natgillin/translations-raw huggingface dataset:
Having regard to the Agreement between the EFTA States on the Establishment of a Surveillance Authority and a Court of Justice, and in particular Article 24 thereof,
ob upoštevanju Sporazuma med državami Efte o ustanovitvi nadzornega organa in sodišča in zlasti člena 24 Sporazuma,
Having regard to Article 1 of Part I and Article 7(5) of Part II of Protocol 3 to the Surveillance and Court Agreement (‘Protocol 3’),
ob upoštevanju člena 1 dela I ter člena 7(5) dela II Protokola 3 k Sporazumu o nadzornem organu in sodišču (v nadaljnjem besedilu: Protokol 3),
Having regard to the Authority’s Decision of 14 July 2004 on the implementing provisions referred to under Article 27 of Part II of Protocol 3 [1],
ob upoštevanju Odločbe Nadzornega organa z dne 14. julija 2004 o izvedbenih določbah iz člena 27 dela II Protokola 3 [1],
Having called on interested parties to submit their comments pursuant to Article 6(1) of Part II of Protocol 3 [2] and having regard to their comments,
po pozivu zainteresiranim stranem, naj predložijo svoje pripombe v skladu s členom 6(1) dela II Protokola 3 [2], in ob upoštevanju teh pripomb –
From October to December 2008, the EFTA Surveillance Authority (the ‘Authority’) and the Icelandic authorities had pre-notification discussions in relation to the introduction of a scheme for the purchase of mortgage loans (the ‘Mortgage Loan Scheme’).
Od oktobra do decembra 2008 so potekali razgovori pred priglasitvijo med Nadzornim organom Efte (v nadaljnjem besedilu: Nadzorni organ) in islandskimi organi v zvezi z uvedbo sheme za nakup hipotekarnih posojil (v nadaljnjem besedilu: shema hipotekarnih posojil).
In this context, the Icelandic authorities submitted three letters to the Authority, dated 14 October 2008 (Event No 494902), 3 November 2008 (Event No 496979) and 3 December 2008 (Event No 500670).
V zvezi s tem so islandski organi Nadzornemu organu poslali tri dopise z dne 14. oktobra 2008 (ev. št. 494902), 3. novembra 2008 (ev. št. 496979) in 3. decembra 2008 (ev. št. 500670).
On 27 May 2009, the Icelandic authorities notified the Mortgage Loan Scheme to the Authority (Event No 519720).
Islandski organi so 27. maja 2009 Nadzornemu organu priglasili shemo hipotekarnih posojil (ev. št. 519720).
By letter dated 25 June 2009 (Event No 520515) and e-mail dated 29 June 2009 (Event No 523605), the Authority requested the Icelandic authorities to provide additional information.
Z dopisom z dne 25. junija 2009 (ev. št. 520515) in elektronskim sporočilom z dne 29. junija 2009 (ev. št. 523605) je Nadzorni organ od islandskih organov zahteval dodatne informacije.
The Icelandic authorities replied by letter on 27 July 2009 (Event No 525671) and on 28 August 2009 (Event No 528493).
Islandski organi so odgovorili z dopisoma z dne 27. julija 2009 (ev. št. 525671) in 28. avgusta 2009 (ev. št. 528493).
The case was also discussed during a conference call between the Authority and the Icelandic authorities on 1 July 2009, and again on 4 November 2009 in the context of the State Aid Package Meeting in Iceland.
Razprava o tej zadevi je potekala tudi 1. julija 2009 v okviru konferenčnega klica med Nadzornim organom in islandskimi organi ter ponovno 4. novembra 2009 na srečanju o svežnju državne pomoči na Islandiji.
By letter dated 16 November 2009 (Event No 536644), the Authority requested information to follow up on the discussions.
Nadzorni organ je z dopisom z dne 16. novembra 2009 (ev. št. 536644) zahteval informacije za nadaljevanje razprav.
The Icelandic authorities replied on 25 November 2009 (Event No 538088).
Islandski organi so odgovorili 25. novembra 2009 (ev. št. 538088).
By letter dated 10 March 2010 (Event No 548915), the Authority informed the Icelandic authorities that it had decided to initiate the procedure laid down in Article 1(2) of Part I of Protocol 3 to the Surveillance and Court Agreement in respect of the Mortgage Loan Scheme.
