natgillin/translations-raw huggingface dataset:
The State provided Tier I capital twice — once, when New Landsbanki was created in 2008, and then again when the bank was fully capitalised in 2009, after an agreement with the creditors of the old bank had been reached.
Ettevõtja Spkef päästmine ja tegevuse üleviimine ettevõtja Landsbankinn alla
Initial capital
Ettevõtja Keflavik Savings Bank omakapital jäi 2009. aasta märtsis veidi allapoole õigusnormides sätestatud miinimumi.
The state provided 775 million ISK [29] (5 million Euros) in cash as initial capital to the new bank.
Islandi ametiasutuste arvates oli see osaliselt põhjustatud eespool kirjeldatud heitliku finantsolukorra kaasmõjudest ning samuti majanduskriisi eriti suurest mõjust nendele piirkondadele, kus pank tegutses.
In addition it issued a commitment to contribute up to 200 billion ISK to the new bank in return for all of its equity.
Kõnealune pank oli pakkunud hoiukontosid ja laene jaeklientidele ning väikestele ja keskmise suurusega ettevõtjatele.
This allocation of capital was intended to provide an adequate guarantee of the operability of the bank until issues relating to its final re-capitalisation could be resolved, including the size of its opening balance based on the valuation of compensation payable to the old bank for assets transferred from it.
Panga peakontor asus Keflavikis ja pangal oli 16 filiaali Suðurnesi piirkonnas, läänefjordides, Hvammstangis ja Ólafsvikis.
The final capitalisation of Landsbankinn
Panga turuosa Islandi finantseerimisasutustesse paigutatud hoiuste kogumahust moodustas umbes 3 %.
On 20 July 2009 the Icelandic Government announced that it had determined the basis for the capitalisation of Landsbankinn and reached an agreement on a process for how the old banks would be compensated for the transfer of net assets.
Pärast seda, kui kapitali adekvaatsuse määr oli langenud allapoole nõutavat miinimumi, pikendas finantsjärelevalveamet korduvalt tähtaega, mis oli pangale antud rahaasjade korraldamiseks koostöös võlausaldajatega ja kapitalibaasi tõstmiseks vähemalt 16 % tasemele.
It also announced that the state would capitalise the new bank.
Järgmisel päeval lõi rahandusminister uue finantsettevõtja Spkef, mis võttis üle ettevõtja Keflavik Savings Bank tegevuse kooskõlas finantsjärelevalveameti otsusega.
Final agreement on the capitalisation was reached on 15 December 2009 (eventually to the total sum of 150 billion ISK, of which the state provided 121,225 billion ISK) when agreement was reached on compensation to creditors for the net value of the assets and liabilities transferred to Landsbankinn.
Hoiused, osa muudest kohustustest ja enamik hoiupanga varasid kanti üle uuele ettevõtjale, mis alustas tegevust viivitamatult.
As described above, the capital requirements imposed by the FME stipulated that Landsbankinn should hold at least 12 % Core Tier I Capital [30] and an additional 4 % of Tier II Capital as a ratio of risk-weighted assets.
Islandi ametiasutuste sõnul oli algselt kavas taastada ettevõtja Spkef elujõulisus kapitalisüstidega ja tagada panga iseseisev toimivus.
When Landsbankinn was formally capitalised on 20 January 2010, the Core Tier I Capital ratio of the bank was approximately 15 %.
Kuid 2011. aasta veebruaris, pärast majanduse olukorra edasist halvenemist valdkondades, kus ettevõtja Spkef tegutses, hindasid ettevõtja Spkef juhtkond ja juhatus hoiuste ja varade väärtuse rahaliseks erinevuseks 11,2 miljardit Islandi krooni, mis tähendas, et finantsjärelevalveameti kehtestatud kapitali adekvaatsuse määra nõuete täitmiseks oli vaja 19,4 miljardit Islandi krooni.
The FME granted temporary relief from the (overall) 16 % requirement conditional upon the submission of an acceptable plan illustrating how the full amount would be achieved.
Islandi ametiasutuste sõnul oli see prognoos palju halvem sellest, mida olid näidanud eelnevad hinnangud, ning sellepärast kaaluti olukorra parandamiseks muid, vähem kulukaid viise.
In June 2010 the bank reported that its Core Tier I exceeded 16 % and on that basis the FME permanently exempted Landsbankinn from the requirement to hold Tier II capital as long as its Core Tier I ratio remains above 16 %.
