INHALT

2009/554/EC: Commission Decision of 21 October 2008 on a State aid scheme implemented by Italy to remunerate Poste Italiane for distributing postal savings certificates (C 49/06 (ex NN 65/06)) (notified under document number C(2008) 5585) (Text with EEA relevance )

COMMISSION DECISION
of 21 October 2008
on a State aid scheme implemented by Italy to remunerate Poste Italiane for distributing postal savings certificates (C 49/06 (ex NN 65/06))
(notified under document number C(2008) 5585)
(Only the Italian text is authentic)
(Text with EEA relevance)
(2009/554/EC)
I.
PROCEDURE
II.
THE BUSINESS OF CDP AND PI/BANCOPOSTA — THE RELEVANT MARKETS
II.1.
CDP
II.2.
PI
II.2.1.
Postal services
II.2.2.
Financial services
III.
THE MEASURE UNDER ASSESSMENT
III.1.
Postal savings
III.1.1.
Postal savings books
III.1.2.
Savings certificates
III.1.3.
The funds raised
III.2.
Remuneration paid to PI for placing postal savings certificates
IV.
GROUNDS FOR INITIATING THE PROCEDURE
V.
COMMENTS FROM INTERESTED PARTIES
VI.
COMMENTS FROM ITALY
VII.
THE EXPERT STUDY
VIII.
ASSESSMENT OF THE MEASURE
VIII.1.
The context of the assessment
VIII.2.
Definition of the comparators
VIII.2.1.
Validation of the expert study by the Commission
VIII.2.2.
The Commission’s opinion on the arguments of the Italian authorities
VIII.2.3.
The Commission’s opinion on the arguments of ABI
VIII.2.4.
Conclusion
VIII.3.
Estimated market remuneration for postal savings certificates
VIII.3.1.
Methodology for evaluating market remuneration
a)
Postal savings certificates
b)
Comparables
VIII.3.2.
Analysis of market conformity
a)
Dematerialised certificates
b)
Paper 18-month certificates
c)
Paper ordinary certificates and paper fixed-term certificates
VIII.3.3.
Specific observations
a)
Variable annual remuneration methodology
b)
The remuneration for the production of paper certificates
VIII.4.
Reply to remaining comments by Italy and ABI
VIII.4.1.
Italy
VIII.4.2.
ABI
VIII.5
Separate accounting
IX.
CONCLUSIONS
Article 1
Article 2