Z dopisom z dne 10. marca 2010 (ev. št. 548915) je Nadzorni organ obvestil islandske organe o svoji odločitvi, da začne postopek na podlagi člena 1(2) dela I Protokola 3 k Sporazumu o nadzornem organu in sodišču v zvezi s shemo hipotekarnih posojil.
By letter received on 3 May 2010, the Icelandic authorities submitted comments in respect of the Authority’s Decision No 76/10/COL to open the formal investigation procedure (Event Nos 555824 and 555999).
Z dopisom, prejetim 3. maja 2010, so islandski organi predložili pripombe na Odločbo Nadzornega organa št. 76/10/COL o začetku formalnega postopka preiskave (ev. št. 555824 in 555999).
The Icelandic authorities submitted further information, including an expert opinion, on 25 May 2010 (Event Nos 558177 and 558531).
Islandski organi so 25. maja 2010 predložili dodatne informacije, vključno z izvedenskim mnenjem (ev. št. 558177 in 558531).
On 1 June 2010, the case was discussed between the Authority and the Icelandic authorities in the context of the State Aid Package Meeting in Iceland.
O tej zadevi je 1. junija 2010 potekala razprava med Nadzornim organom in islandskimi organi na srečanju o svežnju državne pomoči na Islandiji.
As a result of turmoil in the global financial markets during 2008 and 2009, a number of Icelandic financial institutions faced a shortage of liquidity and a limited supply of credit.
Zaradi pretresov na svetovnih finančnih trgih v letih 2008 in 2009 so se številne islandske finančne institucije srečevale s pomanjkanjem likvidnosti in omejeno ponudbo kreditov.
In response to the crisis, the Icelandic authorities adopted a series of measures aimed at securing the functioning of financial markets in Iceland.
Kot odgovor na krizo so islandski organi sprejeli številne ukrepe, da bi zavarovali delovanje finančnih trgov na Islandiji.
One such measure was to introduce the Mortgage Loan Scheme, which authorises the Icelandic housing agency, the Housing Financing Fund (Íbúðalánasjóður), to take over mortgage loans from certain financial institutions in Iceland in exchange for Housing Financing Fund (HFF) bonds, a form of permanent asset swap.
Eden od takih ukrepov je bila uvedba sheme hipotekarnih posojil, ki islandsko stanovanjsko agencijo, Stanovanjski finančni sklad (Íbúðalánasjóður), pooblašča, da prevzame hipotekarna posojila od nekaterih finančnih institucij na Islandiji v zameno za obveznice Stanovanjskega finančnega sklada (SFS) kot oblike trajne izmenjave premoženja.
A financial institution may then use the HFF bonds as collateral in order to take cash loans from the Central Bank of Iceland [4].
Finančne institucije lahko nato obveznice SFS uporabljajo kot zavarovanje za gotovinska posojila Centralne banke Islandije [4].
The overall objective of the Mortgage Loan Scheme is to provide liquid funds to eligible financial institutions and to ensure the availability of loans on the residential housing market (and thereby safeguard the interests of property owners) [5].The Icelandic authorities have explained that the Mortgage Loan Scheme is a follow up to an earlier scheme, approved by the Authority on 27 March 2009 (Decision No 168/09/COL), which authorised HFF to intervene on behalf of the Icelandic State in the context of the financial crisis by temporarily refinancing mortgage loans (the ‘Temporary Mortgage Loan Scheme’) [6].
Glavni cilj sheme hipotekarnih posojil je priskrbeti likvidna sredstva upravičenim finančnim institucijam in zagotoviti razpoložljivost posojil na trgu stanovanjskih nepremičnin (da se s tem zavarujejo interesi lastnikov nepremičnin) [5].Islandski organi pojasnjujejo, da je shema hipotekarnih posojil nadaljevanje prejšnje sheme, ki jo je Nadzorni organ odobril 27. marca 2009 (Odločba št. 168/09/COL) in ki je sklad SFS pooblastila, da v imenu islandske države posreduje v razmerah finančne krize tako, da začasno refinancira hipotekarna posojila (v nadaljnjem besedilu: začasna shema hipotekarnih posojil) [6].
Under the Temporary Mortgage Loan Scheme, mortgages could be swapped on a temporary basis.
Začasna shema hipotekarnih posojil je omogočila začasno zamenjavo hipotek.
