natgillin/translations-raw huggingface dataset:
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 Arion Banks vedkommende vil disse spørgsmål blive drøftet yderligere nedenfor i det omfang, det er relevant for omstrukturering 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.
Kronens værdi faldt stærkt i første kvartal af 2008 og igen i efteråret, før og efter de tre forretningsbankers 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.
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.
Denne økonomiske uro førte til en alvorlig recession i Islands økonomi og et BNP, der faldt med 6,8 % i 2009 og 4 % i 2010.
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.
Blandt følgerne af den økonomiske krise kan nævnes en pludselig stigning i arbejdsløsheden fra 1,6 % til 8 % i 2009, en stigende inflation og en faldende realløn.
The restructuring process has been complex due to various complicating factors, including Supreme Court rulings on illegality of loans granted in ISK but indexed to foreign currencies.
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.
As for Arion Bank, in so far as relevant for its restructuring, these matters are discussed further below.
Samtidig førte de høje finanspolitiske omkostninger ved omstruktureringen af banksystemet til en kraftig stigning i budgetunderskuddet og i den offentlige sektors gæld.
Macroeconomic environment
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.
Major economic turbulence followed the collapse of the banking system in October 2008.
Den økonomiske vækst i 2011 skyldtes især en fremgang i den indenlandske efterspørgsel, navnlig en stigning på 4 % i de private husholdningers forbrug.
The difficulties in Iceland's financial system were coupled with a breakdown of confidence in its currency.
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.
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.
Foreløbige tal for 2011 viser også, at der skete en langsom stigning i investeringerne, om end udgangspunktet dog var særdeles lavt [21].
Despite capital controls imposed in the autumn of 2008, currency volatility prevailed in the course of 2009 [20].
Det offentlige forbrug har været konstant lavt i de sidste tre år.
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.
De overordnede makroøkonomiske tal skjuler større forskelle mellem sektorerne.
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.
Ud over sammenbruddet i finanssektoren har der været et kraftigt faldende aktivitetsniveau i byggesektoren og mange andre indenlandske produktions- og serviceaktiviteter.
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.
På den anden side har der været vækst i visse eksportsektorer.
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.
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.
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.
Denne prognose er dog behæftet med en vis usikkerhed.
Economic growth in 2011 was mostly due to an increase in domestic demand, particularly a 4 % rise in private household consumption.
Planlagte omfattende industriinvesteringer kan blive yderligere forsinket.
This was supported by increases in wages and social benefits as well as certain policy initiatives undertaken to ease the payment burden of household debt, including a temporary interest rate subsidy, the freezing of payments on loans and the early reimbursement of private pension savings.
Islands bytteforhold vil blive negativt påvirket af en langvarig recession hos de vigtigste samhandelspartnere, hvilket vil medføre en lavere vækst i Island.
Provisional data for 2011 also indicate a slow increase in investments, however from a particularly low level [21].
Finanstilsyn og forbedringer af de lovgivningsmæssige rammer
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 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.
Growth has on the other hand taken place in certain export sectors.
Dette skete med bistand fra det internationale managementkonsulentfirma Oliver Wyman.
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.
Efter denne proces meddelte FME bankerne driftslicenser på forskellige betingelser.
At the same time, imports fell sharply, turning the trade balance [22] temporarily to a surplus of approximately 10 % of GDP in 2010.
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.
However, with increased domestic demand in 2011, imports have grown again, leading to an overall smaller trade surplus of 8,2 % of GDP.
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.
Statistics Iceland forecast for 2012-2017 assumes that gradual economic recovery will continue with 2,6 % growth in 2012.
Desuden blev der stillet krav vedrørende andre forhold såsom omstrukturering af låneporteføljer, risikovurdering, virksomhedsledelse og ejerskab.
A similar growth rate is expected throughout the forecast period.
FME indførte tilsvarende kapitalkrav vedrørende andre finansvirksomheder.
This forecast is however subject to several uncertainties.
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.
Planned large scale industrial investments might be further delayed.
Regeringen bad den tidligere generaldirektør for det finske finanstilsyn, Kaarlo Jännäri, foretage en vurdering af de eksisterende lovgivningsmæssige rammer og tilsynspraksis.
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.
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.
Growth could also be threatened by continued price instability linked to currency volatility in the context of removal of capital controls.
Det blev også anbefalet at revidere og forbedre indskudsgarantisystemet og følge udviklingen i EU tæt.
Financial supervision and improvements in regulatory framework
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.
