natgillin/translations-raw huggingface dataset:
I den del af budgetloven for 2011, der vedrørte statsgarantier, nævnes desuden en fodnote til den islandske regerings erklæring om, at indskud i islandske banker er omfattet af en statsgaranti [38].
The Emergency Act gave the FME authority to intervene ‘in extreme circumstances’ and assume powers of financial institutions' shareholders meetings and board meetings, and decide on the disposal of their assets and liabilities.
En nylig udtalelse fra den nuværende økonomiminister og forhenværende finansminister (2009-2011), Steingrímur Sigfússon, i en debat i Altinget om regeringens omkostninger ved Landsbankinns overtagelse af SpKef illustrerer også ovenstående.
The FME was also granted power to appoint resolution committees to financial undertakings that it had taken over, which held the powers of shareholders' meetings.
Ifølge ministeren må man i denne sag ikke glemme statens erklæring fra efteråret 2012 om, at alle indskud i sparekasser og forretningsbanker ville være sikret og beskyttet.
In winding up the institutions, the Act gives priority status to claims by deposit holders and deposit guarantee schemes.
»Siden da har arbejdet i alle instanser været baseret på denne (erklæring), og det er desværre korrekt, at disse (betalinger til SpKef) bliver en af de større udgifter, som betales direkte af staten som omkostninger til sikring af indskud fra alle indbyggere i Suðurnes … og alle SpKef's kunder i Vestfjorden og nordvestområdet… Jeg forventer ikke, at nogen har troet, at indskydere i disse områder ville blive behandlet anderledes end andre indbyggere, så staten havde ikke noget valg i denne sag« [39].
The Act also authorised the Icelandic Ministry of Finance to establish new banks.
Ifølge den islandske regering vil den supplerende indskudsgaranti blive ophævet, før kapitalkontrollerne helt ophæves, hvilket ifølge de islandske myndigheder forventes at ske ved udgangen af 2013.
The Emergency Act includes amendments of the Act on Financial Undertakings, No 161/2002, the Act on Official Supervision of Financial Activities, No 87/1998, the Act on Deposit Guarantees and Investor-Compensation Scheme, No 98/1999, and the Act on Housing Affairs, No 44/1998.
Redning og overførsel af aktiviteter fra Spkef til Landsbankinn
Supplementary State Budget Act for 2008 (Article 4)
I marts 2009 faldt Keflavik sparekasses kapitalposition ned under det ved lov krævede minimum.
State Budget Act for 2009 (Article 6)
Ifølge de islandske myndigheder skyldtes dette til dels følgevirkningerne af den finansielle turbulens, der er beskrevet ovenfor, og også, at den økonomiske krise havde ramt de regioner, hvor banken var aktiv, særligt hårdt.
The aid measures
Denne bank havde tilbudt opsparingskonti og lån til detailkunder og små og mellemstore virksomheder.
The Icelandic authorities' intervention following the failure of Landsbanki has been described above, and was set out in more detail in the opening decision.
Den havde også tilbudt aktivforvaltning og børsmægling ud over traditionelle finansielle tjenesteydelser som betalingsydelser, inddrivelsestjenester, bankydelser til boligforeninger, private banking for præmiekunder, onlinebankvirksomhed og ATM-tjenester.
The essence of the interventions can be summarised in the following manner:
Hovedkvarteret lå i Keflavik, og banken havde 16 afdelinger i Suðurnes-området, Vestfjorden, Hvammstangi og Ólafsvik.
The FME took control of Landsbanki on 7 October 2008, and domestic liabilities and (most) domestic assets were transferred to New Landsbanki on 9 October 2008.
Bankens markedsandel var ca. 3 % målt efter samlede indskud i finansinstitutioner i Island.
The estate of the old bank and its creditors were to be compensated for this transfer by receiving the sum of the difference between assets and liabilities.
Den følgende dag oprettede finansministeren en ny finansvirksomhed, Spkef, der overtog Keflavik sparekasses aktiviteter i overensstemmelse med FME's beslutning.
On 15 December 2009 an agreement was reached between the State and the creditors of the old bank, pursuant to which the State took a 81,33 % stake in the bank (by injecting 121,225 billion ISK) whilst the creditors of Landsbanki subscribed to 18,67 % of the new shares.
Sparekassens indskud, en del af de andre passiver og de fleste aktiver blev overført til den nye virksomhed, der igangsatte sine aktiviteter med øjeblikkelig virkning.
The compensation of the creditors for the transferred assets depends, according to the agreement between the State and the creditors, mainly on a contigent bond, further described below.
