natgillin/translations-raw huggingface dataset:
In this process it transpired that the independent assessment would not result in fixed values of net assets transferred but valuations within certain ranges.
Vlada je 18. decembra 2009 objavila, da je bila sanacija banke končana ter da so bili o poravnavah glede sredstev, prenesenih iz nekdanjih bank na nove, doseženi sporazumi z islandskimi organi in novimi bankami na eni strani in odbori za razpustitev bank Glitnir, Landsbanki Íslands in Kaupthing v imenu njihovih upnikov na drugi, nove banke pa so bile nato v celoti financirane.
It also emerged that the banks' creditors raised disagreements concerning the valuation process, which they considered not to be impartial, and complained that they were unable to protect their interests.
Izkazalo se je, da se je prispevek iz državne blagajne v lastniški kapital novih bank precej zmanjšal, in sicer s prvotno predvidenih 385 milijard ISK na 135 milijard ISK v obliki osnovnega kapitala, v primeru dveh od treh bank, tj. bank Íslandsbanki in Arion, pa približno na 55 milijard ISK kapitala 2. reda v obliki podrejenih dolgov ali skupno 190 milijard ISK.
These complications resulted in a change of policy for settling the accounts between the old and the new banks, entailing that instead of relying on valuations by an independent expert, the parties would try through negotiations to reach agreements on the value of the net assets transferred.
Poleg tega sta banki Íslandsbanki in Arion iz državne blagajne prejeli določena likvidnostna posojila.
It was clear that it would be difficult for the parties to reach agreements on the valuations as they were evidently subject to numerous assumptions on which the parties were likely to disagree.
Osnovni kapital, ki so ga nekdanje banke zagotovile novim, je v celoti znašal približno 156 milijard ISK.
The state aimed to reach agreements on base evaluations providing a firm foundation for the initial capitalisation of the new banks.
Skupna kapitalizacija novih bank je torej znašala približno 346 milijard ISK.
Price performance of assets in excess of the base evaluation could be attributed to the creditors in the form of contingent bonds or increases in the value of the banks' share capital, as it had emerged in the negotiations that the resolution committees of Glitnir and Kaupthing and a majority of their creditors could be interested to acquire holdings in the new banks, and this would allow them to benefit from potential increases in the values of the assets transferred.
V sporazumih je bilo tako določeno, da država treh bank ne bo obdržala v popolni lasti, temveč naj bi se njen delež v primeru banke Íslandsbanki zmanjšal na približno 5 %, v primeru banke Arion na 13 % in v primeru banke Landsbankinn na 81 %.
The full capitalisation of the three new banks and the basis of agreements with the creditors of the old banks were announced on 20 July 2009.
Čeprav je dejstvo, da so upniki nekdanjih bank prevzeli dve od treh bank, rešilo pomembnejša vprašanja glede obnove finančnega sektorja ter ustvarilo trdnejše kapitalske temelje novih bank, je bilo treba obravnavati še številne preostale pomanjkljivosti.
The Government, as the sole owner of the three new banks, reached heads of agreements with the resolution committees of the old banks in relation to how compensation for the transfer of net assets into the new banks would be achieved and paid for.
Banke so si od jeseni leta 2009 v glavnem prizadevale rešiti notranja vprašanja, določale so celotno strategijo za dejavnosti in zlasti prestrukturirale svoje posojilne portfelje, ki so največji dejavnik tveganja za njihove dejavnosti in dolgoročno uspešno poslovanje.
With regard to two of the new banks, Íslandsbanki and New Kaupthing (later named Arion Bank), this included conditional agreements for the old banks to subscribe for majority equity interests in the new banks.
Proces prestrukturiranja je bil zapleten zaradi različnih zavirajočih dejavnikov, vključno s sodbami vrhovnega sodišča o nezakonitosti posojil, odobrenih v ISK, a indeksiranih s tujimi valutami.
