natgillin/translations-raw huggingface dataset:
ABI said that the remuneration for placing postal savings certificates had to be compared to the remuneration payable for placing BOTs or BTPs, depending on the maturity.
ABI je izjavilo, da bi bilo treba nadomestilo za izdajo potrdil o poštnem varčevanju primerjati z nadomestilom, ki se plača za izdajo BOT ali BTP, odvisno od zapadlosti.
On savings certificates PI received a remuneration depending on the value subscribed which was higher than the fee for placing State bonds (about 195-160 basis points), but it also received a remuneration based on the outstanding stock of savings certificates.
Za potrdila o varčevanju je PI prejela nadomestilo glede na vpisano vrednost, ki je bilo višje od nadomestila za izdajo državnih obveznic (okoli 195–160 bazičnih točk), prav tako pa je prejela nadomestilo glede na zalogo potrdil o varčevanju v obtoku.
ABI did not share the conclusions of the benchmark study described in the Commission’s decision of 22 November 2006, for the following reasons:
ABI se z ugotovitvami primerjalne študije, ki je opisana v odločitvi Komisije z dne 22. novembra 2006, ni strinjalo iz naslednjih razlogov:
Postal savings certificates were issued by CDP, which was a financial intermediary with a rating equal to that of the Italian State (A+, Aa2, AA–).
potrdila o poštnem varčevanju je izdajala CDP, ki je bila finančna posrednica z enako bonitetno oceno kot Italija (A+, Aa2, AA–).
Postal savings certificates consequently had a risk profile far lower than that of corporate bonds, i.e. bonds issued by non-financial companies [29].
Potrdila o poštnem varčevanju so zato imela znatno nižji profil tveganja od podjetniških obveznic, tj. obveznic, ki so jih izdale nefinančne družbe [29].
At the same rating, any corporate bond bore a risk higher than that of State bonds or bonds issued by financial companies.
Pri enaki bonitetni oceni je katera koli podjetniška obveznica vključevala višje tveganje od državnih obveznic ali obveznic, ki so jih izdale finančne družbe.
Postal saving certificates consequently could not be compared to corporate bonds, which were not issued by financial intermediaries,
Potrdil o poštnem varčevanju zato ni bilo mogoče primerjati s podjetniškimi obveznicami, ki jih niso izdali finančni posredniki;
Ordinary postal savings certificates could not be compared to structured inflation-linked bonds.
navadnih potrdil o poštnem varčevanju ni bilo mogoče primerjati s strukturiranimi obveznicami, vezanimi na inflacijo.
Structured inflation-linked bonds offered the subscriber a return linked to the performance of a pre-defined index, whereas ordinary postal savings certificates offered a fixed return depending on the period for which they were held, so that the return on structured inflation-linked bonds was potentially higher, for a higher level of risk,
Strukturirane obveznice, vezane na inflacijo, so vpisniku ponujale donos, povezan z gibanjem vnaprej določenega indeksa, navadna potrdila o poštnem varčevanju pa so ponujala nespremenljiv donos, ki je bil odvisen od obdobja imetništva, pri čemer je bil donos pri strukturiranih obveznicah, vezanih na inflacijo, lahko višji pri višji stopnji tveganja;
Contrary to what was said in the benchmark study, 18-month and fixed-term postal savings certificates were not negotiable in a secondary market.
v nasprotju z ugotovitvami primerjalne študije 18-mesečna potrdila o poštnem varčevanju in potrdila o poštnem varčevanju z zapadlostjo niso bila prenosljiva na sekundarnem trgu.
By letter of 18 May 2007, ABI forwarded to the Commission the conclusions of a study carried out with the help of a consultancy firm which sought to identify products that could be compared to postal savings certificates and to analyse the remuneration for their placement.
ABI je z dopisom z dne 18. maja 2007 Komisiji posredovalo ugotovitve študije, ki je bila izvedena s pomočjo svetovalnega podjetja in katere namen je bil določiti produkte, ki bi jih bilo mogoče primerjati s potrdili o poštnem varčevanju, in analizirati nadomestilo za njihovo izdajo.
