natgillin/translations-raw huggingface dataset:
Since 1 October 1995 the Rendistato index has shown the average gross yield on multiannual Treasury bonds (BTPs) subject to taxation and having a residual maturity of more than one year (source: Banca d’Italia).
Indeks Rendistato od 1. oktobra 1995 prikazuje povprečni bruto donos obdavčljivih večletnih državnih obveznic (BTP) s preostalo zapadlostjo več kot eno leto (vir: Banca d'Italia).
The prudential trend of the funds collected differs from their expected trend: the prudential trend is based on a conservative prediction (at a 99 % confidence level) of the minimum level of deposits in the years to come, in the light of the historic pattern of in- and outflows of deposits (the ‘value at risk’ or ‘VaR’ method), or, alternatively, on the assumption that the existing funds will be entirely withdrawn within a timespan of 10 years (the ‘linear model’).
Preudarno gibanje zbranih sredstev se razlikuje od njihovega pričakovanega gibanja: preudarno gibanje temelji na konservativni napovedi (ob 99-odstotni stopnji zaupanja) najnižje ravni depozitov v prihodnjih letih ob upoštevanju preteklega vzorca priliva in odliva depozitov (metoda „tvegane vrednosti“ ali „VaR“), ali alternativno na domnevi, da bodo obstoječa sredstva v 10 letih v celoti dvignjena ( „linearni model“).
The expected trend, on the other hand, is an estimate of how the funds deposited will develop based on a variety of macroeconomic scenarios and normal commercial policies.
Pričakovano gibanje pa je po drugi strani ocena razvoja deponiranih sredstev na podlagi različnih makroekonomskih scenarijev in običajnih trgovinskih politik.
In 2006, deposits in postal current accounts owned by private persons (i.e. excluding public administration) amounted to EUR […], of which EUR […] belonged to retail customers and EUR […] to undertakings.
Leta 2006 so depoziti na poštnih tekočih računih zasebnih strank (torej brez javne uprave) znašali […] EUR, od česar je […] EUR pripadalo občanom, […] EUR pa podjetjem.
In the letter of 27 November 2007 the Italian authorities explain that, according to the […] model, two thirds of the funds collected in postal current accounts have an almost unlimited lifetime and one third a lifetime varying from 0 to 10 years.
Italijanski organi so v dopisu z dne 27. novembra 2007 pojasnili, da imata v skladu z modelom […] skoraj dve tretjini sredstev, zbranih na poštnih tekočih računih, skoraj neomejeno življenjsko dobo, ena tretjina pa življenjsko dobo od nič do deset let.
In the same letter they also say that the model has identified an almost unlimited lifetime for 70 % of the funds collected and a lifetime varying from 0 to 10 years for the remainder.
V tem dopisu navajajo tudi, da je bila s tem modelom ugotovljena skoraj neomejena življenjska doba za približno 70 % zbranih sredstev, za preostala pa življenjska doba od nič do deset let.
Still referring to the […] model, the note on the […] study submitted by Italy to the Commission in the letter of 29 February 2008 indicates that the funds collected by PI that have an almost unlimited lifetime account for […] of the total.
V opombi o študiji […], ki jo je Italija predložila Komisiji z dopisom z dne 29. februarja 2008 in se tudi nanaša na model […], je navedeno, da znaša delež sredstev, ki jih je zbrala družba PI in imajo skoraj neomejeno življenjsko dobo, […] vseh sredstev.
‘A period before the principal of a debt security (bond, debenture, note) is scheduled to be repaid’ ( source: BusinessDictionary.com website: http://www.businessdictionary.com/definition/average-life.html).
„Povprečno obdobje pred načrtovanim odplačilom glavnice dolžniškega vrednostnega papirja (obveznice, zadolžnice, menice)“ ( vir: spletna stran BusinessDictionary.com: http://www.businessdictionary.com/definition/average-life.html).
Or the weighted average of capital and interest.
Ali tehtano povprečje kapitala in obresti.
In the letters sent by the Italian authorities, the terms durata media (average life) and durata (duration) are often used interchangeably, although they can refer to different concepts.