The Mortgage Loan Scheme allows for a permanent asset swap.
Shema hipotekarnih posojil pa omogoča trajno izmenjavo premoženja.
Mortgages subject to the Temporary Mortgage Loan Scheme must be returned to the beneficiary prior to any swap agreement under the Mortgage Loan Scheme.The Mortgage Loan Scheme is directed principally at small savings banks which are dependent on access to liquidity from other domestic financial institutions also facing liquidity problems [7].
Hipoteke, za katere se uporablja začasna shema hipotekarnih posojil, je treba vrniti upravičencu pred sklenitvijo kakršne koli pogodbe o zamenjavi v okviru sheme hipotekarnih posojil.Shema hipotekarnih posojil je namenjena predvsem majhnim hranilnicam, odvisnim od dostopa do likvidnih sredstev drugih domačih finančnih institucij, ki se prav tako srečujejo z likvidnostnimi težavami [7].
The savings banks mainly provide traditional banking services to local communities (individuals, corporate customers and local authorities), of which they form an integrated part.
Hranilnice večinoma zagotavljajo običajne bančne storitve lokalnim skupnostim (posameznikom, podjetniškim strankam in lokalnim organom), katerih sestavni del so.
In many regional areas, the savings banks are the only financial institutions in operation [8].
Na številnih regionalnih območjih so hranilnice edine delujoče finančne institucije [8].
The Mortgage Loan Scheme is based on Chapter V of Act No 125/2008 of 6 October 2008 on the Authority for Treasury Disbursements due to Unusual Financial Market Circumstances etc. (the ‘Emergency Act’) [9], which amended, inter alia, Act No 44/1998 on Housing Affairs (the ‘Housing Act’).
Shema hipotekarnih posojil temelji na poglavju V Zakona št. 125/2008 z dne 6. oktobra 2008 o organu za izplačila iz državne blagajne zaradi nepredvidenih razmer na finančnem trgu itd. (v nadaljnjem besedilu: izredni zakon) [9], ki je med drugim spremenil Zakon št. 44/1998 o stanovanjskih zadevah (v nadaljnjem besedilu: stanovanjski zakon).
Further detail is set out in Regulation No 1081/2008 of 26 November 2008 on the authority of the Housing Financing Fund to purchase bonds secured by mortgages in residential housing and issued by financial undertakings (the ‘Regulation’).
Podrobnosti so določene v Uredbi št. 1081/2008 z dne 26. novembra 2008 o pristojnosti Stanovanjskega finančnega sklada za nakup obveznic, zavarovanih s hipotekami na stanovanjske nepremičnine in izdanih s strani finančnih podjetij (v nadaljnjem besedilu: Uredba).
The Regulation was adopted and entered into force on 27 November 2008.
Uredba je bila sprejeta in je začela veljati 27. novembra 2008.
In addition, the Board of HFF has issued Rules regarding the purchase of mortgage loans from financial undertakings (the ‘Supplementary Rules’) [10].
Poleg tega je odbor sklada SFS izdal Pravila o nakupu hipotekarnih posojil od finančnih podjetij (v nadaljnjem besedilu: dopolnilna pravila) [10].
Following approval by the Minister of Social Affairs and Social Security, the Supplementary Rules were published on 15 January 2009 and entered into force on the same day.
Po odobritvi ministra za socialne zadeve in socialno varnost so bila dopolnilna pravila objavljena 15. januarja 2009 in so istega dne začela veljati.
The Mortgage Loan Scheme also entered into operation on that day.
Shema hipotekarnih posojil je prav tako začela veljati na ta dan.
Applications under the Mortgage Loan Scheme
Prijave v shemo hipotekarnih posojil
Under the Mortgage Loan Scheme, eligible financial institutions may apply to swap assets (mortgage loans) with HFF.
V okviru sheme hipotekarnih posojil se lahko upravičene finančne institucije prijavijo za zamenjavo sredstev (hipotekarnih posojil) pri skladu SFS.
A swap results in HFF permanently taking over the mortgage loans (or ‘mortgage loan pool’) of the applicant financial institution in exchange for existing HFF bonds, which are transferred to the applicant financial institution.
