natgillin/translations-raw huggingface dataset:
The remuneration for the production of paper certificates is a very specific feature of the services provided by PI, and will be assessed separately (see paragraphs 130-132).
Nadomestilo za izdajo potrdil v materializirani obliki je zelo posebna značilnost storitev, ki jih zagotavlja PI, in bo ocenjeno ločeno (glej uvodne izjave 130–132).
The expert used the terms ‘average life’ ( durata media) and ‘expected life’ ( durata prevista) as synonyms.
Strokovnjak je uporabil izraza „povprečna življenjska doba“ ( durata media) in „pričakovana življenjska doba“ ( durata prevista) kot sopomenki.
In this Decision the term used is ‘average life’.
V tej odločbi se uporablja izraz „povprečna življenjska doba“.
The expert used the values provided by Italy.
Strokovnjak je uporabil vrednosti, ki jih je zagotovila Italija.
When these data were lacking (for inflation-linked and 18-month certificates), the expert made reasonable estimates (at 7 years and 18 months respectively).
Kadar ti podatki niso bili na voljo (za potrdila, vezana na inflacijo, in 18-mesečna potrdila), je strokovnjak podal razumno oceno (za 7 let in 18 mesecev).
The discount rate in the computation of the present value of the annual fees was the rate for Treasury bonds of similar maturity.
Diskontna stopnja pri izračunu sedanje vrednosti letnih nadomestil je bila stopnja za državne obveznice s podobno zapadlostjo.
The rates in the 2006 agreement were used from 2006 onward.
Stopnje iz sporazuma za leto 2006 so bile uporabljene od leta 2006.
These figures do not include the sums of EUR 51,6 million and EUR 25 million paid in 2001 and 2002 respectively for specific tasks having a scope beyond the mere distribution of postal savings certificates.
Ti zneski ne vključujejo zneskov v višini 51,6 milijona EUR in 25 milijonov EUR, ki sta bila plačana v letih 2001 in 2002 za posebne naloge, ki presegajo distribucijo potrdil o poštnem varčevanju.
However, the expert carried out a sensitivity check, and concluded that their inclusion would not affect the findings of the report.
Vendar je strokovnjak izvedel pregled občutljivosti in ugotovil, da vključitev teh zneskov ne bi vplivala na ugotovitve iz poročila.
In statistics the expected value (or mathematical expectation, or mean) of a random variable is the sum of the products of the value of each possible outcome multiplied by the probability of that outcome.
V statistiki je pričakovana vrednost (ali matematično pričakovanje ali povprečje) naključne spremenljivke enaka vsoti produktov vrednosti vsakega možnega izida, pomnoženi z verjetnostjo tega izida.
Thus, it represents the average amount one ‘expects’as the outcome of a random trial if identical odds are repeated many times.
Tako predstavlja povprečno količino, ki se „pričakuje“ kot izid naključnega poskusa, kadar se enake možnosti večkrat ponovijo.
The minimum and maximum expected values here refer to two best performing regressions, as the expert study indicates.
V tem primeru se najmanjša in največja pričakovana vrednost nanašata na dve najučinkovitejši regresiji, kot je navedeno v strokovni študiji.
In particular, low estimates relate to the sample of fixed-rate bank bonds, a sample which allows an important variable of yield at maturity to be used in the regression analysis.
Zlasti velja, da so nizke ocene povezane z vzorcem bančnih obveznic z zapadlostjo, pri čemer ta vzorec omogoča, da se pri regresijski analizi uporabi pomembna spremenljivka v zvezi z donosnostjo ob zapadlosti.
The higher estimates derive from the regression analysis based on the sample of all ‘plain vanilla’bank bonds, which includes both fixed-rate and variable-rate bonds.
Višje ocene izhajajo iz regresijske analize na podlagi vzorca vseh klasičnih bančnih obveznic, ki vključuje bančne obveznice z nespremenljivo in spremenljivo obrestno mero.
In probability and statistics, the standard deviation is a measure of the dispersion of a set of values.
