natgillin/translations-raw huggingface dataset:
Life assurance policies are in substance capitalisation products, which also have a guaranteed capital and minimum interest rate, a medium- to long-term maturity (usually 10 years), and the possibility of redemption at any time without penalty.
Police življenjskega zavarovanja so v bistvu kapitalizacijski produkti, ki imajo prav tako zajamčen kapital in minimalno obrestno mero, srednjeročno do dolgoročno zapadlost (po navadi deset let) in ki se lahko kadar koli odkupijo brez kazni.
The comparison between the remuneration paid to PI over the period 2002-2006 and the remuneration obtained by Posta Più over the same period is shown in Table 2.
Primerjava med obrestmi, plačanimi družbi PI v obdobju 2002–2006, in obrestmi, doseženimi s produktom Posta Più, je prikazana v preglednici 2.
Posta Più portfolio return (gross)
Donos portfelja Posta Più (bruto)
Agreement rate
Obrestna mera iz Sporazuma
Average financial life
Povprečna finančna življenjska doba
Comparison with the Treasury’s cost of funding
Primerjava s stroški financiranja državne blagajne
The Italian authorities argue that indexing the return on the deposit with the Treasury to parameters linked to the Italian public debt is the only mechanism which would not penalise the Treasury and which is consistent with Treasury’s character as an issuer, taking account of the Obligation to deposit the funds with the Treasury.
Italijanski organi trdijo, da je indeksiranje donosa depozitov pri državni blagajni s parametri, povezanimi z italijanskim javnim dolgom, edini mehanizem, ki ne bi oškodoval državne blagajne in je skladen z naravo državne blagajne kot izdajateljice, ob upoštevanju obveznosti, da se sredstva deponirajo pri državni blagajni.
Moreover, the Agreement gives PI a remuneration linked to long-term rates, which is in line with the nature of the funds collected.
Poleg tega Sporazum družbi PI zagotavlja obrestovanje, povezano z dolgoročnimi obrestnimi merami, kar je skladno z naravo zbranih sredstev.
The Agreement also protects the Treasury against adverse market conditions, which could make the cost of this form of debt diverge from its own traditional cost of funding.
Sporazum tudi varuje državno blagajno pred neugodnimi razmerami na trgu, zaradi katerih bi se lahko stroški te oblike dolga razlikovali od lastnih tradicionalnih stroškov financiranja.
The Italian authorities compare the rate provided for in the Agreement with the cost of funding calculated on the following basis:
Italijanski organi primerjajo obrestno mero, predpisano v Sporazumu, s stroški financiranja, izračunanimi na naslednji podlagi:
the funds are raised through the issue of multiannual Treasury bonds at 5, 10, 15 and 30 years,
sredstva se zberejo z izdajo večletnih državnih obveznic za pet, deset, 15 in 30 let,
the period under consideration is 2001-2006,
zadevno obdobje traja od leta 2001 do leta 2006,
the weighted average of the issues referred to is calculated taking into account the weight and the cost of all the outstanding issues in the period.
tehtano povprečje navedenih izdaj se izračuna ob upoštevanju uteži in stroškov vseh neporavnanih izdaj v tem obdobju.
15 years
15 let
30 years
30 let
On the basis of the results Italy concludes that in the five years under consideration the cost of the Treasury’s medium- and long-term debt was in line with the return obtained under the Agreement.
Italija na podlagi rezultatov ugotavlja, da so bili stroški srednjeročnega in dolgoročnega dolga državne blagajne v obravnavanih petih letih skladni z donosom, doseženim v skladu s Sporazumom.
Moreover, (i) the rate of the remuneration is indexed to parameters linked to Italy’s public debt (government securities), which are the most appropriate reference for the Treasury’s debts; (ii) the stability of the funding, verified by statistical models, and the Obligation imposed on PI make the duration of the investment for the most part permanent (without considering the specific precautions, such as the possibility of early withdrawal or the three-year term of the relationship, that protect the Treasury from unforeseen changes in the market); and (iii) the liquidity risk assumed by the Treasury is limited, given the proven stability of the postal funds, and is reflected in the linking of 10 % of such funding to a short-term parameter.
