natgillin/translations-raw huggingface dataset:
The value of fixed-rate securities with a maturity of 10 years can vary a great deal in the short term, but over the entire 10-year period fixed-rate bonds give a rate of return that being fixed is very reliable.
Vrednost vrednostnih papirjev s fiksno obrestno mero in zapadlostjo desetih let se lahko kratkoročno zelo spremeni, vendar pa v celotnem desetletnem obdobju obveznice s fiksno obrestno mero zagotavljajo stopnjo donosa, ki je kot fiksna zelo zanesljiva.
All in all, over a 10-year period returns on fixed-rate portfolios tend to be in line with the returns on floating-rate portfolios, though the floating-rate portfolios are more risky, because they are subject to annual variations in interest rates.
Glede na vse navedeno so donosi portfeljev s fiksno obrestno mero v desetletnem obdobju v glavnem skladni z donosi portfeljev s spremenljivo obrestno mero, čeprav so portfelji s spremenljivo obrestno mero bolj tvegani, saj so odvisni od letnih nihanj obrestnih mer.
True alternative investment management which maintains a measure of flexibility and makes use of all the financial instruments available on the market increases the possibility of obtaining results superior to those of a static portfolio such as the one provided for in the Agreement.
Pravo alternativno upravljanje naložb, ki ohranja določeno mero prilagodljivosti in uporablja vse razpoložljive finančne instrumente na trgu, povečuje možnost doseganja boljših rezultatov kot pri statičnem portfelju, kakršen je predviden v Sporazumu.
When the Agreement was concluded with the Treasury, Italy points out, the future trend in interest rates and the duration of the agreement were not known.
Italija poudarja, da ob sklenitvi Sporazuma z državno blagajno prihodnja gibanja obrestnih mer in trajanje Sporazuma niso bili znani.
The option for variable parameters was economically rational, according to Italy, because it was fair and reasonable for both parties, PI and the Treasury.
Po trditvah Italije je bila možnost spremenljivih parametrov ekonomsko smotrna, saj je bila poštena in smiselna za obe stranki, družbo PI in državno blagajno.
As regards the trade-off between risk and return, Italy considers that the postal current account deposit with the Treasury inevitably has a risk-return ratio less favourable than government bonds with a fixed rate and a lifetime of 1 to 10 years.
Kar zadeva izravnavo med tveganjem in donosom, Italija meni, da ima depozit poštnih tekočih računov pri državni blagajni neizogibno manj ugodno razmerje med tveganjem in donosom kot državne obveznice s fiksno obrestno mero in življenjsko dobo od enega do deset let.
According to Italy, securities with floating rates always have a volatility in terms of price that is lower than that of fixed-rate securities, which is directly proportional to the lifetime of the security.
Po trditvah Italije so vrednostni papirji s spremenljivimi obrestnimi merami vedno nestanovitni glede cene, ki je nižja od cene vrednostnih papirjev s fiksno obrestno mero, ki je neposredno sorazmerna z življenjsko dobo vrednostnega papirja.
However, the concept of price volatility must not be confused with the concept of the volatility of returns: from a point of return, the Agreement may be riskier than a fixed interest-rate portfolio in terms of its impact on PI’s interest margin (if interest rates are falling, floating-rate portfolios are riskier than fixed-rate portfolios, because they are not protected against repricing risks, and thus reduce PI’s margin).
Vendar pa se koncept nestanovitnosti cen ne sme zamenjati s konceptom nestanovitnosti donosov: glede donosa je lahko Sporazum bolj tvegan od portfelja s fiksno obrestno mero v smislu učinka na obrestno maržo družbe PI (če obrestne mere padajo, so portfelji s spremenljivo obrestno mero bolj tvegani od portfeljev s fiksno obrestno mero, saj niso zavarovani pred tveganji prevrednotenja, zato zmanjšujejo obrestno maržo družbe PI).
A floating-rate instrument, therefore, has low price volatility and high return volatility.