Pri verjetnosti in statistiki je standardno odstopanje merilo razpršitve niza vrednosti.
It is defined as the root mean square (RMS) deviation of the values from their mean, or as the square root of the variance.
Opredeljeno je kot efektivno odstopanje vrednosti od svojega povprečja ali kvadratni koren odstopanja.
The standard error of a method of measurement or estimation is the estimated standard deviation of the error in that method.
Standardna napaka metode merjenja ali ocenjevanja je ocenjeno standardno odstopanje napake v tej metodi.
Specifically, it estimates the standard deviation of the difference between the measured or estimated values and the true values (source: Wikipedia).
Natančneje, na podlagi standardne napake se oceni standardno odstopanje razlike med izmerjenimi ali ocenjenimi vrednostmi in dejanskimi vrednostmi (vir: Wikipedia).
When comparing the actual outcome with the ‘classical intervals’ of mean plus or minus one or two standard errors, it is usually assumed that the underlying distribution is symmetric and normal.
Pri primerjavi dejanskega izida s „klasičnimi intervali“ (povprečje ± ena ali dve standardni napaki) se običajno domneva, da je temeljna distribucija simetrična in običajna.
In this case, we can say that the outcome has a probability of 68,26 % of falling in the interval defined by the mean plus or minus one standard error, and a probability of 95,44 % of falling in the interval defined by the mean plus or minus two standard errors.
V tem primeru lahko rečemo, da ima izid 68,26-odstotno verjetnost, da spada znotraj intervala, opredeljenega s povprečjem ± ena standardna napaka, in 95,44-odstotno verjetnost, da spada znotraj intervala, opredeljenega s povprečjem ± dve standardni napaki.
However, the relevance of the reference to the interval defined by the mean plus or minus one or two standard errors is not limited to the case of the normal distribution, so that is possible in general to say that an event falling within one standard deviation of the mean can be considered — roughly speaking — ‘ordinary’ (this interval will be employed in the analysis in the next section).
Vendar pomembnost uporabe intervala, opredeljenega s povprečjem ± ena ali dve standardni napaki, ni omejena na primer običajne distribucije, zato je na splošno mogoče trditi, da se lahko dogodek, ki spada znotraj intervala enega standardnega odstopanja od povprečja, obravnava kot „navaden“ (ta interval bo uporabljen pri analizi v naslednjem oddelku).
It is important to note that the regression analysis on the sample of both structured bank bonds has an explanatory value significantly lower than in the case of other bank bonds used to estimate the remuneration for the distribution of other categories of postal savings certificate.
Poudariti je treba, da je obrazložitvena vrednost regresijske analize vzorca obeh kategorij strukturiranih bančnih obveznic znatno nižja kot v primeru drugih bančnih obveznic, uporabljenih za oceno nadomestila za distribucijo drugih kategorij potrdil o poštnem varčevanju.
In this regard, the expert pointed out that in the case of index-linked certificates the results of the simulation appeared difficult to reconcile with fundamental economic mechanisms: it was not apparent why index-linked certificates should command fees so much lower than the average obtained in the equity-linked bank bonds subsample.
V zvezi s tem je strokovnjak poudaril, da je bilo v primeru potrdil, vezanih na indeks, rezultate simulacije težko uskladiti s temeljnimi gospodarskimi mehanizmi: ni bilo očitno, zakaj so pri potrdilih, vezanih na indeks, potrebna nadomestila, ki so precej nižja od povprečja, dobljenega na podlagi podvzorca bančnih obveznic, vezanih na kapital.
This point, coupled with the evidence about the low explanatory power of the regressions for the fees of indexed certificates, suggested in the expert’s opinion that more weight should be given in this case to the result of the simple comparison of average values, which gave a more decisive indication of market conformity.
To dejstvo skupaj z dokazom o nizki pojasnjevalni moči regresij glede nadomestil za indeksirana potrdila po mnenju strokovnjaka kaže na to, da je treba v tem primeru več pozornosti posvetiti rezultatu preproste primerjave povprečnih vrednosti, ki je odločilneje pokazala, kakšna je skladnost s tržnimi pravili.
