natgillin/translations-raw huggingface dataset:
Postal savings certificates, inflation-linked
Potrdila o poštnem varčevanju, vezana na inflacijo
18-month postal savings certificates
18-mesečna potrdila o poštnem varčevanju
The distribution channel (institutional or retail distribution) was a key point in the identification of comparable products.
Distribucijska pot (institucionalna ali maloprodajna distribucija) je bila ključna za določitev primerljivih produktov.
Postal savings certificates were best compared to retail financial products, because they were typically sold to households.
Potrdila o poštnem varčevanju so najbolj primerljiva z maloprodajnimi finančnimi produkti, ker se običajno prodajajo gospodinjstvom.
Families held almost the entire stock of postal savings certificates outstanding (about 99 %), and they were not usually bought by institutional investors.
Skoraj celotna zaloga potrdil o poštnem varčevanju v obtoku (približno 99 %) je bila v lasti družin, pri čemer institucionalni vlagatelji teh potrdil običajno niso kupovali.
This was also the main attribute that meant that State bonds (BOTs, BTPs and CCTs) were not comparable to postal savings certificates.
To je bila tudi glavna značilnost, ki je pomenila, da državne obveznice (BOT, BTP in CCT) niso primerljive s potrdili o poštnem varčevanju.
The expert study found that the product most closely comparable to postal savings certificates was bank bonds (ordinary and fixed-term postal savings certificates being comparable to ‘plain vanilla’bank bonds, and indexed postal savings certificates to indexed bank bonds — see table 14).
S strokovno študijo je bilo ugotovljeno, da so s potrdili o poštnem varčevanju najbolj primerljive bančne obveznice (pri čemer so navadna potrdila o poštnem varčevanju in potrdila o poštnem varčevanju z zapadlostjo primerljiva s klasičnimi bančnimi obveznicami, medtem ko so indeksirana potrdila o poštnem varčevanju primerljiva z indeksiranimi bančnimi obveznicami – glej tabelo 14).
The second most closely comparable product was mutual funds [41].
Drugi najbolj primerljiv produkt so vzajemni skladi [41].
Both of these comparable products existed only in dematerialised form [42].
Oba primerljiva produkta obstajata le v dematerializirani obliki [42].
The Commission would observe at this stage that although the remuneration has to be assessed for both paper and dematerialised postal savings certificates, the two forms of postal savings certificate share other characteristics, namely average maturity, yield at maturity, and the features linked to PI as distributor.
Čeprav je treba oceniti nadomestila za potrdila o poštnem varčevanju v materializirani in dematerializirani obliki, Komisija na tej stopnji poudarja, da imata obe obliki potrdil o poštnem varčevanju tudi druge skupne značilnosti, kot so povprečna zapadlost, donosnost ob zapadlosti, ter skupne značilnosti, povezane s PI kot distributerjem.
Methodology used in the expert study to quantify the market remuneration of the comparators
Metodologija, uporabljena pri strokovni študiji za količinsko opredelitev tržnih nadomestil za primerljive instrumente
In order to be able to perform the comparison needed to establish a distribution fee for postal savings certificates, the expert constituted a dataset of bank bonds and mutual funds using (i) a large number of prospectuses for bank bonds listed on TLX, the second organised exchange for securities (after Borsa Italiana) [43] and (ii) the websites of major Italian banks, where prospectuses for bond issues are usually available for download.
Da bi lahko strokovnjak izvedel primerjavo, ki je potrebna za določitev nadomestila za distribucijo potrdil o poštnem varčevanju, je določil nabor podatkov o bančnih obveznicah in vzajemnih skladih, pri čemer je uporabil (i) veliko prospektov za bančne obveznice, ki kotirajo na borzi TLX, ki je druga največja organizirana borza vrednostnih papirjev (za Borsa Italiana) [43], in (ii) spletne strani glavnih italijanskih bank, katerih prospekte za izdajo obveznic je običajno mogoče prenesti.
The dataset consisted of 511 bond issues distributed on the Italian market between 2002 and 2008 (162 were issued before 2006).