V dopisih, ki so jih poslali italijanski organi, se izraza durata media (povprečna življenjska doba) in durata (trajanje) pogosto zamenjujeta, čeprav se lahko nanašata na različna koncepta.
This has no impact on the assessment made in this Decision.
To ne vpliva na oceno v tej odločbi.
Letter from the Italian authorities of 27 November 2007, ref. A/39763.
Dopis italijanskih organov z dne 27. februarja 2007, ref. A/39763.
Before 11 December 2003, and the conversion of CDP into the private limited company CDP SpA, part of the money collected in postal current accounts was paid to CDP.
Pred 11. decembrom 2003 in preoblikovanjem CDP v delniško družbo CDP SpA se je del denarja, zbranega na poštnih tekočih računih, izplačal CDP.
For reasons that were primarily a matter of accounting, according to the Italian authorities, part of the funds collected went into an account with the Treasury (known as the ‘free’ account), while the remainder went into three other accounts earmarked by CDP for loans to local government.
Po trditvah italijanskih organov se je predvsem zaradi računovodskih razlogov del zbranih sredstev deponiral na račun pri državni blagajni (imenovan „prosti“ račun), preostanek pa na tri račune, ki jih je CDP namenila posojilom lokalnim organom.
These three accounts were used for the loans service; the part of the funds collected that was not used for the granting of loans but which remained at CDP’s disposal also went into the account with the Treasury.
Ti trije računi so se uporabljali za posojila; tisti del zbranih sredstev, ki se ni uporabil za odobritev posojil, ampak je ostal na voljo CDP, se je tudi deponiral na računu pri državni blagajni.
Since 11 December 2003 all the money in the earmarked accounts has been transferred to the Treasury, and added to the current account already in existence.
Od 11. decembra 2003 se je ves denar na namenskih računih prenesel na državno blagajno in dodal na obstoječi tekoči račun.
According to which at least 90 % of the deposit with the Treasury can be considered stable, while the remainder, although not usually subject to withdrawal, should on the basis of prudential assumptions be considered volatile.
V skladu s temi podatki lahko vsaj 90 % depozita pri državni blagajni velja za stabilnega, medtem ko bi bilo treba preostanek, čeprav se po navadi ne dviguje, ob upoštevanju preudarnih domnev šteti za nestanovitnega.
The Italian authorities indicate that the spread to be applied to the six-month Euribor rate is about 1 % at the end of 2005, 0,4 % at the end of 2006 and 0,3 % at the end of October 2007.
Italijanski organi navajajo, da znaša razlika, ki jo je treba uporabiti za šestmesečno obrestno mero Euribor, ob koncu leta 2005 približno 1 %, ob koncu leta 2006 0,4 %, ob koncu oktobra 2007 pa 0,3 %.
Both strategies are described in more detail in recital 208(ii).
Obe strategiji sta podrobneje opisani v uvodni izjavi 208(ii).
The model is automatic in the sense that investments are implemented automatically in the light of the market parameters and expected developments.
Ta model je samodejen v smislu, da so naložbe izvedene samodejno ob upoštevanju tržnih parametrov in pričakovanega razvoja dogodkov.
See for example the judgment of the Court of Justice in Case C-372/97 Italy v Commission [2004] ECR I-3679, paragraph 44.
Glej na primer sodbo Evropskega sodišča v zadevi C-372/97, Italija proti Komisiji, Recueil 2004, str. I-3679, odstavek 44.
Study by wik-Consult, The Evolution of the Regulatory Model for European Postal Services, July 2005.
Študija družbe wik-Consult, The Evolution of the Regulatory Model for European Postal Services (Razvoj regulativnega modela za evropske poštne storitve), julij 2005.
Decision of 12 March 2002 (OJ C 282, 19.10.2002, p. 29).
Odločba z dne 12. marca 2002 (UL L 282, 19.10.2002, str. 29).
Judgment of the Court of First Instance in Case T-198/01 Technische Glaswerke Ilmenau [2004] ECR II-2717, paragraph 97.
