FrancophonIA/DGT-Translation_Memory huggingface dataset:
English: However, the swap under the Mortgage Loan Scheme does not require any general restructuring of the financial institutions benefiting from the Scheme. The Mortgage Loan Scheme may be applied to any financial institution irrespectively of whether such financial institutions are being restructured. In such circumstances the Authority considers that the appropriate guidelines applicable to the measure are not the banking restructuring guidelines. As established above, the characteristics of the Mortgage Loan Scheme are such that the conditions are in place for applying the IAG. 3.1. Application of the IAG — eligibility of assets
Spanish: Aplicación de las DAD — Elegibilidad de activos
English: On 5 March 2011, the Financial Supervisory Authority issued a decision on the transfer of the assets and liabilities of Spkef Savings Bank to NBI hf. (New Landsbanki) [24].
Dutch: Op 5 maart 2011 heeft de FME een beschikking uitgevaardigd betreffende de overdracht van de activa en passiva van de spaarbank Spkef aan NBI hf (New Landsbanki) [24].
Finnish: Rahoitusvalvontaviranomainen teki 5 päivänä maaliskuuta 2011 päätöksen Spkef-säästöpankin varojen ja velkojen luovutuksesta NBI hf.:lle (uusi Landsbanki) [24].
Estonian: märtsil 2011 avaldas finantsjärelevalveamet otsuse Spkefi hoiupanga varade ja kohustuste üleviimise kohta panka NBI hf (New Landsbanki) [24].
Lithuanian: 2011 m. kovo 5 d. Finansų priežiūros institucija paskelbė sprendimą dėl Spkef taupomojo banko turto ir įsipareigojimų perdavimo NBI hf. bankui (naujajam Landsbanki) [24].
English: Operating aid is normally not considered suitable to facilitate the development of certain economic activities or of certain regions as provided for in Article 61(3)(c) of the EEA Agreement. Operating aid is only allowed under special circumstances (for example, for certain types of environmental or regional aid), when the relevant Guidelines of the Authority provide for such an exemption.
Estonian: Tavaliselt ei peeta tegevusabi sobilikuks teatud majandustegevuse või teatud piirkondade arengu hõlbustamiseks, nagu on sätestatud EMP lepingu artikli 61 lõike 3 punktis c. Tegevusabi on lubatud ainult eritingimustel (näiteks teatud liiki keskkonna- või regionaalabina), kui selline erand on nähtud ette järelevalveameti asjakohaste suunistega.
English: As stated in its decision to open the formal investigation procedure, the Authority considers that the appropriate framework for assessing the compatibility of the Mortgage Loan Scheme is the Impaired Assets Guidelines (IAG), which are based on Article 61(3)(b) of the EEA Agreement. The Mortgage Loan Scheme must therefore be assessed under Article 61(3)(b) of the EEA Agreement and the IAG.
Estonian: Nagu on märgitud ametliku uurimismenetluse algatamise otsuses, leiab amet, et asjakohane raamistik eluasemelaenu kava kokkusobivuse hindamiseks on langenud väärtusega varade suunised, mis põhinevad EMP lepingu artikli 61 lõike 3 punktil b. Seepärast tuleb eluasemelaenu kava hinnata EMP lepingu artikli 61 lõike 3 punkti b ja langenud väärtusega varade suuniste alusel.
English: By letter dated 16 November 2009 (Event No 536644), the Authority requested information to follow up on the discussions. The Icelandic authorities replied on 25 November 2009 (Event No 538088).
French: Par lettre datée du 16 novembre 2009 (réf. no 536644), l’Autorité a envoyé une demande de renseignements aux fins de la poursuite des discussions; les autorités islandaises y ont répondu le 25 novembre 2009 (réf. no 538088).
Portuguese: Em 16 de novembro de 2009 (doc. n.o 536644), o Órgão de Fiscalização pediu informações adicionais para dar seguimento às discussões, tendo as autoridades islandesas respondido em 25 de novembro de 2009 (doc. n.o 538088).
English: Under the Temporary Mortgage Loan Scheme, mortgages could be swapped on a temporary basis. The Mortgage Loan Scheme allows for a permanent asset swap.
