natgillin/translations-raw huggingface dataset:
According to the annual report, postal services accounted for 33,5 % of the group’s total turnover in 2006, financial activities accounted for 27,5 %, and insurance business for 37,6 %.
Glede na letno poročilo so poštne storitve v letu 2006 zajemale 33,5 %, finančne dejavnosti 27,5 %, zavarovalništvo pa 37,6 % celotnega prometa skupine.
Financial services contributed 82 % to the operating profit of the PI group, and insurance services 18,7 %.
Finančne storitve so prispevale k 82 % dobička iz poslovanja skupine PI, zavarovalniške storitve pa 18,7 %.
Postal services showed an operating loss of EUR 4 million.
Poštne storitve so dosegle izgubo iz poslovanja v višini štirih milijonov EUR.
Before December 2003, PI was wholly owned by the Italian State.
Pred decembrom 2003 je bila PI v popolni lasti Italije.
In December 2003, the State transferred 35 % of the share capital in PI to CDP.
Decembra 2003 je država prenesla 35 % osnovnega kapitala v PI na CDP.
PI is likewise a private-law company controlled by the State.
PI je prav tako zasebnopravna družba, ki jo nadzira država.
According to a recent study [7], before the implementation of the first Postal Directive [8] the Italian postal market was relatively open.
Glede na nedavno študijo [7] je bil pred izvajanjem Prve poštne direktive [8] italijanski poštni trg razmeroma odprt.
Operators other than PI were already free to distribute direct mail and hybrid mail.
Drugi izvajalci poleg PI so že lahko distribuirali direktno pošto in hibridno pošto.
Some local mail operators were delivering letters as subcontractors to PI.
Nekateri lokalni izvajalci poštnih storitev so raznašali pisma kot podizvajalci PI.
After the implementation of the Directive, the delivery of hybrid mail became part of the reserved area, and the subcontracting relationships were ended.
Po izvajanju Direktive je dostava hibridne pošte postala del rezerviranega področja in razmerja do podizvajalcev so prenehala.
Outgoing and incoming international mail falls entirely within the area reserved to PI.
Vsa odhodna in dohodna mednarodna pošta spada na področje, ki je rezervirano za PI.
Since 1 January 2003, Italian legislation has incorporated the second Postal Directive, which provides for the full opening of the EU postal market to competition by 1 January 2009: it limits the reserved area to letters up to 100 g and three times the basic tariff for priority mail [9].
Od 1. januarja 2003 je v italijansko zakonodajo vključena Druga poštna direktiva, ki določa popolno odprtje poštnega trga EU konkurenci do 1. januarja 2009: rezervirano področje omejuje na pisma do 100 g in trikratno osnovno tarifo za prednostno pošto [9].
From 1 January 2006, the reserved area is limited to letters up to 50 g and 2,5 times the basic tariff for priority mail.
Od 1. januarja 2006 je rezervirano področje omejeno na pisma do 50 g in 2,5-kratno osnovno tarifo za prednostno pošto.
The reserved area also continues to include upstream services and the conveyance of bulk mail.
Rezervirano področje še naprej vključuje storitve na začetku verige in prenos masovne pošte.
The postal market is now relatively open to competition de jure, since the delivery of direct mail has been liberalised.
Ker je dostava direktne pošte liberalizirana, je poštni trg zdaj načeloma razmeroma odprt konkurenci.
The entry regulations are not regarded as severe [10].
Predpisi o vstopu na trg se ne štejejo kot strogi [10].
On 19 October 2006, the Commission proposed a new Postal Directive completing the single market for Community postal services.
Komisija je 19. oktobra 2006 predlagala novo Poštno direktivo o dokončnem oblikovanju enotnega trga za poštne storitve Skupnosti.
That Directive entered into force on 27 February 2008; it provides for the abolition of legal monopolies in postal services by 31 December 2010, though some Member States are permitted to extend the deadline until December 2012 [11].
Navedena direktiva je začela veljati 27. februarja 2008; določa odpravo pravnih monopolov pri poštnih storitvah do 31. decembra 2010, čeprav je nekaterim državam članicam ta rok dovoljeno podaljšati do decembra 2012 [11].
