natgillin/translations-raw huggingface dataset:
Antallet af medarbejdere blev kraftigt reduceret i den administrerende direktørs kontor, hvor 6 % af Kaupthings personale i Island var ansat, mens det tilsvarende tal for Arion Bank er 1 %.
More than half of such loans granted from the beginning of 2007 until the collapse of the bank, were granted without collateral.
Først den 8. januar 2010 blev aftalen dog formaliseret, da Kaupthing på kreditorernes vegne gennem sit datterselskab Kaupskil ehf. overtog ejerskabet over Arion Bank efter godkendelse fra FME og den islandske konkurrencemyndighed.
The minutes of the loan committee of Kaupthing Bank's board state, inter alia, that the bank often lent money to Tchenguiz in order for him to meet margin calls from other banks as his companies declined.
Kaupskil ejer 87 % af stamkapitalen og Bankasýsla ríkisins (den islandske stats kontor for finansielle investeringer) 13 %.
Chapter 21.2.1.4 of the Report.
Kaupskil har en call option på at købe statens andel på et senere tidspunkt.
It was in fact the then coalition Government's stated policy to encourage more growth and to incentivise the banks to remain headquartered in Iceland.
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.
Chapter 2, page 5 of the report.
I henhold til aftalen om statens ejerskab, der ikke blev gennemført, skulle staten fortsat eje hele banken, hvis Kaupthings likvidationskomité besluttede ikke at erhverve kontrol over Arion Bank.
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
Også i dette tilfælde skulle kompensationen betales af Kaupthing til Arion Bank og i samme form som i henhold til den fælles kapitaliseringsaftale, dvs. et kompensationsinstrument beregnet til 38 mia. ISK.
Act No 125/2008 on the Authority for Treasury Disbursements due to Unusual Financial Market Circumstances etc.
Kaupthing ville også få en option på at købe statens aktiebeholdning, som den kunne benytte mellem 2011 og 2015 og til en pris, der gav staten et passende udbytte af sin investering.
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
EFT L 84 af 26.3.1997, s. 22.
Further takeovers of financial undertakings were to follow.
EFT L 135 af 31.5.1994, s. 5.
In March 2009, the FME took control of the operations of three financial undertakings; Straumur-Burdaras, the Reykjavik Savings Bank (SPRON) and Sparisjodabanki Íslands (Icebank), and decided on the disposal of the assets and liabilities of those undertakings.
Se det relevante afsnit i forslaget til budgetlov 2011: http://hamar.stjr.is/Fjarlagavefur-Hluti-II/GreinargerdirogRaedur/Fjarlagafrumvarp/2011/Seinni_hluti/Kafli_8.htm .
While a composition agreement with Straumur's creditors was later approved, SPRON and Sparisjodabanki were submitted to a winding-up procedure.
Tilsynsmyndighedens uofficielle oversættelse af en udtalelse, der blev bragt i Morgunblaðið (www.mbl.is) den 10. juni 2012.
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.
Uenigheden mellem parterne vedrørende obligationens rentesats blev oprindelig henvist til FME.
Thus, the FME appointed a provisional board of directors for VBS Investment Bank in March 2010.
FME besluttede den 5. juni 2009, at REIBOR + 1,75 % ville være en passende rentesats.
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.
I sin beslutning erklærede FME, at man ville genoptage beslutningen hvert halve år på parternes foranledning.
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.
Men tvisten blev senere indbragt for retten og er ikke afgjort i skrivende stund.
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.
Ifølge Arion Banks årsrapport for 2011 anmodede Drómi i et brev dateret 2. december 2009 om, at FME skulle tage sin tidligere beslutning om rentesatsen op til fornyet overvejelse.
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.
Den 4. februar 2011 besluttede FME, at der skulle betales en årlig rente af gælden, og denne rente skulle være den oprindeligt fastlagte rente plus den oprindelige rentepræmie fra overtagelsesdatoen indtil den 30. januar 2011, men uden rentepræmie fra dette tidspunkt, og indtil gælden er fuldt afdraget.
During the years 2009-2011, the share of investments in GDP has been only 13-14 %.
Finansministeriet indvilligede i at låne Arion Bank statsobligationer, der kunne anvendes til at få adgang til likviditetsfaciliteter gennem repo-transaktioner med CBI i overensstemmelse med CBI's aktuelle bestemmelser.
Trade balance refers to the difference in earnings from exports and imports of goods and services.
Statsobligationernes markedsværdi er maksimalt 75 mia. ISK.
It does not include the balance on primary income from abroad, which has been negative in past years, particularly since 2008.
