natgillin/translations-raw huggingface dataset:
The Authority takes as a starting point for its assessment of the need for such measures, the size, scale and scope of the activities that the bank in question would have upon implementation of a credible restructuring plan as foreseen in Section 2 of this Chapter.
ON VASTU VÕTNUD KÄESOLEVA OTSUSE:
[…] The nature and form of such measures will depend on two criteria: first, the amount of the aid and the conditions and circumstances under which it was granted and, second, the characteristics of the market or markets on which the beneficiary bank will operate.
Artikkel 1
As regards the first criterion, measures limiting distortions will vary significantly according to the amount of the aid as well as the degree of burden sharing and the level of pricing.
Íslandsbankile antud esialgne käibekapital, riigipoolne täielik (ajutine) kapitaliseerimine, riigi osalemine panga aktsiakapitalis 5 %ga ja teise taseme omavahendite eraldamine, samuti eriotstarbeline likviidsusvahend, Straumuri leping ja hoiuste piiramatu tagamine kujutavad riigiabi EMP lepingu artikli 61 lõike 1 tähenduses.
Generally speaking, where there is greater burden sharing and the own contribution is higher, there are fewer negative consequences resulting from moral hazard.
Artikkel 2
As regards the second criterion, the Authority will analyse the likely effects of the aid on the markets where the beneficiary bank operates after the restructuring.
Artiklis 1 loetletud meetmed kujutavad ebaseaduslikku riigiabi alates nende jõustumise kuupäevast kuni käesoleva otsuse kuupäevani, kuna Islandi ametiasutused ei täitnud nõuet teatada abimeetmetest enne nende jõustamist järelevalveametile kooskõlas protokolli nr 3 I osa artikli 1 lõikega 3.
First of all, the size and the relative importance of the bank on its market or markets, once it is made viable, will be examined.
Artikkel 3
The measures will be tailored to market characteristics to make sure that effective competition is preserved.
Artiklis 1 loetletud ning otsuses nr 126/11/COL ettevõtja Byr suhtes võetud meetmed on kokkusobivad EMP lepinguga sama lepingu artikli 61 lõike 3 punkti b tähenduses tingimusel, et täidetakse lisas esitatud kohustusi.
[…] Measures limiting distortions of competition should not compromise the prospects of the bank's return to viability.’
Hoiuste piiramatut tagamist lubatakse kuni 2014. aasta lõpuni.
It follows from the above that the size of the aid, particularly in relative terms, and the market characteristics are decisive in the Authority's assessment of the appropriateness of measures to limit distortions of competition.
Artikkel 4
At the same time, it is evident that such measures must not jeopardise the viability of the beneficiary of restructuring aid, and competition concerns must be addressed with a view to the overriding goal of financial stability in the present crisis.
Käesolev otsus on adresseeritud Islandi Vabariigile.
Against the background of the above legal framework, the Authority will set out below the considerations that it deems essential for its assessment of the measures limiting distortions of competition.
Artikkel 5
First and foremost the Authority considers that given the particular situation on the Icelandic financial markets and the economic conditions, as described in previous chapters, a careful assessment of the market conditions and the competitive environment is necessary.
Ainult otsuse ingliskeelne tekst on autentne.
The measures limiting the distortion of competition should reflect the currently difficult circumstances, while ensuring that the distortions of competition are limited to a minimum both in the short-term and the long-term.
Brüssel, 27. juuni 2012
Second, as set out above in the section on burden-sharing, the greatest possible contribution from the former owners of Glitnir, and to some extent, of Glitnir's creditors has been addressed.
EFTA järelevalveameti nimel
Consequently, the need for additional competition measures has been limited.
eesistuja
Third, as regards the characteristics of the relevant market and as described above, the collapse of the financial system in Iceland, followed by the interventions of the Icelandic authorities, including the establishment of Íslandsbanki on the basis of Glitnir's domestic operations, led to a greater concentration in the Icelandic market for financial services, and substantially increased the market share by the three major banks — Íslandsbanki, Arion Bank and Landsbankinn.
kolleegiumi liige
Beside these, only a few small market players remain, and the immediate prospect of a new entry is extremely slim, not only due to the already mentioned barriers to entry and the small size of the market, but in particular also due to the capital controls.
