natgillin/translations-raw huggingface dataset:
For at kunne vurdere størrelsen af den nødvendige kapitalbuffer stresses bankens forretningsplan baseret på forskellige antagelser af relevans for bankens risikoprofil og forretningsstrategi.
For further general details of the measures taken by the Icelandic authorities see the report of the Minister of Finance to the Parliament on the resurrection of the commercial banks of May 2011 (Skýrsla fjármálaráðherra um endurreisn viðskiptabankanna), available at http://www.althingi.is/altext/-139/s/pdf/1213.pdf
Bankens interne likviditetsprocenter er udtryk for en stresset situation snarere end normale forretningsbetingelser.
Act No 125/2008 on the Authority for Treasury Disbursements due to Unusual Financial Market Circumstances etc.
Bankasýsla ríkisins er et statsligt organ med en uafhængig bestyrelse, der referer til finansministeren, der blev oprettet med lov nr. 88/2009 og indledte sit arbejde i august 2009.
See also FME's Annual Report 2009 (July 2008 — June 2009), available at http://en.fme.is/media/utgefid-efni/FME-Annual-Report-2009.pdf
Bankasýsla ríkisins skal have fuldført sine opgaver senest fem år efter oprettelsen.
Further takeovers of financial undertakings were to follow.
Det har til formål at genoprette og genopbygge et dynamisk indenlandsk finansmarked og samtidig fremme effektiv konkurrence på markedet og at sikre gennemsigtighed i alle beslutninger vedrørende statens deltagelse i finansielle aktiviteter.
While a composition agreement with Straumur's creditors was later approved, SPRON and Sparisjodabanki were submitted to a winding-up procedure.
Der er bl.a. tale om den usikkerhed, nyligt afsagte højesteretsdomme har skabt angående lån i fremmed valuta, og forudsætningen om en tilfredsstillende afvikling af de gamle bankers insolvente aktiver.
Other financial undertakings were also severely affected by the collapse of the three main commercial banks and prevailing uncertainties in financial markets, and further financial undertakings were made subject to public administration in 2010.
Se kapitel 9.7 i rapporten om det islandske finanssystems fremtidige struktur på http://eng.efnahagsraduneyti.is/media/Acrobat/Future-Structure.pdf.
Thus, the FME appointed a provisional board of directors for VBS Investment Bank in March 2010.
Nærmere beskrevet i kapitel 3 i nærværende afgørelse.
In April 2010, the FME took control of Keflavík Savings Bank and Byr Savings Bank, determining that their operations would be taken over by new financial undertakings, SpKef Savings Bank and Byr hf, respectively.
Se i denne forbindelse Rettens dom i de forenede sager T-425/04, T-444/04, T-450/04 og T-456/04, Frankrig m.fl. mod Kommissionen, Sml. 2010 II, s. 2099, præmis 283 (efter appel).
As the financial conditions of these new undertakings turned out to be worse than initially anticipated, SpKef was later merged with Landsbankinn, by decision of the FME, and Byr hf. was merged with Íslandsbanki, following a tender for the shares in Byr.
Se f.eks. T-228/99, WestLB, Sml. 2003 II, s. 435.
The Icelandic authorities were furthermore called upon, in 2009, to address the financial difficulties of Saga Capital Investment Bank and, in 2011, the Housing Financing Fund.
Se f.eks. Kommissionens afgørelse af 10. oktober 2008 i sag NN 51/2008 »Garantiordning for bankerne i Danmark«, punkt 32, og Kommissionens afgørelse af 21.10.08 i sag C 10/2008 IKB, punkt 74.
As an example of the scale of the sharp depreciation, the monthly average exchange rate of the euro to the Icelandic króna rose from 90,71 ISK in December 2007 to 184,64 ISK November 2009.
Se Tilsynsmyndighedens afgørelse af 8. maj 2009 om en ordning for midlertidig rekapitalisering af grundlæggende sunde banker med henblik på at fremme finansiel stabilitet og udlån til realøkonomien i Norge (205/09/KOL) på: http://www.eftasurv.int/?1=1&showLinkID=16694&1=1.
