natgillin/translations-raw huggingface dataset:
Det andet tal blev beregnet som 10 % af en indledende vurdering af det sandsynlige omfang af bankens samlede risikovægtede aktiver og blev opført på statsbudgettet for 2009 som en tildeling af statsmidler til håndtering af usædvanlige omstændigheder på finansmarkederne.
The new bank also has significantly fewer staff members.
Denne tildeling af kapital sigtede mod at etablere en passende garanti for bankens drift, indtil forhold vedrørende dens endelige rekapitalisering kunne fastlægges, herunder størrelsen af dens primobalance baseret på en vurdering af den kompensation, som den gamle bank skulle have for de overførte aktiver.
The average number of full time equivalent staff employed by Glitnir during the first half of 2008 was 2174 compared to 1110 for Íslandsbanki (including subsidiaries) during the first half of 2009, a difference of 49 %.
Kapitalindsprøjtning og bevaring af en andel på 5 % som led i forliget med den gamle banks kreditorer
The figures over the same periods for domestic operations only show that the new bank employed 242 fewer staff than Glitnir.
Den 20. juli 2009 indgik den islandske regering og Glitnirs likvidationskomité en aftale om den indledende kapitalisering af Íslandsbanki og grundlaget for den kompensation, der skulle betales til Glitnirs kreditorer til gengæld for overførslen af primært nationale aktiver og indskud fra Glitnir [39].
National legal basis for the aid measure
Glitnir fik indtil den 30. september 2009 til at beslutte, hvilken mulighed banken ville vælge.
Act No 125/2008 on the Authority for Treasury Disbursements due to Unusual Financial Market Circumstances etc., commonly referred to as the Emergency Act
Denne frist blev senere forlænget til den 15. oktober 2009.
The Emergency Act gave the FME authority to intervene ‘in extreme circumstances’ and assume powers of financial institutions' shareholders meetings and board meetings, and decide on the disposal of their assets and liabilities.
Den 15. oktober 2009 blev det meddelt, at Glitnirs likvidationskomité på kreditorernes vegne havde besluttet at tage 95 % af aktiekapitalen i Íslandsbanki som kompensation for de aktier, der var blevet overført fra den gamle til den nye bank.
The FME was also granted power to appoint resolution committees to financial undertakings that it had taken over, which held the powers of shareholders' meetings.
Staten beholdt de resterende 5 %.
In winding up the institutions, the Act gives priority status to claims by deposit holders and deposit guarantee schemes.
Som led i aftalen blev det besluttet, at likvidationskomitéen (kreditorer) skulle betale 8,3 mia. ISK til staten i renter af dens investering i banken over den samlede periode.
The Act also authorised the Icelandic Ministry of Finance to establish new banks.
Det svarede til et forrentning på 12,8 %, svarede til en årlig forrentning på 13,9 % og udgjorde den endelige betaling for de aktiver, der blev overført fra Glitnir til Íslandsbanki efter bankernes sammenbrud i oktober 2008.
The Emergency Act includes amendments of the Act on Financial Undertakings, No 161/2002, the Act on Official Supervision of Financial Activities, No 87/1998, the Act on Deposit Guarantees and Investor-Compensation Scheme, No 98/1999, and the Act on Housing Affairs, No 44/1998.
Tier II-kapitalbidrag
Supplementary State Budget Act for 2008 (Article 4)
Den 15. oktober 2009 ydede staten også et efterstillet lån til banken for at styrke dennes egenkapital og likviditet og dermed overholde FME's kapitalkrav.
State Budget Act for 2009 (Article 6)
Det efterstillede eurolån udgør 25 mia. ISK som tier II-kapital i form af et instrument, der gør det muligt for Íslandsbanki at udstede usikrede efterstillede værdipapirer.
The aid measures
I henhold til aftalen er den årlige rente for de første fem år 400 basispoint over EURIBOR [40], og i tiden fra fem til 10 år efter aftalens indgåelse er den årlige rente 500 basispoint over EURIBOR.
