natgillin/translations-raw huggingface dataset:
The deposit mechanism does not produce the same result, as the money available to the borrower changes every day and may even diminish significantly if adverse conditions are encountered.
Mehanizem deponiranja ne ustvarja enakega rezultata, ker se denarna sredstva, ki so na voljo posojilojemalcu, vsak dan spreminjajo in se lahko v neugodnih okoliščinah celo zmanjšajo.
Consequently, the rate of interest paid to PI should in principle be lower than the rate offered on bonds having an equivalent maturity.
Zato bi morala biti obrestna mera, plačana družbi PI, načeloma nižja od obrestne mere, ponujene pri obveznicah z enakovredno zapadlostjo.
The Commission therefore considers that there should be a markdown on the basic rate that a private borrower would offer, in order to take account of the funding liquidity risk.
Komisija zato meni, da je treba znižati osnovno obrestno mero, ki bi jo ponudil zasebni posojilojemalec, da se upošteva tveganje financiranja likvidnosti.
The Commission is aware that it is difficult to quantify the markdown for the liquidity risk precisely.
Komisija se zaveda, je težko natančno količinsko opredeliti znižanje za likvidnostno tveganje.
In the present case, an appropriate markdown is already built into the Agreement and the Commission’s methodology, which define a volatile component and link it to an interest rate based on very short-term instruments.
V tem primeru je ustrezno znižanje že vključeno v Sporazum in metodologijo Komisije, ki opredeljujeta nestanovitno komponento in jo povezujeta z obrestno mero, ki temelji na zelo kratkoročnih instrumentih.
Finally, the Commission considers that the arguments put forward by Italy regarding a supposed rigidity of the parametric investment defined by the Agreement have to be rejected, for the following reasons:
Nazadnje, Komisija meni, da je treba argumente Italije v zvezi z domnevno togostjo parametričnih naložb, ki jih opredeljuje Sporazum, zavrniti iz naslednjih razlogov.
they disregard the liquidity risk;
Ne upoštevajo likvidnostnega tveganja.
they are related to another argument put forward by Italy regarding the opportunity cost associated with the impossibility of conducting active fund management, which is discussed, and rejected, in Section 7.4.3 of the present Decision;
Povezani so z drugim argumentom Italije v zvezi z oportunitetnim stroškom, povezanim z nezmožnostjo aktivnega upravljanja sredstev, ki je obravnavan in zavrnjen v oddelku 7.4.3 te odločbe.
the claim that the Agreement provided for compensation for the alleged rigidity has been put forward only ex post.
Trditev, da je Sporazum zagotovil nadomestilo za domnevno togost, je bila podana šele naknadno.
The Italian authorities have said that ‘the rationale of the definition of the basket was not based on the determination of a spread compensating this limit on PI’s autonomy’ and that ‘the agreed basket produced ex post a spread which, on the one hand, compensates PI of the investment constraint, and on the other hand is fair to the Treasury’.
Italijanski organi trdijo, da „razlog za opredelitev košarice ni temeljil na opredelitvi razlike, ki bi nadomestila to omejitev neodvisnosti družbe PI,“ in da je „dogovorjena košarica naknadno ustvarila razliko, ki na eni strani družbi PI odtehta omejitve glede naložb, na drugi strani pa je pravična do državne blagajne“.
There is nothing to show that this ex post reasoning was considered during the negotiation on the Agreement, and it cannot be regarded as relevant for purposes of the present Decision.
Nič ne dokazuje, da se je ta naknadna utemeljitev upoštevala med pogajanji o Sporazumu, in je ni mogoče obravnavati kot ustrezno za namene te odločbe.
