natgillin/translations-raw huggingface dataset:
The average annual yields on the government securities referred to in the Agreement are obtained by calculating the simple arithmetic average of the 24 quotation values noted on the first and 15th of each month by MTS SpA, the company managing the electronic platform for dealings in Italian government bonds and other fixed-term securities.
Povprečni letni donosi državnih vrednostnih papirjev iz Sporazuma se izračunajo z navadno aritmetično sredino 24 tečajnih vrednosti, ki jih na prvi in petnajsti dan vsak mesec sporoči MTS SpA, družba, ki upravlja elektronsko platformo za posle z italijanskimi državnimi obveznicami in drugimi vrednostnimi papirji z zapadlostjo.
The fact that the parameters are updated every 15 days means that the yields are variable and fluctuating.
Ker se parametri posodobijo vsakih 15 dni, so donosi variabilni in spremenljivi.
In the event of a shift in the rates curve that changes the relationship between long- and short-term rates, PI may request a review of the basket.
Ob spremembi obrestne krivulje, zaradi katere se spremeni razmerje med dolgoročnimi in kratkoročnimi obrestnimi merami, lahko družba PI zahteva revizijo košarice.
Either party may withdraw from the Agreement, giving the other party notice at least six months before 31 December any year.
Obe stranki lahko odstopita od Sporazuma, če o tem obvestita drugo stranko vsaj šest mesecev pred 31. decembrom katerega koli leta.
The application of the methodology in the Agreement has led to the following results:
Z uporabo metodologije iz Sporazuma so bili izračunani naslednji rezultati:
Interest rate (%)
Obrestna mera (v %)
Interest payable (EUR million)
Obrestne obveznosti (v mio. EUR)
It was a requirement that funds collected in postal current accounts be deposited with the Ministry of Economic Affairs and Finance/Treasury (the Obligation) [27].
Zahtevalo se je, da je treba sredstva, zbrana na poštnih tekočih računih, deponirati pri ministrstvu za gospodarstvo in finance/državni blagajni (v nadaljnjem besedilu „obveznost“) [27].
The new Act removes the restriction on use by PI only in the case of funds collected from private customers.
Z novim zakonom je odpravljena omejitev glede uporabe za družbo PI samo za zbrana sredstva zasebnih strank.
In the decision that initiated these proceedings, in September 2006, the Commission said that in order to assess whether any advantage was being conferred on PI it might in theory be important to consider the components making up the positive margin enjoyed by PI as a result of the difference between the loan rate and the deposit rate [30].
Komisija je v odločitvi o sprožitvi tega postopka septembra 2006 navedla, da bi bilo lahko za presojo, ali je bila družbi PI dodeljena kakršna koli ugodnost, teoretično pomembno upoštevati komponente pozitivne marže, od katere ima korist družba PI zaradi razlike med obrestno mero za posojila in obrestno mero za depozite [30].
But the decision itself formally concluded that in the present case any advantage could derive only from the loan rate.
Vendar je bilo v odločitvi formalno ugotovljeno, da lahko v tem primeru ugodnost izhaja samo iz obrestne mere za posojila.
The Commission doubted whether the scheme for determining the interest rate to be applied to the funds from current accounts deposited with the Treasury from 2005 onward provided an appropriate market reference.
Komisija je dvomila o tem, ali shema za določanje obrestne mere, ki se uporablja za sredstva s tekočih računov, deponirana pri državni blagajni od leta 2005, zagotavlja ustrezno tržno referenco.
The Commission was of the view that to establish a market rate it would as a general rule be necessary to consider the interest rate that a private borrower would be prepared to pay PI for the funds deposited, in the light of their nature and volume.
Komisija je menila, da bi bilo treba pri določitvi tržne obrestne mere praviloma upoštevati obrestno mero, ki bi jo bil zasebni posojilojemalec pripravljen plačati družbi PI za deponirana sredstva glede na njihovo naravo in količino.
The rate defined by the Agreement might not be a market rate.
