natgillin/translations-raw huggingface dataset:
Given Kaupthing's high pre-crisis CDS-spreads, the remuneration that Arion Bank pays, EURIBOR plus 4 % add-on, would appear to fall significantly short of this benchmark.
Lõpuks võtab järelevalveamet teadmiseks alates 2008. aastast tehtud õiguslikud muudatused, nagu on käsitletud lisas.
According to paragraph 25 of the Restructuring Guidelines, derogation from adequate ex-ante burden-sharing (i.e. appropriate remuneration) can, inter alia, be justified by farther-reaching restructuring, including measures to limit distortions of competition.
Mis puutub konkurentsiküsimusse, siis on eriti asjakohane äriühinguid käsitlevasse seadusesse nr 161/2002 lisatud artikkel 22.
As will be shown below, the Authority considers that the restructuring of Arion Bank is sufficiently far-reaching for this condition to be met.
See sisaldab sätteid, millega piiratakse finantsettevõtja osalemist tegevuses, mis jääb väljapoole tema tegevusluba.
Whilst the SPRON swap agreement, as described above, entails elements of state aid, the Authority considers that it is constructed in a manner that aims at limiting if not excluding a direct financial advantage for Arion Bank.
Uue eeskirjaga on selline tegevus lubatud vaid ajutiselt ning eesmärgiga viia lõpule tehingud või korraldada ümber klientide tegevus.
The agreement constitutes in essence a negotiated compensation for Arion Bank in exchange for taking on the deposit liabilities of SPRON, and it is likely that Arion Bank obtains matching assets for the transferred liabilities.
Seoses sellega tuleb saata põhjendatud teatis finantsjärelevalveametile, samuti on kehtestatud finantsettevõtjatele oma klientide ümberkorraldamise lõpuleviimise ja assigneeritud vara võõrandamise suhtes ajalised piirangud.
The Authority does not consider that this aid is of great significance for its burden-sharing assessment.
Järelevalveamet käsitleb nimetatud muutust kui asjakohast õiguslikku vastust finantsasutuste ebaproportsionaalselt ulatuslikule omandiosalusele reaalmajanduses.
Finally, as regards the deposit guarantee, the Authority has already indicated in the opening decision that — in light of the extraordinary circumstances at the time — it might constitute a proportionate means to safeguard financial stability in Iceland.
Käsitletud säte peaks vähemalt pidurdama olukorra muutumist püsivaks.
It is evident however that such aid cannot be approved indefinitely.
Sellise olukorra vahetu põhjus on võlaprobleemide küüsis ettevõtjate võla kustutamine aktsiakapitali kaudu (ja sarnased tehingud) kriisi tõttu.
Thus, in order for this state aid to be considered as limited to the minimum necessary, the Authority is of the view that it needs to be terminated as soon as possible.
Kuna tegemist on ühe murettekitavama konkurentsiküsimusega seoses kolmele pangale eraldatud riigiabiga, võtab järelevalveamet seda oma hinnangus nõuetekohaselt arvesse.
The Authority therefore welcomes the intention of the Icelandic authorities to introduce a different deposit guarantee system, which is currently envisaged to be set up before the capital controls are lifted, thus no later than the end of 2013.
Arion Banki käsitlevad meetmed
After that time, protection of deposits should be governed only by the applicable EEA legislation regarding deposit guarantees.
Kaupthingist erinevalt tegutseb Arion Bank üksnes Islandi turul.
On the basis of the above elements, the Authority concludes that the restructuring plan of Arion Bank ensures that the aid is limited to the minimum necessary and that the beneficiary, the shareholders and debt holders of its predecessor bank have participated significantly in the burden-sharing.
Et vähendamise suurim põhjus on ilmselgelt Kaupthingi rahvusvaheliste tehingute lõpetamine, on järelevalveamet arvamusel, et protsess on konkurentsimoonutuste seisukohast eriti tähtis, kuna just Kaupthingi riskantne ülemerestrateegia põhjustas panga kokkuvarisemise ja kunagised moonutused EMP finantsturgudel [91].
The restructuring aid thus complies with section 3 of the Restructuring Guidelines.
Järelevalveamet võtab teadmiseks lisas esitatud Arion Banki kohustused, mille kohaselt ei omanda pank kuni 1. detsembrini 2014 teisi finantsasutusi, välja arvatud järelevalveameti eelneval loal.
Limiting distortions of competition
Kui finantsstabiilsuse kaalutlustel ei teki vajadust täiendavate ühinemiste järele, tähendab see seda, et Islandi finantsturu koondumist Arion Banki tegevuse tagajärjel saab ennetada.
