natgillin/translations-raw huggingface dataset:
As an alternative, in this specific case, the Commission might have taken the view that the fees paid to PI were market-conform as long as they were below the highest estimate of the expected value.
Namesto tega bi lahko Komisija v tem primeru zavzela stališče, da so bila nadomestila, plačana PI, v skladu s tržnimi pravili, če so bila pod najvišjo oceno pričakovane vrednosti.
If that view were to be taken, table 10 shows that the remuneration for paper ordinary certificates and paper fixed-term certificates would be market-conform: the highest estimate of the expected value for paper ordinary postal savings certificates is 4,54 % (the highest limit of the expected value), while the maximum fee over 2000-2006 is 3,07 %.
Če bi to stališče sprejeli, bi bilo na podlagi tabele 10 jasno, da bi bilo nadomestilo, plačano za navadna potrdila v materializirani obliki in potrdila z zapadlostjo v materializirani obliki v skladu s tržnimi pravili: najvišja ocena pričakovane vrednosti za navadna potrdila o poštnem varčevanju v materializirani obliki je 4,54 % (zgornja meja pričakovane vrednosti), medtem ko je najvišje nadomestilo v obdobju 2000–2006 3,07 %.
The respective values for paper fixed-term postal savings certificates are 3,34 % and 3,09 %.
Ti vrednosti za potrdila o poštnem varčevanju z zapadlostjo v materializirani obliki sta 3,34 % in 3,09 %.
Specific observations
Posebne ugotovitve
Variable annual remuneration methodology
Metodologija spremenljivega letnega nadomestila
Using the variable annual remuneration methodology, the Commission would have arrived at the same conclusions.
Če bi Komisija uporabila metodologijo spremenljivega letnega nadomestila, bi prišla do enakih ugotovitev.
The variable annual remuneration methodology is acceptable, because the Commission considers that the annual negotiations between PI and CDP took account of the variability of annual fees.
Metodologija spremenljivega letnega nadomestila je sprejemljiva, ker Komisija meni, da je bila pri letnih pogajanjih med PI in CDP upoštevana spremenljivost letnih nadomestil.
If the Commission had followed that approach, its conclusions on market conformity would have been even stronger.
Če bi Komisija uporabila navedeni pristop, bi bile njene ugotovitve o skladnosti s tržnimi pravili še bolj tehtne.
The remuneration for the production of paper certificates
Nadomestilo za izdajo potrdil v materializirani obliki
The expert observes that it can be stated with absolute certainty that paper circulation is specific to postal savings certificates, with the single exception of units in mutual funds, where it is still legally permitted.
Strokovnjak ugotavlja, da je mogoče z absolutno gotovostjo trditi, da je obtok v materializirani obliki značilen za potrdila o poštnem varčevanju, edina izjema so enote v vzajemnih skladih, kjer je to še vedno zakonsko dovoljeno.
ABI likewise acknowledges that financial markets now deal almost exclusively in dematerialised products.
Tudi ABI priznava, da se na finančnih trgih zdaj uporabljajo skoraj samo produkti v dematerializirani obliki.
ABI does not present any arguments or data suggesting how it should be determined whether this remuneration is market-conform, nor does it contest the calculation of a comparable remuneration for the production of paper certificates by means of a comparison with the paper certificates issued by mutual funds.
ABI ni predložilo nobenih utemeljitev ali podatkov o tem, kako bi bilo treba določiti, ali je to nadomestilo v skladu s tržnimi pravili, in ne spodbija izračuna primerljivega nadomestila za izdajo potrdil v materializirani obliki s primerjavo s potrdili v materializirani obliki, ki jih izdajo vzajemni skladi.
The Commission therefore agrees with the expert’s conclusion on this question (see paragraphs 130-132).
Zato se Komisija strinja z ugotovitvijo strokovnjaka v zvezi s tem vprašanjem (glej uvodne izjave 130–132).
