natgillin/translations-raw huggingface dataset:
Tilsynsmyndigheden godkender derfor støtteforanstaltningerne som omstruktureringsstøtte, der er forenelig med EØS-aftalens funktion i henhold til EØS-traktatens artikel 61, stk. 3, litra b), hvis Island og Landsbankinn opfylder de forpligtelser, der opstilles i bilaget —
Finally, as regards the deposit guarantee, the Authority has already indicated in the opening decision that — in light of the extraordinary circumstances at the time — it might constitute a proportionate means to safeguard financial stability in Iceland.
VEDTAGET DENNE BESLUTNING:
It is evident however that such aid cannot be approved indefinitely.
Artikel 1
Thus, in order for this state aid to be considered as limited to the minimum necessary, the Authority is of the view that it needs to be terminated as soon as possible.
Den oprindelige driftskapital ydet til og statens endelige kapitalisering af Landsbankinn samt Spkef-transaktionen og indskudsgarantien udgør statsstøtte i henhold til EØS-traktatens artikel 61, stk. 1.
The Authority therefore welcomes the intention of the Icelandic authorities to abolish the deposit guarantee before the capital controls are lifted, thus, pursuant to current planning, no later than the end of 2013.
Artikel 2
So as to cater for delays in the lifting of the capital controls, and to reflect the Authority's view that a viable bank should be able to compete on the market without the protection of such a blanket guarantee on deposits, it will therefore authorise the deposit guarantee until the end of 2014.
De i artikel 1 opførte foranstaltninger udgør ulovlig statsstøtte fra datoerne for deres gennemførelse til datoen for vedtagelsen af denne beslutning, idet de islandske myndigheder har undladt at opfylde kravet om at underrette Tilsynsmyndigheden forud for indførelsen af støtten, jf. artikel 1, stk. 3, del I i protokol nr. 3.
After that time, protection of deposits should be governed only by the applicable EEA legislation regarding deposit guarantees.
Artikel 3
The Authority concludes that the restructuring plan of Landsbankinn ensures that the aid is limited to the minimum necessary and that the beneficiary, the shareholders and debt holders of its predecessor bank have participated significantly in the burden-sharing.
De i artikel 1 opførte foranstaltninger samt foranstaltningerne vedrørende SpSv, som beskrives i sparekassebeslutningerne, er forenelige med EØS-aftalens funktion i henhold til EØS-traktatens artikel 61, stk. 3, litra b), hvis forpligtelserne i bilaget opfyldes.
The restructuring aid thus complies with section 3 of the Restructuring Guidelines.
Godkendelsen af indskudsgarantien udløber ved udgangen af 2014.
Limiting distortions of competition
Artikel 4
The Restructuring Guidelines provide in section 4, paragraphs 29-32:
Artikel 5
‘Financial stability remains the overriding objective of aid to the financial sector in a systemic crisis, but safeguarding systemic stability in the short-term should not result in longer-term damage to the level playing field and competitive markets.
Kun den engelske udgave af denne beslutning er autentisk.
In this context, measures to limit distortions of competition due to state aid play an important role.
Udfærdiget i Bruxelles, den 11. juli 2012.
[…] Measures to limit the distortion of competition should be tailor-made to address the distortions identified on the markets where the beneficiary bank operates following its return to viability post restructuring, while at the same time adhering to a common policy and principles.
På EFTA-Tilsynsmyndighedens vegne
The Authority takes as a starting point for its assessment of the need for such measures, the size, scale and scope of the activities that the bank in question would have upon implementation of a credible restructuring plan as foreseen in Section 2 of this Chapter.
Formand
[…] The nature and form of such measures will depend on two criteria: first, the amount of the aid and the conditions and circumstances under which it was granted and, second, the characteristics of the market or markets on which the beneficiary bank will operate.
Medlem af kollegiet
As regards the first criterion, measures limiting distortions will vary significantly according to the amount of the aid as well as the degree of burden sharing and the level of pricing.
Dette dokument offentliggøres alene til orientering.
Generally speaking, where there is greater burden sharing and the own contribution is higher, there are fewer negative consequences resulting from moral hazard.
I denne offentlige udgave er nogle oplysninger udeladt af fortrolighedshensyn.
As regards the second criterion, the Authority will analyse the likely effects of the aid on the markets where the beneficiary bank operates after the restructuring.
Dette er angivet med […] eller et talinterval i firkantet parentes for at give et ikkefortroligt skøn over det relevante tal.