The descriptive statistics indicate that the average remuneration is 3,10 % for equity-linked bank bonds and – 2,82 % for inflation-linked bank bonds.
Opisni statistični podatki so pokazali, da povprečno nadomestilo za bančne obveznice, vezane na kapital, znaša 3,10 %, za bančne obveznice, vezane na inflacijo, pa 2,82 %.
Both values are above the maximum remuneration received by PI for index-linked and inflation-linked postal savings certificates.
Obe vrednosti presegata največje nadomestilo, ki ga je PI prejela za potrdila o poštnem varčevanju, vezana na indeks, in potrdila o poštnem varčevanju, vezana na inflacijo.
In regression analysis, a ‘dummy variable’(also known as an ‘indicator variable’ or just a ‘dummy’) is one that takes the values 0 or 1 to indicate the absence or presence of some categorical effect that may be expected to shift the outcome.
Pri regresijski analizi je „navidezna spremenljivka“ (znana tudi kot „slepa spremenljivka“) tista spremenljivka, ki na podlagi vrednosti 0 ali 1 kaže na odsotnost ali navzočnost nekega kategoričnega učinka, za katerega je mogoče pričakovati, da bo vplival na izid.
Use of dummy variables usually increases model fit (coefficient of determination), but at a cost of fewer degrees of freedom and loss of generality of the model.
Uporaba navideznih spremenljivk običajno poveča ustreznost modela (koeficient določitve), vendar se s tem zmanjša svoboda in poslabša splošnost modela.
Too many dummy variables result in a model that does not provide any general conclusions ( source: Wikipedia).
V primeru prevelikega števila navideznih spremenljivk model ne zagotavlja splošnih ugotovitev (vir: Wikipedia).
However, the Commission does not consider that the successive remuneration agreements between CDP and PI entrust a service of general interest by themselves.
Vendar Komisija meni, da naslednji sporazumi o nadomestilu med CDP in PI sami po sebi ne pomenijo, da gre za storitev splošnega pomena.
See also the opening decision of 22 November 2006, paragraph 88.
Glej tudi uvodno odločbo z dne 22. novembra 2006, odstavek 88.
Very little public data is available, since the issuers are not obliged to disclose the fees paid for the distribution of CDs, and this comparator has not been used extensively in the expert study.
Na voljo je zelo malo javnih podatkov, ker izdajateljem ni treba razkriti nadomestil za distribucijo potrdil o vlogi, zato je ta primerljiv instrument v strokovni študiji uporabljen omejeno.
The Commission would observe that it is commonly accepted among financial specialists that because of market inefficiencies distribution fees are different at wholesale and retail level.
Komisija ugotavlja, da je dejstvo, da se zaradi neučinkovitosti na trgu nadomestila za distribucijo na veleprodajni in maloprodajni ravni razlikujejo, pri finančnih strokovnjakih splošno sprejeto.
Under present market conditions, the difference between the fees goes to the intermediaries, and not to the issuers (see Hayes, Roger G., ‘The Path to Bond Market Efficiency: How increased retail distribution can lower borrowing costs’, in Government Finance Review, 1.6.2003.
V sedanjih tržnih pogojih razlike med nadomestili ne dobijo izdajatelji, ampak posredniki (glej Hayes, Roger G., „The Path to Bond Market Efficiency: How increased retail distribution can lower borrowing costs“, v Government Finance Review, 1.6.2003.
One commonly employed financial glossary on the web (InvestorWords.com) defines a structured note as ‘a debt security with one or more special features, such as making payments based on an underlying index.
Spletni finančni glosar, ki se pogosto uporablja (InvestorWords.com), opredeljuje strukturirani vrednostni papir kot „dolžniški vrednostni papir z eno ali več posebnimi značilnostmi, kot so izplačila na podlagi osnovnega indeksa.
For instance, a structured note is a bond which, instead of paying the typical interest payments, will use an index, such as the S&P 500, to determine the amount of the interest payment.