On the basis of the above tentative agreements, the resolution committees of the old banks decided in October 2009 (Glitnir) and December 2009 (Kaupthing Bank and Landsbanki Islands) to exercise the negotiated options and subscribe to shareholding in the new banks.
O teh zadevah se v zvezi z banko Íslandsbanki, kolikor je to primerno za njeno prestrukturiranje, razpravlja v nadaljevanju.
On 18 December 2009 the Government announced that bank reconstruction had been concluded and that agreements had been reached between the Icelandic authorities and the new banks, on the one hand, and the resolution committees of Glitnir Bank, Landsbanki Íslands and Kaupthing Bank on behalf of their creditors, on the other hand, on settlements concerning assets which were transferred from the old banks to the new ones, and that the new banks were then fully financed.
Makroekonomsko okolje
As it turned out, the Treasury's contribution to the new banks' equity was reduced substantially, from 385 billion ISK as originally envisaged to 135 billion ISK in the form of share capital and, in the case of two of the three banks, Íslandsbanki and Arion Bank, approximately 55 billion ISK of Tier II capital in the form of subordinated loans or a total of 190 billion ISK.
Zlom bančnega sektorja oktobra 2008 je povzročil velik gospodarski pretres.
In addition, the Treasury provided Íslandsbanki and Arion Bank with certain liquidity facilities.
Težavam v finančnem sistemu Islandije se je pridružilo pomanjkanje zaupanja v njeno valuto.
The share capital provided by the old banks to the new ones amounted in total to approximately 156 billion ISK.
Vrednost krone je v prvi četrtini leta 2008 in nato spet jeseni strmo padla, torej pred propadom treh komercialnih bank in po njem.
Total capitalisation of the new banks therefore amounted to approximately 346 billion ISK.
Med letom 2009 je bila valuta kljub kapitalskim kontrolam, uvedenim jeseni 2008, nestanovitna [22].
Thus, instead of maintaining full ownership of the three banks, the agreements implied that the state's holdings would be reduced to approximately 5 % in the case of Íslandsbanki, 13 % in the case of Arion Bank and 81 % in the case of Landsbankinn.
Poleg tega so strmo narasli dolgovi podjetij in obveznosti za tekoče potrebe družine ter delež nedonosnih posojil v posojilnih portfeljih bank, nove banke pa so v velikem obsegu prevzemale podjetja v finančnih težavah.
While this takeover of two of the three banks by the creditors of the old banks resolved major issues in the rebuilding of the financial sector and established firmer capital foundation for the new banks, numerous weaknesses remained which needed to the addressed.
Obenem pa je zaradi visokih fiskalnih stroškov prestrukturiranja bančnega sistema strmo narasel fiskalni primanjkljaj, javni dolg pa se je precej povečal.
Since the autumn of 2009, the banks have concentrated their efforts mostly on internal issues, determining the overall strategy for their operations and in particular restructuring their loan portfolios, which represent the greatest risk factor to their operations and long-term viability.
Iz začasnih podatkov Statističnega urada Islandije o globoki recesiji je v drugi polovici leta 2011 razviden obrat, za celo leto pa 3,1-odstotna rast BDP v primerjavi s prejšnjim letom.
As for Íslandsbanki, in so far as relevant for its restructuring, these matters are discussed further below.
To je bilo podprto z zvišanjem plač in socialnih prejemkov ter nekaterimi političnimi pobudami, sprejetimi za olajšanje bremena plačevanja obveznosti za tekoče potrebe družine, vključno z začasno subvencionirano obrestno mero, zamrznitvijo plačil posojil in zgodnjim povračilom zasebnega pokojninskega varčevanja.
Macroeconomic environment
Iz začasnih podatkov za leto 2011 je razvidno tudi rahlo povečanje naložb, vendar po izjemno nizki stopnji [23].
Major economic turbulence followed the collapse of the banking system in October 2008.
V preteklih treh letih je javna poraba ostala šibka.
The difficulties in Iceland's financial system were coupled with a breakdown of confidence in its currency.
