natgillin/translations-raw huggingface dataset:
For Landsbankinns vedkommende vil disse spørgsmål blive diskuteret yderligere nedenfor i det omfang, det er relevant for omstruktureringen af denne bank.
The full capitalisation of the three new banks and heads of agreements with the creditors of the old banks on how compensation for the transfer of net assets into the new banks would be paid was announced on 20 July 2009.
Makroøkonomisk situation
With regard to two of the new banks, New Glitnir (later named Íslandsbanki) and New Kaupthing (later named Arion Bank), this included conditional agreements for the old banks to subscribe for majority equity interests in the new banks.
Der fulgte store økonomiske problemer i kølvandet på banksystemets kollaps i oktober 2008.
On the basis of the heads of agreements, the resolution committees of the old banks decided in October 2009 (Glitnir) and December 2009 (Kaupthing Bank and Landsbanki Islands) to subscribe to shareholding in the new banks.
Vanskelighederne i Islands finanssystem blev forstærket af mistilliden til landets valuta.
On 18 December 2009 the Government announced that bank reconstruction had been concluded and that agreements had been reached between the Icelandic authorities and the new banks, on the one hand, and the resolution committees of Glitnir Bank, Landsbanki Íslands and Kaupthing Bank on behalf of their creditors, on the other hand.
Kronens værdi faldt stærkt i første kvartal af 2008 og igen i efteråret, før og efter de tre forretningsbankers konkurs.
The agreements contained settlements concerning assets which were transferred from the old banks to the new ones, and that the new banks were then fully financed.
Blandt følgerne af den økonomiske krise kan nævnes en pludselig stigning i arbejdsløsheden fra 1,6 % til 8 % i 2009, en stigende inflation og en faldende realløn.
The Treasury's contribution to the new banks' equity was reduced substantially, from 385 billion ISK as originally envisaged to 135 billion ISK in the form of share capital and, in the case of two of the three banks, Íslandsbanki and Arion Bank, approximately ISK 55 billion of Tier II capital in the form of subordinated loans or a total of 190 billion ISK.
Derudover var der en kraftig stigning i virksomheders og privatpersoners gæld og i andelen af misligholdte lån i bankernes låneporteføljer, og de nye banker overtog mange virksomheder i økonomiske problemer.
In addition, the Treasury provided Íslandsbanki and Arion Bank with certain liquidity facilities.
Samtidig førte de høje finanspolitiske omkostninger ved omstruktureringen af banksystemet til en kraftig stigning i budgetunderskuddet og i den offentlige sektors gæld.
The share capital provided by the old banks to the new ones amounted in total to approximately 156 billion ISK.
Efter den dybe recession viser foreløbige tal fra Islands statistikkontor, at situationen vendte i anden halvdel af 2011, og for hele året var der en vækst i BNP på 3,1 % sammenholdt med det foregående år.
Total capitalisation of the new banks therefore amounted to approximately 346 billion ISK.
Væksten blev underbygget af højere lønninger og sociale ydelser og visse politiske initiativer, der skulle lette husholdningernes tilbagebetaling af deres gæld, herunder midlertidig rentestøtte, fastfrysning af afdrag på lån og fremskyndet udbetaling af private pensionsopsparinger.
While this takeover of two of the three banks by the creditors of the old banks resolved major issues in the rebuilding of the financial sector and established firmer capital foundation for the new banks, numerous weaknesses remained which needed to the addressed.
Foreløbige tal for 2011 viser også, at der skete en langsom stigning i investeringerne, om end udgangspunktet dog var særdeles lavt [16], mens det offentlige forbrug har været konstant lavt i de sidste tre år.
Since the autumn of 2009, the banks have concentrated their efforts mostly on internal issues, determining the overall strategy for their operations and in particular restructuring their loan portfolios, which represent the greatest risk factor to their operations and long-term viability.
De overordnede makroøkonomiske tal skjuler større forskelle mellem sektorerne.
The restructuring process has been complex due to various complicating factors, including Supreme Court rulings on illegality of loans granted in ISK but indexed to foreign currencies.
Ud over sammenbruddet i finanssektoren har der været et kraftigt faldende aktivitetsniveau i byggesektoren og mange andre indenlandske produktions- og serviceaktiviteter.
As for Landsbankinn, in so far as relevant for its restructuring, these matters are discussed further below.
På den anden side har der været vækst i visse eksportsektorer.