Oprindelig havde hensigten ifølge de islandske myndigheder været at genoprette Spkef's levedygtighed med en kapitalindsprøjtning og sætte den i stand til at køre videre ved egen kraft.
The Authority considers the date on which the agreement was reached — 15 December 2009 — to mark the beginning of the 5 year restructuring period, which will consequently last until 15 December 2014.
Men i februar 2011, efter en yderligere forringelse af de økonomiske forhold i de områder, hvor Spkef var aktiv, anslog Spkef's ledelse og bestyrelse den finansielle forskel mellem værdien af hhv. indskud og aktiver til at være 11,2 mia. ISK, hvilket betød, at der var behov for 19,4 mia. ISK for at opfylde FME's krav til kapitalprocent.
The following section is limited to describing those aspects of the State's intervention that constitute aid measures relevant for assessment under Article 61 of the EEA Agreement.
Ifølge de islandske myndigheder var dette skøn langt dårligere end tidligere vurderinger, og man overvejede derfor andre, mindre dyre, midler til at afbøde situationen.
Tier I capital
Den 5. marts 2011 blev der indgået en aftale mellem Landsbankinn og de islandske myndigheder, således at Spkef's aktiviteter, aktiver og passiver ville blive lagt sammen med Landsbankinns.
The State provided Tier I capital twice — once, when New Landsbanki was created in 2008, and then again when the bank was fully capitalised in 2009, after an agreement with the creditors of the old bank had been reached.
Ifølge de islandske myndigheder blev dette betragtet som den bedste udvej for at sikre finansiel stabilitet og varetage kundernes, kreditorernes og den islandske stats interesser, da Landsbankinns kapitalprocent var blevet tilstrækkelig høj til, at banken kunne overtage Spkef uden behov for yderligere bidrag fra staten.
Initial capital
De islandske myndigheder anfører, at de under alle omstændigheder var nødvendigt at udligne Spkef's negative aktivposition (imod forpligtelser i indskud) på grund af indskudsgarantien.
The state provided 775 million ISK [29] (5 million Euros) in cash as initial capital to the new bank.
Da aftalens parter ikke kunne nå til enighed om forskellen mellem de overførte aktiver og passiver, blev ovennævnte voldgiftsnævn overdraget opgaven.
This allocation of capital was intended to provide an adequate guarantee of the operability of the bank until issues relating to its final re-capitalisation could be resolved, including the size of its opening balance based on the valuation of compensation payable to the old bank for assets transferred from it.
Den 8. juni 2012 afsluttede nævnet sit arbejde og besluttede, at kompensationen til Landsbankinn efter overtagelsen af Spkef's indskud og aktiver udgør 19,2 mia. ISK [40].
The final capitalisation of Landsbankinn
Ifølge de islandske myndigheder vil betalingen ske i form af statsobligationer.
On 20 July 2009 the Icelandic Government announced that it had determined the basis for the capitalisation of Landsbankinn and reached an agreement on a process for how the old banks would be compensated for the transfer of net assets.
Redningen og købet af Sparisjodur Svarfdaela
It also announced that the state would capitalise the new bank.
Med hensyn til Sparisjodur Svarfdaela er begivenhederne forud for april 2011, som danner baggrund for dens finansielle problemer og den islandske stats indgreb, beskrevet i ovennævnte sparekassebeslutninger.
Final agreement on the capitalisation was reached on 15 December 2009 (eventually to the total sum of 150 billion ISK, of which the state provided 121,225 billion ISK) when agreement was reached on compensation to creditors for the net value of the assets and liabilities transferred to Landsbankinn.
Det efterfølgende køb af Landsbankinn blev beskrevet og godkendt af Tilsynsmyndigheden i ovennævnte SpSv-beslutning.
As described above, the capital requirements imposed by the FME stipulated that Landsbankinn should hold at least 12 % Core Tier I Capital [30] and an additional 4 % of Tier II Capital as a ratio of risk-weighted assets.
Den islandske regering ydede statsstøtte til SpSv ved at give et efterstillet lån i april 2011 og betale CBI's fordringer på SpSv.
When Landsbankinn was formally capitalised on 20 January 2010, the Core Tier I Capital ratio of the bank was approximately 15 %.
Disse fordringer blev konverteret til garantikapital, som blev overført til Bankasýsla ríkisins (den islandske stats kontor for finansielle investeringer).
The FME granted temporary relief from the (overall) 16 % requirement conditional upon the submission of an acceptable plan illustrating how the full amount would be achieved.
Disse redningsforanstaltninger blev kendt midlertidigt forenelige med EØS-aftalen på grundlag af sparekassebeslutningerne og med forbehold af fremsendelse af en omstruktureringsplan for SpSv.
