INHALT

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