natgillin/translations-raw huggingface dataset:
The term of the notes is 10 years as of 30 December 2009.
Samal ajal sõlmis Íslandsbanki rahandusministeeriumiga väärtpaberite laenuks andmise lepingu, millega valitsus pantis repotehinguid võimaldavad riigivõlakirjad reaalsete tagatistena Straumuri nõude vastu, Íslandsbanki sai vastutasuks likviidsuse küsimise võimaluse Islandi keskpangalt, kui likviidsusvajadus tekib seoses sellega, et Íslandsbanki on kohustatud katma Straumuri hoiustest tuleneva kohustuse.
The instrument has built-in incentives for exit in the form of a step-up of interest after five years.
Íslandsbanki võttis lepingus kohustuse tagastada riigile riigivõlakirjade summa, mis on võrdne maksetega, mille pank saab Straumuri välja antud võlakirjast.
Under the agreement the interest rate per annum for the first five years is 400 basis points above EURIBOR [40] and in the period from five to 10 years after the completion of the agreement the interest rate per annum is 500 basis points above EURIBOR.
Ühtlasi leppisid pooled kokku, et kui Íslandsbanki ei saa võlakirjast kogu makset ning kui riik ei ole maksnud ülejäänud võlga, siis säilitab Íslandsbanki ülejäänud riigivõlakirjad.
In conjunction with the Tier I capital measures described above, the Tier II capital contribution ensured that Íslandsbanki complied with the FME's CAD requirement of 16 % on 15 October 2009.
Seega tagas Íslandsbanki põhimõtteliselt Straumuri hoiustega seotud kohustused vastutasuks samas väärtuses valitsuse tagatud vara eest.
Deposit guarantee
Byri kapitaliseerimine ja omandamine ning Byrile antud allutatud laen
In order to comply with Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes [41] and Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes [42], Iceland adopted Act No 98/1999 on deposit guarantees and investor-compensation scheme and thereby set up the so-called Depositors' and Investors' Guarantee Fund (‘TIF’), which has been funded by annual contributions from the banks, calculated in relation to the total deposits of that bank.
Nagu on kirjeldatud üksikasjalikult 13. aprilli 2011. aasta otsuses nr 126/11/COL (edaspidi „Byri käsitlev otsus”), andis Islandi valitsus riigiabi kapitali kujul ja allutatud laenu ettevõtja Byri asutamiseks oma eelkäija Byr Savings Banki asemele (edaspidi „endine Byr”).
According to the Icelandic authorities, and so as to provide further assurance and comfort to the general public on the safety of their deposits when the crisis struck, the bank rescue measures of the Icelandic Government of autumn 2008 also entailed an additional state backing of deposits in domestic commercial and savings banks, outside the scope of Act No 98/1999 implementing the deposit guarantee Directive 94/19/EC and the investor-compensation Directive 97/9/EC.
Selle protsessi käigus said endise Byri võlausaldajatest (uue) Byri osanikud Islandi riigi kõrval, kes oli andnud uue ettevõtja asutamiseks kapitali.
An announcement from the Prime Minister's Office of 6 October 2008 stated that the ‘Government of Iceland underlines that deposits in domestic commercial and savings banks and their branches in Iceland will be fully covered’ [43].
Ajal, mil Byri käsitlev otsus 13. aprillil 2011 vastu võeti, ei olnud 2010. aasta raamatupidamise aastaaruanne veel kättesaadav.
This announcement has since been repeated by the Office of the current Prime Minister in February and December 2009 [44].
Byri juhtkond oli sel ajal aga veendunud, et päästemeetmetest, mille järelevalveamet Byri käsitlevas otsuses ajutiselt heaks kiitis, piisab panga tegevuse tagamiseks vähemalt seniks, kui järelevalveametile esitatakse panga pikaajalise elujõulisuse tagav restruktureerimiskava.
Moreover, reference was made to it in a letter of intent sent by the Icelandic Government to the International Monetary Fund (and published on the website of the Ministry of Economic Affairs and of the IMF) on 7 April 2010 (and repeated in a further letter of intent dated 13 September 2010).
