natgillin/translations-raw huggingface dataset:
Dette er relevant for vurderingen af den foreliggende sag og også noget, som Tilsynsmyndigheden drøftede med de islandske myndigheder og bankerne.
With the reductions in the number of financial undertakings and the larger banks taking over deposits from the banks closing down, concentration in the domestic market has increased.
RB ejes i fællesskab af de tre store islandske banker, to sparekasser, den islandske sparekassesammenslutning og de tre store betalingskortformidlere i Island.
The overall presence of the new banks on the EEA financial markets is on the other hand much smaller than that of their predecessors, as international banking operations have been closed down.
Landsbankinn ejer 36,84 % af aktierne i RB, Íslandsbanki 29,48 % og Arion Bank 18,7 %.
In addition, the domestic market has shrunk considerably as certain sub-markets have disappeared or are largely subdued.
Bankerne har et omfattende samarbejde på dette område, da RB har udviklet clearing- og betalingsafviklingssystemet i Island.
The near disappearance of the stock market and the introduction of capital controls have reduced operations in the stock and currency markets and resulted in limited investment options.
Det leverer også en række centrale bankløsninger, som er multi-tenancyløsninger (opsætning med flere organisationer på samme server), og som benyttes af de fleste islandske banker.
With the level of investments in the economy at a historically low level and households and companies generally highly leveraged, demand for credit is low.
RB administrerer desuden et e-fakturerings- og e-betalingssystem for virksomheder og forbrugere.
Since the collapse, the banks have concentrated their efforts on internal issues and restructuring of their loan portfolios as well as the restructuring of some of their major corporate clients.
Ifølge konkurrencemyndigheden har sammenbruddet i 2008 gjort de mindre banker og sparekasser særligt sårbare.
Before the financial crisis, the savings banks accounted collectively for a market share of approximately 20-25 % in deposits.
For de mindre finansvirksomheder var de nødvendige IT-ydelser af afgørende vigtighed, da de kan opfattes som en af hindringerne for, at nye markedsaktører kan komme ind på markedet.
This has now collapsed to approximately 2-4 %.
IT-platformen til de større finansvirksomheder leveres i vid udstrækning af RB, mens den leveres af Teris til sparekasser og mindre markedsaktører.
The market shares lost by the savings banks and commercial banks exiting the market have been gained by the three major commercial banks, Arion Bank, Íslandsbanki and Landsbanki.
For det andet bedømmes foreneligheden af RB's køb af Teris' største aktiver efter samme lovs bestemmelser om virksomhedssammenslutninger.
The Icelandic financial market is thus clearly oligopolistic and the three largest companies could collectively achieve a dominant market position.
I maj 2012 blev disse to sager dog afsluttet med et forlig mellem RB og dens ejere på den ene side og konkurrencemyndigheden på den anden [31].
According to the Icelandic Competition Authority (ICA), which the Authority had asked for its views on the state of competition in Iceland and potential remedies, there are significant entry barriers to the Icelandic banking market.
Ud over ovennævnte bekymringer, som er direkte relateret til Islands finansmarked, har konkurrencemyndigheden navnlig påpeget behovet for salg og omstrukturering af erhvervsaktive selskaber [32], som skal være gennemført uden unødige forsinkelser.
This has detrimental effects on competition.
Det er konkurrencemyndighedens opfattelse, at bankernes direkte og indirekte ejerskab [33] er det mest udbredte og farligste konkurrenceproblem i kølvandet på finanskrisen, da det har betydning for næsten alle virksomheder og industrier i Island.
There are also certain impediments for consumers to switch banks.
Konkurrencemyndigheden mener, at en hurtigere omstrukturering af virksomheder vil forbedre konkurrencen på finansmarkedet.
The Icelandic authorities furthermore acknowledged that the exchange rate risks associated with Iceland's small and non-traded currency, the Icelandic króna, has further restricted competition and deterred foreign banks and companies from entering the Icelandic market.
