natgillin/translations-raw huggingface dataset:
På grundlag af ovenstående tentative aftaler besluttede de gamle bankers likvidationskomité i oktober 2009 (Glitnir) og december 2009 (Kaupthing Bank og Landsbanki Islands) at benytte sig af de aftalte muligheder og tegne aktier i de nye banker.
It also emerged that the banks' creditors raised disagreements concerning the valuation process, which they considered not to be impartial, and complained that they were unable to protect their interests.
Den 18. december 2009 meddelte regeringen, at bankomstruktureringen var gennemført, og at der var indgået aftale mellem de islandske myndigheder og de nye banker på den ene side og likvidationskomitéerne for Glitnir Bank, Landsbanki Íslands og Kaupthing Bank på vegne af deres kreditorer på den anden om afvikling vedrørende aktiver, der var overført fra de gamle banker til de nye, og at de nye banker nu var 100 % finansierede.
These complications resulted in a change of policy for settling the accounts between the old and the new banks, entailing that instead of relying on valuations by an independent expert, the parties would try through negotiations to reach agreements on the value of the net assets transferred.
Det viste sig senere, at finansministeriets bidrag til de nye bankers egenkapital blev reduceret betydeligt, fra de oprindeligt forventede 385 mia. ISK til 135 mia. ISK i form af aktiekapital og — for to af de tre banker, Íslandsbanki og Arion Bank — omkring 55 mia. ISK som tier II-kapital i form af efterstillede lån eller i alt 190 mia. ISK.
It was clear that it would be difficult for the parties to reach agreements on the valuations as they were evidently subject to numerous assumptions on which the parties were likely to disagree.
Derudover gav finansministeriet Íslandsbanki og Arion Bank adgang til visse likviditetsfaciliteter.
The state aimed to reach agreements on base evaluations providing a firm foundation for the initial capitalisation of the new banks.
Aktiekapitalen fra de gamle banker til de nye udgjorde i alt omkring 156 mia. ISK.
Price performance of assets in excess of the base evaluation could be attributed to the creditors in the form of contingent bonds or increases in the value of the banks' share capital, as it had emerged in the negotiations that the resolution committees of Glitnir and Kaupthing and a majority of their creditors could be interested to acquire holdings in the new banks, and this would allow them to benefit from potential increases in the values of the assets transferred.
De nye bankers samlede kapitalisering udgjorde derfor ca. 346 mia. ISK.
The full capitalisation of the three new banks and the basis of agreements with the creditors of the old banks were announced on 20 July 2009.
I stedet for at bevare fuldt ejerskab over de tre banker betød aftalerne derfor, at statens andel blev reduceret med ca. 5 % for Íslandsbanki, 13 % for Arion Bank og 81 % for Landsbankinn.
The Government, as the sole owner of the three new banks, reached heads of agreements with the resolution committees of the old banks in relation to how compensation for the transfer of net assets into the new banks would be achieved and paid for.
De gamle bankers kreditorers overtagelse af to af de tre banker løste store problemer i forbindelse med genopbygningen af finanssektoren og skabte et mere solidt kapitalgrundlag for de nye banker, men der var stadig mange svagheder, som ikke var blevet afhjulpet.
With regard to two of the new banks, Íslandsbanki and New Kaupthing (later named Arion Bank), this included conditional agreements for the old banks to subscribe for majority equity interests in the new banks.
Siden efteråret 2009 har bankerne koncentreret deres indsats om interne spørgsmål, fastlagt deres overordnede strategi for deres aktiviteter og især omstruktureret deres låneporteføljer, som udgør den største risikofaktor for deres aktiviteter og langsigtede levedygtighed.
On the basis of the above tentative agreements, the resolution committees of the old banks decided in October 2009 (Glitnir) and December 2009 (Kaupthing Bank and Landsbanki Islands) to exercise the negotiated options and subscribe to shareholding in the new banks.
Omstruktureringsprocessen har været kompleks på grund af mange komplicerende faktorer, herunder Højesterets afgørelser om, at lån, der er ydet i ISK, men indekseret i forhold til udenlandske valutaer, er ulovlige.
On 18 December 2009 the Government announced that bank reconstruction had been concluded and that agreements had been reached between the Icelandic authorities and the new banks, on the one hand, and the resolution committees of Glitnir Bank, Landsbanki Íslands and Kaupthing Bank on behalf of their creditors, on the other hand, on settlements concerning assets which were transferred from the old banks to the new ones, and that the new banks were then fully financed.