Arion Bank har ikke ret til at sælge obligationerne eller bruge dem til andre formål end det, der er anført i aftalen.
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.
Hvis Arion Bank bruger SPRON-obligationerne som sikkerhed for sit lån af statsobligationer, skal banken ikke betale afgift for et træk op til 25 mia. ISK, men for den resterende del af faciliteten skal den betale et vederlag på 1,75 % for tilladelse til at anvende statsobligationerne som sikkerhed.
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.
Men Arion betaler ikke vederlag, hvis den klart kan påvise, at over 25 mia. ISK af lånet vedrører træk på SPRON-indskud.
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.
Hvis Arion bruger andre aktiver end SPRON-obligationen som sikkerhed for sit lån, stiger vederlaget til 3 % af det samlede lån, der alene blev ydet i forbindelse med denne sikkerhedsstillelse.
The report is available at http://eng.efnahagsraduneyti.is/media/Acrobat/Future-Structure.pdf
I så fald skal Arion endvidere betale et særligt gebyr på 0,5 % af det samlede lån, hver gang den bruger statsobligationer.
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.
REIBOR (Reykjavik interbank offered rate) er den interbanksats, der anvendes af handels- og sparekasser i Island, og anvendes til kortfristede lån.
This comprises a considerable advantage for depositors, not least while the 2008 banking collapse is still fresh in people's minds.
Handelsvægtet valutakursindeks for den islandske króna.
This provision is on the other hand likely to represent a handicap for the banks to diversify their funding arrangement.
Bankens nøgleoverbevisninger er bl.a., at […].
See Chapter 9 of the report of the Minister of Economic Affairs referred to in footnote 23.
Selvom en række vanskelige problemer fortsat er uløste, har den islandske økonomi ifølge Arion Bank vist tydelige tegn på bedring inden for det seneste år, idet økonomien er vokset for første gang siden starten på finanskrisen, og arbejdsløsheden er faldende.
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.
Banken bemærker, at i 2011 bidrog både nedskrivningen af ISK, de høje råvarepriser på verdensplan i årets første halvdel og de overenskomstmæssige lønstigninger til en årlig inflationssats på 5,3 % ved udgangen af året.
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.
Inflationsudsigterne for de næste år er ikke lovende, og inflationen vil sandsynligvis ligger over CBI's mål på 2,5 %.
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.
I denne forbindelse udtaler Arion Bank, at selvom der er tegn på genopretning af den islandske økonomi, findes der fortsat en række problemer, der skal løses.
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
Et af problemerne er ophævelsen af kapitalkontrollerne.
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.
Fjernelsen af kapitalkontrollerne er gået langsomt, selvom CBI annoncerede en liberaliseringsplan i marts 2011, der indeholdt en række foranstaltninger, der havde til formål at ophæve kontrollerne i løbet af de kommende fire år.
The operations of Straumur-Burdaras Investment Bank and Saga Capital Investment Bank have also diminished significantly.
Kapitalkontrollerne blev rent faktisk strammet i marts 2012 gennem ændringer af loven om fremmed valuta.
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.
Strategien bag ophævelsen af kapitalkontrollerne er ikke klar, og derfor går man ud fra, at kapitalkontrollerne vil forblive i kraft gennem hele prognoseperioden.
Other operations of the old bank remained with the previous owners and were transferred to a new legal entity, EA fjárfestingarfélag hf.
Valutaubalancen er faldet fra 300 % af bankens kapital ved udgangen af 2008 til 30 % af kapitalen ved udgangen af 2011.
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
Ved udgangen af 2011 havde banken […] koncerner, der udgjorde mere end 10 % af kapitalgrundlaget, svarende til i alt 87 % af kapitalgrundlaget.
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.
Det samlede kapitalgrundlag er forøget med 20,7 mia. ISK fra 2009 til 2011.
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.
Andelen af aftalekonti er vokset fra 10 % til 23 % fra udgangen af 2009 til udgangen af 2011.
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.
FPI-balancen er ændret fra minus 17 % af bankens kapitalgrundlag ved udgangen af 2009 til plus 9 % af kapitalgrundlaget ved udgangen af 2011.
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.
Efter FME's indgriben i oktober 2008 foretog man strukturelle ændringer.
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.
Den interne revision og regeloverholdelsen blev styrket, og afdelingerne for private banking og porteføljeadministration samt afdelingerne for likviditet og kapitalmarkeder blev slået sammen.
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.
I henhold til den nye strategiske retning og efter at banken fik den nye ledelse i efteråret 2011, foretog man yderligere grundlæggende ændringer af organisationsstrukturen for at sikre, at den i højere grad afspejler og understøtter bankens nye strategi, forenkler driften og øger synergien mellem divisionerne.