V splošnih makroekonomskih podatkih so skrite večje sektorske razlike.
The króna depreciated sharply in the first quarter of 2008 and again in the autumn, before and after the failure of the three commercial banks.
Poleg zloma v finančnem sektorju je prišlo do večjega krčenja v gradbeništvu ter številnih drugih dejavnostih domače proizvodnje in storitev.
Despite capital controls imposed in the autumn of 2008, currency volatility prevailed in the course of 2009 [22].
Do rasti pa je po drugi strani prišlo v nekaterih sektorjih izvoza.
This turmoil resulted in a severe recession in Iceland's economy, with a contraction of GDP by 6,8 % in 2009 and 4 % in 2010.
Prihodki od izvoza so se zaradi nizkega menjalnega tečaja krone in relativno stabilnih cen tujih valut za morske proizvode in izdelke iz aluminija, pa tudi glede turizma in drugega izvoza storitev, po nastopu gospodarske krize povečali.
(35) Among the implications of the economic crisis was a sudden increase in unemployment from 1,6 % in 2008 to 8 % in 2009, a hike in inflation and a drop in real wages.
Vendar je treba ob tej napovedi upoštevati več dejavnikov negotovosti.
Moreover, there was a sharp rise in corporate and household debt and of the share of non-performing loans in the banks' loan portfolios as well as a large scale takeover by the new banks of businesses in financial distress.
Do nadaljnjih zamud bo morda prišlo pri načrtovanih obsežnih industrijskih naložbah.
At the same time the high fiscal cost of restructuring the banking system led to a sharp rise in the fiscal deficit and a major surge in public sector debt.
Podaljšana recesija v glavnih trgovinskih državah bi negativno vplivala na islandske trgovinske klavzule, kar bi pomenilo nižjo stopnjo rasti na Islandiji.
Following the deep recession provisional data from Statistics Iceland indicates a turnaround in the second half of 2011 and for the whole year a growth of GDP of 3.1 % compared to the previous year.
Počasnejši napredek od pričakovanega pri reševanju bremena obveznosti za tekoče potrebe družine in dolga podjetij bi še dodatno zaviral domače povpraševanje ter možnosti za rast gospodarstva.
Provisional data for 2011 also indicate a slow increase in investments, however from a particularly low level [23].
Organ za finančni nadzor je po začetnem delu v zvezi z ustanovitvijo novih bank in oceno vrednosti neto sredstev, prenesenih iz nekdanjih bank, spomladi leta 2009 opravil revizijo novih bank ter njihovih poslovnih načrtov, finančne moči in kapitalskih zahtev v t. i. projektu potrditve.
Public consumption has remained at a subdued level during the past three years.
To je bilo opravljeno s pomočjo mednarodnega podjetja za svetovanje o vodenju Oliver Wyman.
The general macroeconomic data disguise more significant sectoral differences.
Ko je Organ za finančni nadzor končal navedeni postopek, je bankam pod različnimi pogoji odobril operativne licence.
In addition to the collapse in the financial sector a major contraction has taken place in construction and many other domestic production and service activities.
Zdelo se je, da je treba kapitalske zahteve za tri banke postaviti višje od najnižje zakonsko določene stopnje, pri čemer se je upoštevala kakovost portfeljev sredstev in pričakovana gospodarska negotovost.
Growth has on the other hand taken place in certain export sectors.
Poleg tega so bili določeni pogoji za likvidnost, pri čemer se je zahtevalo, da je treba kadar koli imeti razpoložljiva likvidna sredstva za vsaj 20 % vlog, denarna sredstva in njihove ustreznike pa za vsaj 5 % vlog.
Due to the low exchange rate of the króna and relatively stable prices in foreign currency for both marine and aluminium products, export revenue rose following the onset of the economic crisis, also with respect to tourism and other services exports.
Nadalje so bile določene zahteve glede drugih zadev, kot so prestrukturiranje posojilnih portfeljev, ocene tveganja, upravljanje podjetij in lastništvo.
