natgillin/translations-raw huggingface dataset:
The minimum level in a year (i.e. the stable component in the deposits) also displays an upward trend, and represents 90 % of average total deposits (from 85 % in 2002 to 92 % in 2006).
Najnižja stopnja v letu (tj. stabilna komponenta depozitov) prav tako prikazuje gibanje navzgor in pomeni 90 % povprečnih skupnih depozitov (od 85 % v letu 2002 na 92 % v letu 2006).
Likewise, the internal models confirm that there is a volatile component in the deposits, defined as the difference between the average level in the year concerned and the minimum or stable component in that year, which in recent years has accounted for only about 10 % of the balance.
Podobno tudi notranji modeli potrjujejo, da depoziti vsebujejo nestanovitno komponento, opredeljeno kot razlika med povprečno ravnjo v zadevnem letu in najnižjo ali stabilno komponento v tem letu, ki je v preteklih letih obsegala samo 10 % salda.
The […] model, which Italy considers to be very conservative, shows that the ‘behavioural lifetime’ (durata comportamentale) of the total number of postal current accounts is different from the lifetime of a single postal current account.
Model […], ki je po mnenju Italije zelo konservativen, kaže, da se „vedenjska življenjska doba“ (durata comportamentale) skupnega števila poštnih tekočih računov razlikuje od življenjske dobe posameznega poštnega tekočega računa.
Some customers may indeed decide to close their account from one day to the next, but the effect on the overall funds collected by PI is marginal, because the number of customers’ current accounts is high, the average deposit on these accounts is low, and new deposits arrive to replace the deposits withdrawn.
Nekatere stranke se dejansko lahko odločijo zapreti svoj račun čez noč, vendar je učinek na celotna sredstva, ki jih zbere družba PI, zanemarljiv, ker je tekočih računov strank veliko, povprečni depozit na teh računih pa nizek, in novi depoziti nadomeščajo dvignjene depozite.
The type of prudential model developed by […] is used by several Italian banks for the active management of liquidity, in order to determine the behavioural lifetime of their current accounts, and then to reflect this behavioural lifetime in a corresponding investment portfolio that takes account of their requirements in terms of asset-liability management (ALM).
To vrsto preudarnega modela, ki ga je razvil […], uporablja za aktivno upravljanje likvidnosti več italijanskih bank, da ugotovijo vedenjsko življenjsko dobo svojih tekočih računov in jo nato upoštevajo pri ustreznem naložbenem portfelju, v katerem so upoštevane njihove potrebe glede upravljanja sredstev in obveznosti.
This model has been used by PI in order to identify the behavioural lifetime of the funds collected in postal current accounts (retail customers [33] both in the period 2005-2006, when PI was obliged to deposit the funds collected in postal current accounts with the Treasury (passive fund management), and in the period from 1 January 2007, when PI began to invest the funds collected from private customers in euro area government bonds (active fund management).
Družba PI je uporabila ta model za ugotavljanje vedenjske življenjske dobe sredstev, zbranih na poštnih tekočih računih (občanov [33], v obdobju 2005–2006, ko je morala sredstva, zbrana na poštnih tekočih računih, deponirati pri državni blagajni (pasivno upravljanje sredstev) in v obdobju od 1. januarja 2007, ko je začela zbrana sredstva zasebnih strank vlagati v državne obveznice v euroobmočju (aktivno upravljanje sredstev).
Passive fund management
Pasivno upravljanje sredstev
According to Italy, in the specific context of passive management of PI’s liquidity, the […] model defines the criteria for identifying the behavioural lifetime of the funds collected in postal current accounts.
Po trditvah Italije se z modelom […] v posebnih okoliščinah pasivnega upravljanja likvidnosti družbe PI opredelijo merila za ugotavljanje vedenjske življenjske dobe sredstev, zbranih na poštnih tekočih računih.
The model seeks to quantify the lifetime of the stable and volatile components of the deposits identified by the internal models, on the basis of an analysis of the historical volatility of postal current accounts and on the probable behaviour of the account holders.