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.
SPM havde oplevet økonomiske problemer i adskillige måneder og søgte at indgå akkord med sine kreditorer i henhold til konkurslovgivningen, eftersom dens kapitalkrav var lavere end de lovbestemte krav.
The core subsidiaries are (main operation and the Bank's holdings are indicated in brackets): AFL-sparisjóður (savings bank; 94,45 %), Verdis hf.
Disse bestræbelser slog imidlertid fejl, og den 3. april 2009 blev der indgået en aftale mellem SPM og New Kaupthing, ifølge hvilken New Kaupthing købte alle aktiver af SPM, inklusive afdelingen i Borgarnes i Island samt SPM's datterselskaber, herunder to sparekasser i det nordlige Island, Afl sparekassen Ólafsfjörður sparekasse (SPÓL).
(securities custodian; 100 %), KB ráðgjöf ehf.
Samtidig overtog New Kaupthing visse passiver fra SPM, herunder indskud og långivning, i henhold til aftalen.
(sells insurance and pension products; 100 %), Gen hf.
Samme dag traf FME en beslutning om disponeringen af SPM's aktiver og passiver.
(holding in international enterprise funds; 100 %), Okkar Líftryggingar hf.
FME's beslutning er ikke tegn på nogen statslig indgriben i form af kapitalindsprøjtning, engagementer eller erklæringer.
(insurance company — individual and life insurance; 100 %), Sparisjóður Ólafsfjarðar (savings bank; 99,99 %), Stefnir hf.
Banken og de islandske myndigheder har desuden bekræftet over for Tilsynsmyndigheden, at staten ikke har indgået nogen økonomiske forpligtelser i denne forbindelse.
(management company for UCITS; 100 %) and Valitor Holding hf.
Se FME's afgørelse af 3. april 2009, findes på http://www.fme.is/media/akvardanir/3.-april-2009.pdf.
(payment service company; 52,94 %).
Gennem KMIIF åbnede Kaupthing en portefølje af islandske realkreditlån i boliger på mere end 120 mia. ISK.
Firstly, the Bank's asset management company Eignabjarg ehf., which manages shares in viable operating companies that the Bank has taken over.
Formålet med den sikrede obligation var at finansiere en stor del af Kaupthings realkreditportefølje.
This comprises shareholdings in the following companies (main operation and the Bank's shareholding indicated in brackets): Hagar hf.
I henhold til aftalen af 22. december 2011 har Arion Bank købt denne realkreditportefølje.
(a commercial enterprise operating in Iceland; 5,98 %), Penninn á Íslandi ehf.
Størstedelen af aftalen blev finansieret med køb af sikrede obligationer for 117,7 mia. ISK, idet Arion Bank havde påtaget sig Kaupthings forpligtelser under programmet for de sikrede obligationer.
(a retail company specialising in stationery and office supplies; 100 %), Reitir fasteignafélag hf.
Efter Arion Banks mening kan købet af AMIIIF hverken kategoriseres som et »normalt« køb eller som et køb i forbindelse med omstruktureringen.
(associate company of Eignabjarg hf. specialising in real estate; 42,65 %) and Fram Foods ehf.
Købet hang sammen med bankens struktur, hvor AMIIF ikke blev overført til Arion Bank, da den blev oprettet.
(food industry; 100 %).
Inden overdragelsen leverede Arion Bank tjenester til låntagere uden at have kontrol med lånene.
Secondly, other assets held for sale, comprising shareholdings in the following companies: Langalína 2 ehf.
Desuden mente låntagere med realkreditlån i fonden, at de var kunder hos Arion Bank.
(holding company; 100 %), Umtak fasteignafélag ehf.
Efter overdragelsen ejes lånene af Arion Bank.
(real estate; 100 %), EAB 2 ehf.
Som anført blev aftalen om ovenstående transaktion indgået mellem Kaupthing og Arion Bank og blev gennemført uden deltagelse eller engagement fra den islandske stats side.
(food industry; 100 %), Farice ehf.
Disse lån er opdelt i realkreditlån og andre lån fra private og lån til virksomheder.
(operation of submarine data cable to neighbouring countries; 43,47 %), Sementsverksmiðjan ehf.
Rabatterne var forskellige og afhang af typerne af lån og af, hvorvidt de var i króna eller fremmed valuta.
(produce and import of cement; 33 %), HB Grandi hf.
Stigningen i værdiansættelsen af lånene var imidlertid større i 2009-2011, end det fremgår af tabel 4, eftersom en del af den blev tilskrevet kompensationsinstrumentet, i alt 38 mia. ISK.
