2009/178/EC: Commission Decision of 16 July 2008 on a State aid scheme implemente... (32009D0178)
2009/178/EC: Commission Decision of 16 July 2008 on a State aid scheme implemented by Italy to remunerate current accounts held by Poste Italiane with the State Treasury (C 42/06 (ex NN 52/06)) (notified under document number C(2008) 3492) (Text with EEA relevance)
- COMMISSION DECISION
- of 16 July 2008
- on a State aid scheme implemented by Italy to remunerate current accounts held by Poste Italiane with the State Treasury (C 42/06 (ex NN 52/06))
- (notified under document number C(2008) 3492)
- (Only the Italian text is authentic)
- (Text with EEA relevance)
- (2009/178/EC)
- 1. PROCEDURE
- 2. THE BUSINESS OF PI AND BANCOPOSTA – THE RELEVANT MARKETS
- 2.1. Postal services
- 2.2. Financial services
- 3. THE MEASURES UNDER ASSESSMENT
- Figure 1
- 4. GROUNDS FOR INITIATING THE PROCEDURE
- 5. COMMENTS FROM INTERESTED PARTIES
- 6. COMMENTS FROM ITALY
- 6.1. Variation in the amounts deposited in postal current accounts
- 6.2. Nature of the Agreement
- 6.3. Changes in the Obligation
- 6.4. Stability of the funds collected
- 6.4.1. Passive fund management
- 6.4.2. Active fund management
- 6.5. Costs of management of postal current accounts
- 6.6. The conformity with market criteria of the remuneration given to PI by the Treasury
- 6.6.1. Comparison with La Banque Postale
- 6.6.2. Auditors’ opinion
- 6.6.3. Letters from private banks and consultants
- 6.6.4. Comparison with the returns achieved on Poste Vita products
- 6.6.5. Comparison with the Treasury’s cost of funding
- 6.7. Comparison with alternative investment strategies (active management of funds)
- 7. ASSESSMENT OF THE MEASURES
- 7.1. Use of State resources
- 7.2. Selectivity
- 7.3. Effect on trade between Member States and distortion of competition
- 7.4. Economic advantage
- 7.4.1. Context of the analysis
- 7.4.2. The test of the prudent borrower operating in a market economy
- 7.4.2.1. Gross volume of the funds deposited
- 7.4.2.2. Stable and volatile components in the deposits
- 7.4.2.3. Average life and variations in the deposits
- Figure 2
- 7.4.2.4. Provisional conclusion: the relevant benchmarks in the loan rate
- 7.4.2.5. Financial risks
- 7.4.2.6. Conclusion: definition of the rate offered by a private borrower; existence of State aid
- 7.4.3. Analyses of investment policies pursued by PI in the absence of the Obligation
- 7.4.3.1. Summary of the arguments put forward by Italy(70)
- 7.4.3.2. General remarks on the relevance of the […] study and of the letters from financial intermediaries
- 7.4.3.3. Comparison with insurance activities
- 7.4.3.4. Alternative investment strategies
- 7.4.3.5. Active fund management strategies
- Figure 3
- 7.4.3.6. Conclusions
- 7.4.4. Additional observations
- 7.4.4.1. The nature of PI’s role
- 7.4.4.2. Comparison with the cost of medium/long term funding of the Treasury
- 7.4.4.3. Other arguments
- 7.4.4.4. Replies to the remaining observations from ABI
- 7.5. Lawfulness and compatibility of the State aid
- 7.6. Recovery
- 8. THE 2007 FINANCE ACT
- 9. CONCLUSION
- Article 1
- Article 2
- Article 3
- Article 4
- Article 5
- Article 6
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