Dokument avaldatakse üksnes teavitamise eesmärgil.
Íslandsbanki enjoys a very significant position on this concentrated market, with a market share of over […] % in the most relevant and economically important segments.
Käesolevas avalikus versioonis on osa teavet selle konfidentsiaalsuse tõttu eemaldatud.
Fourth, the crisis led to a number of very specific problems, such as the extremely high degree of direct and indirect ownership of the large banks in the real economy, and the existence of a de-facto monopoly for banking IT-services (RB), majority owned by the three major banks.
Seda tähistab […] või nurksulgudes esitatud summa, mis on tegelikule summale ligilähedane mittekonfidentsiaalne teave.
Fifth, the relative size of aid that Íslandsbanki has received is significant.
Üksikasjalikum kirjeldus menetlusest on antud ametliku uurimismenetluse algatuse otsuses, millele on viidatud joonealuses märkuses nr 3.
In this regard, the Authority notes that at the outset the entire capital of the bank was provided by the State.
EFTA järelevalveameti otsus nr 494/10/COL ametliku uurimismenetluse algatamise kohta seoses riigiabi andmisega (endisele) ettevõtjale Glitnir Bank selle tegevuse teatavas ulatuses taastamiseks ning ettevõtja New Glitnir Bank (uue nimega Íslandsbanki) asutamiseks ja kapitaliseerimiseks), ELT C 41, 10.2.2011, lk 51 ja Euroopa Liidu Teataja juurde kuuluv EMP kaasanne nr 7, 10.2.2011, lk 50.
In addition, the bank has benefited from a variety of aid measures — the Straumur agreement, the special liquidity facility and the deposit guarantee.
Täiendav teave otsusega nr 494/10/COL tipnenud menetluse kohta asub otsuse menetlust käsitlevas osas.
At the same time, Íslandsbanki remains a small bank, at least by international standards.
Korrigeerinud huvitatud isikud 25. mail 2012.
Sixth, the bank's acquisition of Byr calls for additional competition measures.
Järelevalveameti otsus nr 325/11/COL, mis käsitleb ettevõtja Byr hf omandamist Íslandsbanki poolt ning ettevõtjale Byr hf antud allutatud laenu ajutise heakskiitmise pikendamist, ELT C 16, 19.1.2012, lk 10 ja Euroopa Liidu Teataja juurde kuuluv EMP kaasanne nr 3, 19.1.2012, lk 1.
In the second Byr decision, the Authority required that the forthcoming restructuring plan should comprise measures which would ensure that the Icelandic financial market would benefit from effective competition in the future, so as to address the concerns that the Authority raised about the state of competition in the Icelandic financial market.
Seoses Islandi pangandussektori konkurentsioludega ja võimalike konkurentsimeetmetega tegi järelevalveamet koostööd Islandi konkurentsiametiga.
Against this background, the Authority notes that a number of measures have been or will be taken that limit the distortions of competition resulting from the state aid granted to Íslandsbanki.
Vt Islandi parlamendile esitatud eriuurimiskomisjoni aruande 2. peatükk: aruande põhijärelduste lk 13: http://sic.althingi.is/pdf/RNAvef-Kafli2Enska.pdf.
Measures and regulatory developments undertaken or committed to by the Icelandic authorities
Samal päeval alustati ka Landsbanki pankrotivara haldamist, kaks päeva hiljem (9.10.2008) ootas sama saatus Kaupthing Banki.
The Icelandic government has specifically made two commitments (see Annex) which in the Authority's view can contribute to creating a regulatory environment that favours competition in financial markets:
Eriuurimiskomisjoni kuulusid ülemkohtu kohtunik Páll Hreinsson, Islandi parlamendi ombudsman Tryggvi Gunnarsson ning Ameerika Ühendriikide Yale'i ülikooli lektor ja kaasprofessor Ph.D Sigríður Benediktsdóttir.