Conclusion: definition of the rate offered by a private borrower; existence of State aid
Sklep: opredelitev obrestne mere, ki jo ponuja zasebni posojilojemalec; obstoj državne pomoči
The rates provided for in the Agreement and the rates which according to the Commission’s analysis would be offered by a private borrower [68] are compared below:
Obrestne mere, določene v Sporazumu, in obrestne mere, ki bi jih na podlagi analize Komisije ponudil zasebni posojilojemalec [68], se primerjajo spodaj:
Private Borrower
Zasebni posojilojemalec
Instrument/yield
Instrument/donos
Stable component
Stabilna komponenta
30-year BTP bond
30-letna državna obveznica (BTP)
5-year BTP bond
5-letna državna obveznica (BTP)
10-year BTP bond
10-letna državna obveznica (BTP)
Volatile component
Nestanovitna komponenta
12-month BOT bond
12-mesečna zakladna menica (BOT)
3-month BOT bond
3-mesečna zakladna menica (BOT)
Overnight interbank interest rate
Medbančna obrestna mera čez noč
Table 6a
Preglednica 6a
Private borrower rate
Obrestna mera zasebnega posojilojemalca
Because the benchmark instruments used in the Agreement have longer maturities than ‘market’ ones, and, as a consequence, have higher yields over the period concerned [69], and because the division of risk is more favourable to PI than if PI had to bear the liquidity risk on the funds deposited, the loan rate defined by Italy confers an advantage on PI.
Ker imajo referenčni instrumenti, uporabljeni v Sporazumu, daljšo zapadlost kot „tržni“ instrumenti in posledično višje donose v zadevnem obdobju [69] ter ker porazdelitev tveganja bolj koristi družbi PI, kot če bi družba PI morala nositi likvidnostno tveganje za deponirana sredstva, obrestna mera za posojila, ki jo je določila Italija, daje prednost družbi PI.
Therefore the scheme consisting of the payment of the loan rate by the Treasury for the funds deposited by PI under the 2006 Act and the Agreement constitutes State aid.
Zato shema, v skladu s katero državna blagajna izplača obrestno mero za posojila za sredstva, ki jih je družba PI deponirala na podlagi Zakona iz leta 2006 in Sporazuma, pomeni državno pomoč.
Finally, the Commission would observe that there is no single combination of short-term and long-term instruments which would be the only one in line with the market.
Nazadnje, Komisija ugotavlja, da ni nobene kombinacije kratkoročnih in dolgoročnih instrumentov, ki bi bila edina združljiva s trgom.
In the Commission’s view it is the overall balance of the instruments used and of their respective weights that makes it possible to decide whether the loan rate complies with the principle of the prudent borrower operating in a market economy.
Komisija meni, da skupno ravnovesje uporabljenih instrumentov in njihovih uteži omogoča ugotovitev, ali je obrestna mera za posojila v skladu z načelom preudarnega posojilojemalca, ki deluje v tržnem gospodarstvu.
The loan rate provided for in the agreement does not satisfy this test of proportionality, which a private borrower would have applied to the deposited funds.
Obrestna mera za posojila, določena v Sporazumu, ne opravi tega preskusa sorazmernosti, ki bi ga zasebni posojilojemalec uporabil za deponirana sredstva.
Analyses of investment policies pursued by PI in the absence of the Obligation
Analize naložbenih politik družbe PI ob odsotnosti obveznosti
For the sake of comprehensiveness, and from a teleological point of view, it will be appropriate to enquire whether the possible alternative investments outlined by PI on the assumption that it was not subject to the Obligation would have offered yields similar to or higher than the one arrived at by the Agreement or by the Commission’s own methodology.
Zaradi razumljivosti in s teleološkega vidika je ustrezno proučiti, ali bi morebitne alternativne naložbe, ki bi jih načrtovala družba PI ob predpostavki, da zanjo ne bi veljala obveznost, ponudile podobne ali višje donose od tistih, doseženih z uporabo Sporazuma ali metodologije Komisije.
In the assessment that follows the Commission will analyse both the financial risk and the return, which are factors determining the conduct of a market operator engaging in financial transactions.
Komisija bo v naslednji oceni analizirala finančno tveganje in donos, tj. dejavnika, ki določata ravnanje udeleženca na trgu, ki izvaja finančne transakcije.