Presidential Order (decreto) No 144 of 14 March 2001 lays down rules governing the banking and financial services that can be provided by PI; this business is carried on by Bancoposta.
Predsedniški odlok (decreto) št. 144 z dne 14. marca 2001 določa pravila glede bančnih in finančnih storitev, ki jih lahko izvaja PI; to poslovno dejavnost opravlja Bancoposta.
The services comprise: collecting savings from the public in all forms; provision of payment services; foreign exchange intermediation; promotion and placement of loans granted by banks and other authorised intermediaries; performance of some investment services (trading on account of third parties and placement and collection of orders, thus excluding trading on own account and individual portfolio management).
Storitve zajemajo: zbiranje hranilnih vlog javnosti v vseh oblikah; opravljanje plačilnih storitev; devizno posredništvo; spodbujanje in dajanje posojil, ki jih odobrijo banke in drugi pooblaščeni posredniki; izvajanje nekaterih investicijskih storitev (trgovanje v imenu tretjih strank ter izdaja in zbiranje naročil, s čimer sta izključena trgovanje za svoj račun in posamezno upravljanje portfelja).
PI is expressly prevented from engaging in financing.
PI se izrecno ne sme ukvarjati s financiranjem.
PI/Bancoposta can be considered as a deposit institution and a financial intermediary.
PI/Bancoposta se lahko obravnava kot depozitna ustanova in finančna posrednica.
While it is not a bank, it uses PI’s numerous post-office outlets for its own operations and to provide banking and other financial products.
Čeprav ni banka, uporablja številne poštne urade PI za svoje dejavnosti ter zagotavljanje bančnih in drugih finančnih produktov.
The 13893 counters, at least one per municipality on average, make PI the biggest banking network in Italy, and should be regarded as an asset rather than a liability: most of their cost is covered by these financial services, and they are not considered a burden on the universal service provider [12].
PI je s 13893 okenci, v povprečju vsaj enim na občino, največja bančna mreža v Italiji, pri čemer bi jih bilo treba obravnavati kot prednost in ne kot pomanjkljivost: večino njihovih stroškov krijejo te finančne storitve in ne veljajo za obremenitev izvajalca univerzalnih storitev [12].
The rating Agency Fitch notes in a report published in 2004 that PI/Bancoposta has ‘a capacity to reach the overall [Italian] population that cannot be matched by domestic banks for the foreseeable future’ [13].
Bonitetna agencija Fitch v poročilu, ki je bilo objavljeno leta 2004, ugotavlja, da je PI/Bancoposta „sposobna zajeti celotno [italijansko] prebivalstvo, česar domače banke v bližnji prihodnosti ne morejo doseči“ [13].
Moreover, Fitch considers that PI has put ‘the development of financial services at the heart of [its] strategy’.
Poleg tega je po navedbah agencije Fitch PI postavila „razvoj finančnih storitev v središče [svoje] strategije“.
PI offers a wide range of financial services competing with those offered by the banking system:
PI ponuja širok razpon finančnih storitev, ki pomenijo konkurenco storitvam bančnega sistema:
direct and indirect collection of savings, and lending,
neposredno in posredno zbiranje hranilnih vlog ter posojanje;
payment services,
plačilne storitve;
placement of financial and investment products.
izdajo finančnih in naložbenih produktov.
The aspect at issue in the present Decision is the collection of funds, and particular postal savings, whereby PI raises funds on behalf and for the account of CDP by distributing savings certificates and savings books.
Sporni element v tej odločbi je zbiranje sredstev in zlasti poštnih varčevanj, pri čemer PI zbira sredstva v imenu CDP ter za njen račun z distribucijo potrdil o varčevanju in hranilnih knjižic.
In the last few years, PI has significantly broadened the range of its payment services to customers, adding to the traditional postal instruments (current account deposit receipts and postal money orders) a series of instruments that were formerly offered only by banks (debit and credit cards, credit transfers, or standing debit orders for utility bills) [14].
