natgillin/translations-raw huggingface dataset:
Det græske banksystem består af:
The Greek banking system consists of:
Rådet arbejder under handelsministeriets auspicier med deltagelse af økonomi- og finansministeriet, den græske centralbank, forretnings- og investeringsbankerne, fondsbørsen i Athen samt handelskamrene i Athen og Thessaloniki.
The Bank of Greece, established in 1928, has the exclusive right of issuing bank notes; it provides credit to the banking system and, to a much lesser extent, to private enterprises ; it provides finance to the government and manages its payments and receipts ; it also manages the country's foreign exchange reserves and administers exchange controls.
Formand for rådet er i øjeblikket vicedirektør i den græske industrielle udviklingsbank.
It seeks thus to protect the internal and external value of the Greek drachma and plays a direct role in financial intermediation.
Kapitalmarkedsrådet udformer landets kapitalmarkedspolitik og har det samlede tilsyn med og ansvar for gennemførelsen af denne politik.
The Capital Market Committee—a public body—is en trusted with specific power to stimulate, improve and strengthen the capital market.
De græske pengepolitiske myndigheder ')
The Greek monetary authorities '
De græske pengepolitiske myndigheder bestod indtil for nylig hovedsagelig af Valutaudvalget, et kollektivt organ under forsæde af ministeren for koordination, samt finans
The Committee operates under the auspices of the Ministry of Commerce with the participation of the Ministries of Economy and Finance, the Bank of Greece, the commercial and investment banks, the Athens Stock Exchange and the Athens and Thessaloniki Chambers of Commerce.
Forretningsbankerne er den vigtigste gruppe i landets kreditsystem.
The Capital Market Committee formulates the country's capital market policy and has the overall supervision of and responsibility for the execution of this policy.
De er stærkt centraliseret, idet størsteparten af forretningsbankernes aktiviteter gennemføres af to store
It acts as adviser to the government and the Bank of Greece.
Finansielle markeder og institutioner i Grækenland banker, nemlig Grækenlands nationale bank og Grækenlands handelsbank.
Financial markets and institutions in Greece
den modtager indlån (for det meste i form af opsparingsindskud). Den finansieres imidlertid hovedsagelig af centralbanken.
It functions as a bank in the sense that it accepts deposits (mostly in the form of savings).
Den yder kort- og langfristede lån til landbruget; den fordeler kunstgødning og andre forsyninger til landbrugere ; den fører tilsyn med landbrugets andelsvirksomheder og yder teknisk og forretningsmæssig bistand.
It extends short and longterm credit to agriculture; it distributes fertilizers and other supplies to farmers; it supervises farm cooperatives and provides technical and management assistance;
Trods det store net af filialer er brugen af checkkonto meget begrænset i Grækenland, hvor størstedelen af passiverne på forretningsbankernes balance består af private opsparingsindskud og indskud på opsigelse.
Despite the extent of the branch network, the use of checking accounts is very limited in Greece, the greater part of the liability side of the balance sheet of the commercial banks being in the form of private savings and time disposits.
Den yder lån til boligbyggeri, turisterhvervet, offentlige virksomheder samt til almindelige organisationer.
It extends credit to the housing sector, tourist enterprises, public enter prises and to non-profit-making organizations.
Det er landets største realkreditinstitut.
It is the major mortgage institution of the country;
Forretningsbankerne yder kortfristede lån til industrien, de indenlandske serviceerhverv, import- og eksporterhvervene, tobakserhvervene og skibsbygningindustrien.
Commercial banks extend short-term credit to industry, domestic services, import and export trades, the tobacco trades and shipbuilding.
Der ydes mellem- og langfristede lån til industrien og til andre virksomheder til investering i anlæg og udstyr, samt til offentlige virksomheder.
Medium and longterm credit is extended to industry and other enterprises for investment in plant and equipment and also to public enterprises.
Et forholdsvis ejendommeligt træk ved det græske system er, at forretningsbankerne har andel i egenkapitalen i en række private virksomheder.
A relative peculiarity of the Greek system is the practice whereby commercial banks participate in the equity capital of a number of private enterprises.
Endelig skal bankerne investere en stor del af deres samlede private indlån i rentebærende statsgældsbeviser.
Finally, the banks are required to invest a large part of their total private deposits in interest-bearing Treasury bills.