For Íslandsbankis vedkommende vil disse spørgsmål blive diskuteret yderligere nedenfor i det omfang, det er relevant for omstruktureringen af denne bank.
As it turned out, the Treasury's contribution to the new banks' equity was reduced substantially, from 385 billion ISK as originally envisaged to 135 billion ISK in the form of share capital and, in the case of two of the three banks, Íslandsbanki and Arion Bank, approximately 55 billion ISK of Tier II capital in the form of subordinated loans or a total of 190 billion ISK.
Makroøkonomisk situation
In addition, the Treasury provided Íslandsbanki and Arion Bank with certain liquidity facilities.
Der fulgte store økonomiske problemer i kølvandet på banksystemets kollaps i oktober 2008.
The share capital provided by the old banks to the new ones amounted in total to approximately 156 billion ISK.
Vanskelighederne i Islands finanssystem blev forstærket af mistilliden til landets valuta.
Total capitalisation of the new banks therefore amounted to approximately 346 billion ISK.
Kronens værdi faldt stærkt i første kvartal af 2008 og igen i efteråret, før og efter de tre kommercielle bankers konkurs.
Thus, instead of maintaining full ownership of the three banks, the agreements implied that the state's holdings would be reduced to approximately 5 % in the case of Íslandsbanki, 13 % in the case of Arion Bank and 81 % in the case of Landsbankinn.
Trods den kapitalkontrol, der blev indført i efteråret 2008, var der fortsat store kursudsving i løbet af 2009 [22].
While this takeover of two of the three banks by the creditors of the old banks resolved major issues in the rebuilding of the financial sector and established firmer capital foundation for the new banks, numerous weaknesses remained which needed to the addressed.
Derudover var der en kraftig stigning i virksomheders og privatpersoners gæld og i andelen af misligholdte lån i bankernes låneporteføljer, og de nye banker overtog mange virksomheder i økonomiske problemer.
Since the autumn of 2009, the banks have concentrated their efforts mostly on internal issues, determining the overall strategy for their operations and in particular restructuring their loan portfolios, which represent the greatest risk factor to their operations and long-term viability.
Efter den dybe recession viser foreløbige tal fra Islands statistikkontor, at situationen vendte i anden halvdel af 2011, og for hele året var der en vækst i BNP på 3,1 % sammenholdt med det foregående år.
As for Íslandsbanki, in so far as relevant for its restructuring, these matters are discussed further below.
Den økonomiske vækst i 2011 skyldtes især en fremgang i den indenlandske efterspørgsel, navnlig en stigning på 4 % i de private husholdningers forbrug.
Macroeconomic environment
Væksten blev underbygget af højere lønninger og sociale ydelser og visse politiske initiativer, der skulle lette husholdningernes tilbagebetaling af deres gæld, herunder midlertidig rentestøtte, fastfrysning af afdrag på lån og fremskyndet udbetaling af private pensionsopsparinger.
Major economic turbulence followed the collapse of the banking system in October 2008.
Foreløbige tal for 2011 viser også, at der skete en langsom stigning i investeringerne, om end udgangspunktet dog var særdeles lavt [23].
The difficulties in Iceland's financial system were coupled with a breakdown of confidence in its currency.
Det offentlige forbrug har været konstant lavt i de sidste tre år.
The króna depreciated sharply in the first quarter of 2008 and again in the autumn, before and after the failure of the three commercial banks.
De overordnede makroøkonomiske tal skjuler større forskelle mellem sektorerne.
Despite capital controls imposed in the autumn of 2008, currency volatility prevailed in the course of 2009 [22].
Ud over sammenbruddet i finanssektoren har der været et kraftigt faldende aktivitetsniveau i byggesektoren og mange andre indenlandske produktions- og serviceaktiviteter.
This turmoil resulted in a severe recession in Iceland's economy, with a contraction of GDP by 6,8 % in 2009 and 4 % in 2010.
På den anden side har der været vækst i visse eksportsektorer.
(35) Among the implications of the economic crisis was a sudden increase in unemployment from 1,6 % in 2008 to 8 % in 2009, a hike in inflation and a drop in real wages.
På grund af den lave kronekurs og de relativt stabile priser i udenlandsk valuta for både fiskeri- og aluminiumsprodukter, steg eksportindtægterne i begyndelsen af den økonomiske krise, også med hensyn til turisme og anden serviceeksport.
Moreover, there was a sharp rise in corporate and household debt and of the share of non-performing loans in the banks' loan portfolios as well as a large scale takeover by the new banks of businesses in financial distress.