French: Les hypothèques échangées au titre de l’opération «prêts hypothécaires» temporaire doivent être restituées au bénéficiaire avant tout accord de swap passé au titre de l’opération prêts hypothécaires.
Italian: Ai sensi dell’operazione prestiti ipotecari temporanei, le ipoteche potevano essere oggetto di permuta (swap) su base temporanea, mentre l’operazione mutui ipotecari prevede la permuta permanente.
English: The latter has been confirmed to the Authority by the Icelandic authorities [16]. The Icelandic authorities have also confirmed that the book value of each individual loan is the principal amount lent to the borrower, without write-downs [17].
French: Les autorités islandaises ont confirmé ce dernier point à l’Autorité [16], ainsi que le fait que la valeur comptable de chaque prêt individuel correspond au montant en principal prêté à l’emprunteur, sans prise en considération des dépréciations [17].
Italian: Quanto precede è stato confermato all’Autorità dalle autorità islandesi [16] che hanno altresì confermato che il valore contabile di ogni singolo prestito corrisponde alla somma capitale prestata al mutuatario, senza riduzioni di valore [17].
English: The Mortgage Loan Scheme improves the position of beneficiary financial institutions by increasing the liquidity of their assets and removing a source of volatility on their balance sheets. That, in turn, improves their position on the market.
French: L’opération prêts hypothécaires renforce la position des établissements financiers bénéficiaires, en augmentant la liquidité de leurs actifs et en éliminant une source de volatilité dans leurs bilans, ce qui a aussi pour effet d’améliorer leur position sur le marché.
Portuguese: O Regime de empréstimos hipotecários melhora a situação das instituições financeiras beneficiárias, aumentando a liquidez dos seus ativos e eliminando dos seus balanços uma fonte de volatilidade, o que, por sua vez, melhora a sua posição no mercado.
English: Paragraphs 39 and 40 of the IAG and annex 3 introduce the concepts of ‘cost’, ‘current market value’, ‘real economic value’ and ‘transfer value’. Those concepts are defined in the IAG as follows [39]: Cost means the carrying amount or nominal value of the loans minus impairment.
French: Les points 39 et 40 et l’annexe 3 desdites lignes directives introduisent les concepts de «coût», «valeur de marché courante», «valeur économique réelle» et «valeur de cession», en les définissant comme suit [39]: le coût équivaut à la valeur comptable (ou valeur nominale) des prêts diminuée de la dépréciation,
Hungarian: Az IAG 39. és 40. bekezdése, valamint 3. melléklete meghatározza a „költség”, „aktuális piaci ár”, „tényleges gazdasági érték” és „átvételi érték” fogalmát, melyeket így határoz meg: [39]A költség a hitelek értékvesztéssel csökkentett könyv szerinti értékét jelenti.
English: Article 6 of the Supplementary Rules states that the value of the mortgage loan pools is based on the book value of each individual mortgage. The book value is normally not the same as the real economic value of the assets, which is based on underlying cash flows and broader time horizons.
French: L’article 6 des dispositions complémentaires dispose que la valeur des pools de prêts hypothécaires est établie sur la base de la valeur comptable de chaque prêt hypothécaire considéré individuellement.
English: First, the ‘credit buffer’ is only designed to protect HFF against a credit risk (by postponing part of the consideration for the mortgage loans), and not to establish a market value. Secondly, upon final settlement, financial institutions will receive HFF bonds corresponding to the book value of the mortgage loans less any realised and future expected impairment, and not corresponding to the actual economic value of the mortgage loans.
French: L’Autorité ne saurait accueillir les arguments des autorités islandaises selon lesquels l’intégration, dans les calculs, d’un credit buffer garantit l’ajustement de la valeur comptable à la valeur de marché: en premier lieu, le credit buffer vise uniquement à protéger le HFF contre un risque de crédit (en différant un élément de la contrepartie des prêts hypothécaires) et n’a pas pour but d’établir la valeur de marché; en second lieu, les établissements financiers recevront, à la date du règlement définitif, des obligations HFF correspondant à la valeur comptable des prêts hypothécaires, diminuée de toutes dépréciations effectives et anticipées, et ne correspondant pas à la valeur économique réelle des prêts hypothécaires.