The Icelandic authorities' intervention following the failure of Glitnir Bank has been described above, and was set out in more detail in the opening decision.
Indskudsgaranti
The old bank/its creditors were to be compensated for this transfer by receiving the sum of the difference between assets and liabilities.
For at overholde Europa-Parlamentets og Rådets direktiv 97/9/EF af 3. marts 1997 om investorgarantiordninger [41] og Europa-Parlamentets og Rådets direktiv 94/19/EF af 30. maj 1994 om indskudsgarantiordninger [42] vedtog Island lov nr. 98/1999 om indskudsgarantier og investorgarantiordninger og oprettede dermed den såkaldte garantifond for indskyder- og investorgarantier (»TIF«), som er blevet finansieret med årlige bidrag fra bankerne, beregnet i forhold til den pågældende banks samlede indskud.
As determining this difference proved to be difficult and time-consuming, the State provided some initial capital and a commitment to contribute further capital if need be.
Ifølge de islandske myndigheder og for at tilvejebringe yderligere sikkerhed og tryghed for offentligheden med hensyn til deres indskuds sikkerhed, da krisen ramte landet, omfattede den islandske regerings redningsforanstaltninger for bankerne fra efteråret 2008 også yderligere statsgarantier for indskud i nationale kommercielle banker og sparekasser, ud over lov nr. 98/1999 om gennemførelse af direktiv 94/19/EF om indskudsgaranti og direktiv 97/9/EF om investorgarantiordninger.
It then capitalised the bank, before finally an agreement was reached between the State and the creditors of the old bank in October, which led to the State's stake in the bank being reduced from 100 % to 5 %.
En nylig udtalelse fra den nuværende økonomiminister og forhenværende finansminister (2009-2011), Steingrímur Sigfússon, i en debat i Altinget om regeringens omkostninger ved Landsbankinns overtagelse af sparekassen SpKef illustrerer også ovenstående.
The Authority considers this date — 15 October 2009 — to mark the beginning of the 5 year restructuring period, which will consequently last until 15 October 2014.
Ifølge ministeren må man i denne sag ikke glemme statens erklæring fra efteråret 2008 om, at alle indskud i sparekasser og forretningsbanker ville være sikret og beskyttet.
The following section is limited to describing those aspects of the State's intervention that constitute aid measures relevant for assessment under Article 61 of the EEA Agreement.
»Siden da har arbejdet i alle instanser været baseret på denne (erklæring), og det er desværre korrekt, at disse (betalinger til SpKef) bliver en af de større udgifter, som betales direkte af staten som omkostninger til sikring af indskud fra alle indbyggere i Suðurnes … og alle SpKef's kunder i Vestfjorden og nordvestområdet… Jeg forventer ikke, at nogen har troet, at indskydere i disse områder ville blive behandlet anderledes end andre indbyggere, så staten havde ikke noget valg i denne sag« [47].
Tier I capital
Ifølge den islandske regering vil den supplerende indskudsgaranti blive ophævet, før kapitalkontrollen helt ophæves, hvilket ifølge de islandske myndigheder forventes at ske ved udgangen af 2013.
The State provided Tier I capital twice — once, when New Glitnir was created, and then again when it capitalised the bank fully (and retroactively); followed by an agreement with the creditors of the old bank according to which the State retained a 5 % stake in the bank.
Særlig likviditetsfacilitet
Initial capital
I henhold til aftalen forpligter finansministeriet sig til at udlåne repo-statsobligationer til gengæld for klart definerede aktiver på vilkår og betingelser fastlagt i aftalen til en værdi af 25 mia. ISK.
The former figure corresponds to the minimum capital required under Icelandic law for foundation of a bank.
