natgillin/translations-raw huggingface dataset:
For det andet foretages der en grundigere gennemgang af krydsejerskab og indirekte engagementer.
However, the parties have so far been unable to reach an agreement on the interest to be paid on the bond [43].
Kaupthing Bank foretog angiveligt udlån mod sine egne aktier, hvilket bestemt var risikabelt og muligvis i strid med bestemmelserne i den islandske selskabslovgivning.
In heads of terms signed on 17 July 2009 the Government agreed to hold Arion Bank harmless with respect to the value of the SPRON bond.
Ændringer af den islandske lovgivning gør det nu umuligt at foretage udlån mod sine egne aktier eller indgå kontrakter, hvor egne aktier udgør den underliggende risiko.
The parties further agreed to work towards the SPRON bond being made eligible as collateral for funding from the CBI.
Antagelser i omstruktureringsplanen
In a letter to Arion Bank on 3 September 2009, the Government extended the terms of the SPRON swap arrangement to cover not only potential outflow of the SPRON deposits, indemnifying the bank for taking over of the deposits, but also the liquidity required in order to comply with the FME's conditions.
Omstruktureringsplanen udarbejdes for moderselskabet som led i ICAAP-processen og tager ligeledes hensyn til virkningerne hos datterselskaberne.
In the letter, the Government pledged to provide up to 75 billion ISK in government bonds if Kaupthing decided to exercise its option to become the majority owner of Arion bank.
Den er baseret på et sæt generelle og økonomiske antagelser, der udgør det økonomiske grundlag for scenarierne i hovedsagen og stresstesten, der beskrives nedenfor.
The amended facility envisages that other assets than the SPRON bond can serve as collateral on less favourable terms.
Antagelserne omfatter følgende:
This commitment by the Government was later formalised in an agreement dated 21 September 2010 on the loan of government bonds to Arion Bank to be used as collateral [44].
Der findes fortsat betydelige økonomiske, juridiske, politiske og reguleringsmæssige usikkerheder i bankens driftsmiljø, som påvirker dens langsigtede prognoser.
This facility terminates on 31 December 2014, which coincides with the maturity of the SPRON bond.
Derfor fremsættes der ingen antagelser om større ændringer i bankens driftsaktiviteter.
The amount of each drawdown on the facility shall be a minimum of one billion ISK.
De makroøkonomiske antagelser er baseret på en prognose udarbejdet af Arion Banks undersøgelsesafdeling, der omfatter følgende nøglevariabler:
The government bonds shall only be used to secure loans against collateral from the CBI for the purpose of acquiring liquidity for Arion Bank [45].
Tabel 3
The restructuring plan
Fra Arion Banks undersøgelsesafdelings økonomiske prognose
The Icelandic authorities submitted a restructuring plan for Arion Bank on 31 March 2011 and an amendment of that plan on 26 October 2011.
Procentuel ændring fra året før
An updated restructuring plan was submitted on 30 April 2012 together with a 5 year business plan and an Internal Capital Adequacy Assessment Process (ICAAP) report dated April 2012.
BNP-vækst
The ICAAP report was submitted to the FME in April 2012.
Arbejdsløshed
The restructuring plan addresses the substantive issues of viability, burden-sharing and limitation of distortions of competition.
Lønninger
According to the restructuring plan, Arion Bank has solely operations in Iceland and aims to focus on traditional universal banking services.
ISK-vekselkursindeks (TWI) [47]
Description of the restructuring plan
Banken fremsætter også antagelser vedrørende f.eks. sin markedsposition, muligheder og trusler, interne data og markedsudviklingen, herunder såkaldte nøgleoverbevisninger [48].
The Icelandic authorities and the Bank consider that the restructuring of Arion Bank will ensure its return to being a solid, well-funded bank with sound capital ratios so that it can maintain its role as a supplier of credit to the real economy.
Forventning om vedvarende vækst, især forbrugsdrevet [49].
