natgillin/translations-raw huggingface dataset:
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.
Teatavate allturgude kadumise või tegevusetuse tulemusel on Islandi siseturg kokku kuivanud.
It was also recommended to review and improve the deposit guarantee system, following closely the developments within the EU.
Aktsiaturu praktiline väljasuremine ja kapitalikontrollide kehtestamine on vähendanud tehinguid aktsia- ja valuutaturgudel ning piiranud investeerimisvõimalusi.
The Government subsequently proposed a bill of law to the Althingi, based, inter alia, on proposals made by Jännäri as well as amendments made to EEA law on financial activities from 2009 onwards, which was adopted and entered into force on 1 July 2010, as Act No 75/2010.
Et majanduse rahastamine on ajalooliselt madalal tasemel ning majapidamis- ja ettevõtlussektor oluliselt mõjutatud, on laenunõudlus madal.
With the new law, extensive amendments were made to the Act on Financial Undertakings.
Panganduskrahhi järgselt on pangad keskendunud siseküsimustele, oma laenuportfellide ümberkorraldamisele ja osa suurte äriklientide restruktureerimisele.
Several other amendments were later introduced to the law on financial undertakings as well as of regulation and supervision of financial services.
Enne finantskriisi moodustas hoiupankade turuosa hoiuste näol kokku 20–25 %.
These regulatory amendments are considered in more detail in the Annex.
See on nüüdseks langenud 2–4 %-le.
Main challenges ahead [23]
Turult lahkunud hoiu- ja kommertspankade turuosa on võtnud üle kolm suurimat kommertspanka Arion Bank, Íslandsbanki ja Landsbanki.
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.
Kokku on kolme suure panga turuosa praegu umbes 90–95 % (varem 60–75 %), kusjuures Landsbankinni turuosa on teistest veidi suurem.
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.
Seega on Islandi finantsturg selgelt oligopoolne ja kolm suurimat ettevõtjat võivad koos saavutada turgu valitseva seisundi.
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.
Järelevalveamet palus esitada Islandi konkurentsiametil arvamuse Islandi konkurentsiolukorra ja võimalike parandusmeetmete kohta ning nimetatud arvamuse kohaselt esineb Islandi pangandusturul märkimisväärseid turuletuleku takistusi.
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 [24].
See avaldab halba mõju konkurentsile.
The Icelandic authorities have underlined that extreme caution must be exercised when introducing new rules in this regard.
Samuti takistatakse tarbijatel panka vahetada.
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 [25].
Islandi ametiasutused tunnistasid lisaks, et Islandi krooni, väikese ja mittekaubeldava valuutaga seotud vahetuskursi ohud on piiranud konkurentsi veelgi ja takistanud välispankadel ja -ettevõtjatel Islandi turule tulla.
The state of competition in the Icelandic financial sector
Islandi konkurentsiamet keskendus hiljuti pangatehingute IT-infrastruktuuri ja pankade sellealase koostöö küsimusele.
According to recent information from the Icelandic authorities [26], competition on the financial market has changed radically since the banking collapse.
Peamiselt vaadeldakse finantsasutuste ühisomandis olevat IT-teenuse pakkujat Reiknistofa bankanna (Islandi pangaserverikeskus, RB).
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 [27].
Asjaomane küsimus on käesoleva juhtumi hindamisel oluline ja kuulus ka teemade hulka, mida arutati järelevalveameti kohtumisel Islandi ametiasutuste ja pankadega.
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 merger of Landsbankinn and Svarfdaelir Savings Bank, approved by the Authority on 20 June 2012.
Pangaserverikeskus kuulub ühiselt Islandi kolmele suurimale pangale, kahele hoiupangale, Islandi hoiupankade liidule ja kolmele suurimale maksekaardi töötlejale.
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.
Landsbankinnile kuulub 36,84 %, Íslandsbankile 29,48 % ja Arion Bankile 18,7 % pangaserverikeskuse aktsiakapitalist.
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.
Kokku kuulub kolmele kommertspangale seega 85,02 % serverikeskuse aktsiatest.
In addition, the domestic market has shrunk considerably as certain sub-markets have disappeared or are largely subdued.