The study confirmed ABI’s positions, and detailed the products comparable to postal savings certificates as follows.
S študijo je bilo stališče ABI potrjeno in v njej so bili podrobno opisani produkti, primerljivi s potrdili o poštnem varčevanju, kot sledi.
Identification of products comparable to postal savings certificates and remuneration for their placement
Opredelitev produktov, primerljivih s potrdili o poštnem varčevanju, in nadomestila za njihovo izdajo
Ordinary postal savings certificates were comparable to BTPs.
Navadna potrdila o poštnem varčevanju so bila primerljiva z BTP.
Postal savings certificates and BTPs were the same in terms of maturity, risk, yield and tax rates.
Potrdila o poštnem varčevanju in BTP so bila enaka glede zapadlosti, tveganja, donosnosti in davčne stopnje.
The remuneration for placing BTPs was 0,30 %-0,40 % of the amount subscribed.
Nadomestilo za izdajo BTP je znašalo od 0,30 % do 0,40 % vpisanega zneska.
Contrary to what was said in the benchmark study cited in the Commission’s decision of 22 November 2006, ordinary postal savings certificates were not comparable to:
V nasprotju s trditvijo iz primerjalne študije, ki je navedena v odločitvi Komisije z dne 22. novembra 2006, navadna potrdila o poštnem varčevanju niso bila primerljiva s:
corporate bonds with a rating equal to or above BBB: postal savings certificates had a much lower risk profile even when their rating was the same,
podjetniškimi obveznicami z bonitetno oceno, ki je enaka ali večja od BBB: potrdila o poštnem varčevanju so imela veliko nižji profil tveganja celo takrat, ko je bila njihova bonitetna ocena enaka;
inflation-linked bonds: postal saving certificates had a fixed yield that depended on their maturity and not on the rate of inflation.
obveznicami, vezanimi na inflacijo; potrdila o poštnem varčevanju so imela nespremenljivo donosnost, ki je bila odvisna od njihove zapadlosti in ne od stopnje inflacije.
As regards the complexity of ordinary postal savings certificates, ABI argued that they fell outside the definition of structured products laid down by the Banca d’Italia.
V zvezi z zapletenostjo navadnih potrdil o poštnem varčevanju je ABI trdilo, da ne spadajo v opredelitev strukturiranih produktov, ki jo je določila Banca d’Italia.
The fact that postal savings certificates were subject to an option equivalent to a put option did not justify a higher remuneration for their placement.
Dejstvo, da je za potrdila o poštnem varčevanju veljala opcija, enaka prodajni opciji, ni upravičilo višjega nadomestila za njihovo izdajo.
This option was rather in the nature of a guarantee to the subscriber, who was entitled to end the investment at any time, and did not affect the structure of the security or the level of risk involved.
Ta opcija je pravzaprav predstavljala jamstvo za vpisnika, ki je naložbo lahko kadar koli prekinil, in ni vplivala na strukturo vrednostnega papirja ali s tem povezano stopnjo tveganja.
18-month postal savings certificates could be compared to short-term State bonds, either BOTs or CTZs.
18-mesečna potrdila o poštnem varčevanju bi bilo mogoče primerjati s kratkoročnimi državnimi obveznicami BOT ali CTZ.
Contrary to what it was said in the benchmark study, 18-month postal savings certificates were not comparable to corporate bonds with a rating equal to or greater than A+, because they had a far lower risk profile.
V nasprotju s trditvijo iz primerjalne študije 18-mesečna potrdila o poštnem varčevanju niso bila primerljiva s podjetniškimi obveznicami z bonitetno oceno, ki je enaka ali večja od A+, ker so imela znatno nižji profil tveganja.
Commissions for the placement of BOTs varied from 0,05 % to 0,30 % of the amount subscribed, depending on the maturity (this remuneration was paid by the investor to the operator placing the bond).
