natgillin/translations-raw huggingface dataset:
Regulatory viability measures
Ob upoštevanju tega je Nadzorni organ zadovoljen s predvideno donosnostjo načrta prestrukturiranja, ki bo kljub visokemu kapitalskemu količniku ustrezna in večinoma nad cilji donosnosti banke Íslandsbanki zlasti v celotnem obdobju prestrukturiranja in po tem obdobju.
Whilst the Íslandsbanki's restructuring plan addresses many of the bank's weaknesses as identified above, the Authority considers that the failure of Glitnir, and the collapse of the Icelandic financial industry, was also caused by a number of factors specific to Iceland, relating to its small size and the regulatory and supervisory shortcomings highlighted by the Special Investigation Commission.
Donosnost lastniškega kapitala med leti 2009 in 2014 niha med […] % in […] %.
The long-term viability of Íslandsbanki, such as that of any other Icelandic bank, thus does not depend solely on the measures taken at the bank's level, but also on whether those supervisory and regulatory shortcomings have been remedied.
Vendar, kot je bilo opisano, nastaja to […] nihanje predvsem zaradi izjemnih situacij in dogodkov, kot so dobički iz vrednotenja sredstev, prenesenih iz banke Glitnir, na eni strani, ter odpis vrednosti sredstev, ki sta jih povzročila nedavna sodba vrhovnega sodišča o posojilih finančnega trga Forex in prevzem banke Byr, na drugi.
In this regard the Authority notes positively the amendments to the regulatory and supervisory framework that the Icelandic authorities have made, as explained in the Annex.
Glede na načrt prestrukturiranja ni predvideno, da bi se taki izjemni dogodki dogajali po letu 2013, od leta 2014 do leta 2016 pa naj bi se donosnost lastniškega kapitala povečala z […] % na […] %.
First, the powers and competences of the FME have been enhanced, inter alia, with new responsibilities regarding large single exposures and the risks related thereto, which in the Authority's view addresses one of the factors that led to the financial collapse.
Čeprav ni jasno, ali so iz teh izračunov v celoti razvidni dobički, ki izhajajo iz velikega diskonta, Nadzorni organ ugotavlja, da bo banka po letu 2013, ko naj bi se diskont po predvidevanjih v celoti absorbiral, glede na načrt prestrukturiranja ustvarjala dobičke med […] in […] milijardami ISK letno.
The Authority considers that these measures will contribute to the resilience of the Icelandic banks.
Nadzornemu organu se zdi, da je to v glavnem posledica absorpcije diskonta ter da kaže na povečanje stroškov financiranja (kar izhaja iz večje razvejanosti na strani obveznosti, z večjim delom dolga z daljšimi zapadlostmi) in znižanje neto obrestne marže s sedanjih 4,4 % na […] %.
Third, a range of measures have been implemented relating to the eligibility of directors and board members, as well as their remuneration.
Nadzorni organ meni, da se v teh segmentih ni preudarno zanašati na povečanje prihodkov.
Moreover, lending to related parties (such as owners) has been subjected to stricter rules, and the FME can now prohibit a bank from performing specific activities, if it sees reason to do so.
Dejansko se zdi verjetno, da se bodo stroški financiranja rahlo povišali (glede na načrt prestrukturiranja do […] bazičnih točk).
External and internal accounting rules have also been amended, for example the duration for which an external accountant can work for the same bank has been shortened.
Kar zadeva maržo obrestne mere, Nadzorni organ ugotavlja, da bi bila z vidika mednarodne primerjave dokaj visoka celo po pričakovanem […]-odstotnem znižanju [85].
The Authority notes positively that these measures are aimed at preventing a repetition of events in so far as the owners and high executives are concerned.
Marža je bila po trditvah islandskih organov v vseh zadnjih desetletjih približno na tej stopnji ali nekoliko višje, in sicer med drugim zaradi okolja visokih obrestnih mer na Islandiji, nižjega deleža hipotekarnih kreditov v posojilnih portfeljih in manjše velikosti bank.
