natgillin/translations-raw huggingface dataset:
Italy argued that the remuneration paid to PI for placing postal savings certificates since the year 2000 was in line with market conditions, and also that it was a maximum which would be paid to PI only if the objectives for the gross sum collected from postal savings certificates were to be achieved.
Italija je trdila, da je bilo nadomestilo, ki je bilo od leta 2000 plačano PI za izdajo potrdil o poštnem varčevanju, v skladu s tržnimi pravili in da bi bilo najvišje nadomestilo PI plačano le, če bi bili cilji v zvezi z bruto zneskom, zbranim s potrdili o poštnem varčevanju, izpolnjeni.
That remuneration was therefore difficult to compare with what was received by other operators for placing similar products.
Zato je bilo to nadomestilo težko primerjati z nadomestili, ki so jih za izdajo podobnih produktov prejeli drugi upravljavci.
For the identification of comparable products and their remuneration, Italy referred to the results of the benchmark study.
Italija se je v zvezi z opredelitvijo primerljivih produktov in njihovim nadomestilom sklicevala na rezultate primerjalne študije.
It said the remuneration for placing postal savings certificates was lower than the remuneration for placing postal savings books, which the Commission’s decision of 22 November 2006 had found to be in line with market conditions.
Italija je trdila, da je bilo nadomestilo za izdajo potrdil o poštnem varčevanju nižje od nadomestila za izdajo poštnih hranilnih knjižic, za katerega je Komisija v svoji odločbi z dne 22. novembra 2006 ugotovila, da je v skladu s tržnimi pogoji.
This was because the average life of postal savings certificates was about [7-10] years, and if the 2,63 % remuneration for placing the certificates was distributed over that period the yearly remuneration for placing them was […] %, which was lower than the yearly remuneration for distributing postal savings books, namely 0,90 %.
Razlog za to je povprečna življenjska doba potrdil o poštnem varčevanju, ki traja [7–10] let, pri čemer je v primeru porazdelitve 2,63-odstotnega nadomestila za izdajo potrdil na to obdobje letno nadomestilo za izdajo teh potrdil znašalo […] %, kar je nižje od letnega nadomestila za distribucijo poštnih hranilnih knjižic, tj. 0,90 %.
It was true, however, that there were differences between the two products: postal savings books were short-term financial products, whereas postal savings certificates were medium- to long-term ones; and postal savings books were simple products, whereas postal savings certificates were complex structured ones.
Vendar je res, da sta se produkta razlikovala: poštne hranilne knjižice so bili kratkoročni finančni produkti, medtem ko so bila potrdila o poštnem varčevanju srednje- do dolgoročni produkti, poleg tega so bile poštne hranilne knjižice preprosti produkti, medtem ko je bila struktura potrdil o poštnem varčevanju zapletena.
Financial products in paper form were extremely rare in the market, but postal savings certificates could be considered comparable to the deposit certificates issued by banks (certificati di deposito — CDs).
Finančni produkti v materializirani obliki so bili na trgu zelo redki, vendar bi se lahko potrdila o poštnem varčevanju obravnavala kot primerljiva s potrdili o vlogi (certificati di deposito – v nadaljnjem besedilu: CD).
For these certificates subscribers paid the bank a one-shot fee varying from EUR 4,50 to EUR 9,30 per certificate, regardless of the amount of the deposit and the maturity.
Vpisniki so za ta potrdila banki plačali enkratno nadomestilo v višini od 4,50 EUR do 9,30 EUR na potrdilo, ne glede na znesek vloge in zapadlost.
The average life of deposit certificates was 24 months, so that credit institutions were collecting an average annual fee of EUR 2,25 to EUR 4,65 per certificate.
Povprečna življenjska doba potrdil o vlogi je bila 24 mesecev, tako da so kreditne institucije zbrale povprečno letno nadomestilo v višini od 2,25 EUR do 4,65 EUR na potrdilo.