During the years 2009-2011, the share of investments in GDP has been only 13-14 %.
Se i denne forbindelse et tilsvarende ræsonnement, som Europa-Kommissionen anlagde i forbindelse med investeringer foretaget af leverandører til en virksomhed i problemer i Kommissionens afgørelse C 4/10 (ex NN 64/09) — Støtte til Trèves (Frankrig).
Trade balance refers to the difference in earnings from exports and imports of goods and services.
Rapport fra økonomiministeren til Altinget (marts 2012), »Den fremtidige struktur for det islandske finanssystem«, kap. 9.6, findes på: http://eng.atvinnuvegaraduneyti.is/media/Acrobat/Future-Structure.pdf
It does not include the balance on primary income from abroad, which has been negative in past years, particularly since 2008.
Se også Kommissionens afgørelser NN48/2008 Garantiordning for bankerne i Irland, punkt 46 og 47: http://ec.europa.eu/community_law/state_aids/comp-2008/nn048-08.pdf; og NN51/2008 Garantiordning for bankerne i Danmark: http://ec.europa.eu/community_law/state_aids/comp-2008/nn051-08.pdf.
This implies that despite the surplus on the trade balance, Iceland's overall current account has been negative during recent years although declining sharply since 2009.
Se i denne forbindelse sag 730/79 Phillip Morris mod Kommissionen, Sml. 1980, s. 2671.
On this subject see for instance the report of the Minister of Economic Affairs to the Althingi of March 2012, Future Structure of the Icelandic Financial System.
Se Del VIII i Tilsynsmyndighedens statsstøtteretningslinjer.
According to the ministry, this report is seen as a catalyst to an informed discussion of this important subject as it does not present fully formed proposals but sets out the main issues and outlook with reference to international developments.
The application of state aid regler to measures taken in relation to financial institutions in the context of the current global financial crisis, findes på http://www.eftasurv.int/?1=1&showLinkID=16604&1=1.
The report is available at http://eng.efnahagsraduneyti.is/media/Acrobat/Future-Structure.pdf
Såkaldte »leveraged buyouts«.
Bringing deposit guarantees back to normal conditions does not only relate to abolishing the state backing of such guarantees, but also to review the provisions in the Emergency Act according to which deposits which enjoy deposit guarantees by law have priority in the winding-up of a financial undertaking.
En af de største ændringer i forhold til tidligere udgaver af reglerne er, at den tilladte åbne valutaposition i enkeltlande er sænket fra 20 % til 15 % af egenkapitalen, mens den tilladte samlede valutabalance er sænket fra 30 % til 15 %.
This comprises a considerable guarantee for depositors, not least while the 2008 banking collapse is still fresh in people's minds.
Hvis dette ikke lykkes gennem den finansielle virksomheds foranstaltninger, kan CBI beregne periodiske sanktioner.
This provision is on the other hand likely to represent a handicap for the banks to diversify their funding arrangement.
CBI har også taget andre skridt til at begrænse valutaubalancer, f.eks. ved at indgå en valuta-swapaftale med en af handelsbankerne og ved at købe fremmed valuta.
See Chapter 9 of the report of the Minister of Economic Affairs referred to in footnote 25.
Ifølge CBI fremmer disse foranstaltninger øget finansiel stabilitet og styrker CBI's ikkelånte valutareserver.
When presenting that report, the Minister of Economic Affairs also appointed a group of banking experts, with participation of foreign experts, to prepare proposals on a comprehensive legal and regulatory framework for the financial market in Iceland as a whole.
Men i ICAAP-rapporten understreger Íslandsbanki, at beslutningerne om de enkelte års dividendebetaling vil være baseret på en ajourført kapitalkravsanalyse og ligeledes tage hensyn til bankens likviditetsposition.
According to the same report, the Icelandic authorities also foresee to study other future options, including the possible separation of investment and commercial banking activities, the adoption of a financial stability legislation and possible amendment of the division of responsibility of financial services regulatory bodies.