Po zamenjavi sklad SFS trajno prevzame hipotekarna posojila (ali „skupek hipotekarnih posojil“) od finančne institucije vlagateljice v zameno za obstoječe obveznice SFS, ki se prenesejo na finančno institucijo vlagateljico.
All banks, saving banks and credit institutions which have been granted a licence to operate in Iceland pursuant to Act No 161/2002 on Financial Undertakings may apply for an asset swap under the Mortgage Loan Scheme.
Vse banke, hranilnice in kreditne institucije, ki jim je bila podeljena licenca za poslovanje na Islandiji v skladu z Zakonom št. 161/2002 o finančnih podjetjih, se lahko prijavijo za zamenjavo sredstev v okviru sheme hipotekarnih posojil.
This includes subsidiaries and branches of foreign banks established in Iceland.
To vključuje hčerinska podjetja in podružnice tujih bank s sedežem na Islandiji.
In order to apply, a financial institution must send a written application, which includes information on the estimated size of the mortgage loan pool it wishes to swap with HFF.
Finančna institucija se lahko prijavi s pisno prošnjo, ki vsebuje informacije o ocenjeni vrednosti skupka hipotekarnih posojil, ki jih želi zamenjati pri skladu SFS.
On this basis, HFF negotiates the terms of the transaction with the applicant financial institution.
Na tej podlagi se sklad SFS s finančno institucijo vlagateljico dogovori o pogojih transakcije.
An important element in this process is the determination of the value of the mortgage loans (see section 2.4 below).
Pomemben element v tem procesu je določitev vrednosti hipotekarnih posojil (glej razdelek 2.4).
If the application is accepted, HFF takes over the mortgage loan pool from the applicant financial institution without needing to seek permission for the transfer from the debtor (borrower).
Če je prošnja sprejeta, sklad SFS prevzame skupek hipotekarnih posojil od finančne institucije vlagateljice, ne da bi moral pridobiti dovoljenje za prenos od dolžnika (posojilojemalca).
Following the asset swap, HFF assumes the role of lender vis-à-vis the borrower under the mortgage loan, subject to formal transfer of the mortgage deeds.
Po zamenjavi sredstev sklad SFS prevzame vlogo posojilodajalca hipotekarnega posojila v odnosu do posojilojemalca na podlagi formalnega prenosa hipotekarnih listin.
The Icelandic authorities have informed the Authority that between 22 October 2008 and 18 December 2008 seven financial institutions submitted applications for an asset swap under the Mortgage Loan Scheme: Keflavik Savings Bank, BYR Savings Bank, Bolungarvik Savings Bank, Ólafsfjarðar Saving Bank, Mýrasýsla Saving Bank, Höfðhverfinga Saving Bank and SPRON.
Islandski organi so Nadzorni organ obvestili, da je med 22. oktobrom 2008 in 18. decembrom 2008 sedem finančnih institucij zaprosilo za zamenjavo sredstev v okviru sheme hipotekarnih posojil, in sicer: Keflavik Savings Bank, BYR Savings Bank, Bolungarvik Savings Bank, Ólafsfjarðar Saving Bank, Mýrasýsla Saving Bank, Höfðhverfinga Saving Bank in SPRON.
Keflavik Savings Bank, BYR Savings Bank and Bolungarvik Savings Bank entered into swap agreements with HFF on 23 March 2009, 20 May 2009, and 3 July 2009 and 5 August 2009 [11] respectively.
Keflavik Savings Bank, BYR Savings Bank in Bolungarvik Savings Bank so sklenile pogodbe o zamenjavi s skladom SFS 23. marca 2009, 20. maja 2009 oziroma 3. julija 2009 in 5. avgusta 2009 [11].
The first agreement made under the Mortgage Loan Scheme was a mortgage loan transfer agreement signed on 23 March 2009 between HFF and Keflavik Savings Bank for a total value of ISK 9959972471,00 [12].
Prva pogodba, sklenjena v okviru sheme hipotekarnih posojil, je bila pogodba o prenosu hipotekarnih posojil, ki sta jo 23. marca 2009 podpisala sklad SFS in Keflavik Savings Bank v skupni vrednosti 9959972471,00 ISK [12].
The agreements with BYR Savings Bank and Bolungarvik Savings Bank were to the value of ISK 2707559690,00 and ISK 477141823,00 and ISK 425924422,00, respectively.