The measures also increase external risk monitoring, both of which reduces threats to the banks' viability.
Te trditve so po mnenju Nadzornega organa razumne, zato se mu zdi ta vidik finančnega načrtovanja dovolj verjeten.
Fourth, according to the Icelandic authorities, the already mentioned possibility for the FME to limit a bank's activities, is also prompted by the large-scale deposit taking by Icelandic commercial banks before the crisis, which seems to at least have accelerated their demise.
Višji prihodki od provizij in nadomestil za storitve, ki naj bi se po napovedih zvišali za […] v obdobju načrtovanja […], so glede na načrt prestrukturiranja še eno pomembno gonilo prihodnje donosnosti.
Moreover, the new rules on liquidity and foreign exchange balance [83] also appear, in the Authority's understanding, to entail certain restrictions as regards the banks' possibility to attract disproportionately large amounts of foreign deposits if that were to make the bank's business more fragile and vulnerable to foreign currency exchange and liquidity risks.
Vendar Nadzorni organ ne dvomi v verjetnost teh podatkov, ker je po trditvah islandskih organov realistično pričakovati bistveno povečanje dejavnosti na borzi, pa tudi kapitalske kontrole naj bi bile do konca leta 2013 odpravljene.
The Authority welcomes that the Icelandic authorities have responded to this aspect of regulatory failure.
Nadzornemu organu se glede na načrt prestrukturiranja zdi tudi verjetno, da se ta cilj lahko doseže, ker bi dokončanje prestrukturiranja portfeljev, ki jih je banka nasledila od banke Glitnir, in predvideno znižanje nadzora resnično morala omogočiti, da bi se oklestilo število zaposlenih v banki, večja učinkovitost poslovanja banke pa se zdi še vedno dosegljiva.
Íslandsbanki's restructuring plan
Poleg navedenega je jasno, da načrt prestrukturiranja temelji na številnih drugih predpostavkah.
As for the restructuring plan and the measures at the bank's level, Íslandsbanki has in essence reverted to a more traditional banking model, focusing on its core strength (domestic banking, seafood and geothermal industry), which will be predominately funded through customer deposits.
Nadzorni organ je skušal pregledati tiste, ki se zdijo najprimernejše in imajo največji vpliv na prihodnje uspešno poslovanje banke Íslandsbanki.
The deposit-to-loan ratio will fall further from about 80 % to […] % at the end of the restructuring period […].
Glede makroekonomskih predpostavk se zdi, da so na splošno v skladu z napovedmi MDS in Statističnega urada Islandije, na primer v zvezi z rastjo BDP in brezposelnostjo.
Moreover, as indicated above, Íslandsbanki was — if compared to Glitnir –from the moment of its establishment substantially less leveraged, and as most wholesale debt remained in the estate of Glitnir, it will, according to the restructuring plan, have to rely on refinancing on international markets for unsecured debt only to a very limited extent.
Na splošno se zdi, da so predpostavke, na katerih temelji načrt prestrukturiranja, dovolj preudarne, da skupaj s premisleki, ki jih je prej pojasnil Nadzorni organ, omogočajo ugotovitev, da ukrepi prestrukturiranja, ki jih je sprejela banka, ne glede na nepričakovane neželene dogodke v nepredvidenem obsegu in z nepredvidenimi posledicami zadostujejo za njeno dolgoročno uspešno poslovanje.
In fact, the reliance on wholesale markets for refinancing turned out to be one of the main reasons for Glitnir's demise.
Nadzorni organ ob upoštevanju navedenega meni, da načrt prestrukturiranja vsebuje primerne elementi, ki prispevajo k ponovni vzpostavitvi dolgoročne poslovne uspešnosti banke, da lahko ugotovi, da so izpolnjene določbe iz oddelka 2 smernic o prestrukturiranju.
Íslandsbanki's funding has so far been mostly based on deposits and equity, but the restructuring plan foresees a slight reduction in the significance of deposits from 80 % to […] % of total liabilities, […].
Lastni prispevek/porazdelitev bremena
Íslandsbanki intends to make up for this by means of issuing covered bonds on the domestic market.
