natgillin/translations-raw huggingface dataset:
When required returns increase (for example owing to an increase in investors’ risk aversion), the price of zero coupon bonds falls, resulting in an immediate loss in capital.
Ko se zahtevani donos poveča (na primer zaradi večjega strahu vlagateljev pred tveganjem), se cena brezkuponskih obveznic zniža, kar povzroči takojšnjo izgubo kapitala.
It should also be borne in mind that the mechanism of the Agreement does not generate capital gains or losses, because it is indexed to floating-rate parameters.
Upoštevati je treba tudi, da mehanizem iz Sporazuma ne ustvarja kapitalskega dobička ali izgub, ker je indeksiran s parametri spremenljive obrestne mere.
The Italian authorities state that if the annual returns are calculated from January to January, rather than August to August, and on the assumption that the proceeds are not reinvested, the average return paid by the Treasury in accordance with the parameters of the Agreement is 4,94 %, rather than the 5,15 % indicated in the […] study.
Italijanski organi trdijo, da je v primeru, da se letni donos računa od januarja do januarja in ne od avgusta do avgusta, ter ob predpostavki, da se prihodki ne vložijo ponovno, povprečni donos, ki ga plača državna blagajna v skladu s parametri Sporazuma, 4,94 % in ne 5,15 %, kot je navedeno v študiji […].
The Sharpe ratio is a measure of the excess return (or risk premium) per unit of risk in an investment asset or a trading strategy.
Sharpovo razmerje je stopnja presežnega donosa (ali premije za tveganje) na enoto tveganja v investicijskem premoženju ali trgovinski strategiji.
It is used to characterise how well the return of an asset compensates the investor for the risk taken.
Uporablja se za določitev, kako dobro donos iz premoženja nadomešča tveganje, ki ga prevzame vlagatelj.
When comparing two assets each with the same expected return against the same benchmark, the asset with the higher Sharpe ratio gives more return for the same risk.
Pri primerjavi dveh sredstev z enakim pričakovanim donosom glede na enako merilo bo sredstvo z višjim Sharpovim razmerjem ustvarilo večji donos ob enakem tveganju.
Investors are often advised to pick investments with high Sharpe ratios.
Vlagateljem se pogosto svetuje izbira instrumentov z višjim Sharpovim razmerjem.
The return is already corrected by a 12 bp transaction cost required by active management.
Donos je že popravljen za 12 baznih točk, tj. stroške transakcije, ki jih zahteva aktivno upravljanje.
The return includes only the interest component, without the capital gains or losses, and is already corrected by a 12 bp identified by […] as the level of transaction cost required by active management.
Donos vključuje le obrestno komponento brez kapitalskih dobičkov ali izgub in je že popravljen za 12 baznih točk, ki jih je […] opredelil kot raven stroškov transakcije, ki jih zahteva aktivno upravljanje.
Repricing risk refers to the fact that the continuous roll-over of short term investments involves a higher interest rate risk than a long-term investment for which the investment horizon is identical to the residual term to maturity, and for which the average total return equals the yield.
Tveganje prevrednotenja se nanaša na dejstvo, da stalno obnavljanje kratkoročnih naložb vključuje višje obrestno tveganje kot dolgoročne naložbe, pri katerih je naložbeno obdobje enako preostali zapadlosti in pri katerih je povprečni skupni dobiček enak donosu.
According to the […] study, on p. 15, ‘2006 cannot be considered for the comparison since La Banque Postale (the new entity after the transformation of Efiposte in a commercial bank) started the lending activity to the private sector’.
Glede na navedbe študije […], stran 15, „se leto 2006 ne more upoštevati za primerjavo, ker je banka La Banque Postale (nov subjekt po preoblikovanju družbe Efiposte v komercialno banko) začela dejavnost posojanja zasebnemu sektorju.“
Pursuant to Article 6(2) of the Order of the Minister for Economic Affairs and Finance of 5 December 2003, interest on the funds is paid half-yearly at a floating six-month rate equal to the simple arithmetic mean of the gross yield on six-month ordinary Treasury bills and the movement of the monthly Rendistato index.’
