around 25 % of total deposits in postal current accounts.
To je povzročilo hitro upadanje denarnih sredstev, ki jih je družba PI deponirala pri državni blagajni; decembra 2007 je depozit pri državni blagajni dosegal le približno 25 % skupnih depozitov na poštnih tekočih računih.
The Commission considers that at the time the Agreement was concluded a prudent operator should have anticipated this change in the legislation, and in particular the consequence of the change, i.e. the reduction in the amount deposited with the Treasury or private borrower as the case may be, because the trend towards greater independence in PI’s financial management had started some years before.
Komisija meni, da bi ob sklenitvi Sporazuma preudaren izvajalec dejavnosti moral predvideti to spremembo zakonodaje in zlasti posledice te spremembe, tj. zmanjšanje zneska, deponiranega pri državni blagajni ali zasebnem posojilojemalcu, odvisno od primera, ker se je težnja po večji neodvisnosti finančnega upravljanja družbe PI začela že nekaj let pred tem.
The Commission is of the opinion that when the Agreement was negotiated a private borrower would have expected the change in the Obligation to take place within no more than five years.
Komisija meni, da bi med pogajanji o Sporazumu zasebni posojilojemalec pričakoval, da se bo obveznost spremenila najpozneje v petih letih.
As shown in Figure 2 and recital 146 above, over the period 1995-2005, at a time when the Treasury wanted to give PI greater financial autonomy, the legislation changed a first time in 1997, a second time four years later, and a third time two years after that.
Kot je prikazano na sliki 2 in v uvodni izjavi 146 zgoraj, se je v obdobju 1995–2005, ko je državna blagajna želela družbi PI zagotoviti večjo finančno neodvisnost, zakonodaja prvič spremenila leta 1997, drugič štiri leta pozneje, tretjič pa dve leti za tem.
A private borrower would have taken this into account, and would have expected further changes in the legislation within a maximum of five years including a possible transitional period of some months.
Zasebni posojilojemalec bi to upošteval in pričakoval nadaljnje spremembe zakonodaje v največ petih letih, vključno z mogočim nekajmesečnim prehodnim obdobjem.
A prudent private borrower would not have expected to benefit from the postal deposit for a period longer than five years.
Preudaren zasebni posojilojemalec ne bi pričakoval koristi od poštnega depozita za obdobje, daljše od petih let.
In this context, Italy’s argument that the lifetime of the Obligation is unlimited cannot be accepted.
V tem smislu ni mogoče sprejeti argumenta Italije, da je življenjska doba obveznosti neomejena.
A private borrower could have regarded the Obligation as being of indefinite duration only if the relevant legislation were not open to amendment, which it obviously was in late 2005 (from ex post observation).
Zasebni posojilojemalec bi lahko obveznost obravnaval kot neomejeno le, če ne bi bile mogoče spremembe zadevne zakonodaje, ki pa so bile ob koncu leta 2005 očitno izvedljive (glede na naknadno spremljanje).
Nor can the Commission accept another argument invoked by Italy, namely that at the time of the conclusion of the Agreement the Treasury was obliged to have regard to the Obligation and could not anticipate possible legal changes, which fell outside its competence.
Komisija prav tako ne more sprejeti argumenta Italije, da je ob sklenitvi Sporazuma državna blagajna morala upoštevati obveznost in ni mogla predvideti morebitnih pravnih sprememb, ki so bile zunaj njene pristojnosti.
The Treasury, as a prudent borrower in a market economy, should have taken this very important aspect into account.
Državna blagajna bi kot preudaren posojilojemalec v tržnem gospodarstvu ta zelo pomemben vidik morala upoštevati.
In addition, the variations in the amounts deposited with the Treasury in the years 1995-2005, as a consequence of the legal changes, should also have induced a private borrower to take the five-year average life identified by the prudential model referred to above as an upper bound for the purpose of setting its own rate offering.
Poleg tega bi tudi nihanja zneskov, deponiranih pri državni blagajni v obdobju 1995–2005, zaradi pravnih sprememb morala zasebnega posojilojemalca spodbuditi, da pri določanju svoje ponujene obrestne mere kot zgornjo mejo uporabi petletno povprečno življenjsko dobo, določeno v zgoraj navedenem modelu preudarnega poslovanja.
Therefore, in the context of passive management of the funds, the Commission considers that in view of the strengthening of PI’s financial autonomy (with the risk of changes in the law, leading to a significant reduction in the amount deposited with the Treasury or private borrower), a five-year maturity would have been regarded by a private borrower, when the Agreement was negotiated, as a maximum maturity for the purpose of setting its own offering.