Instrument s spremenljivo obrestno mero ima zato nizko nestanovitnost cene in visoko nestanovitnost donosa.
Moreover, the techniques used by PI to monitor the risks of managing postal current accounts, which are based on Basel II principles, assess the impact of interest rate variations on expected cash flows.
Poleg tega tehnike, ki jih družba PI uporablja za spremljanje tveganj upravljanja poštnih tekočih računov in temeljijo na načelih Basel II, ocenjujejo učinek nihanja obrestnih mer na predvidene denarne tokove.
This analysis, carried out over a 12-year period, shows that the highest risk derives from bonds expiring within the next 12 months (because they bear refinancing risk) and from some floating-rate bonds, and not from long-term fixed-rate bonds.
Ta analiza, ki se opravlja za dvanajstmesečno obdobje, kaže, da največje tveganje izhaja iz obveznic, ki potečejo v naslednjih 12 mesecih (ker pomenijo tveganje refinanciranja) in iz nekaterih obveznic s spremenljivo obrestno mero, ne pa iz dolgoročnih obveznic s fiksno obrestno mero.
Active management would allow PI to pursue a policy of yield enhancement consistent with the current market scenario and to modify its portfolio in the light of its return maximisation strategies.
Aktivno upravljanje bi družbi PI omogočilo, da bi si prizadevala za politiko povečevanja donosa v skladu s trenutnim tržnim scenarijem in spreminjala svoj portfelj glede na svoje strategije doseganja čim večjih donosov.
According to the Italian authorities, the Agreement was based on floating rates because of the need to protect the interests of both sides: PI wanted a fair remuneration in line with the market, and the Treasury wanted the cost of financing to be in line with the cost of its own medium- to long-term debt.
Po mnenju italijanskih organov je Sporazum temeljil na spremenljivih obrestnih merah, ker je bilo treba zavarovati interese obeh strani: družba PI je hotela pošteno obrestovanje v skladu s trgom, državna blagajna pa je hotela, da so stroški financiranja skladni s stroški njenega lastnega srednjeročnega do dolgoročnega dolga.
Italy contends that if PI were to build a portfolio of infinite duration, it would consist of 60 % 30-year euro government securities and 50-year OAT bonds, and 40 % multiannual Treasury bonds with durations of 0-10 years.
Italija trdi, da če bi družba PI oblikovala portfelj z neomejenim trajanjem, bi bil ta sestavljen iz 60 % tridesetletnih državnih vrednostnih papirjev v euroobmočju in petdesetletnih obveznic OAT ter 40 % večletnih državnih obveznic s trajanjem od nič do deset let.
The […] study also indicates that the Obligation generates opportunity costs and risks for PI by limiting the spectrum of its investment options.
Študija […] tudi kaže, da obveznost povzroča oportunitetne stroške in tveganja za družbo PI z omejevanjem izbire njenih naložbenih možnosti.
The deposit with the Treasury was linked exclusively to the credit risk of the Italian Republic, preventing PI from seeking diversified investment opportunities in the euro government bond market.
Depozit pri državni blagajni je bil povezan izključno s kreditnim tveganjem Republike Italije, družbi PI pa je preprečeval, da bi poiskala razpršene priložnosti za naložbe na trgu državnih obveznic v euroobmočju.
The credit risk was compounded by the liquidity risk, owing to the long-term nature of the deposit and the absence of early redemption rights.
Kreditno tveganje je bilo sestavljeno iz likvidnostnega tveganja zaradi dolgoročnosti depozita ter odsotnosti pravic do zgodnjega odkupa.
The opportunity costs associated with the impossibility of investing in a diversified portfolio of assets on the basis of credit risks are currently estimated to be in the region of 1 %-1,50 % per year, if AA European financial names in the bond market are considered, and in the region of 0,60 %-1 % per year, if AA European corporate names in the bond market are considered.