Panga raamatupidamise auditeerimise tulemusel 2011. aasta esimeses pooles selgus aga, et Byri vara oli vaja veelgi vähendada, see omakorda aga vähendas panga kapitali adekvaatsuse määra.
The letter (which was signed by the Icelandic Prime Minister, Minister of Finance, Minister of Economic Affairs and Governor of the CBI) states that ‘At the present time, we remain committed to protect depositors in full, but when financial stability is secured we will plan for the gradual lifting of this blanket guarantee’ [45].
Nagu on kirjeldatud üksikasjalikult 19. oktoobri 2011. aasta otsuses nr 325/11/COL (edaspidi „Byri käsitlev teine otsus”), ei suudetud järgnenud kapitalipuudujäägiga toime tulla ja Byr pandi müüki.
Furthermore, in the section of the bill for the Budget Act 2011 concerning state guarantees, reference is made in a footnote to the Icelandic government's declaration that deposits in Icelandic banks enjoy a state guarantee [46].
Järelevalveamet kinnitas Byri käsitlevas teises otsuses järgnenud omandamise, eriti sel eesmärgil võimaliku riigiabi kasutamise Íslandsbanki poolt, ilma et see piiraks järelevalveameti ametlikku uurimismenetlust selle kohta, kas Íslandsbankile antud riigiabi oli kokkusobiv EMP lepinguga, mida käesolevaga uuritakse.
A recent statement of the current Minister of Economic Affairs and former Minister of Finance (2009-2011), Steingrímur Sigfússon in a debate in the Icelandic Parliament regarding the government's cost related to Landsbankinn's taking over SpKef, illustrates the above further: According to the Minister, one must keep in mind regarding this matter the State's declaration in the autumn of 2008 that all deposits in savings banks and commercial banks would be safe and protected.
Lisaks leidis järelevalveamet, et allutatud laenu püsiv kättesaadavus üleminekuperioodil, mis kestis kuni Byri ja Íslandsbanki ametliku ühinemiseni, st senikaua, kui Byr oli riigi õiguse kohaselt eraldi juriidiline isik, oli kokkusobiv EMP lepingu toimimisega.
‘Work has since in all instances been based on this (i.e. the declaration) and it is unfortunately correct that this (i.e. payments due to SpKef) will be one of the bigger bills footed directly by the state as costs for securing the deposits of all inhabitants of Suðurnes … and all SpKef's clients in the West Fjords and the West and North-West area … I do not expect that anyone has thought that deposit holders in those areas would be treated differently from other inhabitants, so the state did not have much of a choice in this matter’ [47].
Islandi ametiasutuste väitel ei ole ei Byr ega Íslandsbanki allutatud laenu mitte kunagi kasutanud.
Special Liquidity Facility
Nimetatud restruktureerimiskava esitati õigeaegselt ning järelevalveamet hindab seda alljärgnevalt.
In addition, as a condition for the creditors taking equity in the new bank, the Icelandic government concluded a further agreement with Íslandsbanki on 11 September 2009 that would come into force if Glitnir's Resolution Committee decided to exercise its option to become the majority owner of the bank [48].
Restruktureerimiskava
Under the agreement the Ministry of Finance commits to lend repo-able government bonds in exchange for specifically defined assets on terms and conditions specified in the agreement up to a value of 25 billion ISK.
Restruktureerimiskavale lisati 14. jaanuaril 2012 viieaastane äriplaan [53] ja sisekapitali adekvaatsuse hindamise aruanne (esitati Islandi finantsjärelevalveametile 1. aprillil 2012).
The main terms of the agreement to provide liquidity are as follows:
Restruktureerimiskavas ning viieaastases äriplaanis käsitletakse olulisi elujõulisuse, kulude jagamise ja konkurentsimoonutuste piiramisega seotud küsimusi.
Term: Until September 2012
Lisaks on Islandi ametiasutused esitanud sisekapitali adekvaatsuse hindamise aruande 2012. aastaks, et tõendada Íslandsbanki vastupidavust.
Remuneration: 3,0 % on first 8 billion ISK; 3,5 % on next 8 billion ISK; 4,0 % for amounts above 16 billion ISK
Nagu on märgitud eespool, kestab restruktureerimisperiood järelevalveameti arvates kuni 15. oktoobrini 2014.