V točki 22 smernic o prestrukturiranju je navedeno: „Za zmanjšanje izkrivljanja konkurence in moralnega tveganja mora biti pomoč omejena na najnižjo potrebno, banka upravičenka pa mora zagotoviti ustrezen lastni prispevek k stroškom prestrukturiranja.
It has already successfully issued covered bonds for ISK 4 billon in December 2011, and […].
Banka in njeni delničarji morajo z lastnimi sredstvi prispevati k prestrukturiranju največ, kar zmorejo.
The Authority considers that, based on the facts submitted by the Icelandic authorities, the bank's funding situation appears to be sound until the end of the restructuring period.
Nadzorni organ v zvezi s tem poudarja odločilen vidik obravnavanega primera.
Given the uncertainties surrounding the deposit guarantee and the capital controls, as well as the ambiguous future developments of (sovereign) debt markets, it cannot conclude on whether Íslandsbanki's funding strategy will materialise as foreseen in the long run.
Ko je bila na osnovi domačih dejavnosti banke Glitnir ustanovljena banka Íslandsbanki, so bili delničarji banke Glitnir v celoti izločeni in so tako do najvišje možne mere prispevali k prestrukturiranju banke Íslandsbanki.
However, given the strong reliance on deposits and covered bonds during the restructuring period, and the large share of those types of debt on the balance sheet, the Authority concedes that slight variations to the funding strategy that might be necessary down the road would not threaten the bank's viability.
Poleg tega so morali upniki banke Glitnir prevzeti precejšnje izgube [86] ali vsaj tveganje, da je njihova naložba odvisna od donosnosti banke Íslandsbanki.
As regards the assets side of the balance sheet, the most risky, international assets — such as the commercial real estate securities abroad — were also kept in Glitnir's estate.
Zato je, kar zadeva lastnike in upnike banke Glitnir, merilo porazdelitve bremena optimalno izpolnjeno in vprašanje moralnega tveganja rešeno.
As a result, the balance sheet has shrunk by 85 %.
Poleg navedenega mora Nadzorni organ oceniti, ali je bila državna pomoč, ki jo je prejela banka Íslandsbanki, omejena na najnižjo potrebno.
A main weakness of Glitnir's business model — the reliance on risky international assets without appropriate risk assessment and limited market knowledge — has thus been remedied.
Kar zadeva ukrepe za kapitalizacijo, je začetna kapitalizacija banke Íslandsbanki zadostovala komaj za izpolnitev kapitalskih zahtev Organa za finančni nadzor, dokler ni bil zaradi sporazuma z upniki banke Glitnir državni delež znižan na 5 %.
The Authority welcomes that pursuant to the restructuring plan, the bank will not engage in similar business in the future, but rather focus on its traditional core business.
Potem ko je bil sklenjen sporazum o tem, da bo banka Íslandsbanki prevzela banko Glitnir in je bil banki Íslandsbanki dodeljen kapital 2. reda, je stopnja kapitalske ustreznosti leta 2009 dosegla skoraj 19 %, kar je 3 odstotne točke več od najnižje stopnje, ki jo je določil Organ za finančni nadzor.
Evidently, the bank has grown since its establishment, in particular through the acquisition of Byr.
V tem okviru Nadzorni organ ugotavlja, da je bil kapitalski količnik odvisen predvsem od tega, ali je bilo vrednotenje sredstev, ki so bila z banke Glitnir prenesena na banko Íslandsbanki, točno.
However, according the restructuring plan, this does not have a major impact on the business model of Íslandsbanki, as Byr mainly disposed of domestic assets of similar characteristics as those in Íslandsbanki's portfolio.
Prav tako je treba upoštevati, da so bili gospodarski obeti za Islandijo tedaj negotovi.
A considerable challenge for the bank as regards its asset portfolio remains the restructuring of the loans that were transferred from Glitnir.
Dejstvo, da je stopnja kapitalske ustreznosti banke Íslandsbanki naknadno postala tako močna, da je lahko banka leta 2011 prevzela močno premalo kapitalizirano banko – banko Byr, ne razveljavlja te ugotovitve.