Summary of the arguments put forward by Italy [70]
Povzetek argumentov Italije [70]
Italy has argued that the Obligation penalises PI in its asset allocation, as PI is deprived of any other (possibly more rewarding) outlet for the use of the money collected from its customers’ current accounts.
Italija trdi, da obveznost družbo PI oškoduje pri porazdelitvi sredstev, ker nima nobene druge (morda ugodnejše) možnosti za uporabo denarnih sredstev, zbranih s tekočih računov njenih strank.
According to Italy, in the absence of the Obligation, PI could have:
Po trditvah Italije bi družba PI ob odsotnosti obveznosti lahko:
invested the money collected from postal current accounts in instruments similar to the ones used by the PI’s insurance divisions, and in particular Poste Vita SpA.
vložila denarna sredstva, zbrana s poštnih tekočih računov, v instrumente, podobne instrumentom, ki jih uporabljajo oddelki družbe PI za zavarovanje, zlasti Poste Vita SpA.
Referring to letters sent by various financial intermediaries (see recital 73), the Italian authorities consider that the remuneration set by the Agreement is in line with the remuneration obtained by Poste Vita SpA on its invested funds (see recitals 74 et seq.).
V zvezi z dopisi različnih finančnih posrednikov (glej uvodno izjavo 73) italijanski organi menijo, da je obrestovanje, določeno v Sporazumu, v skladu z obrestmi, ki jih je družba Poste Vita SpA prejela za svoja naložena sredstva (glej uvodno izjavo 74 in naslednje).
In particular, they say that class I life assurance policies are products that can be considered comparable to postal current accounts, and that the average yield on the management of these products (e.g. Posta Più) over the period 2002-2006 was 4,68 %, in line with the rate of the Agreement, which was 4,55 %; or
Trdijo zlasti, da so police življenjskega zavarovanja razreda I produkti, ki so primerljivi s poštnimi tekočimi računi, ter da je bil povprečen donos pri upravljanju teh produktov (na primer Posta Più) v obdobju 2002–2006 4,86-odstoten, kar je v skladu z obrestno mero iz Sporazuma, ki je bila 4,55 %; ali
diversified its portfolio on the basis of credit risk (see recital 85(i)); or
svoj portfelj razpršila na podlagi kreditnega tveganja (glej uvodno izjavo 85(i)); ali
adopted an active fund management strategy (see recital 85(iv)); appropriate fund management could have consistently produced a higher yield, as shown by past experience (La Poste case and active management on the trading system model) and by future developments.
sprejela strategijo aktivnega upravljanja sredstev (glej uvodno izjavo 85(iv)); ustrezno upravljanje sredstev bi lahko dosledno ustvarjalo večji donos, kot kažejo pretekle izkušnje (primer La Poste in aktivno upravljanje pri modelu trgovinskega sistema) in prihodnji razvoj.
The Commission will demonstrate, first, that these alternative investment policies are not relevant to the present analysis, and, second, that their results cannot be used to show that the Agreement confers no advantage on PI.
Komisija bo najprej dokazala, da te alternativne naložbene politike niso bistvene za to analizo in, drugič, da njihovih rezultatov ni mogoče uporabiti kot dokaz, da Sporazum ne daje prednosti družbi PI.
From a comparison between PI and private-sector banks, Italy also argues (recital 85(ii)) that the interest margins achieved by some private-sector banks on the deposit component of their funding is substantially higher than PI’s.
Na podlagi primerjave med družbo PI in bankami v zasebnem sektorju Italija trdi tudi (uvodna izjava 85(ii)), da so obrestne marže, ki jih dosegajo nekatere banke v zasebnem sektorju pri depozitnem delu svojih sredstev, znatno višje kot obrestne marže družbe PI.
Moreover, the investment patterns of banks operating in the public sector are similar to those of PI (recital 85(iii)).