Fee: Íslandsbanki is required to pay 0,5 % of the loan amount on each occasion new securities are provided
Restruktureerimiskava kirjeldus
Counter-security: Íslandsbanki is required to provide counter-security for the loan of Treasury securities, which can be financial assets in various forms.
Islandi ametiasutused ja pank leiavad, et Íslandsbanki restruktureerimine tagab selle, et Íslandsbanki muutub uuesti heas majanduslikus seisus olevaks, hästi rahastatud pangaks, millel on usaldusväärsed kapitali suhtarvud, nii et ta saab säilitada oma rolli reaalmajandusele laenu andjana.
According to the Icelandic authorities, this liquidity facility is required because the creditors' decision to take ownership of Íslandsbanki significantly reduced the bank's holding of repo-able assets and threatened its ability to comply with supervisory requirements regarding liquidity reserves [49].
Nende väitel on see saavutatav järgmiste meetmete abil:
According to the Icelandic authorities the facility is intended to be an additional measure to be used only when other sources of liquidity are insufficient.
panga bilansi võimenduse vähendamine endise panga likvideerimise ja uue panga asutamisega;
The pricing and terms of the facility contain incentives to discourage its use if other options are available.
Tugeva omavahendite suhtarvu loomine ja säilitamine
To date, the facility has never been drawn upon.
rahuldava kasumlikkuse saavutamine;
Straumur securities lending agreement
Tugeva likviidsuspositsiooni loomine ja säilitamine
On 9 March 2009 the FME, acting under the authority conferred upon it by the Emergency Act, assumed the powers of the shareholders of Straumur–Burdaras Investment Bank hf.
nii kodumajapidamiste kui ka ettevõtjate laenuportfellide ümberkorraldamine;
(‘Straumur’) and appointed a Resolution Committee to replace its Board of Directors [50].
rahastamisstrateegia tõhustamine;
After consultation with the Resolution Committee, creditors, the CBI and the Ministry of Finance, on 17 March 2009, the FME transferred the liabilities for deposits of Straumur to Íslandsbanki [51].
kulutõhususe saavutamine;
In return Straumur issued a bond collateralised against its assets, as repayment for assuming the deposit obligations.
ühingujuhtimise tõhustamine.
The bond bears interest on the amount of REIBOR [52] plus 190 basis points in the first 12 months before reducing to REIBOR plus 100 basis points thereafter until maturity.
Rõhutatakse, et ehkki Íslandsbanki tugineb Glitniri riigisisestele tehingutele, on tegemist erineva pangaga.
Simultaneously, Íslandsbanki and the Ministry of Finance entered into a securities lending agreement, in which the government effectively pledges repo-able government notes as security for the Straumur claim, in return for which Íslandsbanki can obtain liquidity from the CBI to the extent that liquidity is required as a result of Íslandsbanki assuming the liability for Straumur's deposits.
Samuti märgitakse, et toimunud on väga olulised muudatused, eesmärgiga kõrvaldada puudused, mis aitasid oletatavasti kaasa panga eelkäija kokkuvarisemisele.
In the agreement Íslandsbanki is committed to returning to the state the amount of the government bonds that equal the payments the bank receives under the bond issued by Straumur.
Kõige olulisemate muudatuste hulgas on seotud isikutele laenamist käsitlevate eeskirjade muutmine, aktsiatagatise vastu laenamise ning välisvaluutalaenude (FX-laenude) [54] keelustamine klientidele, kelle sissetulek ei laeku välisvaluutas, ning ka muidu karmim laenupoliitika.
The parties also agreed that in the event that Íslandsbanki does not receive full payment under the bond, and in the event that the state had not paid the remaining debt, Íslandsbanki would retain the outstanding government bonds.
Et Íslandsbanki soovib Glitniriga sarnaselt pakkuda laiaulatuslikke finantsteenuseid Islandi turul, on erinevus krahhieelse ja -järgse panganduse vahel Íslandsbanki puhul paremini näha aspektis, „kuidas” pank tegutseb (protsessid, menetlused, dokumendid, eeskirjad, reguleerimine), kui et „millist” toote- ja teenusevalikut pakutakse.
