natgillin/translations-raw huggingface dataset:
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.
Koostöös IMFiga koostatud majanduse stabiliseerimise kavas sätestati kogu finantsteenuste reguleeriva raamistiku läbivaatamine ja järelevalve, et olla paremini kaitstud tulevaste finantskriiside eest.
At the same time, imports fell sharply, turning the trade balance [24] temporarily to a surplus of approximately 10 % of GDP in 2010.
Valitsus tegi Soome finantsjärelevalveameti endisele peadirektorile Kaarlo Jännärile ettepaneku viia läbi kehtiva reguleeriva raamistiku ja järelevalvetegevuse hindamine.
However, with increased domestic demand in 2011, imports have grown again, leading to an overall smaller trade surplus of 8,2 % of GDP.
Kaarlo Jännäri soovitas muu hulgas asutada finantsjärelevalveameti juurde riiklik krediidiregister, et vähendada süsteemi krediidiriski.
Statistics Iceland forecast for 2012-2017 assumes that gradual economic recovery will continue with 2,6 % growth in 2012.
Ta tegi oma aruandes ka ettepaneku kehtestada karmimad eeskirjad ja tavad seoses suure riskikontsentratsiooni ja sellega seotud laenamisega ning teostada rohkem kohapealseid kontrollimisi, et saada kinnitust välisele järelevalvele ja kontrollida aruandeid eeskätt krediidi-, likviidsus- ja valuutariski kohta.
A similar growth rate is expected throughout the forecast period.
Samuti soovitas ta vaadata läbi hoiusetagatiste süsteem ja see tõhusamaks muuta, et järgida täpselt ELi arengusuundumusi.
Planned large scale industrial investments might be further delayed.
Uue seadusega tehti olulisi muudatusi finantsasutusi käsitlevasse seadusesse.
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.
Hiljem tehti finantsasutusi käsitlevas seaduses veel mitmeid muid muudatusi ka seoses finantsteenuste reguleerimise ja järelevalvega.
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.
Asjaomaseid õigusakti muudatusi käsitletakse täpsemalt lisas.
Growth could also be threatened by continued price instability linked to currency volatility in the context of removal of capital controls.
Suurimad väljakutsed [25]
Financial supervision and improvements in regulatory framework
On ilmne, et Island, nagu ka paljud muud finantskriisist väga tõsiselt kannatada saanud riigid, peab tegelema tõsiste ülesannetega seoses finantsteenuste õigus- ja tegevuskeskkonna kohandamisega selliseks, mis toetab elujõulist ja tõhusat finantssüsteemi tulevikus ja vähendab maksimaalselt süsteemsete vapustuste kordumise ohtu.
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.
Kõige pakilisemad probleemid, millega Islandi finantsasutused praegu silmitsi seisavad, tulenevad pankade tegutsemisest varjatud tingimustes kapitalikontrollide ja kõikehõlmavate hoiusetagatistega.
This was done with the assistance of the international management consultant firm Oliver Wyman.
Seega peavad pangad nüüd valmistuma tegutsemiseks avatumas keskkonnas, kuna kapitalikontrollid kaotatakse ja hoiuste tagamise skeemi puhul pöördutakse tagasi varasema korralduse juurde, mis on sätestatud vastavates ELi/EMP direktiivides [26].
Having concluded the above process, the FME granted the banks operating licenses subject to various conditions.
Islandi ametiasutused on rõhutanud, et uute eeskirjade sätestamisel tuleb olla äärmiselt ettevaatlik.
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.
Veel üks oluline väljakutse on vajadus kohandada senisest enam õigus- ja reguleerivat raamistikku, et see toetaks kindlat ja tõhusat finantssüsteemi, mis oleks ka kooskõlas EMP ja rahvusvahelise õiguse arenguga [27].
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 ratio.
Islandi finantssektori konkurentsiolukord
The requirements were applicable for at least 3 years unless reviewed by the FME.
Islandi ametiasutuste hiljutise teabe kohaselt [28] muutus konkurents finantsturul pärast panganduskrahhi kardinaalselt.
Liquidity conditions were also specified, requiring that available liquid funds should at any point amount to a minimum of 20 % of deposits and that cash or cash equivalents should amount to at least 5 % of deposits.
Finantsasutuste arv on vähenenud, sest mitmed hoiu- ja kommertspangad ja spetsialiseerunud laenuandjad on kas likvideeritud või ühinenud teiste ettevõtjatega [29].