Sodba Sodišča prve stopnje v zadevi T-198/01, Technische Glaswerke Ilmenau, ZOdl. 2004, str. II-2717, odstavek 97.
It applies retrospectively from 2005.
Uporablja se za nazaj od leta 2005.
Private borrowers would consider only the money they could use.
Zasebni posojilojemalci bi upoštevali le denar, ki ga lahko uporabijo.
In addition, the deposit lodged by PI with the Treasury represents only 2,8 % of the outstanding amount of government securities on 31 December 2005.
Poleg tega je depozit, ki ga je PI vložila v državno blagajno, 31. decembra 2005 pomenil le 2,8 % preostalega zneska državnih vrednostnih papirjev.
The prudential method used in the […] study appears to be a fairly commonly used example.
Preudarna metoda, uporabljena v študiji […], se zdi kot precej splošno uporabljen primer.
Even in the absence of a formal structured study, the Commission considers that PI and the Treasury would in any event have had access to similar data and results based on the history of postal current accounts and their future prospects.
Komisija meni, da bi tudi brez uradno strukturirane študije družba PI in državna blagajna vseeno imeli dostop do podobnih podatkov in rezultatov na podlagi preteklih poštnih tekočih računov in njihovih prihodnjih možnosti.
The prudential trend is based on a conservative prediction of the minimum level of deposits in the years to come by reference to the historic pattern of the in- and outflows of deposits (VaR method).
Preudarno gibanje temelji na konservativnem predvidevanju najnižje ravni depozitov v prihodnjih letih ob upoštevanju preteklih vzorcev prilivov in odlivov depozitov (metoda tvegane vrednosti).
The Commission considers that a private market borrower would have carried out such an assessment, notably because of the gross amount involved (see for instance recital 137, where it is pointed out that for some large wholesale depositors, a bank may undertake a customer-by-customer assessment of the probability of roll-over).
Komisija meni, da bi zasebni tržni posojilojemalec izvedel tako oceno zlasti zaradi vključenega bruto zneska (glej na primer uvodno izjavo 137, v kateri je poudarjeno, da lahko za nekatere velike poslovne deponente banka izvede oceno verjetnosti obnovitve za vsako stranko posebej).
This second model proposed by […] is based on an even more conservative hypothesis ([…] year cut-off and distribution of the virtually infinite lifetime component over a […]-[…] year period), and gives an average life of […] or […] years (lifetime of […] to […] years), depending on whether one follows a VaR approach or a linear approach.
Ta drugi model, ki ga predlaga […], temelji na še bolj konservativni predpostavki (razmejitvena točka čez […] let in porazdelitev komponente z navidezno neomejeno življenjsko dobo v obdobju od […] do […] let) in določa povprečno življenjsko dobo […] ali […] let (življenjska doba od […] do […] let) glede na to, ali se uporablja pristop tvegane vrednosti ali linearni pristop.
By contrast, the estimated trend gives an estimate of how the funds collected in postal current accounts will evolve on the basis of reasonable macroeconomic scenarios and normal commercial activities.
V nasprotju s tem predvideno gibanje zagotavlja oceno, kako se bodo razvijala sredstva, zbrana na poštnih tekočih računih, na podlagi razumnih makroekonomskih scenarijev in običajnih poslovnih dejavnosti.
This trend is used for the definition of budgetary objectives.
To gibanje se uporablja za opredeljevanje proračunskih ciljev.
The 2005 annual report of the French La Banque Postale indicates that: ‘Les opérations de bilan liées à la gestion de la partie volatile des fonds CCP (comptes courants postaux) constituent un moindre enjeu en terme de PNB mais permettent de garantir la liquidité quotidienne.
V letnem poročilu francoske banke La Banque Postale je navedeno: „Les opérations de bilan liées à la gestion de la partie volatile des fonds CCP (comptes courants postaux) constituent un moindre enjeu en terme de PNB mais permettent de garantir la liquidité quotidienne.
À l’actif, les fonds correspondants sont soit placés en titres de transaction ou de placement (ayant la note la meilleure attribuée par une agence de notation de renommée internationale), soit prêtés à très court terme sur le marché interbancaire (notamment au travers de prises en pensions livrées).
