natgillin/translations-raw huggingface dataset:
Artikel 5
The measures limiting the distortion of competition should reflect the currently difficult circumstances, while ensuring that the distortions of competition are limited to a minimum both in the short-term and the long-term.
Kun den engelske udgave af denne afgørelse er autentisk.
Second, as set out above in the section on burden-sharing, the greatest possible contribution from the former owners of Kaupthing, and to some extent, of Kaupthing's creditors has been addressed.
Udfærdiget i Bruxelles, den 11. juli 2012.
Consequently, the need for additional competition measures has been limited.
På EFTA-Tilsynsmyndighedens vegne
Third, as regards the characteristics of the relevant market and as described above, the collapse of the financial system in Iceland, followed by the interventions of the Icelandic authorities, including the establishment of Arion Bank on the basis of Kaupthing's domestic operations, led to a greater concentration in the Icelandic market for financial services, and substantially increased the market share by the three major banks — Landsbankinn, Íslandsbanki and Arion Bank.
Formand
Beside these, only a few small market players remain, and the immediate prospect of a new entry is extremely slim, not only due to the already mentioned barriers to entry and the small size of the market, but in particular also due to the prevailing capital controls.
Medlem af kollegiet
Arion Bank enjoys a very significant position on this concentrated market, with a market share of 30 % or over in the most relevant and economically important segments.
Dette dokument offentliggøres alene til orientering.
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.
I denne offentlige version er nogle oplysninger udeladt af fortrolighedshensyn.
A further competition concern is the existence of a de-facto monopoly for banking IT-services (RB), majority owned by the three major banks.
Dette er angivet med […] eller et talinterval i firkantet parentes for at give et ikkefortroligt skøn over det relevante tal.
Fifth, the relative size of aid that Arion Bank has received is significant.
Tilsynsmyndighedens beslutning nr. 492/10/KOL om at indlede den formelle undersøgelsesprocedure om statsstøtte ydet til genoprettelsen af visse af (gamle) Kaupthing Banks aktiviteter og oprettelsen og kapitaliseringen af New Kaupthing Bank (nu omdøbt til Arion Bank), EUT C 41 af 10.2.2011, s. 7 og EØS-tillæg til Den Europæiske Unions Tidende nr. 7 af 10.2.2011, s. 1.
In this regard, the Authority notes that at the outset the entire capital of the bank was provided by the State.
Yderligere oplysninger om den procedure, der førte op til Tilsynsmyndighedens afgørelse nr. 492/10/KOL, kan findes i afgørelsens afsnit om proceduren.
In addition, the bank has benefited from a variety of aid measures — the special liquidity facility, the SPRON swap agreement and the blanket deposit guarantee.
Korrigeret af de interesserede parter den 25. maj 2012.
At the same time, Arion Bank remains a small bank, at least by international standards.
Vedrørende konkurrencesituationen i den islandske banksektor og mulige midler til bekæmpelse af illoyal konkurrence har Tilsynsmyndigheden samarbejdet med den islandske konkurrencemyndighed.
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 Arion Bank.
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.
Measures and regulatory developments undertaken or committed to by the Icelandic authorities
Rapporten findes in extenso på islandsk på: http://rna.althingi.is/ og afsnit oversat til engelsk (herunder resuméet og kapitlet om årsagerne til bankernes sammenbrud) findes på: http://sic.althingi.is/.
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:
Islandsk króna.
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).
Udlån til udenlandske parter steg med 11,4 mia. EUR fra 9,3 mia. EUR til 20,7 mia. EUR på seks måneder.
The Authority considers that the current law — which, inter alia, obliges customers to pay stamp duty on the amount of the respective bond [89] when switching lenders — may be capable of constituting an impediment to competition, as it may lock customers to existing contracts on long term loans.
Kapitel 21.2.1.2 i rapporten.
The Authority thus welcomes the commitment for this law to be reviewed.
Exista, Exista Trading, Bakkavör Group, Bakkavor Finance Ltd, Bakkabraedur Holding B.V., Lýsing, Síminn, Skipti og andre dermed forbundne selskaber.
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.
Over halvdelen af sådanne lån ydet fra begyndelsen af 2007 indtil bankens sammenbrud blev ydet uden sikkerhed.
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 Icelandic Competition Authority (the ICA) as regards that issue.