Provizije za izdajo BOT so znašale od 0,05 % do 0,30 % vpisanega zneska, odvisno od zapadlosti (to nadomestilo je vlagatelj plačal upravljavcu, ki je izdal obveznico).
The remuneration for the placement of CTZs was 0,20 % of the amount subscribed.
Nadomestilo za izdajo CTZ je znašalo 0,20 % vpisanega zneska.
Fixed-term postal savings certificates were comparable to State bonds such as BOTs, CTZs or BTPs depending on the residual life of the savings certificate.
Potrdila o poštnem varčevanju za zapadlostjo so bila primerljiva z državnimi obveznicami, kot so BOT, CTZ ali BTP, odvisno od preostale zapadlosti potrdila o varčevanju.
Inflation-linked postal savings certificates were comparable to BTPEUR i bonds (medium- to long-term State bonds indexed to the inflation rate of the euro area).
Potrdila o poštnem varčevanju, vezana na inflacijo, so bila primerljiva z obveznicami BTPEURi (srednjeročne do dolgoročne državne obveznice, ki se indeksirajo na stopnjo inflacije v euroobmočju).
They could not be compared to corporate equity-linked bonds, because their risk profile was much lower, and their yield was linked not to a basket of financial instruments, as the yield on equity-linked bonds was, but to the inflation rate.
Ni jih bilo mogoče primerjati s podjetniškimi obveznicami, vezanimi na kapital, ker je bil njihov profil tveganja veliko nižji, pri čemer njihova donosnost ni bila vezana na košarico finančnih instrumentov tako kot donosnost obveznic, vezanih na kapital, ampak na stopnjo inflacije.
Commissions for placing BTPEUR i bonds amounted to 0,40 % of the amount subscribed.
Provizije za izdajo obveznic BTPEURi so znašale do 0,40 % vpisanega zneska.
Index-linked postal savings certificates were comparable to index-linked bonds issued by financial companies (even though the risk profile was lower in the case of postal savings certificates).
Potrdila o poštnem varčevanju, vezana na indeks, so bila primerljiva z obveznicami, vezanimi na indeks, ki so jih izdale finančne družbe (čeprav je bil pri potrdilih o poštnem varčevanju profil tveganja nižji).
They could not be compared to corporate bonds, since CDP was a financial intermediary.
Ni jih bilo mogoče primerjati s podjetniškimi obveznicami, ker je bila CDP finančna posrednica.
Commissions for placing financial index-linked bonds varied from 1 % to 2,5 % of the amount subscribed.
Provizije za izdajo finančnih obveznic, vezanih na indeks, so znašale od 1 % do 2,5 % vpisanega zneska.
ABI had initially argued that postal savings certificates could be compared to mutual funds investing in euro area government bonds; ABI’s letter of 18 May 2007 does not return to this argument, though it offers no explanation.
ABI je sprva trdilo, da se potrdila o poštnem varčevanju lahko primerjajo z vzajemnimi skladi, ki vlagajo v državne obveznice euroobmočja; v dopisu ABI z dne 18. maja 2007 ta trditev ni ponovno omenjena, razlogi za to pa niso pojasnjeni.
Structure of remuneration
Struktura nadomestila
ABI indicated two possible scenarios for placing products comparable to postal savings certificates.
ABI je navedlo dve možnosti za izdajo produktov, primerljivih s potrdili o poštnem varčevanju.
Either these products were placed by an operator remunerated solely for placement, and the issuer bore the management costs, or they were placed and managed by an operator remunerated for both activities, in which case it was not easy to distinguish the two components of the remuneration, the placement on the one hand and the accounting and administrative management on the other.
Te produkte je lahko izdal upravljavec, ki je prejel nadomestilo izključno za izdajo, pri čemer je izdajatelj pokril stroške upravljanja, ali pa jih je izdal in upravljal upravljavec, ki je prejel nadomestilo za obe dejavnosti, pri čemer je bilo v tem primeru težko ločiti med obema deloma nadomestila, in sicer izdajo na eni strani ter računovodskim in upravnim poslovodenjem na drugi strani.