The Restructuring Guidelines provide in section 4, paragraphs 29-32:
Samuti tagatakse käsitletava kohustusega Arion Bankile eraldatud abi kasutamist pigem panga elujõulisuse taastamiseks kui panga tugevdamiseks ja turupositsiooni suurendamiseks Islandil.
'Financial stability remains the overriding objective of aid to the financial sector in a systemic crisis, but safeguarding systemic stability in the short-term should not result in longer-term damage to the level playing field and competitive markets.
Tervitatav on ka Arion Banki kohustus […], mis võimaldab […] ja toetab vajalike kulukärbete saavutamise strateegiat.
In this context, measures to limit distortions of competition due to state aid play an important role.
Sama kehtib Arion Banki kohustuse kohta, mille kohaselt ei jõusta pank enne 1. detsembrit 2014 eraisikute eluasemehüpoteegi lepingute klausleid [92] ega võta vastu uusi lepinguklausleid, millega muudetakse intressimäärade eritingimused sõltuvaks minimaalse tegevuse säilitamisest pangas.
[…] Measures to limit the distortion of competition should be tailor-made to address the distortions identified on the markets where the beneficiary bank operates following its return to viability post restructuring, while at the same time adhering to a common policy and principles.
Nagu on eespool kirjeldatud, kujutab Islandi finantsturg praegu keerulist tegevuskeskkonda kõikide pankade jaoks ning sellest annab tunnistust ka praktiliselt olematu välishuvi Islandi turule sisenemise vastu.
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.
Seepärast peab järelevalveamet kiiduväärseks Arion Banki võetud kohustust lihtsustada pangavahetust ning pakkuda maksete töötlemise algteenust.
[…] 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.
Järelevalveamet on seisukohal, et nimetatud meetmed koos eespool mainitud serverikeskust käsitleva kokkuleppega kolme suurpanga ja Islandi konkurentsiameti vahel tagavad väiksemate turuosaliste juurdepääsu kõige olulisemale infrastruktuurile ja teenustele mõistliku hinna juures ning võtavad suurematelt tegijatelt võimaluse nende juurdepääsu takistada.
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.
Järelevalveameti kohaselt vähendab see hilisemate (võimalike) turuletulijate tõkkeid ja võimaldab praegustel väiksematel turuosalistel laiendada oma turuosa juhul, kui nad suudavad pakkuda oma suurkonkurentidest paremat teenust.
Generally speaking, where there is greater burden sharing and the own contribution is higher, there are fewer negative consequences resulting from moral hazard.
Lisaks aitavad kõik pangavahetust soodustavad meetmed elavdada konkurentsi praeguste suurettevõtjate vahel, mis aitab hoida ära või kõrvaldada võimalikku kollektiivset valitsevat seisundit.
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.
Lõpuks võtab Arion Bank kohustuse müüa võimalikult kiiresti oma osalus haldusettevõtetes, mis võeti üle kooskõlas äriühinguid käsitleva seaduse nr 161/2002 artikli 22 kohase restruktureerimisega; kohustub järgima nimetatud sättes osutatud menetlust ja ajapiiranguid finantsjärelevalveameti tõlgenduse alusel ja riputab oma (või tütarettevõtja) veebilehele ajakohast teavet müügiks hoitavate tütarettevõtjate ja aktsiate kohta.
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.
Järelevalveamet väljendab rahulolu Arion Banki kohustuse üle loovutada võimalikult kiiresti kõik ettevõtjad ja aktsiad, mis ei ole seotud panga põhitegevusalaga ja seda juba elujõulisuse huvides.
The measures will be tailored to market characteristics to make sure that effective competition is preserved.
Kuigi järelevalveameti arvamuse kohaselt on iseenesestmõistetav, et pank peab täitma riigisiseseid õigusnõudeid, nagu näiteks äriühinguid käsitleva seaduse artiklit 22, võtab ta selle kohustuse teadmiseks ja juhib Islandi ametiasutuste ja abisaajate tähelepanu asjaolule, et ka riigi õiguse rikkumine võib tuua kaasa abi kuritarvitamise.
[…] Measures limiting distortions of competition should not compromise the prospects of the bank's return to viability.'
Lisaks leiab järelevalveamet, et veebilehele teabe riputamine kavandatavate loovutamiste ja müükide kohta toob kaasa suurema läbipaistvuse Islandi majanduse praeguse omandiõigusolukorra suhtes.
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.
See leevendab vähemalt mingil määral nimetatud konkurentsiprobleemi, mis praegu Islandi turgu iseloomustab.
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.
Kõige eelneva põhjal ning arvestades Islandi erilist olukorda ja asjaolu, et järelevalveameti arvamusel lahendatakse eespool toodud meetmetega järelevalveameti ja Islandi konkurentsiameti koostöös tuvastatud põhilised konkurentsiprobleemid, samuti võttes arvesse põhieesmärki ehk finantsstabiilsuse saavutamist, teeb järelevalveamet järelduse, et võetud kohustustustega piiratakse konkurentsimoonutusi rahuldaval määral.
