natgillin/translations-raw huggingface dataset:
Bankens mål er at være hovedbank for store virksomheder og privatpersoner, der ønsker en bred vifte af finansløsninger.
In ICA's view, faster restructuring of companies would improve competition in the financial market.
Arion Bank Group består af et moderselskab og otte primære datterselskaber, der en integrerende del af bankens aktiviteter [32].
When the banks' involvement in the restructuring of their corporate clients has been subject to the notification requirements under national merger control, the ICA has in this regard often set conditions regarding the banks' ownership.
I forhold til den nylige og løbende omstrukturering af bankens kreditbog har den overtaget aktiver, der kategoriseres som besiddelse med henblik på salg, eller hvis genopretningsarbejdet er afsluttet, midlertidige aktiviteter.
However, a comprehensive solution to the problem appears to be difficult, as it relates essentially to the high leverage of the Icelandic business sector.
Ifølge banken forsøger den alligevel at sælge sådanne aktiver uden unødig forsinkelse [33].
In their submission to the Authority, the three commercial banks, Arion Bank, Íslandsbanki and Landsbankinn, have all expressed the view that no major changes have taken place in the conditions of competition in the Icelandic financial market since autumn 2008 which should give cause for concerns.
Andre vigtige aktiebeholdninger er i Auðkenni (et holdingselskab, der forvalter sikkerhedsnøgler til onlinebankvirksomhed, 20 %) og Reiknistofa bankanna (islandske bankers datacenter, RB, 18,05 %).
Effective competition prevailed in the market, without any evidence of collusive behaviour of the three biggest players.
De vigtigste bankprodukter kan inddeles i fire kategorier: porteføljeadministration, investeringsbankvirksomhed, erhvervskunder og detailbankvirksomhed, jf. yderligere beskrivelse nedenfor.
When examining the conditions of competition in the market, the ICA had overlooked certain key factors.
Porteføljeadministration
Foreign banks, although without presence in Iceland, have for long and still are actively competing with Icelandic banks for the provision of corporate loans and other financial services to the biggest clients, such as undertakings in export-based activity (fisheries, power-intensive industry, etc.) as well as state and municipal activity.
Denne afdeling består af salg og tjenesteydelser, privatkunder og institutionel porteføljeadministration.
However, this view is contrary to the view expressed in the submission of the Icelandic authorities, as set out in the report referred to above by the Minister of Economic Affairs to the Althingi and to the views of ICA.
Bankens datterselskab Stefnir Asset Management Company driver fondforvaltningsaktiviteter, og Arion Bank Asset Management er navnlig beskæftiget med fondsdistribution.
Moreover, as will be outlined below, Arion Bank has, despite certain reservations regarding analysis of competition conditions, decided to provide certain commitments aimed at limiting distortion of competition linked to the aid measures concerned.
Afdelingen for porteføljeadministration er en førende deltager på det islandske marked med aktiver til en værdi af over 659 mia. ISK, som forvaltes af Arion Bank og datterselskaber ved udgangen af 2011.
Those commitments are reported in the Annex.
Afdelingen er ansvarlig for at forvalte aktiver på vegne af bankens kunder, herunder institutionelle investorer, selskaber, velhavende kunder og detailinvestorer.
DESCRIPTION OF THE MEASURES
De betjener kunder med forskellige investeringsmålsætninger og tilbyder en bred vifte af ydelser.
The beneficiary
Ud over forskellige gensidige fonde alternative investeringstilbud og pensionsordninger tilbyder afdelingen skræddersyede strategier for placering af aktiver og forvaltede konti.
As described above, Kaupthing Bank collapsed in 2008, as did the two other large Icelandic commercial banks.
Afdelingen tilbyder også midler fra andre førende globale fondforvaltningsvirksomheder.
So as to ensure the continuing operation of the domestic banking sector, the Icelandic authorities undertook certain measures to restore certain operations of (old) Kaupthing Bank hf, including the establishment and capitalisation of New Kaupthing Bank hf (now renamed Arion Bank).