Når bankernes deltagelse i omstruktureringen af deres erhvervskunder har været genstand for anmeldelseskravene i forbindelse med den nationale kontrol med sammenslutninger, har konkurrencemyndigheden ofte fastsat betingelserne for bankernes ejerskab.
ICA has lately focused on a specific issue regarding IT infrastructure for the banks' operations and their cooperation in that regard.
Men det forekommer vanskeligt at finde en overordnet løsning på problemet, da det i alt væsentligt hænger sammen med det høje låneniveau i den islandske erhvervssektor.
This relates to the financial institutions' jointly owned IT service provider, Reiknistofa bankanna (the Icelandic Banks' Data Centre; RB).
Konkurrencemyndigheden har overset visse vigtige faktorer i sin undersøgelse af konkurrencevilkårene på markedet, såsom at udenlandske banker længe har været og stadig konkurrerer aktivt med islandske banker om levering af finansielle tjenesteydelser til de største kunder såsom virksomheder inden for eksportbaserede aktiviteter (fiskeri, energiintensive industrier osv.) samt statslige og kommunale aktiviteter.
Landsbankinn owns 36,84 % of the shares in RB, Íslandsbanki holds 29,48 % and Arion Bank 18,7 %.
Denne holdning strider imidlertid mod den holdning, som de islandske myndigheder har givet udtryk for i ovennævnte rapport fra Økonomiministeren til Altinget, og mod konkurrencemyndighedens holdning.
Combined the three commercial banks therefore own 85,02 % of shares in RB.
Som beskrevet nedenfor har Íslandsbanki desuden trods visse forbehold over for analysen af konkurrencevilkårene besluttet at indgå visse forpligtelser for at begrænse konkurrencefordrejning, der skyldes de pågældende støtteforanstaltninger.
RB's clients are the owners, the Central Bank of Iceland and other financial institutions as well as the government and public entities.
BESKRIVELSE AF FORANSTALTNINGERNE
It also provides a number of core banking solutions which are multi-tenant solutions, used by most of the Icelandic banks.
Støttemodtageren
RB furthermore operates an e-invoicing and e-payment system for corporates and consumers.
Som beskrevet ovenfor gik Glitnir Bank konkurs i 2008 ligesom de to andre store islandske forretningsbanker.
According to ICA, the collapse in 2008 has made the smaller banks and savings banks particularly vulnerable.
For at sikre kontinuerlig aktivitet i den nationale banksektor gennemførte de islandske myndigheder visse foranstaltninger for at genetablere visse af (gamle) Glitnir Bank hf's aktiviteter, bl.a. oprettelse og kapitalisering af New Glitnir Bank hf (nu omdøbt til Íslandsbanki).
For the smaller financial undertakings, the required IT services were of crucial importance, as they can be viewed as one of the entry barriers for new market participants.
Før finanskrisen i 2008 var Glitnir Bank Islands tredjestørste bank.
The platform for IT services has been provided to a significant extent by RB as regards the bigger financial undertakings and, as regards the savings banks and smaller market players, by Teris.
Lige før sammenbruddet, ved udgangen af juni 2008, udgjorde dens balance 3862 mia. ISK.
Following the closure of many smaller financial undertakings in recent years, Teris lost a significant share of its income, leading in January 2012 to the sale of some of its IT solutions to RB.
Bankens vigtigste markeder fandtes i Island og Norge, hvor den tilbød en bred vifte af finansielle tjenesteydelser, herunder bankydelser til erhvervskunder, investeringsbankvirksomhed, kapitalmarkeder, investeringsforvaltning og engrosbankvirksomhed.
According to RB and Teris, this transaction was, inter alia, aimed at securing continued provision of IT services to smaller financial undertakings.
Glitnir havde også aktiviteter i Finland, Sverige, Danmark, Det Forenede Kongerige, Luxembourg, USA, Canada, Kina og Rusland.
The ICA has been investigating two cases regarding RB.
