natgillin/translations-raw huggingface dataset:
Plain vanilla bank bonds
Klasične bančne obveznice
Fixed-interest bank bonds
Bančne obveznice z nespremenljivo obrestno mero
Panel A: Ordinary postal savings certificates
Nabor A: Navadna potrdila o poštnem varčevanju
Panel B: Fixed-term postal savings certificates
Nabor B: Potrdila o poštnem varčevanju z zapadlostjo
Comparison with fees for mutual funds
Primerjava z nadomestili za vzajemne sklade
The overall recalculated upfront fees paid to PI for the distribution of postal savings certificates (point estimate) and for money-market mutual funds are shown in table12.
Skupna izračunana predhodna nadomestila, ki jih je PI prejela za distribucijo potrdil o poštnem varčevanju (ocenjena vrednost) in vzajemne sklade denarnega trga, so navedena v tabeli 12.
Recalculated upfront fees and estimated yearly market remuneration for postal savings certificates based on the sample of mutual funds
Izračunana predhodna nadomestila in ocenjeno letno tržno nadomestilo za potrdila o poštnem varčevanju na podlagi vzorca vzajemnih skladov
Money-market mutual funds
Vzajemni skladi denarnega trga
mean + 1 standard deviation
povprečje + 1 standardno odstopanje
Working on the assumption of a constant annual remuneration, the expert computed the annual remuneration for the distribution of postal savings certificates in absolute figures, as compared with the remuneration PI would have obtained if it had been paid the average rates received by distributors of comparable mutual funds.
Strokovnjak je na podlagi domneve glede stalnega letnega nadomestila izračunal letno nadomestilo za distribucijo potrdil o poštnem varčevanju v absolutni vrednosti v primerjavi z nadomestilom, ki bi ga PI prejela, če bi ji bile plačane povprečne stopnje, ki jih prejmejo distributerji primerljivih vzajemnih skladov.
These yearly absolute figures for the remuneration of postal savings certificates and for the remuneration that would have been payable on the basis of the terms for money-market mutual funds are presented in Table 13.
Te letne absolutne vrednosti nadomestila za potrdila o poštnem varčevanju in nadomestila, ki bi bilo izplačano na podlagi pogojev za vzajemne sklade denarnega trga, so navedene v tabeli 13.
Actual and estimated remuneration for postal savings certificates, in absolute figures
Dejansko in ocenjeno nadomestilo za potrdila o poštnem varčevanju, v absolutni vrednosti
Total 2000-2006
Skupaj 2000–2006
The expert concluded that:
Strokovnjak je ugotovil:
By the first method (table 12), the fees for postal savings certificates nearly always lay between the expected value and the value equal to one standard deviation, if they were estimated on the basis of fees for money market funds, and nearly always below the expected value estimated on the basis of euro government bond funds;
Po prvi metodi (tabela 12) so bila nadomestila za potrdila o poštnem varčevanju skoraj vedno med pričakovano vrednostjo in vrednostjo, enako enemu standardnemu odstopanju, če so bila ocenjena na podlagi nadomestil za sklade denarnega trga, in skoraj vedno pod pričakovano vrednostjo, če gre za oceno na podlagi skladov državnih euroobveznic.
By the second method (table 13), the actual total remuneration obtained by PI was always lower than the remuneration that would have been obtained by applying the average terms for euro area government bond mutual funds.
Po drugi metodi (tabela 13) je bilo dejansko skupno nadomestilo, ki ga je prejela PI, vedno nižje od nadomestila, ki bi ga prejela, če bi bili uporabljeni povprečni pogoji za vzajemne sklade državnih obveznic euroobmočja.
The conclusion that the fees are market-conform, obtained from the comparative evidence on mutual funds’ fees, can be regarded as close to ‘absolutely unambiguous’.
Ugotovitev, da so nadomestila v skladu s tržnimi pravili, ki temelji na primerjalnih dokazih o nadomestilih za vzajemne sklade, se lahko šteje za skoraj „popolnoma nedvoumno“.