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.
Med den nye lov blev der indført omfattende ændringer af loven om finansielle virksomheder.
This was done with the assistance of the international management consultant firm Oliver Wyman.
Senere blev der foretaget mange ændringer af loven om finansielle virksomheder og om tilsyn med og overvågning af finansielle tjenesteydelser.
Having concluded the above process, the FME granted the banks operating licenses subject to various conditions.
Disse lovændringer er beskrevet mere detaljeret i bilaget.
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.
Største udfordringer for fremtiden [23]
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.
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.
The requirements were applicable for at least 3 years unless reviewed by the FME.
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.
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.
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 [24].
Furthermore, requirements were made regarding other matters such as restructuring of loan portfolios, risk assessment, corporate governance and ownership.
De islandske myndigheder har understreget, at der skal udvises den største forsigtighed, når der skal indføres nye regler på dette område.
Comparable capital requirements were introduced by the FME regarding other financial undertakings.
En anden stor udfordring er behovet for en yderligere tilpasning af rets- og tilsynsrammerne, som skal støtte et solidt, effektivt finanssystem, som også skal være i overensstemmelse med udviklingen af lovgivningen i EØS og på internationalt plan [25].
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.
Konkurrencesituationen i Islands finanssektor
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 er faldet, da flere sparekasser, forretningsbanker og specialiserede långivere enten er under likvidation eller har sluttet sig sammen med andre virksomheder [27].
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.
Før finanskrisen tegnede sparekasserne sig samlet set for en markedsandel på ca. 20-25 % i indskud.
Main challenges ahead [23]
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 [28], 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 [24].
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 [25].
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 [26], 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 [27].
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.
RB administrerer desuden et e-fakturerings- og e-betalingssystem for virksomheder og kunder.
Since the collapse, the banks have concentrated their efforts on internal issues and restructuring of their loan portfolios as well as the restructuring of some of their major corporate clients.
For de mindre finansvirksomheder var de nødvendige it-ydelser af afgørende vigtighed, da de kan opfattes som en af hindringerne for, at nye markedsaktører kan komme ind på markedet.
This has now collapsed to approximately 2-4 %.
It-platformen til de større finansvirksomheder leveres i vid udstrækning af RB, mens den leveres af Teris til sparekasser og mindre markedsaktører.
The market shares lost by the savings banks and commercial banks exiting the market have been gained by the three major commercial banks, Arion Bank, Íslandsbanki and Landsbanki.
Efter de senere års lukning af mange mindre finansvirksomheder mistede Teris en stor del af sine indtægter, hvilket i januar 2012 førte til, at de solgte nogle af deres it-løsninger til RB.
Combined the three big banks now account for approximately 90-95 % of the market instead of 60-75 % earlier on, where Landsbankinn's market share is marginally highest.
Ifølge RB og Teris var formålet med denne transaktion bl.a. at sikre fortsat levering af it-ydelser til mindre finansvirksomheder.
Apart from the 10 regional savings banks, currently accounting for approximately 2-4 % of the market, the only other market player is the restructured MP Bank [28], with a market share of approximately 1-5 %.
Ud over ovennævnte bekymringer, som er direkte relateret til Islands finansmarked, har konkurrencemyndigheden navnlig påpeget behovet for salg og omstrukturering af erhvervsaktive selskaber [30], som skal være gennemført uden unødige forsinkelser.
This has detrimental effects on competition.
Det er konkurrencemyndighedens opfattelse, at bankernes direkte og indirekte ejerskab [31] er det mest udbredte og farligste konkurrenceproblem i kølvandet på finanskrisen, da det har betydning for næsten alle virksomheder og industrier i Island.
There are also certain impediments for consumers to switch banks.
Over for Tilsynsmyndigheden har de tre forretningsbanker Arion Bank, Íslandsbanki og Landsbankinn alle oplyst, at der ikke er sket væsentlige ændringer i konkurrencebetingelserne på Islands finansmarked siden efteråret 2008, som kunne give anledning til bekymring.
This matter is of relevance for the assessment of the case at hand and was among the issues discussed by the Authority with the Icelandic authorities and the banks.
Markedet var præget af effektiv konkurrence, og der var ingen tegn på hemmelige aftaler mellem de tre største aktører.
RB is jointly owned by the three main Icelandic banks, two saving banks, the Icelandic Savings Bank Association and the three main payment card processors in Iceland.