5. depot- og lånefonden modtager midler i depot samt opsparingsindskud fra private; den forvalter offentlige organers midler; den yder byggelån til offentlige organer, almennyttige organisationer og til ansatte i den offentlige sektor samt til pensionister.
5. the Consignations and Loans Fund which accepts consignment deposits as well as private savings deposits; it manages the funds of public entities; it extends credit to public entities, non-profit-making organizations and to public sector employees and pensioners for housing.
d. Forsikringsselskaber
(d) Insurance companies
Der er i Grækenland tre investeringsbanker : Den hellenske bank for industriel udvikling, som er en statsejet institution, investeringsbanken og den nationale investeringsbank for industriel udvikling, der begge er privatejede banker, blev grundlagt med det formål at fremme udviklingen af kapitalmarkedet i Grækenland.
There are three Greek investment banks: the Hellenic Industrial Development Bank, which is a State-owned institution; the Investment Bank, and the National Invest ment Bank for Industrial Development, which are private banks. These banks were founded with the purpose of boosting the development of the capital market in Greece.
Der er en lang række forsikringsselskaber, både græske og udenlandske, der driver virksomhed i landet.
There are numerous insurance companies, both Greek and foreign, operating within the country.
Der er ikke opstillet krav om, at filialer eller agenter af udenlandske selskaber skal offentliggøre regnskaber over deres virksomhed i Grækenland.
Branches or agents of foreign insurance companies are not required to publish accounts concerning their business in Greece.
Deres aktiviteter kan derfor ikke med lethed bedømmes.
Hence, their activities cannot easily be estimated.
Deres reserver for forskellige typer afrisici kan imidlertid skønnes til ca. 25 % afalle forsikringsreserverne.
It would appear, however, that their reserves for different types of risk constitute approximately 25% of all insurance reserves.
Investeringsbankernes vigtigste opgaver er at yde mellemlange og langfristede lån til industrien og andre virksomheder inden for eksempelvis minedrift, turisme og rederivirksomhed, at erhverve andele i private virksomheders egenkapital, at emittere og garantere nyemission af aktier og obligationer samt at yde teknisk og forretningsmæssig bistand til deres kunder.
The main functions of the investment banks are to extend medium and longterm credit to industry and other enterprises such as mining, tourism and shipping, to participate in the equity capital of private enterprises, to issue and underwrite new issues of shares and bonds and to provide technical and managerial assistance to their clients.
De græske forsikringsselskaber kan inddeles i to kategorier: forsikringsselskaber, der er direkte kontrolleret af forretningsbanker, dvs. »bankforsikringsselskaberne«, og andre, der alle er små familieejede selskaber.
The Greek insurance companies can be divided into two categories: those which are directly controlled by commercial banks, i.e. the 'banking insurance companies', and others—all of which are small family companies.
Under denne overskrift klassificeres de (hovedsagelig statsejede) institutioner, der yder lån til særlige sektorer i landets økonomi.
Under this heading we classify the (mainly State-owned) institutions engaged in extending credit to specific sectors within the country's economy.
De investerer mange af deres aktiver i fast ejendom og erhverver kun i ringe omfang fastforrentede værdipapirer.
The insurance companies in Greece, in contrast to those in economies with a developed capital market, do not occupy
') De har ligeledes for nylig forøget antallet af udenlandske kontorer.
They have also recently increased their network of offices abroad.
Det er ligeledes værd at bemærke, at de forsikringsmæssige tilgodehavender (hovedsagelig ikke-indbetalte præmier) udgør en betydelig procentdel af deres samlede aktiver.
Official intervention with regard to the interest rate structure affects price developments in the secondary securities market but it leaves the exercise of credit policy unaffected.
ders obligationer, som sekundære reserver (i øjeblikket svarer dette til 39,5% af deres samlede indlån; 37% er placeret i statsgældsbeviser og 2,5 % i statsobligationer og langfristede obligationer udstedt af offentlige virksomhe der).
an important position in the financial markets. They invest much of their assets in real property, with only minor purchases of fixed-interest securities.
Derudover har bankerne pligt til at investere 15 % af deres samlede drachme-indlån i langfristede udlån til produktive investeringer eller i obligationer eller præferanceaktier udstedt af industrikoncerner.
However, they do engage in some purchases of business stocks and shares, though their total credit to the private sector is still rather low.
Men bankernes investeringer i værdipapirer i den private sektor er små (i 1970'erne udgjorde præferanceaktier og obligationer mellem 3,5 og 5,5 % af forretningsbankernes samlede aktiver, skønt bankerne har ret til at anlægge op til en sjettedel af deres samlede kapital i sådanne værdipapirer).