Komisija v zvezi s pasivnim upravljanjem sredstev torej meni, da bi zasebni posojilojemalec ob upoštevanju krepitve finančne neodvisnosti družbe PI (ob tveganju sprememb zakonodaje, ki vodijo k znatnemu zmanjšanju zneskov, deponiranih pri državni blagajni ali zasebnem posojilojemalcu) za določitev svoje ponudbe med pogajanji o Sporazumu petletno zapadlost obravnaval kot najdaljšo zapadlost.
Italy considers that, in the specific context of the active management of PI’s liquidity (which has become a reality from 2007 onward), the […] model supports PI’s choice of optimal asset allocation and the trade-off between risk and return.
Italija meni, da v posebnem okviru aktivnega upravljanja likvidnosti družbe PI (ki se je v praksi uveljavilo od leta 2007) model […] podpira odločitev družbe PI za optimalno porazdelitev sredstev ter ravnovesje med tveganjem in donosom.
In this context, and on the basis of a very prudential hypothesis, it is reasonable for PI to adopt an asset allocation having an average life of […] – […] years, depending on the model used [57].
V tem smislu in na podlagi zelo preudarne predpostavke je razumno, da družba PI sprejme porazdelitev sredstev s povprečno življenjsko dobo od […] do […] let, odvisno od uporabljenega modela [57].
In this regard, the Commission notes that:
Komisija v zvezi s tem ugotavlja, da:
for the active management of the deposits by PI, the Obligation must not be in force,
obveznost ne sme veljati za aktivno upravljanje depozitov družbe PI,
the model is based on the assumption of a 10-year cut-off (i.e. the 10th year represents the moment of final extinction set for the component having virtually infinite lifetime),
model temelji na predpostavki razmejitvene točke čez deset let (tj. deseto leto je čas končnega odpisa, določen za komponento z navidez neomejeno življenjsko dobo),
the basis for the definition of the (hypothetical) corresponding investment portfolio is the prudential trend [58],
je podlaga za opredelitev (hipotetično) ustreznega naložbenega portfelja težnja preudarnega poslovanja [58],
the lifetime of the global amount of funds collected in postal current accounts diverges from the lifetime of a single postal current account,
se življenjska doba skupnega zneska sredstev, zbranih na poštnih tekočih računih, razlikuje od življenjske dobe enega samega poštnega tekočega računa,
the type of prudential model developed by […] is used by several Italian banks in the context of their active management of funds in order to determine the behavioural lifetime of their current accounts, and then to mirror this behavioural lifetime as part of their ALM.
vrsto modela preudarnega poslovanja, ki ga razvil […], več italijanskih bank uporablja na podlagi aktivnega upravljanja sredstev za opredelitev vedenjske življenjske dobe svojih tekočih računov, ki jo nato primerja kot del svojega upravljanja sredstev in obveznosti.
The Commission stresses that, in active fund management, the average life of the global amount of funds collected in postal current accounts is no more than five years.
Komisija poudarja, da pri aktivnem upravljanju sredstev povprečna življenjska doba skupnega zneska sredstev, zbranih na poštnih tekočih računih, ne presega pet let.
In conclusion, whether fund management is active or passive, the effective maturity of the deposits which would have been considered by a private borrower is no more than five years.
Če povzamemo, ne glede na to, ali je upravljanje sredstev aktivno ali pasivno, dejanska zapadlost depozitov, ki bi jo upošteval zasebni posojilojemalec, ne presega pet let.
Provisional conclusion: the relevant benchmarks in the loan rate
Začasni sklep: ustrezna merila pri obrestni meri za posojila
According to Italy, as we have seen, the stable component of the deposit, which is of a long-term nature, is reflected in the long-term element of the loan rate (90 %, made up of (i) 10 % linked to the yield of the 10-year multiannual Treasury bond, and (ii) 80 % linked to the yield of the 30-year multiannual Treasury bond).
Kot je navedeno, je Italija trdila, da se stabilna komponenta depozita, ki je dolgoročna, odraža v dolgoročnem elementu obrestne mere za posojila (90 %, sestavljen iz (i) 10 %, ki so povezani z donosom desetletne državne obveznice, in (ii) 80 %, ki so povezani z donosom tridesetletne državne obveznice).
The volatile component is reflected in the short-term element of the loan rate (10 %, 12-month ordinary Treasury bill).
Nestanovitna komponenta je izražena v kratkoročnem elementu obrestne mere za posojila (10 %, dvanajstmesečne običajne zakladne menice).
The weighted maturity of the instruments composing the loan rate set by the Agreement is consequently 25 years.