Serverikeskuse kliendid on järgmised: selle omanikud, Islandi keskpank ja muud finantsasutused, samuti muud avaliku sektori asutused.
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.
Pankade koostöö on asjaomases valdkonnas väga suur, sest serverikeskus rajas Islandile kliiringu- ja arveldussüsteemi.
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.
Serverikeskus pakub ka põhilisi panganduslahendusi, mis on ühiskasutuslikud ja mida kasutab enamik Islandi panku.
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.
Lisaks haldab keskus ettevõtjatele ja üksiktarbijatele mõeldud e-arvelduse ja e-maksete süsteemi.
Before the financial crisis, the savings banks accounted collectively for a market share of approximately 20-25 % in deposits.
Islandi konkurentsiameti arvamuse kohaselt muutis 2008. aasta krahh väiksemad ja hoiupangad eriliselt haavatavaks.
This has now collapsed to approximately 2-4 %.
Väiksemate finantsettevõtjate jaoks olid nõutavad IT-teenused üliolulised, kuna neid saab pidada üheks takistuseks uute turuletulijate jaoks.
The market shares lost by the savings banks and commercial banks exiting the market have been gained by the three major commercial banks, Arion Bank, Íslandsbanki and Landsbanki.
IT-teenuste platvormi tagas suuremate finantsettevõtjate jaoks märkimisväärses ulatuses serverikeskus, hoiupankade ja väiksemate turuosaliste jaoks aga ettevõtja Teris.
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.
Islandi konkurentsiamet on uurinud seoses serverikeskusega kahte juhtumit.
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 [28], with a market share of approximately 1-5 %.
Esiteks, kas asjaolu, et serverikeskus oli pankade ja serverikeskuse foorumisse kuuluvate muude finantsettevõtjate ühisomandis ja ühise koostöö objekt, tuleks vaadelda Islandi konkurentsiseaduse artiklis 10 osutatud piiravate tavade keelust üleastumisena.
The Icelandic financial market is thus clearly oligopolistic and the three largest companies could collectively achieve a dominant market position.
Teiseks uuritakse, kas Terise põhivara ost serverikeskuse poolt on kokkusobiv sama seaduse sätetega, mis käsitlevad äriühingute ühinemist.
According to the Icelandic Competition Authority (ICA), which the Authority had asked for its views on the state of competition in Iceland and potential remedies, there are significant entry barriers to the Icelandic banking market.
Ühelt poolt serverikeskuse ja selle omanike ning teiselt poolt Islandi konkurentsiameti kokkuleppe tulemusel lõpetati need kaks juhtumit 2012. aasta mais [29].
This has detrimental effects on competition.
Lisaks eespool nimetatud vahetult Islandi finantsturuga seotud küsimustele juhtis Islandi konkurentsiamet eriliselt tähelepanu vajadusele põhjendamatute viivitusteta müüa ja restruktureerida tegutsevad äriühingud [30].
There are also certain impediments for consumers to switch banks.
Islandi konkurentsiamet on arvamusel, et otsene ja kaudne omand [31] on finantskriisi järgne levinuim ja ohtlikem konkurentsiprobleem, mis avaldab mõju pea kõigile Islandi tava- ja tööstusettevõtjatele.
The Icelandic authorities furthermore acknowledged that the exchange rate risks associated with Iceland's small and non-traded currency, the Icelandic króna, has further restricted competition and deterred foreign banks and companies from entering the Icelandic market.
Islandi konkurentsiamet leiab, et ettevõtjate kiirem restruktureerimine tõhustaks konkurentsi finantsturul.
ICA has lately focused on a specific issue regarding IT infrastructure for the banks' operations and their cooperation in that regard.
Juhtumite puhul, kus panga osalusest oma äriklientide restruktureerimisel tuleb ettevõtjate ühinemisi käsitlevate riiklike sätete kohaselt teatada, on Islandi konkurentsiamet kehtestanud sageli panga osaluse suhtes tingimusi.
This relates to the financial institutions' jointly owned IT service provider, Reiknistofa bankanna (the Icelandic Banks' Data Centre; RB).