Denne prognose er dog behæftet med en vis usikkerhed.
At the same time the high fiscal cost of restructuring the banking system led to a sharp rise in the fiscal deficit and a major surge in public sector debt.
Planlagte omfattende industriinvesteringer kan blive yderligere forsinket.
Following the deep recession provisional data from Statistics Iceland indicates a turnaround in the second half of 2011 and for the whole year a growth of GDP of 3.1 % compared to the previous year.
Væksten kan også trues af en fortsat manglende prisstabilitet i tilknytning til valutaudsving i forbindelse med ophævelse af kapitalkontrollen.
Provisional data for 2011 also indicate a slow increase in investments, however from a particularly low level [23].
Finanstilsyn og forbedringer af de lovgivningsmæssige rammer
Public consumption has remained at a subdued level during the past three years.
Efter FME's indledende arbejde med at skabe et grundlag for de nye banker og vurdere værdien af de nettoaktiver, der blev overført fra de gamle, gennemførte FME i foråret 2009 en revision af de nye banker og deres forretningsplaner, finansielle styrke og kapitalkrav i et såkaldt afslutningsprojekt.
The general macroeconomic data disguise more significant sectoral differences.
Dette skete med bistand fra det internationale managementkonsulentfirma Oliver Wyman.
In addition to the collapse in the financial sector a major contraction has taken place in construction and many other domestic production and service activities.
Efter denne proces meddelte FME bankerne driftslicenser på forskellige betingelser.
Growth has on the other hand taken place in certain export sectors.
I lyset af kvaliteten af aktivporteføljerne og den forventede økonomiske usikkerhed fandt man det nødvendigt at stille højere kapitalkrav til de tre banker end det ved lov fastsatte minimum.
Due to the low exchange rate of the króna and relatively stable prices in foreign currency for both marine and aluminium products, export revenue rose following the onset of the economic crisis, also with respect to tourism and other services exports.
Likviditetsvilkårene blev også specificeret med krav om, at tilgængelige likvide midler til ethvert tidspunkt skulle udgøre mindst 20 % af indskuddene, og at kontantbeholdninger er eller tilsvarende likvide midler skulle udgøre mindst 5 % af indskuddene.
At the same time, imports fell sharply, turning the trade balance [24] temporarily to a surplus of approximately 10 % of GDP in 2010.
Desuden blev der stillet krav vedrørende andre forhold såsom omstrukturering af låneporteføljer, risikovurdering, virksomhedsledelse og ejerskab.
However, with increased domestic demand in 2011, imports have grown again, leading to an overall smaller trade surplus of 8,2 % of GDP.
FME indførte tilsvarende kapitalkrav vedrørende andre finansvirksomheder.
Statistics Iceland forecast for 2012-2017 assumes that gradual economic recovery will continue with 2,6 % growth in 2012.
Det økonomiske stabiliseringsprogram, der blev udviklet i samråd med IMF, omfattede en gennemgang af de lovgivningsmæssige rammer for finansielle tjenesteydelser og tilsyn med henblik på at forbedre forsvaret mod fremtidige finanskriser.
A similar growth rate is expected throughout the forecast period.
Blandt de forbedringer, han foreslog, var oprettelsen af et nationalt kreditregister hos FME med henblik på at mindske kreditrisici i systemet.
Planned large scale industrial investments might be further delayed.
Han foreslog også i sin rapport at indføre strammere regler og en strengere praksis for store eksponeringer og dertil knyttet långivning og at foretage flere tilsyn på stedet for at kontrollere tilsyn og rapporter uden for bankerne, især af kreditrisici, likviditetsrisici og valutarisici.
Iceland's terms of trade would be negatively affected by a prolonged recession in the main trading countries, implying a lower growth rate in Iceland.
Det blev også anbefalet at revidere og forbedre indskudsgarantisystemet og følge udviklingen i EU tæt.
Slower progress than anticipated in tackling the debt burden of households and corporates would furthermore restrain domestic demand and the growth prospects of the economy.
Regeringen fremsatte derefter et lovforslag i Altinget, baseret på bl.a. forslag fra Jännäri, og ændringsforslag til EØS-loven om finansielle aktiviteter fra og med 2009, som blev vedtaget og trådte i kraft 1. juli 2010 som lov nr. 75/2010.
Growth could also be threatened by continued price instability linked to currency volatility in the context of removal of capital controls.
Med den nye lov blev der indført omfattende ændringer af loven om finansielle virksomheder.