À l'actif, les fonds correspondants sont soit placés en titres de transaction ou de placement (ayant la note la meilleure attribuée par une agence de notation de renommée internationale), soit prêtés à très court terme sur le marché interbancaire (notamment au travers de prises en pensions livrées).
Les prévisions du compte courant représentatif de la partie volatile sur un horizon de 3 mois, et sur un pas quotidien, permettent d’anticiper les variations importantes de liquidité et de déterminer les modalités de placement’.
Les prévisions du compte courant représentatif de la partie volatile sur un horizon de 3 mois, et sur un pas quotidien, permettent d'anticiper les variations importantes de liquidité et de déterminer les modalités de placement.“
This means that an overnight volatility of 5 % is regarded as a maximum in normal times.
To pomeni, da se v običajnih okoliščinah nestanovitnost čez noč v višini 5 % obravnava kot najvišja raven.
Such an order of magnitude appears reasonable.
Taka raven se zdi razumna.
The […] study speaks of to an average life of […] for PI’s portfolio in 2007.
V študiji […] je navedena povprečna življenjska doba portfelja družbe PI […] v letu 2007.
PI’s annual report for 2005 indicates the following: ‘“Market risk” relates to financial assets that PI intends to sell.
V letnem poročilu družbe PI za leto 2005 je navedeno: „Tržno tveganje je povezano s finančnimi sredstvi, ki jih družba PI namerava prodati.
Since Gruppo Poste is not authorised to issue loans, this risk is limited to the financial instruments in the investment portfolio (issuer risk) ’.
Ker družba Gruppo Poste ni pooblaščena za izdajanje posojil, je tveganje omejeno na finančne instrumente v naložbenem portfelju (tveganje izdajatelja).“
Basel Committee on Banking Supervision, Principles for the Management and Supervision of Interest Rate Risk, Bank for International Settlements, September 2003, pp. 6-8 (http://www.bis.org/publ/bcbs102.pdf?noframes = 1); Basel Committee on Banking Supervision, The Management of Liquidity Risk in Financial Groups, Bank for International Settlements, May 2006 (http://www.bis.org/publ/joint16.pdf?noframes = 1); Basel Committee on Banking Supervision, Liquidity Risk: Management and Supervisory Challenges, Bank for International Settlements, February 2008 (http://www.bis.org/publ/bcbs136.pdf?noframes = 1); Principles of Liquidity Risk Management, Institute of International Finance, March 2007, Appendix 1.
Baselski odbor za finančni nadzor, „Načela za obvladovanje in nadzor nad obrestnim tveganjem“, Banka za mednarodne poravnave, september 2003, str. 6–8 (http://www.bis.org/publ/bcbs102.pdf?noframes = 1); Baselski odbor za finančni nadzor, „Obvladovanje likvidnostnega tveganja in finančnih skupin“, Banka za mednarodne poravnave, maj 2006 (http://www.bis.org/publ/joint16.pdf?noframes = 1); Baselski odbor za finančni nadzor, „Likvidnostno tveganje: izzivi obvladovanja in nadzora“, Banka za mednarodne poravnave, februar 2008 (http://www.bis.org/publ/bcbs136.pdf?noframes = 1); „Načela obvladovanja likvidnostnega tveganja“, Inštitut za mednarodne finance, marec 2007, Dodatek 1.
PI’s annual report for 2005 indicates that ‘“Cash flow interest rate risk and hedging policy” relates to financial assets that are remunerated at a floating rate.
V letnem poročilu družbe PI za leto 2005 je navedeno, da sta „obrestno tveganje v zvezi z denarnimi tokovi in politika varovanja pred tveganjem povezana s finančnimi sredstvi, ki se obrestujejo po spremenljivi obrestni meri.
The company may pursue a hedging policy making use of derivatives limited to specific ratings, concentrations or amounts ’.
Družba lahko izvaja politiko varovanja pred tveganjem z uporabo izvedenih finančnih instrumentov, omejenih na določene ocene, koncentracije in zneske.”
