natgillin/translations-raw huggingface dataset:
Moreover, the creditors of Kaupthing had to take considerable losses [84], or at least had to take on the risk of their investment depending on the profitability of Arion Bank.
Prvič, z imenovanjem delovne skupine, ki bo pregledala Zakon št. 36/1978 o kolkovinah, zlasti s preučitvijo, ali odpraviti kolkovino za obveznice, ki jih izdajo fizične osebe in se prenesejo med upniki (npr. ko fizične osebe svoja posojila prenesejo iz ene posojilnice v drugo).
Therefore, as far as the owners and creditors of Kaupthing are concerned, the criterion of burden-sharing is optimally satisfied and the issue of moral hazard addressed.
Nadzorni organ meni, da veljavna zakonodaja – ki med drugim zahteva, da stranke pri prehodu k drugemu posojilodajalcu plačajo kolkovino na znesek svojih obveznic [89] – lahko pomeni oviro za konkurenco, kar morda stranke obvezuje k obstoječim pogodbam o dolgoročnih posojilih.
In addition to the above, the Authority needs to assess whether the state aid that Arion Bank has received was limited to the minimum necessary.
Nadzorni organ zato pozdravlja zavezo, da se ta zakonodaja pregleda.
As regards the capitalisation measures, the initial capitalisation of Arion Bank, until the agreement with the creditors of Kaupthing reduced the State's stake to 13 %, was just sufficient to meet the FME's capital requirements.
Drugič, Nadzorni organ ugotavlja, da bo v skladu s sklepom, ki ga je islandski parlament sprejel 21. marca 2012, vlada imenovala odbor in ga pooblastila, da pregleda varstvo potrošnikov na finančnem trgu.
In 2009, after the agreement on Kaupthing's acquisition of Arion Bank had been reached, and the Tier-II capital had been granted to Arion Bank, the CAD ratio reached approximately 18 %, 2 percentage point more than the minimum ratio set forth by the FME.
To bo vključevalo posebno pooblastilo za pregled omogočanja prehoda in znižanja stroškov prehoda in da odbor pri tem vprašanju tesno sodeluje z islandskim organom, pristojnim za konkurenco.
In this context, the Authority notes that the capital ratio depended mainly on whether valuation of the assets that had been transferred from Kaupthing to Arion Bank had been done accurately.
V tem času pa naj bi spodaj obravnavana zaveza banke Arion Bank prispevala k lažjemu prehodu in s tem povečala konkurenco.
Moreover, it has to be borne in mind that at the time the economic outlook for Iceland was cast in uncertainty.
Glede konkurenčnih pomislekov, ki jih je Nadzorni organ ugotovil v zvezi z RB, pa Nadzorni organ pozdravlja poravnavo, ki sta jo islandski organ, pristojen za konkurenco in lastniki RB, vključno s tremi velikimi bankami, dosegli v zvezi s tem vprašanjem.
In view of the foregoing, the Authority considers that the amount of capital provided by the Icelandic state to Arion Bank was limited to the minimum necessary, as it amounted to nothing more than the regulatory minimum plus a reasonable buffer.
Prizadeva si zagotoviti dostop do bistvene infrastrukture IT na podlagi nediskriminacije in z razumnimi stroški za manjše konkurente in potencialne nove udeležence na trgu.
This conclusion is not undone by the fact that Arion Bank's CAD ratio has subsequently grown somewhat, to 19 % in 2010 and 21 % in 2011.
Nadzorni organ meni, da je ta poravnava zadovoljivo obravnavala njegove pomisleke in da Nadzornemu organu v tej odločbi ni več treba obravnavati tega vprašanja.
The increase of the CAD ratio was to a significant extent due to the writing up of the book value of the assets that had been transferred from Kaupthing to Arion Bank.
Na koncu se Nadzorni organ seznanja z regulativnimi spremembami, uvedenimi od leta 2008, kot je navedeno v Prilogi.
It could not have been predicted with any certainty that this would happen, and the fact that the CAD ratio developed so favourably later is in the Authority's view no reason to consider that Arion Bank was overcapitalised by the State at the outset [85].
Glede konkurenčnih pomislekov je v tej zvezi zlasti pomembna uvedba člena 22 v Zakon o finančnih podjetjih, št. 161/2002.
Paragraph 26 of the Restructuring Guidelines provides that banks in receipt of restructuring aid ‘should be able to remunerate capital, including in the form of dividends and coupons on outstanding subordinated debt, out of profits generated by their activities’.
Vključuje določbe, ki omejujejo udeležbo finančnih podjetij v dejavnostih, ki so zunaj področja njihovih dovoljenj za poslovanje.