Macroeconomic environment
På grund af den lave kronekurs og de relativt stabile priser i udenlandsk valuta for både fiskeri- og aluminiumsprodukter, steg eksportindtægterne i begyndelsen af den økonomiske krise, også med hensyn til turisme og anden serviceeksport.
Major economic turbulence followed the collapse of the banking system in October 2008.
Denne prognose er dog behæftet med en vis usikkerhed.
The difficulties in Iceland's financial system were coupled with a breakdown of confidence in its currency.
Planlagte omfattende industriinvesteringer kan blive yderligere forsinket.
The króna depreciated sharply in the first quarter of 2008 and again in the autumn, before and after the failure of the three commercial banks.
Islands bytteforhold vil blive negativt påvirket af en langvarig recession hos de vigtigste samhandelspartnere, hvilket vil medføre en lavere vækst i Island.
Despite capital controls being imposed in the autumn of 2008, currency volatility prevailed in the course of 2009.
Langsommere fremskridt end forventet med hensyn til at håndtere husholdningernes og virksomhedernes gældsbyrde vil yderligere belaste den indenlandske efterspørgsel og udsigterne til økonomisk vækst.
[15] This turmoil resulted in a severe recession in Iceland's economy, with a contraction of Gross Domestic Product (GDP) by 6,8 % in 2009 and 4 % in 2010.
Væksten kan også trues af en fortsat manglende prisstabilitet i tilknytning til valutaudsving i forbindelse med ophævelse af kapitalkontrollerne.
Among the implications of the economic crisis was a sudden increase in unemployment from 1,6 % in 2008 to 8 % in 2009, a hike in inflation and a drop in real wages.
Dette skete med bistand fra det internationale managementkonsulentfirma Oliver Wyman.
Following the deep recession provisional data from Statistics Iceland indicates a turnaround in the second half of 2011 and for the whole year a growth of GDP of 3,1 % compared to the previous year.
Efter denne proces meddelte FME bankerne driftslicenser på forskellige betingelser.
Last year's economic growth was mostly due to an increase in domestic demand, particularly a 4 % rise in private household consumption.
I lyset af kvaliteten af aktivporteføljerne og den forventede økonomiske usikkerhed fandt man det nødvendigt at stille højere krav til kapitalprocent til de tre banker end det ved lov fastsatte minimum.
This was supported by increases in wages and social benefits as well as certain policy initiatives undertaken to ease the payment burden of household debt, including a temporary interest rate subsidy, the freezing of payments on loans and the early reimbursement of private pension savings.
Desuden blev der stillet krav vedrørende andre forhold såsom omstrukturering af låneporteføljer, risikovurdering, virksomhedsledelse og ejerskab.
Provisional data for 2011 also indicate a slow increase in investments, however from a particularly low level [16], whereas public consumption has remained at a subdued level during the past three years.
FME indførte tilsvarende krav vedrørende kapitalprocent for andre finansvirksomheder.
The general macroeconomic data disguise more significant sectoral differences.
Det økonomiske stabiliseringsprogram, der blev udviklet i samråd med IMF, omfattede en gennemgang af de lovgivningsmæssige rammer for finansielle tjenesteydelser og tilsyn med henblik på at forbedre forsvaret mod fremtidige finanskriser.
In addition to the collapse in the financial sector a major contraction has taken place in construction and many other domestic production and service activities.
Regeringen bad den tidligere generaldirektør for det finske finanstilsyn, Kaarlo Jännäri, foretage en vurdering af de eksisterende lovgivningsmæssige rammer og tilsynspraksis.
Growth has on the other hand taken place in certain export sectors.
Blandt de forbedringer, han foreslog, var oprettelsen af et nationalt kreditregister hos FME med henblik på at mindske kreditrisici i systemet.
Due to the low exchange rate of the króna and relatively stable prices in foreign currency for both marine and aluminium products, export revenue rose following the onset of the economic crisis, also with respect to tourism and other services exports.
Han foreslog også i sin rapport at indføre strammere regler og en strengere praksis for store eksponeringer og dertil knyttet långivning og at foretage flere tilsyn på stedet for at kontrollere tilsyn og rapporter uden for bankerne, især af kreditrisici, likviditetsrisici og valutarisici.
At the same time, imports fell sharply, turning the trade balance [17] temporarily to a surplus of approximately 10 % of GDP in 2010.
Det blev også anbefalet at revidere og forbedre indskudsgarantisystemet og følge udviklingen i EU tæt.
