natgillin/translations-raw huggingface dataset:
Staten skulle have en mindretalsandel af den ordinære aktiekapital, i alt 13 % af Arion Bank.
The Icelandic authorities' intervention following the failure of Kaupthing Bank has been described above, and was set out in more detail in the opening decision.
For at overholde FME's afslutningskrav om yderligere 4 % tier II-kapital skulle staten også bidrage med kapital til Arion Bank i form af et lavere prioriteret lån på 24 mia. ISK.
The essence of the interventions can be summarised as follows: The FME took control of Kaupthing on 9 October 2008, and domestic liabilities and (most) domestic assets were transferred to New Kaupthing.
Den 1. december 2009 blev der indgået en aftale mellem staten og Arion Bank på den ene side og Kaupthings likvidationskomité på den anden om forlig vedrørende de passiver og aktiver, der skulle overføres fra Kaupthing til den nye bank.
The old bank's estate was to be compensated for this transfer by receiving the sum of the difference between assets and liabilities.
Samme dag besluttede Kaupthings likvidationskomité at udnytte sin option i henhold til den fælles kapitaliseringsaftale til at overtage 87 % af aktiekapitalen i Arion Bank.
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.
Staten skulle beholde de resterende 13 % af tier I-kapitalen.
It then capitalised the bank, before finally an agreement was reached between the State and the old bank on 1 December 2009, which led to the State's stake in the bank being reduced from 100 % to 13 % [36].
Kaupthing betalte for erhvervelsen ved at overføre aktiver fra sit bo til en værdi af 66 mia. ISK til Arion Bank.
The Authority considers this date — 1 December 2009 — to mark the beginning of the 5 year restructuring period, which will consequently last until 1 December 2014.
Hertil brugte Kaupthing en kombination af kontant betaling, virksomhedslån med forbindelse til Island og en portefølje af pantebreve og lån til islandske enheder relateret til staten.
The following section is limited to describing those aspects of the State's intervention that constitute measures relevant for assessment under Article 61 of the EEA Agreement.
Statens kapitalisering fra 9. oktober 2009 blev efterfølgende tilbageført, og Arion Bank returnerede 32,6 mia. ISK i statsobligationer til staten og udstedte en efterstillet obligation til fordel for staten på 29,5 mia. ISK.
Tier I capital
Der opstod problemer i forbindelse med kapitalkravet på 12 % tier I-kapital og 4 % yderligere tier II-kapital, da overførslen af ikkerisikofrie aktiver til Arion Bank var ensbetydende med en stigning i bankens risikovægtede aktivgrundlag.
The State provided Tier I capital twice — once, when New Kaupthing was created, and then again when it capitalised the bank fully (and retroactively); followed by an agreement with the old bank on behalf of its creditors according to which the State retained a 13 % stake in the bank.
Eftersom Arion Bank blev rekapitaliseret med en transaktion, der involverede en stor stigning i risikovægtede aktiver, var der behov for mere kapital under den fælles kapitaliseringsaftale end under statens kapitalisering, som udelukkende blev finansieret gennem statsobligationer.
Initial capital
En større del af de midler, der skulle tilbageføres til staten, end det ellers ville have været tilfældet, skulle være i form af en tier II-obligation.
Following the establishment of New Kaupthing Bank in October 2008, the State provided 775 million ISK [37] (5 million Euros) in cash as initial capital to the new bank and in addition issued a commitment to contribute up to 75 billion ISK in total as Tier I risk capital to the new bank in return for its entire equity.
Af den grund betalte Kaupthing 66 mia. ISK for 87 % af aktierne i stedet for de oprindeligt planlagte 62,6 mia. ISK (dvs. 87 % af 72 mia. ISK).
The former figure corresponds to the minimum capital required under Icelandic law for the foundation of a bank.
Staten betalte 12,2 mia. ISK for sin 13 % store andel i Arion.
The latter figure was calculated as 10 % of an initial assessment of the likely size of the bank's total risk weighted assets.
Tier II-kapitalbidrag
Appropriation to this amount was formally included in the state budget for the year 2009 as an allocation of government funds to address the extraordinary circumstances in financial markets.
Staten forsynede også den nye bank med to lavere prioriterede lån for at styrke dens egenkapital og likviditet.
This allocation of capital was intended to provide an adequate guarantee for the operability of the bank until issues relating to its definite re-capitalisation could be resolved, including the size of its opening balances and a valuation of compensation payable to the old bank for assets transferred.
Instrument A i udenlandsk valuta svarede dengang til 29,5 mia. ISK.
Capital injection and retention of a 13 % stake as a part of the settlement with the creditors of the old bank
Lånet havde form af et kapitalinstrument og betød, at Arion Bank kunne udstede usikrede efterstillede værdipapirer.