Investeringsbankvirksomhed
Prior to the financial crisis of 2008, Kaupthing Bank was the largest bank in Iceland.
Afdelingen for investeringsbankvirksomhed tilbyder forskellige ydelser til erhvervskunder gennem sine fire produktområder:
At the end of 2007 its balance sheet amounted to 5347 billion ISK (58,3 billion Euros).
rådgivning om fusioner og opkøb
Kaupthing was primarily a northern European bank operating in 13 countries.
egenkapitalinvesteringer.
Kaupthing had banking licences through subsidiaries in Denmark, Sweden, Luxembourg and the UK and branches in Finland, Norway and the Isle of Man.
Afdelingens mål er at kombinere rådgivning med bankens finansieringskapacitet og dermed skabe en integreret løsning for kunderne i tæt samarbejde med andre af bankens afdelinger, især afdelingerne for kapitalmarkeder og erhvervskunder.
Kaupthing's principal subsidiaries were Kaupthing Singer & Friedlander (UK) and FIH Erhvervsbank (Denmark), but the bank operated 16 other subsidiaries and branches in various countries in Europe, North America, Asia and the Middle East.
Erhvervskunder
At the end of 2007 the bank employed 3334 people.
Afdelingen for erhvervskunder er inddelt i syv underafdelinger: virksomhedslån, speciallån, juridisk rådgivning og dokumentation, porteføljeforvaltning, virksomhedsydelser, inddrivelse og factoring.
Shares in the bank were listed on the OMX Nordic Exchange in Reykjavík and in Stockholm.
Afdelingen for erhvervskunder tilbyder en bred vifte af finansieringsydelser og -produkter til sine erhvervskunder, dvs. mellemstore til store virksomheder.
Kaupthing's successor, Arion Bank, is an Icelandic bank offering universal financial services to companies, institutional investors and individuals.
Denne underafdelings hovedfokus er at opretholde langvarige forbindelser til sine kunder og levere skræddersyede og individuelle løsninger.
The Bank aims to be a relationship bank with a focus on larger corporations and individuals seeking a broad range of financial solutions.
Arion Bank betragter sig selv som værende i front med hensyn til at finde løsninger på virksomhedernes gældsproblemer og har gjort store fremskridt med at omstrukturere virksomheder.
The Arion Bank Group consists of the parent company and eight core subsidiaries which are an integral part of the Bank's operations [32].
Inddrivelsesenheden i afdelingen for erhvervskunder er ansvarlig for bankens inddrivelse af gæld, dvs. omstrukturering af virksomheder med betalingsvanskeligheder.
In relation to the recent and ongoing restructuring of its loan book, the Bank has taken over assets that are categorised as held for sale or if the recovery work is not finished, temporary operations.
Arbejdet skrider godt frem og vil snart være afsluttet.
According to the Bank, it nevertheless endeavours to sell such assets without undue delay [33].
Detailbankvirksomhed
Other key shareholdings are in Auðkenni (a holding company managing security keys for online banking; 20 %) and Reiknistofa bankanna (the Icelandic Banks' Data Centre, RB; 18,05 %).
Afdelingen for detailbankvirksomheds markedsandel er 30 % i Island.
Arion Bank has closed down or is in the process of closing down a total of 15 companies, where the Bank has held equity interests.
Der findes 24 afdelinger i hele Island, der i alt har over 100000 kunder.
These companies are either in liquidation or have no assets or no operations.
Afdelingerne tilbyder en lang række ydelser såsom rådgivning om indskud og lån, betalingskort, pensionsopsparing, forsikring samt værdipapirer.
The main banking products fall into four categories: Asset Management, Investment Banking, Corporate Banking and Retail Banking, as further outlined below.
Afdelingsnettet er inddelt i syv grupper, hver med sin egen afdelingsleder.