V skladu s členom 6(2) Odredbe ministra za gospodarstvo in finance z dne 5. decembra 2003 se obresti za sredstva plačujejo vsakih šest mesecev po spremenljivi šestmesečni obrestni meri, ki je enaka navadni aritmetični sredini bruto donosa šestmesečnih običajnih zakladnih menic in gibanja mesečnega indeksa Rendistato.“
Moreover, according to CDP’s annual accounts for 2005, the average cost of funding was 2,3 %, and the spread between rates on assets and liabilities was 1,5 percentage points.
Poleg tega je bil glede na letni računovodski izkaz družbe CDP za leto 2005 povprečen strošek financiranja 2,3 %, razlika med obrestnimi merami za sredstva in obveznosti pa je bila 1,5 obrestne točke.
Commission Decision 2007/C 31/05 of 26 November 2006, remuneration paid for the distribution of postal saving financial products (see OJ C 31, 13.2.2007, p. 11).
Odločba Komisije 2007/C 31/05 z dne 26. novembra 2006, plačilo nadomestila za distribucijo finančnih produktov poštnega varčevanja (glej UL C 31, 13.2.2007, str. 11).
Le emissioni del Tesoro series, 2005, 2006 and 2007, available on http://www.tesoro.it/publicdebt and http://www.dt.tesoro.it
Serija Le emissioni del Tesoro, leta 2005, 2006 in 2007, na voljo na spletni strani http://www.tesoro.it/publicdebt in http://www.dt.tesoro.it
In 2005, out of a balance-sheet total of EUR 150 billion, EUR 122 billion came from postal savings, and in 2006, out of a balance-sheet total of EUR 181 billion, EUR 145 billion came from postal savings (source: CDP annual reports 2005 and 2006).
Leta 2005 je od skupne bilance stanja 150 milijard EUR iz poštnega varčevanja izhajalo 122 milijard EUR, leta 2006 pa od skupne bilance stanja 181 milijard EUR 145 milijard EUR (vir: letni poročili družbe CDP za leti 2005 in 2006).
After requesting an extension of the deadline for an answer, Italy replied to the questions by letter dated 21 April 2006.
Italija je po zahtevi za podaljšanje roka za odgovor odgovorila na vprašanja z dopisom z dne 21. aprila 2006.
A meeting took place with the Italian authorities and representatives of PI on 30 March 2006.
Sestanek z italijanskimi organi in predstavniki družbe PI je bil organiziran 30. marca 2006.
The Italian authorities submitted comments by letters of 31 October 2006 and 29 December 2006, and ABI submitted comments by letter of 27 December 2006.
Italijanski organi so predložili pripombe z dopisoma z dne 31. oktobra 2006 in 29. decembra 2006, združenje ABI pa z dopisom z dne 27. decembra 2006.
To give the Italian authorities an opportunity to reply the Commission forwarded ABI’s comments, by letter of 15 January 2007.
Komisija je z dopisom z dne 15. januarja 2007 posredovala pripombe združenja ABI italijanskim organom, da bi jim omogočila odgovor.
The Agreement defines the practical mechanism for calculating the interest rates for a three-year period; it entered into force on 4 April 2006 [23], with retrospective effect from 1 January 2005.
V Sporazumu so opredeljeni praktični mehanizmi za izračun obrestnih mer za triletno obdobje; veljati je začel 4. aprila 2006 [23] z učinkom za nazaj od 1. januarja 2005.
It is to expire on 4 April 2009.
Iztekel se bo 4. aprila 2009.
The interest for 2005 was paid in 2006, and the interest for 2006 was paid in 2007.
Obresti za leto 2005 so bile izplačane v letu 2006, obresti za leto 2006 pa leta 2007.
Italy states that the interest for 2007 has not yet been paid.
Italija navaja, da obresti za leto 2007 še niso bile izplačane.
By Act No 296 of 27 December 2006 (the 2007 Finance Act) [28] Italy amended the scheme of remuneration provided for in the 2006 Finance Act.
Italija je z Zakonom št. 296 z dne 27. decembra 2006 (v nadaljnjem besedilu „Finančni zakon iz leta 2007“) [28] spremenila shemo obrestovanja, določeno v Finančnem zakonu iz leta 2006.
Under the new Act, funds collected from private customers (funds collected via postal current accounts not held by the public administration) are to be invested by PI in euro area government bonds [29].