Whilst the process has not progressed as swiftly as was initially planned, much has been already achieved.
Tega ni bilo mogoče z gotovostjo predvideti in, ker se je stopnja kapitalske ustreznosti pozneje tako močno razvila, po mnenju Nadzornega organa ni nobenega razloga za domnevo, da je država banko Íslandsbanki že na začetku preveč kapitalizirala [87].
For example, on 8 February 2012, 2680 companies had undergone some form of restructuring, and according to the Icelandic authorities, the vast majority of those were able to service their debt post restructuring.
V točki 26 smernic o prestrukturiranju je navedeno, da morajo biti banke, ki prejemajo pomoč za prestrukturiranje, „sposobne iz dobičkov, ki jih ustvarijo s svojimi dejavnostmi, izplačati delničarje in lastnike hibridnega kapitala, med drugim v obliki dividend in kuponov na neodplačane podrejene dolgove“.
The Authority considers this to be an indicator of the soundness of Íslandsbanki's restructuring methods.
Vendar je treba tudi poudariti, da se nadomestilo za kapital 2. reda oddaljuje od smernic Nadzornega organa o dokapitalizaciji [88].
Moreover, based on the data in the banks' restructuring dashboard, it appears realistic that the bank can meet its target of completing the restructuring of its corporate debt by year-end 2012 and of retail debt by 2013.
Kot so pravilno trdili islandski organi, zahtevano nadomestilo v skladu s smernicami o dokapitalizaciji znaša približno 15,7 % (vključuje pa 8-odstotne stroške financiranja države, 5,7-odstotni razmik kreditne zamenjave banke Glitnir v obdobju pred krizo in 2-odstotni pribitek).
Overall, barring unexpected developments in the macroeconomic environment in Iceland or abroad, this would mean that at the latest at the end of the restructuring period, Íslandsbanki will, in the Authority's view, have a relatively healthy balance sheet and well-performing loan portfolios.
Nadomestilo, ki ga plačuje banka Íslandsbanki – po meri EURIBOR, čemur se prišteje 4-odstotni pribitek, pa v veliki meri ne dohaja tega referenčnega merila.
As indicated above, the weak capitalisation of Glitnir was one of the factors that lead to its downfall.
V skladu s točko 25 smernic o prestrukturiranju se tako odstopanje od ustrezne vnaprejšnje porazdelitve bremena (tj. ustrezno nadomestilo) lahko med drugim utemelji z daljnosežnejšim prestrukturiranjem, vključno z ukrepi za omejevanje izkrivljanja konkurence.
Íslandsbanki's restructuring plan predicts that the bank will stay well above the minimum CAD ratio of 16 % required by the FME throughout the restructuring period.
Kot bo prikazano v nadaljevanju, Nadzorni organ meni, da je prestrukturiranje banke Íslandsbanki dovolj daljnosežno, da je izpolnjeno to merilo.
This ratio is well above the future Basel III minimum of 10,5 %.
Nadzorni organ meni, da je sporazum o banki Straumur, kot je bilo zgoraj opisano, čeprav vključuje elemente državne pomoči, sestavljen tako, da naj bi omejeval ali izključeval neposredno finančno prednost za banko Íslandsbanki.
Even pursuant to the stress case, which Íslandsbanki has submitted in conjunction with this year's ICAAP report attached to the restructuring plan, the CAD ratio would not fall below this high benchmark.
V sporazum je v bistvu vključeno nadomestilo, doseženo s pogajanji, za banko Íslandsbanki v zameno za prevzemanje obveznosti iz naslova vlog banke Straumur in verjetno je, da banka Íslandsbanki prejema usklajena sredstva za prenesene obveznosti.
In fact, according to the restructuring plan, Íslandsbanki will gradually reduce its capital ratio in order to increase profitability by starting to pay out dividends [84].
Nadzorni organ meni, da ta pomoč nima velikega pomena pri njegovi oceni delitve bremena.