At the same time, imports fell sharply, turning the trade balance [24] temporarily to a surplus of approximately 10 % of GDP in 2010.
Organ za finančni nadzor je uvedel primerljive kapitalske zahteve glede drugih finančnih podjetij.
However, with increased domestic demand in 2011, imports have grown again, leading to an overall smaller trade surplus of 8,2 % of GDP.
V programu za gospodarsko stabilizacijo, vzpostavljenem v posvetovanju z MDS, je bil določen pregled celotnega regulativnega okvira finančnih storitev in nadzora za izboljšanje obrambe pred prihodnjimi finančnimi krizami.
Statistics Iceland forecast for 2012-2017 assumes that gradual economic recovery will continue with 2,6 % growth in 2012.
Vlada je povabila nekdanjega generalnega direktorja finskega Organa za finančni nadzor Kaarla Jännärija, naj opravi oceno obstoječega regulativnega okvira in nadzornih praks.
A similar growth rate is expected throughout the forecast period.
Gospod Jännäri je med drugim predlagal, da naj se za zmanjšanje kreditnih tveganj v sistemu ustanovi državni register kreditov pri islandskem Organu za finančni nadzor.
Planned large scale industrial investments might be further delayed.
Prav tako je priporočil, naj se pregleda in izboljša sistem zajamčenih vlog, pri čemer naj se tesno spremlja razvoj znotraj EU.
Iceland's terms of trade would be negatively affected by a prolonged recession in the main trading countries, implying a lower growth rate in Iceland.
Vlada je islandskemu parlamentu nato predlagala zakon, ki je med drugim temeljil na predlogih Kaarla Jännärija ter spremembah v pravu EGP o finančnih dejavnostih od leta 2009 naprej, ki je bil sprejet kot Zakon št. 75/2010, veljati pa je začel 1. julija 2010.
Slower progress than anticipated in tackling the debt burden of households and corporates would furthermore restrain domestic demand and the growth prospects of the economy.
V Zakon o finančnih podjetjih je bilo z novim zakonom uvedenih precej sprememb.
Growth could also be threatened by continued price instability linked to currency volatility in the context of removal of capital controls.
Pozneje je bilo v ta zakon, pa tudi v ureditev in nadzor finančnih storitev, uvedenih še več drugih sprememb.
Financial supervision and improvements in regulatory framework
Te regulativne spremembe so podrobneje proučene v Prilogi.
Following the FME's initial work linked to the foundation of the new banks and the assessment of the value of the net assets transferred from the old banks, the FME conducted in the spring of 2009 an audit of the new banks and their business plans, financial strength and capital requirements in a so-called sign-off project.
Glavni izzivi v prihodnosti [25]
This was done with the assistance of the international management consultant firm Oliver Wyman.
Zdi se jasno, da se je Islandija, kot številne druge države, ki jih je kriza močno prizadela, znašla pred številnimi izzivi pri tem, da pravno in operativno okolje finančnih storitev prilagodi tako, da se bo v prihodnosti podpiral uspešen in učinkovit finančni sistem ter čim bolj zmanjšalo tveganje, da bi se ponovno pojavili nadaljnji sistemski pretresi.
Having concluded the above process, the FME granted the banks operating licenses subject to various conditions.
Najbolj neodložljivi izzivi pred islandskimi finančnimi podjetji so povezani z dejstvom, da banke poslujejo v varovanem okolju s kapitalskimi kontrolami in splošnim jamstvom za vloge.
In view of the quality of the asset portfolios and the anticipated economic uncertainty, it was considered necessary to place higher capital requirements on the three banks than the statutory minimum.
Ko bodo odpravljene kapitalske kontrole in se bodo za zajamčene vloge spet uporabljale ureditve iz ustreznih direktiv EU/EGP [26], se morajo banke torej pripraviti na poslovanje v bolj izpostavljenem okolju.
The FME therefore set the minimum capital adequacy (CAD) ratio for the three banks at 16 %, thereof a minimum of 12 % for the Tier I capital ratio.