The study had shown that market practice did not allow a distinction to be made between the part of the commission that related to placement only, the part that related to accounting and administrative management, and the part that related to the production of paper bonds.
Študija je pokazala, da tržna praksa ni omogočala razlikovanja med delom provizije, ki je bil povezan izključno z izdajo, delom, ki je bil povezan z računovodskim in upravnim poslovodenjem, ter delom, ki je bil povezan z izdajo obveznic v materializirani obliki.
The level of remuneration was affected by the bond’s complexity, the issuer’s rating, the placement network, the maturity, the issuer’s reputation, the issue’s structure and the legal constraints (obligations borne by the issuer under legislation or licences).
Na stopnjo nadomestila so vplivali zapletenost obveznice, bonitetna ocena izdajatelja, mreža izdaje, zapadlost, ugled izdajatelja, struktura izdaje in pravne ovire (obveznosti izdajatelja v skladu z zakonodajo ali dovoljenji).
Postal savings certificates, which carried a State guarantee, had a risk profile much lower than that of corporate bonds, as could be seen from the fact that the internal rate of return on a State bond was always lower than that on a corporate bond with an equivalent rating.
Potrdila o poštnem varčevanju, ki so imela državno jamstvo, so imela znatno nižji profil tveganja od podjetniških obveznic, kar je bilo mogoče ugotoviti na podlagi dejstva, da je bila notranja stopnja donosnosti državne obveznice vedno nižja od notranje stopnje donosnosti podjetniške obveznice z enako bonitetno oceno.
Over the last 10 years, the default rate of Aa-rated sovereign bonds had been 0, whilst the default rate of Aa-rated corporate bonds had been 0,59.
V zadnjih desetih letih je bila stopnja neplačil državnih obveznic z bonitetno oceno Aa 0, medtem ko je bila stopnja neplačil podjetniških obveznic z bonitetno oceno Aa 0,59.
Finally, it was not possible to identify a market remuneration for the production of paper bonds, because financial markets now dealt almost exclusively with dematerialised products.
Tržnega nadomestila za izdajo obveznic v materializirani obliki ni bilo mogoče opredeliti, ker se na finančnih trgih zdaj uporabljajo skoraj izključno dematerializirani produkti.
The benchmark study
Primerjalna študija
Italy based its comments on the results of the benchmark study conducted in January 2006 in order to prepare the ground for the agreement covering the three years 2006-2008, which sought to identify a market remuneration for CDP and PI for postal savings products (the benchmark study).
Italija je svoje pripombe pripravila na podlagi primerjalne študije, ki je bila izvedena januarja leta 2006, da bi pripravili podlago za sporazum, ki zajema triletno obdobje 2006–2008, in katere namen je bil opredeliti tržno nadomestilo za CDP in PI za produkte poštnega varčevanja (v nadaljnjem besedilu: primerjalna študija).
The methodology of the benchmark study worked in six successive steps:
Metodologija primerjalne študije je zajemala šest zaporednih faz:
the identification of the main characteristics of each postal savings product,
opredelitev glavnih značilnosti vsakega produkta poštnega varčevanja,
the identification of a comparable financial instrument for each postal savings product,
opredelitev primerljivega finančnega instrumenta za vsak produkt poštnega varčevanja,
the definition of a reference sample,
opredelitev referenčnega vzorca,
the identification of the economic components to be compared,
opredelitev ekonomskih elementov, ki se jih primerja,
the determination of the rate of remuneration, and
določitev stopnje nadomestila, in
the comparison of the rate of remuneration with the rate paid by CDP to PI.
primerjavo stopnje nadomestila s stopnjo nadomestila, ki ga je CDP plačala PI.
The benchmark study found that the level of placement fees was affected by three factors: the risk/return profile, the contractual complexity (whether the security was a structured or ‘plain vanilla’ instrument) [30], and the maturity.
S primerjalno študijo je bilo ugotovljeno, da na stopnjo nadomestila za izdajo vplivajo trije dejavniki: profil tveganja/donosa, pogodbena zapletenost (ali je bil vrednostni papir strukturiran ali klasični instrument „plain vanilla“) [30] in zapadlost.