On 20 July 2009 the Icelandic Government announced that it had reached heads of agreement with the Resolution Committee of Kaupthing in respect of the initial capitalisation of New Kaupthing Bank (renamed Arion Bank as from 21 November 2009) and the basis for the compensation payable between the two parties.
Instrument B bestod af 6,5 mia. ISK og blev af Arion Bank brugt til at betale tilbageholdt overskud (dividende) til staten for tiden indtil den fælles kapitaliseringsaftales ikrafttræden.
The Government conditionally agreed with the Resolution Committee of Kaupthing that the creditors should, through the Committee, be granted the option of acquiring majority shareholding in Arion Bank in order to facilitate the bank's independent development.
Tier II-instrumenterne fra staten tog udgangspunkt i et behov for at sikre en stærk kapitalstruktur og var i overensstemmelse med FME's krav.
This would in effect involve the old bank providing the majority of the capital in Arion Bank, as a part of the compensation agreement.
Den årlige rente for de første fem år er 400 basispoint over EURIBOR, men i tiden fra fem til 10 år er renten 500 basispoint over EURIBOR.
In the event that Kaupthing Bank would not complete the subscription for shares in Arion Bank, the Government would retain full ownership.
Vilkårene for instrument B er de samme, bortset fra at renten for de første tre år er 300 basispoint over EURIBOR.
On 14 August 2009 the Government announced that it had committed to capitalise Arion Bank with 72 billion ISK of Tier I capital in the form of government bonds, giving the bank a Core Tier I ratio of approximately 12 %.
Indskudsgaranti
The Government capitalisation of Arion Bank was executed on 9 October 2009, involving an injection of 71225 million ISK into the bank, back-dated to 22 October 2008, in addition to the initial 775 million ISK in cash.
For at overholde Europa-Parlamentets og Rådets direktiv 97/9/EF af 3. marts 1997 om investorgarantiordninger [39] og Europa-Parlamentets og Rådets direktiv 94/19/EF af 30. maj 1994 om indskudsgarantiordninger [40] 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.
Total Government share capital was therefore 72 billion ISK.
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.
In addition, the accrued interest on the government bond amounted to 9,2 billion ISK.
I den del af budgetloven for 2011, der vedrørte statsgarantier, nævnes desuden en fodnote til den islandske regerings erklæring om, at indskud i islandske banker er omfattet af en statsgaranti.
On 4 September 2009 the Government announced that definitive agreements had been reached regarding the capitalisation of Arion Bank and the basis for compensation.
[41]
In line with the heads of agreement of 20 July 2009, the agreement principally contained provisions for two alternative agreements: capitalisation under old bank (creditor) ownership (Joint Capitalisation Agreement) or capitalisation under Government ownership (Alternative Capitalisation Agreement) [38].
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.
Under the former agreement, the creditors of Kaupthing had an opportunity to acquire (through the Resolution Committee) control of Arion Bank by subscribing to new share capital.
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.
As the value of the liabilities transferred to Arion Bank exceeded the value of the assets transferred, Kaupthing was to pay for the new share capital from the old bank's own assets.
»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 SpKefs 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« [42].
The amount of that compensation was calculated at 38 billion ISK, but was to be re-evaluated on a regular basis, based upon future performance of a certain loan portfolio.
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 Government would hold minority ordinary share capital, amounting to 13 % of Arion Bank.
Særlig likviditetsfacilitet
In order to comply with the supervisory sign-off requirement of the FME for an additional 4 % of Tier II capital, the Government would also contribute to the capital of Arion Bank in the form of a subordinated loan amounting to 24 billion ISK.
Statens finansiering af Arion Bank tog form af en indsprøjtning af 72 mia. ISK i repo-statsobligationer til gengæld for bankens samlede egenkapital.
On 1 December 2009 an agreement was reached between the Government and Arion Bank, on the one hand, and Kaupthing's Resolution Committee, on the other, on settlements concerning assets and liabilities transferred from Kaupthing to the new bank.
Kaupthing Banks beslutning om at benytte sig af optionen på at erhverve 87 % af aktierne i banken betød dog, at de fleste af disse obligationer blev returneret til regeringen.
On the same day the Resolution Committee of Kaupthing decided to exercise the option provided for in the Joint Capitalisation Agreement to take over 87 % of the share capital in Arion Bank.
Kaupthing Bank overførte aktiver fra sin ejendom til Arion Bank til gengæld for egenkapitalen, hvilket medførte en betydelig nedgang i bankens besiddelse af repo-aktiver og udgjorde en trussel mod dens kapacitet til at overholde tilsynskravene vedrørende likviditetsreserver.
The Government would retain the remaining 13 % of Tier I capital.