By contrast, the insurance companies hold a substantial percentage of their total assets in bank deposits. It is noteworthy, too, that insurance business claims (mainly unpaid premiums) represent a significant percentage of their total assets.
Den væsentligste årsag til det investeringsmønster, der kendetegner forsikringsselskaberne, er som antydet ovenfor, at kapitalmarkedet i Grækenland ikke er særligt godt udbygget, og at det kun er et ret begrænset antal værdipapirer, der handles på fondsbørsen, ligesom det er meget svært at foretage investeringer i værdipapirer med et tilfredsstillende afkast og en let omsættelighed. Denne situation indicerer naturligvis, at opsparingen ikke kanaliseres effektivt nok til investeringer.
The main reason for the peculiar investment pattern of the insurance companies is, as suggested above, the under developed nature of the capital market in Greece, where the number of securities transacted on the stock exchange is limited and investment in securities with satisfactory productivity and a high marketability is very difficult.
Bankerne opfylder deres forpligtelse til at investere i finansielle aktiver, ved at benytte Athens fondsbørs, når det drejer sig om køb aktier.
In addition, banks are required to invest 15% of their total drachma deposits in longterm loans for productive investment or in bonds or preferential stock issued by industrial concerns.
Desuden har myndighederne, i deres bestræbelser på at stimulere aktiviteten på kapitalmarkedet tidligere tilskyndet forretningsbankerne til at yde lån til værdipapirindehavere mod sikkerhed i obligationer og aktier, og lånene gives til en særlig rente og i henhold til en kvotaordning.
However, banks' investment in private sector securities is low (in the 1970s, preferential stock and bonds ranged from 3,5 to 5,2% of the commercial banking system's total assets, although banks are permitted to invest up to one-sixth of their total capital in such securities).
Pensionsfondene kan påvirke en økonomis likviditetsstruktur gennem en omlægning af operationerne, for så vidt angår deres meget store reserver, samt gennem deres investeringer ved hjælp af nyligt dannede reserver.
Pension funds can affect the liquidity structure of an economy by switching operations in the vast amounts of reserves they hold as well as through their investments of newly accruing funds.
De kan ligeledes spille en særlig rolle på den lange del af kapitalmarkedet som følge af deres forpligtelsers særlige art, idet de kan foretage langfristede investeringer.
They can also play a special role in the longer term of the capital market, due to the special nature of their liabilities, since they are in a position to hold longterm investments.
I Grækenland fører pensionsfondene ikke nogen selvstændig investeringspolitik, navnlig hvad angår deres beholdninger af finansielle aktiver.
In Greece, pension funds do not exercise an independent investment policy, particularly as regards their holdings of financial assets.
De skal i henhold til lovgivningen investere samtlige deres midler i form af indskud i den græske centralbank, hvor disse dernæst for det meste anvendes til finansiering af landbrug, handel og industri ; resten investeres i statspapirer, aktier og andele i de græske investeringsfonde og i de andre aktiver, der noteres på Athens fondsbørs.
They are required by law to invest all their funds in the form of deposits with the Bank of Greece, where in turn they are mainly utilized for the financing of agriculture, trade and industry; the remainder is invested in government securities, shares and units of the Greek investment funds and in other shares quoted on the Athens Stock Exchange.
Der gennemføres ingen kursstøtteordning for obligationer udstedt af virksomheder; stabilisering af kursudviklingen er anliggende for emittenten. Virksomheder må imidlertid ikke købe eller tegne egne aktier.
No price support policy is exercised in the corporate bond market; curbing of price fluctuations is a matter for the issuer.
Officiel intervention på det primære og sekundære værdipapirmarked b. Skattesystemet og kapitalmarkederne ') a Generelt
Official intervention in the primary and secondary securities markets
Imidlertid skal nogle få aspekter skitseres.
(b) The tax system and the capital markets '
Udloddet overskud fritages for selskabsskat og beskattes kun som aktionærindkomst af dividender.
This is not the place for a detailed presentation of the tax system which regulates the activities of the capital markets.
En dobbelt beskatning af overskud undgås således fuldstændigt.
However, a few aspects of it can be summarized.
Ikke udloddet overskud beskattes med forskellige satser afhængig af, om selskabets aktier noteres på børsen i Athen,
The coupon income of all publicly issued bonds is exempt from income tax as is the case for interest earned on all types of deposits with financial institutions.