Financial supervision and improvements in regulatory framework
Senere blev der foretaget mange ændringer af loven om finansielle virksomheder og om tilsyn med og overvågning af finansielle tjenesteydelser.
Following the FME's initial work linked to the foundation of the new banks and the assessment of the value of the net assets transferred from the old banks, the FME conducted in the spring of 2009 an audit of the new banks and their business plans, financial strength and capital requirements in a so-called sign-off project.
Disse lovændringer er beskrevet mere detaljeret i bilaget.
This was done with the assistance of the international management consultant firm Oliver Wyman.
Største udfordringer for fremtiden [25]
Having concluded the above process, the FME granted the banks operating licenses subject to various conditions.
Det virker indlysende, at Island — som mange andre lande, der er hårdt ramt af finanskrisen — står over for mange udfordringer med hensyn til at tilpasse det retlige og driftsmæssige miljø for finansielle tjenesteydelser med henblik på at skabe et levedygtigt, effektivt finanssystem for fremtiden og mindske risikoen for yderligere systemiske chok mest muligt.
In view of the quality of the asset portfolios and the anticipated economic uncertainty, it was considered necessary to place higher capital requirements on the three banks than the statutory minimum.
De mest umiddelbare udfordringer for islandske finansvirksomheder hænger sammen med det forhold, at bankerne opererer i et beskyttet miljø med kapitalkontrol og en generel indskudsgaranti.
The FME therefore set the minimum capital adequacy (CAD) ratio for the three banks at 16 %, thereof a minimum of 12 % for the Tier I capital ratio.
Nu skal bankerne forberede sig til at operere i et mere eksponeret miljø, når kapitalkontrollen fjernes, og indskudsgarantierne vender tilbage til den ordning, der er omfattet af de relevante EU-/EØS-direktiver [26].
The requirements were applicable for at least 3 years unless reviewed by the FME.
De islandske myndigheder har understreget, at der skal udvises den største forsigtighed, når der skal indføres nye regler på dette område.
Liquidity conditions were also specified, requiring that available liquid funds should at any point amount to a minimum of 20 % of deposits and that cash or cash equivalents should amount to at least 5 % of deposits.
En anden stor udfordring er behovet for en yderligere tilpasning af rets- og tilsynsrammerne, som skal støtte et solidt, effektivt finanssystem, som ligeledes skal være i overensstemmelse med udviklingen af lovgivningen i EØS og på internationalt plan [27].
Furthermore, requirements were made regarding other matters such as restructuring of loan portfolios, risk assessment, corporate governance and ownership.
Ifølge de seneste oplysninger fra de islandske myndigheder [28] har konkurrencen på finansmarkedet ændret sig radikalt siden bankernes kollaps.
The economic stabilisation program established in consultation with the IMF provided for a review of the entire regulatory framework of financial services and supervision to improve defence against future financial crisis.
Antallet af finansvirksomheder er faldet, da flere sparekasser, forretningsbanker og specialiserede långivere enten er under likvidation eller har sluttet sig sammen med andre virksomheder [29].
The Government invited the former Director-General of the Finnish Financial Supervisory Authority, Mr Kaarlo Jännäri, to carry out an assessment of the existing regulatory framework and supervisory practices.
Antallet af finansvirksomheder falder stadig, her senest med sammenlægningen af Landsbankinn og SpKef i marts 2011, af Íslandsbanki og Byr i december 2011 og af Landsbankinn og Svarfdaelir Savings Bank, godkendt af Tilsynsmyndigheden den 20. juni 2012 i beslutning nr. 226/12/KOL.
Among the improvements proposed by Mr Jännäri was the creation of a National Credit Registry at the FME to diminish credit risks in the system.
Med det faldende antal finansvirksomheder og de store banker, der overtager indskud fra de banker, der lukker ned, er koncentrationen på det indenlandske marked steget.
His report also suggested to lay down tougher rules and a stricter practice on large exposures and connected lending as well as to conduct more on-site inspections to verify off-site supervision and reports, particularly on credit risk, liquidity risk and foreign exchange risk.
På den anden side er de nye banker på EØS' finansmarkeder langt mindre end deres forgængere, da de internationale bankforretninger er blevet lukket ned.
It was also recommended to review and improve the deposit guarantee system, following closely the developments within the EU.
Dertil kommer, at de indenlandske markeder er blevet meget mindre, fordi visse delmarkeder er forsvundet hele eller næsten.