English: The amended Housing Act and the Regulation authorise HFF to purchase (or refinance) bonds secured by mortgages in residential housing. However, the Supplementary Rules concern the purchase of mortgage loans themselves.
French: La loi relative au logement, telle que modifiée, et le règlement précité autorisent le HFF à acquérir (ou refinancer) des obligations garanties par des prêts hypothécaires sur des biens immobiliers à usage d'habitation, alors que les dispositions complémentaires portent sur l'acquisition des prêts hypothécaires eux-mêmes.
Slovak: Zmenený a doplnený zákon o bývaní a nariadenie oprávňujú Fond na financovanie bývania na nákup (alebo prefinancovanie) dlhopisov zabezpečených hypotekárnymi úvermi v oblasti nehnuteľností na bývanie.
English: All banks, saving banks and credit institutions which have been granted a licence to operate in Iceland pursuant to Act No 161/2002 on Financial Undertakings may apply for an asset swap under the Mortgage Loan Scheme. This includes subsidiaries and branches of foreign banks established in Iceland.
Italian: Tutte le banche, le casse di risparmio e gli istituti di credito in possesso di una licenza per operare in Islanda ai sensi della legge n. 161/2002 sulle imprese finanziarie, comprese le controllate e le filiali di banche straniere costituite in Islanda, possono richiedere uno swap nell’ambito dell’operazione mutui ipotecari.
Portuguese: Todos os bancos, caixas económicas e instituições de crédito com licença para operar na Islândia, nos termos da Lei n.o 161/2002 relativa às instituições financeiras, podem candidatar-se a uma troca de ativos no âmbito do Regime de empréstimos bancários, incluindo as filiais e sucursais de bancos estrangeiros estabelecidos no país.
Hungarian: A pénzügyi vállalkozásokról szóló 161/2002. törvény értelmében működési engedéllyel rendelkező összes bank, takarékpénztár és hitelintézet kérelmezheti az eszközcserét a jelzáloghitel-programban, ideértve a külföldi bankok Izlandon létrehozott leányvállalatait és fiókjait.
English: HFF was established by the Housing Act as a State housing agency, wholly owned by the Icelandic State and under the administrative surveillance of the Minister of Welfare. The Minister of Welfare appoints HFF’s five-member Board of Directors.
Italian: Il Fondo per il finanziamento degli alloggi (HFF) è stato istituito dalla legge in materia di alloggi come ente statale per gli alloggi, di totale proprietà dello Stato islandese e soggetto alla vigilanza amministrativa del ministro del Welfare, che nomina i cinque membri del consiglio di amministrazione dell’HFF.
Portuguese: O FFH foi instituído pela Lei da Habitação como uma agência estatal de habitação, totalmente detida pelo Estado Islandês e sob a tutela do Ministro da Segurança Social, o qual nomeia o Conselho de Direção do FFH, constituído por cinco membros.
Hungarian: A HFF-et a lakásügyi törvény értelmében alapították, mint állami lakásügynökséget, amely teljes egészében az izlandi állam tulajdonában, valamint a népjóléti miniszter igazgatási felügyelete alatt áll. A népjóléti miniszter nevezi ki a HFF öttagú igazgatótanácsát.
English: The tasks of HFF (to give loans to individuals, municipalities and companies for financing the acquisition or construction of residential housing) are laid down and regulated in statutory rules: the Housing Act and secondary legislation (for example, Regulation No 57/2009 on the loan categories of HFF). The measures at issue in this case were therefore executed through a public agency, HFF, which is subject to the full control of the State.
Hungarian: A HFF feladatköre (hitelezés magánszemélyek, helyhatóságok és vállalkozások számára lakóingatlanok megvásárlásának vagy építésének finanszírozásához) törvényerejű rendeletekben van meghatározva és szabályozva, a lakásügyi törvényben és másodlagos jogszabályokban (például a HFF hitel kategóriáiról szóló 57/2009. rendelet).