Strukturirani vrednostni papir je na primer obveznica, pri kateri ne bodo izplačane običajne obresti, ampak bo za določitev zneska izplačanih obresti uporabljen indeks, kot je S&P 500.
This type of debt security is complex and is used primarily by sophisticated investors’.
Takšna vrsta dolžniškega vrednostnega papirja je zapletena in jo uporabljajo zlasti izkušeni vlagatelji“.
The OECD adopts this definition: ‘Structured bonds have characteristics that are designed to attract a certain type of investor and/or take advantage of particular market circumstances.
OECD je sprejela naslednjo opredelitev: „Strukturirane obveznice imajo značilnosti, katerih namen je privabiti določeno vrsto vlagatelja in/ali izkoristiti določene razmere na trgu.
However, structuring securities to appeal to a particular type of investor risks the possibility of loss of liquidity if the market moves in such a way as to make the structured features of the issue no longer attractive.
Vendar lahko zaradi strukturiranja vrednostnih papirjev, s katerim naj bi bili takšni vrednostni papirji zanimivi za posamezno vrsto vlagateljev, obstaja možnost izgube likvidnosti, če se razmere na trgu spremenijo tako, da strukturirane značilnosti izdaje niso več zanimive.
Typically the structured features are achieved through the use of derivatives — for instance, a credit-linked note is a bond with an embedded credit derivative’.
Strukturirane značilnosti se običajno zagotovijo z uporabo izvedenih finančnih instrumentov – kreditni zapis je na primer obveznica z vključenim kreditnim izvedenim finančnim instrumentom“.
The note from the Banca d’Italia on the definition of structured bonds does not change this assessment.
Zaradi opombe, ki jo je predložila Banca d’Italia o opredelitvi strukturiranih obveznic, se ta ocena ne spremeni.
The Commission is of the view that the real problem is not one of terminology, choosing the right adjective for a given noun, but rather a problem of substance, finding the right comparable for a specific financial product.
Komisija meni, da dejanska težava ni povezana s terminologijo in izbiro pravega pridevnika za posamezen samostalnik, ampak je povezana z vsebino in izbiro pravega primerljivega instrumenta za zadevni finančni produkt.
Even if it were to be accepted that postal savings certificates were structured bonds, they would in any event have to be compared to structured bonds with similar characteristics, bonds with a US-style put option embedded, and nothing more.
Tudi če bi bilo stališče, da so potrdila o poštnem varčevanju strukturirane obveznice, sprejeto, bi jih bilo treba v vsakem primeru primerjati s strukturiranimi obveznicami, ki imajo podobne značilnosti, tj. obveznicami z vključeno prodajno opcijo ameriškega tipa, in ničemer drugim.
Even if Treasury bonds were to be taken to be the closest comparable to postal savings certificates, on the same footing as bank-issued bonds, the expert concluded that their inclusion would not affect the empirical assessment of the market remuneration for the distribution of postal savings certificates.
Tudi če bi državne obveznice na enaki podlagi kot obveznice, ki jih izda banka, šteli za instrument, ki bi bil najbolj primerljiv s potrdili o poštnih storitvah, je strokovnjak ugotovil, da njihova vključitev ne bi vplivala na empirično oceno tržnega nadomestila za distribucijo potrdil o poštnem varčevanju.
The Commission shares that view.
Komisija se s tem mnenjem strinja.
The expert collected a large number of prospectuses for bank bonds listed on TLX, the second organised exchange for securities in Italy (after Borsa Italiana), which is managed by TLX SpA.
Strokovnjak je zbral veliko prospektov za bančne obveznice, ki kotirajo na borzi TLX, ki je druga največja organizirana borza vrednostnih papirjev v Italiji (za Borsa Italiana) in jo upravlja TLX SpA.
He also consulted the websites of the major Italian banks: Mediobanca, Intesa San Paolo, Unicredit, UBI Banca, Banca Carige, Cassa di Risparmio di Pistoia, Banca Popolare di Verona, Banca Antonveneta, Banca Popolare di Milano, Banca delle Marche, Banca IMI, Mediocredito del Friuli Venezia Giulia, Cassa di Risparmio di Parma e Piacenza, Banca Popolare di Vicenza, and Monte dei Paschi di Siena, and PI’s own website.