The Authority considers it prudent and comforting that even in the stress case submitted by Íslandsbanki, which seems to be based on sensible parameters, a capital surplus of over ISK […] billion remains, which, in an operating environment as described above, provides Íslandsbanki with a significant capacity to deal with unexpected adversities.
Nadzorni organ je v odločbi o začetku postopka že navedel, da bi jamstvo za vloge – glede na takratne izjemne okoliščine – lahko pomenilo ustrezna sredstva za zavarovanje finančne stabilnosti Islandije.
As for the bank's liquidity position, the Authority notes that the current situation, pursuant to the restructuring plan, appears sufficiently robust, and that there are no indications that the situation could deteriorate substantially during the restructuring period.
Vendar je očitno, da se taka pomoč ne more odobriti neomejeno.
Moreover, the Authority considers that stress testing the bank's liquidity ratio in the context of the ICAAP report, according to which the bank is well prepared for adverse events, suggests that Íslandsbanki's liquidity situation is sound.
Nadzorni organ torej meni, da se mora ta državna pomoč čim prej zaključiti, da bi se obravnavala, kot da je omejena na najnižjo potrebno.
The Authority also welcomes the changes to Íslandsbanki's corporate governance and risk management, as described above, which address a weakness in Glitnir's business and will contribute to a more objective and professional risk assessment in the bank's operation.
Nadzorni organ zato odobrava namero islandskih organov, da ukinejo jamstvo za vloge, preden bodo odpravljene kapitalske kontrole, in sicer v skladu s sedanjim načrtovanjem najpozneje do konca leta 2013.
As regards profitability, the Restructuring Guidelines also provide that the restructuring plan should demonstrate how the bank will restore its long-term viability without State aid as soon as possible.
Nadzorni organ na podlagi navedenega ugotavlja, da se z načrtom prestrukturiranja banke Íslandsbanki zagotavlja, da je pomoč omejena na najnižjo potrebno ter da so upravičenka, delničarji in nosilci dolga njene predhodnice ustrezno prispevali k porazdelitvi bremena.
In particular, the bank should be able to generate an appropriate return on equity, while covering all costs of its normal operation and complying with the relevant regulatory requirements.
Pomoč za prestrukturiranje je torej skladna z oddelkom 3 smernic o prestrukturiranju.
In particular, point 13 of the Restructuring Guidelines indicates that long-term viability is achieved when a bank is able to cover all its costs including depreciation and financial charges and provide an appropriate return on equity, taking account of the risk profile of the bank.
Omejitev izkrivljanja konkurence
At this point, the Authority recalls what was already mentioned above, namely that the economic environment in which Íslandsbanki operates would be challenging for any bank.
V točkah 29 do 32 oddelka 4 smernic o prestrukturiranju je navedeno:
With this in mind, the Authority is satisfied with the restructuring plan's forecasted profitability, which, in spite of the high capital ratio, will be adequate and mostly above Íslandsbanki's own profitability targets throughout most of the restructuring period and beyond.
„Finančna stabilnost ostaja glavni cilj pomoči, dodeljene finančnemu sektorju v sistemski krizi, vendar pa kratkoročno ohranjanje sistemske stabilnosti ne sme povzročiti dolgoročnejše škode pri zagotavljanju enakih pogojev in konkurenčnih trgov.
Between 2009 and 2014, the ROE fluctuates between […] % and […] %.
V tem okviru imajo ukrepi za omejevanje izkrivljanja konkurence, ki izvira iz državne pomoči, pomembno vlogo.
However, as described above, […]fluctuation is mainly due to irregular situations and events, such as the valuation gains from the assets transferred from Glitnir on one hand, and the write-downs caused by the recent Supreme Court ruling on FX-loans and the acquisition of Byr on the other hand.
[…] Ukrepi za omejitev izkrivljanja konkurence morajo biti prilagojeni razmeram na trgih, na katerih banka upravičenka po prestrukturiranju ponovno uspešno posluje, poleg tega pa morajo biti skladni s skupno politiko in načeli.