Based on the information in the restructuring plan and the answers to questions from the Authority, this will be achieved through the following steps:
Forbruget vil fortsat være baseret på særlige foranstaltninger (hævning af pensioner og omlægning af lån i fremmed valuta osv.).
Setting the long-term strategic direction, scaling down the operations and limiting risk exposure
Desuden vil stigende boligpriser bidrage til husholdningernes velstand.
Achieving and maintaining a strong capital position and satisfactory profitability
Et fald i arbejdsløsheden vil også bidrage til at fremme forbruget.
Maintaining a solid liquidity position and improving the funding structure
Under finanskrisen siden 2008 har investeringerne som en procentdel af BNP ligget under minimumsniveauet for de seneste 50 år, men forventes gradvist at stige i resten af omstruktureringsperioden.
Restructuring of household and corporate loan portfolios
I henhold til den forudsete stigning i investeringsaktiviteterne forventer banken en stigende efterspørgsel på nye lån og en voksende låneportefølje i omstruktureringsperioden.
Limiting foreign exchange imbalances
Importen vil stige mere end eksporten, men vil nå et afbalanceret niveau mod slutningen af prognoseperioden.
Rationalising the branch network and achieving cost efficiency
Inflation og rentesatser spiller en central rolle for bankens forretnings- og omstruktureringsplan [50].
Before describing the restructuring plan in more detail, it is appropriate to set out briefly the Bank's view on how the flaws that contributed to Kaupthing's demise are being addressed in the restructuring plan for Arion Bank.
Det formodes, at inflationen fortsat vil ligge højt gennem prognoseperioden.
In this regard, it has been underlined that while Arion Bank's operations are based on the domestic operations and assets of Kaupthing Bank, it is nevertheless a new bank, with different commercial objectives and ownership, board of directors and management different from that of Kaupthing.
Det forventes, at den islandske króna vil blive svækket med 5 % i gennemsnit i løbet af prognoseperioden.
The current management of Arion Bank has in fact stated that it considers itself not to be in a position to speculate on the specific weaknesses or the collapse of Kaupthing.
Arion Bank udtrykker tvivl om strategien vedrørende ophævelse af kapitalkontrollerne og går ud fra, at de fortsat vil være gældende gennem prognoseperioden [51].
Otherwise, Arion Bank refers firstly to the SIC report discussed above regarding the causes for the collapse of Kaupthing Bank.
Med en hurtig forandring fra en nordeuropæisk bank med transaktioner i 13 lande til en bank, der udelukkende opererer i Island, stod Arion Bank over for utallige udfordringer, både interne og eksterne, som man skulle tage stilling til og afhjælpe.
Secondly, it is pointed out that following the collapse of Kaupthing, actions has been taken to strengthen the infrastructure after an assessment of risk management and governance made by the FME.
Revurderingen af de overførte aktiver fra Kaupthing til Arion Bank var en af dem.
According to Arion Bank, two projects are particularly relevant regarding actions taken at the Bank in response to the above assessment.
Desuden skulle bankens infrastruktur reduceres, og banken skulle tilpasse sig den nye økonomiske virkelighed, hvor mange selskaber, privatpersoner og husholdninger havde fået deres evne til at afdrage deres gæld kraftigt begrænset.
Firstly, regarding large and connected exposures.
Mange af de talrige udfordringer, som den nye bank stod over for, hang således direkte sammen med omstændighederne omkring dens oprettelse.
It has been alleged that Kaupthing held a ‘legalistic’ view of the treatment of connected exposures, allowing it to engage in lending to connected or related parties in excess of the legal limit of 25 % of risk capital.
Overførslen af indenlandske aktiver og passiver fra Kaupthings bo til Arion Bank medførte nogle ufordelagtige risikoeksponeringer for banken.
Through this project Arion Bank has extended its definitions of connected parties, and applies stricter processes in this regard, where Arion Bank's Risk Management has the ultimate authority if disputes arise.