In June 2010 the bank reported that its Core Tier I exceeded 16 % and on that basis the FME permanently exempted Landsbankinn from the requirement to hold Tier II capital as long as its Core Tier I ratio remains above 16 %.
Da Landsbankinn har overtaget alle SpSv's aktiver og aktiviteter, der udgør omkring 0,311 % af Landsbankinns aktiver pr. samme dag, anser Tilsynsmyndigheden Landsbankinns omstruktureringsplan for at være omstruktureringsplanen for den sammenlagte enhed.
This agreement followed a lengthy and complex negotiation process resulting in an outline agreement among the parties in a heads of terms on 10 October 2009 and more detailed sets of term sheets in relation to the debt instruments on 20 November 2009.
Omstruktureringsplanen
There were also a number of subsequent meetings and discussions between the parties during which the outlined terms were modified and reflected in documentation.
I omstruktureringsplanen behandles centrale spørgsmål som levedygtighed, byrdefordeling og begrænsning af konkurrencefordrejning.
The resulting agreement comprises the issuance of three bonds denominated in Euros, Pound Sterling and US Dollars, respectively, having an aggregate principal amount equivalent to 260 billion ISK, and also involves Landsbanki (or in effect the old bank's creditors) taking an initial (and potentially temporary) 18,67 % ownership stake in Landsbankinn.
Som anført ovenfor mener Tilsynsmyndigheden, at omstruktureringsperioden varer frem til den 15. december 2014.
In addition, given the considerable uncertainty about the value of the transferred assets, Landsbankinn agreed to issue to Landsbanki a contingent bond (linked to its equity participation), the principal amount of which will not be determined until on or after 31 March 2013.
Beskrivelse af omstruktureringsplanen
Following the determination of the principal amount of the contingent bond, all or part of the shareholding held by Landsbanki may be surrendered to the Icelandic government.
De islandske myndigheder og banken mener, at omstruktureringen af Landsbankinn vil sikre, at den igen kan blive en solid, velfinansieret bank med sunde kapitalprocenter, således at den kan bevare sin rolle som leverandør af kredit til realøkonomien.
[32]
På grundlag af oplysningerne i omstruktureringsplanen og de skriftlige svar på spørgsmålene fra Tilsynsmyndigheden vil man navnlig opnå dette gennem følgende:
Deposit guarantee
fjernelse af gearing fra balancen ved at afvikle den gamle bank og etablere en ny bank
In order to comply with Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes [33] and Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes [34], Iceland adopted Act No 98/1999 on deposit guarantees and investor-compensation scheme and thereby set up the so-called Depositors' and Investors' Guarantee Fund (‘TIF’).
etablering og fastholdelse af en stærk kapitalkoefficient og en sund balance
The fund has been financed by annual contributions from the banks, calculated in relation to the total deposits of that bank.
opnåelse af tilfredsstillende rentabilitet
According to the Iceland authorities in addition to the bank rescue measures of the Icelandic Government of autumn 2008 they intended to give further assurance and comfort to the general public on the safety of their deposits when the crisis struck.
etablering og fastholdelse af en stærk likviditetsposition
Thus they provided an additional state backing of deposits in domestic commercial and savings banks, outside the scope of Act No 98/1999 implementing the deposit guarantee Directive 94/19/EC and the investor-compensation Directive 97/9/EC.
færdiggørelse af omstruktureringen af låneporteføljen, både for private husholdninger og for virksomheder
An announcement from the Prime Minister's Office of 6 October 2008 stated that the ‘Government of Iceland underlines that deposits in domestic commercial and savings banks and their branches in Iceland will be fully covered’ [35].
forbedring af finansieringsstrategien
This announcement has since been repeated by the Office of the current Prime Minister in February and December 2009.
øget omkostningseffektivitet
[36] Moreover, reference was made to it in a letter of intent sent by the Icelandic Government to the International Monetary Fund (and published on the website of the Ministry of Economic Affairs and of the IMF) on 7 April 2010 (and repeated in a further letter of intent dated 13 September 2010).
forbedring af risikostyring.
The letter (which was signed by the Icelandic Prime Minister, Minister of Finance, Minister of Economic Affairs and Governor of the CBI) states that ‘At the present time, we remain committed to protect depositors in full, but when financial stability is secured we will plan for the gradual lifting of this blanket guarantee.’ [37] Furthermore, in the section of the bill for the Budget Act 2011 concerning state guarantees, reference is made in a footnote to the Icelandic government's declaration that deposits in Icelandic banks enjoy a state guarantee.