Namen tega modela je količinsko opredeliti življenjsko dobo stabilnih in nestanovitnih komponent depozitov, opredeljenih z notranjimi modeli, na podlagi analize pretekle nestanovitnost poštnih tekočih računov in verjetnega vedenja imetnikov računov.
In one variant of the model (namely the ‘value at risk’ or ‘VaR’ model, using a 10-year cut-off point), it indicates that approximately two thirds [34] of the funds have a very long life (which is considered to be the minimum level below which it is very unlikely that the amount of deposits will drop in 10 years), and one third has a life varying from 0 to 10 years (meaning that these deposits may have been withdrawn within 10 years).
Ena različica modela (in sicer model „tvegane vrednosti“ ali „VaR“, ki uporablja razmejitveno točko čez 10 let) kaže, da imata približno dve tretjini [34] sredstev zelo dolgo življenjsko dobo (ki velja za najnižjo raven, pod katero je malo verjetno, da se bo znesek depozitov zmanjšal v 10 letih), ena tretjina pa ima življenjsko dobo, ki se giblje od 0 do 10 let (kar pomeni, da se ti depoziti lahko dvignejo v desetih letih).
With this deposit profile, the corresponding (mirroring) investment portfolio will have an average life [35] of 4,1 years and a Macauley duration [36] of 3,2 years.
S tem profilom depozitov bo imel ustrezen („odseven“) naložbeni portfelj povprečno življenjsko dobo 4,1 leta [35] in Macauleyjevo trajanje 3,2 leta [36].
In an alternative variant (the linear depreciation model, using a 10-year cut-off point), the corresponding investment portfolio will have an average life of 4,9 years and a Macauley duration of 3,8 years [37].
Pri alternativni različici (model linearne amortizacije, ki uporablja razmejitveno točko čez 10 let) bo imel ustrezen naložbeni portfelj povprečno življenjsko dobo 4,9 leta in Macauleyjevo trajanje 3,8 leta [37].
Active fund management
Aktivno upravljanje sredstev
According to Italy, in the specific context of active management of PI’s liquidity, the […] model helps PI to determine the optimal asset allocation.
Po trditvah Italije model […] družbi PI v posebnih okoliščinah aktivnega upravljanja njene likvidnosti pomaga pri opredelitvi najugodnejše porazdelitve sredstev.
On the basis of very prudential hypotheses, it indicates that it is reasonable for PI to adopt an asset allocation with an average life of four to five years.
Na podlagi hipotez zelo preudarnega poslovanja kaže, da je smiselno, da družba PI sprejme porazdelitev sredstev s povprečno življenjsko dobo od štirih do petih let.
From 2007 onward, even though the model identified an almost unlimited lifetime for approximately two thirds of the deposits and a 0-10-year lifetime for the remainder, PI decided to work with an average life of […] years because of market conditions at the time [38].
Čeprav je bila s tem modelom ugotovljena skoraj neomejena življenjska doba za približno dve tretjini depozitov in življenjska doba od 0 do 10 let za preostale depozite, se je družba PI odločila, da bo od leta 2007 uporabljala povprečno življenjsko dobo […] let zaradi takratnih tržnih pogojev [38].
The spread between five-year securities and 30-year securities is only 20 basis points (bp), and for this reason PI prefers to invest in a portfolio having a shorter average life than the one generated by the […] model: otherwise the higher risk carried by 30-year bonds would not be remunerated.
Razlika med 5-letnimi vrednostnimi papirji in 30-letnimi vrednostnimi papirji je samo 20 baznih točk, zato družba PI raje vlaga v portfelj s krajšo povprečno življenjsko dobo od portfelja, oblikovanega na podlagi modela […]: sicer se višje tveganje pri 30-letnih obveznicah ne bi obrestovalo.
In its letter of 28 February 2008, […] adds that the results of the model would allow PI to develop investment strategies having a longer average life than the one adopted so far (a maximum 10-year lifetime).