Ettevõtja Landsbankinn ja Islandi ametiasutuste vahel saavutati 5. märtsil 2011. aastal kokkulepe, mille kohaselt liidetakse ettevõtja Spkef tegevus, varad ja kohustused ettevõtjaga Landsbankinn.
This agreement followed a lengthy and complex negotiation process resulting in an outline agreement among the parties in a heads of terms on 10 October 2009 and more detailed sets of term sheets in relation to the debt instruments on 20 November 2009.
Islandi ametiasutuste arvates oli see parim lahendus, et kaitsta finantsstabiilsust ning klientide, võlausaldajate ja Islandi riigi huve, sest ettevõtja Landsbankinn kapitali adekvaatsuse määr oli piisav selleks, et võtta ettevõtja Spkef üle ilma vajaduseta riigipoolse lisapanuse järele.
There were also a number of subsequent meetings and discussions between the parties during which the outlined terms were modified and reflected in documentation.
Islandi ametiasutused märgivad, et ettevõtja Spkef negatiivse vara positsiooni (hoiustega seoses võetud kohustuste suhtes) likvideerimine oli igal juhul vajalik tulenevalt hoiuste tagamise skeemist.
The resulting agreement comprises the issuance of three bonds denominated in Euros, Pound Sterling and US Dollars, respectively, having an aggregate principal amount equivalent to 260 billion ISK, and also involves Landsbanki (or in effect the old bank's creditors) taking an initial (and potentially temporary) 18,67 % ownership stake in Landsbankinn.
Seega hõlmas ettevõtja Landsbankinn ja Islandi ametiasutuste vaheline ülevõtmist käsitlev kokkulepe riigi võetud kohustust likvideerida ettevõtja Spkef negatiivse vara positsioon.
In addition, given the considerable uncertainty about the value of the transferred assets, Landsbankinn agreed to issue to Landsbanki a contingent bond (linked to its equity participation), the principal amount of which will not be determined until on or after 31 March 2013.
Kuna kokkuleppeosalised ei suutnud jõuda üksmeelele selles, milline on üle kantud varade ja kohustuste väärtuse vahe, anti see ülesanne eespool nimetatud vahekohtukomiteele.
Following the determination of the principal amount of the contingent bond, all or part of the shareholding held by Landsbanki may be surrendered to the Icelandic government.
Komitee lõpetas oma töö 8. juunil 2012. aastal ja otsustas, et ettevõtjale Landsbankinn tuleb pärast ettevõtja Spkef hoiuste ja varade ülevõtmist maksta hüvitist summas 19,2 miljardit Islandi krooni [40].
[32]
Islandi ametiasutuste sõnul toimub arveldamine riigi võlakirjade vormis.
Deposit guarantee
Ettevõtja Sparisjodur Svarfdaela päästmine ja omandamine
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 [33] and Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes [34], 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’).
Sündmused seoses ettevõtjaga Sparisjodur Svarfdaela, mis viisid 2011. aasta aprillis tekkinud olukorrani ning mis kirjeldavad ettevõtja rahalisi raskusi ja Islandi riigi sekkumist, esitati eespool osutatud otsustes hoiupankade kohta.
The fund has been financed by annual contributions from the banks, calculated in relation to the total deposits of that bank.
Järelevalveamet kirjeldas panga järgnenud ülevõtmist ettevõtja Landsbankinn poolt ja kiitis selle heaks ettevõtjat SpSv käsitlevas otsuses, millele on osutatud eespool.
According to the Iceland authorities in addition to the bank rescue measures of the Icelandic Government of autumn 2008 they intended to give further assurance and comfort to the general public on the safety of their deposits when the crisis struck.
Islandi valitsus andis ettevõtjale SpSv riigiabi, väljastades talle 2011. aasta aprillis allutatud laenu ning rahuldades Islandi keskpanga nõuded ettevõtja SpSv vastu.
Thus they provided 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.
Need nõuded konverteeriti tagatiskapitaliks, mis kanti Islandi riiklikusse valdusettevõtjasse Icelandic State Financial Investments (ISFI).
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’ [35].
Hoiupanku käsitlevate otsuste kohaselt peeti neid päästemeetmeid ajutiselt EMP lepinguga kokkusobivaks tingimusel, et ettevõtja SpSv kohta esitatakse restruktureerimiskava.
This announcement has since been repeated by the Office of the current Prime Minister in February and December 2009.
Kuna ettevõtja Landsbankinn on võtnud üle kõik ettevõtja SpSv varad ja kogu tema tegevuse, mis moodustab ligikaudu 0,311 % ettevõtja Landsbankinn varadest sama kuupäeva seisuga, siis käsitab järelevalveamet ettevõtja Landsbankinn restruktureerimiskava ühinemisel tekkinud üksuse restruktureerimiskavana.