Jf. f.eks. CBI's rapport om finansiel stabilitet 2011:2, hvori det hedder, at rentemarginalen er omkring 2-3 gange større i Island end i de øvrige nordiske lande.
It is also clear from the statements of the Icelandic authorities that a review of the monetary policy framework remains on the agenda, with or without the possibility that Iceland will become a member of the European Union, as well as other possible means to improve economic management and ensure that regulators ‘see the forest for the trees’ and effectively apply the most appropriate macro-prudential tools.
Ifølge de aktuelle skøn kan tabene udgør 70-75 % af de lån, man havde ydet til Glitnir; se f.eks. http://glitnirbank.com/press-room/tilkynningar-a-islensku/448-athugasemdfraslidastjorn.html.
See Chapter 6 of the report by the Minister of Economic Affairs to the Althingi, The Future Structure of the Icelandic Financial System, available at http://eng.efnahagsraduneyti.is/publications/news/nr/3559
Statens kapitalisering af Íslandsbanki var rent faktisk baseret direkte på forskellen mellem den oprindelige værdiansættelse af de overførte aktiver og passiver og FME's krav vedrørende kapitalen.
Since autumn 2008, several financial undertakings have disappeared from the market (in addition to the ‘old’ big commercial banks, Glitnir, Kaupthing and Landsbanki): Sparisjóðabanki Íslands (formerly Icebank), the Reykjavik Savings Bank (SPRON), Sparisjóður Mýrasýslu (Myrasysla Savings Bank, SPM), VBS Investment Bank and Askar Capital Investment Bank.
Rekapitalisering af pengeinstitutter under den aktuelle finanskrise: støttens begrænsning til det nødvendige minimum og sikkerhedsforanstaltninger mod uforholdsmæssige konkurrencefordrejninger (»rekapitaliseringsretningslinjerne«), EUT L 17 af 201.12011 og EØS-tillæg nr. 3.
The operations of Straumur-Burdaras Investment Bank and Saga Capital Investment Bank have also diminished significantly.
Retningslinjerne findes også på Tilsynsmyndighedens websted: http://www.eftasurv.int/media/state-aid-guidelines/Part-VIII---Return-to-viability-and-the-assessment-of-restructuring-measures-in-the-financial-sector.pdf.
On 11 April 2011, a contract for the sale of (old) MP bank's operations in Iceland and Lithuania was approved at the bank's shareholder meeting, when over 40 new shareholders invested 5,5 billion ISK in new shares in the bank.
Ved udgangen af 2014 vil omstruktureringsperioderne for alle islandske banker, der er genstand for en formel undersøgelse, udløbe.
Other operations of the old bank remained with the previous owners and were transferred to a new legal entity, EA fjárfestingarfélag hf.
Stempelafgiften varierer afhængigt af, hvilken type juridisk dokument, der er tale om, men er normalt på 15 ISK for hver påbegyndt tusinde ISK (dvs. omkring 1,5 %) af den pålydende værdi af rentebærende obligationer med sikkerhed i fast ejendom eller anden sikkerhed.
For further details, see MP bank's press releases of 11 April 2011 available at https://www.mp.is/um-mp-banka/utgefid-efni/frettir/nr/1511 and https://www.mp.is/um-mp-banka/utgefid-efni/frettir/nr/1510
Jf. f.eks. Kommissionens afgørelse i sag SA.28264, Omstruktureringsstøtte til Hypo Real Estate, hvor Kommissionen accepterede udskillelsen af en stor del af Hypo Real Estates oversøiske forretning som en foranstaltning, der skulle begrænse konkurrencefordrejningen for bankens efterfølger, PBB.
According to the settlement, RB and its owners have agreed to a number of commitments aimed at preventing distortions of competition resulting from RB's operations and the cooperations of its owners.
Med den samme begrundelse accepterer Tilsynsmyndigheden, at frasalgene er betinget af, at […].
The commitments require, inter alia, that RB shall be operated on general commercial terms independent from its owners and the majority of RB's board shall be composed of specialists independent from the owners, access to the systems and services provided by RB shall be provided on a non-discriminatory basis and the terms of services provided by RB shall be the same irrespective of whether or not the client is a shareholder in RB.