Obrestna mera, opredeljena v Sporazumu, morda ni tržna obrestna mera.
In particular, PI’s deposit with the Treasury was in a current account.
Predvsem je depozit družbe PI pri državni blagajni opravljen na tekočem računu.
The Treasury, and not PI, covered the liquidity risk associated with the funds deposited.
Likvidnostno tveganje, povezano z deponiranimi sredstvi, je krila državna blagajna in ne družba PI.
The money collected and paid into the current account was used to finance ordinary budgetary needs.
Denarna sredstva, ki so bila zbrana in vplačana na tekoči račun, so se uporabljala za financiranje običajnih proračunskih potreb.
It was not clear whether, if the Treasury had to replace the present system of collection via PI, the alternative financing tool that it would use would consist essentially of long-term securities.
Ni bilo jasno, ali bi državna blagajna, če bi morala nadomestiti sedanji sistem zbiranja prek družbe PI, kot alternativo uporabila finančno orodje, ki bi bilo v osnovi sestavljeno iz dolgoročnih vrednostnih papirjev.
Although Italy insisted that the recent growth in the funds collected in postal current accounts showed that the resources available to the Treasury were stable, the level of funding provided to CDP and the Treasury over the years had in fact varied greatly.
Čeprav je Italija vztrajala, da nedavna rast sredstev, zbranih na poštnih tekočih računih, kaže, da so sredstva, ki jih ima na voljo državna blagajna, stabilna, se je raven financiranja, zagotovljenega družbi CDP in državni blagajni, z leti dejansko precej spreminjala.
In addition, given the specific position of PI, which was obliged by law to deposit with the State the money collected in its customers’ current accounts, it was possible that no standard of comparison would be available on the market.
Poleg tega je bilo zaradi posebnega položaja družbe PI, ki mora po zakonu deponirati pri državi denar, zbran na tekočih računih njenih strank, mogoče, da na trgu ne bi bilo na voljo nobenega merila za primerjavo.
Under such circumstances, the Commission would have to establish the cost of operating this account for PI (which should be possible with an efficient analytical accountancy system) and add a reasonable margin.
Komisija bi morala v takih okoliščinah določiti stroške vodenja tega računa za družbo PI (kar bi bilo mogoče z učinkovitim analitičnim knjigovodskim sistemom) in dodati ustrezno stopnjo.
This sum would indicate an ad hoc ‘market’ rate.
Ta vsota bi pomenila ad hoc„tržno“ obrestno mero.
Such an approach would also be justified if the Commission were to consider that PI was acting merely as a conduit to collect funds for the State through its widely spread post offices.
Tak pristop bi bil upravičen tudi, če bi Komisija upoštevala, da družba PI deluje le kot kanal za zbiranje sredstev za državo prek razširjene mreže poštnih uradov.
If it should prove that the 2006 Finance Act and the Agreement had engendered State aid, the Commission was of the view that such aid was new, unlawful and incompatible.
Če bi se izkazalo, da sta Finančni zakon iz leta 2006 in Sporazum povzročila državno pomoč, Komisija meni, da bi bila taka pomoč nova, nezakonita in nezdružljiva.
In its letter of 27 December 2006, ABI’s main comments are as follows.
Združenje ABI je z dopisom z dne 27. decembra 2006 poslalo naslednje glavne pripombe.
ABI observes that the funds deposited with the Treasury represent a debt which the Treasury honours in the year following the deposit.
Združenje ABI opaža, da sredstva, deponirana pri državni blagajni, pomenijo dolg, ki ga državna blagajna plača v letu po depozitu.
As the Commission pointed out in the decision initiating the procedure, the liquidity risk associated with the deposited funds is covered by the Treasury, and not by PI.
Kot je poudarila Komisija v odločitvi o sprožitvi postopka, likvidnostno tveganje, povezano z deponiranimi sredstvi, krije državna blagajna in ne družba PI.