English: Other important element of the assessment, namely determining the basis for the assessment (i.e. the choice of eligible mortgage loans, the basis for the value (book value), the performance of the credit risk assessment, and the decision on how to calculate the credit buffer and determine the corresponding amount due in HFF bonds) is determined by regulation or by HFF alone. The fact that an independent expert has provided a method for assessing the credit risk does not alter the fact that HFF itself actually applies that method; in other words, it performs the valuation itself.
Hungarian: Az értékelés másik fontos eleme, konkrétan az értékelés alapjának meghatározása (ti. a jogosult jelzáloghitelek kiválasztása, az érték alapja (könyv szerinti érték), a hitelkockázati elemzés teljesítése, valamint a hitelpuffer számítási módjának eldöntése és a HFF-kötvények formájában járó megfelelő összeg meghatározása) csak a rendelet ill. a HFF által van előírva. a tény, hogy egy független szakértő biztosította a módszert a hitelkockázat elemzéséhez, nem befolyásolja azt a tényt, hogy maga a HFF alkalmazza a módszert, más szóval maga végzi az értékelést.
English: Mortgage loans falling into the first two categories are eligible for a swap under the Mortgage Loan Scheme. However, mortgage loans in category (c) are eligible only if the mortgage loan is removed from debt collection and all fees and expenses are paid prior to the swap.
Italian: I muti ipotecari rientranti nelle prime due categorie sono ammissibili per uno swap ai sensi dell’operazione mutui ipotecari, mentre i mutui ipotecari rientranti nella categoria c) sono ammissibili esclusivamente se il mutuo ipotecario è escluso dal recupero crediti e tutti gli oneri e le spese sono pagati prima della permuta.
English: Following determination of a credit risk by HFF, the book value is not immediately reduced by the value of the credit risk. The value of the credit risk is used only to determine the value of the bonds that the applicant financial institution will receive at the time of the swap.
Italian: A seguito della determinazione di un rischio di credito da parte dell’HFF, il valore contabile non viene immediatamente ridotto del valore di tale rischio, che si utilizza esclusivamente per determinare il valore delle obbligazioni che l’istituto finanziario richiedente riceverà al momento dello swap.
English: The aid at issue is not linked to any investment in production capital. It merely reduces the costs which companies would normally have to bear in the course of pursuing their day-to-day business activities, and must, therefore, be classified as operating aid.
Italian: L’aiuto in questione non è connesso ad investimenti in capitale di produzione, bensì si limita a ridurre i costi che le aziende dovrebbero normalmente sostenere nello svolgimento delle attività quotidiane e pertanto dev’essere classificato come aiuto operativo.
Slovak: Predmetná pomoc nie je spojená so žiadnou investíciou do výrobného kapitálu, znižuje iba náklady, ktoré by spoločnosti museli za obvyklých okolností znášať počas realizácie svojich každodenných podnikateľských činností a musí sa preto klasifikovať ako prevádzková pomoc.
English: This is also what happens in practice: the assets swapped under the Mortgage Loan Scheme are valued by HFF. Thus, the assets swapped under the Mortgage Loan Scheme are not valued by an independent expert, contrary to the requirements of the IAG.
Italian: Questo è quanto accade anche nella pratica: le attività oggetto di swap nell’ambito dell’operazione mutui ipotecari vengono valutate dall’HFF e quindi non da un esperto indipendente, contrariamente agli obblighi stabiliti dagli orientamenti relativi alle attività deteriorate (IAG).
English: The real economic value is the underlying long-term economic value of the assets on the basis of underlying cash flows and broader time horizons. This should be calculated both for a base case scenario and a stress case scenario.
Italian: per valore economico reale s’intende il valore economico a lungo termine delle attività sulla base di flussi di cassa sottostanti e di orizzonti temporali più ampi, che si dovrebbe calcolare per uno scenario di base e uno scenario di stress,
English: Similarly, the Icelandic authorities have not specified a total budget for the Mortgage Loan Scheme, or estimated annual expenditure under the Scheme. They have not submitted an estimated number of beneficiaries or a limit to the value of the assets potentially eligible for an asset swap pursuant to the Scheme.