Det fremgår bl.a. af referaterne fra Kaupthing Banks bestyrelses låneudvalg, at banken ofte lånte penge til Tchenguiz, så han kunne overholde margenopkrævninger fra andre banker, når hans egne selskaber faldt.
The Committee shall present its report no later than 15 January 2013.
Kapitel 21.2.1.4 i rapporten.
The Authority is of the opinion that a closer assessment could be of benefit for competition in the long-run.
Det var rent faktisk den daværende koalitionsregerings erklærede politik at tilskynde til mere vækst og tilskynde bankerne til at bevare deres hovedsæde i Island.
In the meantime the bank-specific commitment by Arion Bank discussed below should contribute to making switching easier, and thereby will increase competition.
Kapitel 2, side 5 i rapporten.
As for the competition concerns identified by the Authority regarding RB, the Authority welcomes the settlement that ICA and the owners of RB, including the three major banks, have reached on this issue.
For yderligere oplysninger om de foranstaltninger, som de islandske myndigheder traf, henivses til Finansministerens rapport til Altinget om genoprettelse af de kommercielle banker fra maj 2011 (Skýrsla fjármálaráðherra um endurreisn viðskiptabankanna), se http://www.althingi.is/altext/139/s/pdf/1213.pdf.
This 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.
Lov nr. 125/2008 om myndigheden med ansvar for udbetalinger fra statskassen som følge af usædvanlige omstændigheder på det finansielle marked osv.
The Authority is of the view that its concerns have been addressed in a satisfactory manner by this settlement, and that there is no need for the Authority to further address this issue in the current decision.
Se også FME's årsrapport 2009 (juli 2008-juni 2009), tilgængelig på http://en.fme.is/media/utgefid-efni/FME-Annual-Report-2009.pdf.
Finally, the Authority takes note of the regulatory amendments that have been made since 2008, as discussed in the Annex.
Senere blev flere finansvirksomheder overtaget.
As regards competition concerns, the introduction of Article 22 in the Act on financial undertakings No 161/2002 is of particular relevance in this regard.
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.
It includes provisions which limit the participation of financial undertakings in activities falling outside the scope of their operating licenses.
Mens akkorden med Straumurs kreditorer senere blev godkendt, blev SPRON og Sparisjodabanki omfattet af en likvidationsprocedure.
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.
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.
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.
Da de finansielle vilkår for disse nye virksomheder viste sig at være dårligere end først antaget, blev SpKef senere lagt sammen med Landsbankinn i henhold til FME's beslutning, og Byr hf. blev lagt sammen med Íslandsbanki, efterfulgt af et udbud vedrørende aktierne i Byr.
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.
De islandske myndigheder blev endvidere i 2009 opfordret til at håndtere de finansielle problemer i Saga Capital Investment Bank og i 2011 i boligfinansieringsfonden.
This provision appears to at least mitigate this situation — which is a direct result of debt-to-equity-swaps (and similar transactions) involving over-indebted companies in the wake of the crisis — from becoming a permanent one.
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.
As it addresses one of the most pressing competition issues that is linked to the state aid to the three banks, the Authority takes it duly into account in its assessment.
I perioden 2009-2011 var investeringernes andel af BNP kun 13-14 %.
Measures specific to Arion Bank
Handelsbalancen er et udtryk for forskellen i indtjening fra eksport og import af varer og tjenesteydelser.
The Authority emphasises that Arion Bank's market presence and size is only a fraction of that of Kaupthing — as total assets have been reduced by 88 %, as described above.
Se f.eks. Økonomiministerens rapport til Altinget fra marts 2012: »Future Structure of the Islandic Financial System«.
Unlike Kaupthing, Arion Bank is only active in the Icelandic market.
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.
Whilst most of this reduction is evidently a result of the winding up of Kaupthing's international operations, the Authority is of a view that this process is of particular relevance as regards the distortions of competition, as it was in particular Kaupthing's risky overseas strategy that led to its collapse and caused distortions in the EEA financial markets in the past [90].
Rapporten findes på http://eng.efnahagsraduneyti.is/media/Acrobat/Future-Structure.pdf.
The Authority takes note of Arion Bank's commitments set out in the Annex, according to which Arion Bank will not acquire financial institutions until 1 December 2014, except if it obtains the Authority's approval beforehand.
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.
This means, unless further mergers would be necessitated by financial stability considerations, that further concentration of the Icelandic financial market through acquisitions by Arion Bank can be prevented.