Poleg tega so vzorci naložb pri bankah, ki delujejo v javnem sektorju, podobni vzorcem naložb družbe PI (uvodna izjava 85(iii)).
These points show, it is argued, that PI does not enjoy State aid.
Glede na argumente Italije te točke dokazujejo, da družba PI ne prejema državne pomoči.
The Commission will demonstrate that the comparisons made by Italy (notably in the […] study) are not meaningful.
Komisija bo dokazala, da primerjave, ki jih je izvedla Italija (zlasti v študiji […]), niso pomembne.
General remarks on the relevance of the […] study and of the letters from financial intermediaries
Splošne pripombe glede pomena študije […] in dopisov finančnih posrednikov
The […] study, and the letters sent by financial intermediaries to PI arguing that the rate of remuneration provided for in the Agreement is in line with the market, call for general comment from the Commission.
Študija […] in dopisi, ki so jih finančni posredniki poslali družbi PI in v katerih trdijo, da je obrestna mera, določena v Sporazumu, združljiva s trgom, zahtevajo splošen komentar Komisije.
The letters and the study may have been written in the course of commercial relations between their authors and PI.
Dopisi in študija so bili morda napisani med trgovinskim sodelovanjem avtorjev in družbe PI.
The Commission has to approach them with great caution.
Komisija jih mora obravnavati zelo previdno.
The general conclusions of the […] study raise questions, as […] states that ‘it is understood that the assumptions and the initial conclusion, as outlined in this presentation, are based on the informations (and their understanding by […]) provided by PI.
Splošni sklepi študije […] vzbujajo dvome, ker […] navaja, da „je razumljivo, da predpostavke in začetne ugotovitve, kot so opisane v tej predstavitvi, temeljijo na informacijah (kakor jih razume […]), ki jih je zagotovila družba PI.
Such information may be subject to different interpretation; therefore the analysis could lead to different solutions and conclusions’.
Take informacije je mogoče različno razlagati, zato lahko med analizo vodijo do različnih rešitev in sklepov.“
The interest rate provided for in the Agreement is indexed to parameters with floating rates.
Obrestna mera, določena v Sporazumu, je indeksirana s parametri s spremenljivimi obrestnimi merami.
The use of these parameters was decided freely by the Treasury and PI, and is not a consequence of any legal constraint.
O uporabi teh parametrov sta se svobodno odločili državna blagajna in družba PI ter ni posledica nobene pravne omejitve.
The Commission shares the view of the Italian authorities that the choice of floating-rate parameters was a rational choice for the parties at the time the Agreement was negotiated.
Komisija se strinja z italijanskimi organi, da je bila izbira parametrov spremenljive obrestne mere za stranke med pogajanji o Sporazumu racionalna izbira.
The […] study, however, is based mainly on a comparison between the parameters of the Agreement and instruments with fixed interest rates.
Vendar študija […] temelji zlasti na primerjavi parametrov iz Sporazuma in instrumentov s fiksnimi obrestnimi merami.
Floating rates have been lower than fixed rates of similar lifetime [71].
Spremenljive obrestne mere so nižje kot fiksne obrestne mere s podobno življenjsko dobo [71].
As an illustration, the table below indicates the annual average rates of Treasury issues of five- and 10-year multiannual Treasury bonds (BTPs), which have a fixed interest rate, and Treasury credit certificates (CCTs), which are seven-year instruments with a floating interest rate [72].
Za ponazoritev so v spodnji preglednici navedene povprečne letne obrestne stopnje za pet- in desetletne državne obveznice (BTP), ki jih izdaja državna blagajna in imajo fiksno obrestno mero, ter kreditne certifikate državne blagajne (CCT), ki so sedemletni instrumenti s spremenljivo obrestno mero [72].
BTP 5 years
5-letne BTP
BTP 10 years
10-letne BTP
CCT 7 years
7-letni CCT
Furthermore, the study makes a comparison between the deposit with the Treasury and active fund management strategies (see below), and in the implicit return achieved by PI takes account of capital gains.