Specific fees for the production of paper certificates
Posebna nadomestila za izdajo potrdil v materializirani obliki
The total fees that CDP paid to PI amounted to EUR 15 million in 2003, EUR 16 million in 2004, and EUR 18 million in 2005 and 2006 (see table 4).
Skupna nadomestila, ki jih je CDP plačala PI, so znašala 15 milijonov EUR leta 2003, 16 milijonov EUR leta 2004 in 18 milijonov EUR leta 2005 in 2006 (glej tabelo 5).
In the analyses outlined above, examining whether or not the fees paid to PI for distributing postal savings certificates were market-conform, the remuneration for the production of paper certificates was not considered.
Pri zgoraj navedenih analizah o tem, ali so bila nadomestila, plačana PI za distribucijo potrdil o poštnem varčevanju, v skladu s tržnimi pravili ali ne, nadomestilo za izdajo potrdil v materializirani obliki ni bilo upoštevano.
Italy observed that the payment required for paper certificates issued by mutual funds amounted to EUR 10 to EUR 20 per certificate, while the fee paid by CDP to PI amounted to EUR 1,70 per paper certificate, and concluded that this did not seem excessive.
Italija je ugotovila, da je bilo treba za potrdila vzajemnih skladov v materializirani obliki plačati 10 EUR do 20 EUR na potrdilo, medtem ko je nadomestilo, ki ga je CDP plačala PI, znašalo 1,70 EUR na potrdilo v materializirani obliki, in menila, da ni bilo previsoko.
The expert confirmed that the amounts charged by mutual funds for the production of paper certificates were at the level described by Italy.
Strokovnjak je potrdil, da so bili zneski, ki so bili pri vzajemnih skladih zaračunani za izdajo potrdil v materializirani obliki, na ravni, ki jo je navedla Italija.
Therefore, the fee paid by CDP to PI for the production of paper certificates could be regarded as market-conform.
Zato se lahko šteje, da je nadomestilo, ki ga je CDP plačala PI za izdajo potrdil v materializirani obliki, v skladu s tržnimi pravili.
The expert’s conclusion
Ugotovitev strokovnjaka
The overall conclusion of the expert report is that the remuneration paid for postal savings certificates in the years 2000-2006 was market-conform.
Splošna ugotovitev strokovnega poročila je, da je bilo nadomestilo za potrdila o poštnem varčevanju v obdobju 2000–2006 v skladu s tržnimi pravili.
In order to ascertain whether a measure constitutes State aid within the meaning of Article 87(1), the Commission has in principle to assess whether the scheme:
Za določitev, ali ukrep pomeni državno pomoč v skladu s členom 87(1), mora Komisija načeloma oceniti:
is granted by the State or through State resources,
ali je shemo dodelila država ali je dodeljena iz državnih sredstev;
confers an economic advantage,
ali shema daje gospodarsko prednost;
is capable of distorting competition by favouring certain undertakings or the production of certain goods,
ali shema lahko izkrivlja konkurenco z dajanjem prednosti posameznim podjetjem ali proizvodnji posameznega blaga;
affects trade between Member States.
ali shema vpliva na trgovino med državami članicami.
The context of the assessment
Ozadje ocene
In order to reach a conclusion in the present case, the Commission will have to consider only whether the remuneration at issue conferred an advantage on PI.
Da bi Komisija v tem primeru sprejela sklep, bo morala preučiti le, ali je bila z nadomestilom PI dana prednost.
As a consequence of the Order of 6 October 2004, the collection of postal savings has become a service of general economic interest [57].
Na podlagi Odloka z dne 6. oktobra 2004 je zbiranje sredstev prek poštnega varčevanja postalo storitev splošnega gospodarskega pomena [57].
From 2004 onward, therefore, the assessment has to be conducted in the framework established by the Altmarkjudgment [58].
Zato je treba oceno od leta 2004 izvesti v okviru, ki je bil vzpostavljen s sodbo Altmark [58].
In the opening decision the Commission established that the recipient, PI, had public service obligations to discharge, and that these obligations were clearly defined.