Se kapitel 9 i økonomiministerens rapport, jf. fodnote 25.
This commitment also ensures that the aid that has been granted to Arion Bank is used for restoring its viability rather than it being used to consolidate and further expand its market presence in Iceland.
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.
Arion Bank's commitment to […] is also to be welcomed as it […] and supports the policy to achieve necessary cost reductions.
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.
The same is true for Arion Bank's commitment pursuant to which it will, until 1 December 2014, neither enforce contract clauses in housing mortgage agreements for individuals [91] nor introduce new contract clauses which make special terms on interest rates contingent upon maintaining a minimum range of business with the bank.
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.
As described above, the Icelandic financial market currently represents a challenging operating environment for any bank, which is reflected also by the almost complete absence of interest from abroad to enter this market at the present time.
Se kapitel 6 i Økonomiministerens rapport til Altinget, The Future Structure of the Icelandic Financial System, tilgængelig på http://eng.efnahagsraduneyti.is/publications/news/nr/3559.
The Authority thus welcomes the commitments by Arion Bank relating to facilitating the switching between banks and providing basic payment processing services.
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.
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.
Investeringsbanken Straumur-Burdaras Investment Bank og Saga Capital Investment Bank har også oplevet en betydelig nedgang i deres aktiviteter.
The Authority is of the view that this will reduce the barriers to entry for future (potential) market participants, and could allow existing smaller players to expand their market shares if they are able to offer better services than their larger competitors.
Den 11. april 2011 blev en kontrakt om salget af (gamle) MP banks aktiviteter i Island og Litauen godkendt på bankens generalforsamling, hvor over 40 nye aktionærer investerede 5,5 mia. ISK i nye aktier i banken.
Moreover, all the measures aimed at facilitating switching will contribute to fiercer competition between the existing large players, and could contribute to prevent or dissolve a situation of potential collective dominance.
Andre af den gamle banks transaktioner forblev hos de tidligere ejere og blev overført til en ny juridisk person, EA fjárfestingarfélag hf.
Lastly, Arion Bank 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, commits to follow the procedure and time-limits which are set out in this provision and as interpreted by the FME, and will maintain up-to-date information on its website or of a subsidiary on subsidiaries and shareholdings that are held for sale.
Der findes yderligere oplysninger i MP banks pressemeddelelser af 11. april 201, 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.
The Authority welcomes Arion Bank's commitment to divest as soon as possible all companies and shareholdings that are not related to its core business, not at least because of viability concerns.
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.
Whilst the Authority is of the view that it is self-evident that the Bank needs to respect domestic legal obligations such as Article 22 of the Act on financial undertaking, it takes note of this commitment and draws the Icelandic authorities' and beneficiaries' attention to the fact that in this regard a breach of national law might also entail a misuse of aid.
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.
The Authority moreover considers that by having to include information about foreseen divestments and sales on its website, more transparency about the current ownership situation in the Icelandic economy is introduced.
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.
This remedies, at least to some extent, this particular competition concern that currently characterises Iceland's markets.
De primære datterselskaber er (hovedaktivitet og bankens andele er anført i parentes): AFL-sparisjóður (sparekasse, 94.45 %), Verdis hf.
On the basis of all of the above, given in particular the specific situation in Iceland and the fact that the Authority considers that the above measures address the main competition issues that the Authority has identified in collaboration with the ICA, and taking into account the overriding objective of financial stability, the Authority concludes that the commitments limit distortions of competition to a satisfactory degree.
(deponeringsydelser, 100 %), KB ráðgjöf ehf.
The restructuring aid therefore complies with section 4 of the Restructuring Guidelines.
(sælger forsikrings og pensionsprodukter, 100 %), Gen hf.
CONCLUSION
(forsikringsselskab — privat- og livsforsikringer, 100 %), Sparisjóður Ólafsfjarðar (sparekasse, 99,99 %), Stefnir hf.
The Authority therefore approves the aid measures as restructuring aid compatible with the functioning of the EEA Agreement pursuant to Article 61(3)(b) EEA subject to Iceland and Arion Bank adhering to the commitments as set out in the Annex,
(forvaltningsselskab for UCITS, 100 %) og Valitor Holding hf.
HAS ADOPTED THIS DECISION:
(betalingstjenesteselskab, 52,94 %).
Article 1
I den henseende sondrer banken mellem tre former for aktiver.