Siiski tundub kõikehõlmava lahenduse leidmine keeruline, kuna sel valdkonnal on väga suur võimendav mõju Islandi ärisektorile.
This matter is of relevance for the assessment of the case at hand and was among the issues discussed by the Authority with the Icelandic authorities and the banks.
Järelevalveametiga peetud kirjavahetuses olid kõik kolm kommertspanka (Arion Bank, Íslandsbanki ja Landsbankinn) seisukohal, et alates 2008. aasta sügisest ei ole Islandi finantsuru konkurentsitingimused muutunud sellisel olulisel määral, mis annaksid põhjust muretsemiseks.
Landsbankinn owns 36,84 % of the shares in RB, Íslandsbanki holds 29,48 % and Arion Bank 18,7 %.
Turu konkurentsitingimuste hindamisel on Islandi konkurentsiametil jäänud kahe silma vahele teatavad määrava tähtsusega tegurid.
Combined the three commercial banks therefore own 85,02 % of shares in RB.
Välispangad on olenemata sellest, et nad ei ole kohapeal esindatud, pikka aega aktiivselt konkureerinud ja konkureerivad praegugi Islandi pankadega ärilaenude ja muude finantsteenuste pakkumises suurimatele klientidele, näiteks ekspordiga (kalandus, energiamahukas tööstus jne) või riigi ja omavalitsuse tasandiga seotud ettevõtetele.
RB's clients are the owners, the Central Bank of Iceland and other financial institutions as well as other public entities.
See seisukoht on aga vastupidine Islandi ametiasutuste seisukohale järelevalveametiga peetud kirjavahetuses, nagu nähtub eespool nimetatud majandusministri aruandest Islandi parlamendile, aga ka Islandi konkurentsiameti seisukohtadele.
The banks' cooperation in this area is extensive, as RB has developed the clearing and settlement system in Iceland.
Nagu allpool esile tuuakse, otsustas Arion Bank hoolimata mõningatest konkurentsitingimuste analüüsiga seotud kahtlustest võtta teatavad kohustused, eesmärgiga piirata asjaomaste abimeetmetega seotud konkurentsimoonutusi.
It also provides a number of core banking solutions which are multi-tenant solutions, used by most of the Icelandic banks.
Kohustused on esitatud lisas.
According to ICA, the collapse in 2008 has made the smaller banks and savings banks particularly vulnerable.
Abisaaja
For the smaller financial undertakings, the required IT services were of crucial importance, as they can be viewed as one of the entry barriers for new market participants.
Nagu eespool kirjeldatud, varisesid 2008. aastal kokku Kaupthing Bank ja veel kaks suurt Islandi kommertspanka.
The platform for IT services has been provided to a significant extent by RB as regards the bigger financial undertakings and, as regards the savings banks and smaller market players, by Teris.
Eesmärgiga tagada kodumaise panganduse jätkuv toimimine, võtsid Islandi ametiasutused seega mõningad meetmed, millega taastati (endise) ettevõtja Kaupthing Bank hf tegevus teatavas ulatuses ning asutati ja kapitaliseeriti New Kaupthing Bank (uue nimega Arion Bank).
Following the closure of many smaller financial undertakings in recent years, Teris lost a significant share of its income, leading in January 2012 to the sale of some of its IT solutions to RB.
Enne 2008. aasta finantskriisi oli Kaupthing Bank Islandi suurim pank.
According to RB and Teris, this transaction was, inter alia, aimed at securing continued provision of IT services to smaller financial undertakings.
2007. aasta lõpus oli panga bilansimaht 5347 miljardit Islandi krooni (58,3 miljardit eurot).
The ICA has been investigating two cases regarding RB.
Kaupthing oli eeskätt Põhja-Euroopa pank, kes tegutses kolmeteistkümnes riigis.
Firstly, whether the joint ownership and cooperation of the banks and other financial undertakings in the RB forum should be considered to be a breach of the ban on restrictive practices under Article 10 of the Icelandic Competition Act.
Pank pakkus terviklikke finantsteenuseid ärisektorile, institutsioonilistele investoritele ja eraisikutele, mis jagunesid viide järgmisesse ärisegmenti: äri- ja jaepangandus, kapitaliturud, riigikassa, investeerimispangandus ning varade valitsemine ja erapangandus.