Furthermore, requirements were made regarding other matters such as restructuring of loan portfolios, risk assessment, corporate governance and ownership.
Finantsasutuste arv väheneb endiselt — kõige hilisem näide on 2011. aasta märtsist, kui ühinesid Landsbankinn ja SpKef, 2011. aasta detsembris ühinesid Íslandsbanki ja Byr ning 20. juunil 2012 kiitis järelevalveamet otsusega nr 226/12/COL heaks Landsbankinn ja Svarfdaelir Savings Banki ühinemise.
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.
Teisalt on uute pankade üldine kohalolu EMP finantsturgudel palju kahvatum kui nende eelkäijatel (rahvusvaheliste pangatehingute sulgemise tõttu).
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.
Teatavate allturgude kadumise või tegevusetuse tulemusel on Islandi siseturg kokku kuivanud.
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.
Aktsiaturu praktiline väljasuremine ja kapitalikontrollide kehtestamine on vähendanud tehinguid aktsia- ja valuutaturgudel ning piiranud investeerimisvõimalusi.
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.
Et majanduse rahastamine on ajalooliselt madalal tasemel ning kodumajapidamised ja ettevõtlussektor oluliselt mõjutatud, on laenunõudlus madal.
It was also recommended to review and improve the deposit guarantee system, following closely the developments within the EU.
Panganduskrahhi järgselt on pangad keskendunud siseküsimustele, oma laenuportfellide ümberkorraldamisele ja osa suurte äriklientide restruktureerimisele.
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.
Enne finantskriisi moodustas hoiupankade turuosa hoiuste näol kokku 20–25 %.
With the new law, extensive amendments were made to the Act on Financial Undertakings.
See on nüüdseks langenud 2–4 %le.
Several other amendments were later introduced to the law on financial undertakings as well as of regulation and supervision of financial services.
Turult lahkunud hoiu- ja kommertspankade turuosa on võtnud üle kolm suurimat kommertspanka Arion Bank, Íslandsbanki ja Landsbanki.
These regulatory amendments are considered in more detail in the Annex.
Kokku on kolme suure panga turuosa praegu umbes 90–95 % (varem 60–75 %), kusjuures Landsbankinni turuosa on teistest veidi suurem.
Main challenges ahead [25]
Lisaks kümnele piirkondlikule hoiupangale, mis moodustavad praegu kokku umbes 2–4 % turust, on ainus turuosaline restruktureeritud MP Bank [30] turuosaga 1–5 %.
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.
Seega on Islandi finantsturg selgelt oligopoolne ja kolm suurimat ettevõtjat võivad koos saavutada turgu valitseva seisundi.
The financial crisis has revealed various flaws and deficiencies in the financial system, which must be addressed, if public confidence is to be restored.
Järelevalveamet palus esitada Islandi konkurentsiametil arvamuse Islandi konkurentsiolukorra ja võimalike parandusmeetmete kohta ning nimetatud arvamuse kohaselt esineb Islandi pangandusturul märkimisväärseid turuletuleku takistusi.
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.
See avaldab halba mõju konkurentsile.
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.
Samuti takistatakse tarbijatel panka vahetada.
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 [26].
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 Icelandic authorities have underlined that extreme caution must be exercised when introducing new rules in this regard.
Islandi konkurentsiamet keskendus hiljuti pangatehingute IT-infrastruktuuri ja pankade sellealase koostöö küsimusele.
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 [27].
Peamiselt on see seotud finantsasutuste ühisomandis oleva IT-teenuse pakkujaga Reiknistofa bankanna (Islandi pangaserverikeskus, RB).
The state of competition in the Icelandic financial sector
Asjaomane küsimus on käesoleva juhtumi hindamisel oluline ja kuulus ka teemade hulka, mida arutati järelevalveameti kohtumisel Islandi ametiasutuste ja pankadega.
According to recent information from the Icelandic authorities [28], competition on the financial market has changed radically since the banking collapse.
Pangaserverikeskus kuulub ühiselt Islandi kolmele suurimale pangale, kahele hoiupangale, Islandi hoiupankade liidule ja kolmele suurimale Islandi maksekaardi töötlejale.
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 [29].
Landsbankinnile kuulub 36,84 %, Íslandsbankile 29,48 % ja Arion Bankile 18,7 % pangaserverikeskuse aktsiakapitalist.