Likviditetsfaciliteten blev udformet som en udvidelse af SPRON-swapordningen, der beskrives nedenfor.
For this purpose Kaupthing used a combination of cash, Icelandic related corporate loans and a portfolio of mortgages and loans to Icelandic Government related entities.
SPRON-swapaftalen
The Government capitalisation from 9 October 2009 was subsequently reversed and Arion Bank returned 32,6 billion ISK in government bonds to the Government and issued a subordinated bond in favour of the Government to the sum of 29,5 billion ISK.
Den 21. marts 2009 overtog FME i medfør af sine beføjelser efter nødloven kontrollen med Reykjaviks sparekasse (SPRON) og overførte størstedelen af dennes indskud til Arion Bank.
Complexities arose in respect of the 12 % Tier I and 4 % additional Tier II capital adequacy requirement as the transfer of non-risk free assets to Arion Bank implied an increase in the Bank's risk-weighted asset base.
Et aktieselskab, som SPRON skulle eje, blev oprettet med henblik på at overtage SPRON's aktiver og også rettigheder i forbindelse med sikkerhedsstillelse, herunder garantier og tilsvarende rettigheder i tilknytning til SPRON's krav.
Since Arion Bank was re-capitalised by a transaction that involved a significant increase in risk-weighted assets, more capital was needed under the Joint Capitalisation Agreement than under the Government capitalisation, which was financed exclusively by government bonds.
Datterselskabet, der blev døbt Drómi hf, overtog SPRON's forpligtelser over for Arion Bank med hensyn til de indskud, der blev overført, og udstedte en obligation til Arion Bank den 22. juni 2009 på 96,7 mia. ISK.
A greater portion of the funds returned to the Government had to take the form of a Tier II obligation than would otherwise have been the case.
Parterne aftalte videre at arbejde hen imod, at SPRON-obligationen skulle godkendes som garanti for finansiering fra CBI.
The state also provided the new bank with two subordinated loans in order to strengthen its equity and liquidity position.
I et brev til Arion Bank af 3. september 2009 udvidede regeringen SPRON-swapsystemet til ikke kun at dække den potentielle udstrømning af SPRON-indskud, så banken blev holdt skadesløs med hensyn til at overtage indskuddene og fik den nødvendige likviditet til at overholde FME's betingelser.
Instrument A, denominated in foreign currency, corresponded at the time to an amount of 29,5 billion ISK.
I brevet gav regeringen tilsagn om at levere 74 mia. ISK i statsobligationer, hvis Kaupthing besluttede at benytte sig af sin ret til at erhverve aktiemajoriteten i Arion Bank.
The loan was in the form of a capital instrument providing for Arion Bank to issue unsecured subordinated notes.
Den ændrede facilitet betyder, at andre aktiver end SPRON-obligationen kan anvendes som sikkerhedsstillelse på mindre gunstige vilkår.
Instrument B was in the amount of 6,5 billion ISK, and was used by Arion Bank for payment to the State of retained earnings (dividends) over the period until the Joint Capitalisation Agreement took effect.
Regeringens tilsagn blev senere formaliseret i en aftale af 21. september 2010 om lån af statsobligationer til Arion Bank med henblik på anvendelse som sikkerhedsstillelse.
The Tier II instruments provided by the Government were based on a need to ensure a strong capital structure and were in accordance with the requirements of the FME.
Denne facilitet udløber den 31. december 2014, hvilket falder sammen med SPRON-obligationens løbetid.
The term of instrument A is 10 years as of 30 December 2009.
Der skal trækkes mindst 1 mia. ISK ad gangen på faciliteten.
It has built-in incentives for exit in the form of a step-up of interest in five years.
Statsobligationerne kan kun bruges til at sikre lån mod sikkerhedsstillelse fra CBI til tilvejebringelse af likviditet til Arion Bank [45].
The interest rate per annum for the first five years is 400 basis points above EURIBOR, but in the period from five to 10 years the interest rate is 500 basis points above EURIBOR.
Omstruktureringsplanen
The terms of instrument B are the same, except that for the first three years, the interest rate is 300 basis points above EURIBOR.
I omstruktureringsplanen behandles centrale spørgsmål som levedygtighed, byrdefordeling og begrænsning af konkurrencefordrejning.
Deposit guarantee
I henhold til omstruktureringsplanen driver Arion Bank udelukkende virksomhed i Island og ønsker at fokusere på traditionelle, universelle banktjenester.
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 [39] and Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes [40], 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.
Beskrivelse af omstruktureringsplanen
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.
De islandske myndigheder og banken mener, at omstruktureringen af Arion Bank 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.
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’.
På grundlag af oplysningerne i omstruktureringsplanen og svarene på spørgsmålene fra Tilsynsmyndigheden vil man opnå dette gennem følgende trin:
This announcement has since been repeated by the Office of the current Prime Minister in February and December 2009.