Tehtana zapadlost instrumentov, ki sestavljajo obrestno mero za posojila, določeno v Sporazumu, je torej 25 let.
The Commission shares the view that a private borrower would link the remuneration of the bulk of the liquidity, which is stable, to medium- and long-term parameters, and the remuneration of the remaining part, which is volatile, to short-term ones.
Komisija se strinja, da bi zasebni posojilojemalec vezal obrestovanje večjega dela likvidnosti, ki je stabilen, na srednje- ali dolgoročne parametre, obrestovanje preostalega dela, ki je nestanoviten, pa na kratkoročne parametre.
Because a private borrower would have estimated the effective maturity of the stable component of the deposits at a maximum of five years, the market remuneration of the stable component ought to be based on the yield of the five-year multiannual Treasury bond.
Ker bi zasebni posojilojemalec dejansko zapadlost stabilne komponente depozitov ocenil na največ pet let, morajo tržne obresti za stabilno komponento temeljiti na donosu petletne državne obveznice.
The Commission considers that it makes sense to use these multiannual Treasury bonds as the medium- to long-term benchmark, because they are financing instruments that serve as a reference for investors.
Komisija meni, da je te večletne državne obveznice smiselno uporabiti kot srednje- do dolgoročno merilo, ker so finančni instrumenti, ki jih vlagatelji uporabljajo kot referenco.
The short-term element of the loan rate refers to the volatile component of the deposit with the Treasury or private borrower.
Kratkoročni element obrestne mere za posojila se nanaša na nestanovitno komponento depozita pri državni blagajni ali zasebnem posojilojemalcu.
Every day, if the amounts deposited in postal current accounts fall in comparison to the previous day, the difference has automatically to be returned to PI.
Če se zneski, deponirani na poštnih tekočih računih, zmanjšajo glede na prejšnji dan, je treba razliko vsak dan samodejno vrniti družbi PI.
Under such circumstances, a private borrower would not invest the volatile component of the deposits in ordinary Treasury bills at 12 months.
V takih okoliščinah zasebni posojilojemalec nestanovitne komponente depozitov ne bi vložil v običajne dvanajstmesečne zakladne menice.
For managing the variations in deposits on a daily basis, the Commission believes that it is appropriate to refer to three-month ordinary Treasury bills and to overnight instruments [59].
Komisija je prepričana, da je za obvladovanje dnevnega nihanja depozitov primerno uporabljati trimesečne običajne zakladne menice in instrumente „čez noč“ [59].
The remuneration paid to PI should reflect the interest rate on these two instruments.
Obresti, ki se plačajo družbi PI, morajo izražati obrestno mero za ta dva instrumenta.
While several combinations of short-term instruments are theoretically possible, the Commission considers that a 50-50 split [60] between three-month ordinary Treasury bills and overnight instruments allows proper risk management and is in line with what would be done by a prudent market operator.
Čeprav je teoretično mogočih več kombinacij kratkoročnih instrumentov, Komisija meni, da enakovredna delitev [60] med trimesečnimi običajnimi zakladnimi menicami in instrumenti čez noč omogoča ustrezno obvladovanje tveganja in je v skladu s predvidenim delovanjem preudarnega udeleženca na trgu.
Even though the overnight interbank interest rate relates to the monetary interbank market, and does not represent the Treasury’s debt service burden, the Commission considers that it can be used as a proxy for the rate pertaining to overnight operations.
Čeprav je medbančna obrestna mera čez noč povezana z denarnim medbančnim trgom in ne pomeni bremena odplačevanja dolga za državno blagajno, Komisija meni, da se lahko uporablja kot približek za obrestno mero za posle čez noč.
The Commission would point out that following the 2007 Act PI began actively managing the funds deriving from postal current accounts.
Komisija poudarja, da je po Zakonu iz leta 2007 družba PI začela aktivno upravljati sredstva s poštnih tekočih računov.
The average life of PI’s investments in securities is […] to […] years [61].
Povprečna življenjska doba naložb družbe PI v vrednostne papirje je od […] do […] let [61].
Of this figure 85 % is invested in bonds having a […] to […] year maturity, while the remainder is invested in instruments with a maximum maturity of […] year.
Od tega se 85 % vloži v obveznice z zapadlostjo od […] do […] let, medtem ko se preostali del vloži v instrumente z največjo zapadlostjo […] let.
These figures validate the Commission’s conclusions a posteriori.
Ti podatki potrjujejo poznejše sklepe Komisije.