Asset Management
Mindre afdelinger drager fordel af de større og stærkere enheder i hver gruppe.
This division consists of Sales and Services, Private Banking, and Institutional Asset Management.
Mere ledelsesautoritet og ansvar overføres til afdelingerne og er derfor tættere på kunderne.
The Bank's subsidiary, Stefnir Asset Management Company, operates the fund management business and Arion Bank Asset Management is the main fund distributor.
Ifølge banken hjælper dette system med at koordinere procedurer og udnytte al ekspertviden i afdelingerne.
Asset Management is a leading participant in the Icelandic market with assets under management at Arion Bank and subsidiaries in excess of 659 billion ISK at the end 2011.
Fire af disse afdelingsledere arbejder i Reykjavik og omegn og tre i større byområder.
Asset Management is responsible for managing assets on behalf of its clients, including institutional investors, corporations, high net worth clients and retail investors.
Sigtet med denne struktur er at styrke forbindelsen mellem afdelinger i samme del af landet.
It serves clients with differing investment objectives, offering a broad range of services.
Indikationer for markedsandele
In addition to a variety of mutual funds, alternative investment vehicles and pension plan schemes, the division offers customised asset allocation strategies and managed accounts.
Ifølge Arion Banks beregninger er dens markedsandel for indskud på grundlag af årsrapporter fra islandske banker og sparekasser [> 30] % eller marginalt lavere end Landsbankinns ([> 30 %]) og Íslandsbankis ([> 30 %]) markedsandel.
The division also offers funds from other leading global fund management companies.
Andre markedsaktører med begrænset betydning er MP Bank ([< 5 %]) og sparekasser (i alt [< 5 %]).
Investment Banking
Arion Banks andel for lån til kunder er ca. [15-25] % svarende til Íslandsbankis og lidt lavere end Landsbankinns andel.
Investment Banking provides various services to corporate clients through its four main product areas:
Boligfinansieringsfonden har den største markedsandel, nemlig [> 25] %.
M&A advisory
Samlet set har pensionsmidler også en betydelig markedsandel, [5-10] %, mens andre markedsaktørers andel er ubetydelig.
Capital market transactions
Arion Banks markedsandel for handel på Islands aktiebørs målt efter omsætning i de første 14 uger af 2012 var [10-20] %, men hver af de andre forretningsbanker, Íslandsbanki, Landsbankinn og MP Bank, havde en markedsandel på [20-25] %.
Acquisition and leverage finance
Sammenligning af den gamle og den nye bank
Principal investments.
En vejledende sammenligning af økonomiske nøgletal for den gamle og den nye banks balance kan ses i tabel 1.
The division aims to combine advisory with the Bank's financing capabilities, creating an integrated solution for clients, in close cooperation with other divisions of the Bank, in particular Capital Markets and Corporate Banking.
Den viser en kolossal forskel i de to bankers størrelse og dækningsområde.
Corporate Banking
Den regnskabsmæssige værdi af Kaupthing Banks låneportefølje ultimo juni 2008 var 4169 mia. ISK sammenholdt med Arion Banks låneportefølje på 358 mia. ISK ultimo 2009, svarende til 8,6 % af Kaupthings.
Corporate Banking is organized into 7 departments: Corporate Lending; Specialised Lending; Legal & Documentation; Portfolio Management; Corporate Services; Recovery; and Factoring.
Det er også store forskelle med hensyn til Arion Banks værdipapirbeholdninger sammenlignet med Kaupthing Banks.
Corporate Banking offers a range of financing services and products for its corporate clients, from medium-sized businesses to large corporations.
Aktier og derivater er gået 96-100 % tilbage.
The prime focus of the division is to maintain long-term relationships with its clients as well as deliver tailor-made solutions and personalised services.
Denne nedgang er mindre udtalt for så vidt angår obligationer, da Arion Banks obligationsbeholdning udgjorde 25,7 % af Kaupthing Banks.