Den havde en række datterselskaber, hvoraf de vigtigste var Glitnir AB (Sverige), Glitnir Bank Oyi (Finland), Glitnir Bank ASA (Norge), Glitnir Bank Luxembourg SA og Gltinir Asset Management Luxembourg.
Firstly, whether the joint ownership and cooperation of the banks and other financial undertakings in the RB forum should be considered to be a breach of the ban on restrictive practices under Article 10 of the Icelandic Competition Act.
Glitnirs efterfølger Íslandsbanki er en bank, der tilbyder en lang række finansielle tjenesteydelser til enkeltpersoner, husholdninger, virksomheder og professionelle investorer i Island og har specialiseret sig i to industrisektorer, nemlig fiskerivarer og geotermisk energi.
Secondly, the compatibility of RB's purchase of Teris's major assets is being assessed under the merger provisions of the same act.
Efter sammenlægningen med Byr udgør bankens aktiver nu omkring 800 mia. ISK.
However, in May 2012 these two cases were concluded with a settlement between RB and its owners, on the one hand, and the ICA on the other hand [31].
Den har omkring 1100 ansatte og er Islands tredjestørste bank målt i samlede aktiver.
Aside from the above concerns that relate directly to the Icelandic financial market, the ICA has in particular pointed to the need for the sale and restructuring of operating companies [32] to be completed without undue delay.
Bankens produkter og ydelser kan inddeles i fire grupper: detailbankvirksomhed, erhvervskunder, markeder og formueforvaltning.
Many operating companies have been taken over by the banks (being creditors of those companies) due to over indebtedness following the economic crash in 2008.
Ifølge Íslandsbanki har banken en markedsandel på mellem [20] og [40] % i alle disse forretningssegmenter.
According to ICA, it may create a conflict of interest when banks provide financial services to companies and own the companies at the same time.
Detailbankvirksomhed — Island
The ICA is of the opinion that the banks' direct and indirect ownership [33] is the most wide-spread and dangerous competition problem in the aftermath of the financial crisis, as this has an effect on almost every company and industry in Iceland.
Afdelingen for detailbankvirksomhed består af bankydelser til private, husholdninger samt små og mellemstore virksomheder.
In ICA's view, faster restructuring of companies would improve competition in the financial market.
Afdelingen består af Íslandsbankis afdelingsnet, bankens aktivbaserede finansafdeling og et uafhængigt drevet datterselskab, Kreditkort, en førende kreditkortudsteder i Island.
When the banks' involvement in the restructuring of their corporate clients has been subject to the notification requirements under national merger control, the ICA has in this regard often set conditions regarding the banks' ownership.
De nyeste tilgængelige tal viser, at Íslandsbanki har en markedsandel på [> 30] % i detailsektoren.
However, a comprehensive solution to the problem appears to be difficult, as it relates essentially to the high leverage of the Icelandic business sector.
Erhvervsbankvirksomhed — Island
In their submission to the Authority, the three commercial banks, Arion Bank, Íslandsbanki and Landsbankinn, have all expressed the view that no major changes have taken place in the conditions of competition in the Icelandic financial market since autumn 2008 which should give cause for concerns.
Dertil kommer virksomhedsløsninger, en afdeling inden for erhvervsbankvirksomhed, som forvalter og forestår omstruktureringen af den nødlidende portefølje af store erhvervskunder.
When examining the conditions of competition in the market, the ICA had overlooked certain key factors, such as the fact that foreign banks have for long and still are actively competing with Icelandic banks for the provision of financial services to the biggest clients, such as undertakings in export-based activity (fisheries, power-intensive industry, etc.) as well as state and municipal activity.
De nyeste tilgængelige tal viser, at Íslandsbanki har en markedsandel på [> 30] % inden for bankydelser til store erhvervskunder.
However, this view is contrary to the view expressed in the submission of the Icelandic authorities, as set out in the report referred to above by the Minister of Economic Affairs to the Althingi and to the views of ICA.
