natgillin/translations-raw huggingface dataset:
Simultaneously, Íslandsbanki and the Ministry of Finance entered into a securities lending agreement, in which the government effectively pledges repo-able government notes as security for the Straumur claim, in return for which Íslandsbanki can obtain liquidity from the CBI to the extent that liquidity is required as a result of Íslandsbanki assuming the liability for Straumur's deposits.
Poudarja se, da je banka Íslandsbanki druga banka, čeprav temelji na domačih dejavnostih banke Glitnir.
In the agreement Íslandsbanki is committed to returning to the state the amount of the government bonds that equal the payments the bank receives under the bond issued by Straumur.
Prav tako je navedeno, da so bile za obravnavanje pomanjkljivosti, ki naj bi prispevale k propadu predhodnice, storjene pomembne spremembe.
The parties also agreed that in the event that Íslandsbanki does not receive full payment under the bond, and in the event that the state had not paid the remaining debt, Íslandsbanki would retain the outstanding government bonds.
Med najpomembnejšimi spremembami so spremembe pravil o kreditiranju povezanih strank, ukinitvi kreditiranja z delnicami kot zavarovanjem in kreditiranje na finančnem trgu Forex („Foreign exchange“ – trg za trgovanje z valutami) [54] za stranke, ki nimajo prihodkov iz tega trga, ter sicer strožjo disciplino za odobritev posojil.
In essence, therefore, Íslandsbanki assumed Straumur's liabilities for deposits in return for a matching amount of government guaranteed assets.
Čeprav namerava banka Íslandsbanki zagotavljati široko paleto finančnih storitev na islandskem trgu, tako kot jih je banka Glitnir, je v primeru banke Íslandsbanki razlika med bančništvom pred krizo in po krizi bolj vidna v tem, „kako“ banka posluje (procesi, postopki, dokumentacija, pravila in predpisi), ne pa v tem, „kakšno“ vrsto storitev in proizvodov ponuja.
As indicated above, the Straumur bond was to mature on 31 March 2013.
Stališča banke Íslandsbanki o tej zadevi so sicer povzeta v spodnjem diagramu 2:
However, in the meanwhile the bond has been paid in full, without the Icelandic State having to step in.
Diagram 2
The capitalisation and acquisition of Byr, and the subordinated loan facility granted to Byr
Pretekle pomanjkljivosti in spremembe, s katerimi se obravnavajo te pomanjkljivosti
As described in detail in Decision No 126/11/COL of 13 April 2011 (‘the Byr Decision’) the Icelandic government granted state aid in the form of capital and a subordinated loan facility for the establishment of Byr, which continued the operations of its predecessor, Byr savings bank (‘Old Byr’).
Načrt prestrukturiranja ter petletni poslovni načrt temeljita na sklopu splošnih in ekonomskih predpostavk [55].
In this process the creditors of Old Byr became the shareholders of (new) Byr, along with the Icelandic State which had provided capital for the establishment of the new company.
Te predpostavke pomenijo ekonomski temelj osnovnega scenarija, kot je navedeno v nadaljevanju.
When the Byr Decision was adopted on 13 April 2011, the annual accounts for the year 2010 were still unavailable.
Med splošne predpostavke je zajeto:
However, at that point the management of Byr was confident that the rescue measures that were temporarily approved by the Authority in the Byr Decision would suffice to secure the operations of the bank at least until a restructuring plan establishing long term viability could be submitted to the Authority.
prestrukturiranje bo zaključeno do konca leta […] v oddelku poslovanja s podjetji in […] v oddelku poslovanja s prebivalstvom.
In the course of auditing the bank's accounts for the first half of 2011, it became evident that further write-downs of Byr's assets were necessary which in turn decreased the CAD ratio of the bank.
Ponastavitev obresti za hipoteke bo zaključena do konca leta […].
As described in detail in Decision No 325/11/COL of 19 October 2011 (‘the second Byr Decision’), the resulting capital shortage could not be remedied, and Byr was put up for sale.