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.
Seega on restruktureerimisabi kokkusobiv ümberkorraldamissuuniste 4. jaotisega.
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.
JÄRELDUS
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.
Eespool toodud hindamine ja Islandi ametiasutuste poolt Arion Banki käsitleva restruktureerimiskava esitamine on hajutanud kahtlused, mida järelevalveamet väljendas ametliku uurimismenetluse algatamise otsuses seoses Arion Banki suhtes võetud abimeetmete olemuse ja kokkusobivusega.
Second, as set out above in the section on burden-sharing, the greatest possible contribution from the former owners of Kaupthing, and to some extent, of Kaupthing's creditors has been addressed.
Seega kiidab järelevalveamet abimeetmed heaks restruktureerimisabina, mis on kokkusobiv EMP lepinguga sama lepingu artikli 61 lõike 3 punkti b tähenduses, tingimusel et Arion Bank ja Island täidavad lisas esitatud kohustusi,
Consequently, the need for additional competition measures has been limited.
ON VASTU VÕTNUD KÄESOLEVA OTSUSE:
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 Arion Bank on the basis of Kaupthing'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 — Landsbankinn, Íslandsbanki and Arion Bank.
Artikkel 1
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 prevailing capital controls.
Arion Bankile antud esialgne käibekapital, riigipoolne täielik (ajutine) kapitaliseerimine, riigi osalemine panga aktsiakapitalis 13 %ga ja teise taseme omavahendite eraldamine, samuti eriotstarbeline likviidsusvahend, SPRONi vahetusleping ja hoiuste piiramatu tagamine kujutavad riigiabi EMP lepingu artikli 61 lõike 1 tähenduses.
Arion Bank enjoys a very significant position on this concentrated market, with a market share of 30 % or over in the most relevant and economically important segments.
Artikkel 2
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.
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.
A further competition concern is the existence of a de-facto monopoly for banking IT-services (RB), majority owned by the three major banks.
Artikkel 3
Fifth, the relative size of aid that Arion Bank has received is significant.
Artiklis 1 loetletud meetmed on kokkusobivad EMP lepinguga sama lepingu artikli 61 lõike 3 punkti b tähenduses tingimusel, et täidetakse lisas esitatud kohustusi.
In this regard, the Authority notes that at the outset the entire capital of the bank was provided by the State.
Hoiuste piiramatut tagamist lubatakse kuni 2014. aasta lõpuni.
In addition, the bank has benefited from a variety of aid measures — the special liquidity facility, the SPRON swap agreement and the blanket deposit guarantee.
Artikkel 4
At the same time, Arion Bank remains a small bank, at least by international standards.
Käesolev otsus on adresseeritud Islandi Vabariigile.
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 Arion Bank.
Artikkel 5
Measures and regulatory developments undertaken or committed to by the Icelandic authorities
Ainult otsuse ingliskeelne tekst on autentne.
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:
Brüssel, 11. juuli 2012
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).
EFTA järelevalveameti nimel
The Authority considers that the current law — which, inter alia, obliges customers to pay stamp duty on the amount of the respective bond [89] when switching lenders — may be capable of constituting an impediment to competition, as it may lock customers to existing contracts on long term loans.
Oda Helen Sletnes
The Authority thus welcomes the commitment for this law to be reviewed.
Sverrir Haukur Gunnlaugsson
Second, the Authority takes note of 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.
Dokument avaldatakse üksnes teavitamise eesmärgil.
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 Icelandic Competition Authority (the ICA) as regards that issue.
Käesolevas avalikus versioonis on osa teavet selle konfidentsiaalsuse tõttu eemaldatud.
The Committee shall present its report no later than 15 January 2013.
Seda tähistab […] või nurksulgudes esitatud summa, mis on tegelikule summale ligilähedane mittekonfidentsiaalne teave.
The Authority is of the opinion that a closer assessment could be of benefit for competition in the long-run.
EFTA järelevalveameti otsus nr 492/10/COL ametliku uurimismenetluse algatamise kohta seoses riigiabiga (endisele) ettevõtjale Kaupthing Bank hf tegevuse teatavas ulatuses taastamiseks ning ettevõtja New Kaupthing Bank (uue nimega Arion Bank hf) asutamiseks ja kapitaliseerimiseks, ELT C 41, 10.2.2011, lk 7, ja Euroopa Liidu Teataja juurde kuuluv EMP kaasanne nr 7, 10.2.2011, lk 1.
In the meantime the bank-specific commitment by Arion Bank discussed below should contribute to making switching easier, and thereby will increase competition.