Fastlæggelse af den langsigtede strategiske retning, reduktion af operationerne og begrænsning af risikoeksponeringen
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).
At opnå og fastholde en stærk kapitalposition og en tilfredsstillende rentabilitet
The letter (which was signed by the Icelandic Prime Minister, Minister of Finance, Minister of Economic Affairs and Governor of the CBI) states that ‘At the present time, we remain committed to protect depositors in full, but when financial stability is secured we will plan for the gradual lifting of this blanket guarantee.’
Opretholdelse af en solid likviditetsposition og forbedring af finansieringsstrukturen
Furthermore, in the section of the bill for the Budget Act 2011 concerning state guarantees, reference is made in a footnote to the Icelandic Government's declaration that deposits in Icelandic banks enjoy a state guarantee [41].
Omstrukturering af låneporteføljer til husholdninger og virksomheder
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 the savings bank SpKef, illustrates the above further.
begrænsning af ubalancer i udenlandsk valuta
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.
rationalisering af netværket af afdelinger og opnåelse af omkostningseffektivitet
‘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’ [42].
Inden omstruktureringsplanen beskrives nærmere, er det på sin plads kort at fremlægge bankens syn på, hvordan de fejl, der bidrog til Kaupthings fald, afhjælpes i omstruktureringsplanen for Arion Bank.
According to the Icelandic Government, the additional deposit guarantee will be lifted before the capital controls are fully abolished, which according to the Icelandic authorities is currently foreseen for the end of 2013.
I denne forbindelse understreges det, at selvom Arion Banks operationer er baseret på Kaupthing Banks indenlandske transaktioner og aktiver, er det ikke desto mindre en anden bank med andre kommercielle mål og en anden ejerkreds, en anden bestyrelse og en anden ledelse end Kaupthing.
Special Liquidity Facility
Den nuværende ledelse i Arion Bank har rent faktisk erklæret, at den ikke mener at være i stand til at fremsætte hypoteser om Kaupthings specifikke svagheder eller sammenbrud.
The government financing of Arion Bank was carried out by means of an infusion of 72 billion ISK in repo-able government bonds in return for the bank's entire equity.
Ellers henviser Arion Bank for det første til rapporten fra den særlige undersøgelseskommission, der gennemgås ovenfor, for så vidt angår årsagerne til Kaupthing Banks sammenbrud.
Kaupthing Bank's decision to exercise its option to acquire 87 % of shares in the Bank, however, meant that the majority of these bonds were returned to the Government.
For det andet påpeges det, at man efter Kaupthings sammenbrud har truffet foranstaltninger for at styrke infrastrukturen efter en vurdering af risikostyringen og styringen foretaget af FME.
Kaupthing Bank transferred assets from its estate to Arion Bank in return for the equity, significantly reducing the bank's holding of repo-able assets and threatening its capability to comply with supervisory requirements regarding liquidity reserves.
Ifølge Arion Bank er to projekter særligt relevante med hensyn til de foranstaltninger, som banken har truffet som reaktion på ovennævnte vurdering.
In view of this and in the context of Kaupthing exercising the option referred to above, the Government agreed to provide an additional liquidity facility for Arion Bank.
For det første vedrørende store og sammenhængende engagementer.
The liquidity facility was formulated as an extension to the SPRON swap arrangement described below.
Gennem dette projekt har Arion Bank udvidet sine definitioner af forbundne parter og anvender mere stringente processer i denne forbindelse, idet Arion Banks risikoforvaltningsafdeling har den endelige myndighed, hvis der opstår tvister.
On 21 March 2009, using it powers under the Emergency Act, the FME took control of Reykjavík Savings Bank (SPRON) and transferred most of its deposits to Arion Bank.
Store engagementer overvåges nøje og indberettes, og som led i kredittildelingsprocessen udarbejdes der en særlig rapport, når tildelingen af kredit vil føre til et stort engagement.
A limited liability company to be owned by SPRON was established to take over SPRON's assets and also all collateral rights, including all mortgages, guarantees and other similar rights connected to SPRON's claims.
Ændringer af den islandske lovgivning om finansieringsinstitutter, som blev gennemført efter krisen, har begrænset bankers mulighed for at yde lån til forbundne parter betydeligt.
The subsidiary, named Drómi hf, took over SPRON's obligations to Arion Bank for the deposits transferred and issued a bond to Arion Bank on 22 June 2009 for the amount of 96,7 billion ISK.
Lån til ejere eller centrale medarbejdere må nu højst udgøre 1 % af risikokapitalen og må kun ske mod sikkerhedsstillelse af normal kvalitet.
All assets of SPRON were committed as collateral for the bond, including its shares in Drómi.