Pregledal je tudi spletne strani glavnih italijanskih bank: Mediobanca, Intesa San Paolo, Unicredit, UBI Banca, Banca Carige, Cassa di Risparmio di Pistoia, Banca Popolare di Verona, Banca Antonveneta, Banca Popolare di Milano, Banca delle Marche, Banca IMI, Mediocredito del Friuli Venezia Giulia, Cassa di Risparmio di Parma e Piacenza, Banca Popolare di Vicenza, in Monte dei Paschi di Siena ter spletno stran PI.
He included in the database all euro-denominated bank bond issues for which the prospectus showed the distribution fees.
V zbirko podatkov je vključil vse izdaje bančnih obveznic, denominiranih v eurih, za katere so bila v prospektih navedena nadomestila za distribucijo.
The dataset consists of 511 bond issues distributed on the Italian market.
Podatki vključujejo 511 izdaj obveznic, distribuiranih na italijanskem trgu.
In addition, even if the standard deviation computed by the expert were not appropriate, it would be very likely indeed that the estimated market value plus one corrected standard error would be above the remuneration paid to PI.
Tudi če standardno odstopanje, ki ga je izračunal strokovnjak, ne bi bilo ustrezno, bi bilo zelo verjetno, da bi ocenjena tržna vrednost plus ena popravljena standardna napaka presegala nadomestilo, plačano PI.
Assuming six-monthly payment of a fee of 0,30 %.
Ob domnevi šestmesečnega plačila nadomestila v višini 0,30 %.
An upfront fee of up to around 0,7 % would be market-conform.
V skladu s tržnimi pravili bi bilo predhodno nadomestilo, ki bi znašalo približno 0,7 %.
The subscription-related part of the fee is the same for paper and dematerialised certificates.
Del nadomestila, povezan s vpisom, je enak za potrdila v materializirani obliki in dematerializirani obliki.
The direct additional expenses incurred in the production of paper certificates are paid for separately — see section VIII.3.3.b.
Neposredni dodatni stroški, ki nastanejo pri izdaji potrdil v materializirani obliki, se plačajo ločeno – glej oddelek VIII.3.3.b.
The management fees were not calculated in the same way over the period 2000–2006, but this does not change the assessment made by the Commission.
Nadomestila za upravljanje se v obdobju 2000–2006 niso zaračunavala enako, vendar se zato ocena Komisije ne spremeni.
The Commission is satisfied with the robustness test conducted by the expert regarding the amounts paid in 2001 and 2002 for specific tasks going beyond the mere distribution of postal savings certificates.
Komisija je zadovoljna s preskusom stabilnosti, ki ga je izvedel strokovnjak v zvezi z zneski, plačanimi leta 2001 in 2002 za posebne naloge, ki presegajo preprosto distribucijo potrdil o poštnem varčevanju.
There were 13950 post office branches in 2000 and 13787 in 2001 (source: PI’s annual reports).
Leta 2000 je bilo 13950 poštnih poslovalnic, leta 2001 pa 13787 (vir: letna poročila PI).
The management fee used in this computation is 0,13 %, which is the lowest of the management fees paid to PI over the period 2000–2002, and certainly cannot be regarded as excessive.
Pri tem izračunu uporabljeno nadomestilo za upravljanje je 0,13 %, kar je najnižje nadomestilo za upravljanje, plačano PI v obdobju 2000–2002, in ga nikakor ni mogoče šteti za previsokega.
The discount rate used by the Commission here is the average of the annual five-year discount rates.
Diskontna stopnja, ki jo je v tem primeru uporabila Komisija, je povprečje letnih diskontnih stopenj v petih letih.
An alternative approach would be to use the real management fee paid to PI year by year over the life of the fixed-term bonds.
Namesto tega bi bilo mogoče uporabiti dejansko nadomestilo za upravljanje, plačano PI vsako leto v življenjski dobi obveznic z zapadlostjo.