Poleg tega študija primerja depozit pri državni blagajni in strategije aktivnega upravljanja sredstev (glej spodaj), pri implicitnem donosu družbe PI pa upošteva kapitalski dobiček.
But the Agreement mechanism cannot generate capital gains (or capital losses), because of its indexation to floating-rate parameters.
Vendar mehanizem Sporazuma ne more ustvarjati kapitalskih dobičkov (ali kapitalskih izgub) zaradi svoje indeksacije s parametri spremenljive obrestne mere.
In the reasoning put forward by Italy, a correct comparison for determining whether PI has been penalised by the Obligation would have to be based on floating-rate parameters.
Glede na utemeljitev Italije bi pravilna primerjava za ugotovitev, ali obveznost družbo PI oškoduje, morala temeljiti na parametrih spremenljive obrestne mere.
The interest rates that PI might theoretically have been able to achieve according to the study are irrelevant – and probably overestimated – notably because they rely on fixed-rate instruments [73].(iv) Finally, the […] study and the letters compare instruments which carry different risks.
Obrestne mere, ki bi jih glede na študijo teoretično lahko dosegla družba PI, so nepomembne in verjetno precenjene, zlasti ker temeljijo na instrumentih s fiksno obrestno mero [73].(iv) Nazadnje, študija […] in dopisi primerjajo instrumente, ki vsebujejo različna tveganja.
For instance, as already explained (Section 7.4.2), the liquidity risk borne by PI is nil when the money is invested pursuant to the Agreement, whereas PI does bear a liquidity risk when it invests under normal circumstances.
Kot je že bilo pojasnjeno (oddelek 7.4.2), je na primer likvidnostno tveganje za družbo PI nično, če se denarna sredstva vlagajo v skladu s Sporazumom, medtem ko družba PI nosi likvidnostno tveganje, če denarna sredstva vlaga pod običajnimi pogoji.
Similarly, investments in insurance products bear a market risk [74], while for the deposit with the Treasury (or private borrower) the market risk is of limited relevance.
Podobno tržno tveganje vsebujejo tudi naložbe v zavarovalne produkte [74], medtem ko je pri depozitu pri državni blagajni (ali zasebn em posojilojemalcu) tržno tveganje zanemarljivo.
These risk-related aspects are never pointed out or quantified in a substantiated manner in the letters.
Ti vidiki, povezani s tveganjem, v dopisih niso ustrezno izpostavljeni ali količinsko opredeljeni.
The Commission consequently cannot conclude either from the letters from financial intermediaries or from the study that PI is penalised by the Obligation.
Zato Komisija na podlagi dopisov finančnih posrednikov ali študije ne more sklepati, da obveznost družbo PI oškoduje.
Comparison with insurance activities
Primerjava z zavarovalniškimi dejavnostmi
Even taking the Obligation into account, the Commission does not share the Italian authorities’ view that class I life assurance policies sold by Poste Vita SpA are products that can be considered comparable to postal current accounts, because the nature of the resources is different.
Komisija se kljub upoštevanju obveznosti ne strinja s stališčem italijanskih organov, da so police življenjskega zavarovanja razreda I, ki jih prodaja družba Poste Vita SpA, produkti, ki so primerljivi s poštnimi tekočimi računi, ker je narava sredstev drugačna.
life assurance policies are capitalisation products, whilst postal current accounts serve mostly to transfer money, by telephone, electronically or through deposits of cash at a post office counter; moreover, customers cannot generally replace current accounts with other banking products,
police življenjskega zavarovanja so kapitalizacijski produkti, medtem ko se poštni tekoči računi uporabljajo zlasti za prenos denarnih sredstev prek telefona, elektronsko ali z depoziti gotovine na poštnih okencih; poleg tega stranke tekočih računov običajno ne morejo zamenjati z drugimi bančnimi produkti,
the profitability of life assurance policies is much higher than that of postal current accounts,
donosnost polic življenjskega zavarovanja je veliko višja kot donosnost poštnih tekočih računov,
the tax arrangements for income from life assurance policies can be different from those for interest on postal current accounts.
davčna ureditev za dohodek iz polic življenjskega zavarovanja je lahko drugačna od davčne ureditve za obresti za poštne tekoče račune.