Italy argued, in particular, that the remuneration for the placement of postal savings certificates could not be compared to the remuneration for the placement of State bonds, because:
Italija je ugovarjala zlasti, da nadomestila za izdajo potrdil o poštnem varčevanju ni mogoče primerjati z nadomestilom za izdajo državnih obveznic, ker:
the two families of products were intrinsically different: postal investment certificates embedded a put option for the investor (see recital 37), which meant that they were a more complex financial product than ‘plain vanilla’ bonds and could be considered full-scale structured bonds,
sta ti družini produktov dejansko različni: poštna naložbena potrdila so vključevala prodajno opcijo za vlagatelja (glej odstavek 37), kar je pomenilo, da so bili bolj zapleten finančni produkt od klasičnih obveznic in lahko veljajo za popolnoma strukturirane obveznice;
in addition to placement, PI performed the accounting and administrative management of the savings certificates, a service that was not asked of banks that placed State securities.
poleg izdaje je PI izvajala računovodsko in upravno poslovodenje potrdil o varčevanju, pri čemer te storitve ni bilo treba izvajati bankam, ki so izdajale državne obveznice.
The main conclusions of the benchmark study were the following:
Glavne ugotovitve primerjalne študije so bile naslednje:
The comparables for long-term postal savings certificates were structured instruments like inflation-linked and equity-linked corporate bonds [31] with a rating equal to or higher than Standard and Poor’s BBB or Moody’s Baa2, or mutual funds investing in euro area government bonds.
z dolgoročnimi potrdili o poštnem varčevanju so bili primerljivi strukturirani instrumenti, kot so podjetniške obveznice, vezane na inflacijo in kapital [31], z bonitetno oceno, ki je enaka ali višja od bonitetne ocene BBB družbe Standard & Poor’s ali bonitetne ocene Baa2 družbe Moody’s, ali vzajemni skladi, ki vlagajo v državne obveznice euroobmočja.
Mutual funds resembled postal savings certificates in that they were issued ‘on tap’ and the subscriber could at any time request repayment of the capital and the accrued interest; another similarity was that the company managing the fund would perform the administrative management of the securities.
Vzajemni skladi so bili podobni potrdilom o poštnem varčevanju v tem, da so se izdajali neomejeno in je lahko vlagatelj kadar koli zahteval odplačilo glavnice in obračunanih obresti; podobni so bili tudi v tem, da bi družba, ki je upravljala sklad, izvajala upravno poslovodenje vrednostnih papirjev.
The study compared different elements of the remuneration for the placement of mutual funds with those of postal savings certificates, and concluded that they were in line with market rates for these comparables [32],
Študija je vključevala primerjavo različnih elementov nadomestila za izdajo vzajemnih skladov z elementi nadomestila za potrdila o poštnem varčevanju, pri čemer je bilo ugotovljeno, da so v skladu s tržnimi stopnjami za te primerljive produkte [32];
For 18-month postal savings certificates, no matching comparables were found, and so the benchmark study extrapolated a fee from the shortest-maturity corporate bonds with a minimum rating of Standard & Poor’s A– or Moody’s A3, assuming a linear distribution of placement fees,
ker ustrezni primerljivi produkti za 18-mesečna potrdila o poštnem varčevanju niso bili ugotovljeni, je bilo v primerjalni študiji ekstrapolirano nadomestilo iz podjetniških obveznic z najkrajšo zapadlostjo z najnižjo bonitetno oceno A– družbe Standard & Poor’s ali A3 družbe Moody’s, pri čemer se je predpostavila linearna distribucija nadomestil za izdajo;
The benchmark study found that postal savings certificates were not comparable to government bonds, because government bonds were ‘plain vanilla’ bonds, whereas postal savings certificates were more complex (see recital 38),
s primerjalno študijo je bilo ugotovljeno, da potrdila o poštnem varčevanju niso primerljiva z državnimi obveznicami, ker so državne obveznice klasične obveznice, medtem ko so potrdila o poštnem varčevanju bolj zapletena (glej odstavek 38);
The benchmark study found that the market rates and the rates applicable to CDP and PI on the basis of a reference sample of corporate bonds were as shown in table 6.
s primerjalno študijo je bilo ugotovljeno, da tržne stopnje in stopnje, ki veljajo za CDP in PI na podlagi referenčnega vzorca podjetniških obveznic, ustrezajo vrednostim, navedenim v tabeli 6.