Italian: Allo stesso modo, le autorità islandesi non hanno specificato un bilancio totale per l’operazione mutui ipotecari, né una spesa annua stimata; non hanno presentato un numero stimato di beneficiari, né un limite del valore delle attività potenzialmente ammissibili per uno swap ai sensi dell’operazione.
English: In order to apply, a financial institution must send a written application, which includes information on the estimated size of the mortgage loan pool it wishes to swap with HFF. On this basis, HFF negotiates the terms of the transaction with the applicant financial institution.
Lithuanian: Kad pateiktų savo kandidatūrą, finansų įstaiga turi nusiųsti rašytinę paraišką – į ją įtraukiama informacija apie numatomą hipotekos paskolų portfelio, kuriuo ji nori keistis su BFF, dydį.
English: Following the collapse of Byr Savings Bank (Old Byr) in April 2010, the Icelandic State founded Byr hf (New Byr), a fully State-owned limited liability company. Old Byr is now in a winding-up procedure.
Lithuanian: 2010 m. balandžio mėn. žlugus BYR taupomajam bankui (senajam BYR) Islandijos valstybė įkūrė BYR hf. banką (naująjį BYR) – valstybei visiškai priklausančią ribotos atsakomybės bendrovę.
English: The Icelandic authorities also argue that the Mortgage Loan Scheme includes remuneration for the granting authority, HFF, on the basis that HFF adjusts the value of the HFF bonds to cover operating costs, prepayment risk and credit losses [31]. The Icelandic authorities also argue that the Mortgage Loan Scheme should be regarded as part of a wider plan for the restructuring of savings banks in Iceland, and that it should therefore be assessed under the Authority’s restructuring guidelines [32].
Latvian: Tāpat Islandes iestādes apgalvoja, ka hipotekāro aizdevumu shēma ietver atlīdzību piešķīrējai iestādei – MFF –, jo MFF koriģē MFF obligāciju vērtību, lai segtu darbības izmaksas, priekšapmaksas risku un kredīta zaudējumus [31].Tāpat Islandes iestādes apgalvo, ka hipotekāro aizdevumu shēma jāuzskata par daļu no lielāka plāna krājbanku pārstrukturēšanai Islandē un tāpēc tā jāvērtē saskaņā ar Uzraudzības iestādes pamatnostādnēm par pārstrukturēšanu [32].
Lithuanian: Islandijos valdžios institucijos taip pat tvirtina, kad pagal hipotekos paskolų schemą pagalbą teikiančiai institucijai, BFF, numatytas atlygis, nes BFF koreguoja BFF obligacijų vertę, kad būtų atsižvelgta į veiklos išlaidas, išankstinio mokėjimo riziką ir kredito nuostolius [31].Islandijos valdžios institucijos taip pat tvirtina, kad hipotekos paskolų schema turėtų būti laikoma platesnio plano restruktūrizuoti Islandijos taupomuosius bankus dalimi ir kad dėl to ji turėtų būti vertinama pagal Institucijos restruktūrizavimo gaires [32].
English: Keflavik Savings Bank, BYR Savings Bank and Bolungarvik Savings Bank entered into swap agreements with HFF on 23 March 2009, 20 May 2009, and 3 July 2009 and 5 August 2009 [11] respectively. The first agreement made under the Mortgage Loan Scheme was a mortgage loan transfer agreement signed on 23 March 2009 between HFF and Keflavik Savings Bank for a total value of ISK 9959972471,00 [12].
Latvian: Keflavik krājbanka, BYR krājbanka un Bolungarvik krājbanka noslēdza mijmaiņas līgumus ar MFF attiecīgi 2009. gada 23. martā, 2009. gada 20. maijā, 2009. gada 3. jūlijā un 2009. gada 5. augustā [11].Pirmais līgums saskaņā ar hipotekāro aizdevumu shēmu bija hipotekāro aizdevumu pārveduma līgums, ko 2009. gada 23. martā parakstīja MFF un Keflavik krājbanka par kopējo vērtību ISK 9959972471,00 [12].