Arion Bank considers that it is at the forefront in resolving corporate debt issues and has made considerable progress with the restructuring of companies.
Tabel 1
The Recovery unit within Corporate Banking is responsible for the Bank's debt recovery, i.e. the restructuring of companies which are experiencing payment difficulties.
Sammenligning mellem Arion Banks og Kaupthing Banks balance, beløb i mia. ISK.
The work has progressed well and is close to completion.
Arion i % af Kaupthing
Retail Banking
Aktiver i alt
Retail Banking has a 30 % market share in Iceland.
lån og udestående fordringer
There are 24 branches throughout Iceland and over 100000 customers.
obligationer og gældsinstrumenter
The branches provide a comprehensive range of services, including advice on deposits and loans, payment cards, pension savings, insurance, funds and securities.
aktier og egenkapitalinstrumenter
The branch network is divided into seven clusters, each with its own business manager.
Passiver
Smaller branches capitalise on the strength of larger units within each cluster.
indskud
More executive authority and responsibility is transferred to the branches and therefore closer to the customers.
De to enheders selvangivelser udviser en tilsvarende forskel i størrelse og dækning.
Four of these business managers work in the greater Reykjavík area and three in larger urban areas.
Sammenligner man Arion Bank i 2009 med Kaupthing Bank i 2007 udgjorde Arion Banks nettorenteindtægt 15,2 % af Kaupthings og Arion Banks nettoindtægt fra gebyrer og provision 10,7 % af Kaupthings.
This structure is designed to reinforce the links between branches in the same part of the country.
Sammenligner man de to bankers aktiviteter i Island, beskæftigede Kaupthing 1133 personer i islandske aktiviteter (ekskl. datterselskabers medarbejdere) ultimo juni 2008, mens Arion Bank havde 952 medarbejdere (ekskl. datterselskaber) ultimo 2009.
Indications of market shares
Tabel 2
According to Arion Bank's calculations, its market share in deposits, based on the annual reports of Icelandic banks and savings banks, is [> 30] % or marginally lower than the shares of Landsbankinn ([> 30 %]) and Íslandsbanki ([> 30 %]).
Sammenligning mellem Arion Banks og Kaupthing Banks selvangivelser, beløb i mia. ISK.
Other market players with only minor significance are MP Bank ([< 5 %]) and savings banks (collectively [< 5 %]).
Netto renteindtægt
Arion Bank's share in loans to customers is approximately [15-25] % or similar to that of Íslandsbanki and slightly lower than Landsbankinn.
Nettoindtægter fra gebyrer og kommissioner
The Housing Financing Fund has the biggest share in this market, [> 25] %.
Driftsindtægter
When counted collectively, pension funds also have a significant share in this market or [5-10] %, while the shares of other market players are insignificant.
Indkomst før skat
Arion Bank's market share in trade on the Icelandic Stock Exchange measured by turnover in the first 14 weeks in 2012 was [10-20] %, but the shares of each of the other commercial banks, Íslandsbanki, Landsbankinn and MP Bank, were [20-25] %.
Nationalt retsgrundlag
Comparing the old and the new bank
Det nationale retsgrundlag for støtteforanstaltningerne er:
An indicative comparison of key financials in the old and new banks' balance sheets presented in Table 1 reveals a vast difference in the size and scope of the two operations [34].
Lov nr. 125/2008 om myndigheden med ansvar for udbetalinger fra statskassen som følge af usædvanlige omstændigheder på det finansielle marked osv., normalt betegnet nødloven
Arion Bank's total assets at the end of 2009 were only 11,5 % of those of Kaupthing Bank at mid-year 2008.
Nødloven gav FME beføjelse til at gribe ind under »usædvanlige omstændigheder« og beføjelser i forbindelse med finansinstitutionernes generalforsamlinger og bestyrelsesmøder samt til at træffe beslutning om anvendelse af deres aktiver og passiver.
The loan portfolio is the largest single asset category.