Nabor podatkov je bil sestavljen iz 511 izdaj obveznic, ki so bile distribuirane na italijanskem trgu med letoma 2002 in 2008 (162 obveznic je bilo izdanih pred letom 2006).
Of total issues in each year the proportion represented by this dataset was as follows: 18 % in 2006, 15 % in 2005, 9 % in 2004, 3 % in 2003, and 0,2 % in 2002.
Delež, ki ga v celotnih izdajah iz vsakega leta predstavlja ta nabor podatkov, je naslednji: 18 % leta 2006, 15 % leta 2005, 9 % leta 2004, 3 % leta 2003 in 0,2 % leta 2002.
The expert conducted additional analyses for each comparator using descriptive statistics.
Strokovnjak je izvedel dodatne analize za vsak primerljiv instrument, pri čemer je uporabil opisne statistične podatke.
In the case of bank-issued ‘plain vanilla’ bonds, for example, which were the product most closely comparable to ordinary and fixed-term postal savings certificates, the expert considered that descriptive statistics were not sufficient to give a proper understanding of the factors determining distribution fees which could be used to judge whether the remuneration for the distribution of postal savings certificates was market-conform.
V primeru klasičnih obveznic, ki jih izda banka ter ki so najbolj primerljive z navadnimi potrdili o poštnem varčevanju in potrdili o poštnem varčevanju z zapadlostjo, je strokovnjak menil, da opisni statistični podatki ne zadoščajo za ustrezno razumevanje dejavnikov, ki odločilno vplivajo na nadomestila za distribucijo in ki bi jih lahko uporabili pri oceni, ali je nadomestilo za distribucijo potrdil o poštnem varčevanju v skladu s tržnimi pravili.
In particular, bank bonds were not homogeneous in all the relevant respects, and might not be homogeneous with the particular class of postal savings certificates to which they were to be compared.
Zlasti bančne obveznice niso bile enotne v vseh zadevnih vidikih, pri čemer obstaja možnost, da niso enotne s posamezno kategorijo potrdil o poštnem varčevanju, s katero naj bi se primerjale.
The statistical evidence had therefore to be used rationally in order to find out, within a group of similar bonds, what characteristics were really relevant to the measurement of distribution fees.
Zato je bilo treba statistične dokaze uporabiti razumno, da bi se znotraj skupine podobnih obveznic ugotovilo, katere značilnosti so dejansko pomembne pri merjenju nadomestil za distribucijo.
Here the expert made reference to the list of relevant factors that affected distribution fees (see paragraphs 103-104).
V zvezi s tem se je strokovnjak skliceval na seznam pomembnih dejavnikov, ki vplivajo na nadomestila za distribucijo (glej odstavka 103 in 104).
The effect of these independent variables on the distribution fee for a product like postal savings certificates was estimated by means of regression analysis.
Učinek teh neodvisnih spremenljivk na nadomestilo za distribucijo produkta, kot so potrdila o poštnem varčevanju, je bil ocenjen na podlagi regresijske analize.
The sample of bank bonds allowed conclusions to be drawn only for the period 2000-2006 in general, and not on a year-by-year basis.
Na podlagi vzorca bančnih obveznic so bile možne le ugotovitve za obdobje 2000–2006 na splošno in ne za vsako leto posebej.
The expert was of the clear opinion that a conclusion relating to the whole period was nevertheless relevant, because field interviews helped to establish that there had been no appreciable change in the scale of distribution fees since 2000; some answers even indicated that they had decreased.
Strokovnjak je bil prepričan, da je bila ugotovitev v zvezi s celotnim obdobjem kljub temu pomembna, ker so intervjuji na terenu prispevali k ugotovitvi, da se od leta 2000 višina nadomestil za distribucijo ni znatno spremenila, pri čemer je na podlagi nekaterih odgovorov mogoče sklepati, da se je zmanjšala.
The expert also established a dataset of 102 mutual funds [45]; on this sample, the only useful data analysis carried out was a matter of descriptive statistics [46].