First of all, the size and the relative importance of the bank on its market or markets, once it is made viable, will be examined.
En mere indgående beskrivelse findes i beslutningen om at indlede den formelle procedure, jf. fodnote 3.
The measures will be tailored to market characteristics to make sure that effective competition is preserved.
Tilsynsmyndighedens beslutning nr. 493/10/KOL om at indlede den formelle undersøgelsesprocedure om statsstøtte ydet til genoprettelsen af visse af (gamle) Landsbanki Islands hf's aktiviteter og oprettelsen og kapitaliseringen af New Landsbanki Islands (NBI hf), EUT C 41 af 10.2.2011, s. 31, og EEA-Supplement til Den Europæiske Unions Tidende nr. 7 af 10.2.2011, s. 26.
[…] Measures limiting distortions of competition should not compromise the prospects of the bank's return to viability.’
Desuden var det ifølge rapporten også værd at bemærke, at lånet på 153 mio. EUR til bankens primære ejer (jf. ovenfor) var ydet blot et par dage tidligere, og det var derfor »indlysende, at Landsbankis primære ejere ikke var interesserede i eller var ude af stand til at hjælpe banken ud af den vanskelige situation, der var opstået«.
It follows from the above that the size of the aid, particularly in relative terms, and the market characteristics are essential in the Authority's assessment of the appropriateness of measures to limit distortions of competition.
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.
At the same time, it is evident that such measures must not jeopardise the viability of the beneficiary of restructuring aid, and competition concerns must be addressed with a view to the overriding goal of financial stability in the present crisis.
Rapporten findes in extenso på islandsk på: http://rna.althingi.is/ og dele oversat til engelsk (herunder et sammendrag og kapitlet om årsagerne til bankernes sammenbrud) på: http://sic.althingi.is/.
Against the background of the above legal framework, the Authority will set out below the considerations that it deems essential for its assessment of the measures limiting distortions of competition.
Islandsk króna.
First and foremost the Authority considers that given the particular situation on the Icelandic financial markets a careful assessment of the market conditions and the competitive environment is necessary.
Udlån til udenlandske parter steg med 11,4 mia. EUR fra 9,3 mia. EUR til 20,7 mia. EUR på seks måneder.
The measures limiting the distortion of competition should reflect the current difficult circumstances, while ensuring that the distortions of competition are limited to a minimum both in the short-term and the long-term.
Kapitel 21.2.1.2 (s. 6) i rapporten.
Second, as set out above in the section on burden-sharing, the greatest possible contribution from the former owners of Landsbanki, and to some extent, of Landsbanki's creditors has been addressed.
Det var rent faktisk den daværende koalitionsregerings erklærede politik at tilskynde til mere vækst og tilskynde bankerne til at bevare deres hovedsæde i Island.
Consequently, the need for additional competition measures has been limited.
Lov nr. 125/2008 om myndigheden med ansvar for udbetalinger fra statskassen som følge af usædvanlige omstændigheder på det finansielle marked osv.
Landsbankinn enjoys a very significant position on this concentrated market, with a market share of over 30 % in the most segments.
Se også FME's årsrapport 2009 (juli 2008 — juni 2009), tilgængelig på http://en.fme.is/media/utgefid-efni/FME-Annual-Report-2009.pdf.
It is the largest Icelandic bank in terms of balance sheet.
Senere blev flere finansvirksomheder overtaget.
Fourth, the crisis led to a number of very specific problems, such as the extremely high degree of direct and indirect ownership of the large banks in the real economy, and the emergence of a de-facto monopoly for banking IT-services (RB), majority owned by the three banks.
I marts 2009 overtog FME kontrollen med aktiviteterne i de tre finansvirksomheder Straumur-Burdaras, Reykjaviks sparekasse (SPRON) og Sparisjodabanki Íslands (Icebank) og traf beslutning om disponeringen over disse virksomheders aktiver og passiver.
Fifth, the relative size of aid that Landsbankinn has received is significant.
Mens akkorden med Straumurs kreditorer senere blev godkendt, blev SPRON og Sparisjodabanki omfattet af en likvidationsprocedure.
In this regard, the Authority notes that at the outset the entire capital of the bank was provided by the State.
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.
In addition, the bank has benefited from other of aid measures — the Spkef transaction and the deposit guarantee.