Poleg tega (i) se obrestna mera indeksira s parametri, povezanimi z italijanskim javnim dolgom (državni vrednostni papirji), ki so najustreznejša referenca za dolg državne blagajne; (ii) stabilnost financiranja, preverjena s statističnimi modeli, in obveznost, naložena družbi PI, pomenita, da je trajanje naložbe večinoma stalno (brez upoštevanja določenih varnostnih ukrepov, na primer možnosti zgodnjega dviga ali triletno trajanje razmerja, ki varujejo državno blagajno pred nepredvidljivimi spremembami na trgu); in (iii) likvidnostno tveganje, ki ga prevzame državna blagajna, je omejeno glede na dokazano stabilnost poštnih sredstev, izraža pa se v povezavi 10 % teh sredstev s kratkoročnim parametrom.
Regarding the long-term element of the loan rate (90 %, comprising 10 % linked to the yield on 10-year government securities and 80 % linked to the yield on 30-year government securities), Italy considers that the Obligation on PI, which is a ‘parametric investment’ (investimento di tipo parametrico) remunerated at a loan rate defined by reference to a weighted average of the yield on government securities, is different from the obligation introduced in the 2007 Finance Act to invest directly in government securities freely selected and freely managed, which are ‘direct investments’ (investimenti diretti).
Italija v zvezi z dolgoročnim elementom obrestne mere za posojila (90 %, kar vključuje 10-odstotni delež, povezan z donosom 10-letnih državnih vrednostnih papirjev, in 80-odstotni delež, povezan z donosom 30-letnih državnih vrednostnih papirjev) meni, da se obveznost družbe PI, ki je „parametrična naložba“ (investimento di tipo parametrico) in se obrestuje po obrestni meri za posojila, opredeljeni s sklicevanjem na tehtano povprečje donosa državnih vrednostnih papirjev, razlikuje od obveznosti, uvedene s Finančnim zakonom iz leta 2007, v skladu s katero je treba vlagati neposredno v državne vrednostne papirje, ki jih je mogoče prosto izbrati in upravljati ter so „neposredne naložbe“(investimenti diretti).
In particular, the ‘parametric investment’ provided for in the Agreement earns a return that is variable and not manageable, and thus passively exposed to the fluctuation of the market.
„Parametrična naložba“ iz Sporazuma predvsem prinaša donos, ki se spreminja in ga ni mogoče upravljati, torej je pasivno izpostavljena nihanju trga.
The ‘parametric investment’ is more rigid than direct investment in the event of market movements, and is tied for a maximum of 12 months (since the Agreement can be revoked by either party, subject to six months’ notice), and its remuneration incorporates an ad hoc premium to compensate for the constraints on the investment itself.
„Parametrična naložba“ je bolj toga kot neposredna naložba ob gibanjih na trgu in vezana za največ 12 mesecev (ker lahko katera koli stranka prekliče Sporazum ob upoštevanju šestmesečnega odpovednega roka), njeno obrestovanje pa vključuje ad hoc premijo, da se nadomestijo omejitve same naložbe.
The premium, which Italy assesses at 0,25-0,50 percentage points, is in line with the average yield difference between 30-year multiannual Treasury bonds and 10-year multiannual Treasury bonds at historical lows (0,20-0,40 percentage points).
Premija, ki jo Italija ocenjuje na od 0,25 do 0,50 odstotne točke, je v skladu z razliko med povprečnimi donosi 30-letnih državnih obveznic in 10-letnih državnih obveznic na najnižjih vrednostnih v zgodovini (od 0,20 do 0,40 odstotne točke).