BILAG
Existing owners of RB have committed to offer regularly for sale part of their holdings in RB, with the aim of facilitating non-financial undertakings to acquire ownership in RB.
TILSAGN OG RELEVANTE ÆNDRINGER AF DEN JURIDISKE RAMME FOR BANKDRIFT
Such invitations shall be made at least every second year, until at least a third of total shareholdings in RB have been sold to parties other than the current shareholders or offered for sale in a shares offering.
DE ISLANDSKE MYNDIGHEDERS TILSAGN
The ICA uses the term ‘operating companies’ for the banks' holdings in normally non-financial businesses which the banks have acquired in relation to the restructuring of their loan portfolios through debt to equity swaps or otherwise.
De islandske myndigheder har afgivet to tilsagn, som beskrives nedenfor.
Likewise, the Authority uses the term ‘operating company’ for real economy undertaking, which do not belong to the bank's core business in financial markets.
Ændring af stempelafgift for at udelukke statsstøtte og reducere omkostningerne ved at skifte
In this context, the Authority understands that indirect ownership refers to the banks' possible influence and control over companies due to their high indebtedness to the bank.
Finansministeriet vil nedsætte en arbejdsgruppe med mandat til at revidere lov nr. 36/1978 om stempelafgift.
Glitnir's Annual Report for 2007, p. 40.
Arbejdsgruppen skal indsende en rapport til finansministeren i oktober 2012 sammen med et lovforslag.
The report is available here: http://tools.euroland.com/arinhtml/is-isb/2007/ar_eng_2007/ Glitnir's Consolidated Financial Statements 2007 are available here: http://en.sff.is/media/auglysingar/Glitnir_-Annual_Report_2007.pdf
Arbejdsgruppen skal navnlig undersøge afskaffelsen af stempelafgifter på obligationer udstedt af privatpersoner, når disse overføres mellem kreditorer (f.eks. når private overfører deres lån fra en låneinstitution til en anden).
Íslandsbanki has the second highest market share on the NASDAQ OMX ICE, fixed income market according to turnover figures for 2011.
Gruppen skal desuden undersøge, hvordan brugen af stempelafgiften kan ændres for at forenkle procedurerne og fremme konkurrencen.
However, as most of the transactions that determine the market share of the bank in this business segment are not publicly reported, these are just best estimates submitted by the Icelandic authorities.
Foranstaltninger, der kan gøre det lettere at skifte og reducere omkostningerne ved at skifte
The graphs are based on the figures for Glitnir in the first half of 2008 and Íslandsbanki in the first half of 2009.
I henhold til en beslutning truffet af det islandske parlament den 21. marts 2012 vil nedsætte et udvalg, der har mandat til at gennemgå forbrugerbeskyttelsen på det finansielle marked og fremsætte forslag til, hvordan privatpersoners og husholdningers stilling kan styrkes i forhold til låneinstitutionerne.
Minor amendments were made to this agreement on 31 July 2009, 14 August 2009 and 4 September 2009, and a final agreement was signed on 13 September 2009.
Nedsættelsen af udvalget vil omfatte et særligt mandat til revision af mulighederne for og omkostningerne ved at skifte, og udvalget skal arbejde tæt sammen med den islandske konkurrencemyndighed (IKM) om dette spørgsmål.
Euro Interbank Offered Rate.
Udvalget skal fremlægge sin rapport senest den 15. januar 2013.
OJ L 84, 26.3.1997, p.
Desuden har de islandske myndigheder godkendt følgende forpligtelser for Íslandsbanki:
22.
Begrænsning af opkøb
OJ L 135, 31.5.1994, p.
Íslandsbanki forpligter sig til ikke at opkøbe finansieringsinstitutter frem til den 15. oktober 2014.
5.
Med forbehold af denne forpligtelse kan Íslandsbanki efter at have fået Tilsynsmyndighedens godkendelse opkøbe virksomheder, navnlig hvis dette er nødvendigt for at sikre finansiel stabilitet.