Komisija je v uvodni odločbi ugotovila, da je moral prejemnik, tj. PI, izvajati obveznosti javne službe in da so bile te obveznosti jasno opredeljene.
The parameters on the basis of which the compensation was calculated had been established in advance in an objective and transparent manner, notably by means of agreements between CDP and PI.
Parametri, na podlagi katerih je bilo nadomestilo izračunano, so bili določeni vnaprej na objektiven in pregleden način, in sicer s sporazumi med CDP in PI.
It remained to be established whether the compensation might exceed what was necessary to cover all or part of the costs incurred in the discharge of the public service obligations, taking into account the relevant receipts and a reasonable profit; and in the absence of a public procurement procedure, the level of compensation needed had to be determined on the basis of an analysis of the costs that would be incurred by a typical undertaking, well run and with proper resources, taking into account the receipts and a reasonable profit for discharging the obligations.
Ugotoviti je bilo treba, ali je nadomestilo morda presegalo znesek, potreben za pokrivanje vseh ali nekaterih stroškov, ki nastanejo zaradi izpolnjevanja obveznosti izvajanja javnih storitev, ob upoštevanju ustreznih prejemkov in zmernega dobička; v odsotnosti postopkov oddaje javnih naročil pa je bilo treba določiti stopnjo potrebnega nadomestila na podlagi analize stroškov, ki bi jih imelo običajno podjetje, ki je dobro vodeno in ima ustrezna sredstva, ob upoštevanju prejemkov in zmernega dobička za izpolnjevanje obveznosti.
If the remuneration paid by CDP was market-conform, it would provide an appropriate estimate of the level of the costs that would be incurred by a typical well-run undertaking, taking into account the receipts and a reasonable profit for discharging the obligations.
Če je bilo nadomestilo, ki ga je plačala CDP, v skladu s tržnimi pravili, bi zagotavljalo ustrezno oceno stopnje stroškov, ki bi jih imelo običajno, dobro vodeno podjetje, ob upoštevanju prejemkov in zmernega dobička za izpolnjevanje obveznosti.
In that event the remuneration would satisfy the four tests in Altmark, and there would be no State aid [59].
V tem primeru bi nadomestilo izpolnjevalo štiri preskuse iz sodbe Altmark in državna pomoč ne bi obstajala [59].
Lastly, if the yearly remuneration paid to PI on postal savings books was market-conform before the service of general economic interest was entrusted to PI and CDP, it is obvious that no advantage was conferred on PI, and that this remuneration did not constitute State aid either.
Če je bilo letno nadomestilo, plačano PI za poštne hranilne knjižice, v skladu s tržnimi pravili, preden sta bili PI in CDP pooblaščeni za opravljanje storitev splošnega gospodarskega pomena, je jasno, da PI ni imela prednosti in da to nadomestilo ni pomenilo državne pomoči.
To analyse whether the remuneration paid by CDP was market-conform, the Commission will follow the main stages of the methodology used by the benchmark study, a methodology which the Commission endorsed in the opening decision and which was likewise followed in the other studies conducted subsequently:
Pri analizi, ali je bilo nadomestilo, ki ga je plačala CDP, v skladu s tržnimi pravili, bo Komisija upoštevala glavne stopnje metodologije, ki je bila uporabljena pri primerjalni študiji in ki jo je Komisija odobrila v uvodni odločbi in je bila upoštevana tudi pri drugih poznejših študijah:
first, the financial instruments most comparable to the various categories of postal savings certificate have to be identified (section VIII.2); it is of the utmost importance here that the essential factors affecting the level of distribution fees should be identified and properly taken into account;
prvič, opredeliti je treba finančne instrumente, ki so najbolj primerljivi z različnimi kategorijami potrdila o poštnem varčevanju (oddelek VIII.2); pri tem je zelo pomembno, da se opredelijo bistveni dejavniki, ki vplivajo na stopnjo nadomestil za distribucijo, in se ustrezno upoštevajo;
second, the market remuneration paid by market participants for the placement of these comparables has to be established and compared with the remuneration paid by CDP (section VIII.3).
drugič, določiti je treba tržno nadomestilo, ki ga za izdajo teh primerljivih instrumentov plačajo udeleženci na trgu, in ga primerjati z nadomestilom, ki ga je plačala CDP (oddelek VIII.3).