Markedsafdelingen tilbyder alle former for ydelser inden for virksomhedsfinansiering, værdipapirer og valutaveksling og pengemarkedsprodukter i Island samt finansrådgivning til virksomheder inden for geotermisk energi og fiskerivarer i USA.
Moreover, as will be outlined below, Íslandsbanki has, despite certain reservations regarding analysis of competition conditions, decided to provide certain commitments aimed at limiting distortion of competition linked to the aid measures concerned.
De nyeste tilgængelige tal viser, at Íslandsbanki har en markedsandel på [> 5] % af aktiemarkedet [35], [> 20] % af obligationsmarkedet, [> 30] % af valutamarkedet og omkring [35-45] % af markedet for virksomhedsfinansiering [36].
Those commitments are reported in the Annex.
Afdelingen for formueforvaltning betjener kunder af alle størrelser med institutionelt salg, private banking (velhavere) samt private investeringstjenesteydelser (engros) og tredjepartsfonde.
DESCRIPTION OF THE MEASURES
VÍB tilbyder desuden fondsforvaltning og -administration gennem sit uafhængigt forvaltede og drevne datterselskab Íslandssjóðir hf.
The beneficiary
De nyeste tilgængelige tal viser, at Íslandsbanki har en markedsandel på [> 30] % af omsætningen på virksomheder og institutioner, [> 30] % af detailinvesteringsydelser, [> 25] % af private banking-markeder, [> 35] % af markeder for forvaltning af gensidige fonde og [> 15] % af markedet for private pensionsydelser [37].
As described above, Glitnir collapsed in 2008, as did the two other large Icelandic commercial banks.
Sammenligning af den gamle og den nye bank
So as to ensure the continuing operation of the domestic banking sector, the Icelandic authorities undertook certain measures, to restore certain operations of (old) Glitnir Bank hf, including the establishment and capitalisation of New Glitnir Bank hf (now renamed Íslandsbanki).
En sammenligning af Glitnir og Íslandsbanki (2008)
Prior to the financial crisis of 2008 Glitnir Bank was the third largest bank in Iceland.
Tabel 1
Just before its collapse, at the end of June 2008 its balance sheet amounted to 3862 billion ISK.
Íslandsbanki's primobalance sammenlignet med Glitnirs balance for første halvdel af 2008
The bank's main markets were in Iceland and Norway where it offered a range of financial services, including corporate banking, investment banking, capital markets, investment management and retail banking.
Der er store forskelle mellem den nye og den gamle bank, både i henseende til deres aktiviteter og størrelse.
Glitnir also had operations in Finland, Sweden, Denmark, UK, Luxembourg, US, Canada, China and Russia.
Íslandsbanki er i alt væsentligt en national bank uden licens til udenlandske bankaktiviteter, mens Glitnir var en international bank med aktiviteter i 11 lande.
It held a number of subsidiary companies, the most significant being: Glitnir AB (Sweden); Glitnir Bank Oyi (Finland); Glitnir Bank ASA (Norway); Glitnir Bank Luxembourg SA; and Gltinir Asset Management Luxembourg.
Íslandsbanki har fire forretningssegmenter, kommerciel/detailbankvirksomhed, forvaltning af aktiver, virksomheds- og investeringsbankvirksomhed samt likviditets- og kapitalmarkeder, som alle er koncentreret om hjemmemarkedet.
The bank's international expansion was based on two specialised industry sectors; seafood and sustainable energy [34].
Den største forskel er dog, at Íslandsbankis aktiviteter er betydeligt mindre end Glitnirs.
Shares in the bank were listed on the Icelandic OMX.
Den gamle banks balance på 3862 mia. ISK sammenlignet med den nye banks 631 mia. ISK svarer til en reduktion på 84 %.
Glitnir's successor, Íslandsbanki, is a universal bank offering a comprehensive set of financial services to individuals, households, corporations and professional investors in Iceland, specialising in two industry sectors; seafood and geothermal energy.