The premium can be considered an ex post remuneration which compensates PI for the Obligation and the impossibility of managing its funds actively, and is a reasonable payment on the part of the Treasury, which is acting like a private borrower, taking into consideration the clauses in the Agreement protecting the Treasury against adverse market conditions (the possibility of termination, the three-year lifetime of the Agreement, and the fortnightly updating of the parameters).
Premija lahko šteje za naknadno obrestovanje, ki je nadomestilo družbi PI za obveznost in nezmožnost aktivnega upravljanja njenih sredstev ter primerno plačilo državne blagajne, ki deluje kot zasebni posojilojemalec, pri čemer se upoštevajo klavzule Sporazuma, ki državno blagajno varujejo pred neugodnimi razmerami na trgu (možnost odpovedi, triletna življenjska doba Sporazuma in posodabljanje parametrov vsakih štirinajst dni).
Comparison with alternative investment strategies (active management of funds)
Primerjava z alternativnimi naložbenimi strategijami (aktivno upravljanje sredstev)
The Italian authorities have sent the Commission the […] study in order to demonstrate that the remuneration provided for in the Agreement does not confer any advantage on PI.
Italijanski organi so Komisiji poslali študijo […] za dokaz, da obrestovanje, predpisano v Sporazumu, družbi PI ne podeljuje nikakršnih prednosti.
The […] study examines the following aspects.
V študiji […] so proučeni naslednji vidiki.
The reasons why the remuneration paid by the Treasury to PI on the deposit is a fair one:
Razlogi, zakaj so obresti, ki jih državna blagajna izplačuje družbi PI za depozite, poštene:
The investigation conducted by […] into the PI deposit base, which the […] study takes as given, reaches the conclusion that, after deduction of a component that is theoretically more volatile, the expected duration of the deposits is extremely long and virtually infinite.
pri preiskavi obsega depozitov družbe PI, ki jo je opravil […] in na kateri temelji študija […], je bilo ugotovljeno, da je po odbitku teoretično bolj nestanovitne komponente pričakovano trajanje depozitov izjemno dolgo in pravzaprav neskončno.
Similar approaches are ordinarily taken in the banking system.
Podobni pristopi se navadno uporabljajo v bančnem sistemu,
The features of the deposit base in terms of duration are transferred to the Treasury by law.
značilnosti obsega depozitov se, kar zadeva trajanje, po zakonu prenesejo na državno blagajno,
The indexation of the payments by the Treasury reflect that approach, with 10 % being based on 12-month ordinary Treasury bills (the most volatile component), 10 % on 10-year multiannual Treasury bonds (the component which on more conservative assumptions might potentially fall over time), and n 80 % on 30-year multiannual Treasury bonds.
ta pristop izraža indeksacija plačil državne blagajne, pri čemer 10 % temelji na dvanajstmesečnih navadnih zakladnih menicah (najbolj nestanovitna komponenta), 10 % na desetletnih državnih obveznicah (komponenta, ki bi lahko ob bolj konservativnih domnevah čez čas morda padla), 80 % pa na tridesetletnih državnih obveznicah,
The relationship is based on a long-term Obligation on PI and the Treasury.
razmerje temelji na dolgoročni obveznosti družbe PI in državne blagajne,
The constraints on PI as depositor incorporate implicit costs and burdens:
omejitve za družbo PI kot deponentko vključujejo vsebovane stroške in bremena:
The deposit at the Treasury cannot be considered a short-term risk-free asset, in view of PI’s permanent obligation to keep its money with the Treasury.
depozit pri državni blagajni ne more šteti za kratkoročno sredstvo brez tveganja glede na stalno obveznost družbe PI, da mora svoj denar hraniti pri državni blagajni.
The yield on the deposit reflects that long-term obligation by paying for the implicit long-term risk of the Italian Republic, which is estimated in an extra return of 0,30 % (equal to the market spread paid by long-term government bonds over money market rates).