Fokus har ligget på:
Changes to Icelandic legislation on financial institutions made following the crisis have significantly curtailed the ability of banks to lend to related parties.
Gældsinddrivelse på nødlidende lån [52].
Lending to owners or key employees can no longer exceed 1 % of risk capital and can only be made against quality collateral.
Reduktion af den manglende valutabalance [53].
Secondly, more scrutiny is applied to cross-ownership and indirect exposures.
Reduktion af kreditkoncentrationen på store og forbundne kunder [54].
Kaupthing Bank allegedly engaged in lending against its own shares which was certainly risky and possibly beyond the limits set by the Icelandic companies act.
Forøgelse af kapitalniveauet [55]
Changes to Icelandic legislation now make it impossible to engage in any lending against own shares or to engage in contracts where own shares are the underlying risk.
Stigende andel af aftalekonti og sikring af alternative finansieringskilder [56].
Assumptions of the restructuring plan
Begrænsning af inflationsrisikoen på grund af skævheder i forbrugerprisindekset (FPI) [57].
The restructuring plan is prepared for the parent company as a part of the ICAAP process and also takes into account the effects of the subsidiaries.
I løbet af 2010 blev den langsigtede strategiske retning for banken fastlagt.
It is based on a set of general and economic assumptions, constituting the economic underpinning of the base case and stress case scenarios set out below.
Ifølge Arion Bank er deres kundeportefølje allerede på vej i retning af målsætningen om at blive hovedbank, og man mener, at denne bankmodel kan gennemføres fuldt ud.
The assumptions include the following:
Bankens organisationsstruktur er blevet forenklet siden oprettelsen [58], og man har indført standarder for virksomhedsledelse, der sikrer offentlighed, gennemsigtighed og øget ansvarlighed.
Economic, legal, political and regulatory uncertainties are still considerable in the Bank's operating environment and do affect its long-term forecast.
Støtteafdelingernes rolle og funktioner, navnlig risikostyringsdivisionen, er blevet styrket.
For these reasons, no major changes are assumed in the Bank's operating activities.
Divisionen er uafhængig og centraliseret og refererer direkte til den administrerende direktør.
Macroeconomic assumptions are based on a forecast prepared by Arion Bank's Research division, which includes the following key variables:
Den administrerende direktør og bestyrelsen har ansvaret for at definere og udtrykke risikovilligheden for bankens transaktioner.
Table 3
Risikovillighed omsættes til grænser og mål for engagementer, som overvåges af afdelingen for risikostyring, der kommer med regelmæssige tilbagemeldinger om undersøgelsesresultaterne til den administrerende direktør og bestyrelsen.
From Arion Bank Research Division economic forecast
FME valgte, at Arion Bank skulle overtage alle indskudsforpligtelser i Reykjavik sparekasse (SPRON).
Percentage change from previous year
I april 2009 købte banken den regionale Mýrasýsla sparekasse (SPM), inklusive alle aktiver og visse passiver såsom indskud [59].
GDP growth
Disse transaktioner gav banken 22000 nye kunder uden at udvide dens nuværende afdelingsnet.
Unemployment
Den 22. december 2011 købte Arion Bank Kaupthing Mortgages Institutional Investor Fund, KMIIF (som nu kaldes Arion Bank Mortgages Institutional Investor Fund, AMIIF) [60].
Inflation
I 2012 vil depotforvalteren Verdis, et 100 % ejet datterselskab under banken, blive fusioneret med banken.
Wages
Som det fremgår af tabel 4 har Arion Bank været rentabel siden oprettelsen med en forrentning af egenkapitalen på mellem 10,5 og 16,7 %.
ISK exchange rate index (TWI) [47]
Tabel 4
The Bank also makes assumptions in relation to for instance its market position, opportunities and threats, internal data and market development, including so-called key beliefs [48].
Finansiel oversigt 2009-2011 og prognose 2012-2014
On-going growth is expected, driven mainly by consumption [49].