Reply to remaining comments by Italy and ABI
Odgovor na ostale pripombe Italije in ABI
With regard to the arguments put forward by Italy concerning the market conformity of the margin for placing postal savings certificates (paragraphs 85-88), the Commission would observe that the simulated profit margin indicated by Italy for postal savings certificates is not sufficient to demonstrate the market conformity of distribution fees for the certificates, since, as the Italian authorities acknowledge, PI does not keep separate accounts for separate financial products, so that for purposes of this Decision it is not possible to assemble reliable information regarding the revenue and costs generated by the certificates.
V zvezi s trditvami, ki jih je predložila Italija glede skladnosti stopnje za izdajo potrdil o poštnem varčevanju (uvodne izjave 85–88) s tržnimi pravili, Komisija ugotavlja, da simulirana stopnja dobička, ki jo je za potrdila o poštnem varčevanju navedla Italija, ne zadošča kot dokaz skladnosti nadomestil za distribucijo potrdil s tržnimi pravili, ker PI ne vodi ločenih računovodskih evidenc za posamezne finančne produkte, kot priznavajo italijanski organi, tako da za namene te odločbe ni mogoče zbrati zanesljivih informacij o prihodkih in stroških, ki so nastali zaradi potrdil.
The comparison drawn between PI/Bancoposta’s overall profit margin and the margin of all comparable activities of commercial banks is even less specific.
Primerjava med splošno stopnjo dobička PI/Bancoposta in stopnjo vseh primerljivih dejavnosti komercialnih bank je še manj natančna.
The Commission consequently considers that no conclusion can be drawn on the basis of this argument regarding the market conformity of distribution fees for postal savings certificates, which are only one of the services provided by Bancoposta, and which have to be compared to activities and products of commercial banks that are not comparable.
Zato Komisija meni, da na podlagi te trditve ni mogoče izpostaviti nobene ugotovitve o skladnosti nadomestil za distribucijo potrdil o poštnem varčevanju s tržnimi pravili, pri čemer so le ena od storitev, ki jih zagotavlja Bancoposta, in jih je treba primerjati z dejavnostmi in produkti komercialnih bank, ki niso primerljivi.
With regard to the comparison advanced by the Italian authorities between the distribution fees for postal savings certificates and the fees for postal savings books, and their extrapolation of the allegedly market-conform remuneration for postal savings certificates over their average life (see paragraph 83), the Commission considers in the light of the analyses carried out by the expert that the assumption of a linear effect of the maturity on the distribution fees is much too simplistic.
V zvezi s primerjavo med nadomestili za distribucijo potrdil o poštnem varčevanju in nadomestili za poštne hranilne knjižice, ki so jo predložili italijanski organi, in njihovo ekstrapolacijo nadomestila za potrdila o poštnem varčevanju, ki je bilo domnevno v skladu s tržnimi pravili, na njihovo povprečno življenjsko dobo (glej uvodno izjavo 82) Komisija glede na analize, ki jih je izvedel strokovnjak, meni, da je domneva o linearnem vplivu zapadlosti na nadomestila za distribucijo preveč poenostavljena.
In addition, it is more appropriate to compare postal savings certificates with a financial instrument issued by market operators.
Poleg tega je bolj primerno, da se potrdila o poštnem varčevanju primerjajo s finančnim instrumentom, ki ga izdajo udeleženci na trgu.
ABI argues that the internal rate of return of State bonds is always lower than of equally rated corporate bonds, and that this is due to a difference in risk even where the financial instruments concerned have the same rating; but the Commission considers that the difference in returns is better explained by differences between distribution networks (retail and wholesale) rather than by a difference in level of risk.
ABI trdi, da je notranja stopnja donosnosti državnih obveznic vedno nižja od notranje stopnje donosnosti podjetniških obveznic z enako bonitetno oceno in da je razlog za to različno tveganje, tudi če imajo zadevni finančni instrumenti enako bonitetno oceno; vendar Komisija meni, da je različno donosnost mogoče bolje pojasniti z razlikami med distribucijskimi mrežami (maloprodajnimi in veleprodajnimi) in ne z različno stopnjo tveganja.
Separate accounting
Ločeno računovodstvo
According to the Community framework for State aid in the form of public service compensation [75], where an undertaking is entrusted with the operation of several services of general economic interest, the undertaking’s internal accounts must make it possible to ensure that there is no overcompensation at the level of each service of general economic interest.