Da de finansielle vilkår for disse nye virksomheder viste sig at være dårligere end først antaget, blev SpKef senere lagt sammen med Landsbankinn, og Byr hf. blev lagt sammen med Íslandsbanki, efterfulgt af et udbud vedrørende aktierne i Byr.
Moreover, SpSV has received aid before it was taken over by Landsbankinn.
De islandske myndigheder blev endvidere i 2009 opfordret til at håndtere de finansielle problemer i Saga Capital Investment Bank og i 2011 i boligfinansieringsfonden.
At the same time, Landsbankinn remains a small bank, at least by international standards.
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.
Sixth, the bank's takeovers of Spkef and SpSv call for additional competition measures.
I perioden 2009-2011 var investeringernes andel af BNP kun 13-14 %.
In the SpSv decision, the Authority emphasised that Landsbankinn's restructuring plan needs to comprise such measures.
Handelsbalancen er et udtryk for forskellen i indtjening fra eksport og import af varer og tjenesteydelser.
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 Landsbankinn.
Se f.eks. Økonomiministerens rapport til Altinget fra marts 2012, »Future Structure of the Islandic Financial System«.
Measures and regulatory developments undertaken or committed to by the Icelandic authorities
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 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:
Rapporten findes på http://eng.efnahagsraduneyti.is/media/Acrobat/Future-Structure.pdf.
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).
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.
The Authority considers that the current law — which, inter alia, obliges customers to pay stamp duty on the amount of the respective bond [62] when switching lenders — may be capable of constituting an impediment to competition, as it may lock customers to existing contracts on long term loans.
Se kapitel 9 i økonomiministerens rapport, jf. fodnote 25.
The Authority thus welcomes the commitment for this law to be reviewed.
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.
Second, the Authority takes note of 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.
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 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.
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.
The Committee shall present its report no later than 15 January 2013.
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.
Such a closer assessment could be of benefit for competition in the long-run.
Siden efteråret 2008 er flere finansvirksomheder forsvundet fra markedet (ud over de »gamle« store forretningsbanker, Glitnir, Kaupthing og Landsbanki): Sparisjóðabanki Íslands (tidligere Icebank), Reykjavik sparekasse (SPRON), Sparisjóður Mýrarsýslu (Myrarsysla sparekasse, SPM), VBS Investment Bank og Askar Capital Investment Bank.
In the meantime the bank-specific commitment by Landsbankinn discussed below should contribute to making switching easier, and thereby will increase competition.
Investeringsbanken Straumur-Burdaras Investment Bank og Saga Capital Investment Bank har også oplevet en betydelig nedgang i deres aktiviteter.
The Authority welcomes the settlement that ICA and the owners of RB, including the three major banks, have reached on this issue as it endeavours to ensure access to essential IT-infrastructure on a non-discriminatory basis and at reasonable cost for small competitors and potential new market entrants.
Andre af den gamle banks aktiviteter forblev hos de tidligere ejere og blev overført til en ny retlig enhed, EA fjárfestingarfélag hf.
Thus, there is no need for the Authority to further address this issue in the current decision.
Yderligere oplysninger findes i MP banks pressemeddelelse af 11.4.2011, 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
Finally, the Authority takes note of the regulatory amendments that have been made since 2008, as discussed in the Annex.
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.
As regards competition concerns, the introduction of Article 22 in Act on financial undertakings No 161/2002 is of particular relevance.
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.
This provision limits the participation of financial undertakings in activities falling outside the scope of their operating licenses.
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.
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.
Årsrapport 2007, s. 10.
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.
Tilgængelig her: Årsrapport 2007, s. 10.
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.
Tilgængelig her: http://www.lbi.is/library/Opin-gogn/pdf/landsbanki_annual_report_2007.pdf?bcsi_scan_A7E1E556D7B2F94D=aB9LkrKRu+y0xx3fim/JyUDnRB0bAAAANp6SAg==&bcsi_scan_filename=landsbanki_annual_report_2007.pdf
This provision appears to prevent that this situation — which is a direct result of debt-to-equity-swaps with becomes a permanent one.
Årsrapport 2007, s. 61.
Measures specific to Landsbankinn
Beløbsangivelserne i dette afsnit nævnes først i den valuta, i hvilken kapitalen blev ydet, efterfulgt i parentes af det tilsvarende tal i ISK eller euro (alt efter relevans), hvor den er stillet til rådighed af de islandske myndigheder.