FME fik også beføjelse til at nedsætte likvidationskomitéer for de finansvirksomheder, den havde overtaget, og som fik beføjelser med henblik på generalforsamlinger.
The book value of Kaupthing Bank's loan portfolio at the end of June 2008 was 4169 billion ISK compared to Arion Bank's loan portfolio of 358 billion ISK at the end of 2009, 8,6 % of that of Kaupthing.
Ved konkursbehandlingen af institutionerne gav loven prioritet til indskyderes krav og indskudsgarantiordninger.
There is also a significant change in securities holdings of Arion Bank compared to Kaupthing Bank.
Loven gav også Islands finansministerium beføjelse til at oprette nye banker.
Shares and derivatives are reduced by 96-100 %.
Tillægslov til statsbudget for 2008 (artikel 4)
Table 1
Lov om statsbudget for 2009 (artikel 6)
Comparison of Arion Bank and Kaupthing Bank balance sheets, amounts in billion ISK
Støtteforanstaltningerne
Arion as % of Kaupthing
De islandske myndigheders indgreb efter Kaupthing Banks konkurs er beskrevet ovenfor og fremgår mere detaljeret af beslutningen om at indlede proceduren.
Total assets
Indgrebene kan i hovedtræk opsummeres som følger: FME overtog kontrollen med Kaupthing den 9. oktober 2008, og nationale passiver og (de fleste) indenlandske aktiver blev overført til New Kaupthing.
Loans and receivables to customers
Den gamle banks bo skulle kompenseres for denne overførsel i form af udbetaling af forskellen mellem aktiver og passiver.
Bonds and debt instruments
Da det viste sig vanskeligt og tidkrævende at beregne denne forskel, stillede staten en vis startkapital til rådighed og forpligtede sig til at bidrage med yderligere kapital, hvis det skulle vise sig nødvendigt.
Shares and equity instruments
Derefter kapitaliserede den banken før indgåelsen af en aftale mellem staten og den gamle bank den 1. december 2009, som førte til, at statens andel i banken faldt fra 100 % til 13 % [36].
Total liabilities
Tilsynsmyndigheden betragter denne dato, den 1. december 2009, som startdatoen for den femårige omstruktureringsperiode, der følgelig varer indtil den 1. december 2014.
Deposits
I nedenstående afsnit beskrives de aspekter af statens indgreb, der udgør foranstaltninger af relevans for vurderingen efter artikel 61 i EØS-aftalen.
Total equity
Tier I-kapital
The income statements of the two entities display a similar difference is size and scope.
Staten har to gange bidraget med tier I-kapital — første gang, da New Kaupthing blev oprettet, anden gang, da staten kapitaliserede banken fuldt ud (og med tilbagevirkende kraft), efterfulgt af en aftale med den gamle banks kreditorer om, at staten skulle bevare en andel på 13 % i banken.
Comparing Arion Bank in 2009 and Kaupthing Bank in 2007, net interest income of Arion Bank amounts to 15,2 % of Kaupthing and net fee and commission income of Arion was 10,7 % of that of Kaupthing.
Startkapital
Arion Bank employed 1057 people at the end of 2009 (including employees of subsidiaries) compared to Kaupthing Bank's 3334 employees at the end of 2007.
Efter oprettelsen af New Kaupthing Bank i oktober 2008 ydede staten 775 mio. ISK [37] (5 mio. EUR) i kontant startkapital til den nye bank og gav derudover tilsagn om at bidrage med yderligere op til 75 mia. ISK i alt som tier I-risikokapital til den nye bank til gengæld for hele egenkapitalen.
The total number of employees at Arion was therefore 32 % of the corresponding total for Kaupthing [35].
Det første tal svarer til den ved islandsk lov fastsatte minimumskapital til oprettelse af en bank.
Comparing the Icelandic operations of both banks, Kaupthing employed 1133 people for the Icelandic operations (excluding employees of subsidiaries) at the end of June 2008, whereas in Arion Bank, there were 952 employees (excluding subsidiaries) at the end of 2009.