According to the restructuring plan, such irregular events are not foreseen to occur beyond 2013, and from 2014 to 2016 the ROE is expected to increase from […] % to […] %.
Ocena Nadzornega organa glede potrebe po takih ukrepih temelji na vrednosti in obsegu dejavnosti, ki bi jih zadevna banka opravljala po izvedbi kredibilnega načrta prestrukturiranja, predvidenega v oddelku 2 tega poglavja.
The report by the Icelandic State Financial Investments (‘ISFI’) referred to above would seem to support this conclusion.
Pri prvem merilu se ukrepi za omejitev izkrivljanja konkurence zelo razlikujejo glede na višino pomoči, pa tudi stopnjo porazdelitve bremena in višino nadomestila.
Whilst it is not clear if these calculations fully reflect the gains stemming from the deep discount, the Authority notes that after 2013, when the discount is forecasted to be fully absorbed, the bank will make profits of between […]and […]billion ISK annually according to the restructuring plan.
Na splošno je negativnih posledic moralnega tveganja manj, če sta porazdelitev bremena in lastni prispevek večja.
Some of the most relevant and more detailed aspects of the financial planning on which the restructuring plan is based were mentioned above, such as the decreasing income from core business segments corporate and retail bank during the restructuring period.
Pri drugem merilu bo Nadzorni organ analiziral verjetne učinke pomoči na trge, na katerih banka posluje po prestrukturiranju.
It appears to the Authority that this is mainly a result of the discount being absorbed, and reflects the increasing funding costs (resulting from greater diversification on the liabilities side, with a larger share of debt with longer maturities) as well as a decrease in the net interest margin from currently 4,4 % to […] %.
Najprej bo proučil velikost in relativno moč banke na trgih, na katerih ponovno uspešno posluje.
The Authority is of the view that it is prudent to not rely on increasing revenue in these segments.
Ukrepi bodo prilagojeni značilnostim trgov, da se zagotovi ohranjanje učinkovite konkurence.
Indeed, it appears probable that funding costs will increase slightly (according to the restructuring plan, by up to […]bp).
[…] Ukrepi za omejevanje izkrivljanja konkurence ne smejo poslabšati možnosti banke, da začne spet uspešno poslovati“.
As regards the interest rate margin, the Authority notes that even after the anticipated decrease to […] %, it would be rather high in international comparison [85].
Iz navedenega izhaja, da so pri oceni Nadzornega organa glede ustreznosti ukrepov za omejevanje izkrivljanja konkurence odločilni obseg pomoči, zlasti z vidika sorazmernosti, in značilnosti trga.
According to the Icelandic authorities, the margin has been approximately at that level or higher throughout the last decades, and is due, amongst other factors, to the high-interest rate environment in Iceland, the lower share of mortgages in the loan portfolio and the smaller size of the banks.
Obenem pa je jasno, da taki ukrepi ne smejo ogroziti uspešnega poslovanja upravičenca do pomoči za prestrukturiranje, pomisleke glede konkurence pa je treba obravnavati zaradi glavnega cilja finančne stabilnosti v sedanji krizi.
The Authority considers these explanations reasonable, and therefore finds this aspect of the financial planning to be sufficiently plausible.
Nadzorni organ bo glede na zgornji pravni okvir v nadaljevanju pojasnil premisleke, ki so po njegovem mnenju bistveni za oceno ukrepov za omejevanje izkrivljanja konkurence.
Another important driver of future profitability according to the restructuring plan is a greater fee and commission income, which is forecasted to increase […] over the planning period […].
Prvič, Nadzorni organ meni, da je ob upoštevanju posebnih razmer na islandskih finančnih trgih in gospodarskega položaja, kot je bilo opisano v prejšnjih poglavjih, potrebna temeljita ocena tržnih razmer in konkurenčnega okolja.
This increase would then yield profits of ISK […] in 2016.
Iz ukrepov za omejevanje izkrivljanja konkurence bi morale biti razvidne sedanje težke razmere, hkrati pa bi bilo treba zagotoviti, da je izkrivljanje konkurence kratkoročno in dolgoročno čim bolj omejeno.