This means that if the funds transferred were to fall by comparison with the preceding year, the Treasury would have to remunerate Bancoposta at the rate fixed by the Agreement and return to PI the difference between the amounts deposited.
To pomeni, da bi morala državna blagajna, če bi se prenesena sredstva zmanjšala v primerjavi s prejšnjim letom, izplačati obresti oddelku Bancoposta po obrestni meri, določeni s Sporazumom, in vrniti družbi PI razliko med deponiranimi zneski.
According to ABI, the funds collected in the Treasury account have to be considered short term.
Po trditvah združenja ABI je treba sredstva, zbrana na računu državne blagajne, obravnavati kot kratkoročna.
Moreover, they are used to finance ordinary budget needs.
Poleg tega se uporabljajo za financiranje običajnih proračunskih potreb.
Under the Ministerial Order of 5 December 2003, CDP opened two current accounts with the Treasury bearing a floating six-monthly interest rate equal to the simple arithmetic mean of the gross six-month interest rate on ordinary Treasury bills (BOTs) and the value of the monthly Rendistato index [31].
Družba CDP je v skladu z ministrsko odredbo z dne 5. decembra 2003 pri državni blagajni odprla dva tekoča računa s spremenljivo šestmesečno obrestno mero, enakovredno navadni aritmetični srednji vrednosti bruto šestmesečne obrestne mere za navadne zakladne menice (BOT) in vrednosti mesečnega indeksa Rendistato [31].
In order to assess whether the remuneration given to PI for the funds deposited with the Treasury constitutes State aid, according to ABI, the interest rate paid to PI should be compared to the interest rate on short-term ordinary Treasury bills (12 months).
Za oceno, ali so obresti, ki jih je prejela družba PI za sredstva, deponirana pri državni blagajni, državna pomoč, bi bilo treba po mnenju združenja ABI obrestno mero, plačano družbi PI, primerjati z obrestno mero za kratkoročne navadne zakladne menice (dvanajst mesecev).
In January 2005, the yield on a 12-month ordinary Treasury bill was 2,21 %, which was 1,69 % lower than the remuneration given to PI.
Donos dvanajstmesečnih navadnih zakladnih menic je bil januarja 20052, 21-odstoten, kar je za 1,69 % manj od obresti, ki jih je prejela družba PI.
In its letters of 31 October 2006, 29 December 2006, 16 February 2007, 30 March 2007, 2 April 2007, 1 June 2007, 27 November 2007, 29 February 2008, 7 March 2008, and 23 April 2008, Italy’s main comments are as follows.
Italija je z dopisi z dne 31. oktobra 2006, 29. decembra 2006, 16. februarja 2007, 30. marca 2007, 2. aprila 2007, 1. junija 2007, 27. novembra 2007, 29. februarja 2008, 7. marca 2008 in 23. aprila 2008 poslala naslednje glavne pripombe.
The Finance Act and the Agreement specify that the interest payable to PI has to be set according to market parameters.
Finančni zakon in Sporazum določata, da je treba obresti, ki se izplačajo družbi PI, določiti v skladu s tržnimi parametri.
The interest rate does not confer any advantage on PI.
Obrestna mera družbi PI ne prinaša nobene ugodnosti.
Variation in the amounts deposited in postal current accounts
Nihanje zneskov, deponiranih na poštnih tekočih računih
According to Italy, postal current accounts can be compared with bank current accounts from 2001, when the new BancoPosta account was launched.
Po trditvah Italije se lahko poštni tekoči računi primerjajo z bančnimi tekočimi računi iz leta 2001, ko je bil uveden novi račun BancoPosta.
Before 2001, the retail postal current account could not be considered a substitute for bank current accounts, because of the lack of adequate associated services (such as debit and credit cards), and was used mainly by public administration and companies writing large numbers of invoices (national utilities).
Pred letom 2001 poštnega tekočega računa za občane ni bilo mogoče obravnavati kot nadomestila za bančne tekoče račune, saj ni vključeval ustreznih povezanih storitev (kot so kreditne in bančne plačilne kartice), uporabljali pa so ga predvsem javna uprava in družbe, ki izdajajo veliko računov (javne gospodarske družbe).