In essence, therefore, Íslandsbanki assumed Straumur's liabilities for deposits in return for a matching amount of government guaranteed assets.
Íslandsbanki seisukohad on muu hulgas võetud kokku allpool esitatud graafikus 2.
As indicated above, the Straumur bond was to mature on 31 March 2013.
Graafik 2
However, in the meanwhile the bond has been paid in full, without the Icelandic State having to step in.
Varasemad puudused ja muudatused nende kõrvaldamiseks
The capitalisation and acquisition of Byr, and the subordinated loan facility granted to Byr
Üldprognoosid sisaldavad järgmist:
As described in detail in Decision No 126/11/COL of 13 April 2011 (‘the Byr Decision’) the Icelandic government granted state aid in the form of capital and a subordinated loan facility for the establishment of Byr, which continued the operations of its predecessor, Byr savings bank (‘Old Byr’).
äripanganduse osakonna restruktureerimine viiakse lõpule […] aasta lõpuks, jaepanganduse osakonna restruktureerimine […].
In this process the creditors of Old Byr became the shareholders of (new) Byr, along with the Icelandic State which had provided capital for the establishment of the new company.
Hüpoteeklaenude intressimäärade korrastamine viiakse lõpule […] aasta lõpuks.
When the Byr Decision was adopted on 13 April 2011, the annual accounts for the year 2010 were still unavailable.
Glitnirist omandatud portfelli diskonto amortiseerimine allpool kirjeldatud kujul toimub proportsionaalselt;
However, at that point the management of Byr was confident that the rescue measures that were temporarily approved by the Authority in the Byr Decision would suffice to secure the operations of the bank at least until a restructuring plan establishing long term viability could be submitted to the Authority.
kapitalikontrollid kaotatakse etapiviisiliselt;
In the course of auditing the bank's accounts for the first half of 2011, it became evident that further write-downs of Byr's assets were necessary which in turn decreased the CAD ratio of the bank.
Islandi kroonides laenupõhisele rahastamisele ei seata piiranguid; Eeldatakse, et laenupõhine rahastamine välisvaluutas ei ületa praeguste välisvaluutalaenude sissenõudeid 2012. aastal; arvatakse, et juurdepääs välisvaluutas rahastamisele muutub alates 2012. aastaks lihtsamaks.
As described in detail in Decision No 325/11/COL of 19 October 2011 (‘the second Byr Decision’), the resulting capital shortage could not be remedied, and Byr was put up for sale.
Lisaks on Íslandsbanki juhatus kehtestanud rea järgmiseid finantseesmärke.
The subsequent acquisition, in particular the potential use of state aid for this purpose by Íslandsbanki, was approved by the Authority in the second Byr Decision, without prejudice to the Authority's formal investigation procedure on whether the aid granted to Íslandsbanki was compatible with the EEA Agreement, which is assessed in the decision at hand.
Omakapitali investeeringute tulusus: riskivaba määr + […] %.
In addition, the Authority considered the continued availability of the subordinated loan facility for the interim period until the formal merger between Byr and Íslandsbanki could take place, i.e. for as long as Byr was a separate legal entity under national law, to be compatible with the functioning of the EEA Agreement.
Riskivaba määr on keskpanga kehtestatud praegune kontomäär (2011. aasta detsembris 3,75 %).
According to the Icelandic authorities, neither Byr nor Íslandsbanki have ever drawn on the subordinated loan facility.
Eesmärk on saavutada esimese tasandi omavahendite määr […] %
The Authority indicated that the outcome of the final assessment of these measures depended on the information in the restructuring plan for the merged entity of Íslandsbanki and Byr that the Icelandic government had committed to submit no later than 3 months after the execution of the envisaged transaction.
Kapitali adekvaatsuse määr: […] % […]
Indeed, as described above, a restructuring plan for the merged entity was submitted in time, which the Authority will assess below.
Esimese taseme omavahendid […] % […]
The restructuring plan
Makromajanduslik prognoos hõlmab järgmist.