(Oplysningerne vedrører moderselskabet.
Consumption will continue to be driven by special measures (pension withdrawals and recalculations of foreign exchange loans, etc.).
Virkningerne af datterselskaber opføres under andre indtægter.
In addition, increasing housing prices will contribute to household wealth.
Beløb i mio. ISK.)
A decrease in unemployment will also help to boost consumption.
Ændring i lånevurdering
During the financial crisis since 2008, investment as a percentage of GDP has been below past 50 years' minimum, but is expected to gradually pick up for the remainder of the restructuring period.
Provisionsindtægter
In line with the forecast increase in investment activity, the Bank expects demand for new loans to increase and its loan book to grow in the restructuring period.
Netto finansielle indtægter
Imports will increase more than exports but will reach a balanced level at the end of the forecast period.
Andre indtægter
Inflation and interest rates play a key role in the Bank's business and restructuring plan [50].
Indtægter, i alt
It is assumed that inflation will remain high throughout the forecast period.
Driftsudgifter
A 5 % weakening of the króna is expected, on average, throughout the forecast.
Værdiforringelse
Arion Bank expresses doubts about the strategy related to the lifting of the capital controls and assumes that they will remain in place during the forecast period [51].
Nettoindtjening før skat
With a swift transformation from a Northern European bank with operations in 13 countries to a bank that has solely operation in Iceland, Arion Bank was faced with countless challenges, both internal and external, that needed to be addressed and overcome.
Skatter og
The revaluation of transferred assets from Kaupthing to Arion Bank was one of them.
Nettoindtjening
Additionally the Bank's infrastructure had to be scaled down, and the Bank had to adjust to the new economic reality where many corporations, individuals and households found themselves with a severely diminished ability to service their debt.
Forrentning af egenkapital (ROE)
Many of the numerous challenges faced by the new bank were thus directly related to the circumstances surrounding its establishment.
Nettorentemargin
The transfer of domestic assets and liabilities from the estate of Kaupthing to Arion Bank created some unfavourable risk exposures for the Bank.
Forhold omkostning/indtægter
However, in the broad efforts made to aligning the Bank's operations to a new economic reality, considerable success has been achieved in bringing the Bank's risk exposure down to a controllable level.
I løbet af 2009-2011 havde uregelmæssige poster haft en betydelig indvirkning på driftsregnskabet, navnlig som følge af ændret værdiansættelse af lån.
The focus has been on:
De islandske myndigheder havde fremlagt oplysninger om de samlede lån og rabatter, som man havde fået fra den gamle bank [61].
Debt recovery of distressed loans [52].
Den samlede pålydende værdi af de overførte lån var på 1230 mia. ISK, og den bogførte værdi var 459 mia. ISK.
Reducing the currency imbalance [53].
Den samlede rabat var således omkring 771 mia. ISK.
Reducing the credit concentration towards large and connected clients [54].
Når forholdene har tilladt det, er lånene blevet revurderet, hvilket har ført til ændrede værdiansættelser af lånene, hvilket fremgår af tabel 4 [62].
Increasing the capital level [55].
Men for den resterende del af omstruktureringsperioden ventes ændringer af værdiansættelserne af lån at være ubetydelig.
Increasing term deposits and securing alternative funding sources [56].
Bankens rentabilitet vil derfor ikke længere afhænge af denne uregelmæssige post.
Reducing the inflation risk due to the Consumer Price Index (CPI) imbalance [57].
Kapitalkravene, som FME fastsatte som en betingelse for at tildele en driftslicens til Arion Bank, var 12 % for tier 1-kernekapital og 16 % for den samlede kapital (kapitalkrav).
During 2010, the long-term strategic direction for the Bank was set.
Bankens kapitalpolitik er at fastholde et stærkt kapitalgrundlag for at understøtte sin forretningsudvikling og opfylde de lovbestemte kapitalkrav, selv i stressperioder.