Taking the average amount on a postal savings certificate to be EUR 2000, and applying PI’s percentage remuneration (0,11 %) to that amount, the annual fee for a paper certificate was EUR 2,20, which was in line with the commission on deposit certificates.
Če se povprečnemu znesku za potrdilo o poštnem varčevanju v višini 2000 EUR doda delež nadomestila za PI (0,11 %), je letno nadomestilo za potrdilo v materializirani obliki znašalo 2,20 EUR, kar je bilo v skladu s provizijo za potrdila o vlogi.
With regard to the fee for the production of paper certificates, a comparable paper security was the paper certificate representing a holding in a mutual fund, the average cost of which was somewhere between EUR 10 and EUR 20 per certificate.
V zvezi z nadomestilom za izdajo potrdil v materializirani obliki je bil primerljiv vrednostni papir potrdilo o kapitalskem deležu v vzajemnem skladu v materializirani obliki, pri čemer so povprečni stroški tega potrdila znašali med približno 10 EUR in 20 EUR na potrdilo.
PI’s remuneration of EUR 1,70 per certificate was therefore reasonable.
Zato je bilo nadomestilo za PI v višini 1,70 EUR na potrdilo razumno.
As far as the margin for the placement of postal savings certificates was concerned, Italy said that these certificates were one of a wider range of financial services offered to PI’s customers in order to achieve the most appropriate asset allocation.
V zvezi s stopnjo za izdajo potrdil o poštnem varčevanju je Italija izjavila, da so bila ta potrdila del širše palete finančnih storitev, ki so na voljo strankam PI, za doseganje najustreznejše razporeditve sredstev.
The margin on Bancoposta services ([…] % in 2005) was lower than the margin on the comparable services offered by commercial banks (35 %).
Stopnja pri storitvah Bancoposta ([…] % leta 2005) je bila nižja od stopnje pri primerljivih storitvah, ki jih ponujajo komercialne banke (35 %).
Italy said that in order to establish whether or not there was an economic advantage to PI it was not necessary to break the remuneration for comparable products into separate components: it was enough to compare the total remuneration of postal savings certificates to that of the comparable products.
Italija je izjavila, da nadomestila za primerljive produkte ni bilo treba razdeliti na ločene dele, da bi ugotovili, ali ima PI gospodarsko prednost ali ne, ampak je bilo dovolj primerjati celotno nadomestilo za potrdila o poštnem varčevanju s celotnim nadomestilom za primerljive produkte.
On the question of compliance with the market economy investor principle, Italy stated that the mechanisms for calculating the remuneration had been designed on the basis of the economic rationale underlying such decisions in the market.
V zvezi z vprašanjem o skladnosti z načelom vlagatelja v tržnem gospodarstvu je Italija izjavila, da so bili mehanizmi za izračun nadomestila oblikovani na podlagi gospodarske utemeljitve takšnih odločitev na trgu.
Although there were no studies dating back to 2000, therefore, the remuneration was nevertheless based on these economic principles, as had subsequently been confirmed by the benchmark study (see tables 4 and 5).
Čeprav študije za leto 2000 niso bile na voljo, je nadomestilo kljub temu temeljilo na teh gospodarskih načelih, kar je bilo potrjeno s primerjalno študijo (glej tabeli 4 in 5).
PI kept separate accounts for retail financial services as a whole, and did not distinguish between different financial products for accounting purposes.
PI je vodila ločene računovodske evidence za maloprodajne finančne storitve kot celoto in pri računovodstvu ni ločevala med različnimi finančnimi produkti.
A comparison of costs and revenues for individual products, including postal savings certificates, was made only for the purpose of management analysis, and was very approximate.
Primerjava stroškov in prihodkov za posamezne produkte, vključno s potrdili o poštnem varčevanju, je bila izvedena le za namen analize upravljanja ter je bila zelo splošna.
That comparison showed that postal savings certificates carried a heavier burden of administration than other products, such as current accounts.