(fishing company; 33 %) and GO fjárfestingar ehf.
Se CBI's Rules on Liquidity Ratios No. 317 of 25 April 2006, der findes på http://www.sedlabanki.is/lisalib/getfile.aspx?itemid=4713
Thirdly, assets are held as temporary operations as shareholdings in the following companies: Landey (holding company dealing with non-revenue generating properties; 100 %), Landfestar (operating company around commercial real estate acquired by Arion Bank from financially distressed clients; 100 %), Rekstrarfélagið Braut ehf.
Likviditetsdækningsprocenten kræver, at bankerne opretholder en beholdning af likvide aktiver af høj kvalitet, der er tilstrækkelig til at dække netto likviditetstab i en 30-dages periode under et stressscenario.
(pork farm; 100 %), NS 1 ehf.
Dette scenario er også baseret på yderligere negative antagelser.
(property and real estate; 100 %), EAB 1 ehf.
Driftsudgifterne antages at være 10 % højere end i basisscenariet.
(land and properties; 100 %), Andvaka ehf.
Forrentningen af egenkapitalen vil falde til [0-5] % i 2012, [0-5] % i 2013 og [5-10] % i 2014.
(former Exista — holding company; 44,9 %), Ölgerðin Egill Skallagrímsson ehf.
Udtrykket »indskuddenes træghed« henviser til indlånenes historiske stabilitet og forventede udvikling over tid.
(property and real estate; 39,1 %).
Bankasýsla ríkisins er et statsligt organ med en uafhængig bestyrelse, der referer til finansministeren, der blev oprettet med lov nr. 88/2009.
Significant changes have occurred in Arion Bank's key financial indicators since its inception, but it is nevertheless appropriate to compare the two banks with reference to data close in time.
Bankasýsla ríkisins skal have fuldført sine opgaver senest fem år efter oprettelsen.
It is recalled that Kaupthing was an international bank with operations in various countries, but Arion Bank was established to take over certain domestic operations and assets of Kaupthing Bank.
Bankasýsla ríkisins forvalter statens deltagelse i finansielle virksomheder i henhold til loven, forsvarlig forvaltning og forretningspraksis og politikken for statsligt ejerskab.
Changes differ between business segments and in certain areas the reduction is up to 90 %.
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.
A significant scale-down took place in the CEO's office, where 6 % of Kaupthing's staff in Iceland were employed, whereas in the case of Arion Bank the corresponding number is 1 %.
Nærmere beskrevet i kapitel 3 i nærværende afgørelse.
However, it was only on 8 January 2010 that the agreements were formalised, when Kaupthing, on behalf of its creditors, through its subsidiary Kaupskil ehf. took ownership of Arion Bank, following approval by the FME and the Icelandic Competition Authority.
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, dom af 21. maj 2010, Sml. 2010 II-02099, præmis 283 (efter appel) samt udtalelsen fra AG Mengozzi i appelsagen, dvs. sag C-399/10, Bouygues, præmis 47, hvor man fandt, at disse betingelser er for restriktive til, at man kan vurdere, hvorvidt der er tale om statsstøtte.
Kaupskil holds 87 % of common equity and the Icelandic State Financial Investments (the ISFI) 13 %.
Se f.eks. T-228/99 WestLB Sml. 2003, s. 435.
Kaupskil has a call option to buy the government's stake at a later point.
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. oktober 2008 i sag C 10/2008 IKB, punkt 74.
Monetary figures are referred to in this section first in the currency in which the capital was provided, followed by a reference in brackets to the corresponding amount in ISK or euros (as appropriate) where it has been provided by the Icelandic authorities.
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
Under the Government ownership agreement — which did not materialise — the Government would continue to fully own the bank, in the event that Kaupthing's Resolution Committee decided not to acquire control of Arion Bank.
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).
The compensation would also in this case come from Kaupthing to Arion Bank and in the same form as under the Joint Capitalisation Agreement, i.e. a compensation instrument calculated at 38 billion ISK.
Denne konklusion påvirkes ikke af uenigheden og retstvisten mellem parterne i Drómi-obligationen vedrørende rentesatsen på obligationen.
Kaupthing would also be granted an option to acquire the Government's shareholding exercisable between 2011 and 2015, at a price which provided the Government with an appropriate level of return on its investment.
Rapport fra økonomiministeren til Altinget (marts 2012), »The Future Structure of the Icelandic Financial System«, kap. 9.6, findes på: http://eng.atvinnuvegaraduneyti.is/media/Acrobat/Future-Structure.pdf.
OJ L 84, 26.3.1997, p.