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 in Decision No 226/12/COL.
Kokku kuulub kolmele kommertspangale seega 85,02 % serverikeskuse aktsiatest.
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.
Serverikeskuse kliendid on järgmised: selle omanikud, Islandi keskpank ja muud finantsasutused, samuti muud avaliku sektori asutused.
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.
Pankade koostöö on asjaomases valdkonnas väga suur, sest serverikeskus rajas Islandile kliiringu- ja arveldussüsteemi.
In addition, the domestic market has shrunk considerably as certain sub-markets have disappeared or are largely subdued.
Serverikeskus pakub ka põhilisi panganduslahendusi, mis on ühiskasutuslikud ja mida kasutab enamik Islandi panku.
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.
Lisaks haldab keskus ettevõtjatele ja üksiktarbijatele mõeldud e-arvelduse ja e-maksete süsteemi.
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.
Islandi konkurentsiameti arvamuse kohaselt muutis 2008. aasta krahh väiksemad ja hoiupangad eriliselt haavatavaks.
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.
Väiksemate finantsettevõtjate jaoks olid nõutavad IT-teenused üliolulised, kuna neid saab pidada üheks takistuseks uute turuletulijate jaoks.
Before the financial crisis, the savings banks accounted collectively for a market share of approximately 20-25 % in deposits.
IT-teenuste platvormi tagas suuremate finantsettevõtjate jaoks märkimisväärses ulatuses serverikeskus, hoiupankade ja väiksemate turuosaliste jaoks aga ettevõtja Teris.
This has now collapsed to approximately 2-4 %.
Islandi konkurentsiamet on uurinud seoses serverikeskusega kahte juhtumit.
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.
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.
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.
Teiseks uuritakse, kas Terise põhivara ost serverikeskuse poolt on kokkusobiv sama seaduse sätetega, mis käsitlevad äriühingute ühinemist.
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 [30], with a market share of approximately 1-5 %.
Ühelt poolt serverikeskuse ja selle omanike ning teiselt poolt Islandi konkurentsiameti kokkuleppe tulemusel lõpetati need kaks juhtumit 2012. aasta mais [31].
The Icelandic financial market is thus clearly oligopolistic and the three largest companies could collectively achieve a dominant market position.
Lisaks eespool nimetatud vahetult Islandi finantsturuga seotud küsimustele juhtis Islandi konkurentsiamet eriliselt tähelepanu vajadusele müüa ja restruktureerida põhjendamatute viivitusteta haldusettevõtted [32].
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.
Islandi konkurentsiamet on arvamusel, et otsene ja kaudne omand [33] on finantskriisi järgne levinuim ja ohtlikem konkurentsiprobleem, mis avaldab mõju pea igale äriühingule ja kogu tööstusele Islandil.
This has detrimental effects on competition.
Islandi konkurentsiamet leiab, et ettevõtjate kiirem restruktureerimine tõhustaks konkurentsi finantsturul.
There are also certain impediments for consumers to switch banks.
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.
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.
Siiski tundub kõikehõlmava lahenduse leidmine keeruline, kuna sel valdkonnal on väga suur võimendav mõju Islandi ärisektorile.
ICA has lately focused on a specific issue regarding IT infrastructure for the banks' operations and their cooperation in that regard.
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 annaks põhjust muretsemiseks.
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.
Turu konkurentsitingimuste hindamisel on Islandi konkurentsiametil jäänud kahe silma vahele teatavad määrava tähtsusega tegurid, nagu näiteks asjaolu, et välispangad on pikka aega aktiivselt konkureerinud ja konkureerivad praegugi Islandi pankadega finantsteenuste pakkumises suurimatele klientidele, näiteks ekspordiga (kalandus, energiamahukas tööstus jne) või riigi ja omavalitsuse tasandiga seotud ettevõtetele.
RB is jointly owned by the three main Icelandic banks, two saving banks, the Icelandic Savings Bank Association and the three main payment card processors in Iceland.
See seisukoht on aga vastupidine Islandi ametiasutuste seisukohale järelevalveametiga peetud kirjavahetuses, nagu nähtub eespool nimetatud majandusministri aruandest Islandi parlamendile, aga ka Islandi konkurentsiameti seisukohtadele.
Landsbankinn owns 36,84 % of the shares in RB, Íslandsbanki holds 29,48 % and Arion Bank 18,7 %.