[…] v dopisu z dne 28. februarja 2008 dodaja, da bi rezultati modela družbi PI omogočili, da oblikuje naložbene strategije z daljšo povprečno življenjsko dobo od te, ki se trenutno uporablja (največ 10-letna življenjska doba).
Costs of management of postal current accounts
Stroški upravljanja poštnih tekočih računov
Regarding the description of the annual costs of collecting and depositing funds stemming from the current accounts of PI customers, as determined by PI’s analytical accounting system, Italy states that the accounting system makes it possible to determine the total cost of PI’s financial business, but not the costs for each single product; Italy observes that the percentage margins earned by PI/Bancoposta are smaller than those earned in the banking sector.
V zvezi z opisom letnih stroškov zbiranja in deponiranja sredstev s tekočih računov strank družbe PI, opredeljenih v analitičnem računovodskem sistemu družbe PI, Italija navaja, da računovodski sistem omogoča ugotavljanje skupnih stroškov finančnega poslovanja družbe PI, ne pa stroškov vsakega posameznega produkta. Italija opaža, da so odstotne marže, ki jih zasluži družba PI/Bancoposta, nižje od marž, zasluženih v bančnem sektorju.
The conformity with market criteria of the remuneration given to PI by the Treasury
Skladnost obresti, ki jih je državna blagajna dala družbi PI, s tržnimi merili
The loan rate, which is essentially a long-term rate, is in line with the market, because the funds collected are by their nature long term.
Obrestna mera za posojila, ki je v osnovi dolgoročna obrestna mera, je skladna s trgom, saj so zbrana sredstva po značaju dolgoročna.
This is for the following reasons:
To velja iz naslednjih razlogov.
the Obligation is unlimited in time; Italy points out that PI has no (possibly more rewarding) outlet for the use of the money collected from its customers’ current accounts other than the account with the Treasury,
Obveznost je časovno neomejena. Italija poudarja, da družba PI nima nobene (morda bolj donosne) druge možnosti za uporabo denarja, zbranega s tekočih računov njenih strank, razen računa pri državni blagajni.
Italy considers that the increase over time of the funds collected in postal current accounts confirms the stability of the resources for the Treasury [39] (the average of the funds deposited with the Treasury increased by 40 % over the period 2002-2005; the part of these funds having a seasonal nature is about 10 %),Italy considers that the Obligation penalises PI in its asset allocation, because it prevents PI from managing the funds in an active and potentially more advantageous fashion.
Italija meni, da postopno povečevanje sredstev, zbranih na poštnih tekočih računih, potrjuje stabilnost virov za državno blagajno [39] (povprečje deponiranih sredstev pri državni blagajni se je povečalo za 40 % v obdobju 2002–2005; samo približno 10 % teh sredstev je sezonskih).Italija meni, da je družba PI zaradi obveznosti oškodovana pri razporejanju sredstev, ker ji preprečuje aktivno in morda ugodnejše upravljanje sredstev.
In the absence of the Obligation, PI could have allocated its assets in line with the prudential characteristics and role of the company, by investing 10 % of its liquidity in short-term bonds and 90 % in long-term bonds.
Če ne bi bilo obveznosti, bi lahko družba PI svoja sredstva razporedila v skladu s značilnostmi preudarnega poslovanja ter vlogo družbe, tako da bi 10 % svoje likvidnosti vložila v kratkoročne obveznice, 90 % pa v dolgoročne obveznice.
The Obligation gives the Treasury a source of financing with characteristics similar to those of a long-term investment,
Obveznost daje državni blagajni vir financiranja, ki ima podobne značilnosti kot dolgoročna naložba.
in addition to the letters from […] and […], which reached the Commission in April 2006, before the initiating decision, three private banks have written to confirm that the remuneration mechanism does not confer any advantage on PI (see recital 73).