In this context, it is worth recalling that at the time when agreements were concluded on the takeover of Kaupskil of 87 % of shareholdings in Arion Bank, it was agreed that the Government would be paid a fair share of the bank's returned earnings over the period until the new agreement on ownership took effect.
V skladu s tem novim pravilom je take dejavnosti mogoče opravljati samo začasno in za namen sklepanja transakcij ali reorganizacije dejavnosti strank.
The amount agreed upon was 6,5 billion ISK [86], corresponding to an annualised return for the State of almost 9 % on the capital which was redeemed already in the autumn of 2009.
FME je treba poslati utemeljeno uradno obvestilo, za finančna podjetja pa so bili uvedeni roki, v katerih je treba zaključiti reorganizacijo strank in odtujiti odobrena sredstva.
It is clear that this amount falls 2,3 billion ISK short of the accrued interest on the government bond for this time and is also significantly below the ECB benchmark interest of 15,3 % for this period as set out in the Authority's Recapitalisation Guidelines.
Nadzorni organ meni, da je ta sprememba ustrezen zakonodajni izziv na vprašanje nesorazmerno velikega obsega lastništva finančnih ustanov v realnem gospodarstvu.
However, as for the 13 % stake that the State retained in Arion Bank, the prospect of a satisfactory return appears promising, given the overall good performance of Arion Bank since its establishment.
Zdi se, da ta določba vsaj blaži ta položaj – ki je neposredni rezultat zamenjav terjatev v lastniške deleže (ali podobnih transakcij), ki vključuje gospodarske družbe, ki so bile po začetku krize prezadolžene – da ne bi postal trajen.
However, it also should be stressed that the remuneration for the Tier-II capital deviates from the Authority's Recapitalisation Guidelines.
Ker obravnava eno od najbolj perečih vprašanj glede konkurence, ki je povezano z državno pomočjo trem bankam, jo Nadzorni organ v svoji oceni ustrezno upošteva.
As correctly submitted by the Icelandic authorities, the required remuneration pursuant to the Recapitalisation Guidelines consists of the government's funding cost of 8 %, Kaupthing's pre-crisis CDS-spread and an add-on fee of 2 %.
Posebni ukrepi za banko Arion Bank
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.
Nadzorni organ poudarja, da je prisotnost na trgu in velikost banke Arion Bank samo delček prisotnosti in velikosti banke Kaupthing, saj se je bilančna vsota zmanjšala za 88 %, kakor je opisano zgoraj.
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.
Za razliko od banke Kaupthing banka Arion Bank deluje samo na islandskem trgu.
As will be shown below, the Authority considers that the restructuring of Arion Bank is sufficiently far-reaching for this condition to be met.
Čeprav je večina zmanjšanja očitno posledica ukinitve mednarodnih dejavnosti banke Kaupthing, Nadzorni organ meni, da je ta proces zlasti pomemben glede izkrivljanja konkurence, ker je v preteklosti zlom banke in izkrivljanje na finančnih trgih EGP povzročila zlasti tvegana prekomorska strategija banke Kaupthing [90].
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.
Nadzorni organ se seznanja z zavezami banke Arion Bank, navedenimi v Prilogi, da do 1. decembra 2014 ne bo prevzemala finančnih ustanov, razen če bo za to prej pridobila odobritev Nadzornega organa.
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.
To pomeni, da je mogoče preprečiti nadaljnjo koncentracijo islandskih finančnih trgov prek prevzemov s strani banke Arion Bank, če ne bodo zaradi pomislekov glede finančne stabilnosti potrebne nadaljnje združitve.
The Authority does not consider that this aid is of great significance for its burden-sharing assessment.
Ta zaveza tudi zagotavlja, da se pomoč, dodeljena banki Arion Bank, uporablja za ponovno vzpostavitev uspešnega poslovanja in ne za konsolidacijo in nadaljnjo širitev njene prisotnosti na trgu na Islandiji.
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.
Treba je pozdraviti tudi zavezo banke Arion Bank, da[…], ker […] in podpira politiko za doseganje potrebnih znižanj stroškov.
It is evident however that such aid cannot be approved indefinitely.
Enako velja za zavezo banke Arion Bank, na podlagi katere do 1. decembra 2014 ne bo uveljavila pogodbenih klavzul v hipotekarnih stanovanjskih pogodbah za fizične osebe [91] ali uvedla novih pogodbenih klavzul, po katerih bi bili posebni pogoji obrestnih mer pogojeni z ohranjanjem najmanjšega obsega poslovanja z banko.
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.