However, with increased domestic demand in 2011, imports have grown again, leading to an overall smaller trade balance of 8,2 % of GDP.
Disse lovændringer er beskrevet mere detaljeret i bilaget.
Planned large scale industrial investments might be further delayed.
Største udfordringer for fremtiden [18]
Iceland's terms of trade would be negatively affected by a prolonged recession in the main trading countries, implying a lower growth rate in Iceland.
Det virker indlysende, at Island — som mange andre lande, der er hårdt ramt af finanskrisen — står over for mange udfordringer med hensyn til at tilpasse det retlige og driftsmæssige miljø for finansielle tjenesteydelser med henblik på at skabe et levedygtigt, effektivt finanssystem for fremtiden og mindske risikoen for yderligere systemiske chok mest muligt.
Slower progress than anticipated in tackling the debt burden of households and corporates would furthermore restrain domestic demand and the growth prospects of the economy.
De mest umiddelbare udfordringer for islandske finansvirksomheder hænger sammen med det forhold, at bankerne opererer i et beskyttet miljø med kapitalkontrol og en generel indskudsgaranti.
Growth could also be threatened by continued price instability linked to currency volatility in the context of removal of capital controls.
Nu skal bankerne forberede sig til at operere i et mere eksponeret miljø, når kapitalkontrollerne fjernes, og indskudsgarantierne vender tilbage til den ordning, der er omfattet af de relevante EU-/EØS-direktiver [19].
Financial supervision and improvements in regulatory framework
De islandske myndigheder har understreget, at der skal udvises den største forsigtighed, når der skal indføres nye regler på dette område.
Following the FME's initial work linked to the foundation of the new banks and the assessment of the value of the net assets transferred from the old banks, the FME conducted in the spring of 2009 an audit of the new banks and their business plans, financial strength and capital requirements in a so-called sign-off project.
En anden stor udfordring er behovet for en yderligere tilpasning af rets- og tilsynsrammerne, som skal støtte et solidt, effektivt finanssystem, der ligeledes skal være i overensstemmelse med udviklingen af lovgivningen i EØS og på internationalt plan [20].
This was done with the assistance of the international management consultant firm Oliver Wyman.
Konkurrencesituationen i Islands finanssektor
Having concluded the above process, the FME granted the banks operating licenses subject to various conditions.
Ifølge de seneste oplysninger fra de islandske myndigheder [21] har konkurrencen på finansmarkedet ændret sig radikalt siden bankernes kollaps.
In view of the quality of the asset portfolios and the anticipated economic uncertainty, it was considered necessary to place higher capital requirements on the three banks than the statutory minimum.
Antallet af finansvirksomheder er faldet, da flere sparekasser, forretningsbanker og specialiserede långivere enten er under likvidation eller har sluttet sig sammen med andre virksomheder [22].
The FME therefore set the minimum capital adequacy (‘CAD’) ratio for the three banks at 16 %, thereof a minimum of 12 % for the Tier I capital.
Antallet af finansvirksomheder falder stadig, her senest med sammenlægningen af Landsbankinn og SpKef i marts 2011, af Íslandsbanki og Byr i december 2011 og den kommende sammenlægning af Landsbankinn og Svarfdaelir Savings Bank, godkendt af Tilsynsmyndigheden den 20. juni 2012.
The requirements were applicable for at least 3 years unless reviewed by the FME.
Med det dalende antal finansvirksomheder og de store banker, der overtager indskud fra de banker, som lukker ned, er koncentrationen på det indenlandske marked steget.
Liquidity conditions were also specified, requiring that available liquid funds should at any point amount to a minimum of 20 % of deposits.
Dertil kommer, at de indenlandske markeder er blevet meget mindre, fordi visse delmarkeder er forsvundet hele eller næsten.
Furthermore, requirements were made regarding other matters such as restructuring of loan portfolios, risk assessment, corporate governance and ownership.
Med aktiemarkedets næsten fuldstændige forsvinden og indførelsen af kapitalkontrol er operationerne på aktie- og valutamarkederne blevet reduceret, hvilket har begrænset investeringsmulighederne.
Comparable capital requirements were introduced by the FME regarding other financial undertakings.
Med et historisk lavt investeringsniveau i økonomien og husholdninger og virksomheder med store lån er efterspørgslen efter kredit lav.
The economic stabilisation program established in consultation with the IMF provided for a review of the entire regulatory framework of financial services and supervision to improve defence against future financial crisis.