Secondly, the compatibility of RB's purchase of Teris's major assets is being assessed under the merger provisions of the same act.
Lisaks tegutses pank Islandi (peakontori riik) ning väiksemas ulatuses Norra ja Rootsi jaemüügi filiaalivõrgus.
However, in May 2012 these two cases were concluded with a settlement between RB and its owners, on the one hand, and the ICA on the other hand [29].
Kaupthingil oli panganduslitsents Taanis, Rootsis, Luksemburgis ja Ühendkuningriigis tütarettevõtjate kaudu ning Soomes, Norras ja Mani saarel filiaalide kaudu.
Aside from the above concerns that relate directly to the Icelandic financial market, the ICA has in particular pointed to the need for the sale and restructuring of operating companies [30] to be completed without undue delay.
Kaupthingi suurimad tütarettevõtjad olid Kaupthing Singer & Friedlander (Ühendkuningriik) ja FIH Erhvervsbank (Taani), kuid lisaks oli pangal kuusteist tütarettevõtjat ja filiaali Euroopa, Põhja-Ameerika, Aasia ja Lähis-Ida riikides.
Many operating companies have been taken over by the banks (being creditors of those companies) due to over indebtedness following the economic crash in 2008.
2007. aasta lõpus töötas pangas 3334 inimest.
According to ICA, it may create a conflict of interest when banks provide financial services to companies and own the companies at the same time.
Panga aktsiad olid noteeritud OMX Nordic Exchange'i börsil Reykjavíkis ja Stockholmis.
The ICA is of the opinion that the banks' direct and indirect ownership [31] is the most wide-spread and dangerous competition problem in the aftermath of the financial crisis, as this has an effect on almost every company and industry in Iceland.
Kaupthingi järglane Arion Bank on Islandi pank, mis pakub universaalseid finantsteenuseid ärisektorile, institutsioonilistele investoritele ja eraisikutele.
In ICA's view, faster restructuring of companies would improve competition in the financial market.
Panga eesmärk on arendada suhtepangandust, keskendudes suurettevõtjatele ja eraisikutele, kes otsivad laiaulatuslikke finantslahendusi.
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.
Arion Bank Group koosneb emaettevõtjast ja kaheksast põhilisest tütarettevõtjast, kes moodustavad lahutamatu osa panga tegevusest [32].
However, a comprehensive solution to the problem appears to be difficult, as it relates essentially to the high leverage of the Icelandic business sector.
Seoses laenuportfelli hiljutise ja käimasoleva ümberkorraldamisega on pank võtnud üle müügiks hoitud vara või — kui sissenõudmist ei ole viidud lõpule — ajutised tehingud.
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.
Panga sõnul on siiski võetud kohustus selline vara põhjendamatute viivitusteta maha müüa [33].
Effective competition prevailed in the market, without any evidence of collusive behaviour of the three biggest players.
Veel on pangal suuremad osalused ettevõtjates Auðkenni (veebipanganduse turvavõtmeid haldav valdusettevõtja, 20 %) ja Reiknistofa bankanna (Islandi pangaserverikeskus, 18,05 %).
When examining the conditions of competition in the market, the ICA had overlooked certain key factors.
Arion Bank on sulgenud või sulgemas kokku 15 ettevõtjat, milles pangal on olnud omandiõigus.
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.
Need ettevõtjad on kas likvideerimisel või ei ole neil vara või nad on lõpetanud tehingud.
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.
Panganduse põhitooted jagunevad nelja järgmisesse kategooriasse: varade valitsemine, investeerimispangandus, äri- ja jaepangandus, mida kirjeldatakse täpsemalt allpool.
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.
Varade valitsemine
Those commitments are reported in the Annex.
See osakond hõlmab müüki ja teenuseid, erapangandust ja institutsioonide varade valitsemist.
DESCRIPTION OF THE MEASURES
Panga tütarettevõtja Stefnir Asset Management Company tegutseb fondivalitsemise sektoris, kusjuures Arion Banki varade valitsemise osakond on peamine fondi turustaja.