See also the letter from […] of 13 February 2006.
Glej tudi dopis […] z dne 13. februarja 2006.
PI’s annual report for 2005 indicates the following: ‘“Liquidity risk” is the risk that an entity may have difficulty finding sufficient funds to meet obligations deriving from financial instruments.
V letnem poročilu družbe PI za leto 2005 je navedeno: „Likvidnostno tveganje je tveganje, da ima subjekt težave pri zagotavljanju zadostnih sredstev za izpolnjevanje obveznosti, ki izhajajo iz finančnih instrumentov.
Liquidity risk may arise out of an inability to sell financial assets quickly at a price close to fair value, or out of a need to raise funds at unfair rates.
Likvidnostno tveganje se lahko pojavi zaradi nezmožnosti hitre prodaje finančnih sredstev po ceni, ki je blizu pošteni vrednosti, ali zaradi potrebe po zbiranju sredstev po nepravičnih obrestnih merah.
The risk is negligible, as the terms to maturity of investments and borrowings are substantially balanced ’.
Tveganje je zanemarljivo, ker so roki zapadlosti naložb in posojil precej uravnoteženi.“
See Basel Committee on Banking Supervision, Sound Practices for Managing Liquidity in Banking Organizations, Basel, February 2000.
Glej objavo Baselskega odbora za finančni nadzor, „Ustrezne prakse za obvladovanje likvidnosti v bančnih organizacijah“, februar 2000.
In the private borrower methodology, as in the Agreement, the interest rates are computed using floating rate parameters (parameters reset every 15 days).
Pri metodologiji zasebnega posojilojemalca se kot v Sporazumu obrestne mere izračunajo z uporabo parametrov spremenljive obrestne mere (parametri se ponovno določijo vsakih 15 dni).
Even though, on the basis of today’s long- and short-term interest rates, the interest rate curve is reversed, this could have not been anticipated when the Agreement was signed in 2005-2006.
Čeprav je na podlagi današnjih dolgo- in kratkoročnih obrestnih mer obrestna krivulja obrnjena, tega ob podpisu Sporazuma v obdobju 2005–2006 ni bilo mogoče pričakovati.
For a more detailed presentation of the arguments put forward by Italy see Section 6.
Za podrobnejšo predstavitev argumentov Italije glej oddelek 6.
Since 1997, CCT rates have been lower than five- and 10-year BTP rates, except in 1997 and 1998.
Od leta 1997 so bile obrestne mere dolžniških vrednostnih papirjev (CCT) nižje od obrestnih mer za pet- in desetletne državne obveznice (BTP), razen leta 1997 in leta 1998.
CCTs are floating-rate seven-year instruments.
CCT so sedemletni instrumenti s spremenljivo obrestno mero.
The interest is paid in six-monthly dividends indexed to the return on six-month BOT bills.
Obresti se plačujejo vsake pol leta v dividendah, ki so indeksirane z donosom šestmesečnih menic BOT.
The argument put forward by Italy that returns on fixed-rate portfolios tend to be in line with returns on floating-rate portfolios over a 10-year period, so that the analysis has to cover a 10-year period, is considered and rejected in the Section ‘Trading system active management’ below.
Trditev Italije, da je donos portfeljev s fiksno obrestno mero ponavadi v skladu z donosom portfeljev s spremenljivo obrestno mero v desetletnem obdobju, tako da mora analiza zajeti desetletno obdobje, je obravnavana in zavrnjena v oddelku „Aktivno upravljanje trgovinskega sistema“ spodaj.
PI’s annual report for 2006 indicates that ‘Market risk relates to financial assets that PI intends to sell.
V letnem poročilu družbe PI za leto 2006 je navedeno, da je „tržno tveganje povezano s finančnimi sredstvi, ki jih družba PI namerava prodati.
At the balance sheet date almost all of these items are attributable to financial instruments held by the company’s subsidiary Poste Vita SpA in separately managed accounts (class I)’.
Na datum bilance stanja se lahko skoraj vse od teh postavk pripišejo finančnim instrumentom v lasti hčerinske družbe Poste Vita SpA na ločeno upravljanih računih (razred I)“.