Ocena oportunitetnih stroškov, povezanih z nezmožnostjo vlaganja v razpršen portfelj sredstev na podlagi kreditnih tveganj, se trenutno giblje približno na območju od 1,00 do 1,50 % na leto, če se upoštevajo evropske finančne družbe z oceno AA na trgu obveznic, in približno na območju od 0,60 do 1,00 % na leto, če se upoštevajo evropske gospodarske družbe z oceno AA na trgu obveznic.
The limitation on active management of a portfolio is difficult to evaluate: the example of La Poste, and active management of the trading system type investing in euro government securities, show that returns can be obtained that are higher than the return on the deposit with the Treasury.
Omejitev aktivnega upravljanja portfelja je težko oceniti: primer družbe La Poste in aktivno upravljanje v sistemu trgovanja z vlaganjem v državne vrednostne papirje v euroobmočju kažeta, da je mogoče doseči večje donose kot z depozitom pri državni blagajni.
The Italian authorities justify the comparison between the Agreement mechanism (based on floating interest rates) and the automatic quantitative models used by […] aimed at proving the benefit of active management (based on fixed interest rates) by saying that the usual practice of market operators trading in bonds, and of PI since 2007, calls for investment in fixed-interest securities.
Italijanski organi utemeljujejo primerjavo med mehanizmom Sporazuma (na podlagi spremenljivih obrestnih mer) in samodejnimi kvantitativnimi modeli, ki jih uporablja […], katere cilj je dokazati koristi aktivnega upravljanja (na podlagi fiksnih obrestnih mer), s trditvijo, da običajna praksa udeležencev na trgu, ki trgujejo z obveznicami, od leta 2007 pa tudi družbe PI zahteva vlaganje v vrednostne papirje s fiksno obrestno mero.
They add that the comparison has to be made not between securities with floating rates and securities with fixed rates, but rather between active management and passive management of funds.
Dodajajo, da je treba primerjati aktivno in pasivno upravljanje sredstev, ne pa vrednostne papirje s spremenljivo obrestno mero in vrednostne papirje s fiksno obrestno mero.
Finally, Italy takes the view that the remuneration mechanism provided for in the Agreement, which applies short-term interest rates to the volatile component of the funds collected in postal current accounts, makes a proper estimate of the real liquidity risk borne by the Treasury.
Italija nazadnje meni, da mehanizem obrestovanja, ki je predpisan v Sporazumu in pri katerem se uporabljajo kratkoročne obrestne mere za nestanovitno komponento sredstev, zbranih na poštnih tekočih računih, daje ustrezno oceno dejanskega likvidnostnega tveganja za državno blagajno.
Criticisms of ABI’s comments
Kritike pripomb združenja ABI
According to Italy, the rate on postal current accounts cannot be indexed to short-term parameters (such as the yield on 12-month ordinary Treasury bills) because of the stability of the funds collected.
Po mnenju Italije obrestne mere poštnih tekočih računov zaradi stabilnosti zbranih sredstev ni mogoče indeksirati s kratkoročnimi parametri (na primer z donosom dvanajstmesečnih navadnih zakladnih menic).
Taking 2005 as the reference year, as ABI did, leads to a misleading analysis, because 2005 was the year when short-term interest rates were at their lowest: the yield on 12-month ordinary Treasury bills was 2,21 %, 1,69 % below the rate determined by the Agreement.
Če se za referenčno leto vzame leto 2005, kakor je storilo združenje ABI, to vodi do zavajajoče analize, saj so bile leta 2005 kratkoročne obrestne mere najnižje: donos dvanajstmesečnih navadnih zakladnih menic je znašal 2,21 %, kar je 1,69 % pod obrestno mero, določeno v Sporazumu.
The partiality of ABI’s analysis is confirmed, according to Italy, by the fact that in February 2007 the yield on a 12-month ordinary Treasury bill was around 3,9 %, and the difference between that and the average of the Agreement basket, which was about 4,5 % at that time, was -0,60 %, almost one third of the difference indicated by ABI.