Poleg dopisov […] in […], ki ju je Komisija prejela aprila 2006, pred odločitvijo o sprožitvi postopka, so tri zasebne banke poslale dopise, v katerih so potrdile, da mehanizem obrestovanja ne prinaša prednosti družbi PI (glej uvodno izjavo 73).
On the question whether PI’s remuneration is in line with market criteria, Italy highlights four main issues: the conformity of the loan rate with market rates (see above); a comparison with the situation of La Banque Postale in France; the opinion of the PI’s auditors; and the reference to market rates.
V zvezi z vprašanjem, ali so obresti družbe PI skladne s tržnim merilom, Italija poudarja štiri glavne zadeve: skladnost obrestne mere za posojila s tržnimi obrestnimi merami (glej zgoraj); primerjavo s položajem banke La Banque Postale v Franciji; mnenje revizorjev družbe PI; in sklicevanje na tržne obrestne mere.
Comparison with La Banque Postale
Primerjava z banko La Banque Postale
According to Italy, a comparison with the situation of La Banque Postale in France shows that La Banque Postale follows an asset-liability management or ALM strategy that uses a statistical model of a kind similar to that used by PI.
Po trditvah Italije primerjava s položajem banke La Banque Postale v Franciji kaže, da La Banque Postale deluje v skladu s strategijo upravljanja sredstev in obveznosti, pri kateri se uporablja podoben statistični model, kot ga uporablja družba PI.
The model identifies the stable and volatile components in the funds collected in postal current accounts.
Ta model opredeljuje stabilne in nestanovitne komponente sredstev, zbranih na poštnih tekočih računih.
The stable component is invested in OECD government bonds, and the volatile component in short-term instruments.
Stabilna komponenta se vlaga v državne obveznice OECD, nestanovitna komponenta pa v kratkoročne instrumente.
On the basis of this ALM strategy, La Banque Postale achieved a yield of 4,4 % in 2005, as compared with a return under the Agreement of 3,9 %.
La Banque Postale je na podlagi te strategije upravljanja sredstev in obveznosti v letu 2005 dosegla donos v vrednosti 4,4 % v primerjavi z donosom v višini 3,9 % v skladu s Sporazumom.
In Italy’s view La Banque Postale provides a practical example that shows that returns higher than those of the PI mechanism can be achieved by prudential management and by applying an average life of five years.
Po mnenju Italije banka La Banque Postale dokazuje v praksi, da se lahko s preudarnim upravljanjem in uporabo povprečne življenjske dobe petih let dosežejo donosi, ki so višji od donosov iz mehanizma družbe PI.
A study conducted by […], entitled […] (hereinafter ‘the […] study’ or ‘the study’), puts forward similar arguments for the comparability of the two enterprises.
V študiji, ki jo je opravil […], z naslovom […] (v nadaljnjem besedilu „študija […]“ ali „študija“), so predstavljeni podobni argumenti za primerljivost teh dveh podjetij.
It says that in 2001 La Banque Postale launched an active fund management strategy similar to PI’s, investing the 90 % stable component of its deposits in OECD government bonds spread over a 10-year period, and produced yields exceeding those of the Treasury mechanism.
V njej je navedeno, da je La Banque Postale leta 2001 začela uporabljati podobno aktivno strategijo upravljanja sredstev, kot jo uporablja družba PI in pri kateri 90 % stabilne komponente svojih depozitov vlaga v državne obveznice OECD, razporejene po desetletnem obdobju, s čimer je dosegla večje donose kot z mehanizmom državne blagajne.
Using the same prudential investment constraints as PI, La Banque Postale achieved an average yield of about 4,45 % in the period 2004-2005.
Z uporabo enakih preudarnih omejitev naložb kot družba PI je banka La Banque Postale v obdobju 2004–2005 dosegla povprečen donos v višini približno 4,45 %.
Auditors’ opinion
Mnenje revizorja
PI’s auditors agree that on the basis of their volatility and growth rates, the funds collected in postal current accounts are of a stable nature.