V zadnjih nekaj letih je PI znatno razširila obseg svojih plačilnih storitev za stranke, pri čemer je tradicionalnim poštnim instrumentom (potrdila o pologu na tekoči račun in poštne nakaznice) dodala veliko instrumentov, ki so jih pred tem ponujale le banke (debetne in kreditne kartice, prenos dobroimetja ali trajni nalogi za plačilo računov za javne storitve) [14].
Finally, PI provides placement services for:
PI ponuja storitve izdaje za:
structured bonds issued by banks,
strukturirane obveznice, ki jih izdajajo banke;
insurance policies written by Poste Vita [15];
zavarovalne police, ki jih izda Poste Vita [15];
investment funds managed by the asset management company Bancoposta Fondi SGR [16];
investicijske sklade, ki jih upravlja družba za upravljanje premoženja Bancoposta Fondi SGR [16];
loans granted by third parties: personal loans and mortgages are sold on behalf of banks.
posojila, ki jih odobrijo tretje stranke: v imenu bank se prodajajo osebna posojila in hipotekarna posojila.
THE MEASURE UNDER ASSESSMENT
OCENJEVANI UKREP
The measure under assessment here is the remuneration paid by CDP to PI for the placement of savings certificates in the period 2000-2006.
Ocenjevani ukrep je nadomestilo, ki ga je CDP plačala PI za izdajo potrdil o varčevanju v obdobju 2000–2006.
Article 1(1) of the Order (decreto) of the Ministry of Economic Affairs and Finance of 6 October 2004 relating to Decree-law No 269 of 30 September 2003 [17] defines ‘postal savings’ as ‘the collection of funds, with an obligation to repay supported by a State guarantee, performed by CDP SpA through Poste Italiane SpA’.
Člen 1(1) Odloka (decreto) Ministrstva za gospodarske zadeve in finance z dne 6. oktobra 2004, ki je povezan z Zakonskim odlokom št. 269 z dne 30. septembra 2003 [17], opredeljuje „poštno varčevanje“ kot „zbiranje sredstev z obveznostjo odplačila, ki je podprto z jamstvom države, ki ga izvaja CDP SpA prek Poste Italiane SpA“.
The instruments used for the purpose are postal savings books and postal savings certificates.
Instrumenti, ki se uporabljajo za ta namen, so poštne hranilne knjižice in potrdila o poštnem varčevanju.
Article 1(2) of the Order states that postal savings, i.e. the raising of funds by CDP through PI, constitute a service of general economic interest.
Člen 1(2) Odloka določa, da poštno varčevanje, tj. zbiranje sredstev s strani CDP prek PI, pomeni storitev splošnega gospodarskega pomena.
Postal savings books
Poštne hranilne knjižice
Postal savings books (libretti postali) are fund-raising instruments which are guaranteed by the State and consequently have a low risk profile.
Poštne hranilne knjižice (libretti postali) so instrumenti za zbiranje sredstev, za katera jamči država in ki posledično predstavljajo majhno tveganje.
They may be either registered or bearer.
Lahko so imenske ali prinosniške.
The main transactions on postal savings books are money deposits and withdrawals.
Glavne transakcije na poštnih hranilnih knjižicah so denarni depoziti in dvigi.
On 22 November 2006 the Commission decided that the remuneration paid by CDP to PI for the placement of postal savings books over the period 2000-2005 did not constitute State aid within the meaning of Article 87(1)of the Treaty.
Komisija je 22. novembra 2006 sklenila, da nadomestilo, ki ga je CDP plačala PI za izdajo poštnih hranilnih knjižic v obdobju 2000–2005, ni pomenilo državne pomoči v skladu s členom 87(1) Pogodbe.
Savings certificates
Potrdila o varčevanju
Postal savings certificates (buoni fruttiferi postali) are likewise fund-raising instruments which are guaranteed by the State, and consequently have a low risk profile; they are not negotiable on the market, because by express statutory provision they are not transferable; and they are repayable on demand, a characteristic equivalent to a put option of the US type, which allows the saver to request repayment at a predetermined price at any time during the life of the certificate.