Det vigtigste vilkår i aftalen om at tilvejebringe likviditet er følgende:
The latter figure was calculated as 10 % of an initial assessment of the likely size of the bank's risk weighted asset balance, and was included in the state budget for 2009 as an allocation of government funds to address the extraordinary circumstances in financial markets.
Maks. Lånebeløb: 25 mia. ISK
This allocation of capital was intended to provide an adequate guarantee of the operability of the bank until issues relating to its final re-capitalisation could be resolved, including the size of its opening balance based on a valuation of compensation payable to the old bank for assets transferred.
Løbetid: Til september 2012
Capital injection and retention of a 5 % stake as a part of the settlement with the creditors of the old bank
Afkast: 3,0 % af de første 8 mia. ISK, 3,5 % af de næste 8 mia. ISK, 4,0 % for beløb over 16 mia. ISK
On 20 July 2009, the Government of Iceland and the Resolution Committee of Glitnir concluded an agreement on the initial capitalisation of Íslandsbanki and the basis for the compensation payable to the creditors of Glitnir in return for the transfer of mostly domestic assets and deposits from Glitnir [39].
Ifølge de islandske myndigheder er formålet med faciliteten at være en supplerende foranstaltning, der kun skal bruges, når andre likviditetskilder er utilstrækkelige.
On 15 October 2009 it was announced that Glitnir's Resolution Committee had decided, on behalf of its creditors, to take 95 % of the share capital in Íslandsbanki as compensation for the assets that had been transferred from the old to the new bank.
Prisen på og betingelserne for faciliteten indeholder incitamenter til ikke at anvende den, hvis der er andre muligheder.
The state retained the remaining 5 %.
Til dato er der ikke foretaget træk på den.
As part of the deal it was agreed that the Resolution Committee (creditors) would remunerate the state for total interest accrued on its investment over the period the government held the bank to the sum of 8,3 billion ISK.
Låneaftale vedrørende Straumur-værdipapirer
This amounted to a yield of 12,8 %, which annualised to 13,9 %, and concluded the settlement concerning those assets transferred from Glitnir to Íslandsbanki upon the collapse of the banks in October 2008.
Efter høring af likvidationskomitéen, kreditorer, CBI og finansministeriet den 17. marts 2009 overførte FME passiver for Straumurs indskud til Íslandsbanki [51].
Tier II capital contribution
Til gengæld udstedte Straumur en obligation med sikkerhed i dens aktiver som betaling for at påtage sig indskudsforpligtelserne.
On 15 October 2009 the Government also provided the bank with a subordinated loan to strengthen its equity and liquidity position in order to comply with the capital requirements of the FME.
Samtidig indgik Íslandsbanki og finansministeriet en aftale om værdipapirlån, hvor regeringen stiller repo-statsobligationer som sikkerhed for fordringen på Straumur, og til gengæld herfor kan Íslandsbanki få likviditet fra CBI i det omfang, der er behov for likviditet som følge af, at Íslandsbanki overtager ansvaret for Straumurs indskud.
The subordinated loan is available in euros and amounts to 25 billion ISK of Tier II capital in a form of an instrument providing for Íslandsbanki to issue unsecured subordinated notes.
I aftalen forpligter Íslandsbanki sig til at tilbagebetale et obligationsbeløb til staten, der svarer til de betalinger, banken modtager under den obligation, som er udstedt af Straumur.
The term of the notes is 10 years as of 30 December 2009.
Parterne aftalte også, at Íslandsbanki, i tilfælde af at Íslandsbanki ikke modtager fuld betaling under obligationen, og hvis staten ikke havde betalt den resterende gæld, ville beholde de udestående statsobligationer.
The instrument has built-in incentives for exit in the form of a step-up of interest after five years.
Grundlæggende overtog Íslandsbanki derfor Straumurs indskud til gengæld for et tilsvarende beløb af statsgaranterede aktiver.
Under the agreement the interest rate per annum for the first five years is 400 basis points above EURIBOR [40] and in the period from five to 10 years after the completion of the agreement the interest rate per annum is 500 basis points above EURIBOR.
