natgillin/translations-raw huggingface dataset:
Se den særlige undersøgelseskommissions rapport til Altinget, kapitel 2: Sammenfatning af rapportens hovedkonklusioner, s. 13, findes på http://sic.althingi.is/pdf/RNAvef-Kafli2Enska.pdf.
Sixth, the bank's acquisition of Byr calls for additional competition measures.
Landsbanki blev også sat under administration samme dag, og Kaupthing Bank fulgte efter to dage senere, den 9. oktober 2008.
In the second Byr decision, the Authority required that the forthcoming restructuring plan should comprise measures which would ensure that the Icelandic financial market would benefit from effective competition in the future, so as to address the concerns that the Authority raised about the state of competition in the Icelandic financial market.
Medlemmerne af den særlige undersøgelseskommission var højesteretsdommer Páll Hreinsson, Islands ombudsmand Tryggvi Gunnarsson og Sigríður Benediktsdóttir, Ph.D., professor og prorektor ved Yale University, USA.
Against this background, the Authority notes that a number of measures have been or will be taken that limit the distortions of competition resulting from the state aid granted to Íslandsbanki.
Rapporten findes in extenso på islandsk på: http://rna.althingi.is/ og afsnit oversat til engelsk (herunder resuméet og kapitlet om årsagerne til bankernes sammenbrud) findes på: http://sic.althingi.is/.
Measures and regulatory developments undertaken or committed to by the Icelandic authorities
Islandsk króna.
The Icelandic government has specifically made two commitments (see Annex) which in the Authority's view can contribute to creating a regulatory environment that favours competition in financial markets:
Udlån til udenlandske parter steg med 11,4 mia. EUR fra 9,3 mia. EUR til 20,7 mia. EUR på seks måneder.
First, by appointing a working group that will review Act No 36/1978 on Stamp Duty, and by examining in particular whether to abolish stamp duties for bonds issued by individuals when transferred between creditors (e.g. when individuals transfer their loans from one loan institution to another).
Kapitel 21.2.1.2 (s. 6) i rapporten.
The Authority considers that the current law — which, inter alia, obliges customers to pay stamp duty on the amount of the respective bond [90] when switching lenders — may be capable of constituting an impediment to competition, as it may lock customers to existing contracts on long term loans.
Situationen blev yderligere forværret af, at de største islandske investeringsselskabers udenlandske kreditorer fremsatte margenopkrævninger som følge af en reduceret sikkerhedsstillelse, hvilket førte til, at de tre største banker overtog finansieringen, så de udenlandske banker kunne få deres betaling.
The Authority thus welcomes the commitment for this law to be reviewed.
Kapitel 21.2.1.4 i rapporten.
Second, the Authority takes note that, in accordance with a resolution passed by the Icelandic parliament on 21 March 2012, a committee will be appointed by the government with the mandate to review consumer protection in the financial market.
Det var rent faktisk den daværende koalitionsregerings erklærede politik at tilskynde til mere vækst og tilskynde bankerne til at bevare deres hovedsæde i Island.
This will include a specific mandate for the review of switching facilitation and switching costs reduction, and for the committee to work closely with the ICA as regards that issue.
Kapitel 2, side 5 i rapporten.
The Committee shall present its report no later than 15 January 2013.
For yderligere oplysninger om de foranstaltninger, som de islandske myndigheder traf, henvises til Finansministerens rapport til Altinget om genoprettelse af de kommercielle banker fra maj 2011 (Skýrsla fjármálaráðherra um endurreisn viðskiptabankanna), se http://www.althingi.is/altext/-139/s/pdf/1213.pdf.
The Authority is of the opinion that a closer assessment could be of benefit for competition in the long-run.
Lov nr. 125/2008 om myndigheden med ansvar for udbetalinger fra statskassen som følge af usædvanlige omstændigheder på det finansielle marked osv.
In the meantime the bank-specific commitment by Íslandsbanki discussed below should contribute to making switching easier, and thereby will increase competition.
Se også FME's årsrapport 2009 (juli 2008-juni 2009), tilgængelig på http://en.fme.is/media/utgefid-efni/FME-Annual-Report-2009.pdf.
As for the competition concerns identified by the Authority regarding RB, the Authority welcomes the settlement that ICA and the owners of RB, including the three major banks, have reached on this issue.
Mens akkorden med Straumurs kreditorer senere blev godkendt, blev SPRON og Sparisjodabanki omfattet af en likvidationsprocedure.
The Authority is of the view that its concerns, as voiced, inter alia, in the second Byr decision, have been addressed in a satisfactory manner by this settlement, and that there is no need for the Authority to further address this issue in the current decision.