[36] 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).
Restruktureerimiskava
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.’ [37] 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.
Restruktureerimiskavas käsitletakse olulisi elujõulisuse, koormuse jagamise ja konkurentsimoonutuste piiramisega seotud küsimusi.
[38]
Restruktureerimiskava kohaselt keskendub ettevõtja Landsbankinn oma põhitegevusele ning kodumajapidamiste ja ettevõtete laenude portfellide restruktureerimisele.
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 2012 that all deposits in savings banks and commercial banks would be safe and protected.
Nagu eespool märgitud, kestab restruktureerimisperiood järelevalveameti arvates kuni 15. detsembrini 2014.
‘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’.
Restruktureerimiskava kirjeldus
[39]
Islandi ametiasutused ja pank leiavad, et ettevõtja Landsbankinn restruktureerimiskava aitab panga taastada tugeva ja hästi rahastatud pangana, mille omavahendite suhtarv on usaldusväärne ja mis võimaldab pangal säilitada oma rolli reaalmajandusele krediidi pakkujana.
According to the Icelandic government, the additional deposit guarantee will be lifted before the capital controls are fully abolished, which according to the Icelandic authorities is currently foreseen for the end of 2013.
Restruktureerimiskavas ja järelevalveasutuse küsimustele antud kirjalikes vastustes esitatud teabe kohaselt saavutatakse see eeskätt järgmiste tegevuste kaudu:
Rescue and transfer of operations from Spkef to Landsbankinn
bilansi finantsvõimenduse vähendamine endise panga likvideerimisega ja uue panga asutamisega;
In March 2009 the capital position of Keflavik Savings Bank fell short of the statutory required minimum.
tugeva omavahendite suhtarvu ja elujõulise bilansi kehtestamine ja säilitamine;
According to the Icelandic authorities, this was caused in parts by spill-over effects of the financial turmoil that was described above, and also by particular strong impact of the economic crisis on the regions in which the bank was active.
rahuldava kasumlikkuse saavutamine;
This bank had offered savings accounts and loans to retail customers and small and medium-sized enterprises.
tugeva likviidsuspositsiooni loomine ja säilitamine;
Its headquarters were located in Keflavik and the bank operated sixteen branches in the Suðurnes Area, the West Fjords, Hvammstangi and Ólafsvik.
rahastamisstrateegia parandamine;
The bank had about 3 % market share measured in total deposits in financial institutions in Iceland.
kulutõhususe parandamine;
After the CAD ratio had fallen below the required minimum, the FME granted repeated extension periods for the bank to reorganise its finances in collaboration with its creditors and bring its capital base to the minimum of 16 %.
riskijuhtimise parandamine.
The final deadline for increasing Keflavik Savings Bank's capital base expired on 21 April 2010.
Enne iga eespool nimetatud punkti üksikasjalikumat kirjeldamist esitatakse allpool lühidalt panga seisukoht küsimuses, kuidas käsitletakse restruktureerimiskavas ettevõtja Landsbanki allakäigule kaasa aidanud nõrkuseid.
In a letter dated 22 April 2010 Keflavik Savings Bank informed the FME that part of the savings bank's creditors had rejected proposals on financial reorganisation and, given the situation of the bank at the time, it was requested that the FME took over the bank's operations.
Pank väidab, et kuigi ettevõtja Landsbankinn rajaneb ettevõtja Landsbanki siseriiklikul tegevusel, on tegemist eri pangaga.
The next day, the Minister of Finance established a new financial undertaking, Spkef, which took over the operations of Keflavik Savings Bank in accordance with a Decision by the FME.
Islandi ametiasutused märgivad, et ettevõtjat Landsbanki enne pangandussüsteemi kokkuvarisemist iseloomustanud kitsaskohti käsitletakse üksikasjalikult eespool kirjeldatud eriuurimiskomisjoni aruandes.
The deposits, part of other liabilities and most of the assets of the savings bank were transferred to the new undertaking which commenced operations immediately.
Peale selle rõhutab pank, et eelkõige viisid kokkuvarisemiseni järgmised tegurid: halb riskijuhtimine, ülemäärane riskide võtmine, ebatavaliselt lähedane suhe omanike ja suurimate laenajate vahel, liiga kiire kasv liiga lühikese aja jooksul, kogemuste puudumine ülemaailmsetel turgudel, leebed laenamistingimused, sisemiste kontrollide puudumine ning puudulik ärikultuur ja -strateegia.