Potrdila o poštnem varčevanju (buoni fruttiferi postali) so prav tako instrumenti za zbiranje sredstev, za katera jamči država in ki posledično predstavljajo majhno tveganje; na trgu niso prenosljiva, ker jih v skladu z izrecno zakonsko določbo ni mogoče prenesti; poleg tega jih je mogoče odplačati na zahtevo, pri čemer je ta značilnost enaka kot pri prodajni opciji ameriškega tipa, ki varčevalcu omogoča, da zahteva odplačilo po vnaprej določeni ceni kadar koli v življenjski dobi potrdila.
Interest is settled in a single payment at redemption, and is subject to a withholding tax of 12,5 %.
Obresti se izplačajo v enkratnem znesku ob zapadlosti, pri čemer zanje velja 12,5-odstotni davčni odtegljaj.
Savings certificates are essentially one-coupon bonds, issued ‘on tap’, meaning that the total amount of an issue is not established in advance.
Potrdila o varčevanju so enokuponske obveznice, ki se izdajajo neomejeno, kar pomeni, da skupen obseg izdaje ni določen vnaprej.
The service of placement, management and redemption of savings certificates and other operations relating to them are free of commission and any other charges to subscribers.
Za storitev izdaje, upravljanja in odkupa potrdil o varčevanju ter druge operacije, povezane z njimi, se ne plačajo provizija in druge dajatve za vpisnike.
Since 2003 they have been available in either paper or dematerialised form.
Od leta 2003 so na voljo v materializirani ali dematerializirani obliki.
Before 2003 only paper certificates were issued.
Pred letom 2003 so se potrdila izdajala le v materializirani obliki.
The four main categories of savings certificate are as follows [18]:
Štiri glavne kategorije potrdil o varčevanju so [18]:
Ordinary savings certificates: these are financial products with a 20-year maturity and a fixed annual yield that grows over time (a step-up structure),
navadna potrdila o varčevanju: to so finančni produkti z 20-letno zapadlostjo in nespremenljivo letno donosnostjo, ki sčasoma raste (struktura postopnega povečevanja);
Indexed savings certificates: these pay an annual fixed rate determined at issue plus a premium at maturity linked to the performance of an equity index [19] (certificates of this kind were first issued in 2003) or to inflation (certificates of this kind were first issued in 2006),
indeksirana potrdila o varčevanju: izplačata se letna nespremenljiva obrestna mera, ki se določi ob izdaji, ter premija ob zapadlosti, ki je vezana na gibanje delniškega indeksa [19] (takšna potrdila so se začela izdajati leta 2003) ali na inflacijo (takšna potrdila so se začela izdajati leta 2006);
18-month savings certificates: these were introduced in 2005, to fill a gap at this particular maturity.
18-mesečna potrdila o varčevanju: na voljo so od leta 2005, da bi se zapolnila vrzel pri tej zapadlosti.
Stock of postal savings certificates [20], by category, in EUR billion
Zaloga potrdil o varčevanju [20]po kategorijah, v milijardah EUR
Category of certificate
Kategorija potrdila
Maximum duration
Najdaljše trajanje
Average duration
Povprečno trajanje
Ordinary
Navadno
[7-10] years
[7–10] let
[4-7] years [21]
[4–7] let [21]
18-month
18-mesečno
unknown [22]
ni znano [22]
Fixed-term
Z zapadlostjo
[4-7 years]
[4–7] let
The funds raised
Zbrana sredstva
According to ABI, the amounts held by Italian households in the form of postal savings instruments and the main competing products are as follows:
Po navedbah ABI so zneski, ki so v lasti italijanskih gospodinjstev v obliki instrumentov poštnega varčevanja in glavnih konkurenčnih produktov, naslednji:
Amounts held by Italian households in the form of postal savings instruments and competing products, in EUR billion
Zneski, ki so v lasti italijanskih gospodinjstev v obliki instrumentov poštnega varčevanja in konkurenčnih produktov, v milijardah EUR
Source: ABI
Vir: ABI
Dec. 1999
December 1999
Postal savings certificates
Potrdila o poštnem varčevanju
State bonds