Ta primerjava je pokazala, da potrdila o poštnem varčevanju povzročajo večjo upravno obremenitev kot drugi produkti, kot so tekoči računi.
For 2005, Italy found that the best proxy for the economic and financial data for postal savings certificates was a gross profitability of […] % [35].
Italija je za leto 2005 ugotovila, da je najboljši približek za gospodarske in finančne podatke o potrdilih o poštnem varčevanju bruto donosnost v višini […] % [35].
The Banca d’Italia indicated that postal savings certificates qualified as structured financial instruments, for the following reasons: they were securities in the nature of bonds, or at any rate of debt; they were derivatives, in that they incorporated a derivative contract of the option type; and the two components, bond and derivative, were inseparable components of one instrument.
Banca d’Italia je navedla, da je potrdila o poštnem varčevanju mogoče obravnavati kot strukturirane finančne instrumente iz naslednjih razlogov: ker so vrednostni papirji v obliki obveznic ali v vsakem primeru dolga; ker so izvedeni finančni instrumenti, saj vključujejo pogodbo na izvedene finančne instrumente v obliki opcije; ker sta obveznica in izvedeni finančni instrument neločljiva dela enega instrumenta.
Comments from Italy on ABI’s submissions
Pripombe Italije glede ugotovitev ABI
Italy did not share ABI’s view regarding the identification of products comparable to postal savings certificates.
Italija se ni strinjala s stališčem ABI glede opredelitve produktov, primerljivih s potrdili o poštnem varčevanju.
Italy argued that the difference in pricing between different issuers having the same risk rating — sovereign (State and international bodies), financial, banking and corporate (industrial in the narrow sense) — was of the order of a few hundredths of one per cent: the difference in the cost of funding between two extreme ranges — sovereign and corporate — was about 5-6 basis points, and the difference between financial and corporate was 2-3 basis points.
Italija je trdila, da so se cene med različnimi izdajatelji z enako bonitetno oceno, tj. državnimi (država in mednarodni organi), finančnimi, bančnimi in podjetniškimi (industrijski v ožjem smislu), razlikovale za nekaj stotink odstotka: razlika v stroških financiranja med dvema skrajnima stopnjama, tj. med državnimi in podjetniškimi, je znašala približno 5–6 bazičnih točk, medtem ko je razlika med finančnimi in podjetniškimi znašala 2–3 bazične točke.
In other words, between issuers with the same rating, the type of issuer (State, financial institution, bank etc.) was not significant, and did not invalidate the conclusions of the study submitted by Italy.
To pomeni, da pri izdajateljih z isto bonitetno oceno vrsta izdajatelja (država, finančna institucija, banka itd.) ni bila pomembna in zaradi tega ugotovitve študije, ki jo je predložila Italija, niso bile ovržene.
Contrary to what was affirmed by ABI, the benchmark study applied a broad definition of corporate bonds which referred to bonds issued not only by industrial companies but also by financial companies.
Pri primerjalni študiji je bila v nasprotju s trditvami ABI uporabljena široka opredelitev podjetniških obveznic, ki je vključevala obveznice, ki so jih izdala industrijska in finančna podjetja.
Moreover, the average rating of the basket referred to by the benchmark study was AA–, higher than the rating of CDP, which issued postal savings certificates (A+), or of Italy, which guaranteed them (A+).
Poleg tega je bila povprečna bonitetna ocena košarice iz primerjalne študije AA–, kar je višje od ocene CDP, ki je izdala potrdila o poštnem varčevanju (A+), ali Italije, ki je za ta potrdila jamčila (A+).
In addition, for the placement of structured bonds issued by Italian banks PI/Bancoposta had received an average commission of 2,9 %, which was in line the remuneration for placing postal savings certificates.
Poleg tega je PI/Bancoposta za izdajo strukturiranih obveznic, ki so jih izdale italijanske banke, prejela povprečno provizijo v višini 2,9 %, kar je bilo v skladu z nadomestilom za izdajo potrdil o poštnem varčevanju.