V skladu z okvirom Skupnosti za državne pomoči v obliki nadomestila za javne storitve [75] morajo interni računovodski izkazi podjetja zagotoviti, da ne pride do prekomernega nadomestila na ravni vsake storitve splošnega gospodarskega pomena, če je podjetje pooblaščeno za opravljanje več storitev splošnega gospodarskega pomena.
It is clear from the information provided by Italy that in PI’s internal accounts there is no proper separation of the costs and receipts associated with the service of general economic interest relating to postal savings and the costs and receipts associated with other services.
Na podlagi informacij, ki jih je predložila Italija je jasno, da v internih računovodskih izkazih PI stroški in prejemki, povezani s storitvijo splošnega gospodarskega pomena v zvezi s poštnim varčevanjem, ter stroški in prejemki, povezani z drugimi storitvami, niso ustrezno ločeni.
The Commission would therefore remind Italy that it has an obligation to discharge in this regard.
Zato Komisija opozarja Italijo, da mora izpolniti obveznost v zvezi s tem.
The market remuneration paid by Italy to PI for the distribution of postal savings certificates is an appropriate estimate of the level of the costs that would be incurred by a typical well-run undertaking for discharging the same obligations, taking into account the receipts and a reasonable profit for discharging them.
Tržno nadomestilo, ki ga je Italija plačala PI za distribucijo potrdil o poštnem varčevanju, je ustrezna ocena stopnje stroškov, ki bi jih imelo običajno, dobro vodeno podjetje pri izpolnjevanju enakih obveznosti, ob upoštevanju prejemkov in zmernega dobička za njihovo izpolnjevanje.
Since the service of general economic interest was entrusted to PI and CDP in 2004, the four Altmark tests have been satisfied.
Ker sta bila PI in CDP pooblaščena za opravljanje storitve splošnega gospodarskega pomena leta 2004, so štirje preskusi iz sodbe Altmark opravljeni.
The remuneration paid to PI for distributing postal savings certificates between 2004 and 2006 did not constitute State aid.
Nadomestilo, plačano PI za distribucijo potrdil o poštnem varčevanju med leti 2004 in 2006, ni pomenilo državne pomoči.
Before the service of general economic interest was entrusted to PI and CDP, the remuneration paid to PI for distributing postal savings certificates was market-conform.
Preden sta bila PI in CDP pooblaščena za opravljanje storitve splošnega gospodarskega pomena, je bilo nadomestilo, plačano PI za distribucijo potrdil o poštnem varčevanju, v skladu s tržnimi pravili.
As no advantage was conferred on PI, the remuneration did not constitute State aid.
Ker PI ni bila dana prednost, nadomestilo ni pomenilo državne pomoči.
The Commission takes the view that the remuneration paid to PI for distributing postal savings certificates in the years 2000-2006 does not constitute State aid,
Komisija meni, da nadomestilo, plačano PI za distribucijo potrdil o poštnem varčevanju v obdobju 2000–2006, ne pomeni državne pomoči –
The remuneration paid by the public authorities to Poste Italiane for distributing postal savings certificates (buoni fruttiferi postali) in the years 2000-2006 does not constitute State aid within the meaning of Article 87(1) of the Treaty.
Nadomestilo, ki so ga javni organi plačali družbi Poste Italiane za distribucijo potrdil o poštnem varčevanju (buoni fruttiferi postali) v obdobju 2000–2006, ne pomeni državne pomoči v skladu s členom 87(1) Pogodbe.
OJ C 31, 13.2.2007, p. 11.
UL C 31, 13.2.2007, str. 11.
Under Article 5 of Decree-law No 269 of 30 September 2003, converted into statute by Act No 326 of 24 November 2003, the shares in CDP were assigned to the State.
V skladu s členom 5 Zakonskega odloka št. 269 z dne 30. septembra 2003, ki je bil spremenjen v zakon z Zakonom št. 326 z dne 24. novembra 2003, so bile delnice v CDP dodeljene državi.