Državne obveznice
Euro area government bonds
Državne obveznice euroobmočja
Bank savings deposits
Bančne hranilne vloge
Remuneration paid to PI for placing postal savings certificates
Nadomestilo, plačano PI za izdajo potrdil o poštnem varčevanju
For the service of placing postal savings certificates, PI receives a yearly remuneration, which has been based on successive agreements and amendments since 2000:
PI za storitev izdaje potrdil o poštnem varčevanju prejema letno nadomestilo, ki temelji na zaporednih sporazumih in spremembah od leta 2000:
the agreement (convenzione) covering the three years 1999-2001 concluded on 4 August 1999 and cancelled on 27 October 2000,
sporazum (convenzione), ki zajema triletno obdobje 1999–2001 in je bil sklenjen 4. avgusta 1999 ter preklican 27. oktobra 2000;
the agreement covering 2001, concluded on 10 May 2001,
sporazum, ki zajema leto 2001 in je bil sklenjen 10. maja 2001;
the agreement covering 2002, concluded on 26 July 2002,
sporazum, ki zajema leto 2002 in je bil sklenjen 26. julija 2002;
the agreement covering the three years 2003-2005 concluded on 23 October 2003; this agreement was amended with respect to the years 2004 and 2005 by two additional agreements between PI and CDP, concluded on 24 December 2004 and 20 October 2005,
sporazum, ki zajema triletno obdobje 2003–2005 in je bil sklenjen 23. oktobra 2003; ta sporazum je bil v zvezi z letoma 2004 in 2005 spremenjen z dvema dodatnima sporazumoma med PI in CDP, ki sta bila sklenjena 24. decembra 2004 in 20. oktobra 2005;
the agreement covering the three years 2006-2008 concluded on 30 March 2006.
sporazum, ki zajema triletno obdobje 2006–2008 in je bil sklenjen 30. marca 2006.
Under these agreements the yearly remuneration paid to PI has consisted of three components: i) a commission on the gross amount collected (upfront fee), dependent on the sum collected in savings certificates in the year; ii) a commission for managing the stock of postal savings certificates; iii) other specific components shown in tables 4 and 5.
V skladu s temi sporazumi je letno nadomestilo, plačano PI, sestavljeno iz treh delov: i) provizije za bruto zbrani znesek (v nadaljnjem besedilu: predhodno nadomestilo), ki je odvisna od zneska, zbranega s potrdili o varčevanju v zadevnem letu; ii) provizije za upravljanje zaloge potrdil o poštnem varčevanju; iii) drugih posebnih delov, navedenih v tabelah 4 in 5.
Remuneration for savings certificates under the agreements
Nadomestilo za potrdila o varčevanju v skladu s sporazumi
Annual commission on the stock of certificates outstanding:
Letna provizija za zalogo potrdil v obtoku:
Commission on the value of new certificates subscribed in the year:
Provizija za vrednost novih potrdil, vpisanih v letu:
Other components:
Drugi deli:
Yearly remuneration paid to PI, 2000-2006, in EUR million
Letno nadomestilo, plačano PI v obdobju 2000–2006, v milijonih EUR
Remuneration for new subscriptions:
Nadomestilo za nove vpise:
Remuneration for accounting and management activities:
Nadomestilo za računovodske dejavnosti in dejavnosti upravljanja:
Remuneration for paper certificate production
Nadomestilo za izdajo potrdil v materializirani obliki
Total fees
Skupna nadomestila
According to CDP’s annual accounts, the remuneration paid to PI varies greatly with the volume of funds collected, and enables CDP to maintain exceptional operational flexibility and an extremely streamlined cost structure.
Letni računovodski izkazi CDP kažejo, da je nadomestilo, plačano PI, odvisno zlasti od obsega zbranih sredstev, kar CDP omogoča ohranjanje zelo dobre operativne prilagodljivosti in zelo racionalne strukture stroškov.
In the decision opening these proceedings, on 22 November 2006, the Commission said that the legal framework applicable to CDP for the placement of postal savings (postal savings certificates and savings books) did not confer any exclusive right of placement de jure.