Officielle justeringer af rentestrukturen påvirker prisudviklingen på det sekundære værdipapirmarked, mens gennem førelsen af kreditpolitikken ikke berøres.
Although the Greek monetary authorities do not use open market operations as an instrument of monetary policy, they have, in their efforts to achieve stabilization and economic development objectives, heavily relied on monetary policy as a means of demand management as well as of influencing the allocation of credit to various sectors of the economy.
Bankerne har pligt til at placere en procentdel af deres samlede private indlån, hvad enten det er i drachmer eller i fremmed valuta, i statsgældsbeviser, statsobligationer og offentlige virksomhe
To these ends, the authorities have introduced a complex system of quantitative controls, such as compulsory differential
Finansielle markeder og institutioner i Grækenland og de laveste satser finder anvendelse på børsnoterede selskaber.
Financial markets and institutions in Greece
Der gælder fælles satser for indenlandske og udenlandske selskaber, selskaber med begrænset ansvar og interessentskaber.
Domestic corporations are taxed on that part of their profits which is not distributed. Distributed profits are exempt from tax at the corporate level and are taxed only as shareholders' income from dividends.
nettoindkomst, afhængig af familiens størrelse, for så vidt de tilsvarende køber nye aktier i selskaber, der er noteret på fondsbørsen i Athen, og såfremt disse selskabers kassebeholdning forøges.
Tax incentives are also given to households who are allowed to deduct from their net income varying sums, depending on the size of the family, corresponding to the purchase of companies' new shares quoted on the Athens Stock Exchange if the capital of such companies increases in cash.
Desuden er dividende af noterede værdipapirer fritaget for indkomstskat op til højst 100 000 drachmer i alt og 25 000 drachmer for hver aktiepost.
Moreover, dividends from quoted securities are exempt from income tax subject to a maximum of DR 100 000 in total and to DR 25 000 for each share holding.
Indenlandske selskaber skal betale skat af deres globale indtægt, uanset om den hidrører fra udenlandske eller indenlandske kilder.
Common rates apply to domestic and foreign corporations, limited liability companies and partnerships.
Der opkræves ikke kapitalvindingsskat på transaktioner i obligationer eller aktier.
No capital gains tax is levied on transactions in bonds or shares.
Desuden skal der heller ikke betales formueskat af disse finansielle aktiver, dog med undtagelse af arveafgift.
Similarly, wealth held in these financial assets is not subject to estate duty, except for inheritance tax.
Udenlandske selskaber (aktieselskaber, anpartsselskaber, kommanditselskaber) skal betale af (i) deres indtægt i Grækenland og, (ii) deres udenlandske overskud indtjent gennem et permanent forretningssted i Grækenland.
Domestic corporations are subject to tax on their worldwide income, whether derived from domestic or foreign sources.
For dividender, vederlag, frynsegoder o.s.v. til direktions- og bestyrelsesmedlemmr, samt til forretningsførere skal der betales kildeskat, der indeholdes af selskaberne.
Foreign entities (corporations, limited liability companies, general limited partnerships) are subject to tax on (i) their income earned from Greek sources, and (ii) their profits of foreign origin earned through a permanent establishment in Greece.
Skattemæssige begunstigelser finder anvendelse for dividende af noterede (i modsætning til unoterede) aktier.
Dividends, fees, fringe benefits, etc., for Board members, managers and directors are subject to a withholding tax collected by the companies.
En yderligere differentiering anvendes for dividender, alt efter om det drejer sig om ihændehaver-eller navneaktier, idet navneaktier stilles bedre.
Tax incentives apply to dividends derived from quoted (as opposed to unquoted) shares.
En yderligere differentiering anvendes for dividender alt efter, om det drejer sig om ihændehaver-eller navneaktier, idet navneaktier stilles bedre.
A second differentiation is applied to dividends according to whether the shares concerned are bearer or registered documents with the latter being treated more favourably.
Den nyeste kapitalmarkedslovgivning (lov. nr. 876/1979) giver yderligere store skattemæssige begunstigelser med det formål at tiltrække investorer til fondsbørsen.
Recent capital market legislation (Law No 876/1979) grants additional generous tax incentives in order to attract investors to the stock exchange.
Blandt disse begunstigelser er følgende:
Among these are the following :
Pengemarkedet i Grækenland udviser store strukturelle og funktionelle forskelle fra pengemarkederne i de veludbyggede økonomier.