The English translation of the announcement is available at: http://eng.forsaetisraduneyti.is/news-and-articles/nr/3033
Íslandsbanki forpligter sig til at frasælge sin aktieandel i […] inden [dato] og forpligter sig til at sætte nedenstående aktieandele offentligt til salg […].
We do not intend to maintain unlimited guarantee of deposits indefinitely.
Frasalg af aktier i selskaber under omstrukturering
The question when it will be withdrawn depends, however, on when an alternative and effective deposit system will come into force and a financial system which will have fully resolved its issues’ (the Authority's translation).
Íslandsbanki forpligter sig til hurtigst muligt at sælge aktieposter i driftsselskaber, som den har overtaget som følge af omstruktureringer, jf. artikel 22 i loven om finansielle virksomheder nr. 161/2002.
The relevant paragraph can be found at section 16 (page 6) of the letter: http://www.efnahagsraduneyti.is/media/Acrobat/Letter_of_Intent_2nd_review_-_o.pdf
Endelig vil banken stille ajourførte oplysninger til rådighed på sit websted (eller et websted tilhørende et relevant datterselskab, f.eks. Midengi ehf) om de aktieposter, der sættes til salg.
Unofficial translation by the Authority of a statement reported in Morgunblaðið (www.mbl.is) on 10 June 2012.
Íslandsbanki forpligter sig til at gennemføre følgende foranstaltninger til gavn for nye og små konkurrenter:
As mentioned above, one of the FME's conditions required that cash or cash-like assets should amount to 5 % of on-demand deposits and the banks should be able to withstand a 20 % instantaneous outflow of deposits.
På sit websted stiller Íslandsbanki lettilgængelige oplysninger til rådighed om proceduren for flytning af bankydelser til en anden finansiel institution.
The decision is available in English at: http://fme.is/lisalib/getfile.aspx?itemid=6077
Endelig vil de samme oplysninger og formularer til skift være tilgængelige i bankens afdelinger.
The approach is similar to how many countries use LIBOR as the base rate for variable rate loans, but Icelandic banks use REIBOR (plus a premium) as the basis for supplying variable interest rate loans in the Icelandic currency, the króna.
Íslandsbanki vil effektuere alle anmodninger om overførsel af banktjenester hurtigt.
The 5-year business plan has also been supplemented by a presentation of the main changes in the 5-Year Business Plan, prepared for the Board Meeting of 27 March 2012, and reflected in the ICAAP-report.
Íslandsbanki vil ikke påberåbe sig statens deltagelse som en konkurrencefordel i forbindelse med markedsføring.
FX-lending stands for lending in foreign currencies.
Hvis der ikke er adgang til konkurrerende tjenesteudbydere, vil Íslandsbanki tilbyde følgende tjenester til en pris, der er baseret på omkostningerne plus en rimelig margen:
Covered foreign currency loan, and normally relates to loans denominated in a currency other than that of the borrower's home country.
Betalingstjenester i ISK.
The economic assumptions on which the projections are based are prepared by the Bank's Research Department.
Betalingstjenester i FX.
The general assumptions were compiled by relevant department heads and senior employees and signed off by the Bank's Executive Management Board.
Distribution af sedler og mønter.
As from 16.5.2012, the CBI seven-day collateralised lending rate has been 5,5 %.
I. Salg og levering af pengesedler og mønter på tjenestemodtagerens adresse.
At the time the restructuring plan was submitted, the financial reporting for 2011 was not completed, and the data from 30.9.2011 was used in the final restructuring plan.
Opbevaring af et lager af særlige kassetter med pengesedler, der anbringes i hæveautomater.
After the publication of Íslandsbanki's financial statement for 2011, the Authority up-dated the figures.
Imidlertid skal et sikkerhedsfirma, som den nye/lille part har hyret, placere kassetterne i hæveautomaten.
The reason given for the fall in ROE in 2011 was the Supreme Court ruling on FX-leading of 15.2.2012 and the writing off of goodwill following the merger with Byr.