Initially, according to the Icelandic authorities, it had been intended to restore the viability of Spkef by injecting capital and making it viable on a stand-alone basis.
Samuti väidab pank, et pärast seda, kui ettevõtja Landsbankinn alustas tegevust 2008. aasta sügisel, on panga ärimudelis tehtud suuri muudatusi ning et eespool nimetatud tegureid kasutati suunistena panga uue strateegia ja juhtimise elluviimisel.
However, in February 2011, and following further deterioration of the economic conditions in the areas in which Spkef was active, the management and board of Spkef estimated the financial difference in the respective values of deposits and assets to be 11,2 billion ISK, which meant that 19,4 billion ISK were needed to meet the FME's CAD ratio requirements.
Peale arvukate meetmete, mis võeti sisemiste tööprotsesside ümberkorraldamiseks ja võtmepersonali asendamiseks, on kõige tähtsamad muudatused tõenäoliselt järgmised: suurema tähelepanu pööramine siseriiklikule tegevusele, eelkõige jaepangandusele ja filiaalide võrgustiku loomisele, investeerimispanganduse osakaalu suur vähendamine, rõhuasetus laenuportfelli restruktureerimisele, riskijuhtimise läbivaatamine ja suurema tähtsuse omistamine ettevõtja vastutusele ja kõrgete eetiliste standardite järgimisele.
According to the Icelandic authorities, this estimation was by far worse than what previous assessments had indicated and other, less costly means to remedy the situation were therefore considered.
Seega, kuigi sarnaselt oma eelkäijale osutab ettevõtja Landsbankinn Islandi turul erinevaid finantsteenuseid, on ettevõtja Landsbankinn puhul erinevus kriisieelse ja -järgse panganduse vahel nähtavam pigem selles, kuidas pank tegutseb (protsessid, menetlused, dokumendid, eeskirjad ja normid), mitte selles, milliseid teenuseid ta Islandil osutab või milline on panga tootevalik.
On 5 March 2011 an agreement was reached between Landsbankinn and the Icelandic authorities whereby the operations, assets and liabilities of Spkef would be merged with Landsbankinn.
Bilansi finantsvõimenduse vähendamine endise panga likvideerimisega ja uue panga asutamisega
According to the Icelandic authorities, this was considered to be the best course of action to safeguard financial stability and the interest of customers, creditors and the Icelandic state as Landsbankinn's capital adequacy ratio had become sufficient to take over Spkef without the need for an additional state contribution.
Restruktureerimiskava kohaselt tähendab see, et panga bilansi finantsvõimenduse vähendamise küsimus lahendati põhimõtteliselt juba 2008. aasta oktoobris.
The Icelandic authorities submit that offsetting the negative asset position (against commitments in deposits) of Spkef was in any event necessary, due to the deposit guarantee.
Tugeva omavahendite suhtarvu ja elujõulise bilansi kehtestamine ja säilitamine
Thus the agreement on the takeover between Landsbankinn and the Icelandic State entailed a commitment by the State to set off the negative asset position of Spkef.
Eespool kirjeldatud kapitaliseerimismeetmete ja pärast panga loomist toimunud arengute, eelkõige varade väärtuse ümberhindamise (täpsemalt käsitletakse seda allpool) tulemusena saavutas ettevõtja Landsbankinn kapitali adekvaatsuse määra, mis on märgatavalt suurem finantsjärelevalveameti kehtestatud kapitalinõuetest.
A special mechanism to determine this difference — and hence the scope of the State's obligation — was included, according to which, in the absence of a mutually agreed outcome of the valuation exercise, the dispute would be put before an arbitration committee.
Kapitali adekvaatsuse määr kasvas 13,0 %-lt 2008. aasta lõpus 15 %-le 2009. aasta lõpus, 19,5 %-le 2010. aasta lõpus ja 21,4 %-le 2011. aasta lõpus.
As the parties to the agreement could not agree on the difference between transferred assets and liabilities, the aforementioned arbitration committee was charged with this task.
Sellel perioodil bilansimaht tõenäoliselt veidi väheneb, umbes 1135 miljardilt Islandi kroonilt […] miljardile Islandi kroonile.
On 8 June 2012 it concluded its work, and decided that the compensation due to Landsbankinn following the takeover of deposits and assets of Spkef amounts to 19,2 billion ISK.
Bilansi aktiva poolel väheneb omakapitali ja omakapitaliinstrumentide osatähtsus suurel määral, seda tegutsevate äriühingute kavandatava müügi tõttu.
According to the Icelandic authorities, the settlement will be made in the form of treasury bonds.