Det andet tal blev beregnet som 10 % af en indledende vurdering af det sandsynlige omfang af bankens samlede risikovægtede aktiver.
Table 2
Bevillinger til dette beløb blev formelt medtaget på statens budget for 2009 som en tildeling af statsmidler til håndtering af udsædvanlige omstændigheder på finansmarkedet.
Comparison of Arion Bank and Kaupthing Bank income statements, amounts in billion ISK
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 og en vurdering af den kompensation, som den gamle bank skulle have for de overførte aktiver.
Net interest income
Kapitalindsprøjtning og bevaring af en andel på 13 % som led i forliget med den gamle banks kreditorer
Net fee and commission income
Den 20. juli 2009 meddelte den islandske regering, at den havde indgået en rammeaftale med Kaupthings likvidationskomité vedrørende den indledende kapitalisering af New Kaupthing Bank (omdøbt til Arion Bank fra 21. november 2009) og grundlaget for den kompensation, der skulle betales mellem de to parter.
Operating income
Regeringen aftalte på visse betingelser med Kaupthings likvidationskomité, at kreditorerne gennem komitéen skulle have mulighed for at købe størsteparten af aktierne i Arion Bank for at gøre det lettere for banken at udvikle sig selvstændigt.
Earnings before income tax
Det ville betyde, at den gamle bank skulle tilvejebringe størsteparten af kapitalen i Arion Bank som led i kompensationsaftalen.
National legal basis
Hvis Kaupthing Bank ikke kunne fuldføre en sådan tegning af aktier i Arion Bank, ville staten overtage det fulde ejerskab.
The national legal basis for the aid measures is as follows:
Den 14. august 2009 meddelte regeringen, at den havde givet tilsagn om at kapitalisere Arion Bank med 72 mia. ISK i tier I-kapital i form af statsobligationer, hvilket gav banken en tier I-kernekapital på ca. 12 %.
Act No 125/2008 on the Authority for Treasury Disbursements due to Unusual Financial Market Circumstances etc., commonly referred to as the Emergency Act
Statens kapitalisering af Arion Bank blev gennemført den 9. oktober 2009 og involverede en indsprøjtning af 71225 mia. ISK i banken, tilbagedateret til den 22. oktober 2008, ud over den oprindelige kontantindbetaling af 775 mio. ISK.
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.
Statens samlede aktiekapital udgjorde derfor 72 mia. ISK.
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.
Desuden udgjorde påløbne renter på statsobligationerne 9,2 mia. ISK.
In winding up the institutions, the Act gives priority status to claims by deposit holders and deposit guarantee schemes.
Den 4. september 2009 meddelte regeringen, at der var indgået endelige aftaler om kapitaliseringen af Arion Bank og grundlaget for kompensation.
The Act also authorised the Icelandic Ministry of Finance to establish new banks.
I overensstemmelse med rammeaftalen af 20. juli 2009 indeholdt aftalen hovedsagelig bestemmelser for to alternative aftaler: kapitalisering under ejerskab af den gamle bank (kreditorer) (fælles kapitaliseringsaftale) eller kapitalisering under statens ejerskab (alternativ kapitaliseringsaftale) [38].
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.
I henhold til den tidligere aftale havde Kaupthings kreditorer mulighed for (gennem likvidationskomitéen) at erhverve kontrol over Arion Bank ved at tegne ny aktiekapital.
Supplementary State Budget Act for 2008 (Article 4)
Da værdien af de passiver, der blev overført til Arion Bank, oversteg værdien af de overførte aktiver, skulle Kaupthing betale for den nye aktiekapital ud af den gamle banks egne aktiver.
State Budget Act for 2009 (Article 6)
Denne kompensation blev beregnet til 38 mia. ISK, men skulle regelmæssigt omvurderes på grundlag af de fremtidige resultater af en bestemt låneportefølje.
The aid measures