Donos depozita izraža to dolgoročno obveznost s plačilom za vsebovano dolgoročno tveganje Republike Italije, ki je ocenjeno z dodatnim donosom v višini 0,30 % (enako tržni razliki, plačani z dolgoročnimi državnimi obveznicami po obrestnih merah na denarnem trgu),
PI is prevented from engaging in active fund management strategies (the quantitative analysis conducted by […] is aimed at establishing the burdens this imposes).
družba PI ne sme uporabljati aktivnih strategij upravljanja sredstev (namen kvantitativne analize, ki jo je opravil […], je ugotoviti bremena, ki jih to povzroča).
A comparison of PI’s interest margin with the interest margin of comparable private-sector banks:
Primerjava obrestne marže družbe PI z obrestno maržo primerljivih bank v zasebnem sektorju:
The cost to PI of collecting deposits from retail customers is in line with the cost of retail deposits to private-sector banks, as the Commission has acknowledged.
stroški, ki jih ima družba PI z zbiranjem depozitov občanov, ustrezajo stroškom depozitov občanov v bankah v zasebnem sektorju, kakor je potrdila Komisija,
In fact the interest margin achieved by private-sector banks on the component deriving from deposits with their own networks is significantly higher that PI’s (4,7 % in 2006, as opposed to 3,75 % for PI, and 4,6 % in 2005, as opposed to 3 %).
dejansko je obrestna marža, ki jo dosegajo banke v zasebnem sektorju za komponento, ki izhaja iz depozitov pri njihovih mrežah, znatno višja od obrestne marže družbe PI (4,7 % v letu 2006 v primerjavi s 3,75 % pri družbi PI in 4,6 % v letu 2005 v primerjavi s 3 %).
In […]’s view these figures are proof that there is no State aid to PI.
Po mnenju […] te številke dokazujejo, da družba PI ne prejema državne pomoči.
A comparison of PI’s tenor mismatch with those of its private-sector peers:
Primerjava neusklajenosti trajanja sredstev družbe PI s trajanjem sredstev primerljivih bank v zasebnem sektorju:
According to the […] model, PI’s deposit base has a ‘virtually infinite’ behavioural lifetime, which it prudentially estimates at least 60,8 % of the total (by the VaR method with a 10-year cut-off point).
v skladu z modelom […] ima obseg depozitov družbe PI „pravzaprav neskončno“ vedenjsko življenjsko dobo, ki je preudarno ocenjena na vsaj 60,8 % celotnega obsega depozitov (v skladu z metodo VaR z razmejitveno točko čez deset let).
Under the Agreement, PI uses the proceeds of its deposit base to fund a long-term instrument, the deposit with the Treasury.
V skladu s Sporazumom družba PI uporablja prihodke od obsega svojih depozitov za financiranje dolgoročnega instrumenta, depozita pri državni blagajni.
To ascertain the behaviour of private-sector banks, an analysis was carried out of the accounts of banks specialised in funding the public sector, such as Dexia and Depfa, which were found to behave in the same way.
Da bi ugotovili obnašanje bank v zasebnem sektorju, je bila opravljena analiza računov bank, specializiranih za financiranje v javnem sektorju, na primer bank Dexia in Depha, in ugotovljeno je bilo, da se obnašajo enako.
These banks collect about 50 % of their requirements on a medium- to long-term basis, financing the rest short term from repurchase transactions with the European Central Bank and deposits from financial intermediaries, and invest their funding in loans to public authorities, usually with maturities of from 10 to 50 years.
Te banke zberejo približno 50 % potrebnih sredstev na srednjeročni do dolgoročni podlagi, preostala sredstva pa financirajo kratkoročno s transakcijami začasne prodaje/začasnega nakupa pri Evropski centralni banki in depoziti finančnih posrednikov, svoja sredstva pa vlagajo v posojila državnim organom, po navadi z zapadlostjo od deset do 50 let.