Revizorji družbe PI se strinjajo, da so glede na nestanovitnost in stopnje rasti sredstva, zbrana na poštnih tekočih računih, stabilna.
Letters from private banks and consultants
Dopisi zasebnih bank in svetovalcev
Italy has provided the Commission with letters sent by private banks and consultants stating that the returns achieved by PI on the funds collected in current postal accounts and deposited with the Treasury are similar to market returns that PI could have achieved by implementing an appropriate investment and risk management strategy.
Italija je Komisiji predložila dopise zasebnih bank in svetovalcev, ki trdijo, da so donosi, ki jih je dosegla družba PI s sredstvi, zbranimi na poštnih tekočih računih in deponiranimi pri državni blagajni, podobni tržnim donosom, ki bi jih lahko družba PI dosegla z uporabo ustrezne strategije za naložbe in obvladovanje tveganja.
Letter from […], 4 October 2006: […] states that in the absence of the constraint on use, PI could implement an appropriate ALM strategy aimed at minimising market and liquidity risk.
V dopisu […] z dne 4. oktobra 2006: […] navaja, da bi lahko družba PI brez omejitve glede uporabe izvajala ustrezno strategijo upravljanja sredstev in obveznosti za zmanjšanje tržnega in likvidnostnega tveganja.
PI’s asset allocation strategy should take into account the projected duration profiles of the deposits on the basis of historical series and reasonable assumptions in order to establish the most appropriate investment strategy in terms of maturities and credit profile.
Pri strategiji za porazdelitev sredstev družbe PI bi bilo treba upoštevati predvidene profile trajanja depozitov na podlagi preteklih serij in upravičenih domnev, da bi se določila najustreznejša naložbena strategija glede na zapadlosti in kreditni profil.
As an example, […] compares the outcome achieved according to the methodology of the Agreement with the yield returned by the class I portfolio of Poste Vita SpA (which is controlled by PI), managed by […].
Za primer […] primerja rezultate, dosežene v skladu z metodologijo Sporazuma, z donosom portfelja razreda I družbe Poste Vita SpA (pod nadzorom družbe PI), ki ga upravlja […].
Letter from […], 2 October 2006: on the basis of the data provided by PI [40], […] takes the view that it is perfectly reasonable for PI to link 10 % of the funds to short-term parameters and 90 % to long-term parameters.
Dopis […] z dne 2. oktobra 2006: na podlagi podatkov, ki jih je zagotovila družba PI [40], […] meni, da je povsem smiselno, da družba PI 10 % sredstev poveže s kratkoročnimi parametri, 90 % pa z dolgoročnimi parametri.
If PI was not required by law to deposit the funds with the Treasury, the short-term interest rate it would have to pay on the market in order to receive the remuneration provided by the Treasury (in a constant maturity swap) would be the six-month Euribor rate plus a spread of 0,43 % [41]; […] is of the view that this is a yield perfectly consistent with what can be achieved by the management of government or high-grade corporate fixed-rate securities.
Če družbi PI ne bi bilo treba po zakonu deponirati sredstev pri državni blagajni, bi bila kratkoročna obrestna mera, ki bi jo morala plačati na trgu, da bi prejela enake obresti, kot jih zagotavlja državna blagajna (z instrumentom CMS, angl. constant maturity swap), šestmesečna obrestna mera Euribor plus razlika v višini 0,43 % [41]; […] meni, da ta donos popolnoma ustreza donosu, ki ga je mogoče doseči z upravljanjem državnih vrednostnih papirjev ali podjetniških vrednostnih papirjev visokega razreda s fiksno obrestno mero.
[…] concludes, therefore, that the yield obtained by PI under the Finance Act and the Agreement would be achievable in financial markets with a comparable risk profile.
[…] zato sklepa, da bi bil donos, ki ga je družba PI dosegla v skladu s Finančnim zakonom in Sporazumom, dosegljiv na finančnih trgih s primerljivim profilom tveganja.
