According to TNT, the transfer into the escrow account by the UK authorities acts as a guarantee towards the pension trust, of which the benefit to Royal Mail would be that it is able to recover the deficit over a longer funding period and to use their own funds to strengthen their business. If Royal Mail had had to fund the deficit at once, depending on whether the pension liability in the balance sheet would already have reflected such deficit, they would have been confronted with a substantial loss and reduction of equity and, perhaps more importantly, a reduction of funds. In normal market conditions, if a company needs funds, it can ...[+++] borrow from the debt market or raise additional capital in the equity markets. In Royal Mail’s case, it appeared there was third possibility, namely, agreeing to a more lenient price cap in its price control with the regulator. Prices could increase by a substantial level without reaching abusively high levels. As Royal Mail’s consent was required to give effect to the price control, this was a matter within the power of Royal Mail and an option which was known to its shareholder.

It may well be the case that competition develops at different speeds in different market segments and in different Member States, and national regulatory authorities should be able to relax regulatory obligations in those markets where competition is delivering the desired results.

It may well be the case that competition develops at different speeds in different market segments and in different Member States, and national regulatory authorities should be able to relax regulatory obligations in those markets where competition is delivering the desired results.

In order to enable investors or market participants to assess at any time the terms of a transaction in shares that they are considering and to verify afterwards the conditions in which it was carried out, common rules should be established for the publication of details of completed transactions in shares and for the disclosure of details of current opportunities to trade in shares.

Whereas agricultural and medical products should be made available to Romania and Bulgaria to improve the food supply and health conditions of the peoples of these two countries, without jeopardizing progress towards a system of supply based on market rules; whereas the Community has agricultural products in storage as a result of intervention measures and, in view of the situation on the market, priority should be given, in carrying out this action, to supplying these products; whereas, further, provision should be made for mobilizing agricultural products on the Community market in response to specific requests; whereas regularizati ...[+++]on of the agricultural markets may also be achieved by supplying such products in processed form;

Whereas Article 4 (1) of Regulation No 136/66/EEC (4), as last amended by Regulation (EEC) No 2260/84 (5), provides that, where there is a marked change during the marketing year in the factors used to determine the representative market price for olive oil during the marketing year, a decision may be taken to adjust the representative market price and the threshold price during the marketing year, in accordance with the procedure laid down in Article 38 of that Regulation; whereas, in the interests of sound market management, detailed rules should be provided which could be employed to define what constitutes a marked change in the rel ...[+++]evant factors; whereas provision should also be made for any necessary adjustments to the level of consumption aid as well as to the percentage of consumption aid to be taken as the basis for the financing of both the operation of recognized trade organizations and certain schemes giving information about and promoting the consumption of olive oil,