Kapitaliseringen og erhvervelsen af Byr og den underordnede lånefacilitet, som blev tildelt Byr
In conjunction with the Tier I capital measures described above, the Tier II capital contribution ensured that Íslandsbanki complied with the FME's CAD requirement of 16 % on 15 October 2009.
Som beskrevet i beslutning nr. 126/11/KOL af 13. april 2011 (»Byr-beslutningen«) tildelte den islandske regering statsstøtte i form af kapital og en ansvarlig lånefacilitet til oprettelsen af Byr, som videreførte forgængerens (»Old Byr«), Byr sparekasses, aktiviteter.
Deposit guarantee
I denne proces blev Old Byrs kreditorer aktionærer i (New) Byr sammen med den islandske stat, som havde ydet kapital til etableringen af det nye selskab.
In order to comply with Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes [41] and Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes [42], Iceland adopted Act No 98/1999 on deposit guarantees and investor-compensation scheme and thereby set up the so-called Depositors' and Investors' Guarantee Fund (‘TIF’), which has been funded by annual contributions from the banks, calculated in relation to the total deposits of that bank.
Da Byr-beslutningen blev truffet den 13. april 2011, forelå årsregnskabet for 2010 endnu ikke.
According to the Icelandic authorities, and so as to provide further assurance and comfort to the general public on the safety of their deposits when the crisis struck, the bank rescue measures of the Icelandic Government of autumn 2008 also entailed an additional state backing of deposits in domestic commercial and savings banks, outside the scope of Act No 98/1999 implementing the deposit guarantee Directive 94/19/EC and the investor-compensation Directive 97/9/EC.
Men på det tidspunkt var ledelsen af Byr overbevist om, at de redningsforanstaltninger, som Tilsynsmyndigheden midlertidigt havde godkendt i Byr-beslutningen, var tilstrækkelige til at sikre bankens aktiviteter, i det mindste indtil en omstruktureringsplan for bankens langsigtede levedygtighed var indsendt til Tilsynsmyndigheden.
An announcement from the Prime Minister's Office of 6 October 2008 stated that the ‘Government of Iceland underlines that deposits in domestic commercial and savings banks and their branches in Iceland will be fully covered’ [43].
Under revisionen af bankens regnskaber for første halvdel af 2011 blev det klart, at det var nødvendigt med yderligere nedskrivninger af Byrs aktiver, hvilket fik bankens kapitalprocent til at falde.
This announcement has since been repeated by the Office of the current Prime Minister in February and December 2009 [44].
Som beskrevet i beslutning nr. 325/11/KOL af 19. oktober 2011 (»den anden Byr-beslutning«) kunne den deraf følgende kapitalmangel ikke afhjælpes, og Byr blev sat til salg.
Moreover, reference was made to it in a letter of intent sent by the Icelandic Government to the International Monetary Fund (and published on the website of the Ministry of Economic Affairs and of the IMF) on 7 April 2010 (and repeated in a further letter of intent dated 13 September 2010).
Ifølge de islandske myndigheder har hverken Byr eller Íslandsbanki nogen sinde foretaget træk på den ansvarlige lånefacilitet.
A recent statement of the current Minister of Economic Affairs and former Minister of Finance (2009-2011), Steingrímur Sigfússon in a debate in the Icelandic Parliament regarding the government's cost related to Landsbankinn's taking over SpKef, illustrates the above further: According to the Minister, one must keep in mind regarding this matter the State's declaration in the autumn of 2008 that all deposits in savings banks and commercial banks would be safe and protected.
Tilsynsmyndigheden anførte, at resultatet af den endelige vurdering af disse foranstaltninger afhang af oplysningerne i omstruktureringsplanen for den sammenlagte enhed, dvs. af Íslandsbanki og Byr, som den islandske regering havde forpligtet sig til at fremsende senest tre måneder efter gennemførelsen af den planlagte transaktion.