Foundations and other public or private parties may hold shares which together must not amount to more than a minority of the whole.
Skladi in druge javne ali zasebne stranke imajo lahko v lasti delnice, ki skupaj ne presegajo manjšinskega deleža.
The universal service comprises the conveyance of items of correspondence and addressed printed matter weighing up to 2 kg and postal packages of up to 20 kg, and services relating to registered items and insured items.
Univerzalna storitev vključuje prenos pošiljk korespondence in naslovljenih tiskovin, ki tehtajo do 2 kg, in poštnih paketov, ki tehtajo do 20 kg, ter storitve, povezane s priporočenimi in vrednostnimi pošiljkami.
Legislative Order No 261 of 22 July 1999, published GU 182, 5.8.1999, and Ministry of Communication Order of 17 April 2000, published GU 102, 4.5.2000.
Zakonski odlok št. 261 z dne 22. julija 1999, ki je bil objavljen v Uradnem listu Italijanske republike 182, 5.8.1999, in odlok Ministrstva za zveze z dne 17. aprila 2000, ki je bil objavljen v Uradnem listu Italijanske republike 102, 4.5.2000.
Source: PI’s website, February 2008.
Vir: spletna stran PI, februar 2008.
ECORYS-NEI, Development of Competition in the European Postal Sector, July 2005.
ECORYS-NEI, „Development of Competition in the European Postal Sector“, julij 2005.
Study by PriceWaterhouseCoopers, The Impact on Universal Service of the Full Market Accomplishment of the Postal Internal Market in 2009, Final Report, May 2006.
Študija družbe PriceWaterhouseCoopers, „The Impact on Universal Service of the Full Market Accomplishment of the Postal Internal Market in 2009“, končno poročilo, maj 2006.
FitchRatings, special report, The European Regulated Mail Sector: Tomorrow’s deliveries, 9 July 2004.
Fitch Ratings, posebno poročilo, „The European Regulated Mail Sector: Tomorrow’s deliveries“, 9. julij 2004.
In some cases, such as debit cards and standing debit orders, the service is provided by PI itself; in other cases, PI/Bancoposta distributes third-party products (such as credit cards, which it distributes on behalf of banks).
V nekaterih primerih, kot so debetne kartice in trajni nalogi, storitev zagotavlja sama PI, v drugih primerih pa PI/Bancoposta distribuira produkte tretjih strank (kot so kreditne kartice, ki jih distribuira v imenu bank).
Poste Vita SpA is a wholly-owned subsidiary of PI.
Poste Vita SpA je hčerinska družba v popolni lasti PI.
Bancoposta Fondi SGR SpA is a wholly-owned subsidiary of PI.
Bancoposta Fondi SGR SpA je hčerinska družba v popolni lasti PI.
Published GU 241, 13.10.2004.
Objavljeno v Uradnem listu Italijanske republike 241, 13.10.2004.
See recital 32 of the decision initiating the proceedings.
Glej uvodno izjavo 32 odločitve o sprožitvi postopka.
In July 2006, CDP began issuing savings certificates for minors, which mature at the holder’s eighteenth birthday.
CDP je julija leta 2006 začela izdajati potrdila o varčevanju za mladoletnike, ki zapadejo, ko imetnik dopolni 18 let.
This category of certificate is outside the scope of the opening decision and of the present decision.
Ta kategorija potrdil ne spada na področje uporabe uvodne odločbe in te odločbe.
In any case, the stock of savings certificates for minors is marginal compared to the total stock of certificates: it represented 0,3 % of the total stock on 31 December 2007.
V vsakem primeru je zaloga potrdil o varčevanju za mladoletnike zelo majhna v primerjavi s skupno zalogo potrdil: 31. decembra 2007 so zajemala 0,3 % skupne zaloge.
See CDP annual report 2004.
Glej letno poročilo CDP za leto 2004.
The stock includes certificates issued by CDP and by the Ministry of Finance (the latter ceased to issue savings certificates with effect from 2001).