Odplačilo diskonta, dodatno opisanega v nadaljevanju, za portfelje, prevzete od banke Glitnir bo ustrezno razdeljeno,
The subsequent acquisition, in particular the potential use of state aid for this purpose by Íslandsbanki, was approved by the Authority in the second Byr Decision, without prejudice to the Authority's formal investigation procedure on whether the aid granted to Íslandsbanki was compatible with the EEA Agreement, which is assessed in the decision at hand.
banka bo imela […] milijard ISK dodatnega dobička na […],
In addition, the Authority considered the continued availability of the subordinated loan facility for the interim period until the formal merger between Byr and Íslandsbanki could take place, i.e. for as long as Byr was a separate legal entity under national law, to be compatible with the functioning of the EEA Agreement.
kapitalske kontrole bodo odpravljene postopoma,
According to the Icelandic authorities, neither Byr nor Íslandsbanki have ever drawn on the subordinated loan facility.
financiranje, ki temelji na kreditiranju v ISK, bo brez omejitev.
The Authority indicated that the outcome of the final assessment of these measures depended on the information in the restructuring plan for the merged entity of Íslandsbanki and Byr that the Icelandic government had committed to submit no later than 3 months after the execution of the envisaged transaction.
Domneva se, da financiranje, ki temelji na kreditiranju na finančnem trgu Forex, ne bo presegalo povračila trenutno neodplačanih posojil, denominiranih na trgu Forex v letu 2012; od leta 2012 dalje bo domnevno lažje dostopati do financiranja na finančnem trgu Forex.
Indeed, as described above, a restructuring plan for the merged entity was submitted in time, which the Authority will assess below.
Poleg tega si je upravni odbor banke Íslandsbanki zastavil naslednje finančne cilje:
The restructuring plan
donosnost lastniškega kapitala (Return on Equity); netvegana stopnja donosa + […] %.
The Icelandic authorities submitted a restructuring plan for Íslandsbanki on 31 March 2011.
Netvegana stopnja donosa naj bi bila stopnja tekočega računa Centralne banke (3,75 % decembra 2011).
Following the acquisition of Byr, the plan was amended, updated and resubmitted by the Icelandic authorities on 22 February 2012 (hereinafter the ‘restructuring plan’).
Po ciljih naj bi bil delež kapitala 1. reda […] %,
The restructuring plan was supplemented with a 5-year business plan dated 14 January 2012 [53] and an Internal Capital Adequacy Assessment Process (ICAAP) report (submitted to the FME on 1 April 2012).
stopnja kapitalske ustreznosti: […] % […],
The restructuring plan, together with the 5-year business plan, addresses the substantive issues of viability, burden-sharing and limitation of distortions of competition.
delež kapitala 1. reda: […] % […].
According to the restructuring plan, Íslandsbanki will focus on its core business and the restructuring of the household and corporate loan portfolios.
Med makroekonomske predpostavke je zajeto:
In addition, the Icelandic authorities have submitted an ICAAP report for 2012 to demonstrate Íslandsbanki's ability to withstand stress.
Gospodarska rast se bo leta 2012 in po tem letu nadaljevala, čeprav bo počasnejša od prej predvidene.
As indicated above, the Authority considers the restructuring period to last until 15 October 2014.
Gospodinjstva bodo v boljšem gospodarskem položaju, ker se bo kupna moč z upadom brezposelnosti povečala.
Description of the restructuring plan
Inflacija bo od leta 2013 dalje ostala malo nad cilji Centralne banke Islandije, tj. tik nad 3 %.
The Icelandic authorities and the Bank consider that the restructuring of Íslandsbanki will ensure its return to being a solid, well-funded bank with sound capital ratios so that it can maintain its role as a supplier of credit to the real economy.
To temelji na stabilnem menjalnem tečaju ISK (z rahlo okrepitvijo v začetku obdobja) in uravnoteženim trgom dela z rahlimi povišanji plač ter postopnim dvigom cen stanovanj.