Po trditvah Italije pristranskost analize združenja ABI potrjuje dejstvo, da je bil donos dvanajstmesečnih navadnih zakladnih menic februarja 2007 približno 3,9-odstoten, razlika med tem donosom in povprečjem košarice iz Sporazuma, ki je takrat znašalo 4,5 %, pa je bila – 0,60 %, kar je skoraj tretjina razlike, ki jo navaja združenje ABI.
As regards the comparison made by ABI with the remuneration obtained by CDP on its funds deposited with the State (a floating six-month rate equal to the simple arithmetic mean of the yield on six-month ordinary Treasury bills and the monthly Rendistato index), Italy contends that CDP cannot be compared to PI, being a different company in term of structure, business, objectives, operations, organisation and investment policies.
Kar zadeva primerjavo, ki jo je združenje ABI naredilo z obrestmi, ki jih je družba CDP prejela za sredstva, deponirana pri državi (šestmesečna spremenljiva obrestna mera, enaka navadni aritmetični srednji vrednosti donosa šestmesečnih navadnih zakladnih menic in mesečnega indeksa Rendistato), Italija trdi, da družbe CDP ni mogoče primerjati z družbo PI, saj sta družbi, kar zadeva strukturo, poslovanje, cilje, postopke, organizacijo in naložbene politike, različni.
Secondly, since the monthly Rendistato index represents a medium- to long-term rate, ABI contradicts itself when it argues that PI’s funds deposited with the Treasury should be remunerated according to short-term parameters.
Ker poleg tega mesečni indeks Rendistato pomeni srednjeročno do dolgoročno obrestno mero, združenje ABI nasprotuje lastnim trditvam, ko pravi, da bi bilo treba sredstva družbe PI, deponirana pri državni blagajni, obrestovati po kratkoročnih parametrih.
Italy also observes that the funds collected in postal current accounts are unique in the market, and that it is difficult to identify any single substitute.
Italija tudi ugotavlja, da so sredstva, zbrana na poštnih tekočih računih, na trgu edinstvena, tako da je težko opredeliti kakršen koli enoten nadomestek.
But the stability of the funds collected allows them to be to be deemed equivalent in practice to a longer-term instrument for collecting funds, and renders the comparison with short-term 12-month bills irrelevant.
Vendar pa ta zbrana sredstva zaradi svoje stabilnosti v praksi lahko štejejo za enakovredna dolgoročnejšim instrumentom za zbiranje sredstev, zaradi česar je primerjava s kratkoročnimi dvanajstmesečnimi menicami nepomembna.
ASSESSMENT OF THE MEASURES
OCENA UKREPOV
The measure to be assessed is the scheme established by the 2006 Finance Act and the Agreement defining the loan rate paid by the Treasury for the deposits made by PI.
Ukrep, ki ga je treba oceniti, je shema, vzpostavljena s Finančnim zakonom iz leta 2006 in Sporazumom, ki opredeljuje obrestno mero za posojila, ki jo državna blagajna plačuje za depozite družbe PI.
In order to ascertain whether a measure constitutes State aid within the meaning of Article 87(1), the Commission has to assess whether the scheme:
Da bi Komisija ugotovila, ali je ukrep državna pomoč v smislu člena 87(1), mora v zvezi s to shemo oceniti, ali:
is granted by the State or through State resources,
jo je dodelila država ali je bila dodeljena iz državnih sredstev,
confers an economic advantage,
pomeni gospodarsko prednost,
is capable of distorting competition by favouring certain undertakings or the production of certain goods,
lahko izkrivlja konkurenco z dajanjem prednosti posameznim podjetjem ali proizvodnji posameznega blaga,
affects trade between Member States.
prizadene trgovino med državami članicami.
In order to constitute State aid, advantages must be ascribable to the State and be granted directly or indirectly through State resources.
Da bi prednosti pomenile državno pomoč, morajo biti take, da se lahko pripišejo državi ter se neposredno ali posredno dodelijo iz državnih virov.