Italy contested ABI’s comparison of postal savings certificates to State bonds, for the following reasons.
Italija je nasprotovala ABI v zvezi s primerjavo potrdil o poštnem varčevanju z državnimi obveznicami iz naslednjih razlogov:
They were issued in different ways, State bonds by an auction system, and postal savings certificates on tap,
izdana so bila na različen način, in sicer državne obveznice prek sistema dražb, medtem ko se potrdila o poštnem varčevanju izdajajo neomejeno;
The degree of complexity was different,
stopnja zapletenosti je bila različna;
The remuneration for placing State bonds was independent of the amount subscribed; this was not the case for postal savings certificates, which required intense planning and management in PI’s network in order to achieve specific placement targets.
nadomestilo za izdajo državnih obveznic je bilo neodvisno od vpisanega zneska, kar ni veljalo za potrdila o poštnem varčevanju, pri katerih sta bili potrebni temeljito načrtovanje in upravljanje mreže PI za doseganje posebnih ciljev izdaje.
Management and organisational efforts and retaining the loyalty of customers were particularly important because investors could withdraw from the investment at any time.
Zlasti pomembno je bilo prizadevanje v zvezi z upravljanjem in organizacijo ter ohranjanjem zvestobe strank, ker so lahko vlagatelji kadar koli odstopili od naložbe.
In terms of method and management of placement, therefore, postal savings certificates were not comparable to State bonds, but rather to mutual funds.
Zato v zvezi z metodo in upravljanjem izdaje potrdila o poštnem varčevanju niso bila primerljiva z državnimi obveznicami, ampak z vzajemnimi skladi.
As for the fact that the cost of collecting postal savings certificates had by law to be kept in line with the cost of Treasury debt on the market, Italy pointed out that postal savings certificates had a gross yearly return lower than that of State bonds (for the instruments suggested by way of example, with 8-year, 10-year and 20-year maturities, the difference amounted to 180 bps).
V zvezi z dejstvom, da je bilo treba stroške zbiranja potrdil o poštnem varčevanju zakonsko usklajevati s stroški dolgov državne blagajne na trgu, je Italija poudarila, da je bruto letna donosnost potrdil o poštnem varčevanju nižja od bruto letne donosnosti državnih obveznic (za instrumente, ki so bili predloženi kot primer, z 8-letno, 10-letno in 20-letno zapadlostjo je razlika znašala 180 bazičnih točk).
Italy was of the view that the difference was due to the implied US-style put option.
Italija je menila, da je do te razlike prišlo zaradi vključene prodajne opcije ameriškega tipa.
If distribution fees were then added, the cost to the State was in line.
Če so bila temu dodana nadomestila za distribucijo, so bili državni stroški skladni.
ABI had overlooked the fact that postal savings certificates carried an implicit put option, and could be compared to mutual funds.
ABI ni upoštevalo dejstva, da so potrdila o poštnem varčevanju vključevala prodajno opcijo in da jih je mogoče primerjati z vzajemnimi skladi.
Postal savings certificates fell within the definition of structured bonds used by the Banca d’Italia.
Potrdila o poštnem varčevanju so bila zajeta v opredelitev strukturiranih obveznic, ki jo uporablja Banca d’Italia.
The commission for placing postal savings certificates also reflected the whole of the work done by PI in order to achieve certain objectives in term of gross subscription and net subscription, both for postal savings as a whole and for the individual products.
Provizija za izdajo potrdil o poštnem varčevanju je izražala tudi celotno delo, ki ga je opravila PI, da bi dosegla določene cilje v zvezi z bruto in neto vpisom, in sicer za poštno varčevanje kot celoto in posamezne produkte.
This remuneration also took account of the customer management carried on by PI after placement and along the whole life of the certificate, specifically because of the investor’s entitlement to ask for the reimbursement of the certificate, and the absence of a secondary market.
Pri tem nadomestilu je bilo upoštevano tudi upravljanje strank PI po izdaji in v celotni življenjski dobi potrdila, zlasti zaradi pravice vlagatelja, da zahteva odplačilo potrdila, in neobstoja sekundarnega trga.