Kohustuste poole peal suureneb hoiuste osatähtsus (praeguselt ligikaudu 444 miljardilt Islandi kroonilt […] miljardi Islandi kroonini), samas kui tagatud võlakirjade ning finantseerimisasutuste ja keskpanga ees võetud kohustuste osakaal väheneb.
The rescue and acquisition of Sparisjodur Svarfdaela
Rahuldava kasumlikkuse saavutamine
As for Sparisjodur Svarfdaela, the events leading up to April 2011 that describe its financial difficulties and the intervention by the Icelandic State were set out in the Savings Banks Decisions referred to above.
Restruktureerimiskava kohaselt, ja nagu nähtub allpool esitatud tabelist 2, on ettevõtja Landsbankinn omakapitali investeeringute tulusus olnud positiivne alates 2009. aastast.
The subsequent acquisition by Landsbankinn was described and approved by the Authority in the SpSv Decision referred to above.
Tabel 2 Varasemate perioodide omakapitali investeeringute tulusus
The Icelandic government granted state aid to SpSv by issuing a subordinated loan in April 2011 as well as by settling claims owned by CBI against SpSv.
Omakapitali investeeringute tulusus (ROE [41])
These rescue measures were held to be temporarily compatible with the EEA Agreement based on the Savings Banks Decisions, subject to the submission of a restructuring plan for SpSv.
Tabel 3
As Landsbankinn has taken over all assets and operations of the SpSv, which amount to approximately 0,311 % of the assets of Landsbankinn on that same date, the Authority considers Landsbankinn's restructuring plan as the restructuring plan for the merged entity.
Omakapitali investeeringute tulususe prognoos
The restructuring plan
Omakapitali investeeringute tulusus (ROE)
The Icelandic authorities submitted a restructuring plan for Landsbankinn on 31 March 2011.
See prognoos on koostatud restruktureerimiskavas sisalduva üksikasjalikuma finantsplaneerimise tulemusena:
The restructuring plan addresses the substantive issues of viability, burden-sharing and limitations of distortions of competition.
netotulu kõigub […] ja […] miljardi Islandi krooni vahel;
According to the restructuring plan, Landsbankinn will focus on its core business and the restructuring of the household and corporate loan portfolios.
tulud teenus- ja vahendustasudest suurenevad eeldatavasti umbes […] % ligikaudu 4 miljardilt Islandi kroonilt […] miljardi Islandi kroonini;
Description of the restructuring plan
töötajate arv väheneb prognooside kohaselt ligikaudu […] võrra 1158-lt […]-ni 2016. aastal;
The Icelandic authorities and the Bank consider that the restructuring of Landsbankinn 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.
kulude ja tulude suhe väheneb eeldatavasti 57,2 %-lt 2011. aastal […] %-ni 2014. aastal.
Based on the information in the restructuring plan and the written answers to questions by the Authority, this will be achieved in particular through:
Islandi ametiasutuste sõnul on ettevõtja Landsbankinn saavutanud pärast asutamist tugevaid tulemusi teataval määral tänu asjaolule, et ettevõtjalt Landsbanki omandatud laenuportfelli kuuluvate varade väärtust on pärast ülevõtmist olulisel määral suurendatud.
Deleveraging the balance sheet by the winding up the old bank and establishing a new bank;
Kuigi seda väärtuse suurenemist kompenseerib teataval määral tingimuslik võlakiri, on ja jääb diskonto panga tulude tähtsaks osaks sellel ajal, kui laenuportfelli restruktureeritakse.
Achieving satisfactory profitability;
Tabel 4
Establishing and maintaining a strong liquidity position;
Kasum, v.a erakorralised kirjed
Finalising the restructuring of the loan portfolio, both for private households and for businesses;
eelarve
Improving the funding strategy;
eelarve Aastane kasum
Improving cost efficiency;
Tulususe korrigeerimine:
Improving risk management.
Üle kantud varade väärtuse ümberhindamine
Before describing each of the above points in more detail, the bank's view on how the weaknesses that contributed to Landsbanki's demise are being addressed in the restructuring plan, is briefly set out below.
Tingimusliku võlakirja õiglase väärtuse muutumine
The bank claims that although Landsbankinn is based on the domestic operations of Landsbanki, it is a different bank.
Välisvaluutas tehtud tehinguid käsitlevad kohtuotsused
The Icelandic authorities submit that weaknesses that characterised Landsbanki prior to the collapse of the banking system are discussed in detail in the report of the Special Investigation Commission, described earlier.
Aktsiad ja võlakirjad