En sammenligning af den gamle banks balance pr. juni 2008 med den nye banks primobalance kan ses i ovenstående tabel 1.
Following the merger with Byr, the bank's assets now amount to approximately ISK 800 billion.
Glitnir havde et bredt finansieringsmix og var en stor udsteder af obligationer på verdensplan.
It has about 1100 employees, and is Iceland's third largest bank when measured in terms of total assets.
Íslandsbankis finansiering sker derimod især i form af indskud.
The banking products and services fall into four divisions: Retail banking, Corporate Banking, Markets and Wealth Management.
Dette begrænser sammen med det forhold, at banken sandsynligvis ikke kan få adgang til samme slags finansieringskilder som den tidligere bank (i hvert tilfælde på kort sigt) bankens evne til at vokse.
According to Íslandsbanki, it has a market share of between [20] and [40] % in all those business segments.
Sammenligningen i diagram 1 af nøgleindikatorer for de to banker viser store forskelle [38]:
Retail banking — Iceland
Diagram 1
Retail Banking provides banking services to individuals, households and small- to medium-sized companies (SMEs).
Íslandsbanki ved oprettelsen, sammenlignet med Glitnir 2008 (Q2), udvalgte tal
The division comprises Íslandsbanki's branch network, the Bank's Asset-Based Financing division and an independently operated subsidiary, Kreditkort, a leading credit card issuer in Iceland.
Den nye bank har også langt færre ansatte.
The latest available figures, show that Íslandsbanki has a market share of [> 30] % in the retail sector.
Det gennemsnitlige antal fuldtidsækvivalenter i Glitnir i første halvdel af 2008 var 2174 sammenlignet med 1110 for Íslandsbanki (inkl. datterselskaber) i første halvdel af 2009, en forskel på 49 %.
Corporate banking — Iceland
Tallene for samme perioder for nationale aktiviteter viser kun, at den nye bank havde 242 færre ansatte end Glitnir.
Corporate Banking (CB) provides lending and other credit services to medium-size and large companies in Iceland, usually called ‘the largest 300’.
Nationalt retsgrundlag for støtteforanstaltningen
Furthermore, Corporate Solutions, a division within CB, manages and leads the restructuring of the distressed large corporate portfolio.
Lov nr. 125/2008 om myndigheden med ansvar for udbetalinger fra statskassen som følge af usædvanlige omstændigheder på det finansielle marked osv., normalt betegnet nødloven
The latest available figures, show that Íslandsbanki has a market share of [> 30] % in the corporate banking market.
Nødloven gav FME beføjelse til at gribe ind under »usædvanlige omstændigheder« og beføjelser i forbindelse med finansinstitutionernes generalforsamlinger og bestyrelsesmøder samt til at træffe beslutning om anvendelse af deres aktiver og passiver.
The markets division offers full range services in corporate finance, securities, and foreign exchange and money market products in Iceland as well as corporate finance advisory in the geothermal energy and seafood sectors in the USA.
FME fik også beføjelse til at nedsætte likvidationskomité for de finansvirksomheder, den havde overtaget, og som fik beføjelser med henblik på generalforsamlinger.
The latest available figures, show that Íslandsbanki has a market share of [> 5] % of the equity market [35], [> 20] % of the bonds market, [> 30] % of the foreign exchange (FX) market and around [35-45] % of the Corporate Finance market [36].
I konkursbehandlingen af institutionerne gav loven prioritet til indskyderes krav og indskudsgarantiordninger.
Wealth Management provides clients of all sizes with institutional sales, private banking (affluent) and private investment services (retail) and third-party funds.
Loven gav også Islands finansministerium beføjelse til at oprette nye banker.
VÍB further offers fund management and administration through its independently managed and operated subsidiary Íslandssjóðir hf.
Nødloven omfatter ændringer af lov om finansvirksomheder nr. 161/2002, lov om officielt tilsyn med finansaktiviteter nr. 87/1998, lov om indskudsgarantier og investorgarantiordning nr. 98/1999 og lov om boliganliggender nr. 44/1998.