Täiendav teave otsusega nr 492/10/COL tipnenud menetluse kohta asub otsuse menetlust käsitlevas osas.
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.
Korrigeerinud huvitatud isikud 25. mail 2012.
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.
Seoses Islandi pangandussektori konkurentsioludega ja võimalike konkurentsimeetmetega tegi järelevalveamet koostööd Islandi konkurentsiametiga.
The Authority is of the view that its concerns 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.
Eriuurimiskomisjoni kuulusid ülemkohtu kohtunik Páll Hreinsson, Islandi parlamendi ombudsman Tryggvi Gunnarsson ning Ameerika Ühendriikide Yale'i ülikooli lektor ja kaasprofessor Ph.D Sigríður Benediktsdóttir.
Finally, the Authority takes note of the regulatory amendments that have been made since 2008, as discussed in the Annex.
Aruanne on kättesaadav islandi keeles aadressil http://rna.althingi.is/; inglise keelde tõlgitud osad (sealhulgas kommenteeritud kokkuvõte ja peatükk pankade kokkuvarisemise põhjuste kohta) on kättesaadavad aadressil http://sic.althingi.is/.
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.
Islandi kroon króna.
It includes provisions which limit the participation of financial undertakings in activities falling outside the scope of their operating licenses.
Välismaistele isikutele laenamine kasvas kuue kuuga 11,4 miljardit eurot — 9,3 miljardilt eurolt 20,7 miljardile eurole.
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.
Aruande peatükk 21.2.1.2.
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.
Exista, Exista Trading, Bakkavör Group, Bakkavor Finance Ltd, Bakkabraedur Holding B.V., Lýsing, Síminn, Skipti jm seotud ettevõtjad.
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.
Üle poole 2007. aasta algusest kuni panga kokkuvarisemiseni antud laenudest olid tagatiskohustuseta.
This provision appears to at least mitigate 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.
Ettevõtja Kaupthing Bank laenukomisjoni koosoleku protokollis on muu hulgas märgitud, et pank laenas Tchenguizile sageli raha eesmärgiga täita teiste pankade lisatagatise nõudeid tema ettevõtete kokkukuivamise tõttu.
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.
Aruande peatükk 21.2.1.4.
Measures specific to Arion Bank
Tolleaegse valitsuskoalitsiooni poliitiline prioriteet oli julgustada kasvu ja motiveerida panku oma peakontoreid Islandile jätma.
The Authority emphasises that Arion Bank's market presence and size is only a fraction of that of Kaupthing — as total assets have been reduced by 88 %, as described above.
Aruande 2. peatükk, lk 5.
Unlike Kaupthing, Arion Bank is only active in the Icelandic market.
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.
Whilst most of this reduction is evidently a result of the winding up of Kaupthing's international operations, the Authority is of a view that this process is of particular relevance as regards the distortions of competition, as it was in particular Kaupthing's risky overseas strategy that led to its collapse and caused distortions in the EEA financial markets in the past [90].
Rahandusturgude erakorralises jm olukorras riigikassa väljamaksete tegemiseks volitamise seadus nr 125/2008.
The Authority takes note of Arion Bank's commitments set out in the Annex, according to which Arion Bank will not acquire financial institutions until 1 December 2014, except if it obtains the Authority's approval beforehand.
Vt ka finantsjärelevalve aastaaruanne 2009 (juuli 2008–juuni 2009): http://en.fme.is/media/utgefid-efni/FME-Annual-Report-2009.pdf.
This means, unless further mergers would be necessitated by financial stability considerations, that further concentration of the Icelandic financial market through acquisitions by Arion Bank can be prevented.
Järgnema pidid edasised finantsettevõtjate ülevõtmised.
This commitment also ensures that the aid that has been granted to Arion Bank is used for restoring its viability rather than it being used to consolidate and further expand its market presence in Iceland.
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.
Arion Bank's commitment to […] is also to be welcomed as it […] and supports the policy to achieve necessary cost reductions.
Kui Starumuri võlausaldajatega sõlmiti hiljem vara koosseisu leping, siis SPRON ja Sparisjodabanki suhtes algatati likvideerimismenetlus.
The same is true for Arion Bank's commitment pursuant to which it will, until 1 December 2014, neither enforce contract clauses in housing mortgage agreements for individuals [91] nor introduce new contract clauses which make special terms on interest rates contingent upon maintaining a minimum range of business with the bank.
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.
As described above, the Icelandic financial market currently represents 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.
Et aga uute ettevõtjate finantstingimused osutusid halvemaks kui esialgu arvati, ühines SpKef finantsjärelevalveameti otsusel hiljem Landsbankinniga ning Byr hf ülevõtupakkumise tulemusel Íslandsbankiga.