Andre finansvirksomheder blev også hårdt ramt af de tre store kommercielle bankers kollaps og den store usikkerhed på finansmarkederne, og flere finansvirksomheder blev sat under offentlig administration i 2010.
Finally, the Authority takes note of the regulatory amendments that have been made since 2008, as discussed in the Annex.
FME udpegede således en midlertidig bestyrelse for VBS Investment Bank i marts 2010.
As regards competition concerns, the introduction of Article 22 in the Act on financial undertakings No 161/2002 is of particular relevance in this regard.
I april 2010 overtog FME kontrollen med Keflavík sparekasse og Byr sparekasse og bestemte, at deres aktiviteter skulle overgå til nye finansvirksomheder, hhv. SpKef sparekasse og Byr hf.
It includes provisions which limit the participation of financial undertakings in activities falling outside the scope of their operating licenses.
Da de finansielle vilkår for disse nye virksomheder viste sig at være dårligere end først antaget, blev SpKef senere lagt sammen med Landsbankinn i henhold til FME's beslutning, og Byr hf. blev lagt sammen med Íslandsbanki, efterfulgt af et udbud vedrørende aktierne i Byr.
According to this new rule, such activities may only be pursued on a temporary basis and for the purpose of concluding transactions or reorganising the activities of customers.
De islandske myndigheder blev endvidere i 2009 opfordret til at håndtere de finansielle problemer i Saga Capital Investment Bank og i 2011 i boligfinansieringsfonden.
A reasoned notification to this effect must be sent to the FME, and time limits have been introduced for financial undertakings to complete reorganisation of their customers and dispose of appropriated assets.
[22] Som et eksempel på den drastiske nedskrivning kan det nævnes, at den månedlige gennemsnitskurs for euro/islandsk krone steg fra 90,71 ISK i december 2007 til 184,64 ISK i november 2009.
The Authority regards this change as an appropriate regulatory response to the issue of the disproportionately large ownership by financial institutions in the real economy.
I perioden 2009-2011 var investeringernes andel af BNP kun 13-14 %.
This provision appears to at least remedy this situation — which is a direct result of debt-to-equity-swaps (and similar transactions) involving over-indebted companies in the wake of the crisis — from becoming a permanent one.
Handelsbalancen er et udtryk for forskellen i indtjening fra eksport og import af varer og tjenesteydelser.
As it addresses one of the most pressing competition issues that is linked to the state aid to the three banks, the Authority takes it duly into account in its assessment.
Se f.eks. Økonomiministerens rapport til Altinget fra marts 2012: Future Structure of the Islandic Financial System.
Measures specific to Íslandsbanki
Ifølge ministeriet betragtes denne rapport som en katalysator for en diskussion af dette vigtige emne på et velinformeret grundlag, da den ikke indeholder fuldt udviklede forslag, men fremlægger hovedaspekterne og fremtidsudsigterne i forhold til den internationale udvikling.
The Authority emphasises that Íslandsbanki's market presence and size is only a fraction of that of Glitnir — as total assets have been reduced by 84 %, as described above and unlike Glitnir, Íslandsbanki is only active in the Icelandic market.
Rapporten findes på http://eng.efnahagsraduneyti.is/media/Acrobat/Future-Structure.pdf.
Whilst most of this reduction is evidently a result of the winding up of Glitnir's international operations, the Authority is of the view that this process is of particular relevance as regards the distortions of competition, as it was in particular Glitnir's risky overseas strategy that led to its collapse and caused distortions in the EEA financial markets in the past [91].
At bringe indskudsgarantierne tilbage til normale vilkår vil ikke kun sige at fjerne statens støtte til sådanne garantier, men omfatter også en revision af bestemmelserne i nødloven, i henhold til hvilke indskud, der er omfattet af lovfæstede indskudsgarantier, prioriteres i forbindelse med en finansvirksomheds likvidationsproces.
In addition, the Authority welcomes Íslandsbanki's commitments (see Annex) to reduce its domestic market presence further by […] divestments relating to […].
Se kapitel 9 i økonomiministerens rapport, jf. fodnote 25.
On the basis of the final restructuring plan, and recalling that Íslandsbanki is a small bank by EEA standards, the Authority agrees with Íslandsbanki that further structural measures could endanger the bank's prospects of restoring long-term viability [92].
Da økonomiministeren fremlagde sin rapport, udpegede han også en gruppe bestående af bankeksperter, også udenlandske eksperter, som skal udarbejde forslag til omfattende juridiske og tilsynsmæssige rammer for det islandske finansmarked som helhed.