Inden de enkelte punkter ovenfor beskrives nærmere, skitseres bankens syn på, hvordan svaghederne, som bidrog til Landsbankis konkurs, afhjælpes i omstruktureringsplanen, kort nedenfor.
[38]
Det understreges, at selvom Landsbankinn er baseret på Landsbankis indenlandske transaktioner, er det en anden bank.
A recent statement of the current Minister of Economic Affairs and former Minister of Finance (2009-2011), Steingrímur Sigfússon in a debate in the Icelandic Parliament regarding the government's cost related to Landsbankinn's taking over SpKef, illustrates the above further: According to the Minister, one must keep in mind regarding this matter the State's declaration in the autumn of 2012 that all deposits in savings banks and commercial banks would be safe and protected.
De islandske myndigheder anfører, at de svagheder, der var kendetegnende for Landsbanki før banksystemets sammenbrud, gennemgås detaljeret i rapporten fra den særlige undersøgelseskommission, som er beskrevet tidligere.
‘Work has since in all instances been based on this (i.e. the declaration) and it is unfortunately correct that this (i.e. payments due to SpKef) will be one of the bigger bills footed directly by the state as costs for securing the deposits of all inhabitants of Suðurnes … and all SpKef's clients in the West Fjords and the West and North-West area … I do not expect that anyone has thought that deposit holders in those areas would be treated differently from other inhabitants, so the state did not have much of a choice in this matter’.
Desuden understreger banken, at navnlig dårlig risikostyring, overdreven risikovillighed, det usædvanligt tætte forhold mellem ejere og største låntagere, for kraftig vækst over for kort tid, manglende erfaring på de globale markeder, for lempelige udlånsregler, mangel på intern kontrol og en fejlslagen virksomhedskultur og -strategi alt sammen var faktorer, der førte til sammenbruddet.
[39]
Den anfører også, at der er foretaget store ændringer i bankens forretningsmodel, siden Landsbankinn startede sit virke i efteråret 2008, og at ovennævnte faktorer var bestemmende for gennemførelsen af bankens nye strategi og ledelse.
According to the Icelandic government, the additional deposit guarantee will be lifted before the capital controls are fully abolished, which according to the Icelandic authorities is currently foreseen for the end of 2013.
Ud over en lang liste over foranstaltninger, der skal omorganisere de interne arbejdsprocesser og udskifte centrale medarbejdere, ser de mest relevante ændringer ud til at være følgende: Større fokus på indenlandske aktiviteter, især inden for detailbankvirksomhed og afdelingsnet, kraftig reduktion af investeringsaktiviteter, øget vægt på omstrukturering af låneportefølje, revideret risikostyring og større vægt på virksomhedernes sociale ansvar og overholdelse af høje etiske normer.
Rescue and transfer of operations from Spkef to Landsbankinn
Selv om Landsbankinn i lighed sin forgænger leverer en bred vifte af finansielle tjenester på det islandske marked, er forskellen mellem bankdriften i Landsbankinn før og efter krisen mere synlig med hensyn til, »hvordan« banken driver forretning (processer, procedurer, dokumentation, regler og regulering) snarere end »hvilke« tjenester og produkter, den tilbyder.
In March 2009 the capital position of Keflavik Savings Bank fell short of the statutory required minimum.
Fjernelse af gearing fra balancen ved at afvikle den gamle bank og etablere en ny bank
According to the Icelandic authorities, this was caused in parts by spill-over effects of the financial turmoil that was described above, and also by particular strong impact of the economic crisis on the regions in which the bank was active.
Ifølge omstruktureringsplanen betyder dette, at problemet med fjernelse af gearing fra bankens balance i hovedsagen blev løst allerede i oktober 2008.
This bank had offered savings accounts and loans to retail customers and small and medium-sized enterprises.
Som et resultat af ovenfor beskrevne kapitaliseringsforanstaltninger og udviklingen siden bankens etablering, navnlig revurderingen af aktiver (beskrives nærmere nedenfor), har Landsbankinn opnået en kapitalprocent, der ligger et godt stykke over FME's kapitalkrav.
Its headquarters were located in Keflavik and the bank operated sixteen branches in the Suðurnes Area, the West Fjords, Hvammstangi and Ólafsvik.
Kapitalprocenten steg fra 13,0 % ultimo 2008 til 15,0 % ultimo 2009, 19,5 % ultimo 2010 og 21,4 % ultimo 2011.
The bank had about 3 % market share measured in total deposits in financial institutions in Iceland.
I denne periode forventes balancen at falde lidt, fra omkring 1135 mia. ISK til […] mia. ISK.