According to Italy, the increase in the funds collected in postal current accounts since 2001 is consistent with the fact that the product had been launched recently.
Po trditvah Italije je povečanje sredstev, zbranih na poštnih tekočih računih, od leta 2001 skladno z nedavno uvedbo tega produkta.
Before 2001, the variations in the amounts of funds deposited – including the significant reduction in the second half of the 1990s, in particular between 1996 and 1997 – were influenced by Act No 662 of 23 December 1996, which imposed the closure of the accounts that the Treasury had been using to pay State pensions; this led to a reduction of some EUR 11 billion in the deposits held on 1 January 1997. Between 1997 and 1999 several factors contributed to the decrease in the amounts of funds deposited.
Pred letom 2001 je na nihanja v zneskih deponiranih sredstev – vključno s precejšnjim zmanjšanjem v drugi polovici devetdesetih, zlasti med letoma 1996 in 1997 – vplival Zakon št. 662 z dne 23. decembra 1996, ki je določal zaprtje računov, ki jih je državna blagajna uporabljala za izplačevanje državnih pokojnin; zato so se depoziti, hranjeni 1. januarja 1997, zmanjšali za približno 11 milijard EUR. Med letoma 1997 in 1999 je k zmanjšanju deponiranih sredstev prispevalo več dejavnikov.
The Italian authorities argue that it is difficult to identify precisely the causes of these variations, owing partly to the nature of PI (which at that time was a public commercial institution) and to outside political factors.
Italijanski organi trdijo, da je težko natančno opredeliti razloge teh nihanj, delno zaradi narave družbe PI (ki je bila takrat javni gospodarski zavod) in zunanjih političnih dejavnikov.
Since PI was converted into public limited company form in 1998, the net amounts deposited have been growing regularly and steadily.
Odkar se je družba PI leta 1998 preoblikovala v javno delniško družbo, se neto deponirani zneski redno in enakomerno povečujejo.
Nature of the Agreement
Narava Sporazuma
The Italian authorities argue that the Agreement between the Treasury and PI regulates a long-term instrument in a transparent fashion.
Italijanski organi trdijo, da Sporazum med državno blagajno in družbo PI pregledno ureja dolgoročen instrument.
The Agreement is not unlimited in time, but is for a three-year duration, and allows either party to revoke it if market conditions no longer guarantee consistency with the mechanism for calculating the remuneration of the deposit.
Sporazum časovno ni neomejen, saj traja tri leta, in obema strankama omogoča, da ga razveljavita, če tržni pogoji ne zagotavljajo več skladnosti z mehanizmom za izračun obrestovanja depozita.
These clauses aim at protecting both parties from the risk that, during the three-year period, particular market conditions or changes in the characteristics of deposits might arise and might affect the remuneration mechanism.
Te klavzule so namenjene zavarovanju obeh strank pred tveganjem, da bi se v triletnem obdobju pojavili nekateri tržni pogoji ali bi se spremenile značilnosti depozitov, kar bi vplivalo na mehanizem obrestovanja.
According to the Italian authorities, the choice of the floating interest rate provided for in the Agreement meets the need for a rate in line with the market.
Po trditvah italijanskih organov izbira spremenljive obrestne mere, določena v Sporazumu, izpolnjuje potrebo po obrestni meri, usklajeni s trgom.
In particular, the variable return is fair to both parties: it guarantees the Treasury that its financing costs will be in line with the cost of its own medium-to-long-term debt, and it provides PI with a remuneration that is market oriented and consistent with the deposits it collects.
Predvsem je variabilni donos pravičen za obe stranki: državni blagajni zagotavlja, da bodo njeni stroški financiranja usklajeni s stroški njenega srednje- do dolgoročnega dolga, družbi PI pa zagotavlja obrestovanje, ki je tržno usmerjeno in skladno z depoziti, ki jih zbere.