Italy contested ABI’s statement regarding the level of commissions for placing index-linked bonds (1 %-2,5 %): the average remuneration received by PI was 3,05 % for placing structured bonds issued by foreign and Italian banks [36], and 2,9 % for placing bonds issued by Italian banks only [37] (as an example, for placing structured bonds issued by Capitalia SpA PI received a fee of 3,212 % of the nominal value subscribed [38].
Italija je nasprotovala izjavi ABI glede stopnje provizij za izdajo obveznic, vezanih na indeks (1 %–2,5 %): povprečno nadomestilo, ki ga je prejela PI za izdajo strukturiranih obveznic, ki so jih izdale tuje in italijanske banke, je znašalo 3,05 % [36], medtem ko je povprečno nadomestilo za izdajo obveznic, ki so jih izdale le italijanske banke, znašalo 2,9 % [37] (za izdajo strukturiranih obveznic, ki jih je na primer izdala Capitalia SpA, je PI prejela nadomestilo v višini 3,212 % nominalne vpisane vrednosti [38].
Italy concluded that ABI’s study was a general one and overlooked the specific features of the placement of postal savings certificates as compared to that of other bonds.
Italija je ugotovila, da je bila študija ABI splošna in da ni upoštevala posebnih značilnosti izdaje potrdil o poštnem varčevanju v primerjavi z izdajo drugih obveznic.
THE EXPERT STUDY
STROKOVNA ŠTUDIJA
The studies commissioned by PI and ABI followed similar methodologies, but their results were difficult to reconcile.
Študiji, ki sta ju naročila PI in ABI, sta temeljili na podobni metodologiji, vendar je bilo njune rezultate težko uskladiti.
In particular, neither identified products that were perfectly comparable, and in selecting one or other comparator they emphasised different factors affecting placement fees.
To je bila zlasti posledica tega, da v nobeni študiji niso bili opredeljeni popolnoma primerljivi produkti, pri čemer so bili pri izbiri enega ali drugega primerljivega instrumenta izpostavljeni različni dejavniki, ki vplivajo na nadomestila za izdajo.
The Commission therefore asked an independent expert to conduct a study in order to establish a market remuneration for the placement of postal savings certificates.
Zato je Komisija zaprosila neodvisnega strokovnjaka, da izvede študijo, na podlagi katere bi se določilo tržno nadomestilo za izdajo potrdil o poštnem varčevanju.
Methodology used in the expert study to define the comparators
Metodologija, uporabljena pri strokovni študiji za opredelitev primerljivih instrumentov
A fundamental finding of the expert study was that the Italian market for securities was divided into: (i) a first tier, in which issuers targeted institutional investors, yields were at the ordinary level given the default risk and the euro yield curve, distribution was in the hands of large investment banks (or was by open auction, as in the case of most Italian Treasury bonds), and distribution fees were relatively small; and (ii) a second tier, in which distribution took place through banking retail networks targeting individual savers, issuers could obtain better borrowing terms than in the first-tier market, and distribution fees were in the nature of things larger than in the first-tier market.
Temeljna ugotovitev strokovne študije je bila, da je italijanski trg vrednostnih papirjev razdeljen na: (i) prvo stopnjo, na kateri so bili izdajatelji usmerjeni v institucionalne vlagatelje, na kateri so bili donosi ob upoštevanju plačilnega tveganja in krivulje donosnosti na euroobmočju na običajni ravni, na kateri je bila distribucija pod nadzorom velikih investicijskih bank (ali pa je potekala prek javnih dražb, tako kot v primeru večine italijanskih državnih obveznic) in na kateri so bila nadomestila za distribucijo razmeroma majhna; ter (ii) drugo stopnjo, na kateri je distribucija potekala prek bančnih maloprodajnih mrež, ki so bile usmerjene v posamezne varčevalce, na kateri so lahko izdajatelji dobili boljše posojilne pogoje kot na trgu prve stopnje in na kateri so bila nadomestila za distribucijo običajno večja kot na trgu prve stopnje.