‘Work has since in all instances been based on this (i.e. the declaration) and it is unfortunately correct that this (i.e. payments due to SpKef) will be one of the bigger bills footed directly by the state as costs for securing the deposits of all inhabitants of Suðurnes … and all SpKef's clients in the West Fjords and the West and North-West area … I do not expect that anyone has thought that deposit holders in those areas would be treated differently from other inhabitants, so the state did not have much of a choice in this matter’ [47].
Omstruktureringsplanen
Special Liquidity Facility
Omstruktureringsplanen blev suppleret med en 5-årig forretningsplan dateret den 14. januar 2012 [53] og en rapport for processen til vurdering af den interne kapital (ICAAP) (der blev indsendt til FME den 1. april 2012).
In addition, as a condition for the creditors taking equity in the new bank, the Icelandic government concluded a further agreement with Íslandsbanki on 11 September 2009 that would come into force if Glitnir's Resolution Committee decided to exercise its option to become the majority owner of the bank [48].
I omstruktureringsplanen og i den 5-årige forretningsplan behandles centrale spørgsmål som levedygtighed, byrdefordeling og begrænsning af konkurrencefordrejning.
Under the agreement the Ministry of Finance commits to lend repo-able government bonds in exchange for specifically defined assets on terms and conditions specified in the agreement up to a value of 25 billion ISK.
Ifølge omstruktureringsplanen skal Íslandsbanki fokusere på sin kerneforretning samt omstrukturering af låneporteføljen til husholdninger og virksomheder.
The main terms of the agreement to provide liquidity are as follows:
Som anført ovenfor mener Tilsynsmyndigheden, at omstruktureringsperioden varer frem til den 15. oktober 2014.
Term: Until September 2012
Beskrivelse af omstruktureringsplanen
Remuneration: 3,0 % on first 8 billion ISK; 3,5 % on next 8 billion ISK; 4,0 % for amounts above 16 billion ISK
De islandske myndigheder og banken mener, at omstruktureringen af Íslandsbanki vil sikre, at den igen kan blive en solid, velfinansieret bank med sunde kapitalprocenter, således at den kan bevare sin rolle som leverandør af kredit til realøkonomien.
Fee: Íslandsbanki is required to pay 0,5 % of the loan amount on each occasion new securities are provided
De hævder, at dette skal opnås ved hjælp af følgende foranstaltninger:
Counter-security: Íslandsbanki is required to provide counter-security for the loan of Treasury securities, which can be financial assets in various forms.
fjernelse af gearing fra balancen ved at afvikle den gamle bank og etablere en ny bank
According to the Icelandic authorities, this liquidity facility is required because the creditors' decision to take ownership of Íslandsbanki significantly reduced the bank's holding of repo-able assets and threatened its ability to comply with supervisory requirements regarding liquidity reserves [49].
Etablering og fastholdelse af en stærk kapitalkoefficient
According to the Icelandic authorities the facility is intended to be an additional measure to be used only when other sources of liquidity are insufficient.
opnåelse af tilfredsstillende rentabilitet
The pricing and terms of the facility contain incentives to discourage its use if other options are available.
Etablering og fastholdelse af en stærk likviditetsposition
To date, the facility has never been drawn upon.
omstrukturering af låneporteføljen, både for husholdninger og virksomheder
Straumur securities lending agreement
forbedring af finansieringsstrategien
On 9 March 2009 the FME, acting under the authority conferred upon it by the Emergency Act, assumed the powers of the shareholders of Straumur–Burdaras Investment Bank hf.
opnåelse af omkostningseffektivitet
(‘Straumur’) and appointed a Resolution Committee to replace its Board of Directors [50].
forbedret virksomhedsledelse
After consultation with the Resolution Committee, creditors, the CBI and the Ministry of Finance, on 17 March 2009, the FME transferred the liabilities for deposits of Straumur to Íslandsbanki [51].