The Icelandic authorities submitted a restructuring plan for Íslandsbanki on 31 March 2011.
2012. aastal ja pärast seda majanduskasv jätkub, olgugi et aeglasemalt, kui varem arvati.
Following the acquisition of Byr, the plan was amended, updated and resubmitted by the Icelandic authorities on 22 February 2012 (hereinafter the ‘restructuring plan’).
Kodumajapidamiste majanduslik olukord paraneb, kuna tööpuuduse vähenemise tulemusel inimeste ostujõud suureneb.
The restructuring plan was supplemented with a 5-year business plan dated 14 January 2012 [53] and an Internal Capital Adequacy Assessment Process (ICAAP) report (submitted to the FME on 1 April 2012).
Inflatsioon jääb 2013. aastal ja pärast seda veidi üle Islandi keskpanga ülemmäära (veidi alla 3 %).
The restructuring plan, together with the 5-year business plan, addresses the substantive issues of viability, burden-sharing and limitation of distortions of competition.
See põhineb Islandi krooni stabiilsel vahetuskursil (perioodi alguses vääring veidi tugevneb) ning tasakaalustatud tööturul, kusjuures palgad veidi suurenevad ja elamuhinnad tõusevad järk-järgult.
As indicated above, the Authority considers the restructuring period to last until 15 October 2014.
Töötus
Description of the restructuring plan
Inflatsioon
The Icelandic authorities and the Bank consider that the restructuring of Íslandsbanki will ensure its return to being a solid, well-funded bank with sound capital ratios so that it can maintain its role as a supplier of credit to the real economy.
Töötasud
They submit that this will be achieved through the following steps:
Lühiajalised intressimäärad jäävad 2012. aastal samaks (umbes 5 %), [56] kuid tõusevad tasapisi majanduse taastumise järgselt.Olgugi et tööturu tingimused paranevad, jääb töötuse tase veidi kõrgemaks kui enne finantskriisi.
Achieving satisfactory profitability
Valuutakontrollid kaotatakse sammhaaval alates 2012. aastast.
Establishing and maintaining a strong liquidity position
Kümnendil jäävad alles kapitalivoo piirangud.
Restructuring the loan portfolio, both for households and businesses.
Panga bilansi võimenduse vähendamine endise panga likvideerimise ja uue panga asutamisega
Improving the funding strategy
Restruktureerimiskavast nähtub, et panga bilansi võimenduse vähendamise küsimus lahendati põhimõtteliselt juba 2008. aasta oktoobris.
Achieving cost efficiency
Eespool kirjeldatud kapitaliseerimismeetmete tulemusel ja alates panga asutamisest toimunud arengut, eriti vara ümberhindamist (käsitletakse põhjalikumalt allpool) vaadeldes oli Íslandsbanki omavahendite suhtarv oluliselt suurem kui sätestatud finantsjärelevalveameti kapitalinõuetes, nagu on märgitud allpool tabelis 2.
Improving the corporate governance
Tabel 2
Before describing each of the above points in more detail, the bank's view on how the weaknesses that contributed to Glitnir's demise are being addressed in the restructuring plan for Íslandsbanki, is briefly set out below.
Omavahendite suhtarvud 2008–2011, miljonites Islandi kroonides
It is underlined that although Íslandsbanki is based on the domestic operations of Glitnir, it is a different bank.
Esimese taseme omavahendid
It is also submitted that material changes have been made to address weaknesses that are thought to have contributed to the collapse of the predecessor.
Teise taseme omavahendid
Among the most important changes are amendments to rules on related party lending, abolishment of lending with stock as collateral and FX-lending [54] to non-FX income clients and otherwise stricter discipline on loan approvals.
Kapital kokku
While Íslandsbanki just as Glitnir intends to provide a broad range of financial services in the Icelandic market, the difference between pre- and post-crisis banking for Íslandsbanki is more visible in ‘how’ the bank does business (processes, procedures, documentation, rules and regulation) rather than ‘what’ service and product range it offers.