Pogodbe z BYR Savings Bank in Bolungarvik Savings Bank so bile sklenjene v vrednosti 2707559690,00 ISK oziroma 477141823,00 ISK in 425924422,00 ISK.
The applications from the other four banks referred to above were rejected.
Prošnje ostalih štirih zgoraj navedenih bank so bile zavrnjene.
Valuation of mortgage loans and HFF bonds under the Mortgage Loan Scheme
Vrednotenje hipotekarnih posojil in obveznic SFS v okviru sheme hipotekarnih posojil
Under the Mortgage Loan Scheme, HFF is required to go through several steps in order to assess the value of the mortgage loan pool of an applicant financial institution and of the HFF bonds to be swapped.
V okviru sheme hipotekarnih posojil se od sklada SFS zahteva, da v več korakih oceni vrednost skupka hipotekarnih posojil posamezne finančne institucije vlagateljice in obveznic SFS, ki so predmet zamenjave.
Article 3 of the Regulation [13] and Article 6 [14] of the Supplementary Rules provide that HFF ‘shall perform the assessment of the value of the bonds offered to the Fund’ and that ‘the book value of the loan shall as a rule be the basis for their price.’ In other words, HFF itself carries out an ‘in-house’ assessment of the value of the mortgage loans.
Člen 3 Uredbe [13] in člen 6 [14] dopolnilnih pravil določata, da mora sklad SFS „opraviti oceno vrednosti obveznic, ki se ponujajo Skladu,“ in da bo „njihova cena praviloma temeljila na knjigovodski vrednosti posojila.“ Z drugimi besedami, sklad SFS sam opravi „interno“ oceno vrednosti hipotekarnih posojil.
It bases that assessment on the book value of the loans.
Pri tej oceni se opira na knjigovodsko vrednost posojil.
Selection of mortgage loans by HFF [15]
Izbira hipotekarnih posojil s strani sklada SFS [15]
Prior to estimating the value of a mortgage loan pool, HFF considers whether it has an interest in taking over the loans at all.
Pred oceno vrednosti skupka hipotekarnih posojil mora sklad SFS preučiti, ali je prevzem posojil sploh v njegovem interesu.
For this purpose, HFF assesses the loans on the basis of the payment status of the debtor, the loan-to-value (LTV) ratio of the mortgage loan, its default status, and the terms of the mortgage loan contract.
V ta namen sklad SFS oceni posojila na podlagi plačilnega statusa dolžnika, razmerja med višino hipotekarnega posojila in vrednostjo nepremičnine (indeks LTV), njegovega statusa glede neporavnanih obveznosti in pogojev iz pogodbe o hipotekarnem posojilu.
On this basis HFF divides the mortgage loans into three categories:
Na tej podlagi sklad SFS hipotekarna posojila razdeli v tri kategorije:
non-defaulted mortgage loans that meet all of HFF’s general loan requirements;
hipotekarna posojila brez neporavnanih obveznosti, ki izpolnjujejo vse splošne zahteve sklada SFS za dodelitev posojil;
other non-defaulted mortgage loans that do not meet all of HFF’s general loan requirements;
druga hipotekarna posojila brez neporavnanih obveznosti, ki ne izpolnjujejo vseh splošnih zahtev sklada SFS za dodelitev posojil;
defaulted mortgage loans.
neporavnana hipotekarna posojila.
Mortgage loans falling into the first two categories are eligible for a swap under the Mortgage Loan Scheme.
Hipotekarna posojila, ki spadajo v prvi dve kategoriji, so upravičena do zamenjave v okviru sheme hipotekarnih posojil.
However, mortgage loans in category (c) are eligible only if the mortgage loan is removed from debt collection and all fees and expenses are paid prior to the swap.
Hipotekarna posojila iz kategorije (c) so lahko upravičena samo, če se izterjava dolgov loči od hipotekarnega posojila in so bile pred zamenjavo poravnane vse pristojbine in stroški.
Establishing the value of mortgage loans by HFF
Določitev vrednosti hipotekarnih posojil s strani sklada SFS
Article 3 of the Regulation and Article 6 of the Supplementary Rules provide that HFF is required to base the purchase price of mortgage loans on their market value.
Člen 3 Uredbe in člen 6 dopolnilnih pravil določata, da mora sklad SFS pri nakupni ceni hipotekarnih posojil izhajati iz njihove tržne vrednosti.