The remuneration is paid by the Ministry of Economic Affairs/Treasury, under specific Acts, orders and agreements applicable to PI.
Obresti plačuje ministrstvo za gospodarstvo/državna blagajna v skladu z določenimi zakoni, odredbami in sporazumi, ki se uporabljajo za družbo PI.
The two cumulative conditions referred to above are therefore met.
Dva zgoraj navedena kumulativna pogoja sta tako izpolnjena.
The interest paid to PI is paid out of State resources.
Obresti se družbi PI plačujejo iz državnih sredstev.
Article 87(1) prohibits aid which ‘favours certain undertakings or the production of certain goods’, that is to say selective aid.
V členu 87(1) je prepovedana pomoč, ki „daje prednost posameznim podjetjem ali proizvodnji posameznega blaga“, torej selektivna pomoč.
Not all undertakings can maintain a remunerated current account with the Treasury, though in theory, considering the nature and economy of the system, they might benefit from such an arrangement.
Vsa podjetja ne morejo imeti obrestovanega tekočega računa pri državni blagajni, čeprav bi teoretično glede na naravo in ureditev tega sistema lahko imela korist od take ureditve.
In any case, Italy has not demonstrated that the very limited number of operators benefiting from such accounts is justified by the nature and economy of the system.
Vsekakor Italija ni dokazala, da je zelo omejeno število izvajalcev dejavnosti, ki imajo korist od takih računov, upravičeno zaradi narave in ureditve sistema.
Moreover, the 2006 Finance Act and the Agreement apply to PI only.
Poleg tega se Finančni zakon iz leta 2006 in Sporazum uporabljata samo za družbo PI.
Consequently, the loan rates paid to PI are selective.
Zato so obrestne mere za posojila, izplačane družbi PI, selektivne.
Effect on trade between Member States and distortion of competition
Vpliv na trgovino med državami članicami in izkrivljanje konkurence
Article 87(1) prohibits aid which affects trade between Member States and which distorts or threatens to distort competition.
V členu 87(1) je prepovedana pomoč, ki prizadene trgovino med državami članicami in izkrivlja ali bi lahko izkrivljala konkurenco.
In its assessment of those two conditions, the Commission is required, not to establish that the aid has a real effect on trade between Member States and that competition is actually being distorted, but only to examine whether that aid is liable to affect such trade and distort competition [44].
Komisiji pri ocenjevanju teh dveh pogojev ni treba ugotoviti, ali pomoč dejansko prizadene trgovino med državami članicami in ali je konkurenca dejansko izkrivljena, ampak mora samo proučiti, ali bi pomoč lahko prizadela tako trgovino in izkrivljala konkurenco [44].
When aid granted by a Member State strengthens the position of an undertaking compared with other undertakings competing in intra-Community trade, those undertaking must be regarded as affected by that aid.
Kadar pomoč, ki jo dodeli država članica, okrepi položaj nekega podjetja v primerjavi z drugimi podjetji, ki so si konkurenčna pri trgovini v Skupnosti, je treba taka podjetja obravnavati, kot da jih je ta pomoč prizadela.
It is not necessary that PI itself be engaged in intra-Community trade.
Ni nujno, da se družba PI sama ukvarja s trgovino v Skupnosti.
Aid granted by a Member State to an undertaking may help to maintain or increase domestic activity, with the result that undertakings established in other Member States have less chance of penetrating the market of the Member State concerned.
Pomoč, ki jo država članica dodeli podjetju, lahko prispeva k ohranjanju ali povečevanju domačih dejavnosti, zaradi česar imajo podjetja, ustanovljena v drugih državah članicah, manj možnosti, da se prebijejo na trg zadevne države članice.
Furthermore, the strengthening of an undertaking which, until then, was not involved in intra-Community trade may place that undertaking in a position which enables it to penetrate the market of another Member State.