First, by appointing a working group that will review Act No 36/1978 on Stamp Duty, and by examining in particular whether to abolish stamp duties for bonds issued by individuals when transferred between creditors (e.g. when individuals transfer their loans from one loan institution to another).
Aruanne on kättesaadav islandi keeles aadressilt http://rna.althingi.is/; inglise keelde tõlgitud osad (sealhulgas kommenteeritud kokkuvõte ja peatükk pankade kokkuvarisemise põhjuste kohta) on kättesaadavad aadressilt http://sic.althingi.is/.
The Authority considers that the current law — which, inter alia, obliges customers to pay stamp duty on the amount of the respective bond [90] when switching lenders — may be capable of constituting an impediment to competition, as it may lock customers to existing contracts on long term loans.
Islandi kroon króna.
The Authority thus welcomes the commitment for this law to be reviewed.
Välismaistele isikutele laenamine kasvas kuue kuuga 11,4 miljardit eurot — 9,3 miljardilt eurolt 20,7 miljardile eurole.
Second, the Authority takes note that, in accordance with a resolution passed by the Icelandic parliament on 21 March 2012, a committee will be appointed by the government with the mandate to review consumer protection in the financial market.
Aruande peatükk 21.2.1.2, lk 6.
This will include a specific mandate for the review of switching facilitation and switching costs reduction, and for the committee to work closely with the ICA as regards that issue.
Olukorra muutis veelgi raskemaks asjaolu, et Islandi suurimate investeerimisettevõtjate välismaised võlausaldajad hakkasid tagatiste väärtuste vähenedes nõudma lisatagatisi, mille tulemusel olid kolm suurpanka sunnitud rahastamise üle võtma, et tagastada välispankadele nende laenusid.
The Committee shall present its report no later than 15 January 2013.
Aruande peatükk 21.2.1.4.
The Authority is of the opinion that a closer assessment could be of benefit for competition in the long-run.
Tolleaegse valitsuskoalitsiooni poliitiline prioriteet oli julgustada kasvu ja motiveerida panku oma peakontoreid Islandile jätma.
In the meantime the bank-specific commitment by Íslandsbanki discussed below should contribute to making switching easier, and thereby will increase competition.
Aruande 2. peatükk, lk 5.
As for the competition concerns identified by the Authority regarding RB, the Authority welcomes the settlement that ICA and the owners of RB, including the three major banks, have reached on this issue.
Täiendavaid üksikasju Islandi ametiasutuste meetmete kohta leiate rahandusministri 2011. aasta mai aruandest parlamendile kommertspankade taassünni kohta (Skýrsla fjármálaráðherra um endurreisn viðskiptabankanna), mis asub aadressil http://www.althingi.is/altext/-139/s/pdf/1213.pdf.
This endeavours to ensure access to essential IT-infrastructure on a non-discriminatory basis and at reasonable cost for small competitors and potential new market entrants.
Rahandusturgude erakorralises jm olukorras riigikassa väljamaksete tegemiseks volitamise seadus nr 125/2008.
The Authority is of the view that its concerns, as voiced, inter alia, in the second Byr decision, have been addressed in a satisfactory manner by this settlement, and that there is no need for the Authority to further address this issue in the current decision.
Vt ka finantsjärelevalve aastaaruanne 2009 (juuli 2008 — juuni 2009): http://en.fme.is/media/utgefid-efni/FME-Annual-Report-2009.pdf.
Finally, the Authority takes note of the regulatory amendments that have been made since 2008, as discussed in the Annex.
Järgnema pidid edasised finantsettevõtjate ülevõtmised.
As regards competition concerns, the introduction of Article 22 in the Act on financial undertakings No 161/2002 is of particular relevance in this regard.