However, Article 6 also provides that HFF must base the market value on the book value of the mortgage loans (allowing for prepayment risk, operation costs and other factors).
Vendar člen 6 tudi določa, da mora sklad SFS tržno vrednost opreti na knjigovodsko vrednost hipotekarnih posojil (s pridržkom tveganja predplačila, stroškov poslovanja in drugih dejavnikov).
The latter has been confirmed to the Authority by the Icelandic authorities [16].
Slednje so islandski organi potrdili Nadzornemu organu [16].
The Icelandic authorities have also confirmed that the book value of each individual loan is the principal amount lent to the borrower, without write-downs [17].
Islandski organi so tudi potrdili, da je knjigovodska vrednost vsakega posameznega posojila sestavljena iz zneska glavnice, dane na voljo posojilojemalcu, brez zmanjšanja [17].
The third step is to determine the credit risk associated with the mortgage loans at issue.
V tretjem koraku se opredeli kreditno tveganje, povezano z zadevnimi hipotekarnimi posojili.
Pursuant to Article 3 of the Regulation and Article 5 of the Supplementary Rules, HFF employs a credit risk model in that regard, provided by KPMG Iceland, pursuant to which the assessment of the credit risk of mortgage loan pools is carried out on the basis of the international standard, Basel II on the capital risk assessment of financial institutions.
V skladu s členom 3 Uredbe in členom 5 dopolnilnih pravil sklad SFS v ta namen uporabi model kreditnega tveganja, ki ga je zasnoval KPMG Islandija in v skladu s katerim se opravi ocena kreditnega tveganja skupkov hipotekarnih posojil na podlagi mednarodnega standarda Basel II o oceni kapitalskega tveganja finančnih institucij.
The assessment involves calculating the expected loss by multiplying the following three factors: probability of default, loss-given default and exposure to default.
V oceno je zajet izračun pričakovane izgube s pomnožitvijo naslednjih treh dejavnikov: verjetnosti neplačila, izgube ob neplačilu in izpostavljenosti neplačilu.
Each of those variables is assessed for each mortgage loan and for each year of the loan period.
Te spremenljivke se ocenijo za vsako hipotekarno posojilo in za vsako leto posojilnega obdobja.
The model is based on a number of parameters designed to assess the likely credit loss for individual loans, as well as on a number of macroeconomic factors likely to influence mortgage loans.
Model temelji na številnih parametrih, katerih namen je oceniti morebitne kreditne izgube za posamezna posojila, in na številnih makroekonomskih dejavnikih, ki bi lahko vplivali na hipotekarna posojila.
The parameters used in the assessment of individual loans are: (i) loan to value; and (ii) payment history.
Parametri, uporabljeni pri oceni posameznih posojil, so: (i) razmerje med višino hipotekarnega posojila in vrednostjo nepremičnine ter (ii) zgodovina preteklih plačil.
The macroeconomic analysis is a medium-term forecast (until 2014) of real estate prices, inflation, wage developments, and other factors likely to impact upon the mortgage loan pool in a general way.
Makroekonomska analiza je srednjeročna napoved (do leta 2014) cen nepremičnin, inflacije, gibanja plač in drugih dejavnikov, ki bi lahko na splošno vplivali na skupek hipotekarnih posojil.
After 2014, a flat credit loss figure is assumed based on historical experience.
Po letu 2014 se predvidi pavšalni znesek kreditne izgube na podlagi izkušenj iz preteklosti.
Following determination of a credit risk by HFF, the book value is not immediately reduced by the value of the credit risk.
Potem ko sklad SFS opredeli kreditno tveganje, se knjigovodska vrednost ne zmanjša takoj za vrednost kreditnega tveganja.
The value of the credit risk is used only to determine the value of the bonds that the applicant financial institution will receive at the time of the swap.
Vrednost kreditnega tveganja se uporabi samo za določitev vrednosti obveznic, ki jih bo finančna institucija vlagateljica prejela ob zamenjavi.
Pursuant to Article 3 of the Regulation and Article 6 of the Supplementary Rules, HFF uses the expected credit risk to establish a ‘credit buffer’.
V skladu s členom 3 Uredbe in členom 6 dopolnilnih pravil sklad SFS uporabi ocenjeno kreditno tveganje za opredelitev „kreditnega varovala“.