Kot je opisano zgoraj, islandski finančni trg trenutno predstavlja okolje delovanja, ki je velik izziv za vsako banko, kar potrjuje tudi dejstvo, da trenutno skoraj ni interesa iz tujine za vstop na ta trg.
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.
Nadzorni organ zato pozdravlja zavezo banke Arion Bank, ki se nanaša na olajšanje prehoda z ene banke na drugo in zagotavljanje osnovnih storitev obdelave plačil.
After that time, protection of deposits should be governed only by the applicable EEA legislation regarding deposit guarantees.
Nadzorni organ meni, da bo to zmanjšalo ovire za vstop prihodnjih (potencialnih) udeležencev na trg in bi obstoječim manjšim udeležencem lahko omogočilo povečanje tržnih deležev, če bodo sposobni ponuditi boljše storitve kot njihovi večji konkurenti.
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.
Poleg tega bodo vsi ukrepi, ki so namenjeni olajšanju prehoda, prispevali k ostrejši konkurenci med obstoječimi velikimi udeleženci in bi lahko prispevali k preprečevanju ali prenehanju razmer možnega skupnega prevladujočega položaja.
The restructuring aid thus complies with section 3 of the Restructuring Guidelines.
Banka Arion Bank se je zavezala, da bo čim prej prodala deleže v delujočih družbah, ki jih je prevzela zaradi prestrukturiranja v skladu s členom 22 Zakona o finančnih podjetjih št. 161/2002, upoštevala postopek in roke, določene v tej določbi in kot ga razlaga FME, ter bo na svoji spletni strani ali na spletni strani podružnice vzdrževala najnovejše informacije o podružnicah in deležih, ki se prodajajo.
Limiting distortions of competition
Nadzorni organ pozdravlja zavezo banke Arion Bank, da bo čim prej odprodala vse družbe in deleže, ki niso povezani z njeno osnovno dejavnostjo, predvsem zaradi pomislekov glede poslovne uspešnosti.
The Restructuring Guidelines provide in section 4, paragraphs 29-32:
Nadzorni organ meni, da je samoumevno, da banka mora izpolnjevati domače pravne obveznosti, kot je člen 22 Zakona o finančnih podjetjih in se seznanja s to zavezo ter islandske organe in upravičence opozarja na dejstvo, da v tej zvezi kršitev nacionalnega prava lahko povzroči tudi zlorabo pomoči.
'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.
Nadzorni organ tudi meni, da bo vključitev informacij o predvidenih odprodajah in prodajah na spletno mesto pomenilo večjo preglednost o trenutnem lastniškem položaju v islandskem gospodarstvu.
In this context, measures to limit distortions of competition due to state aid play an important role.
To vsaj do neke mere odpravlja ta posebni pomislek glede konkurence, ki je trenutno značilen za islandske trge.
[…] 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.
Na podlagi vsega navedenega in zlasti zaradi posebnih okoliščin na Islandiji ter dejstva, da Nadzorni organ meni, da zgoraj navedeni ukrepi rešujejo glavna vprašanja glede konkurence, ki jih je Nadzorni organ ugotovil v sodelovanju z ICA, ter ob upoštevanju glavnega cilja finančne stabilnosti, Nadzorni organ ugotavlja, da zaveze zadovoljivo omejujejo izkrivljanje konkurence.
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.
Pomoč za prestrukturiranje je torej skladna z oddelkom 4 Smernic za prestrukturiranje.
[…] 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.
SKLEPNA UGOTOVITEV
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.
Na podlagi zgornje ocene in ob upoštevanju načrta prestrukturiranja, ki so ga islandski organi predložili za banko Arion Bank, so odpravljeni dvomi Nadzornega organa, izraženi v sklepu o začetku postopka glede narave in združljivosti ukrepov pomoči za banko Arion Bank.
Generally speaking, where there is greater burden sharing and the own contribution is higher, there are fewer negative consequences resulting from moral hazard.
Nadzorni organ zato potrjuje ukrepe pomoči kot pomoč za prestrukturiranje, ki je združljiva z delovanjem Sporazuma o EGP na podlagi člena 61(3)(b) EGP pod pogojem, da se bosta Islandija in banka Arion Bank držali zavez, navedenih v Prilogi –
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.
SPREJEL NASLEDNJO ODLOČBO:
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.
Člen 1
The measures will be tailored to market characteristics to make sure that effective competition is preserved.
Ustanovna obratna sredstva, (začasna) popolna državna kapitalizacija, 13-odstotni osnovni kapital, ki ge ja zadržala država in kapital razreda 2, dodeljen banki Arion Bank ter posebno likvidnostno posojilo, posel zamenjave SPRON in neomejeno jamstvo za hranilne vloge pomenijo državno pomoč v smislu člena 61(1) Sporazuma EGP.