The latest available figures, show that Íslandsbanki has a market share of [> 30] % of the Corporate and Institutional Sales, [> 30] % of Retail Investment Services, [> 25] % of Private Banking markets, [> 35] % of Mutual Fund Management markets and [> 15] % of Private pension services market [37].
Tillægslov til statsbudget for 2008 (artikel 4)
Comparing the old and new bank
Lov om statsbudget for 2009 (artikel 6)
A comparison of Glitnir and Íslandsbanki (2008)
Støtteforanstaltningerne
Table 1
De islandske myndigheders indgreb efter Glitnir Banks konkurs er beskrevet ovenfor og fremgår mere detaljeret af beslutningen om at indlede proceduren.
Íslandsbanki's opening balance sheet compared with Glitnir's 2008 first half balance sheet
Indgrebene kan i hovedtræk opsummeres som følger: FME overtog kontrollen med Glitnir den 7. oktober 2008, og nationale passiver og (de fleste) indenlandske aktiver blev overført til New Glitnir.
There are major differences between the new and old bank both in terms of their operations and scale.
Den gamle banks bo skulle kompenseres for denne overførsel i form af udbetaling af forskellen mellem aktiver og passiver.
Íslandsbanki is predominantly a domestic bank without any licensed banking operations overseas whereas Glitnir was an international bank with operations in 11 countries.
Da det viste sig vanskeligt og tidkrævende at beregne denne forskel, stillede staten en vis startkapital til rådighed og forpligtede sig til at bidrage med yderligere kapital, hvis det skulle vise sig nødvendigt.
Íslandsbanki has four business segments; Commercial/Retail Banking, Asset Management, Corporate and Investment Banking, and Treasury and Capital Markets, all of which are focused on the domestic market.
Derefter kapitaliserede den banken, før der blev indgået en aftale mellem staten og den gamle banks kreditorer i oktober, som førte til, at statens andel i banken faldt fra 100 til 5 %.
Most notably the scale of Íslandsbanki's operations are substantially smaller than that of Glitnir; the old bank's balance sheet of 3862 billion ISK compared to the new bank's 631 billion ISK amounts to a reduction of 84 %.
Tilsynsmyndigheden betragter denne dato — den 15. oktober 2009 — som startdatoen for den femårige omstruktureringsperiode, der følgelig varer indtil den 15. oktober 2014.
A comparison of the old bank's balance sheet at June 2008 with the new bank's opening balance sheet can be found at Table 1 above.
I nedenstående afsnit beskrives de aspekter af statens indgreb, der udgør foranstaltninger af relevans for vurderingen efter artikel 61 i EØS-aftalen.
Glitnir had a diverse funding mix and was a large issuer of bonds sold worldwide.
Tier I-kapital
Íslandsbanki, on the other hand, relies mainly on deposits for funding.
Staten har to gange bidraget med tier I-kapital — første gang, da New Glitnir blev oprettet, anden gang, da staten kapitaliserede banken fuldt ud (og med tilbagevirkende kraft), efterfulgt af en aftale med den gamle banks kreditorer om, at staten skulle bevare en andel på 5 % i banken.
This, together with the likely inability for the bank to have access to similar funding sources to its predecessor bank (in the short term at least), limits the bank's ability to grow.
Startkapital
The comparison in Graph 1 of key indicators of the two banks shows considerable differences [38]:
Efter oprettelsen af den nye bank, Íslandsbanki, fik den nye bank tilført 775 mio. ISK som kontant startkapital, og derudover gav staten tilsagn om at bidrage med op til 110 mia. ISK til den nye bank til gengæld for hele egenkapitalen.
Graph 1
Det første tal svarer til den ved islandsk lov fastsatte minimumskapital til oprettelse af en bank.
Íslandsbanki at establishment, compared with Glitnir 2008 (Q2), selected figures