The initial operating capital, the (temporary) full state capitalisation, the retention by the State of the 13 % share capital and the Tier-II capital granted to Arion Bank as well as the special liquidity facility, the SPRON swap agreement and the unlimited deposit guarantee constitute state aid within the meaning of Article 61(1) of the EEA Agreement.
For det første bankens aktivforvaltningsselskab Eignabjarg ehf., der forvalter aktier i levedygtige driftsselskaber, som banken har overtaget.
Article 2
Dette omfatter aktiebeholdninger i følgende selskaber (hovedaktivitet og bankens aktieandel i parentes): Hagar hf.
The measures enumerated in Article 1 constitute unlawful state aid from the dates of their implementation to the date of this decision in view of the failure by the Icelandic authorities to comply with the requirement to notify the Authority before implementing the aid in accordance with Article 1(3) of Part I of Protocol 3.
(en detailvirksomhed specialiseret i papirvarer og kontorforsyning, 100 %), Reitir fasteignafélag hf.
The measures enumerated in Article 1 are compatible with the functioning of the EEA agreement pursuant to Article 61(3)(b) EEA subject to adhering to the commitments as set out in the Annex.
(associeret selskab til Eignabjarg hf. med speciale i fast ejendom, 42,65 %) og From Foods ehf.
The authorisation for the unlimited deposit guarantee expires at the end of 2014.
(fødevareindustri, 100 %).
Article 4
For det andet aktiver, der besiddes med henblik på salg, bestående af aktiebeholdninger i følgende selskaber: Langalína 2 ehf.
This Decision is addressed to the Republic of Iceland.
(fast ejendom, 100 %), EAB 2 ehf.
Only the English language version of this decision is authentic.
(fødevareindustri, 100 %), Farice ehf.
Done at Brussels, 11 July 2012.
(drift af submarint datakabel til nabolande, 43,47 %), Sementsverksmiðjan ehf.
For the EFTA Surveillance Authority
(produktion og import af cement, 33 %), HB Grandi hf.
President
(fiskerivirksomhed, 33 %) og GO fjárfestingar ehf.
College Member
(svampeproduktion, 30 %).
This document is made available for information purposes only.
For det tredje aktier, der besiddes som midlertidige aktiviteter som aktiebeholdninger i følgende selskaber: Landey (holdingselskab, der er beskæftiget med ikkeindtægtsgivende ejendomme, 100 %), Landfestar (driftsselskab omkring kommerciel fast ejendom købt af Arion Bank fra kunder med økonomiske problemer, 100 %), Rekstrarfélagið Braut ehf.
In this public version, some information has been omitted so as not to divulge confidential information.
(svinefarm, 100 %), NS 1 ehf.
This is denoted by […] or a range in square brackets providing for a non-confidential approximation of the relevant figure.
(ejer jord og udlejer grunde til sommerhuse, 100 %), Módelhús ehf.
The Authority's Decision No 492/10/COL, opening the formal investigation procedure into state aid granted in the restoration of certain operations of (old) Kaupthing Bank hf and the establishment and capitalisation of New Kaupthing Bank hf (now renamed Arion Bank hf) OJ C 41, 10.2.2011, p. 7 and EEA Supplement to the Official Journal No 7, 10.2.2011, p. 1.
(fast ejendom, 100 %), EAB 1 ehf.
Further information on the procedure leading up to the Authority's Decision No 492/10/COL, can be found in the procedure part of the decision.
(jord og fast ejendom, 100 %), Andvaka ehf.
Corrected by the interested parties on 25 May 2012.
(virksomheds- og ledelseskonsulentvirksomhed, 50,11 %), Klakki ehf.
Regarding the competitive situation in the Icelandic banking sector and possible competition remedies, the Authority has cooperated with the Icelandic Competition Authority (ICA).
Der erindres om, at Kaupthing var en international bank med aktiviteter i forskellige lande, men Arion Bank blev oprettet med henblik på at overtage visse af Kaupthing Banks nationale aktiviteter og aktiver.
Chapter 21.2.1.2 of the Report.
Forskellene varierer mellem forretningssegmenter, og på visse områder er nedgangen op til 90 %.
Exista, Exista Trading, Bakkavör Group, Bakkavor Finance Ltd, Bakkabraedur Holding B.V., Lýsing, Síminn, Skipti and other related companies.