Zaloga vključuje potrdila, ki sta jih izdala CDP in Ministrstvo za finance (slednje ne izdaja potrdil o varčevanju od leta 2001).
This duration refers to equity-linked certificates.
To trajanje velja za potrdila, vezana na kapital.
For inflation-linked certificates, see footnote 49.
Za potrdila, vezana na inflacijo, glej opombo 49.
The Italian authorities indicate that the average life of this category is not quantifiable because these certificates have been issued only since September 2005.
Italijanski organi so navedli, da povprečne življenjske dobe te kategorije ni mogoče količinsko opredeliti, ker se ta potrdila izdajajo šele od septembra 2005.
Judgments in Case C-280/00 Altmark Trans GmbH and Regierungspräsidium Magdeburgv Nahverkehrsgesellschaft Altmark GmbH [2003] ECR I-7747 and Joined Cases C-34/01 to C-38/01 Enirisorse SpA v Ministero delle Finanze [2003] ECR I-14243.
Sodbe v zadevi C–280/00, Altmark Trans GmbH in Regierungspräsidium Magdeburg proti Nahverkehrsgesellschaft Altmark GmbH, Recueil 2003, str. I–7747, in združene zadeve C–34/01 do C–38/01, Enirisorse SpA proti Ministero delle Finanze, Recueil 2003, str. I–14243.
BOTs (buoni ordinari del tesoro) are short-term zero-coupon Treasury bonds; BTPs (buoni del tesoro poliennali) are long-term Treasury bonds; and CTZs (certificati del tesoro zero-coupon) are short-term zero-coupon Treasury bonds (maximum two-year maturity).
BOT (buoni ordinari del tesoro) so brezkuponske državne obveznice z zapadlostjo; BTP (buoni del tesoro poliennali) so dolgoročne državne obveznice; CTZ (certificati del tesoro zero-coupon) so kratkoročne brezkuponske državne obveznice (najdaljša zapadlost znaša dve leti).
The commissions for placing these securities are set by law.
Provizije za izdajo teh vrednostnih papirjev so določene z zakonom.
According to ABI, corporate bonds exclude bonds issued by financial companies.
Po navedbah ABI podjetniške obveznice ne vključujejo obveznic, ki so jih izdale finančne družbe.
‘Plain vanilla’ is an expression commonly used to mean ‘the most basic or standard version of a financial instrument, usually options, bonds, futures and swaps’ — www.investopedia.com, quoted by the Commission’s independent expert.
„Plain vanilla“ je izraz, ki običajno pomeni „najbolj osnovna ali običajna različica finančnega instrumenta, pri čemer gre ponavadi za opcije, obveznice, terminske posle in menjalne posle“ – http://www.investopedia.com, citat neodvisnega strokovnjaka Komisije.
Italy uses the general term ‘corporate bonds’, but the reference sample employed in the benchmark study is made up mainly of bonds issued by banks (see p. 7 in the Italian authorities’ letter of 22 June 2007).
Italija uporablja splošni izraz „podjetniške obveznice“, vendar referenčni vzorec, ki je uporabljen v primerjalni študiji, vključuje večinoma obveznice, ki so jih izdale banke (glej str. 7 dopisa italijanskih organov z dne 22. junija 2007).
The term ‘corporate’ is thus used in a broad sense, to refer to bonds issued not just by industrial corporations but also by banks.
Izraz „podjetniški“ se torej uporablja v širšem smislu za opis obveznic, ki jih niso izdale le industrijske družbe, ampak tudi banke.
The simulation was based on the placement commission and the annual management commission returned to the distributor in a year, multiplied by the notional period for which the fund would be held, which was taken to be equal to the average life of postal savings bonds.
Simulacija je temeljila na proviziji za izdajo in letni proviziji za upravljanje, ki se distributerju vrne v posameznem letu, kar se pomnoži s predvidenim časovnim obdobjem, za katerega se sklad vodi, kar naj bi bilo enako povprečni življenjski dobi obveznic poštnega varčevanja.
For bond investment funds the subscription fee varied between 0,70 and 2,20 %, and the management fee between 0,80 and 1,05 %, though some mutual funds applied only a management fee.