Definition of the comparators
Opredelitev primerljivih instrumentov
Validation of the expert study by the Commission
Validacija strokovne študije Komisije
The three studies differ essentially with regard to the comparators identified and the underlying determinants of the remuneration influencing the choice of comparables.
Tri študije se bistveno razlikujejo glede opredeljenih primerljivih instrumentov in temeljnih dejavnikov nadomestila, ki vplivajo na izbiro primerljivih instrumentov.
The following table presents the comparators identified by the three studies:
V naslednji tabeli so navedeni primerljivi instrumenti, opredeljeni v vseh treh študijah:
The comparators identified by the three studies
Primerljivi instrumenti, opredeljeni v vseh treh študijah
Benchmark study
Primerjalna študija
ABI study
Študija ABI
Expert study
Strokovna študija
Structured corporate bonds with a rating of at least BBB (S&P’s) or Baa2 (Moody’s)
Strukturirane podjetniške obveznice z bonitetno oceno najmanj BBB (S&P’s) ali Baa2 (Moody’s)
BTPs of similar maturity
BTP s podobno zapadlostjo
Bank-issued plain vanilla bonds (fixed-rate and floating-rate)
Klasične obveznice, ki jih izda banka (z nespremenljivo obrestno mero in spremenljivo obrestno mero)
BOTs, CTZs and BTPs depending on the residual life of the postal savings certificate
BOT, CTZ in BTP, odvisno od preostale zapadlosti potrdila o poštnem varčevanju
Bank-issued plain vanilla bonds
Klasične obveznice, ki jih izda banka
Indexed postal savings certificates (inflation-linked and equity-linked)
Indeksirana potrdila o poštnem varčevanju (vezana na inflacijo in vezana na kapital)
For inflation-linked certificates: BTPEUR i indexed; for equity-linked certificates: index-linked financial bonds with a rating of at least A+ (S&P’s) or Aa2 (Moody’s).
Za potrdila, vezana na inflacijo: indeksirane BTPEURi; za potrdila, vezana na kapital: finančne obveznice, vezane na indeks, z bonitetno oceno najmanj A+ (S&P’s) ali Aa2 (Moody’s)
Bank-issued indexed bonds (equity-linked or inflation-linked as the case may be)
Indeksirane obveznice, ki jih izda banka (vezane na kapital ali vezane na inflacijo, odvisno od primera)
Structured corporate bonds with a rating of at least A– (S&P’s) or A3 (Moody’s)
Strukturirane podjetniške obveznice z bonitetno oceno najmanj A– (S&P’s) ali A3 (Moody’s)
Short-term BOTs and CTZs
Kratkoročne BOT in CTZ
Deposit certificates (CDs) [60], with useful indications provided by shorter-maturity fixed-interest bank bonds, and money-market mutual funds
Potrdila o vlogi (CD) [60] z uporabnimi kazalniki, ki jih zagotavljajo bančne obveznice z nespremenljivo obrestno mero in krajšo zapadlostjo in vzajemni skladi denarnega trga
Comments on other comparators
Pripombe o drugih primerljivih instrumentih
Italy considers postal savings certificates to be comparable to mutual funds investing in euro area government bonds
Italija meni, da so potrdila o poštnem varčevanju primerljiva z vzajemnimi skladi, ki vlagajo v državne obveznice euroobmočja.
ABI considered initially that postal savings certificates were comparable to mutual funds investing in euro area government bonds.
ABI je sprva menilo, da so potrdila o poštnem varčevanju primerljiva z vzajemnimi skladi, ki vlagajo v državne obveznice euroobmočja.
In the ABI study, however, comparability between postal savings certificates and mutual funds is no longer mentioned.
Vendar v študiji ABI primerljivost potrdil o poštnem varčevanju in vzajemnih skladov ni več omenjena.