Strokovnjak je določil tudi nabor podatkov o 102 vzajemnih skladih [45], pri čemer je edina koristna analiza podatkov na podlagi tega vzorca temeljila na opisnih statističnih podatkih [46].
However, a time series could be built for the fees earned by distributors for mutual funds.
Vendar bi bilo mogoče vzpostaviti časovno vrsto za nadomestila, ki jih prejemajo distributerji za vzajemne sklade.
Consideration had also to be given to the structure of the remuneration for the distribution of the comparable products:
Upoštevana je bila tudi struktura nadomestila za distribucijo primerljivih produktov:
the remuneration paid for the distribution of bank bonds consisted of an upfront percentage of the amount subscribed,
nadomestilo, plačano za distribucijo bančnih obveznic, je bilo sestavljeno iz predhodne odstotne vrednosti vpisanega zneska;
some mutual funds paid the distribution network both upfront fees and annual fees, while others paid annual fees only; in order to obtain a single measure of the fees that would be valid for the purpose of the study, the expert added to the actual upfront fee for each mutual fund an estimated additional upfront fee, equal to the present value of the annual fees to be earned over the expected life of the customer’s investment in the fund.
nekateri vzajemni skladi so distribucijskemu omrežju plačevali predhodna in letna nadomestila, medtem ko so drugi plačevali le letna nadomestila; da bi strokovnjak pridobil enotno merilo nadomestil, ki bi bilo veljavno za namen študije, je dejanskemu predhodnemu nadomestilu za vsak vzajemni sklad dodal ocenjeno dodatno predhodno nadomestilo, enako sedanji vrednosti letnih nadomestil, ki se prejmejo v pričakovani življenjski dobi strankine naložbe v sklad.
Establishing figures for comparison with the actual remuneration paid for postal savings certificates by CDP
Določitev zneskov za primerjavo z dejanskim nadomestilom, ki jih je CDP plačala za potrdila o poštnem varčevanju
The overall remuneration that PI received from CDP under the annual agreements for 2000-2006 was made up of a number of components (see also Table 4) [47]:
Skupno nadomestilo, ki ga je PI prejela od CDP v skladu z letnimi sporazumi za obdobje 2000–2006, je bilo sestavljeno iz številnih delov (glej tudi tabelo 4) [47]:
an upfront fee on the subscriptions of postal savings certificates, equal to a given percentage of the amount subscribed;
predhodnega nadomestila za vpise potrdil o poštnem varčevanju, enakega zadevnemu deležu vpisanega zneska;
an annual fee on the volume of postal savings certificates outstanding, equal to a given percentage of the value of the certificates outstanding; this fee was the remuneration for the administrative and accounting management of the certificates; since 2003 it had been different for paper certificates and dematerialised certificates;
letnega nadomestila za količino potrdil o poštnem varčevanju v obtoku, enakega zadevnemu deležu vrednosti potrdil v obtoku; to nadomestilo je bilo namenjeno za upravno in računovodsko upravljanje potrdil; od leta 2003 je bilo nadomestilo za potrdila v materializirani in dematerializirani obliki različno;
in some years, other fixed amounts, notably for achieving given quantitative or qualitative targets.
drugih nespremenljivih zneskov (v nekaterih letih), zlasti za doseganje zadevnih količinskih ali kakovostnih ciljev.
Under the agreements for the years 2000-2002, the structure of remuneration was quite variable.
V skladu s sporazumi za obdobje 2000–2002 je bila struktura nadomestila precej spremenljiva.
The overall remuneration structure had become stable since 2003, in the sense that the overall remuneration was made up of the same components, although the figures for each component could vary.
Struktura skupnega nadomestila je bila od leta 2003 stabilna, kar pomeni, da je bilo skupno nadomestilo sestavljeno iz istih delov, čeprav so lahko bili zneski za vsak del različni.
Generally, in the period 2000-2002 it was not easy to compare one year with another, and it was not easy to compare the period 2000-2002 period with the period 2003-2006.