The letters from the financial intermediaries also seem to refer to gross yields (see for instance the letter from […] of 4 October 2006).
Zdi se, da se tudi dopisi finančnih posrednikov sklicujejo na bruto donose (glej na primer dopis […] z dne 4. oktobra 2006).
The Commission considers that no significant transaction cost would occur in the private borrower methodology or under the Agreement.
Komisija meni, da se v metodologiji zasebnega posojilojemalca ali na podlagi Sporazuma ne bi pojavili nobeni večji stroški transakcije.
The Commission has observed that other Poste Vita SpA products linked to separately managed accounts, such as Posta Pensione and Dinamica, are not comparable in terms of volume of business to Posta Valore and Posta Più.
Komisija je ugotovila, da drugi produkti družbe Poste Vita SpA, povezani z ločeno upravljanimi računi, kot sta Posta Pensione in Dinamica, v smislu obsega poslovanja niso primerljivi s produktoma Posta Valore in Posta Più.
PI website.
Spletna stran družbe PI.
The rates would be even closer if proper account were taken of the market and liquidity risks of life assurance products.
Obrestne stopnje bi bile še bolj podobne, če bi se ustrezno upoštevalo tržno in likvidnostno tveganje pri produktih življenjskega zavarovanja.
State aid measure No C 49/2006 – Remuneration paid for the distribution of postal savings financial products.
Ukrep državne pomoči C 49/2006 – Plačilo nadomestila za distribucijo finančnih produktov poštnega varčevanja.
In addition, Italy has not explained how the alleged yield of 4,4 % for 2005 was calculated, nor has […] explained in detail how it calculated the alleged yield of 4,45 % over the period 2004-2005.
Poleg tega Italija ni pojasnila, kako se je domnevni donos 4,4 % za leto 2005 izračunal, prav tako pa […] ni natančno pojasnil, kako se je izračunal domnevni donos 4,45 % za obdobje 2004–2005.
However, Efiposte, the subsidiary of La Poste group in charge of investing the resources from postal cheque accounts (which are current accounts) in 2005, benefits from stable resources given by La Poste by means of contractually irrevocable term deposits (see Section 4-5 ‘Liquidity risks’ of the 2005 management report of La Banque Postale/Efiposte).
Vendar ima družba Efiposte, ki je hčerinska družba skupine La Poste, pristojna za vlaganje sredstev s poštnih računov (ki so tekoči računi) v letu 2005, koristi od stabilnih sredstev, ki jih zagotavlja družba La Poste prek pogodbeno nepreklicnih vezanih depozitov (glej oddelek 4–5 „Likvidnostno tveganje“ v poročilu o upravljanju La Banque Postale/Efiposte za leto 2005).
The risk split between La Poste and Efiposte, which belong to one group, is different from the situation encountered between PI and the Treasury.
Porazdelitev tveganja med družbi La Poste in Efiposte, ki pripadata eni skupini, je drugačna kot položaj med družbo PI in državno blagajno.
The […] study says that this approach ‘compares the current level of yields and the steepness of the yield curve relative to recent history and indicates trades based on expectations of yield level and curve steepness mean reversion.
V študiji […] je navedeno, da se s tem pristopom „primerja sedanja stopnja donosov in strmina krivulje donosnosti glede na nedavno zgodovino ter določa trgovina, ki temelji na pričakovani stopnji donosa in vračanja strmine krivulje donosnost na povprečje.
For instance, the trading strategy essentially says that if yields are high then expect them to fall and position the investment portfolio with a longer lifetime than the benchmark’.
Strategija trgovanja na primer dejansko pravi, da je treba v primeru visokih donosov pričakovati, da se bodo znižali, ter za naložbeni portfelj določiti daljšo življenjsko dobo, kot je standardna.“
In fact, ex ante and ex post returns often move in opposite directions.
Predhodni in naknadni donosi se dejansko pogosto gibljejo v nasprotni smeri.
This can be clearly seen in the case of zero coupon bonds.
To je očitno v primeru brezkuponskih obveznic.