Riskiga kaalutud vara
Íslandsbanki's views on this matter are otherwise summarised in the graph 2 below:
Esimese taseme omavahendid
Graph 2
Kapitali adekvaatsuse määr
Past weaknesses and the changes addressing these weaknesses
Lisaks, koos restruktureerimiskavaga esitatud sisekapitali adekvaatsuse hindamise aruande alusel prognoosib Íslandsbanki ajavahemikuks 2012–2016 järgmiseid tabelis 3 esitatud omavahendite suhtarve.
The restructuring plan, as well as the 5-year business plan, is based on a set of general and economic assumptions [55].
Tabel 3
These assumptions constitute the economic underpinning of the base scenario, as referred to below.
Prognoositud omavahendite suhtarvud ja riskiga kaalutud vara ajavahemikuks 2012–2016, miljardites Islandi kroonides
The general assumptions include that:
Esimese taseme omavahendid
restructuring will be completed by year-end […] in Corporate Banking and […] in Retail Banking.
Rahuldava kasumlikkuse saavutamine
Interest reset on mortgages will be completed at year-end […].
Restruktureerimiskava kohaselt ja nagu nähtub tabelist 4, on Íslandsbanki omakapitali investeeringute tulusus olnud alates panga asutamisest 2008. aastal elujõuline (välja arvatud 2011. aastal) [58].
The amortisation of the discount, further described below, on the portfolio acquired from Glitnir will be distributed accordingly;
Tabel 4
the bank will have ISK […] billion of additional gain on […];
Varasem omakapitali investeeringute tulusus
the capital controls will be lifted in stages
Lisaks prognoositakse restruktureerimiskavas restruktureerimisperioodiks ja pärast seda järgmist kapitali tulusust (tabel 5).
there will be no limits to lending based funding in ISK.
Tabel 5
It is not assumed that lending based funding in FX will exceed repayments of currently outstanding FX denominated loans in 2012; access to FX funding is assumed to become more easily available from 2012 and onwards.
Prognoositud omakapitali investeeringute tulusus
Return on Equity (ROE): Risk free rate + […] %.
Kõige tähtsamate ärisegmentide oodatav kasum on […]; selle põhjus on peamiselt rahastamiskulu kasv ja diskontost saadav tulu alates 2014. aastast.
The risk free rate is considered to be the Central Bank current account rate (3,75 % at December 2011).
Turgu käsitleva ärisegmendi kasum peaks prognooside kohaselt tõusma […]lt […]le Islandi kroonile (kuni 2016), suuremalt jaolt tänu kõrgematele teenus- ja vahendustasudele.
The target assumes a Tier 1 ratio of […] %
Netointressimarginaal peaks 2014. aastal […] ning seejärel stabiliseeruma.
CAD Capital Ratio: […] % […]
Töötajate arv peaks langema […]le.
Tier 1 ratio: […] % […]
Kulude-tulude suhe peaks langema 75 %lt 2011. aastal […] %le 2014. aastal.
The macroeconomic assumptions include
Islandi ametiasutuste sõnul on Íslandsbanki väga kindel toimimine alates selle loomisest teataval määral põhjustatud asjaolust, et panga laenuportfell omandati Glitnirist diskonteerituna [59].
Economic growth will continue in 2012 and beyond although at a slower pace than anticipated earlier.
Diskonto oli ja jääb oluliseks aspektiks panga sissetulekutes, olgugi et laenuportfell korraldatakse ümber.
Households will be in a better economic position as purchasing power increases with falling unemployment.
Prognooside kohaselt diskonto siiski amortiseeritakse pärast ümberkorraldamise lõpuleviimist.
Inflation will remain just above the CBI's target i.e. just below 3 % from 2013 onwards.
Nimetatud seisukoha toetamiseks esitasid Islandi ametiasutused arvutuse (tabel 6), milles on näidatud aastatulemused juhul, kui diskonteerimist ja muid erakorralisi kirjeid, nagu turuosa vähenemist Byriga toimunud tehingu järgselt, ei oleks olnud.
This is based on a stable ISK exchange rate (with modest strengthening at the beginning of the period) and a balanced labour market with moderate wage increases and gradual house price rises.
Tabel 6
Change between years average (%)
Erakorraliste kirjete puhastulu
GDP growth
Aastatulu