Družba PI mora skladu z novim zakonom zbrana sredstva zasebnih strank (sredstva, zbrana prek poštnih tekočih računov, ki niso v lasti javne uprave) naložiti v državne obveznice v euroobmočju [29].
The Act provides that the new arrangements are to be introduced in stages by 31 December 2007.
Zakon določa, da je treba novo ureditev uvesti postopno do 31. decembra 2007.
Funds deriving from customers other than private customers (about 25 %-30 % of the whole) are to be invested in the same way as before.
Zbrana sredstva strank, ki niso zasebne stranke (približno od 25 do 30 % vseh sredstev), je treba naložiti enako kot prej.
The new arrangements are to be completed by 31 December 2007.
Novo ureditev je treba v celoti uvesti do 31. decembra 2007.
Italy considers that this change takes the funds raised by PI outside the rules on State aid, because the remuneration received is not paid by the State.
Italija meni, da se zaradi te spremembe pravila o državni pomoči ne uporabljajo za sredstva, ki jih zbere PI, ker prejetih obresti ne plačuje država.
Letter from […], 20 January 2006: The bank takes the view that in 2005, on the funds from postal current accounts, PI could have obtained a return of 4 %, which is in line with the result achieved on Poste Vita class I funds of EUR 6 billion. This 4 % result is comparable to the 3,9 % paid to PI under the Agreement.
Dopis […] z dne 20. januarja 2006: banka meni, da bi lahko družba PI v letu 2005 za sredstva na poštnih tekočih računih dosegla donos v višini 4 %, kar je v skladu z rezultatom, doseženim s sredstvi razreda I družbe Poste Vita v višini 6 milijard EUR. Ta rezultat v višini 4 % je primerljiv s 3,9 %, izplačanimi družbi PI v skladu s Sporazumom.
This highly theoretical and unlikely portfolio would have produced a return of 3,6 % in 2005, 3,65 % in 2006 and 3,7 % in 2007.
Ta zelo teoretični in malo verjetni portfelj bi prinesel donos v višini 3,6 % leta 2005, 3,65 % leta 2006 in 3,7 % leta 2007.
Its return volatility would be very low, but because of its very long lifetime its risk exposure would be substantial.
Nestanovitnost donosa tega portfelja bi bila zelo nizka, vendar bi bila izpostavljenost tveganju precejšnja zaradi njegove zelo dolge življenjske dobe.
Furthermore, in the most recent years, the volatile component of the deposits has been declining significantly, reaching 10,5 % in 2005 on a yearly basis.
Poleg tega se v zadnjih letih nestanovitna komponenta depozitov vsako leto znatno zmanjša, in sicer do 10,5 % v letu 2005.
For monthly, quarterly and half-yearly periods, the volatile component of the deposits is on average close to or below 10 % for the periods 1995-2005 and 2001-2005.
Pri mesečnih, četrtletnih in polletnih obdobjih je bila nestanovitna komponenta depozitov povprečno približno 10 % ali manj v obdobjih 1995–2005 in 2001–2005.
The first months of 2006 confirm this trend.
Prvi meseci leta 2006 so potrdili to gibanje.
In an assessment for State aid purposes, the analysis of the possible advantage conferred by the Agreement has to be made ex ante, on the basis of the information available to the parties at the time the Agreement was concluded, which was February 2006.
Pri ocenjevanju za namene državne pomoči je treba analizo morebitne prednosti, ki jo daje Sporazum, opraviti predhodno na podlagi informacij, ki so bile strankam na voljo ob sklenitvi Sporazuma, tj. februarja 2006.
Furthermore, it is well established that it is difficult for any given investor systematically to outperform the market, so that it would be difficult to argue that PI would ex ante be able to earn supra-normal returns, even in the short run.
Prvič, v kratkem obdobju doseženih kapitalskih dobičkov ali izgub ni mogoče zanesljivo predvideti. Poleg tega je splošno znano, da kateri koli zadevni vlagatelj težko sistematično prekaša trg, zato bi bilo težko trditi, da bi družba PI predhodno lahko prejemala nadpovprečne donose, niti kratkoročno ne.
The Commission notes that the […] study also analyses possible investment strategies for 2008.
Komisija ugotavlja, da študija […] analizira tudi mogoče naložbene strategije za leto 2008.