Siden kollapset har bankerne koncentreret deres indsats om interne anliggender og om omstruktureringen af deres låneporteføljer og nogle af deres større erhvervskunder.
The Government invited the former Director-General of the Finnish Financial Supervisory Authority, Mr Kaarlo Jännäri, to carry out an assessment of the existing regulatory framework and supervisory practices.
Før finanskrisen tegnede sparekasserne sig samlet set for en markedsandel på ca. 20-25 % i indskud.
Among the improvements proposed by Mr Jännäri was the creation of a National Credit Registry at the FME to diminish credit risks in the system.
Den er nu svundet ind til omkring 2-4 %.
His report also suggested to lay down tougher rules and a stricter practice on large exposures and connected lending as well as to conduct more on-site inspections to verify off-site supervision and reports, particularly on credit risk, liquidity risk and foreign exchange risk.
De markedsandele, som sparekasserne og forretningsbankerne, der ikke længere er på markedet, har mistet, er blevet overtaget af de tre store forretningsbanker Arion Bank, Íslandsbanki og Landsbankinn.
It was also recommended to review and improve the deposit guarantee system, following closely the developments within the EU.
Samlet set tegner de tre store banker sig nu for omtrent 90-95 % af markedet i stedet for 60-75 % tidligere, idet Landsbankinns markedsandel er marginalt den største.
The Government subsequently proposed a bill of law to the Althingi which was adopted and entered into force on 1 July 2010, as Act No 75/2010.
Ud over de 10 regionale sparekasser, der for indeværende tegner sig for ca. 2-4 % af markedet, er den eneste anden markedsdeltager den omstrukturerede MP Bank [23], der har en markedsandel på omkring 1-5 %.
With the new law, extensive amendments were made to the Act on Financial Undertakings.
Det islandske finansmarked er således tydeligvis oligopolistisk, og de tre største selskaber kunne derfor kollektivt opnå en dominerende stilling på markedet.
Several other amendments were later introduced to the law on financial undertakings as well as of regulation and supervision of financial services.
Ifølge Islands konkurrencemyndighed er der store forhindringer for at komme ind på det islandske bankmarked.
These regulatory amendments are considered in more detail in the Annex.
Det skader konkurrencen.
Main challenges ahead [18]
Det kan også være vanskeligt for forbrugerne at skifte bank.
Despite major achievements in rebuilding a financial sector, Iceland continues to strive with the repercussions of the financial and currency crisis in the autumn of 2008.
De islandske myndigheder har desuden erkendt, at kursrisici i tilknytning til Islands lille, ikkehandlede valuta, kronen, har hæmmet konkurrencen yderligere og hindret udenlandske banker og selskaber i at komme ind på det islandske marked.
The financial crisis has revealed various flaws and deficiencies in the financial system, which must be addressed, if public confidence is to be restored.
Konkurrencemyndigheden har på det seneste koncentreret sig om et specifikt aspekt vedrørende it-infrastrukturen for bankernes aktiviteter og deres samarbejde i den henseende.
It seems evident that Iceland — as many other countries hard hit by the financial crisis — faces numerous challenges in adapting the legal and operating environment of financial services to support a viable and efficient financial system in the future and reduce as much as possible the risk of further systemic shocks to reoccur.
Dette vedrører finansinstitutionernes it-serviceudbyder, Reiknistofa bankanna (de islandske banker datacenter, RB), som de ejer i fællesskab.
The most immediate challenges currently facing Icelandic financial undertakings are linked to the fact that the banks are operating in a sheltered environment with capital controls and a blanket deposit guarantee.
Dette er relevant for vurderingen af den foreliggende sag og også noget, som Tilsynsmyndigheden drøftede med de islandske myndigheder og bankerne.
The banks now need to prepare themselves to operate in a more exposed environment, when the capital controls are removed and deposit guarantees revert to the arrangement set out in the relevant EU/EEA directives [19].
RB ejes i fællesskab af de tre store islandske banker, to sparekasser, den islandske sparekassesammenslutning og de tre største betalingskortformidlere i Island.
The Icelandic authorities have underlined that extreme caution must be exercised when introducing new rules in this regard.
Landsbankinn ejer 36,84 % af aktierne i RB, Íslandsbanki 29,48 % og Arion Bank 18,7 %.
Another major challenge is the need to adapt further the legal and regulatory framework to support a solid and efficient financial system which is also consistent with EEA and international law developments [20].
Bankerne har et omfattende samarbejde på dette område, da RB har udviklet clearing- og betalingsafviklingssystemet i Island.