Inden de enkelte punkter ovenfor beskrives nærmere, er det på sin plads kort at fremlægge bankens syn på, hvordan de fejl, som bidrog til Glitnirs fald, afhjælpes i omstruktureringsplanen.
In return Straumur issued a bond collateralised against its assets, as repayment for assuming the deposit obligations.
Det anføres også, at der er foretaget betydelige ændringer for at rette op på svagheder, som menes at have bidraget til forgængerens sammenbrud.
The bond bears interest on the amount of REIBOR [52] plus 190 basis points in the first 12 months before reducing to REIBOR plus 100 basis points thereafter until maturity.
Nogle af de vigtigste ændringer vedrører reglerne for udlån til forbundne parter, afskaffelse af udlån med sikkerhed i værdipapirer og FX-udlån [54] til kunder uden FX-indtægter og generelt en strammere disciplin vedrørende lånegodkendelser.
Simultaneously, Íslandsbanki and the Ministry of Finance entered into a securities lending agreement, in which the government effectively pledges repo-able government notes as security for the Straumur claim, in return for which Íslandsbanki can obtain liquidity from the CBI to the extent that liquidity is required as a result of Íslandsbanki assuming the liability for Straumur's deposits.
Selv om Íslandsbanki i lighed Glitnir har til hensigt at levere en bred vifte af finansielle tjenester på det islandske marked, er forskellen mellem bankdriften i Íslandsbanki før og efter krisen mere synlig med hensyn til, »hvordan« banken driver forretning (processer, procedurer, dokumentation, regler og regulering) snarere end »hvilke« tjenester og produkter, den tilbyder.
In the agreement Íslandsbanki is committed to returning to the state the amount of the government bonds that equal the payments the bank receives under the bond issued by Straumur.
Íslandsbankis synspunkter på denne sag sammenfattes i diagram 2 nedenfor:
The parties also agreed that in the event that Íslandsbanki does not receive full payment under the bond, and in the event that the state had not paid the remaining debt, Íslandsbanki would retain the outstanding government bonds.
Diagram 2
In essence, therefore, Íslandsbanki assumed Straumur's liabilities for deposits in return for a matching amount of government guaranteed assets.
Tidligere svagheder og ændringer, der har til formål at afhjælpe disse svagheder
As indicated above, the Straumur bond was to mature on 31 March 2013.
Omstruktureringsplanen og den 5-årige forretningsplan er baseret på et sæt generelle og økonomiske antagelser [55].
However, in the meanwhile the bond has been paid in full, without the Icelandic State having to step in.
Disse antagelser udgør det økonomiske grundlag for basisscenariet, som der henvises til nedenfor.
The capitalisation and acquisition of Byr, and the subordinated loan facility granted to Byr
De generelle antagelser omfatter følgende:
As described in detail in Decision No 126/11/COL of 13 April 2011 (‘the Byr Decision’) the Icelandic government granted state aid in the form of capital and a subordinated loan facility for the establishment of Byr, which continued the operations of its predecessor, Byr savings bank (‘Old Byr’).
Omstruktureringen vil være afsluttet ved årets udgang […] for så vidt angår erhvervskunder og […] detailbankvirksomhed.
In this process the creditors of Old Byr became the shareholders of (new) Byr, along with the Icelandic State which had provided capital for the establishment of the new company.
Nulstillingen af realkreditrenterne vil være afsluttet ved årets udgang […].
When the Byr Decision was adopted on 13 April 2011, the annual accounts for the year 2010 were still unavailable.
Tilbagebetalingen af rabatten, som beskrives nærmere nedenfor, på porteføljen, som blev erhvervet fra Glitnir, vil blive fordelt forholdsmæssigt
However, at that point the management of Byr was confident that the rescue measures that were temporarily approved by the Authority in the Byr Decision would suffice to secure the operations of the bank at least until a restructuring plan establishing long term viability could be submitted to the Authority.