The Authority takes note of the commitment that Íslandsbanki will not acquire financial institutions until 15 October 2014, except if it obtains the Authority's approval beforehand.
Ifølge samme rapport forventer de islandske myndigheder også at afsøge andre fremtidige muligheder, herunder at adskille investeringsaktiviteter fra kommercielle bankaktiviteter, indføre en lovgivning om finansiel stabilitet og eventuelt ændre ansvarsfordelingen mellem de organer, der fører tilsyn med finansielle tjenesteydelser.
This means, unless further mergers would be necessitated by financial stability considerations, that further concentration of the Icelandic financial market through acquisitions by Íslandsbanki can be prevented.
Det fremgår også af udtalelser fra de islandske myndigheder, at en revision af de valutapolitiske rammer stadig er på dagsordenen, med eller uden den mulighed, at Island bliver medlem af EU, samt andre midler til at forbedre den økonomiske forvaltning og sikre, at tilsynsmyndigheder »kan se skoven for bare træer« og effektivt anvender de mest hensigtsmæssige makrotilsynsværktøjer.
This commitment also ensures that the aid that has been granted to Íslandsbanki is used for restoring its viability rather than it being used to consolidate and further expand its market presence in Iceland.
Se kapitel 6 i økonomiministerens rapport til Altinget, The Future Structure of the Icelandic Financial System, som findes på http://eng.efnahagsraduneyti.is/publications/news/nr/3559.
The same is true for Íslandsbanki's commitment pursuant to which it will, until 15 October 2014, neither enforce contract clauses nor introduce new contract clauses which make special terms on interest rates contingent upon maintaining a minimum range of business with the bank, as well as for the commitment not to invoke state involvement as a source of a competitive advantage when marketing its services.
Siden efteråret 2008 er flere finansvirksomheder forsvundet fra markedet (ud over de »gamle« store kommercielle banker, Glitnir, Kaupthing og Landsbanki): Sparisjóðabanki Íslands (tidligere Icebank), Reykjavik sparekasse (SPRON), Sparisjóður Mýrasýslu (Myrasysla sparekasse, SPM), VBS Investment Bank og Askar Capital Investment Bank.
As described above, the Icelandic financial market currently presents a challenging operating environment for any bank, which is reflected also by the almost complete absence of interest from abroad to enter this market at the present time.
Investeringsbanken Straumur-Burdaras Investment Bank og Saga Capital Investment Bank har også oplevet en betydelig nedgang i deres aktiviteter.
The Authority thus welcomes the commitments by Íslandsbanki relating to facilitating the switching between banks and providing basic payment processing as well as money distribution services.
Den 11. april 2011 blev en kontrakt om salget af (gamle) MP banks aktiviteter i Island og Litauen godkendt på bankens generalforsamling, hvor over 40 nye aktionærer investerede 5,5 mia. ISK i nye aktier i banken.
The Authority is of the view that those measures, in conjunction with the agreement between the three major banks and ICA on RB mentioned above ensure that smaller market participants can access the most essential infrastructure and services at reasonable prices without the larger players being able to block their access.
Andre af den gamle banks transaktioner forblev hos de tidligere ejere og blev overført til en ny juridisk person, EA fjárfestingarfélag hf.
The Authority is of the view that this will reduce the barriers to entry for future (potential) market participants, and could allow existing smaller players to expand their market shares if they are able to offer better services than their larger competitors.
Der findes yderligere oplysninger i MP banks pressemeddelelser af 11. april 2011, som findes på https://www.mp.is/um-mp-banka/utgefid-efni/frettir/nr/1511 og https://www.mp.is/um-mp-banka/utgefid-efni/frettir/nr/1510.
Moreover, the measures aimed at facilitating switching will contribute to more fierce competition between the existing large players, and could contribute to prevent or dissolve a situation of potential collective dominance.
Ifølge forliget har RB og dens ejere accepteret en række forpligtelser, der skal forebygge konkurrencefordrejning hidrørende fra RB's aktiviteter og samarbejdet mellem dens ejere.
Lastly, Íslandsbanki commits to sell, as soon as possible, shareholdings in operating companies which have been taken over due to restructuring in line with Article 22 of the Act on financial undertakings No 161/2002, commits to follow the procedure and time-limits which are set out in this provision, and will maintain up-to-date information on its website or of a subsidiary on subsidiaries and shareholdings that are held for sale.
I henhold til forpligtelserne skal RB bl.a. drives på almindelige kommercielle vilkår og uafhængigt af dens ejere, flertallet i RB's bestyrelse skal bestå af eksperter, der er uafhængige af ejerne, adgang til RB's systemer og ydelser skal ske på ligelige vilkår, og vilkårene for levering af RB's ydelser skal være de samme, uanset om kunden er aktionær i RB eller ikke.