Useful indications for the determination of the market level of the remuneration for the distribution of postal savings certificates (except for indexed certificates) might be provided by the observation of the remuneration for the most closely comparable types of mutual funds, notably money-market mutual funds.
Uporabne kazalnike za določitev tržne stopnje nadomestila za distribucijo potrdil o poštnem varčevanju (razen za indeksirana potrdila) bi lahko zagotovili s preučitvijo nadomestila za najbolj primerljive vrste vzajemnih skladov, zlasti vzajemnih skladov denarnega trga.
The Commission considers that the methodology used by the expert (see in particular table 7 above) and its outcome are fully appropriate.
Komisija meni, da sta metodologija, ki jo je uporabil strokovnjak (glej zlasti tabelo 7 zgoraj), in njen rezultat popolnoma ustrezna.
In particular, the comparators identified by the expert address the concerns of both the Italian authorities and ABI as detailed below.
Primerljivi instrumenti, ki jih je opredelil strokovnjak, obravnavajo pomisleke italijanskih organov in ABI, kot je navedeno spodaj.
All factors relevant for defining the essential characteristics of the relevant financial products are assessed and weighed in a reasonable manner.
Vsi dejavniki, ki so pomembni za opredelitev bistvenih značilnosti zadevnih finančnih produktov, so primerno ocenjeni in ovrednoteni.
Moreover, the expert study identifies a very significant factor influencing distribution fees which has been overlooked by both the Italian authorities and ABI, namely the distribution network.
Poleg tega je v strokovni študiji opredeljen zelo pomemben dejavnik, ki vpliva na nadomestila za distribucijo in ga italijanski organi in ABI niso upoštevali, tj. distribucijska mreža.
The expert noted here that in distributing products targeting retail investors, at least in Italy, it was possible to offer investors a lower return for the same level of risk than would have to be offered on similar products targeting institutional investors.
Strokovnjak je navedel, da je bilo vsaj v Italiji pri distribuciji produktov, namenjenih malim vlagateljem, možno tem vlagateljem za enako stopnjo tveganja ponuditi nižji donos, kot bi ga morali ponuditi za podobne produkte, namenjene institucionalnim vlagateljem.
In this case, the higher level of distribution fees earned by the retail network, in comparison to what can be obtained by distributors placing with institutions, can be thought of as a form of sharing the surplus generated [61].
V tem primeru se lahko višja stopnja nadomestil za distribucijo, ki jo dobi maloprodajna mreža, v primerjavi s tem, kar lahko dobijo distributerji, ki ponujajo vrednostne papirje institucijam, razume kot oblika porazdelitve ustvarjenega presežka [61].
While no perfect comparators for postal savings certificates can be found, the analysis presented in the expert study will allow a market remuneration to be estimated for products with characteristics similar to those of postal savings certificates (for instance by means of regression analysis).
Medtem ko ni mogoče opredeliti popolnoma primerljivih instrumentov za potrdila o poštnem varčevanju, bo analiza iz strokovne študije omogočala oceno tržnega nadomestila za produkte, ki imajo podobne značilnosti kot potrdila o poštnem varčevanju (na primer z regresijsko analizo).
The Commission’s opinion on the arguments of the Italian authorities
Mnenje Komisije o trditvah italijanskih organov
The benchmark study and the Italian authorities have frequently asserted that the put option embedded in postal savings certificates makes them a more complex financial product than ‘plain vanilla’bonds, and that they have to be compared to complex products like structured bonds.
V primerjalni študiji in s strani italijanskih organov je bilo večkrat izraženo mnenje, da so potrdila o poštnem varčevanju zaradi vključene prodajne opcije bolj zapleten finančni produkt kot klasične obveznice in da jih je treba primerjati z zapletenimi produkti, kot so strukturirane obveznice.
Some instruments, such as ‘plain vanilla’bonds and ordinary shares, have relatively straightforward structures and payoffs, while others, such as structured bonds and bonds with option-like provisions, have complex structures and payoffs that are contingent on the behaviour of underlying assets, or depend on a series of events.