The Government subsequently proposed a bill of law to the Althingi, based, inter alia, on proposals made by Jännäri as well as amendments made to EEA law on financial activities from 2009 onwards, which was adopted and entered into force on 1 July 2010, as Act No 75/2010.
Med aktiemarkedets næsten fuldstændige forsvinden og indførelsen af kapitalkontrol er operationerne på aktie- og valutamarkederne blevet reduceret, hvilket har begrænset investeringsmulighederne.
With the new law, extensive amendments were made to the Act on Financial Undertakings.
Med et historisk lavt investeringsniveau i økonomien og husholdninger og virksomheder med store lån er efterspørgslen efter kredit lav.
Several other amendments were later introduced to the law on financial undertakings as well as of regulation and supervision of financial services.
Siden kollapset har bankerne koncentreret deres indsats om interne anliggender og om omstruktureringen af deres låneporteføljer og nogle af deres større erhvervskunder.
These regulatory amendments are considered in more detail in the Annex.
Før finanskrisen tegnede sparekasserne sig samlet set for en markedsandel på ca. 20-25 % i indskud.
Main challenges ahead [25]
Den er nu svundet ind til omkring 2-4 %.
Despite major achievements in rebuilding a financial sector, Iceland continues to strive with the repercussions of the financial and currency crisis in the autumn of 2008.
De markedsandele, som sparekasserne og forretningsbankerne, der ikke længere er på markedet, har mistet, er blevet overtaget af de tre store forretningsbanker Arion Bank, Íslandsbanki og Landsbanki.
The financial crisis has revealed various flaws and deficiencies in the financial system, which must be addressed, if public confidence is to be restored.
Samlet set tegner de tre store banker sig nu for omtrent 90-95 % af markedet i stedet for 60-75 % tidligere, idet Landsbankinns markedsandel er marginalt den største.
It seems evident that Iceland — as many other countries hard hit by the financial crisis — faces numerous challenges in adapting the legal and operating environment of financial services to support a viable and efficient financial system in the future and reduce as much as possible the risk of further systemic shocks to reoccur.
Ud over de 10 regionale sparekasser, der for indeværende tegner sig for ca. 2-4 % af markedet, er den eneste anden markedsdeltager den omstrukturerede MP Bank [30], der har en markedsandel på omkring 1-5 %.
The most immediate challenges currently facing Icelandic financial undertakings are linked to the fact that the banks are operating in a sheltered environment with capital controls and a blanket deposit guarantee.
Det islandske finansmarked er således tydeligvis oligopolistisk, og de tre største selskaber kunne derfor kollektivt opnå en dominerende stilling på markedet.
The banks now need to prepare themselves to operate in a more exposed environment, when the capital controls are removed and deposit guarantees revert to the arrangement set out in the relevant EU/EEA directives [26].
Ifølge Islands konkurrencemyndighed, som Tilsynsmyndigheden havde bedt fremlægge sit syn på konkurrencesituationen i Island og mulighederne for at rette op på denne, er der store forhindringer for at komme ind på det islandske bankmarked.
The Icelandic authorities have underlined that extreme caution must be exercised when introducing new rules in this regard.
Det skader konkurrencen.
Another major challenge is the need to adapt further the legal and regulatory framework to support a solid and efficient financial system which is also consistent with EEA and international law developments [27].
Det kan også være vanskeligt for forbrugerne at skifte bank.
The state of competition in the Icelandic financial sector
De islandske myndigheder har desuden erkendt, at kursrisici i tilknytning til Islands lille, ikkehandlede valuta, kronen, har hæmmet konkurrencen yderligere og hindret udenlandske banker og selskaber i at komme ind på det islandske marked.
According to recent information from the Icelandic authorities [28], competition on the financial market has changed radically since the banking collapse.
Konkurrencemyndigheden har på det seneste koncentreret sig om et specifikt aspekt vedrørende IT-infrastrukturen for bankernes aktiviteter og deres samarbejde i den henseende.
The number of financial undertakings has decreased, as several savings banks, commercial banks and specialised lenders are either being wound up or have been merged with other undertakings [29].
Dette vedrører finansinstitutionernes IT-serviceudbyder, Reiknistofa bankanna (de islandske banker datacenter, RB), som de ejer i fællesskab.
The number of financial undertakings is still decreasing, most recently with the mergers of Landsbankinn and SpKef in March 2011, of Íslandsbanki and Byr in December 2011 and the merger of Landsbankinn and Svarfdaelir Savings Bank, approved by the Authority on 20 June 2012 in Decision No 226/12/COL.