Islandski organi so poudarili, da je pri uvajanju novih predpisov v tem pogledu potrebna izjemna previdnost.
The requirements were applicable for at least 3 years unless reviewed by the FME.
Drug pomembnejši izziv je potreba po nadaljnji prilagoditvi pravnega in regulativnega okvira, da se podpre trden in učinkovit finančni sistem, ki je tudi skladen z razvojem prava EGP in mednarodnega prava [27].
Liquidity conditions were also specified, requiring that available liquid funds should at any point amount to a minimum of 20 % of deposits and that cash or cash equivalents should amount to at least 5 % of deposits.
Stanje konkurence v islandskem finančnem sektorju
Furthermore, requirements were made regarding other matters such as restructuring of loan portfolios, risk assessment, corporate governance and ownership.
Od zloma bančništva se je glede na nedavne informacije islandskih organov [28] konkurenca na finančnem trgu korenito spremenila.
The economic stabilisation program established in consultation with the IMF provided for a review of the entire regulatory framework of financial services and supervision to improve defence against future financial crisis.
Število finančnih podjetij pa se še zmanjšuje, in sicer najbolj nedavno z združitvijo banke Landsbankinn in hranilnice SpKef marca 2011, bank Íslandsbanki in Byr decembra 2011 ter banke Landsbankinn in hranilnice Svarfdaelir, kar je Nadzorni organ odobril v Odločbi št. 226/12/COL z dne 20. junija 2012.
The Government invited the former Director-General of the Finnish Financial Supervisory Authority, Mr Kaarlo Jännäri, to carry out an assessment of the existing regulatory framework and supervisory practices.
Na domačem trgu se je z zmanjšanjem števila finančnih podjetij in s tem, da večje banke prevzemajo vloge bank, ki se zapirajo, povečala koncentracija.
Among the improvements proposed by Mr Jännäri was the creation of a National Credit Registry at the FME to diminish credit risks in the system.
Na finančnih trgih EGP je nasprotno splošno prisotnih manj novih bank, kot je bilo njihovih predhodnic, ker so se mednarodne bančne dejavnosti zaprle.
His report also suggested to lay down tougher rules and a stricter practice on large exposures and connected lending as well as to conduct more on-site inspections to verify off-site supervision and reports, particularly on credit risk, liquidity risk and foreign exchange risk.
Ker so določeni podtrgi izginili ali pa predvsem životarijo, se je domači trg precej skrčil.
It was also recommended to review and improve the deposit guarantee system, following closely the developments within the EU.
Zaradi skorajšnjega izginotja trga lastniških vrednostnih papirjev in uvedbe kapitalskih kontrol se je na trgu lastniških vrednostnih papirjev in trgu valut zmanjšalo število dejavnosti, kar je povzročilo bolj omejene možnosti za naložbe.
The Government subsequently proposed a bill of law to the Althingi, based, inter alia, on proposals made by Jännäri as well as amendments made to EEA law on financial activities from 2009 onwards, which was adopted and entered into force on 1 July 2010, as Act No 75/2010.
Po posojilih ni veliko povpraševanja, saj je stopnja naložb v gospodarstvo na zgodovinsko nizki ravni, gospodinjstva in podjetja pa so na splošno visoko zadolžena.
With the new law, extensive amendments were made to the Act on Financial Undertakings.
Banke so od zloma svoja prizadevanja usmerile na notranje zadeve in prestrukturiranje posojilnih portfeljev ter prestrukturiranje nekaterih večjih poslovnih strank.
Several other amendments were later introduced to the law on financial undertakings as well as of regulation and supervision of financial services.
Hranilnice so imele pred finančno krizo skupaj približno 20–25-odstotni tržni delež vlog.
These regulatory amendments are considered in more detail in the Annex.
A ta je zdaj upadel na približno 2–4 %.