2009. aasta märtsis võttis finantsjärelevalveamet kontrolli alla kolme finantsettevõtja (Straumur-Burdaras, the Reykjavik Savings Bank (SPRON) ja Sparisjodabanki Íslands (Icebank)) tehingud ning otsuse asjaomaste ettevõtjate vara ja kohustuste võõrandamise kohta.
It includes provisions which limit the participation of financial undertakings in activities falling outside the scope of their operating licenses.
Kui Starumuri võlausaldajatega sõlmiti hiljem vara koosseisu leping, siis SPRON ja Sparisjodabanki suhtes algatati likvideerimismenetlus.
According to this new rule, such activities may only be pursued on a temporary basis and for the purpose of concluding transactions or reorganising the activities of customers.
2010. aasta aprillis võttis finantsjärelevalveamet üle Keflavík Savings Banki ja Byr Savings Banki juhtimise ning sätestas nende tegevuse ülevõtmise vastavalt uute finantsettevõtjate SpKef Savings Bank ja Byr hf poolt.
A reasoned notification to this effect must be sent to the FME, and time limits have been introduced for financial undertakings to complete reorganisation of their customers and dispose of appropriated assets.
Et aga uute ettevõtjate finantstingimused osutusid halvemaks kui esialgu arvati, ühines SpKef finantsjärelevalveameti otsusel hiljem Landsbankinniga ning Byr hf ülevõtupakkumise tulemusel Íslandsbankiga.
The Authority regards this change as an appropriate regulatory response to the issue of the disproportionately large ownership by financial institutions in the real economy.
2009. aastal olid Islandi ametiasutused sunnitud lahendama Saga Capital Investment Banki, 2011. aastal aga eluasemerahastamisfondi finantsraskusi.
This provision appears to at least remedy this situation — which is a direct result of debt-to-equity-swaps (and similar transactions) involving over-indebted companies in the wake of the crisis — from becoming a permanent one.
Näitena krooni väärtuse hüppelisest langusest võib tuua asjaolu, et euro kuu keskmine vahetuskurss Islandi krooni suhtes kasvas 90,71 Islandi kroonilt 2007. aasta detsembris 184,64 Islandi kroonile 2009. aasta novembris.
As it addresses one of the most pressing competition issues that is linked to the state aid to the three banks, the Authority takes it duly into account in its assessment.
Ajavahemikus 2009–2011 oli investeeringute osakaal SKPs üksnes 13–14 %.
Measures specific to Íslandsbanki
Kaubandusbilanss kajastab kaupade ja teenuste ekspordi- ja imporditulu vahet.
The Authority emphasises that Íslandsbanki's market presence and size is only a fraction of that of Glitnir — as total assets have been reduced by 84 %, as described above and unlike Glitnir, Íslandsbanki is only active in the Icelandic market.
Vt selle kohta nt majandusministri 2012. aasta märtsi aruannet Islandi parlamendile Islandi finantssüsteemi tuleviku kohta.
Whilst most of this reduction is evidently a result of the winding up of Glitnir's international operations, the Authority is of the view that this process is of particular relevance as regards the distortions of competition, as it was in particular Glitnir's risky overseas strategy that led to its collapse and caused distortions in the EEA financial markets in the past [91].
Ministeeriumi arvamuse kohaselt kujutab nimetatud aruanne tõuget teadvustatud arutelu pidamiseks sel olulisel teemal, kuna selles ei ole esitatud valmis ettepanekud, vaid visandatud põhiküsimused ja antud ülevaade rahvusvahelise arengu taustal.
In addition, the Authority welcomes Íslandsbanki's commitments (see Annex) to reduce its domestic market presence further by […] divestments relating to […].
Aruanne on kättesaadav aadressil http://eng.efnahagsraduneyti.is/media/Acrobat/Future-Structure.pdf.
On the basis of the final restructuring plan, and recalling that Íslandsbanki is a small bank by EEA standards, the Authority agrees with Íslandsbanki that further structural measures could endanger the bank's prospects of restoring long-term viability [92].