Poleg tega lahko podjetje, ki do tedaj ni bilo vključeno v trgovino v Skupnosti, zaradi okrepitve doseže položaj, ki mu omogoča preboj na trg druge države članice.
As described in detail in Section 2 of this Decision, ‘The business of PI and Bancoposta – the relevant markets’, there was some competition in the postal sector in Italy even before the gradual liberalisation promoted by Community legislation.
Kot je podrobno opisano v oddelku 2 te odločbe, „Posli družbe PI in oddelka Bancoposta – zadevni trgi“, je bilo v poštnem sektorju v Italiji nekaj konkurence tudi pred postopno liberalizacijo, ki jo je spodbudila zakonodaja Skupnosti.
It is acknowledged that the main challenge to EU public postal operators has been increasing competitive pressure in all market segments – letter post, parcels and express services.
Potrjeno je, da je bil glavni izziv javnih izvajalcev poštnih storitev v EU povečevanje konkurenčnega pritiska v vseh tržnih segmentih – pisemskih pošiljkah, paketih in storitvah hitrih pošiljk.
While the parcel and express markets have been open for competition for decades, in the letter post segment legal monopolies have strongly impeded development of competition.
Medtem ko sta trga paketov in hitrih pošiljk že desetletja odprta za konkurenco, so v segmentu pisemskih pošiljk zakonski monopoli zelo ovirali razvoj konkurence.
In the perception of national regulatory authorities and public postal operators, competition in the parcel and express segments has been substantial at national as well as at international levels while in the letter post segment competition is still emerging [45].
Po mnenju nacionalnih regulativnih organov in javnih izvajalcev poštnih storitev je bila konkurenca v segmentih paketov in hitrih pošiljk na državni in mednarodni ravni precejšnja, medtem ko se v segmentu pisemskih pošiljk šele začenja oblikovati [45].
In particular, express mail services, parcel services dedicated to business customers and logistical services have been developed in Italy by private undertakings, some of which, like TNT and DHL, are based in other Member States.
Zasebna podjetja, od katerih jih je nekaj iz drugih držav članic, na primer TNT in DHL, so v Italiji razvila predvsem hitre poštne storitve, dostavo paketov poslovnim strankam in logistične storitve.
A report published in 2004 by the Commission [46] highlights the fact that several postal operators (Royal Mail of the UK, TPG of the Netherlands, Deutsche Post of Germany and La Poste of France) have acquired postal service businesses located in Italy.
Poročilo, ki ga je leta 2004 objavila Komisija [46], poudarja, da je več izvajalcev poštnih storitev (Royal Mail iz Združenega kraljestva, TPG iz Nizozemske, Deutsche Post iz Nemčije in La Poste iz Francije) prevzelo podjetja, ki opravljajo poštne storitve, s sedežem v Italiji.
As regards financial services, the Commission would point out that the banking sector has been open to competition for many years.
Komisija v zvezi s finančnimi storitvami poudarja, da je bančni sektor že vrsto let odprt za konkurenco.
Progressive liberalisation has enhanced the competition that had already been launched by the free movement of capital provided for in the EC Treaty.
Postopna liberalizacija je izboljšala konkurenco, ki se je začela že s prostim pretokom kapitala, zagotovljenim v Pogodbi ES.
Moreover, as already explained in a previous State aid case relating to PI, which was formerly Ente Poste Italiane [47], PI competes with banks and financial operators offering products which can to a large extent be substituted for PI’s products.
Poleg tega, kot je bilo pojasnjeno že v prejšnjem primeru državne pomoči v zvezi z družbo PI, prej družbo Ente Poste Italiane [47], družba PI konkurira bankam in izvajalcem finančnih storitev, ki ponujajo produkte, ki se lahko bistveno nadomestijo s produkti družbe PI.
Most importantly, postal current accounts are in competition with bank current accounts in places where both banks and PI have outlets.
Najpomembneje pa je, da poštni tekoči računi konkurirajo bančnim tekočim računom povsod, kjer imajo poslovalnice banke in družba PI.