These scenarios are not relevant to the present Decision, as they relate to events obviously unknown at the time of the negotiation and conclusion of the Agreement.
Ti scenariji niso pomembni za to odločbo, ker zadevajo dogodke, ki med pogajanji o Sporazumu in ob njegovi sklenitvi očitno še niso bili znani.
For instance, the figure of 4,7 % in 2003 is the average for 2001, 2002 and 2003.
Na primer podatek 4,7 % za leto 2003 je povprečje let 2001, 2002 in 2003.
Moreover, the average rate computed by Italy is based on funds raised by issuing 5-10-15-30-year bonds, while the Agreement rate includes a short-term component.
Poleg tega povprečna obrestna mera, ki jo je izračunala Italija, temelji na sredstvih, zbranih z izdajanjem pet-, deset-, petnajst- in tridesetletnih obveznic, medtem ko obrestna mera iz Sporazuma vključuje kratkoročno komponento.
On the basis of current market conditions, Italy argues that the value of such a transaction would be six-month Euribor plus a spread of 1 % at the end of 2005, 0,40 % at the end of 2006 and 0,30 % in October 2007.
Na podlagi sedanjih tržnih pogojev Italija trdi, da bi bila vrednost take transakcije šestmesečna obrestna mera Euribor, ki se ji prišteje razlika v višini 1 % ob koncu leta 2005, 0,40 % ob koncu leta 2006 in 0,30 % oktobra 2007.
Before presenting a much more detailed examination of the opportunity cost of the Obligation, […] indicates that the short-term interest rate that PI would have to pay on the market in exchange for the yield paid by the Treasury (a ‘constant maturity swap’) is six-month Euribor plus a spread of 0,43 %.
[…] pred predstavitvijo veliko podrobnejše proučitve oportunitetnega stroška obveznosti navaja, da je kratkoročna obrestna mera, ki bi jo družba PI morala plačati na trgu za donos, ki ga plača državna blagajna (instrument CMS – angl. constant maturity swap), šestmesečna obrestna mera Euribor, ki se ji prišteje razlika v višini 0,43 %.
The interest paid for 2004 was EUR 1356 billion. If the legislation that applied in 2004 had been applied again in 2005, the interest payable would have been at least EUR 150 million higher.
Izplačane obresti za leto 2004 so znašale 1356 milijard EUR. Če bi se leta 2005 spet uporabila zakonodaja, ki je veljala leta 2004, bi bile obrestne obveznosti vsaj 150 milijonov EUR višje.
The postal current account service is governed essentially by an Act of 1917, published in GURI No 219 of 6.9.1917, amended by Legislative Order No 822 of 22 November 1945, published in GURI No 12 of 15.1.1946.
Storitev poštnega tekočega računa v osnovi ureja Zakon iz leta 1917, objavljen v GURI 219, 6.9.1917, in spremenjen z Zakonodajno odredbo št. 822 z dne 22. novembra 1945, objavljeno v GURI 12, 15.1.1946.
Until 2003 that legislation provided that funds collected via postal current accounts were to be deposited in an account with CDP bearing an interest rate equal to the average annual yield received by CDP on the capital managed by it, less 15 basis points.
Ta zakonodaja je do leta 2003 določala, da je treba sredstva, zbrana na poštnih tekočih računih, deponirati na računu pri družbi CDP z obrestno mero, enako povprečnemu letnemu donosu, ki ga prejme CDP za kapital, ki ga upravlja, minus 15 baznih točk.
Study by wik-Consult, Main Developments in the European Postal Sector, July 2004.
Študija družbe wik-Consult, Main Developments in the European Postal Sector (Glavne spremembe v evropskem poštnem sektorju), julij 2004.
See in particular Table 5.1.6 ‘Geographical distribution and business focus of companies acquired by the “Big four” (1998 and before until June 2004) ’.
Glej predvsem preglednico 5.1.6 „Geographical distribution and business focus of companies acquired by the „Big four“ (1998 and before until June 2004) “ (Geografska distribucija in poslovna osredotočenost družb, ki so jih pridobili „veliki štirje“ (1998 in prej do junija 2004)).
Despite arguments put forward by Italy, there is no reason to limit the assessment in this regard to the data relating the period 2001-2006.