The decision to align the mechanism on the market was taken in adverse market conditions, when the returns obtained under the Agreement, 3,9 % in 2005 and 4,25 % in 2006, were lower than the fixed rate of 4,35 % received by PI in previous years.
Odločitev o uskladitvi mehanizma na trgu je bila sprejeta v neugodnih tržnih razmerah, ko so bili donosi, ki so bili pridobljeni v skladu s Sporazumom ter so znašali 3,9 % leta 2005 in 4,25 % leta 2006, nižji od fiksne obrestne mere v višini 4,35 %, ki jo je družba PI prejemala v prejšnjih letih.
Italy observes that since 2007 PI has begun actively managing its own liquidity, very prudently, on the basis of fixed interest rates guaranteeing it a definite return over a predetermined time horizon.
Italija ugotavlja, da je začela družba PI leta 2007 aktivno ter zelo preudarno upravljati svojo likvidnost na podlagi fiksnih obrestnih mer, ki ji zagotavljajo določen donos v pričakovanem obdobju.
This active funds management differs from the passive management provided for in the Agreement because it allows PI to build a portfolio based on definite returns and to allocate assets in line with the company’s objectives, while taking on additional risks in the light of evaluated and approved risk scenarios.
To aktivno upravljanje sredstev se razlikuje od pasivnega upravljanja, predvidenega v Sporazumu, saj družbi PI omogoča, da oblikuje portfelj na podlagi fiksnih donosov in razporedi sredstva v skladu s cilji družbe, pri tem pa prevzame dodatna tveganja ob upoštevanju ovrednotenih in odobrenih scenarijev tveganja.
Since PI has had the possibility of implementing active funds management arrangements, it has adopted financial strategies designed to improve yields, and has obtained returns higher than those offered by the Agreement.
Odkar lahko družba PI aktivno upravlja sredstva, je uvedla finančne strategije za izboljšanje donosov in dosegla višje donose od tistih, ki jih ponuja Sporazum.
Changes in the Obligation
Spremembe obveznosti
The Italian authorities have informed the Commission that the Obligation requiring PI to deposit the money deriving from its postal current accounts with the Treasury has been terminated.
Italijanski organi so obvestili Komisijo, da je prenehala obveznost, v skladu s katero mora družba PI deponirati denarna sredstva, ki izvirajo z njenih poštnih tekočih računov, pri državni blagajni.
The 2007 Finance Act amends the scheme in the 2006 Finance Act and provides that the funds collected by PI from private customers are to be invested in euro area government bonds.
S Finančnim zakonom iz leta 2007 se spreminja shema iz Finančnega zakona iz leta 2006 in določa, da mora družba PI zbrana sredstva zasebnih strank naložiti v državne obveznice v euroobmočju.
This change in the legislation is in response to the Treasury’s demand that PI be given greater financial independence, which has become necessary by reason of its economic and financial results and the size it has reached.
Ta sprememba zakonodaje je odgovor na zahtevo državne blagajne po večji finančni neodvisnosti družbe PI, ki je postala potrebna zaradi ekonomskih in finančnih rezultatov ter velikosti te družbe.
The shift towards greater independence, which began in 1998, when PI was converted into a public limited company, was marked by the launch of the BancoPosta retail postal current account in 2001, and taken further in 2005 and 2006, when the fixed rate of interest on the funds deposited with the Treasury was abandoned and replaced by the market-oriented mechanism provided for in the Agreement, and again in 2007, when the Obligation was removed, at least in respect of funds from private customers.
Premik k večji neodvisnosti, ki se je začel leta 1998, ko se je družba PI preoblikovala v javno delniško družbo, je zaznamovala uvedba poštnega tekočega računa za občane BancoPosta leta 2001, nadaljeval pa se je v letih 2005 in 2006, ko je bila opuščena fiksna obrestna mera za sredstva, deponirana pri državni blagajni, nadomestil pa jo je tržno usmerjeni mehanizem, določen v Sporazumu, ter leta 2007, ko je bila ukinjena obveznost, vsaj v zvezi s sredstvi zasebnih strank.