RELEVANTE TILPASNINGER OG ÆNDRINGER AF LOVGIVNINGS- OG TILSYNSRAMMERNE FOR DE FINANSIELLE MARKEDER I ISLAND, SOM ER INDFØRT EFTER KRISEN
The ‘deep discount’ was twofold, according to the Icelandic authorities, and consisted of an impairment and a discount.
De islandske myndigheder har indsendt følgende oversigt over de foretagne ændringer af lovgivningen, som var gældende i efteråret 2008:
The impairment reflects the difference in claim value and estimated recovery of the loan assets.
FME's (det islandske finanstilsyn) beføjelser til at gribe ind (for at overtage generalforsamlingernes beføjelser og frasælge aktiver, jf. nødlovgivning) er blevet skærpet, FME har fået udvidede tilsynsbeføjelser, der er vedtaget supplerende bestemmelser, som giver FME mulighed for at evaluere de enkelte overvågede parters transaktioner eller adfærd.
Moreover, the acquired loan portfolio was not valued at market rates and the discount reflects the difference in contractual interest rates and market rates.
Disse omfatter både bemyndigelse til at træffe beslutninger, f.eks. om lukning af virksomheder eller afslutning af specifikke aktiviteter uden tilbagekaldelse af driftstilladelser, samt en mere detaljeret definition af de principper, hvis tolkning FME og de overvågede enheder eller appelinstanser har været uenige om.
The ISFI's report for 2011 (on the banks' operations in 2010) comes to a similar conclusion; the ‘core profitability’ of Íslandsbanki according to this report is even higher.
Reglerne for store individuelle engagementer er blevet præciseret og gjort mere specifikke, risikostyringens rolle og ansvar er blevet styrket, og FME gav tilladelse til at give risikostyringen en højere status i finansielle virksomheders organisation, bestemmelserne om anvendelsen af stresstester er blevet strammet op.
See http://www.bankasysla.is/files/SkyrslaBR_2011_net_74617143.pdf
Bestemmelserne for et særligt register over større låntagere er blevet lovliggjort for at give et bedre overblik over store individuelle engagementer til to eller flere finansielle virksomheder.
See the CBI's Rules on Liquidity Ratios No 317 of 25 April 2006, available at http://www.sedlabanki.is/lisalib/getfile.aspx?itemid=4713
Registret er vigtigt med henblik på at sammenkæde engagementer og vurdere deres systemiske indvirkning, hvis der skulle opstå problemer med låntagernes transaktioner.
The main Icelandic banks agreed to offer all overleveraged customers a 110 % mortgage adjustment, i.e. that principal of mortgages is set to 110 % of the registered value of the property.
Enheder, der ikke er underlagt FME's tilsyn, men som står opført i registrene over finansielle virksomheder, skal give FME oplysninger om alle deres forpligtelser.
Íslandsbanki has stressed that the deposit priority in Iceland limits the ability to issue unsecured debt […]
FME kan forbyde levering af tjenester til sådanne parter, hvis de nægter at udlevere de ønskede oplysninger.
Consumer Price Index.
Bestemmelserne om sund virksomhedspraksis er blevet styrket, og klageudvalget for transaktioner med finansielle virksomheder indskrevet i lovgivningen, der skal offentliggøres detaljerede oplysninger om alle større ejerposter i finansielle virksomheder.
The Risk Book is available on the Bank's website www.Íslandsbanki.is/riskbook.
Finansielle virksomheders tidsfrist til at frasælge de tilhørende aktiver er blevet afkortet.
The first step in assessing the capital requirements is based on the Pillar 1 calculations.
Bestemmelserne om finansielle virksomheders beholdninger af egne aktier er blevet strammet op og defineret nærmere.
According to the ICAAP report, the additional capital requirements under Pillar 2 (Pillar 2a and 2b) are estimated as follows:(a) Other risk types and risk not fully covered under Pillar 1: In addition to the minimum capital required under Pillar 1 further capital might be required under Pillar 2a due to other risk factors or due to understatement of the Pillar 1 risk factors.