Kljub trditvam Italije ni nobenega razloga, da bi oceno v zvezi s tem omejili na podatke za obdobje 2001–2006.
While one might agree that the creation of the BancoPosta account has had a significant impact on deposits in postal current accounts, and even on the business model of PI’s financial activities, a private borrower would have looked at a longer period.
Čeprav se je mogoče strinjati, da je uvedba računa BancoPosta znatno vplivala na depozite na poštnih tekočih računih in celo na poslovni model finančnih dejavnosti družbe PI, bi zasebni posojilojemalec razmišljal o daljšem obdobju.
The total business of the separately managed Dinamica account amounts to EUR 120 million, while the Posta Più account exceeds EUR 6,5 billion. See also the letters from […].
Celotno poslovanje ločeno upravljanega računa Dinamica znaša 120 milijonov EUR, medtem ko račun Posta Più presega 6,5 milijarde EUR. Glej tudi dopise […].
At the relevant time, however, the parties also knew that since 1997 the interest rates on CCTs had been lower than those for five- and 10-year BTPs, except for 1997 and 1998.
Vseeno sta pogodbenici takrat vedeli tudi, da so bile od leta 1997 obrestne mere za CCT nižje kot obrestne mere za pet- in desetletne BTP, razen v letih 1997 in 1998.
In addition, at the time the Agreement was concluded, in February 2006, the 2005 interest rates were already known.
Poleg tega so bile ob sklenitvi Sporazuma februarja 2006 obrestne mere za leto 2005 že znane.
CDP SpA’s annual report for 2006.
Letno poročilo družbe CDP SpA za leto 2006.
CDP SpA’s annual report for 2005 states: ‘CDP SpA’s cash is deposited in an interest-bearing current account with the Central State Treasury, No 29814, entitled “Cassa DP SpA – Gestione Separata”.
V letnem poročilu družbe CDP SpA za leto 2005 je navedeno: „Gotovina družbe CDP SpA je deponirana na obrestonosnem tekočem računu pri osrednji državni blagajni, št. 29814, z nazivom ‚Cassa DP SpA – Gestione Separata‘.
The yearly interest rate is essentially the weighted average of the annual average yields of 30-year multiannual Treasury bonds (BTPs) [24] (80 %), 10-year multiannual Treasury bonds (10 %) and 12-month ordinary Treasury bills (BOTs) [25] (10 %).
Letna obrestna mera je v bistvu tehtano povprečje povprečnih letnih donosov 30-letnih državnih obveznic (BTP) [24] (80 %), 10-letnih državnih obveznic (10 %) in dvanajstmesečnih navadnih zakladnih menic (BOT) [25] (10 %).
The lower price then tends to grow towards the nominal value, at the higher expected rate of return. And vice versa.
Nižja cena se nato zvišuje proti nominalni vrednosti pri višji pričakovani stopnji donosa in obratno.
But ex ante and ex post concepts are not comparable [84]. First, realised capital gains or capital losses over the short term cannot be predicted reliably.
Z gospodarskega vidika študija […] pomeni naknadno analizo na temelju finančnih kazalnikov za obdobje 1997–2007, vendar predhodnih in naknadnih konceptov ni mogoče primerjati [84].
The average maturity of the financial instruments issued by Italy in the period 2001-2005 (CCTs, CTZs, BTPs, BOTs) was about four years, the average rate of those issues was 2,47 % in 2005, 3,32 % in 2006 and 4,14 % in 2007 [96], well below the Agreement rates,in Table 3, the figures in the ‘average’ are calculated over the period from 2001 up to the year in question.
povprečne obrestne mere za te vrednostne papirje so bile leta 2005 2,47 %, leta 2006 3,32 % in leta 2007 4,14 % [96], kar je veliko nižje kot obrestne mere iz Sporazuma,v preglednici 3 so „povprečni“ podatki izračunani za obdobje od leta 2001 do zadevnega leta.
At present there are no assets held with the specific purpose of trading ’. ‘“Credit risk” is the risk that a debtor on whom PI has a claim might default.
Trenutno ni nobenih sredstev, posebej namenjenih za trgovanje.“„Kreditno tveganje je tveganje, da bo dolžnik, do katerega ima družba PI terjatev, ustavil plačilo dolga.