Nagu allpool esile tuuakse, otsustas Íslandsbanki hoolimata mõningatest konkurentsitingimuste analüüsiga seotud kahtlustest võtta teatavad kohustused, eesmärgiga piirata asjaomaste abimeetmetega seotud konkurentsimoonutusi.
Combined the three commercial banks therefore own 85,02 % of shares in RB.
Kohustused on esitatud lisas.
RB's clients are the owners, the Central Bank of Iceland and other financial institutions as well as the government and public entities.
MEETMETE KIRJELDUS
It also provides a number of core banking solutions which are multi-tenant solutions, used by most of the Icelandic banks.
Nagu eespool kirjeldatud, varises 2008. aastal kokku Glitnir ja veel kaks suurt Islandi kommertspanka.
RB furthermore operates an e-invoicing and e-payment system for corporates and consumers.
Eesmärgiga tagada kodumaise panganduse jätkuv toimimine, võtsid Islandi ametiasutused seega teatavad meetmed, millega taastati (endise) ettevõtja Glitnir Bank hf tegevus teatavas ulatuses ning asutati ja kapitaliseeriti New Glitnir Bank hf (uue nimega Íslandsbanki).
According to ICA, the collapse in 2008 has made the smaller banks and savings banks particularly vulnerable.
Enne 2008. aasta finantskriisi oli Glitnir Bank Islandi suuruselt kolmas pank.
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.
Vahetult enne krahhi, 2008. aasta juuni lõpus, oli panga bilansimaht 3862 miljardit Islandi krooni.
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.
Panga suurimad sihtturud olid Island ja Norra, kus pakuti mitmesuguseid finantsteenuseid, sealhulgas äripangandus, investeerimispangandus, kapitaliturud, investeeringute haldamine ja jaepangandus.
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.
Samuti tegutses Glitnir Soomes, Rootsis, Taanis, Ühendkuningriigis, Luksemburgis, Ameerika Ühendriikides, Kanadas, Hiinas ja Venemaal.
According to RB and Teris, this transaction was, inter alia, aimed at securing continued provision of IT services to smaller financial undertakings.
Pangal oli hulgaliselt tütarettevõtjaid, neist tähtsamad Glitnir AB (Rootsi); Glitnir Bank Oyi (Soome); Glitnir Bank ASA (Norra); Glitnir Bank Luxembourg SA ja Gltinir Asset Management Luxembourg.
The ICA has been investigating two cases regarding RB.
Glitniri järglane Íslandsbanki on universaalpank, mis pakub ulatuslikke finantsteenuseid eraisikutele, kodumajapidamistele, äriühingutele ja kutselistele investoritele Islandil ning on spetsialiseerunud kahele tööstussektorile — mereanni- ja maapõueenergia tööstusele.
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.
Pärast ühinemist Byriga on panga varade maht umbes 800 miljardit Islandi krooni.
Secondly, the compatibility of RB's purchase of Teris's major assets is being assessed under the merger provisions of the same act.
Töötajaid on kokku 1100 ning koguvara poolest on tegemist Islandi suuruselt kolmanda pangaga.
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 [31].
Panga tooted ja teenused jagunevad nelja järgmisesse kategooriasse: jaepangandus, äripangandus, turud ja varahaldusteenused.
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 [32] to be completed without undue delay.
Íslandsbanki andmete kohaselt on panga turuosa kõigis ärisegmentides [20]–[40] %.
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.
Jaepangandus — Island
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.
Jaepanganduse osakond pakub pangandusteenuseid eraisikutele, kodumajapidamistele ning väikestele ja keskmise suurusega ettevõtetele (VKEd).
The ICA is of the opinion that the banks' direct and indirect ownership [33] 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.
Osakond koosneb Íslandsbanki filiaalivõrgust, panga varapõhise finantseerimise osakonnast ja sõltumatu juhtimisega tütarettevõtjast Kreditkort, mis on Islandi juhtiv krediitkaarditarnija.
In ICA's view, faster restructuring of companies would improve competition in the financial market.
Kõige hilisemate andmete kohaselt on Íslandsbanki turuosa jaesektoris [> 30] %.
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.
Äripangandus — Island
However, a comprehensive solution to the problem appears to be difficult, as it relates essentially to the high leverage of the Icelandic business sector.
Äripanganduse osakond pakub laenu- ja muid krediiditeenuseid Islandi keskmise suurusega ja suurettevõtjatele (tuntud nimetuse all „TOP 300”).