Denne holdning strider imidlertid mod den holdning, som de islandske myndigheder har givet udtryk for i ovennævnte rapport fra økonomiministeren til Altinget, og mod konkurrencemyndighedens holdning.
RB's clients are the owners, the Central Bank of Iceland and other financial institutions as well as other public entities.
Som beskrevet nedenfor har Arion Bank desuden trods visse forbehold over for analysen af konkurrencevilkårene besluttet at indgå visse forpligtelser for at begrænse konkurrencefordrejning, der skyldes de pågældende støtteforanstaltninger.
The banks' cooperation in this area is extensive, as RB has developed the clearing and settlement system in Iceland.
Disse forpligtelser er beskrevet i bilaget.
It also provides a number of core banking solutions which are multi-tenant solutions, used by most of the Icelandic banks.
Støttemodtageren
According to ICA, the collapse in 2008 has made the smaller banks and savings banks particularly vulnerable.
Som beskrevet ovenfor gik Kaupthing Bank konkurs i 2008 ligesom de to andre store islandske forretningsbanker.
For the smaller financial undertakings, the required IT services were of crucial importance, as they can be viewed as one of the entry barriers for new market participants.
For at sikre kontinuerlig aktivitet i den nationale banksektor gennemførte de islandske myndigheder visse foranstaltninger for at genetablere visse af (gamle) Kaupthing Bank hf's aktiviteter, bl.a. oprettelse og kapitalisering af New Kaupthing Bank hf (nu omdøbt til Arion Bank).
The platform for IT services has been provided to a significant extent by RB as regards the bigger financial undertakings and, as regards the savings banks and smaller market players, by Teris.
Før finanskrisen i 2008 var Kaupthing Bank Islands største bank.
Following the closure of many smaller financial undertakings in recent years, Teris lost a significant share of its income, leading in January 2012 to the sale of some of its IT solutions to RB.
Ved udgangen af 2007 havde den en balance på 5347 mia. ISK (58,3 mia. EUR).
According to RB and Teris, this transaction was, inter alia, aimed at securing continued provision of IT services to smaller financial undertakings.
Kaupthing var primært en nordeuropæisk bank med aktiviteter i 13 lande.
The ICA has been investigating two cases regarding RB.
Kaupthing tilbød integrerede finansydelser til virksomheder, institutionelle investorer og privatpersoner, fordelt på fem forretningsområder: erhvervs- og detailbankvirksomhed, kapitalmarkeder, likviditet, investeringsbankvirksomhed og porteføljeadministration og privatkunder.
Firstly, whether the joint ownership and cooperation of the banks and other financial undertakings in the RB forum should be considered to be a breach of the ban on restrictive practices under Article 10 of the Icelandic Competition Act.
Dertil kom et detailbanknet i Island, hvor den havde sit hovedsæde, og i mindre omfang i Norge og Sverige.
Secondly, the compatibility of RB's purchase of Teris's major assets is being assessed under the merger provisions of the same act.
Kaupthing havde tilladelser til at drive bankvirksomhed gennem datterselskaber i Danmark, Sverige, Luxembourg og Det Forenede Kongerige samt afdelinger i Finland, Norge og Isle of Man.
However, in May 2012 these two cases were concluded with a settlement between RB and its owners, on the one hand, and the ICA on the other hand [29].
Kaupthings største datterselskaber var Kaupthing Singer & Friedlander (Det Forenede Kongerige) og FIH Erhvervsbank (Danmark), men banken drev 16 andre datterselskaber og afdelinger i forskellige lande i Europa, Nordamerika, Asien og Mellemøsten.
Aside from the above concerns that relate directly to the Icelandic financial market, the ICA has in particular pointed to the need for the sale and restructuring of operating companies [30] to be completed without undue delay.
Ved udgangen af 2007 havde banken 3334 medarbejdere.
Many operating companies have been taken over by the banks (being creditors of those companies) due to over indebtedness following the economic crash in 2008.
Bankens aktier var noteret på OMX Nordic Exchange i Reykjavik og i Stockholm.
According to ICA, it may create a conflict of interest when banks provide financial services to companies and own the companies at the same time.
Kaupthings efterfølger, Arion Bank, er en islandsk bank, der tilbyder finansielle tjenester til virksomheder, institutionelle investorer og privatpersoner.
The ICA is of the opinion that the banks' direct and indirect ownership [31] is the most wide-spread and dangerous competition problem in the aftermath of the financial crisis, as this has an effect on almost every company and industry in Iceland.