[…] Measures limiting distortions of competition should not compromise the prospects of the bank's return to viability.'
Člen 2
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.
Ukrepi, našteti v členu 1, so nezakonita državna pomoč od datuma začetka izvajanja do datuma te odločbe, ker islandski organi niso izpolnili svoje obveznosti priglasitve izvajanja pomoči Nadzornemu organu pred začetkom izvajanja pomoči v skladu s členom 1(3) dela I Protokola 3.
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.
Člen 3
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.
Ukrepi, našteti v členu 1, so združljivi z delovanjem Sporazuma o EGP na podlagi člena 61(3)(b) EGP pod pogojem, da bodo izpolnjene zaveze, navedene v Prilogi.
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.
Dovoljenje za neomejeno jamstvo za hranilne vloge preneha veljati konec leta 2014.
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.
Člen 4
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.
Ta odločba je naslovljena na Republiko Islandijo.
Consequently, the need for additional competition measures has been limited.
Člen 5
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.
Besedilo te odločbe v angleškem jeziku je edino verodostojno.
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.
V Bruslju, 11. julija 2012
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.
Za Nadzorni organ Efte
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.
Predsednik
A further competition concern is the existence of a de-facto monopoly for banking IT-services (RB), majority owned by the three major banks.
Član kolegija
Fifth, the relative size of aid that Arion Bank has received is significant.
To besedilo je na voljo samo v informativne namene.
In this regard, the Authority notes that at the outset the entire capital of the bank was provided by the State.
V tej javni različici so nekatere informacije zaradi zaupnosti izpuščene.
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.
To je označeno z […] ali z razponom v oglatih oklepajih, ki pomeni nezaupen približek številke.
At the same time, Arion Bank remains a small bank, at least by international standards.
Odločba Nadzornega organa št. 492/10/COL, s katero se začenja formalni postopek preiskave državne pomoči, dodeljene za ponovno vzpostavitev nekaterih dejavnosti (nekdanje) banke Kaupthing Bank hf ter za ustanovitev in kapitalizacijo banke New Kaupthing Bank hf (zdaj preimenovana v Arion Bank hf), UL C 41, 10.2.2011, str. 7 in Dopolnilo EGP k Uradnemu listu št. 7, 10.2.2011, str. 1.
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.
Več informacij o postopku, po katerem je bila sprejeta Odločba Nadzornega organa št. 492/10/COL, je v postopkovnem delu Odločbe.
Measures and regulatory developments undertaken or committed to by the Icelandic authorities
Popravile zainteresirane strani dne 25. maja 2012.
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:
Nadzorni organ je glede konkurenčnega položaja v islandskem bančnem sektorju in možnih popravnih ukrepov glede konkurence sodeloval z islandskim organom, pristojnim za konkurenco (ICA).
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).
Člani posebne komisije za preiskave so bili vrhovni sodnik Páll Hreinsson; parlamentarni varuh človekovih pravic Islandije Tryggvi Gunnarsson in predavateljica in izredna profesorica na Univerzi Yale ZDA dr. Sigríður Benediktsdóttir.
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.
Celo poročilo v islandskem jeziku je objavljeno na http://rna.althingi.is/, deli, ki so prevedeni v angleški jezik (vključno s povzetkom in poglavjem o vzrokih za zlom bank) pa na http://sic.althingi.is/
The Authority thus welcomes the commitment for this law to be reviewed.
Islandska króna.
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.
Posojanje tujim subjektom se je v šestih mesecih povečalo za 11,4 milijarde EUR, in sicer z 9,3 milijarde EUR na 20,7 milijarde EUR.
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.
Poglavje 21.2.1.2 Poročila.
The Committee shall present its report no later than 15 January 2013.
Exista, Exista Trading, Bakkavör Group, Bakkavor Finance Ltd, Bakkabraedur Holding B.V., Lýsing, Síminn, Skipti in druge povezane družbe.
The Authority is of the opinion that a closer assessment could be of benefit for competition in the long-run.
Več kot polovica takih posojil, odobrenih od začetka leta 2007 do zloma banke, je bilo odobrenih brez zavarovanja.
In the meantime the bank-specific commitment by Arion Bank discussed below should contribute to making switching easier, and thereby will increase competition.
V zapisniku odbora za posojila upravnega odbora banke Kaupthing je med drugim navedeno, da je banka denar pogosto posojala Tchenguizu, da je lahko izpolnjeval pozive drugih bank h kritju, ker so se njegove družbe slabšale.
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.
Poglavje 21.2.1.4 Poročila.