At the time of the conclusion of an agreement covering the period 2005-2009, no private investor would have analysed the historical series for rates over the period 1997-2007. From an economic point of view, the […] study performs an ex post analysis, based on financial indicators covering the period 1997-2007.
Ob sklenitvi sporazuma, ki zajema obdobje 2005–2009, nobeden od zasebnih vlagateljev ne bi analiziral preteklih serij obrestnih mer za obdobje 1997–2007.
on the State aid C 9/07 (ex N 608/06) which Spain intends to grant to Industria de Turbo Propulsores
o državni pomoči C 9/07 (ex N 608/06), ki jo Španija namerava dodeliti podjetju Industria de Turbo Propulsores
(notified under document number C(2008) 6011)
(notificirano pod dokumentarno številko C(2008) 6011)
(Only the Spanish version is authentic)
(Besedilo v španščini je edino verodostojno)
Having called on interested parties to submit their comments pursuant to those provisions [1],
po pozivu vsem zainteresiranim strankam, naj predložijo svoje pripombe v skladu z navedenimi določbami [1],
Having regard to those comments,
ob upoštevanju teh pripomb,
By letter of 11 September 2006, Spain notified to the Commission the measure relating to State aid that it intended to grant to Industria de Turbo Propulsores.
Z dopisom z dne 11. septembra 2006 je Španija Komisijo obvestila o ukrepu v zvezi z državno pomočjo, ki jo namerava dodeliti podjetju Industria de Turbo Propulsores.
By letter of 21 March 2007, the Commission notified to Spain its decision to initiate proceedings based on Article 88(2) of the EC Treaty on the abovementioned measure.
Z dopisom z dne 21. marca 2007 je Komisija Španijo obvestila, da bo v zvezi z navedenim ukrepom sprožila postopek v skladu s členom 88(2) Pogodbe ES.
The decision of the Commission to initiate proceedings was published in the Official Journal of the European Union [2].
Odločitev Komisije o sprožitvi postopka je bila objavljena v Uradnem listu Evropske unije [2].
The Commission invited interested parties to submit their observations on the measure.
Komisija je zainteresirane stranke pozvala, naj predložijo svoje pripombe glede ukrepa.
Spain submitted its observations on 4 June 2007.
Španija je svoje pripombe predložila 4. junija 2007.
By letter of 13 June 2007, the beneficiary of the aid, Industria de Turbo Propulsores (hereinafter ITP), submitted its observations.
Z dopisom z dne 13. junija 2007 je svoje pripombe predložil upravičenec pomoči, podjetje Industria de Turbo Propulsores (v nadaljnjem besedilu „podjetje ITP“).
By letter of 13 June 2007, Rolls-Royce (hereinafter RR), which in the decision to open proceedings had been indicated as a potential beneficiary of indirect aid, submitted its observations.
Z dopisom z dne 13. junija 2007 je svoje pripombe predložilo podjetje Rolls-Royce (v nadaljnjem besedilu „podjetje RR“), ki je v odločitvi o sprožitvi postopka navedeno kot potencialni upravičenec do posredne pomoči.
By letter of 19 June 2007 the Commission forwarded these observations to Spain, which submitted its comments on 12 July 2007.
Z dopisom z dne 19. junija 2007 je Komisija te pripombe poslala Španiji, ki je svoje pripombe predložila 12. julija 2007.
The Commission requested supplementary information from the parties in the case in letters dated 19 December 2007 to Spain, ITP and RR.
Komisija je stranke v postopku zaprosila za dodatne informacije z dopisi z dne 19. decembra 2007, ki jih je poslala Španiji ter podjetjema ITP in RR.
ITP replied by letter of 25 February 2008.
Podjetje ITP je odgovorilo z dopisom z dne 25. februarja 2008.
Spain replied by letter of 29 February 2008.
Španija je odgovorila z dopisom z dne 29. februarja 2008.
RR replied by letter of 5 March 2008.
Podjetje RR je odgovorilo z dopisom z dne 5. marca 2008.
On 12 March 2008, the Commission forwarded to Spain the information received from ITP and RR.
Dne 12. marca 2008 je Komisija Španiji poslala informacije, ki jih je prejela od podjetij ITP in RR.