Na splošno ni bilo lahko medsebojno primerjati posameznih let v obdobju 2000–2002, kar velja tudi za primerjavo med obdobji 2000–2002 in 2003–2006.
To make the remuneration for the distribution of postal savings certificates comparable to the remuneration for similar financial products, the expert converted the dual remuneration schedule of the certificates into an equivalent estimated overall upfront fee which would be directly comparable with the actual upfront fee computed for bank bonds and mutual funds.
Da bi bilo nadomestilo za distribucijo potrdil o poštnem varčevanju primerljivo z nadomestilom za podobne finančne produkte, je strokovnjak načrt za dvojno nadomestilo za potrdila spremenil v enakovredno ocenjeno skupno predhodno nadomestilo, ki bi bilo neposredno primerljivo z dejanskim predhodnim nadomestilom, izračunanim za bančne obveznice in vzajemne sklade.
This single figure for postal savings certificates was obtained for each year by adding to the actual contractually defined upfront fee an estimated additional upfront fee, representing the present value of the remuneration that PI expected to earn in the future on the certificates subscribed in the year from the annual percentage fees on the stock of certificates outstanding.
Ta enotni znesek za potrdila o poštnem varčevanju je bil za vsako leto izračunan tako, da je bilo dejanskemu pogodbeno določenemu predhodnemu nadomestilu dodano ocenjeno dodatno predhodno nadomestilo, ki predstavlja sedanjo vrednost nadomestila, ki naj bi ga PI v prihodnosti prejela za potrdila, vpisana v zadevnem letu, na podlagi letnih odstotnih nadomestil za zalogo potrdil v obtoku.
This additional upfront fee was estimated by considering the average life [48] of each class of certificate, and computing the present value, in the year of subscription, of the annual percentage fees that would be earned over the years of the average life of the certificate [49].
To dodatno predhodno nadomestilo je bilo ocenjeno tako, da se je upoštevala povprečna življenjska doba [48] posamezne kategorije potrdil in da se je izračunala sedanja vrednost letnih odstotnih nadomestil v letu vpisa, ki bi se izplačala v povprečni življenjski dobi potrdila [49].
In order to compute the present value referred to, the expert found that a further assumption had to be made regarding the annual fees to be earned in future.
Strokovnjak je ugotovil, da je treba za izračun zadevne sedanje vrednosti uporabiti dodatno domnevo glede letnih nadomestil, ki bi se izplačala v prihodnosti.
There were two equally acceptable options:
Obstajali sta dve enako sprejemljivi možnosti:
One was to assume a constant annual remuneration, the reasoning being that PI could not forecast the variability of annual fees in future, and therefore would each year have computed the equivalent overall estimated upfront fee by assuming that the annual fees would remain fixed at the level contractually agreed in the agreement for that year,
pri prvi možnosti se je domnevalo stalno letno nadomestilo, kar temelji na dejstvu, da PI ne more predvideti spremenljivosti letnih nadomestil v prihodnosti, zato bi vsako leto enakovredno skupno ocenjeno predhodno nadomestilo izračunala na podlagi domneve, da bodo letna nadomestila ostala nespremenjena na ravni, ki je bila pogodbeno dogovorjena v sporazumu za zadevno leto;
The second option was to assume a variable annual remuneration, quantifying the remuneration for the distribution of postal savings certificates on the basis of the annual fees set by the successive agreements over the life of the products [50].
pri drugi možnosti se je domnevalo spremenljivo letno nadomestilo, pri čemer se nadomestilo za distribucijo potrdil o poštnem varčevanju količinsko opredeli na podlagi letnih nadomestil, določenih v zaporednih sporazumih, v življenjski dobi produktov [50].
Here it was assumed that PI could forecast the variability of annual fees in future, and therefore would each year have computed the equivalent overall estimated upfront fee on the basis that the annual fees would have followed the path that can in fact be discerned ex post.