The Authority welcomes Íslandsbanki's commitment to divest as soon as possible all companies and shareholdings that are not related to its core business, not the least because of viability concerns.
I denne sammenhæng forstår Tilsynsmyndigheden, at indirekte ejerskab henviser til bankernes mulige indflydelse på og kontrol over virksomheder på grund af deres gæld til banken.
Whilst the Authority is of the view that it is self-evident that the bank needs to respect domestic legal obligations such as Article 22 of the Act on financial undertaking, it takes note of this commitment and draws the Icelandic authorities' and beneficiaries' attention to the fact that in this regard a breach of national law might also entail a misuse of aid.
Glitnirs årsberetning for 2007, s. 40.
The Authority moreover considers that by having to include information about foreseen divestments and sales on its website, more transparency about the current ownership situation in the Icelandic economy is introduced.
Beretningen er tilgængelig på http://tools.euroland.com/arinhtml/is-isb/2007/ar_eng_2007/ Glitnirs konsoliderede regnskab for 2007 findes her: http://en.sff.is/media/auglysingar/Glitnir_-Annual_Report_2007.pdf.
This remedies, at least to some extent, this particular competition concern that currently characterises Iceland's markets.
Íslandsbanki har den næststørste markedsandel på NASDAQ OMX ICE, markedet for fastforrentede værdipapirer i henhold til omsætningstal for 2011.
On the basis of all of the above, given in particular the specific situation in Iceland and the fact that the Authority considers that the above measures address the main competition issues that the Authority has identified in collaboration with the ICA, and taking into account the overriding objective of financial stability, the Authority concludes that the commitments limit distortions of competition to a satisfactory degree.
Økonomiministeren har også for nylig henvist hertil i et interview med Viðskiptablaðið den 2. december 2010, s. 8: »[Erklæringen] vil blive trukket tilbage til rette tid.
The initial operating capital, the (temporary) full state capitalisation, the retention by the State of the 5 % share capital and the Tier-II capital granted to Íslandsbanki as well as the special liquidity facility, the unlimited deposit guarantee and the Straumur agreement constitute state aid within the meaning of Article 61(1) of the EEA Agreement.
Vi agter ikke at opretholde ubegrænset garanti for indskud i det uendelige.
Article 2
Spørgsmålet om, hvornår den vil blive trukket tilbage, afhænger dog af, hvornår der indføres et alternativt, effektivt indskudssystem og et finanssystem, som har løst alle sine problemer« (Tilsynsmyndighedens oversættelse).
The measures enumerated in Article 1 constitute unlawful state aid from the dates of their implementation to the date of this decision in view of the failure by the Icelandic authorities to comply with the requirement to notify the Authority before implementing the aid in accordance with Article 1(3) of Part I of Protocol 3.
Det relevante punkt kan findes i brevets afsnit 16 (side 6): http://www.efnahagsraduneyti.is/media/Acrobat/Letter_of_Intent_2nd_review_-_o.pdf.
Article 3
Der blev også underskrevet et tillæg til aftalen den 13. januar 2010, og en ny aftale blev indgået den 19. juli 2010 som reaktion på bestemte bemærkninger fra FME.
The authorisation for the unlimited deposit guarantee expires at the end of 2014.
Som nævnt ovenfor var en af FME's betingelser, at kontante eller kontantlignende aktiver skulle udgøre 5 % af indskud på anfordring, og at bankerne skulle kunne modstå en øjeblikkelig udstrømning af indskud på 20 %.
Article 4
Beslutningen findes på engelsk på: http://fme.is/lisalib/getfile.aspx?itemid=6055.
This Decision is addressed to the Republic of Iceland.
Beslutningen findes på engelsk på: http://fme.is/lisalib/getfile.aspx?itemid=6077.
Article 5
Tilgangen svarer til, hvordan mange lande bruger LIBOR som grundsats for lån med variabel rente, men islandske banker bruger REIBOR (plus en præmie) som grundlag for at yde lån med variabel rente i den islandske valuta, króna.
Done at Brussels, 27 June 2012.
Den 5-årige forretningsplan er også blevet suppleret med en præsentation af de væsentligste ændringer af den 5-årige forretningsplan, som blev udarbejdet til bestyrelsesmødet den 27. marts 2012, og som genfindes i ICAAP-rapporten.
For the EFTA Surveillance Authority
FX-udlån betegner udlån i fremmed valuta.
President
Sikrede lån i fremmed valuta og vedrører normalt lån i en anden valuta end valutaen i låntagers hjemland.