Main challenges ahead [25]
Tri glavne komercialne banke, banka Arion, Íslandsbanki in Landsbanki, so pridobile tržne deleže, ki so jih izgubile hranilnice in komercialne banke ob izstopu s trga.
Despite major achievements in rebuilding a financial sector, Iceland continues to strive with the repercussions of the financial and currency crisis in the autumn of 2008.
Te tri banke skupaj zdaj obvladujejo 90–95 % trga in ne več 60–75 % kot prej, pri čemer je tržni delež banke Landsbankinn rahlo višji.
The financial crisis has revealed various flaws and deficiencies in the financial system, which must be addressed, if public confidence is to be restored.
Razen 10 regionalnih hranilnic, ki imajo trenutno 2–4-odstotni tržni delež, je edini drugi udeleženec na trgu prestrukturirana banka MP [30] z okrog 1–5-odstotnim tržnim deležem.
It seems evident that Iceland — as many other countries hard hit by the financial crisis — faces numerous challenges in adapting the legal and operating environment of financial services to support a viable and efficient financial system in the future and reduce as much as possible the risk of further systemic shocks to reoccur.
Islandski finančni trg je torej jasno oligopolen, saj bi tri največja podjetja skupaj lahko dosegla dominanten tržni položaj.
The most immediate challenges currently facing Icelandic financial undertakings are linked to the fact that the banks are operating in a sheltered environment with capital controls and a blanket deposit guarantee.
Po mnenju Islandskega organa za konkurenco, ki ga je Nadzorni organ prosil za mnenje glede stanja konkurence na Islandiji in morebitnih popravnih ukrepov, so pri vstopu na islandski bančni trg precejšnje ovire.
The banks now need to prepare themselves to operate in a more exposed environment, when the capital controls are removed and deposit guarantees revert to the arrangement set out in the relevant EU/EEA directives [26].
To ima škodljive učinke za konkurenco.
The Icelandic authorities have underlined that extreme caution must be exercised when introducing new rules in this regard.
Poleg tega imajo potrošniki pri zamenjavi bank določene ovire.
Another major challenge is the need to adapt further the legal and regulatory framework to support a solid and efficient financial system which is also consistent with EEA and international law developments [27].
Islandski organi so še priznali, da so valutna tveganja, povezana z islandsko krono – majhno valuto, v kateri se ne trguje, dodatno omejila konkurenco ter odvrnila tuje banke in podjetja od vstopa na islandski trg.
The state of competition in the Icelandic financial sector
Islandski organ za konkurenco se je nedavno osredotočil na posebno zadevo glede infrastrukture IT za bančne dejavnosti in sodelovanje med bankami v zvezi s tem.
According to recent information from the Icelandic authorities [28], competition on the financial market has changed radically since the banking collapse.
To se nanaša na ponudnika storitev IT „Reiknistofa bankanna“ (podatkovni center islandskih bank, v nadaljnjem besedilu: družba RB), ki je v skupni lasti finančnih institucij.
The number of financial undertakings has decreased, as several savings banks, commercial banks and specialised lenders are either being wound up or have been merged with other undertakings [29].
Ta zadeva je pomembna za oceno obravnavanega primera in je bila med vprašanji, o katerih je Nadzorni organ razpravljal z islandskimi organi in bankami.
The number of financial undertakings is still decreasing, most recently with the mergers of Landsbankinn and SpKef in March 2011, of Íslandsbanki and Byr in December 2011 and the merger of Landsbankinn and Svarfdaelir Savings Bank, approved by the Authority on 20 June 2012 in Decision No 226/12/COL.
Družba RB je v skupni lasti treh glavnih islandskih bank, dveh hranilnic, islandskega združenja hranilnic in treh glavnih obdelovalcev plačilnih kartic na Islandiji.
With the reductions in the number of financial undertakings and the larger banks taking over deposits from the banks closing down, concentration in the domestic market has increased.
Banka Landsbankinn ima v lasti 36,84 % delnic v družbi RB, banka Íslandsbanki 29,48 %, banka Arion pa 18,7 %.