According to Arion Bank, its customer portfolio is already leaning towards its goal of becoming a relationship bank and it is believed that this kind of banking model can be fully achieved.
Bankens langsigtede kapitalplanlægning baseres i øjeblikket på et benchmarkminimum på […] % for tier 1-kernekapital og en samlet kapitalprocent på […] %.
The organizational structure of the Bank has been simplified since its establishment [58] and corporate governance standards have been introduced, ensuring disclosure and transparency and increased accountability.
Bankens kapitalposition er blevet styrket gradvist i perioden 2009-2011 og har oversteget både FME's kapitalkrav og bankens interne mål.
The role and functions of support divisions, in particular the Risk Management division, have been enhanced.
Ved udgangen af 2011 var bankens kapitalkrav på 20,5 % med en tier 1-kernekapitalandel på 15,7 %.
The division is independent and centralised and reports directly to the CEO.
Tabel 5
The CEO and the Board of Directors are responsible for defining and articulating a risk appetite for the Bank's operations.
Kapitalforhold årsafslutning 2009-2011 og prognose for 2012-2014
Risk appetite is translated into exposure limits and targets that are monitored by Risk Management, which reports its findings regularly to the CEO and the Board of Directors.
Tier 1-kernekapital
The FME chose Arion Bank to take over all of the deposit obligations of Reykjavík Savings Bank (SPRON).
Tier 2-kapital
In April 2009, the Bank acquired the regional Mýrasýsla Savings Bank (SPM), including all its assets and certain liabilities such as deposits [59].
Samlet kapital
These actions brought 22000 new customers to the Bank without expanding its existing branch network.
Risikovægtede aktiver
On 22 December 2011 Arion Bank acquired the former Kaupthing Mortgages Institutional Investor Fund, KMIIF (now named Arion Bank Mortgages Institutional Investor Fund, AMIIF) [60].
Tier 1-forhold
In 2012, the securities custodian Verdis, a fully owned subsidiary of the Bank, will be merged with the Bank.
Kapitalkrav
As can be seen in Table 4, Arion Bank has been profitable since establishment, with return on equity (ROE) ranging between 10,5 and 16,7 %.
Bankens vurdering er ifølge ICAAP-rapporten fra april 2012, at der er behov for en kapital på […] mia. ISK for at dække dens risikoeksponering.
Table 4
Banken har et kapitalgrundlag på […] mia. ISK og har dermed en kapitalbuffer på […] mia. ISK.
Financial overview 2009-2011 and forecast 2012-2014
Baseret på det nuværende risikovægtede beløb udgør dette en kapitalprocent på […] %.
(The data is for the parent company.
For så vidt angår likviditet kræver FME, at banken skal ligge inde med sikrede likviditetsreserver på mindst 20 % af indskuddene og kontantreserver på 5 % af indskud på anfordring.
Effects of subsidiaries are taken through other income.
Desuden opstiller den islandske centralbank regler for kreditinstitutters likviditet [63], hvor kreditinstitutters likvide aktiver og passiver klassificeres efter type og løbetid og vægtes i henhold til risikoen.
Amounts in million ISK)
Kreditinstitutter skal have likvide aktiver, der overstiger passiverne inden for en måned og efter en måned og op til tre måneder.
Valuation change in loans
Reglerne medfører også en bestemt stresstest, hvor der indføres en rabat på forskellige egenkapitalposter, men hvor man på den ene side går ud fra, at alle forpligtelser skal være betalt ved forfald, og på den anden side at en del af andre forpligtelser som f.eks. indskud skal betales med kort frist eller helt uden frist.
Commission income
Bankens likviditetsprocenter i 2011-2012 vises i nedenstående diagram.
Net financial income
Det er tydeligt, at banken har fastholdt en solid likviditetsposition, der overstiger FME's krav både med hensyn til kravet vedrørende kassekvote og det bredere krav vedrørende sikret likviditet.