After the CAD ratio had fallen below the required minimum, the FME granted repeated extension periods for the bank to reorganise its finances in collaboration with its creditors and bring its capital base to the minimum of 16 %.
På balancens aktivside vil betydningen af værdipapirer og værdipapirinstrumenter falde kraftigt, sandsynligvis på grund af det forventede salg af driftsselskaber.
The final deadline for increasing Keflavik Savings Bank's capital base expired on 21 April 2010.
På passivsiden vil betydningen af indskud stige (fra de nuværende ca. 444 mia. ISK til […] mia. ISK), mens andelen af sikrede obligationer og passiver til finansinstitutioner og CBI vil falde.
In a letter dated 22 April 2010 Keflavik Savings Bank informed the FME that part of the savings bank's creditors had rejected proposals on financial reorganisation and, given the situation of the bank at the time, it was requested that the FME took over the bank's operations.
Opnåelse af tilfredsstillende rentabilitet
The next day, the Minister of Finance established a new financial undertaking, Spkef, which took over the operations of Keflavik Savings Bank in accordance with a Decision by the FME.
Ifølge omstruktureringsplanen og som vist nedenfor i tabel 2, har forrentningen af Landsbankinns aktiekapital været sund siden 2009.
The deposits, part of other liabilities and most of the assets of the savings bank were transferred to the new undertaking which commenced operations immediately.
Tabel 2
Initially, according to the Icelandic authorities, it had been intended to restore the viability of Spkef by injecting capital and making it viable on a stand-alone basis.
Tidligere forrentning af egenkapital
However, in February 2011, and following further deterioration of the economic conditions in the areas in which Spkef was active, the management and board of Spkef estimated the financial difference in the respective values of deposits and assets to be 11,2 billion ISK, which meant that 19,4 billion ISK were needed to meet the FME's CAD ratio requirements.
Forrentning af egenkapital [41]
According to the Icelandic authorities, this estimation was by far worse than what previous assessments had indicated and other, less costly means to remedy the situation were therefore considered.
Desuden vil denne forrentning i henhold til omstruktureringsplanen være følgende i den resterende omstruktureringsperiode (tabel 3):
On 5 March 2011 an agreement was reached between Landsbankinn and the Icelandic authorities whereby the operations, assets and liabilities of Spkef would be merged with Landsbankinn.
Tabel 3
According to the Icelandic authorities, this was considered to be the best course of action to safeguard financial stability and the interest of customers, creditors and the Icelandic state as Landsbankinn's capital adequacy ratio had become sufficient to take over Spkef without the need for an additional state contribution.
Forventet forrentning af egenkapital
The Icelandic authorities submit that offsetting the negative asset position (against commitments in deposits) of Spkef was in any event necessary, due to the deposit guarantee.
Forrentning af egenkapital
Thus the agreement on the takeover between Landsbankinn and the Icelandic State entailed a commitment by the State to set off the negative asset position of Spkef.
Denne prognose er resultatet af en mere detaljeret finansiel planlægning, der er omfattet af omstruktureringsplanen:
A special mechanism to determine this difference — and hence the scope of the State's obligation — was included, according to which, in the absence of a mutually agreed outcome of the valuation exercise, the dispute would be put before an arbitration committee.
Driftsindtægter vil stige fra omkring 30 mia. ISK til […] mia. ISK, mens overskuddet vil være relativt stabilt og ligge på omkring […] mia. ISK årligt.
As the parties to the agreement could not agree on the difference between transferred assets and liabilities, the aforementioned arbitration committee was charged with this task.
Nettorenteindtægt vil svinge mellem […] og […] mia. ISK.
On 8 June 2012 it concluded its work, and decided that the compensation due to Landsbankinn following the takeover of deposits and assets of Spkef amounts to 19,2 billion ISK.
Gebyr- og provisionsindtægt forventes at stige med ca.[…] %, fra omkring 4 mia. ISK til […] mia. ISK.
According to the Icelandic authorities, the settlement will be made in the form of treasury bonds.
Nettorentemargenen forventes at falde fra […] % i 2012 til […] % i 2014.
The rescue and acquisition of Sparisjodur Svarfdaela
Antallet af medarbejdere forventes at falde med ca. […], fra 1158 til […] i 2016.
As for Sparisjodur Svarfdaela, the events leading up to April 2011 that describe its financial difficulties and the intervention by the Icelandic State were set out in the Savings Banks Decisions referred to above.
Forholdet mellem omkostninger/indtægter ventes at falde fra 57,2 % i 2011 til […] % i 2014.
The subsequent acquisition by Landsbankinn was described and approved by the Authority in the SpSv Decision referred to above.