V tem primeru se je domnevalo, da PI lahko predvidi spremenljivost letnih nadomestil v prihodnosti, zato bi vsako leto enakovredno skupno ocenjeno predhodno nadomestilo izračunala na podlagi domneve, da se bodo letna nadomestila spreminjala tako, kot je mogoče dejansko ugotoviti šele naknadno;
The upfront fees for postal savings certificates recalculated by the variable annual remuneration method appear to be generally lower than those arrived at by applying the constant annual remuneration method.
Zdi se, da so predhodna nadomestila za potrdila o poštnem varčevanju, ki so bila izračunana po metodi spremenljivega letnega nadomestila, na splošno nižja od nadomestil, ki so bila izračunana po metodi stalnega letnega nadomestila.
Table 8 illustrates this point for ordinary and fixed-term certificates:
V tabeli 8 je to navedeno za navadna potrdila in potrdila z zapadlostjo:
Overall estimated upfront fees for postal savings certificates (%)
Skupna ocenjena predhodna nadomestila za potrdila o poštnem varčevanju (%)
Ordinary certificates (paper form)
Navadna potrdila (v materializirani obliki)
Constant annual remuneration
Nespremenljivo letno nadomestilo
Variable annual remuneration
Spremenljivo letno nadomestilo
Fixed-term certificates (paper form)
Potrdila z zapadlostjo (v materializirani obliki)
For reasons of conservatism the expert relied in most of the study upon the assumption of a constant annual remuneration.
Zaradi konservativnega pristopa je strokovnjak večji del študije upošteval domnevo stalnega letnega nadomestila.
Under that assumption the recalculated upfront fees received by PI for postal savings certificates are the following:
V skladu s to domnevo so izračunana predhodna nadomestila, ki jih je PI prejela za potrdila o poštnem varčevanju, naslednja:
Recalculated upfront fees received by PI for postal savings certificates
Izračunana predhodna nadomestila, ki jih je PI prejela za potrdila o poštnem varčevanju
Paper certificates (all certificates before 2003)
Potrdila v materializirani obliki (vsa potrdila pred letom 2003)
Dematerialised certificates (after 2003)
Potrdila v dematerializirani obliki (po letu 2003)
Indexed (equity-linked)
Indeksirana (vezana na kapital)
Indexed (inflation-linked)
Indeksirana (vezana na inflacijo)
Comparison with the remuneration estimated on the basis of the sample of bank bonds
Primerjava z nadomestilom, ocenjenim na podlagi vzorca bančnih obveznic
The data collected allow an estimate to be made of the spreads of market remuneration for the distribution of postal savings certificates.
Zbrani podatki omogočajo oceno razpona tržnega nadomestila za distribucijo potrdil o poštnem varčevanju.
The estimated market remuneration differs, but does depend on which comparator is taken as the appropriate one.
Ocenjeno tržno nadomestilo je različno, vendar je odvisno od tega, kateri primerljiv instrument je izbran kot ustrezen instrument.
The range used for the comparison is defined by the minimum and maximum expected values [52] of fees for postal savings certificates on the basis of regressions of fees on the relevant factors.
Razpon, ki je bil uporabljen za primerjavo, je opredeljen z najmanjšo in največjo pričakovano vrednostjo [52] nadomestil za potrdila o poštnem varčevanju na podlagi regresije nadomestil za zadevne dejavnike.
The table also shows the ranges built by adding one or two standard deviations to the expected minim and maxima [53].
Tabela prikazuje tudi razpone, pri katerih se pričakovani najmanjši in največji vrednosti [53] doda eno standardno odstopanje ali dve.
The reference to the classical intervals (mean + 1 standard deviation) and (mean + 2 standard deviations) is useful for assessing the probability of an event: an observation which is less than one standard deviation distant from the expected value has a high probability of being statistically similar to the expected value; when it is between one and two standard deviations distant, its probability is lower, but not abnormally low; when it is more than two standard deviations distant, its probability is quite low, so that it can be termed a ‘rare’ and potentially ‘abnormal’ event [54].