Hoiuste tagamise skeemi puhul tavatingimuste juurde naasmine ei tähenda üksnes riigi tagatise kadumist, vaid ka seda, et üle vaadatakse erakorraliste olukordade seaduse sätted, mille kohaselt on seadusega tagatud hoiustel finantsasutuse likvideerimise menetluses prioriteet.
The Authority takes note of the commitment that Íslandsbanki will not acquire financial institutions until 15 October 2014, except if it obtains the Authority's approval beforehand.
Vt joonealuses märkuses nr 25 osutatud majandusministri aruande peatükk 9.
This means, unless further mergers would be necessitated by financial stability considerations, that further concentration of the Icelandic financial market through acquisitions by Íslandsbanki can be prevented.
Aruande esitamise ajal moodustas majandusminister ka pangaekspertide rühma, millesse kuulus väliseksperte, ning tegi sellele ülesandeks koostada ettepanekud laiapõhjalise õigus- ja reguleeriva raamistiku rajamiseks kogu Islandi finantsturu jaoks.
This commitment also ensures that the aid that has been granted to Íslandsbanki is used for restoring its viability rather than it being used to consolidate and further expand its market presence in Iceland.
Sama aruande järgi kavatsevad Islandi ametiasutused kaaluda ka muid valikuid, sealhulgas investeerimis- ja kommertspangandustegevuse võimalikku lahutamist üksteisest, finantsstabiilsust käsitleva õigustiku vastuvõtmist ning finantsteenuseid reguleerivate organite vastutuse jagamise muutmist.
The same is true for Íslandsbanki's commitment pursuant to which it will, until 15 October 2014, neither enforce contract clauses nor introduce new contract clauses which make special terms on interest rates contingent upon maintaining a minimum range of business with the bank, as well as for the commitment not to invoke state involvement as a source of a competitive advantage when marketing its services.
Ühtlasi nähtub Islandi ametiasutuste avaldustest, et olenemata sellest, kas Islandist saab Euroopa Liidu liige või mitte, on endiselt päevakorras rahapoliitika raamistiku läbivaatamine ning muude võimaluste leidmine majandusjuhtimise parandamiseks ja selle tagamiseks, et reguleerivad asutused suudaksid näha üldpilti ja kohaldaksid tõhusalt asjakohaseid makrotasandi usaldatavuse vahendeid.
As described above, the Icelandic financial market currently presents a challenging operating environment for any bank, which is reflected also by the almost complete absence of interest from abroad to enter this market at the present time.
Vt 6. jagu majandusministri aruandest Islandi parlamendile The Future Structure of the Icelandic Financial System, mis asub aadressil http://eng.efnahagsraduneyti.is/publications/news/nr/3559.
The Authority thus welcomes the commitments by Íslandsbanki relating to facilitating the switching between banks and providing basic payment processing as well as money distribution services.
Alates 2008. aasta sügisest kadusid turult mitmed finantsasutused (lisaks endistele suurtele kommertspankadele Glitnirile, Kaupthingile ja Landsbankile): Sparisjóðabanki Íslands (endine Icebank), the Reykjavik Savings Bank (SPRON), Sparisjóður Mýrarsýslu (Myrarsysla Savings Bank, SPM), VBS Investment Bank ja Askar Capital Investment Bank.
The Authority is of the view that those measures, in conjunction with the agreement between the three major banks and ICA on RB mentioned above ensure that smaller market participants can access the most essential infrastructure and services at reasonable prices without the larger players being able to block their access.
Märkimisväärselt on vähenenud Straumur-Burdaras Investment Banki ja Saga Capital Investment Banki tehingud.
The Authority is of the view that this will reduce the barriers to entry for future (potential) market participants, and could allow existing smaller players to expand their market shares if they are able to offer better services than their larger competitors.
aprillil 2011 kiideti panga aktsionäride koosolekul heaks leping endise MP panga Islandi ja Leedu filiaalide müügiks, kusjuures üle 40 uue aktsionäri investeeris panga uude osakapitali 5,5 miljardit Islandi krooni.