English: In order to be declared compatible with Article 61(3)(b) of the EEA Agreement, the aid must be granted on the basis of non-discriminatory criteria, be appropriate in terms of being well targeted to remedy a serious disturbance in the economy, and be necessary and proportionate thereto, limiting negative spill-over effects for competitors. The IAG translate these general principles into specific conditions for impaired asset relief.
Slovak: Ak má byť pomoc vyhlásená za zlučiteľnú s článkom 61 ods. 3 písm. b) Dohody o EHP, musí sa poskytovať na základe nediskriminačných kritérií, musí byť vhodná z toho hľadiska, že bude dobre cielená, nevyhnutná a primeraná na nápravu vážnej poruchy v hospodárstve a obmedzia sa ňou negatívne účinky presahovania na konkurenciu.
Slovenian: Da bi se pomoč lahko razglasila za združljivo s členom 61(3)(b) Sporazuma EGP, se mora dodeliti na podlagi nediskriminatornih meril, biti mora primerna in dobro ciljno usmerjena za odpravljanje resne motnje v gospodarstvu ter nujna in sorazmerna s tem ciljem, prav tako mora omejevati negativne posredne učinke na konkurente. v smernicah o oslabljenih sredstvih so ta splošna načela izražena v posebnih pogojih za finančno pomoč za oslabljena sredstva.
Latvian: Lai atbalstu atzītu par saderīgu ar EEZ līguma 61. panta 3. punkta b) apakšpunktu, atbalstam jābūt piešķirtam, piemērojot nediskriminējošus kritērijus, mērķtiecīgam, lai novērstu nopietnus traucējumus tautsaimniecībā un jābūt nepieciešamam un samērīgam, līdz minimumam samazinot negatīvo papildu ietekmi uz konkurentiem.
English: The IAG also provide that when determining whether assets are impaired it is necessary to take a pragmatic approach and allow for some flexibility [38]. As already noted, the savings banks currently taking part in the Mortgage Loan Scheme normally finance their activities through customer deposits and taking loans from the principal Icelandic banks.
Slovak: Usmernenia o znehodnotených aktívach definujú znehodnotené aktíva ako: „aktíva všeobecne známe pod názvom ‚toxické aktíva‘ (napr. cenné papiere zaistené americkými hypotékami a súvisiace špekulatívne obchody a deriváty), ktoré spôsobili finančnú krízu a stali sa z veľkej časti nelikvidnými alebo ktorých hodnota sa výrazne znížila…“ V usmerneniach o znehodnotených aktívach sa okrem toho ustanovuje, že pri určovaní, či sú aktíva znehodnotené, treba zaujať pragmatický prístup a zohľadniť určitú flexibilitu [38].
Latvian: Pamatnostādnēs par samazinātas vērtības aktīviem tie ir definēti šādi: “aktīvi, kurus parasti dēvē par “toksiskiem aktīviem” (piemēram, ASV ar hipotēku nodrošinātie vērtspapīri un ar tiem saistītie riska ieguldījumu fondi un atvasinātie instrumenti) un kuri ir izraisījuši finanšu krīzi un lielā mērā kļuvuši nelikvīdi vai kuriem ir piemērotas ievērojamas vērtības samazinājuma korekcijas ..” Pamatnostādnes par samazinātas vērtības aktīviem paredz, ka, nosakot, vai aktīvi ir samazinātas vērtības, ir jāizmanto pragmatiska pieeja un jāpieļauj zināms elastīgums [38].
English: Decision 195/04/COL of 14.7.2004, published in OJ L 139, 25.5.2006, p. 37, and EEA Supplement No 26, 25.5.2006, p. 1, as amended. A consolidated version of the Decision can be found on www.eftasurv.int
Latvian: Grozītais 2004. gada 14. jūlija Lēmums Nr. 195/04/COL, OV L 139, 25.5.2006., 37. lpp., un EEZ papildinājumā Nr. 26, 25.5.2006., 1. lpp. Lēmuma konsolidētais variants pieejams vietnē www.eftasurv.int