College Member
De økonomiske antagelser, som prognoserne er baseret på, er udarbejdet af bankens undersøgelsesafdeling.
This document is made available for information purposes only.
De generelle antagelser blev sammensat af de relevante afdelingsledere og højtstående medarbejdere og godkendt af bankens direktion.
In this public version, some information has been omitted so as not to divulge confidential information.
Fra den 16. maj 2012 har CBI's syv-dages udlånsrente med sikkerhedsstillelse været 5,5 %.
This is denoted by […] or a range in square brackets providing for a non-confidential approximation of the relevant figure.
På tidspunktet, hvor omstruktureringsplanen blev fremlagt, var den finansielle rapportering for 2011 endnu ikke færdiggjort, og oplysningerne fra 30. september 2011 blev benyttet i den endelige omstruktureringsplan.
See for a more thorough description of the procedure the opening decision, referred to in footnote 3.
Efter offentliggørelse af Íslandsbankis regnskab for 2011 ajourfører Tilsynsmyndigheden tallene.
The Authority's Decision No 494/10/COL, opening the formal investigation procedure into state aid granted in the restoration of certain operations of (old) Glitnir Bank hf and the establishment and capitalisation of New Glitnir Bank hf (now renamed Íslandsbanki), OJ C 41, 10.2.2011, p. 51 and EEA Supplement to the Official Journal No 7, 10.2.2011, p. 50.
Årsagen til faldet i forrentningen af egenkapitalen i 2011 var højesterets dom om udlån i valuta af 15. februar 2012 og afskrivning af goodwill efter fusionen med Byr.
Further information on the procedure leading up to the Authority's Decision No 494/10/COL, can be found in the procedure part of the decision.
Den »store rabat« var todelt ifølge de islandske myndigheder og bestod af en nedskrivning og en rabat.
Corrected by the interested parties on 25 May 2012.
Nedskrivningen afspejler forskellen i pålydende værdi og den skønnede tilbagekøbsværdi af låneaktiverne.
See Authority's Decision No 325/11/COL, on the acquisition of Byr hf by Íslandsbanki and the prolongation of the temporary approval of the subordinated loan facility granted to Byr hf, OJ C 16, 19.1.2012, p. 10 and the and EEA Supplement to the Official Journal No 3, 19.1.2012, p.
De største islandske banker accepterede at tilbyde alle overgearede kunder en realkreditjustering på 110 %, dvs. realkredittens hovedstol fastsættes til 110 % af ejendommens registrerede værdi.
The SIC's members were Supreme Court Judge, Mr Páll Hreinsson; Parliamentary Ombudsman of Iceland, Mr Tryggvi Gunnarsson; and Mrs Sigríður Benediktsdóttir Ph.D., lecturer and associate chair at Yale University, USA.
Íslandsbanki har understreget, at prioriteringen af indskud i Island begrænser muligheden for at udstede gæld uden sikkerhed […].
The report is available in full in Icelandic at: http://rna.althingi.is/ and parts translated into English (including the Executive Summary and the chapter on the causes of the collapse of the banks) are available at: http://sic.althingi.is/
Forbrugerprisindeks.
Icelandic króna.
Risikobogen ligger på bankens websted www.Íslandsbanki.is/riskbook.
Lending to foreign parties increased by 11,4 billion euros from 9,3 billion euros to 20,7 billion euros in six months.
Det første trin i vurderingen af kapitalkravene er baseret på Søjle 1-beregninger.
Chapter 21.2.1.2 (page 6) of the Report.
Ifølge ICAAP-rapporten vurderes de supplerende kapitalbehov under Søjle 2 (Søjle 2a og 2b) som følger:a) Andre risikotyper og risici, der ikke er dækket fuldt ud under Søjle 1: Ud over den minimale kapital, der er nødvendig under Søjle 1, kan der være behov for yderligere kapital under Søjle 2a på grund af andre risikofaktorer eller på grund af underdrivelse af Søjle 1-risikofaktorer.
The position was further exacerbated by foreign creditors of the largest Icelandic investment companies making margin calls as a result of reduced collateral values, leading to the three main banks taking over the financing so that the foreign banks could be repaid.
Kapitalkravene under Søjle 1 og Søjle 2a udgør basiskapitalkravet for banken.b) Reduktion af den tilgængelige kapital på grund af stresstester og af strategiske årsager: Basiskapitalkravet vurderes i henhold til »normale forretningsbetingelser«.
Chapter 21.2.1.4 of the Report.
Dermed kan det være nødvendigt for banken at have en kapitalbuffer for at kunne modstå stressede markedsbetingelser og understøtte den planlagte vækst.
Chapter 2, page 5 of the report.