Moreover, the measures aimed at facilitating switching will contribute to more fierce competition between the existing large players, and could contribute to prevent or dissolve a situation of potential collective dominance.
Endise panga muud filiaalid jäid eelmistele omanikele ja moodustati uus juriidiline isik, EA fjárfestingarfélag hf.
Lastly, Íslandsbanki commits to sell, as soon as possible, shareholdings in operating companies which have been taken over due to restructuring in line with Article 22 of the Act on financial undertakings No 161/2002, commits to follow the procedure and time-limits which are set out in this provision, and will maintain up-to-date information on its website or of a subsidiary on subsidiaries and shareholdings that are held for sale.
Üksikasjalikuma teabe saamiseks vaata MP Banki 11. aprilli 2011. aasta pressiteated, mis on kättesaadavad aadressidel https://www.mp.is/um-mp-banka/utgefid-efni/frettir/nr/1511 ja https://www.mp.is/um-mp-banka/utgefid-efni/frettir/nr/1510.
The Authority welcomes Íslandsbanki's commitment to divest as soon as possible all companies and shareholdings that are not related to its core business, not the least because of viability concerns.
Kokkuleppe kohaselt võtsid serverikeskus ja selle omanikud mitmeid kohustusi, mille eesmärk oli vältida serverikeskuse tehingutest ja selle omanike koostööst tekkida võivat konkurentsi moonutamist.
Whilst the Authority is of the view that it is self-evident that the bank needs to respect domestic legal obligations such as Article 22 of the Act on financial undertaking, it takes note of this commitment and draws the Icelandic authorities' and beneficiaries' attention to the fact that in this regard a breach of national law might also entail a misuse of aid.
Nimetatud kohustustega sätestati muu hulgas serverikeskuse edaspidine juhtimine tavalistes äritingimustes ja omanikest sõltumatult, kusjuures juhatuse enamik koosneb omanikest sõltumatutest erialaspetsialistidest, juurdepääs serverikeskuse süsteemidele ja teenustele toimub mittediskrimineerivatel alustel ning pakutavate teenuste tingimused on kõigile ühesugused, olenemata sellest, kas kliendil on osalus serverikeskuses või mitte.
The Authority moreover considers that by having to include information about foreseen divestments and sales on its website, more transparency about the current ownership situation in the Icelandic economy is introduced.
Serverikeskuse omanikud võtsid kohustuse teha korrapäraselt teatava osaluse müügipakkumisi, et hõlbustada muude kui finantsasutuste osaluse kasvu serverikeskuse kapitalis.
This remedies, at least to some extent, this particular competition concern that currently characterises Iceland's markets.
Pakkumiskutsed tuli koostada iga kahe aasta järel, kuni vähemalt kolmandik serverikeskuse aktsiakapitalist on müüdud muudele kui olemasolevatele aktsionäridele või lastud müüki aktsiamüügi enampakkumise teel.
On the basis of all of the above, given in particular the specific situation in Iceland and the fact that the Authority considers that the above measures address the main competition issues that the Authority has identified in collaboration with the ICA, and taking into account the overriding objective of financial stability, the Authority concludes that the commitments limit distortions of competition to a satisfactory degree.
Islandi konkurentsiamet kasutab äriettevõttes omatava osa kohta terminit „tegutsev äriühing”, et tähistada panga poolt tavaliselt muus kui finantsettevõtjas saavutatud osalust oma laenuportfelli ümberkorraldamise tulemusel võlakirjade vahetamise näol aktsiate vastu või muul viisil.
The restructuring aid therefore complies with section 4 of the Restructuring Guidelines.
Seepärast nimetab järelevalveamet sama terminiga sellise reaalmajanduse ettevõtjat, mis ei kuulu finantsurul panga põhitegevuse hulka.
CONCLUSION
Kaudse omandilise kuuluvusena peab järelevalveamet silmas panga võimalikku mõju ja kontrolli ettevõtjate üle viimaste suure võlakoormuse tõttu panga ees.