This had direct consequences on the level of distribution fees embedded in financial products: for any given combination of the characteristics that could be expected to influence the distribution fees for the financial product, the simple fact that the product was sold on the second-tier market drove the fees sharply up.
To je neposredno vplivalo na raven nadomestil za distribucijo, vključenih v finančne produkte: ne glede na posamezno kombinacijo značilnosti, za katere bi bilo mogoče pričakovati, da bodo vplivale na nadomestila za distribucijo finančnih produktov, so se zaradi preprostega dejstva, da se je produkt prodajal na trgu druge stopnje, nadomestila zelo povečala.
The expert study noted that that the distribution fees for financial products ought to be a function of the effort required of the distribution network for their distribution.
V strokovni študiji je bilo ugotovljeno, da morajo biti nadomestila za distribucijo finančnih produktov odvisna od prizadevanja, ki ga mora distribucijska mreža vložiti v distribucijo finančnih produktov.
It then identified the products most comparable to postal savings certificates by looking at their essential characteristics — risk, liquidity, contractual complexity [39], reputation and legal status of the issuer, maturity, size of the issue, offering structure, minimum investment required, and distribution channel (institutional/retail distribution) — and assigning ratings to these characteristics.
Poleg tega so bili opredeljeni produkti, ki so ob upoštevanju svojih bistvenih značilnosti, tj. tveganja, likvidnosti, pogodbene zapletenosti [39], ugleda in pravnega statusa izdajatelja, zapadlosti, velikosti izdaje, načina ponudbe, najmanjše potrebne naložbe ter distribucijske poti (institucionalna/maloprodajna distribucija), najbolj primerljivi, pri čemer so bile tem značilnostim dodeljene ocene.
It then compared the rating of each characteristic of each financial product with those of each category of postal savings certificate.
Temu je sledila primerjava ocene vsake značilnosti vsakega finančnega produkta z ocenami vsake kategorije potrdila o poštnem varčevanju.
Financial products and factors affecting distribution fees
Finančni produkti in dejavniki, ki vplivajo na nadomestila za distribucijo
Risk
Tveganje
Complexity
Zapletenost
Institutional or retail distribution
Institucionalna ali maloprodajna distribucija
Offering structure
Način ponudbe
Minimum Investment required (EUR )
Najmanjša potrebna naložba (v EUR)
short
kratko
institutional
institucionalna
auction
dražba
low to medium
nizka do srednja
medium to long
srednje do dolgo
medium
srednja
retail
maloprodajna
on tap
neomejeno
Time deposits
Vezane vloge
short to medium
kratko do srednje
Deposit certificates (CDs)
Potrdila o vlogi (CD)
Listed plain vanilla bank bonds
Klasične bančne obveznice, ki kotirajo na borzi
public offer
javna ponudba
Unlisted plain vanilla bank bonds
Klasične bančne obveznice, ki ne kotirajo na borzi
Listed structured bank bonds
Strukturirane bančne obveznice, ki kotirajo na borzi
Unlisted structured bank bonds
Strukturirane bančne obveznice, ki ne kotirajo na borzi
Corporate bonds
Podjetniške obveznice
medium to high
srednja do visoka
low to high
nizek do visok
Money market mutual funds
Vzajemni skladi denarnega trga
Medium
srednji
Bond mutual funds
Obvezniški vzajemni skladi
Equity mutual funds
Kapitalski vzajemni skladi
Equity (listed)
Lastniški vrednostni papirji (v borzni kotaciji)
Ordinary postal savings certificates
Navadna potrdila o poštnem varčevanju
long
dolgo
Fixed-term postal savings certificates
Potrdila o poštnem varčevanju z zapadlostjo
Postal savings certificates indexed at maturity
Potrdila o poštnem varčevanju, indeksirana ob zapadlosti