The Authority emphasises that Landsbankinn's market presence and size is only a fraction of that of Landsbanki — as total assets have been reduced by 75 %, as described above.
Definitionen af tier I-kernekapital omfatter kun egenkapital, dvs. aktiekapital og tilbageholdt overskud, men ikke efterstillede lån eller andre former for hybride kapitalinstrumenter.
Moreover, unlike Landsbanki, Landsbankinn is only active in the Icelandic market.
Se http://www.landsbankinn.com/news-and-notifications/2012/06/15/Landsbankinn-starts-to-repay-bond-before-schedule/.
[64]
Den konvertible, betingede obligation er knyttet til visse referenceaktivers værdi er resultater.
In addition, the Authority welcomes Landsbankinn's commitments (see Annex) to reduce its domestic market presence further by […] divestment relating to […].
I det omfang disse aktivers værdi er højere den 31.12.2012 som anslået, da aftalen blev indgået, skal denne obligation kompensere den gamle bank for denne forskel.
Moreover, the Authority notes positively that Landsbankinn has committed to close […] branches during the restructuring period.
Hvis forskellen mellem værdiansættelsen de to datoer er nul eller negativ, vil den nye hovedsum blive ansat til nul, og obligationen ophæves.
On the basis of the final restructuring plan, and recalling that Landsbankinn is a small bank by EEA standards, the Authority agrees with Landsbankinn that further structural measures could endanger the bank's prospects of restoring long-term viability.
Men hvis værdien er positiv, bliver obligationen udstedt til denne værdi, og Landsbanki overdrager hele sin aktiebeholdning til Landsbankinn eller en del af den i det omfang, den positive værdi er lavere end aktiebeholdningens værdi.
[65]
EFT L 84 af 26.3.1997, s. 22.
The Authority takes note of the commitment that Landsbankinn will not acquire financial institutions until 15 December 2014, except if it obtains the Authority's approval beforehand.
EFT L 135 af 31.5.1994, s. 5.
This means that further concentration of the Icelandic financial market through acquisitions by Landsbankinn can be prevented.
Den engelske oversættelse af meddelelsen kan ses på: http://eng.forsaetisraduneyti.is/news-and-articles/nr/3033.
This commitment also ensures that the aid that has been granted to Landsbankinn is used for restoring its viability rather than being used to consolidate and further expand its market presence in Iceland.
Økonomiministeren har også for nylig henvist hertil i et interview med Viðskiptablaðið den 2. december 2010, s. 8: »Økonomiministeren har også for nylig henvist hertil i et interview med Viðskiptablaðið den 2. december 2010, s. 8: Vi agter ikke at opretholde ubegrænset garanti for indskud i det uendelige.
The same is true for Landsbankinn'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.
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).
As described above, the Icelandic financial market currently presents a challenging operating environment for any bank.
Det relevante punkt kan findes i brevets afsnit 16 (side 6): http://www.efnahagsraduneyti.is/media/Acrobat/Letter_of_Intent_2nd_review_-_o.pdf.
The Authority thus welcomes the commitments by Landsbankinn relating to facilitating the switching between banks and providing basic payment processing as well as money distribution services.
http://hamar.stjr.is/Fjarlagavefur-Hluti-II/GreinargerdirogRaedur/Fjarlagafrumvarp/2011/Seinni_hluti/Kafli_8.htm .
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.
Uofficiel oversættelse foretaget af Tilsynsmyndigheden fra artikel i Morgunblaðið (www.mbl.is) den 10.6.2012.
The Authority is of the view that this will reduce the barriers to entry for future (potential) market participants.
Se http://www.fjarmalaraduneyti.is/frettatilkynningar/nr/15527.
The measures could also allow existing smaller players to expand their market shares if they are able to offer better services than their larger competitors.
I Bankasýsla ríkisins rapport for 2011 (om bankernes drift i 2010) når man frem til en lignende konklusion; Landsbankinns »kerne-rentabilitet« er endnu højere ifølge denne rapport.
Lastly, Landsbankinn 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.
Se http://www.banka-sysla.is/files/SkyrslaBR_2011_net_74617143.pdf.
It 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 that of a subsidiary) on subsidiaries and shareholdings that are held for sale.
Se CBI's Rules on Liquidity Ratios No. 317 of 25 April 2006, der findes på http://www.sedla-banki.is/lisalib/getfile.aspx?itemid=4713
Moreover, Landsbankinn has committed to sell […] by certain deadlines within the restructuring period.