The money market in Greece diverges sharply from the characteristics and working of such markets in advanced economies.
Bankerne er de eneste kreditformidlende organer på dette marked — der har eksisteret et interbankmarked siden 1981.
The banking system is the only financial intermediary in this market—an interbank money market operates since 1981.
På den lange del af kapitalmarkedet er der kun få midler til overs til investering i emissioner af aktier eller obligationer, idet kapitalstrømmene fra husholdningssektoren, de private virksomheder, offentlige institutioner og offentlige virksomheder næsten alle akkumuleres i banksystemet i form af anfordringsindskud, opsparingsindskud og tidsindskud.
With regard to the longer end of the capital market, since virtually the total capital flow of households, private enterprises, public entities and publiccorporations is accumulated in the banking system in the form of demand, savings and time deposits, little funds remain for investment in issues of share capital or bonds.
Resultatet er, at de græske markeder for aktier og selskabsobligationer, statsobligationer og hypoteklån ikke er særligt veludviklet.
The result is that the market in Greece for corporate stock, corporate bonds, government bonds and mortgage borrow ing is not well developed.
Landet synes at mangle en tilstrækkelig bred palette af finansielle institutioner, der kunne skabe den fornødne fleksibilitet, når der skal rejses kapital.
The country appears to lack financial institutions in sufficient variety to provide a flexible mechanism for raising capital.
Det savner også enhver form for specialiserede institutioner, der beskæftiger sig med stiftelse af virksomhe der, emission af, tegningsgaranti for samt markedsføring af værdipapirer.
It also lacks any specialized agencies for the promotion of companies and the issuing, underwriting and distribution of securities.
Bankerne er således de vigtigste institutioner, der både yder kortfristede lån, hovedsagelig til offentlige myndigheder og erhsversvslivet, samt yder bistand ved offentlig placering af værdipapirer.
Thus, the banking system remains the main institution which both advances short-term finance, mainly to the government and the business sector, and also assists in the public placement of securities.
Det primære værdipapirmarked a. Obligationsmarkedet
The primary securities market
— Skattesatsen for dividende af navne- og ihændehaveraktier reduceres yderligere, så længe selskabet forøger sin kassebeholdning med 30 % og mere end 30 millioner drachmer.
(i) The tax rate on dividends for registered and bearer shares is further reduced so long as the company increases its capital in cash by 30% and more than DR. 30 million.
Skattenedsættelsen gælder for en periode af 3 år fra tidspunktet for udstedelsen af aktierne, såfremt følgende to betingelser er opfyldt : (i) at de nye aktier ikke sælges til nuværende aktionærer i selskabet og, (ii) at selskabet ikke reducerer sin udstedte kapital ved tilbagekøb af aktier inden fem år efter udstedelsen af de nye aktier (den treårige periode for afgiftsnedsættelse kan forlænges til 6 år, såfremt selskabet forøger sin kassebeholdning med 60 %, og såfremt stigningen ikke er under 60 millioner drachmer).
The tax rate decrease is valid for a period of three years from the date of share issue on the following two conditions: (1) that the new shares are not sold to existing shareholders of the company, and (2) that the company does not reduce its issued capital by buying back shares within five years after the issue of the new shares (the three-year period of tax reduction may be extended to six if the company increases its capital by 60% in cash and if such an increase amounts to not less than DR 60 million).
Af tabel 1 fremgår, at der siden 1975 ikke er blevet udstedt nye statsobligationer, og at den sidste mission af obligationer, foretaget af offentlige ikke-finansielle virksomheder, nemlig af det offentlige elektricitetsselskab, fandt sted i 1977 og beløb sig til 3 mia drachmer. Private ikke-finansielle virksomheder har ikke udstedt nye obligationer siden 1976 ; i perioden 1978-1980-1981, samt 1982, blev der så godt som kun udstedt obligationer af de finansielle indstitutioner.
Table 1 reveals that since 1973 there have been no new government bond issues, while the latest bond issue by the public nonfinancial enterprises—that of the Public Power Corporation—was in 1977 for an amount of DR 3 000 million.
Der gives ligeledes skattemæssige begunstigelser til husholdninger, som har ret til at fradrage forskellige beløb i deres
The reluctance of the government to raise funds through the capital market stems from the fact that the public sector
Værdipapiremissioner
Issues of securities