The beneficiary
Vara valitsemise osakond on Islandi juhtiv turuosaline, kellele 2011. aasta lõpu seisuga kuulus Arion Bankis ja tütarettevõtjates valitsetavaid varasid väärtuses rohkem kui 659 miljardit Islandi krooni.
As described above, Kaupthing Bank collapsed in 2008, as did the two other large Icelandic commercial banks.
Vara valitsemise osakond valitseb vara oma klientide nimel, kelle hulgas on näiteks institutsioonilised investorid, suurettevõtjad, varakad kliendid ja jaeinvestorid.
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).
Teenindatakse eri investeerimishuvidega kliente, kellele pakutakse laias valikus teenuseid.
Prior to the financial crisis of 2008, Kaupthing Bank was the largest bank in Iceland.
Lisaks mitmesugustele usaldusfondidele, alternatiivsetele investeerimisvõimalustele ja pensioniskeemidele pakub osakond individuaalseid varapaigutusstrateegiaid ja kontohaldusteenust.
At the end of 2007 its balance sheet amounted to 5347 billion ISK (58,3 billion Euros).
Osakond pakub ka muude juhtivate ülemaailmsete fondivalitsejate vahendeid.
Kaupthing was primarily a northern European bank operating in 13 countries.
Investeerimispangandus
Kaupthing offered integrated financial services to companies, institutional investors and individuals, divided into five business segments: Corporate and Retail Banking, Capital Markets, Treasury, Investment Banking and Asset Management & Private Banking.
Investeerimispanganduse osakond pakub mitmesuguseid teenuseid äriklientidele neljas järgmises tootekategoorias:
In addition, the bank operated a retail branch network in Iceland, where it was headquartered, and to a lesser extent in Norway and Sweden.
Ühinemiste ja ülevõtmiste alane nõustamine
Kaupthing had banking licences through subsidiaries in Denmark, Sweden, Luxembourg and the UK and branches in Finland, Norway and the Isle of Man.
Kapitalituru tehingud
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.
Ülevõtmine ja finantsvõimendus
At the end of 2007 the bank employed 3334 people.
Põhiinvesteeringud
Shares in the bank were listed on the OMX Nordic Exchange in Reykjavík and in Stockholm.
Osakond püüab ühendada nõustamise ja panga finantsvõimekuse, luues terviklahenduse klientide jaoks tihedas koostöös panga muude (eeskätt kapitalituru ja äripanganduse) osakondadega.
Kaupthing's successor, Arion Bank, is an Icelandic bank offering universal financial services to companies, institutional investors and individuals.
Äripangandus
The Bank aims to be a relationship bank with a focus on larger corporations and individuals seeking a broad range of financial solutions.
Äripanganduse osakond koosneb järgmisest seitsmest allosakonnast: ärilaenud, eriotstarbelised laenud, õigusküsimused ja dokumendid, portfelli valitsemine, äriteenused, sissenõudmine ja faktooring.
The Arion Bank Group consists of the parent company and eight core subsidiaries which are an integral part of the Bank's operations [32].
Äripanganduse osakond pakub mitmesuguseid finantsteenuseid keskmise suurusega ja suurettevõtjatest äriklientidele.
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.
Osakonna põhieesmärk on hoida pikaaegseid kliendisuhteid oma klientidega ning pakkuda erilahendusi ja individuaalteenuseid.
According to the Bank, it nevertheless endeavours to sell such assets without undue delay [33].
Arion Bank leiab, et osakond on esirinnas ettevõtlussektori võlaküsimuse lahendamisel ja on saavutanud märkimisväärset edu ettevõtjate restruktureerimises.
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 %).
Äripanganduse sissenõudmiste osakond vastutab panga saadaolevate võlgade sissenõudmise eest, st makseraskustes olevate ettevõtjate restruktureerimise eest.
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.
Töö on edenenud hästi ja on peagi lõpule jõudmas.
These companies are either in liquidation or have no assets or no operations.
Jaepangandus
The main banking products fall into four categories: Asset Management, Investment Banking, Corporate Banking and Retail Banking, as further outlined below.
Jaepangandusosakonnale kuulub 30 % turuosa Islandil.