That methodology would lead to an even clearer conclusion that the fees paid for paper fixed-term postal savings certificates were market-conform.
Na podlagi takšne metodologije bi bilo mogoče še bolj jasno ugotoviti, da so bila nadomestila, plačana za potrdila o poštnem varčevanju z zapadlostjo v materializirani obliki, v skladu s tržnimi pravili.
After requesting an extension of the deadline for a reply, Italy replied to the questions by letter dated 21 April 2006.
Po zahtevi za podaljšanje roka za odgovor je Italija na vprašanja odgovorila z dopisom z dne 21. aprila 2006.
The Commission put further questions by letter of 29 June 2006; Italy replied on 31 July 2006 and on 9 August 2006.
Komisija je z dopisom z dne 29. junija 2006 zastavila dodatna vprašanja; Italija je odgovorila 31. julija 2006 in 9. avgusta 2006.
ABI replied by letter of 13 March 2007.
ABI je odgovorilo z dopisom z dne 13. marca 2007.
By letter of 20 March 2007 the Commission forwarded ABI’s comments to the Italian authorities so as to enable them to reply.
Komisija je z dopisom z dne 20. marca 2007 pripombe ABI posredovala italijanskim organom, da bi nanje lahko odgovorili.
By letter of 23 March 2007, the Commission requested additional information from ABI; ABI replied by letter of 18 May 2007.
Komisija je z dopisom z dne 23. marca 2007 od ABI zahtevala dodatne informacije; ABI je odgovorilo z dopisom z dne 18. maja 2007.
By letter of 23 May 2007, the Commission forwarded the observations received from ABI to the Italian authorities, who replied by letter dated 22 June 2007.
Komisija je z dopisom z dne 23. maja 2007 ugotovitve, ki jih je prejela od ABI, posredovala italijanskim organom, ki so odgovorili z dopisom z dne 22. junija 2007.
Fixed-term savings certificates: these have not been issued since the beginning of 2003.
potrdila o varčevanju z zapadlostjo: ne izdajajo se od začetka leta 2003.
They were similar to ordinary certificates, except that they had a maximum maturity of seven years,
Podobna so bila navadnim potrdilom, vendar je najdaljša zapadlost znašala sedem let;
Dec. 2004
December 2004
none
brez
The period covered by the sample of bank bonds prevented any conclusion being drawn regarding the behaviour of distribution fees over time in the years 2000-2003.
Zaradi obdobja, zajetega v vzorcu bančnih obveznic, ni bilo mogoče oblikovati ugotovitev glede obnašanja nadomestil za distribucijo v obdobju 2000–2003.
For statistical reasons, it was not possible to construct meaningful time series for the years 2000-2006 [44].
Iz statističnih razlogov ni bilo mogoče vzpostaviti pomembnih časovnih vrst za obdobje 2000–2006 [44].
Table 10 shows the ranges of the overall estimated upfront fees for postal savings certificates (on the basis of the regression analysis on the sample of bank bonds) and the ranges of recalculated actual fees received by PI for postal savings certificates.
Tabela 10 prikazuje razpone skupnih ocenjenih predhodnih nadomestil za potrdila o poštnem varčevanju (na podlagi regresijske analize vzorca bančnih obveznic) in izračunanih dejanskih nadomestil, ki jih je PI prejela za potrdila o poštnem varčevanju.
The range of actual remuneration for postal savings certificates is defined by the minimum and maximum fee observed over the period 2000-2006.
Razpon dejanskega nadomestila za potrdila o poštnem varčevanju je opredeljen z najmanjšim in največjim nadomestilom, ugotovljenim v obdobju 2000–2006.
The actual total remuneration was also lower than the remuneration that would have been obtained by applying the average terms for money-market mutual funds in 2003-2006.
Dejansko skupno nadomestilo je bilo tudi nižje od nadomestila, ki bi ga prejela, če bi bili uporabljeni povprečni pogoji za vzajemne sklade denarnega trga za obdobje 2003–2006.