Nekateri instrumenti, kot so klasične obveznice in navadne delnice, imajo razmeroma preproste strukture in poplačila, medtem ko imajo drugi instrumenti, kot so strukturirane obveznice in obveznice z opcijam podobnimi pogoji, zapletene strukture in poplačila, ki so pogojena z gibanjem osnovnih sredstev ali odvisna od poteka dogodkov.
Explaining and, especially, selling a product with a complex structure to retail investors is a demanding task for retail networks, which have to invest resources to educate their workforce and allocate valuable resources and time to the process.
Pojasnjevanje in zlasti prodaja zapleteno strukturiranega produkta malim vlagateljem je zapletena naloga, s katero se ukvarjajo maloprodajne mreže, ki morajo vlagati sredstva v izobraževanje svojih delavcev in temu procesu nameniti pomembne vire in čas.
Moreover, there is no generally accepted official statement issued by any regulatory body with binding legal effect that provides an exact definition of what is a ‘plain vanilla’ or a ‘structured’ bond [62].
Poleg tega ne obstaja splošno sprejeta uradna izjava nobenega regulativnega organa, ki bi imela zavezujoč pravni učinek in bi natančno opredeljevala, kaj je klasična ali strukturirana obveznica [62].
In addition, if a broad definition of ‘structured’ bonds is adopted, many financial products would lie between strictly ‘plain vanilla’ and strictly ‘structured’.
Če se sprejme široka opredelitev pojma „strukturiranih“ obveznic, bi bilo veliko finančnih produktov uvrščenih med strogo „klasične“ in strogo „strukturirane“ instrumente.
The expert noted that a puttable bond like the postal savings certificate cannot be considered equivalent to a typical structured bond.
Strokovnjak je navedel, da deviznega vrednostnega papirja, ki upniku omogoča predčasno unovčitev, kot je potrdilo o poštnem varčevanju, ni mogoče šteti kot enakovrednega običajni strukturirani obveznici.
The structure of the return to the investor on a postal savings certificate was simple, and small savers in Italy had been well aware for several decades of the significance of the possibility of early redemption of the invested capital and accrued interest, so that no special effort on the part of the distributor was required in order to explain the structure of the product.
Struktura donosnosti potrdila o poštnem varčevanju za vlagatelja je bila preprosta in mali varčevalci v Italiji so bili več desetletij dobro seznanjeni s tem, kako pomembna je možnost predčasnega odkupa vloženega kapitala in obračunanih obresti, zato distributerju ni bilo treba vložiti posebnega napora, da bi pojasnil strukturo produkta.
The expert therefore adopted the definition whereby a bond is ‘structured’ when its return is linked to trends in given parameters, according to a mechanism set out in the terms and conditions of the issue.
Zato je strokovnjak sprejel opredelitev, v skladu s katero je obveznica „strukturirana“, kadar je njena donosnost povezana z gibanjem posameznih parametrov v skladu z mehanizmom, določenem v pogojih izdaje.
The Commission shares the expert’s opinion that postal savings certificates cannot be considered ‘structured’ products on the usual definition by reason merely of the put option embedded in them.
Komisija se strinja z mnenjem strokovnjaka, da potrdil o poštnem varčevanju v skladu z običajno opredelitvijo ni mogoče šteti za „strukturirane“ produkte le zaradi vanje vključene prodajne opcije.
To conclude, a comparison between postal savings certificates and structured instruments, as proposed by Italy, is not appropriate, except in the case of indexed certificates [63].
Primerjava med potrdili o poštnem varčevanju in strukturiranimi instrumenti, ki jo predlaga Italija, ni ustrezna, razen v primeru indeksiranih potrdil [63].
The Commission’s opinion on the arguments of ABI
Mnenje Komisije o trditvah ABI
ABI has frequently suggested a comparison with short-term and long-term State securities.
ABI je večkrat predlagalo primerjavo s kratkoročnimi in dolgoročnimi državnimi vrednostnimi papirji.