Uporaba klasičnih intervalov (povprečje + 1 standardno odstopanje) in (povprečje + 2 standardni odstopanji) je koristna za oceno verjetnosti dogodka: za ugotovitev, ki se od pričakovane vrednosti razlikuje za manj kot eno standardno odstopanje, obstaja visoka verjetnost, da bo statistično podobna pričakovani vrednosti; kadar je ugotovitev med enim in dvema standardnima odstopanjema, je njena verjetnost nižja, vendar ne izjemno nizka; kadar se razlikuje za več kot dve standardni odstopanji, je njena verjetnost precej nizka, zato se lahko obravnava kot „redek“ ali „nenavaden“ dogodek [54].
Recalculated upfront fee and estimated market remuneration for postal savings certificates based on the sample of bank bonds (%)
Izračunano predhodno nadomestilo in ocenjeno tržno nadomestilo za potrdila o poštnem varčevanju na podlagi vzorca bančnih obveznic (%)
Form of certificate
Oblika potrdila
Paper
Materializirana
De-materialised
Dematerializirana
Demat.
Dematerializirana
Equity-linked [55]
Vezano na kapital [55]
Inflation-linked
Vezano na inflacijo
18 month
18-mesečno
Minimum fee for postal savings certificates 2000-2006
Najmanjše nadomestilo za potrdila o poštnem varčevanju v obdobju 2000–2006
Maximum fee for postal savings certificates 2000–2006
Največje nadomestilo za potrdila o poštnem varčevanju v obdobju 2000–2006
expected value — lowest estimate
pričakovana vrednost – najnižja ocena
exp. value + 1 std. dev.
pričakovana vrednost + 1 standardno odstopanje
exp. value + 2 std. dev.
pričakovana vrednost + 2 standardni odstopanji
expected value — highest estimate
pričakovana vrednost – najvišja ocena
The conclusions drawn by the expert were therefore the following:
Zato so bile ugotovitve strokovnjaka naslednje:
for 18-month certificates, dematerialised ordinary certificates and inflation-linked certificates, there was ‘absolutely unambiguous’proof that the conditions were market-conform;
za 18-mesečna potrdila, navadna potrdila v dematerializirani obliki in potrdila, vezana na inflacijo, obstaja „popolnoma nedvoumen“ dokaz, da so pogoji v skladu s tržnimi pravili;
for index-linked certificates and paper ordinary certificates, the evidence was not ‘absolutely unambiguous’, but did clearly tend to show that the conditions were market-conform; in these cases fees for postal savings certificates were, in regression-based simulations, either below the expected value, or within the interval defined by the expected value plus two standard deviations;
za potrdila, vezana na indeks, in navadna potrdila v materializirani obliki dokazi niso „popolnoma nedvoumni“, vendar jasno kažejo na to, da so pogoji v skladu s tržnimi pravili; v teh primerih so bila nadomestila za potrdila o poštnem varčevanju v simulacijah, ki so temeljile na regresiji, ali pod pričakovano vrednostjo ali znotraj intervala, opredeljenega kot pričakovana vrednost + dve standardni odstopanji;
for fixed-term certificates, there might have been an abnormal maximum in 2001.
za potrdila z zapadlostjo je morda obstajala nenavadna največja vrednost leta 2001.
The expert also indicated expected distribution fees for ordinary and fixed-term postal savings certificates when dummy independent variables were included for each distributor, in order to capture another factor, the pricing policies of individual distributors, which was not included in the regression analysis shown in table 10 [56]:
Strokovnjak je prikazal tudi pričakovana nadomestila za distribucijo navadnih potrdil o poštnem varčevanju in potrdil o poštnem varčevanju z zapadlostjo, kadar so bile za vsakega distributerja vključene navidezne spremenljivke, da bi zajel drug dejavnik, ki ni bil vključen v regresijsko analizo iz tabele 10, tj. cenovne politike posameznih distributerjev [56]:
Estimated remuneration of distributor for postal savings certificates
Ocenjeno nadomestilo distributerja za potrdila o poštnem varčevanju