Other income
Ifølge bankens planer for 2012-2014 vil den fastholde en kassekvote mellem […] — […] % og en likviditetsprocent på […] — […] %.
Total income
Banken har også overholdt CBI's likviditetsregler, idet dens likviditetsprocenter (mere end 1 og op til 3 måneder) ved udgangen af 2009-2011 har ligget i intervallet 1,5-2,1.
Operating expenses
Diagram 1:
Impairment
Arion Banks likviditetsprocenter 2011-2012
Net earnings before taxes
[Graf over Arion Banks likviditetsprocenter i henhold til FME's regler
Taxes and bank levy
Værdierne vises ikke på grund af tavshedspligten]
Net earnings
Selvom Basel III-likviditetskravene endnu ikke er obligatoriske, har Arion Bank indledt en frivillig overvågning af likviditetsdækningsprocenten [64] i henhold til disse regler, og ved udgangen af 2011 var bankens likviditetsdækningsprocent […] %.
Return on equity (ROE)
Arion Bank er i vid udstrækning indskudsfinansieret, men der er taget skridt for at diversificere finansieringen ved at udstede sikrede obligationer.
Net interest margin
I november 2011 gav FME Arion Bank tilladelse til at udstede lovbestemte sikrede obligationer.
Cost-to-income ratio
I februar 2012 afsluttede man et program med sikrede obligationer til en værdi af 1 mia. EUR.
During 2009-2011, irregular items have had a major impact on the profit and loss account, in particular as concerns valuation change in loans.
Disse midler vil blive brugt til at finansiere Arion Banks realkreditudlån.
The Icelandic authorities have provided information on the total loans and discounts obtained from the old bank [61].
Der erindres om, at Arion Bank sidst i 2011 købte KMIIF-realkreditfonden og overtog det udestående beløb på 127 mia. ISK i sikrede obligationer og fortsatte som udstederen af sikrede obligationer.
The total face value of the loans transferred was 1230 billion ISK and the book value 459 billion ISK.
En af de vigtigste opgaver, som den islandske finanssektor stod over for, var omstruktureringen af husholdningernes og virksomhedernes gæld.
When conditions have permitted, the loans have been re-valued, leading to a valuation change in loans, as indicated in Table 4 [62].
Dette er et kompliceret og følsomt spørgsmål, der indebærer en række finansielle, økonomiske og etiske overvejelser.
However, for the remainder of the restructuring period, valuation change in loans are forecasted to be unsubstantial.
Ifølge Arion Bank har omstruktureringen af låneporteføljen haft høj prioritet, og banken mener, at den er gået i spidsen med hensyn til at løse virksomheders og husholdningers gældsproblemer og har opnået gode resultater i denne henseende.
The Bank's profitability will therefore not any longer depend on this irregular item.
Der blev oprettet en genopretningsenhed for selskaber i banken i 2009, og der blev oprettet porteføljeadministrationsselskaber til forvaltning af tvangssolgte aktiver.
The capital requirements set by the FME as a condition for granting an operating license to Arion Bank was 12 % for the Tier 1 capital and 16 % for the total capital (CAD ratio).
Banken har indført en række skræddersyede løsninger, der er beregnet på at hjælpe husholdninger og individuelle låntagere med at håndtere deres gæld.
The Bank's capital policy is to maintain a strong capital base to support business development and to meet regulatory capital requirements, even in times of stress.
Erhvervskunder, der ikke har kunnet opfylde deres forpligtelser, er kommet med i bankens gældsinddrivelsesprogrammer.
Long-term capital planning at the Bank is currently based on a benchmark minimum of […] % for Tier 1 capital and a total CAD ratio of […] %.
Formålet er at gøre insolvente selskaber til solvente selskaber med en sund balance og derved give dem mulighed for at påtage sig opgaver fremover og bidrage til at udvikle økonomien.
The capital position of the Bank has been strengthening gradually during 2009-2011 and has exceeded both the FME capital requirements and the Bank's internal targets.