A quantitative analysis aimed at proving the benefit of active asset management:
Kvantitativna analiza je bila namenjena dokazovanju koristi aktivnega upravljanja premoženja:
Starting in March 2007, PI invested in a portfolio of euro area government bonds, which it completed in December 2007, upon receipt of the residual portion of the deposit from the Treasury.
družba PI je marca 2007 začela vlagati v portfelj državnih obveznic v euroobmočju, kar je končala decembra 2007, ko je od državne blagajne prejela preostali del depozita,
Investment decisions made by PI, as well as taking account of the legal constraints and target yields for the company, were also based on the conditions and opportunities the market offered.
naložbene odločitve družbe PI ter upoštevanje pravnih omejitev in ciljnih donosov družbe so temeljili tudi na pogojih in priložnostih, ki jih je ponujal trg.
At the beginning of 2008 the portfolio incorporated significant capital gains.
V začetku leta 2008 je portfelj vključeval znatne kapitalske dobičke.
The deposit held with the Treasury produced only current market yields, without any possibility of capital gains or losses, being tied to floating rates.
Depozit pri državni blagajni je zagotovil samo trenutne tržne donose brez možnosti kapitalskih dobičkov ali izgub, ker je bil povezan s spremenljivimi obrestnimi merami,
In order to carry out a comparison that might confirm the superior profitability of active fund management over the yield under the Agreement, the data considered must relate to a longer period, having regard to the volatility of capital gains or losses.
za primerjavo, ki bi lahko potrdila boljšo donosnost aktivnega upravljanja sredstev v primerjavi z donosnostjo v skladu s Sporazumom, se morajo upoštevani podatki nanašati na daljše obdobje ob upoštevanju nestanovitnosti kapitalskih dobičkov ali izgub.
Leaving aside the higher overall yield currently achieved by PI’s portfolio, the quantitative analysis is aimed at proving that skilful fund management can consistently produce higher returns over the longer term.
Brez upoštevanja večjih skupnih donosov, ki jih trenutno dosega portfelj družbe PI, je namen kvantitativne analize dokazati, da lahko vešče upravljanje sredstev dosledno in dolgoročno zagotavlja večje donose,
The analysis is made up of two components, one looking at past performance (first two items below) and the second at the future (third item below):
analiza je sestavljena iz dveh delov: v prvem so proučeni pretekli rezultati (prvi dve točki spodaj), v drugem pa prihodnji (tretja točka spodaj):
[…] retrospectively adopts two strategies for the management of the funds on PI’s deposit portfolio, one involving a duration similar to that of the portfolio of the […] study carried out by the VaR method (the ‘benchmark portfolio’) and the other using the criteria and investment constraints currently adopted by PI (the ‘tactical strategy’) [42], based on automatic quantitative models [43].
[…] za nazaj uporabi dve strategiji upravljanja sredstev v portfelju depozitov družbe PI: ena vključuje podobno trajanje kot pri portfelju študije […], ki je bila opravljena z metodo VaR („referenčni portfelj“), pri drugi pa se uporabljajo merila in naložbene omejitve, ki trenutno veljajo za družbo PI („taktična strategija“) [42], na podlagi samodejnih kvantitativnih modelov [43].
The return obtained for the last 10 years under the tactical strategy has been higher than the return under the Agreement in the same period by approximately 1,62 % per annum (though this takes no account of transaction costs).
Donos, dosežen v zadnjih desetih letih v skladu s taktično strategijo, je bil večji od donosa v skladu s Sporazumom v istem obdobju za približno 1,62 % na leto (čeprav se pri tem niso upoštevali stroški transakcij).
But the return obtained over the two-year period 2005-2006, at 2,45 %, is lower than the return under the Agreement, which was 4,14 %.
Vendar pa je donos, dosežen v dveh letih v obdobju 2005–2006, znašal 2,45 %, kar je manj od donosa v skladu s Sporazumom, ki je bil 4,14 %,
The case of La Banque Postale is referred to (see recital 69 above).
sklicuje se na primer banke La Banque Postale (glej uvodno izjavo 69 zgoraj),
Lastly, […] has identified certain fund management solutions which PI might implement in the near future, aimed at obtaining returns higher than those offered by passive investment in government bonds, but without adding significant incremental risks.
nazadnje je […] opredelil nekatere rešitve za upravljanje sredstev, ki bi jih družba PI lahko izvedla v bližnji prihodnosti, da bi dosegla večje donose od tistih, ki jih ponuja pasivno vlaganje v državne obveznice, vendar brez bistvenih dodatnih tveganj.