The state of competition in the Icelandic financial sector
Det leverer også en række centrale bankløsninger, som er multi-tenancyløsninger (opsætning med flere organisationer på samme server), og som benyttes af de fleste islandske banker.
According to recent information from the Icelandic authorities [21], competition on the financial market has changed radically since the banking collapse.
RB administrerer desuden et e-fakturerings- og e-betalingssystem for virksomheder og forbrugere.
The number of financial undertakings has decreased, as several savings banks, commercial banks and specialised lenders are either being wound up or have been merged with other undertakings [22].
Ifølge konkurrencemyndigheden har sammenbruddet i 2008 gjort de mindre banker og sparekasser særligt sårbare.
The number of financial undertakings is still decreasing, most recently with the mergers of Landsbankinn and SpKef in March 2011, of Íslandsbanki and Byr in December 2011 and the forthcoming merger of Landsbankinn and Svarfdaelir Savings Bank, approved by the Authority in the SpSv Decision on 20 June 2012.
For de mindre finansvirksomheder var de nødvendige it-ydelser af afgørende vigtighed, da de kan opfattes som en af hindringerne for, at nye markedsaktører kan komme ind på markedet.
With the reductions in the number of financial undertakings and the larger banks taking over deposits from the banks closing down, concentration in the domestic market has increased.
It-platformen til de større finansvirksomheder leveres i vid udstrækning af RB, mens den leveres af Teris til sparekasser og mindre markedsaktører.
The overall presence of the new banks on the EEA financial markets is on the other hand much smaller than that of their predecessors, as international banking operations have been closed down.
Efter de senere års lukning af mange mindre finansvirksomheder mistede Teris en stor del af sine indtægter, hvilket i januar 2012 førte til, at de solgte nogle af deres it-løsninger til RB.
In addition, the domestic market has shrunk considerably as certain sub-markets have disappeared or are largely subdued.
Ifølge RB og Teris var formålet med denne transaktion bl.a. at sikre fortsat levering af it-ydelser til mindre finansvirksomheder.
The near disappearance of the stock market and the introduction of capital controls have reduced operations in the stock and currency markets and resulted in limited investment options.
For det andet bedømmes foreneligheden af RB's køb af Teris' største aktiver efter samme lovs bestemmelser om virksomhedssammenslutninger.
With the level of investments in the economy at a historically low level and households and companies generally highly leveraged, demand for credit is low.
I maj 2012 blev disse to sager dog afsluttet med et forlig mellem RB og dens ejere på den ene side og konkurrencemyndigheden på den anden [24].
Since the collapse, the banks have concentrated their efforts on internal issues and restructuring of their loan portfolios as well as the restructuring of some of their major corporate clients.
Ud over ovennævnte bekymringer, som er direkte relateret til Islands finansmarked, har konkurrencemyndigheden navnlig påpeget behovet for salg og omstrukturering af erhvervsaktive selskaber [25], som skal være gennemført uden unødige forsinkelser.
Before the financial crisis, the savings banks accounted collectively for a market share of approximately 20-25 % in deposits.
Når bankernes deltagelse i omstruktureringen af deres erhvervskunder har været genstand for anmeldelseskravene i forbindelse med den nationale kontrol med sammenslutninger, har konkurrencemyndigheden ofte fastsat betingelserne for bankernes ejerskab.
Combined the three big banks now account for approximately 90-95 % of the market instead of 60-75 % earlier on, where Landsbankinn's market share is marginally highest.
Men det forekommer vanskeligt at finde en overordnet løsning på problemet, da det i alt væsentligt hænger sammen med det høje låneniveau i den islandske erhvervssektor.
Apart from the 10 regional savings banks, currently accounting for approximately 2-4 % of the market, the only other market player is the restructured MP Bank [23], with a market share of approximately 1-5 %.
Over for Tilsynsmyndigheden har de tre forretningsbanker Arion Bank, Íslandsbanki og Landsbankinn alle oplyst, at der ikke er sket væsentlige ændringer i konkurrencebetingelserne på Islands finansmarked siden efteråret 2008, som kunne give anledning til bekymring.
The Icelandic financial market is thus clearly oligopolistic and the three largest companies could collectively achieve a dominant market position.
Markedet var præget af effektiv konkurrence, og der var ingen tegn på hemmelige aftaler mellem de tre største aktører.
According to the Icelandic Competition Authority (‘ICA’) there are significant entry barriers to the Icelandic banking market.