Komisija je v odločitvi o sprožitvi postopka 22. novembra 2006 navedla, da pravni okvir, ki velja za CDP za izdajo poštnih varčevanj (potrdil o poštnem varčevanju in hranilnih knjižic), ni podelil nobene izključne zakonske pravice za izdajo.
But the Commission doubted whether the remuneration paid by CDP to PI for the placement of savings certificates provided an appropriate market reference, and expressed doubts particularly regarding the similar products cited by Italy to show that the remuneration was on market terms.
Vendar je Komisija imela pomisleke, ali je nadomestilo, ki ga je CDP plačala PI za izdajo potrdil o varčevanju, zagotovilo ustrezno tržno referenco, in pomisleke zlasti glede podobnih produktov, ki jih je navedla Italija, da bi dokazala, da nadomestilo temelji na tržnih pravilih.
Nor was the Commission aware at that stage of the precise composition and value of the various fees paid to PI in respect of savings certificates since 2000.
Poleg tega Komisija takrat ni bila seznanjena z natančno sestavo in vrednostjo različnih nadomestil, plačanih PI v zvezi s potrdili o varčevanju od leta 2000.
Consequently, the Commission had serious difficulties in assessing whether all the components of the remuneration for the placement of savings certificates:
Komisija je zato težko ocenila, ali so vsi deli nadomestila za izdajo potrdil o varčevanju:
had satisfied the third and fourth tests of the Altmarkjudgment [27] since 2004, and
izpolnjevali tretji in četrti preskus iz sodbe Altmark [27] od leta 2004, in
had been market-conform in the years 2000-2003.
so bili v skladu s tržnimi pravili v obdobju 2000–2003.
If the remuneration paid by CDP to PI in respect of savings certificates did constitute State aid, the Commission said it would have serious difficulty in assessing its compatibility.
Če je nadomestilo, ki ga je CDP plačala PI v zvezi s potrdili o varčevanju, pomenilo državno pomoč, je Komisija izjavila, da bo s težavo ocenila njegovo združljivost.
Only ABI submitted comments in the course of the proceedings.
Med postopkom je pripombe predložilo le ABI.
In its complaint of 30 December 2005, ABI indicated that the amounts paid by CDP to PI constituted a remuneration higher than:
ABI je v pritožbi z dne 30. decembra 2005 navedlo, da so zneski, ki jih je CDP plačala PI, pomenili nadomestilo, višje od:
the commissions set by law for placing government securities (BOTs, BTPs and CTZs) [28], andthe commissions earned by banks for the placement of bonds for third parties.
z zakonom določenih provizij za izdajo državnih vrednostnih papirjev (BOT, BTP in CTZ) [28], inprovizij, ki jih prejmejo banke za izdajo obveznic za tretje stranke.
ABI stated that commissions for placing corporate bonds ranged from 0,5 % to 6 %, depending on a series of factors such as the issuer’s rating, the structure of the issue, the retail network and the degree of complexity of the financial instrument.
ABI je navedlo, da provizije za izdajo podjetniških obveznic znašajo 0,5 % do 6 %, odvisno od več dejavnikov, kot so bonitetna ocena izdajatelja, struktura izdaje, maloprodajna mreža in stopnja zapletenosti finančnega instrumenta.
The commissions sought by banks for distributing bank bonds for the account of third parties averaged between 1 % and 1,5 % of the amount placed.
Provizije, ki so jih banke zahtevale za distribucijo bančnih obveznic za račun tretjih strank, so v povprečju znašale med 1 % in 1,5 % izdanega zneska.
According to ABI, the remuneration paid by the State to PI for placing postal savings products constituted State aid to PI, to the detriment of banks, which would have been able to provide the same service on better terms at a lower cost to the State.
Po navedbah ABI je nadomestilo, ki ga je država plačala PI za izdajo produktov poštnega varčevanja, pomenilo državno pomoč PI, pri čemer so bile oškodovane banke, ki bi lahko enako storitev ponudile pod boljšimi pogoji in z nižjimi stroški za državo.
By letters of 13 March 2007 and 18 May 2007, ABI submitted additional comments.
ABI je z dopisoma z dne 13. marca 2007 in 18. maja 2007 predložilo dodatne pripombe.