Market fees for a reference sample of structured corporate bonds in the period 2006–2008 and fees applicable to CDP and PI (%)
Tržna nadomestila za referenčni vzorec strukturiranih podjetniških obveznic v obdobju 2006–2008 in nadomestila, ki se uporabljajo za CDP in PI (%)
Benchmark
Merilo
Remuneration for PI
Nadomestilo za PI
Min
Najmanjša vrednost
Max
Največja vrednost
remuneration on sum collected
nadomestilo za zbrani znesek
As shown in the table, the benchmark study, after analysing a sample of comparable bonds, concluded that the fees for the placement of postal savings certificates were within a range no higher than that for comparable financial products.
Kot je razvidno iz tabele, je bilo s primerjalno študijo po analizi vzorca primerljivih obveznic ugotovljeno, da so bila nadomestila za izdajo potrdil o poštnem varčevanju v razponu vrednosti, ki ni bil višji od razpona vrednosti nadomestil za primerljive finančne produkte.
The benchmark study also noted that if PI did not meet the targets set in the agreement for net funds raised in postal savings certificates, the remuneration could be reduced.
Poleg tega je bilo s primerjalno študijo ugotovljeno, da se je lahko nadomestilo zmanjšalo, če PI ne bi izpolnila ciljev iz sporazuma o neto sredstvih, zbranih s potrdili o poštnem varčevanju.
Since postal savings certificates were repayable on demand, unlike bonds, PI had to manage the system with care in order to meet all the targets set.
Ker je mogoče potrdila o poštnem varčevanju za razliko od obveznic odplačati na zahtevo, je morala PI za izpolnitev vseh zastavljenih ciljev skrbno upravljati sistem.
For the remuneration of the management of dematerialised postal savings certificates, the benchmark study suggested that the benchmark should be the levels charged to intermediaries by Monte Titoli SpA for central management of securities: the level of this part of the remuneration was market-conform (being in a range of 0,002-0,0023 %, depending on the stock of dematerialised postal savings certificates).
V zvezi z nadomestili za upravljanje potrdil o poštnem varčevanju v dematerializirani obliki je bilo v primerjalni študiji predlagano, da bi bilo treba kot merilo uporabiti stopnje, ki jih Monte Titoli SpA zaračunava posrednikom za osrednje upravljanje vrednostnih papirjev: stopnja tega dela nadomestila je bila v skladu s tržnimi pravili (v razponu 0,002–0,0023 %, odvisno od zaloge potrdil o poštnem varčevanju v dematerializirani obliki).
In the case of paper savings certificates, however, it was not possible to carry out a comparative analysis of the Italian banking market, because this kind of postal savings certificate was the only one still on the market in paper form.
Vendar v primeru potrdil o varčevanju v materializirani obliki ni bilo mogoče izvesti primerjalne analize italijanskega bančnega trga, ker je bila ta vrsta potrdila o poštnem varčevanju edina, ki je še bila na voljo na trgu v materializirani obliki.
Comments from Italy following the initiation of the formal investigation procedure
Pripombe Italije po sprožitvi formalnega postopka preiskave
In its letters of 2 February 2007, 18 April 2007, 22 June 2007, 11 March 2008, 13 May 2008 and 17 June 2008, Italy’s main comments were as follows.
Glavne pripombe Italije v njenih dopisih z dne 2. februarja 2007, 18. aprila 2007, 22. junija 2007, 11. marca 2008, 13. maja 2008 in 17. junija 2008 so bile naslednje.