Italy points out that the gradual increase in PI’s financial independence does not mean that the use of the funds is no longer subject to restriction.
Italija poudarja, da postopno povečevanje finančne neodvisnosti družbe PI ne pomeni, da so za uporabo sredstev omejitve prenehale veljati.
Moreover, at the time of the conclusion of the Agreement, the Treasury was obliged to take account of the legal obligations on PI, and could not anticipate possible legal changes, which fell outside its competence.
Poleg tega je morala državna blagajna ob sklenitvi Sporazuma upoštevati pravne obveznosti družbe PI in ni mogla predvideti mogočih pravnih sprememb, ki niso spadale v njeno pristojnost.
Stability of the funds collected
Stabilnost zbranih sredstev
In order to demonstrate that the funds collected are substantially stable over time, Italy points out that the standard deviation divided by the average of the deposit balances, which is a measure of the volatility of the deposit with the Treasury, diminished from 8 % in 2002 to 5 % in 2005; that the weight in average total deposits of the stable component in the deposits, which Italy defines for any one year as the minimum amount of deposits in that year, rose over the same period from 83,8 % to 89,5 %; and that the weight in average total deposits of the volatile component, defined as the difference between the average deposits and the minimum deposits in the particular year, fell over the same period from 16,2 % to 10,5 %.
Da bi Italija dokazala, da so zbrana sredstva v daljšem obdobju precej stabilna, poudarja, da se je standardni odklon, deljen s povprečjem depozitnih saldov, s čimer se meri nestanovitnost depozita pri državni blagajni, znižal z 8 % v letu 2002 na 5 % v letu 2005; da se je teža povprečnih skupnih depozitov stabilne komponente depozitov, ki jo Italija opredeli za katero koli leto kot minimalno količino depozitov v tem letu, v istem obdobju dvignila s 83,8 % na 89,5 %; in da je teža povprečnih skupnih depozitov nestanovitne komponente, opredeljene kot razlika med povprečnimi depoziti in najnižjimi depoziti v nekem letu, v istem obdobju padla s 16,2 % na 10,5 %.
Italy has sent the Commission the conclusions of models of two kinds: PI’s internal statistical models, and a model elaborated by PI in collaboration with the consultant […], which is aimed at identifying the prudential trend of funds collected in postal current accounts.
Italija je poslala Komisiji ugotovitve dveh različnih modelov: notranjega statističnega modela družbe PI in modela, ki ga je družba PI izdelala v sodelovanju s svetovalcem […] in je namenjen ugotavljanju preudarnega gibanja sredstev, zbranih na poštnih tekočih računih.
In order to define mechanisms for the management of interest risk, the banking supervision authorities themselves recommend the use of models aimed at quantifying the prudential trends of the funds collected and the behavioural lifetime of funds collected in current accounts [32].
Da bi opredelili mehanizme za upravljanje obrestnega tveganja, so bančni nadzorni organi sami priporočili uporabo modelov za količinsko opredelitev preudarnih gibanj zbranih sredstev ter vedenjske življenjske dobe sredstev, zbranih na tekočih računih [32].
The internal models are based on an analysis of the daily deviation of the amounts of funds collected as compared with the averages, without referring to probability scenarios, but simply analysing the historical trends in the volume of current accounts.
Notranji modeli temeljijo na analizi dnevnega odklona zneskov zbranih sredstev v primerjavi s povprečji, brez sklicevanja na verjetnostne scenarije in samo z analiziranjem preteklih gibanj količine tekočih računov.
These models show that the daily series for the deposit with the Treasury has registered an upward trend since the launch of the retail current account (which now accounts for 75 % of the total funds collected in postal current accounts).
Ti modeli kažejo, da gibanje dnevnih serij za depozit pri državni blagajni narašča od uvedbe tekočega računa za občane (ki zdaj obsega 75 % vseh sredstev, zbranih na poštnih tekočih računih).