Letter from […], 4 October 2006: […] believes that by diversifying its investments, though preserving a portfolio of sovereign securities and possibly corporate securities with a rating of AA- or higher (no more than 20 %), PI could achieve annualised returns in line with the remuneration obtained in 2005 and 2006 on the basis of the rates in the basket.
Dopis […] z dne 4. oktobra 2006: […] meni, da bi lahko družba PI z razpršitvijo naložb ob ohranitvi portfelja državnih vrednostnih papirjev in morda podjetniških vrednostnih papirjev z oceno AA– ali več (ne več kot 20 %) dosegala letne donose v skladu z obrestovanjem, doseženim v letih 2005 in 2006 na podlagi obrestnih mer iz košarice.
Letter from […], 13 January 2006: […] is of the opinion that the funds collected in postal current accounts can be considered permanent, because the Obligation is unlimited in time and because the upward trend in average deposits confirms the stability of these resources for the Treasury; if the Treasury were to replace this particular technical form of collection, it would issue long-term debt securities; given the cost of replacement, it seems reasonable that the rate of remuneration of the funds collected in PI’s current accounts should be calculated on the basis of the return on long-term government bonds.
Dopis […] z dne 13. januarja 2006: […] meni, da se lahko sredstva, zbrana na poštnih tekočih računih, štejejo za stalna, ker je obveznost časovno neomejena in ker naraščajoče gibanje povprečnih depozitov potrjuje stabilnost teh sredstev za državno blagajno; če bi državna blagajna zamenjala to posebno tehnično obliko zbiranja sredstev, bi izdala dolgoročne dolžniške vrednostne papirje; glede na stroške zamenjave se zdi smiselno, da bi obrestna mera za sredstva, zbrana na tekočih računih družbe PI, izračunavala na podlagi donosa dolgoročnih državnih obveznic.
[…] compares the returns under the Agreement with the returns from the financial business of Poste Vita SpA.
[…] primerja donose v skladu s Sporazumom z donosi finančnega poslovanja družbe Poste Vita SpA.
Over the period 2002-2005, the return on the activities of Poste Vita is not significantly different from the return determined by the Agreement mechanism.
V obdobju 2002–2005 se donos dejavnosti družbe Poste Vita ni bistveno razlikoval od donosa, ki ga določa mehanizem Sporazuma.
Comparison with the returns achieved on Poste Vita products
Primerjava z donosi, doseženimi s produkti družbe Poste Vita
The Italian authorities consider that the remuneration obtained by PI on the funds deposited with the Treasury is in line with the remuneration obtained on the funds invested by Poste Vita.
Italijanski organi menijo, da so obresti, ki jih je prejela družba PI za sredstva, deponirana pri državni blagajni, skladne s prejetimi obrestmi za sredstva, ki jih je vlagala družba Poste Vita.
In particular, they contend that class I life assurance policies are products that can be considered comparable to postal current accounts, and that the average return from the management of these products (e.g. Posta Più) was 4,68 % over the period 2002-2006, which is in line with the average rate under the agreement of 4,55 %.
Predvsem menijo, da so police življenjskega zavarovanja razreda I produkti, ki lahko štejejo za primerljive s poštnimi tekočimi računi, in da je bil povprečni donos upravljanja teh produktov (npr. Posta Più) 4,68-odstoten v obdobju 2002–2006, kar je skladno s povprečno obrestno mero v skladu s Sporazumom, ki znaša 4,55 %.
The Italian authorities argue that postal current accounts and life assurance policies are comparable products from the point of view of financial management because postal accounts, though formally they are short-term products, are in reality similar to medium-term financial instruments with guaranteed capital and minimum rate of interest.
Italijanski organi trdijo, da so poštni tekoči računi in police življenjskega zavarovanja primerljivi produkti, kar zadeva finančno upravljanje, saj so poštni računi, čeprav so formalno kratkoročni produkti, dejansko podobni srednjeročnim finančnim instrumentom z zajamčenim kapitalom in minimalno obrestno mero.