As a consequence, a comparison between the interest rates resulting from the Agreement and those deriving from the management of life assurance products is not relevant to the present analysis.
Zato primerjava med obrestnimi merami na podlagi Sporazuma in obrestnimi merami, ki izhajajo iz upravljanja produktov življenjskega zavarovanja, za to analizo ni pomembna.
Though it was not strictly necessary, the Commission has compared the return obtained under the Agreement with the average return on the management of Posta Più, an insurance product linked to separately managed class I accounts of Poste Vita SpA, and which Italy has presented as an alternative investment available to PI in the absence of the Obligation.
Čeprav to ni bilo nujno, je Komisija primerjala donos na podlagi Sporazuma s povprečnim donosom pri upravljanju produkta Posta Più, ki je zavarovalni produkt, povezan z ločeno upravljanimi računi razreda I pri družbi Poste Vita SpA, in ga je Italija predstavila kot alternativno naložbo, ki je na voljo družbi PI, če ne bi bilo obveznosti.
The yield of Posta Più indicated by Italy is expressed in gross terms (before management costs) [75], and cannot be considered equivalent to what PI might have obtained on the market in the absence of the Obligation.
Donos produkta Posta Più, ki ga je navedla Italija, je izražen v bruto količini (pred stroški upravljanja) [75] in ga ni mogoče obravnavati kot enakovrednega donosu, ki bi ga lahko družba PI dosegla na trgu, če ne bi bilo obveznosti.
The Commission is of the view that the loan rate provided for in the Agreement is more in the nature of a net rate, which is offered to the investor with all management costs deducted [76].
Komisija meni, da je obrestna mera za posojila, določena v Sporazumu, bolj neto obrestna mera, ki se ponudi vlagatelju in ki so se ji že odšteli vsi stroški upravljanja [76].
In the following analysis the Commission has examined the figures year by year, and has also considered average figures, in order for example to limit the effect of rate volatility.
Komisija je v naslednji analizi proučila podatke za vsako leto posebej in obravnavala tudi povprečne podatke, da se na primer omeji vpliv nestanovitnosti obrestnih mer.
The Commission has compared the rates stemming from the Agreement over the period 2005-2007 with the net yields of insurance products of Poste Vita SpA linked to the separately managed class I accounts (Posta Più and Posta Valore [77].
Komisija je primerjala obrestne mere iz Sporazuma v obdobju 2005–2007 z neto donosi zavarovalnih produktov družbe Poste Vita SpA, povezanih z ločeno upravljanimi računi razreda I (Posta Più in Posta Valore [77].
Net yields of Posta Più [78]
Neto donosi produkta Posta Più [78]
Net yields of Posta Valore [78]
Neto donosi produkta Posta Valore [78]
Agreement rates
Obrestne mere iz Sporazuma
Private borrower rates
Obrestne mere zasebnega posojilojemalca
The rates defined by means of the Agreement are significantly higher than the net yields of Posta Più, which are regarded by Italy as an alternative investment policy open to PI in the absence of the Obligation.
Obrestne mere, določene na podlagi Sporazuma, so znatno višje od neto donosov produkta Posta Più, ki ga Italija obravnava kot alternativno naložbeno politiko, ki je na voljo družbi PI, če ne bi bilo obveznosti.
The rates defined by means of the Agreement are also higher than the net yields of Posta Valore.
Obrestne mere, določene na podlagi Sporazuma, so prav tako višje od neto donosov produkta Posta Valore.
The difference would be even bigger if proper account were to be taken of the market and liquidity risks.
Razlika bi bila še večja, če bi se ustrezno upoštevalo tržno in likvidnostno tveganje.