Financial risks
Finančna tveganja
In general, one can distinguish between four main types of financial risk:
Na splošno je mogoče razlikovati med štirimi glavnimi vrstami finančnega tveganja:
market risk (e.g. equity risk, etc.),
tržnim tveganjem (na primer delniškim tveganjem itd.),
credit risk (default risk),
kreditnim tveganjem (tveganjem neplačil),
liquidity risk (funding liquidity risk and market liquidity risk),
likvidnostnim tveganjem (tveganjem financiranja likvidnosti in tržnim likvidnostnim tveganjem),
interest rate risk (yield curve risk, repricing risk).
obrestnim tveganjem (tveganjem krivulje donosnosti, tveganjem prevrednotenja).
Taking into account the nature of the deposited funds, the Commission is of the view that the credit and market risks are very limited [62].
Komisija ob upoštevanju narave deponiranih sredstev meni, da sta kreditno in tržno tveganje zelo majhna [62].
The two main classes of risk for the deposited funds are interest rate risk and liquidity risk [63].
Dve glavni vrsti tveganja za deponirana sredstva sta obrestno tveganje in likvidnostno tveganje [63].
Interest rate risk [64] is the risk that short-term interest rates may increase during the lifetime of the long-term investments, while long-term interest rates are locked in; or, to take an equivalent market-value perspective, that the market value of equity drops while the yield curve shifts up, given that the value of the assets will fall further than the liabilities if the liabilities have a shorter effective lifetime.
Obrestno tveganje [64] je tveganje, da se lahko kratkoročne obrestne mere povišajo med življenjsko dobo dolgoročnih naložb, medtem ko so dolgoročne obrestne mere nespremenljive; z enakovrednega vidika razmerja med trgom in vrednostjo to pomeni, da se tržna vrednost delnice zniža, medtem ko se krivulja donosnosti dviguje, ker se bo vrednost sredstev znižala bolj kot obveznosti, če imajo obveznosti krajšo dejansko življenjsko dobo.
However, the indexation mechanism of the Agreement includes a fortnightly resetting of the rates of the three components, which is why the indexation is floating.
Vendar mehanizem indeksacije iz Sporazuma vključuje spremembo obrestnih mer treh komponent vsakih 14 dni, zato je indeksacija spremenljiva.
Thus the deposited funds are not subject to a risk of loss of capital, but only of loss of interest [65].
Tako deponirana sredstva niso ogrožena zaradi tveganja izgube kapitala, ampak le zaradi tveganja izgube obresti [65].
With a floating interest rate, the risk is split between the parties.
S spremenljivo obrestno mero se tveganje porazdeli med stranke.
The funding liquidity risk relates to the ability to fund increases in assets and meet obligations as they become due [66].
Tveganje financiranja likvidnosti zadeva sposobnost financiranja povečanj sredstev in izpolnjevanja obveznosti, ko jih je treba izplačati [66].
The management of liquidity is therefore an important activity of financial institutions or banks.
Obvladovanje likvidnosti je torej pomembna dejavnost finančnih institucij ali bank.
The analysis of funding liquidity requires bank management not only to measure the liquidity position of the bank on an ongoing basis but also to examine how funding requirements are likely to develop under various scenarios, including adverse conditions [67].
Analiza financiranja likvidnosti od uprav bank zahteva, da poleg rednega merjenja likvidnostnega položaja banke proučijo tudi, kako se bodo predvidoma razvijale zahteve za finančna sredstva v različnih okoliščinah, vključno z neugodnimi okoliščinami [67].
In the present case, the funding liquidity risk and yield curve risk are borne entirely by the borrower, and not by PI.
V tem primeru tveganje financiranja likvidnosti in tveganje krivulje donosnosti v celoti nosi posojilojemalec in ne družba PI.
More specifically, in the hypothetical case that depositors were to withdraw their funds in a mass, the State would be obliged to provide PI with the money required to refund its depositors, and PI would not have to refinance itself.
Natančneje, če bi v hipotetičnem primeru deponenti množično dvigovali svoja sredstva, bi morala država družbi PI zagotoviti denarna sredstva, potrebna za povračila svojim deponentom, in družbi PI se ne bi bilo treba refinancirati.
The Commission would point out that the scheme does not provide the same degree of certainty with respect to the cash available to the borrower.
Komisija poudarja, da shema ne zagotavlja enake stopnje varnosti v zvezi z gotovino, kot je na voljo posojilojemalcu.
When an operator issues and sells bonds, the operator has the disposal of the whole sum for the whole term to maturity of the bonds.
Ko izvajalec dejavnosti izdaja in prodaja obveznice, ima na voljo celoten znesek za celotno zapadlost obveznic.