Za obvezniške investicijske sklade je vstopna provizija znašala med 0,70 % in 2,20 %, nadomestilo za upravljanje pa med 0,80 % in 1,05 %, čeprav je nekaj vzajemnih skladov uporabljalo le nadomestilo za upravljanje.
On the basis of PI’s separation of accounts and the average values for financial services, the profitability ratio for 2005 was […] %.
Na podlagi ločevanja računovodskih evidenc PI in povprečnih vrednosti finančnih storitev je stopnja donosnosti za leto 2005 znašala […] %.
In view of the additional costs of managing postal savings certificates, Italy indicated that a reasonable proxy for the profitability ratio of postal savings certificates was […] %.
Glede na dodatne stroške upravljanja potrdil o poštnem varčevanju je Italija navedla, da je razumen približek stopnje donosnosti potrdil o poštnem varčevanju znašal […] %.
Average fee calculated for the period November 1999–December 2007 on a total volume of EUR 33 billion.
Povprečno nadomestilo je bilo izračunano za obdobje november 1999–december 2007 na podlagi skupnega zneska v višini 33 milijard EUR.
Average fee calculated for the same period on a total volume of EUR 22 billion.
Povprečno nadomestilo je bilo izračunano za isto obdobje na podlagi skupnega zneska v višini 22 milijard EUR.
The value of the issue was EUR 971,2 million.
Vrednost izdaje je znašala 971,2 milijona EUR.
‘Plain vanilla’ or structured instrument.
Klasični ali strukturirani instrument.
CCTs (certificati di credito del Tesoro) are seven-year Treasury bonds with a floating interest rate.
CCT (certificati di credito del Tesoro) so sedemletne državne obveznice s spremenljivo obrestno mero.
In theory the product most similar to 18-month postal savings certificates was deposit certificates.
V teoriji so produkti, ki so najbolj primerljivi z 18-mesečnimi potrdili o poštnem varčevanju, potrdila o vlogi.
But the expert was able to find only one issuer of deposit certificates which distributed its products through other bank networks and disclosed the distribution fees it paid.
Vendar je strokovnjaku uspelo poiskati le enega izdajatelja potrdil o vlogi, ki je svoje produkte distribuiral prek drugih bančnih mrež in je razkril nadomestila za distribucijo, ki jih plačuje.
Among the financial products in circulation in Italy the expert could not identify any comparables in paper form.
Med finančnimi produkti, ki so v obtoku v Italiji, strokovnjaku ni uspelo določiti nobenih primerljivih instrumentov v materializirani obliki.
TLX SpA organises and manages markets for the trading of financial instruments aimed at the investment needs of non-professional investors.
TLX SpA organizira in upravlja trge za trgovino s finančnimi instrumenti, usmerjenimi v naložbene potrebe nepoklicnih vlagateljev.
A time series is a sequence of values, measured typically at successive times, and spaced at intervals of time that are often uniform.
Časovna vrsta je niz vrednosti, ki se običajno merijo v zaporednih časovnih trenutkih in ki so razporejene po časovnih intervalih, ki so pogosto enotni.
A time series of data on comparables would have permitted a comparison between the real annual fees for postal savings certificates and the corresponding figures for the comparators.
Časovna vrsta podatkov o primerljivih instrumentih bi omogočila primerjavo med dejanskimi letnimi nadomestili za potrdila o poštnem varčevanju in ustreznimi podatki za primerljive instrumente.
These funds were being distributed at the end of 2007.
Ti skladi so se distribuirali ob koncu leta 2007.
Regression analysis would be meaningless here, because the mutual funds were by contractual design homogenous with respect to the variables employed in the regression analysis for bank bonds.
Regresijska analiza bi bila v tem primeru nesmiselna, ker so bili vzajemni skladi po pogodbeni strukturi enotni glede na spremenljivke, ki so bile uporabljene pri regresijski analizi bančnih obveznic.
The remuneration for the production of paper certificates was not included in the analysis at this stage.
Nadomestilo za izdajo potrdil v materializirani obliki ni bilo vključeno v analizo na tej stopnji.