The study provides a detailed description of these strategies.
Študija vsebuje podroben opis teh strategij.
Briefly, they are:
Na kratko so to:
In order to compare the performance of a fully indexed portfolio (the deposit with the Treasury) and a portfolio in which the funds are actively managed (first item above) Italy says that a significant timespan has to be considered – 10 years – including at least a full economic cycle.
Italija meni, da je treba za primerjavo rezultatov popolnoma indeksiranega portfelja (depozit pri državni blagajni) in portfelja, pri katerem se sredstva aktivno upravljajo (prva točka zgoraj), upoštevati precejšnje časovno obdobje – deset let – ki vključuje vsaj celoten gospodarski ciklus.
This is why the […] study compares the return provided for in the agreement with the returns deriving from alternative strategies over a period of 10 years rather than a shorter one.
Zato se v študiji […] donos, predpisan v Sporazumu, primerja z donosi, ki izhajajo iz alternativnih strategij, v desetih letih, in ne v krajšem obdobju.
Shorter periods of analysis may take only certain phases of the economic cycle into consideration.
Pri krajših obdobjih analize se lahko upoštevajo samo nekatere faze gospodarskega ciklusa.
When interest rates rise, fixed-rate portfolios tend to underperform as compared to floating-rate portfolios; when interest rates are falling the situation is reversed.
Kadar obrestne mere rastejo, se portfelji s fiksno obrestno mero po navadi obnesejo slabše od portfeljev s spremenljivo obrestno mero; kadar obrestne mere padajo, je položaj po navadi obraten.
During the period from 2005 to mid-2007 interest rates increased, and alternative investment strategies based on fixed interest rates, like the ones used by […], led to capital losses and generated a return lower than that provided for in the Agreement.
Od leta 2005 do sredine leta 2007 so se obresti višale, nadomestne naložbene strategije na podlagi fiksnih obrestnih mer, podobne tistim, ki jih uporablja […], pa so povzročile kapitalske izgube in dosegle manjši donos od tistega, ki ga predpisuje Sporazum.
Over a 10-year period, according to the Italian authorities, investment portfolios based on floating rates can be compared to investment portfolios based on fixed rates, because capital gains and losses tend to offset one another.
V desetletnem obdobju se po mnenju italijanskih organov naložbeni portfelji na podlagi spremenljivih obrestnih mer lahko primerjajo z naložbenimi portfelji, ki temeljijo na fiksnih obrestnih merah, saj se kapitalski dobički in izgube po navadi izravnajo.
Over a 10-year period, returns on fixed-rate portfolios are substantially in line with returns on floating-rate portfolios.
V desetletnem obdobju so donosi portfeljev s fiksno obrestno mero v glavnem skladni z donosi portfeljev s spremenljivo obrestno mero.
Active fund management clearly produces a better return than the passive (parametric) management provided for in the Agreement (for example, the yield on the benchmark proposed by […], which has an average life of five years, is in line with the return under the Agreement, which has an average life that is much longer).
Aktivno upravljanje sredstev nedvomno zagotavlja boljše donose od pasivnega („parametričnega“) upravljanja, predvidenega v Sporazumu (na primer, donos reference, ki jo predlaga […], s povprečno življenjsko dobo petih let, ustreza donosu v skladu s Sporazumom, katerega življenjska doba je veliko daljša).
Furthermore, the Italian authorities contend that the Commission should distinguish between risk in the short term and risk in the longer term.
Poleg tega italijanski organi trdijo, da bi morala Komisija razlikovati med kratkoročnim in dolgoročnim tveganjem.