They submit that this will be achieved through the following steps:
Sprememba med leti v povprečju (v %)
Deleveraging the balance sheet by winding up the old bank and establishing a new bank;
Rast BDP
Establishing and maintaining a strong capital ratio position
Brezposelnost
Achieving satisfactory profitability
Inflacija
Establishing and maintaining a strong liquidity position
Plače
Restructuring the loan portfolio, both for households and businesses.
Kratkoročne obrestne mere bodo tudi v letu 2012 ostale okrog 5-odstotne [56], a bodo postopoma narasle kot gospodarske rezerve.Čeprav se bodo pogoji na trgu dela izboljšali, bo brezposelnost še vedno nekoliko višja kot pred finančno krizo.
Improving the funding strategy
Rast plač se bo povečala z upadom stopnje brezposelnosti.
Achieving cost efficiency
Domneva se, da bo skozi vse obdobje prestrukturiranja ISK še naprej valuta Islandije.
Improving the corporate governance
Kontrole valute bodo odpravljene postopoma od leta 2012 dalje.
Before describing each of the above points in more detail, the bank's view on how the weaknesses that contributed to Glitnir's demise are being addressed in the restructuring plan for Íslandsbanki, is briefly set out below.
Skozi vse desetletje pa bodo ostale nekatere omejitve na kapitalske tokove.
It is underlined that although Íslandsbanki is based on the domestic operations of Glitnir, it is a different bank.
Razdolževanje v bilanci stanja z likvidacijo nekdanje banke in ustanovitvijo nove banke
It is also submitted that material changes have been made to address weaknesses that are thought to have contributed to the collapse of the predecessor.
V skladu z načrtom prestrukturiranja to pomeni, da je bilo vprašanje razdolževanja v bilanci stanja v osnovi rešeno že oktobra 2008.
Among the most important changes are amendments to rules on related party lending, abolishment of lending with stock as collateral and FX-lending [54] to non-FX income clients and otherwise stricter discipline on loan approvals.
Banka Íslandsbanki je imela zaradi opisanih ukrepov kapitalizacije in razvoja od ustanovitve banke, zlasti ponovnega ovrednotenja sredstev (nadalje opredeljeno v nadaljevanju), količnike kapitala precej nad kapitalskimi zahtevami Organa za finančni nadzor, kot je navedeno v spodnji preglednici 2:
While Íslandsbanki just as Glitnir intends to provide a broad range of financial services in the Icelandic market, the difference between pre- and post-crisis banking for Íslandsbanki is more visible in ‘how’ the bank does business (processes, procedures, documentation, rules and regulation) rather than ‘what’ service and product range it offers.
Preglednica 2
Íslandsbanki's views on this matter are otherwise summarised in the graph 2 below:
Količniki kapitala v obdobju 2008–2011, zneski v milijonih ISK
Graph 2
Kapital 1. reda
Past weaknesses and the changes addressing these weaknesses
Kapital 2. reda
The restructuring plan, as well as the 5-year business plan, is based on a set of general and economic assumptions [55].
Skupni kapital
These assumptions constitute the economic underpinning of the base scenario, as referred to below.
Tveganju prilagojena sredstva
The general assumptions include that:
Delež kapitala 1. reda
restructuring will be completed by year-end […] in Corporate Banking and […] in Retail Banking.
Stopnja kapitalske ustreznosti
Interest reset on mortgages will be completed at year-end […].
Banka Íslandsbanki za obdobje od leta 2012 do leta 2016 v skladu s poročilom o procesu ocenjevanja ustreznega notranjega kapitala, predloženim skupaj z načrtom prestrukturiranja, napoveduje naslednje količnike kapitala, kot je razvidno iz preglednice 3 v nadaljevanju:
The amortisation of the discount, further described below, on the portfolio acquired from Glitnir will be distributed accordingly;
Preglednica 3
the bank will have ISK […] billion of additional gain on […];
Napovedani količniki kapitala za obdobje 2012–2016 in tveganju prilagojena sredstva, zneski v milijardah ISK
the capital controls will be lifted in stages
Delež kapitala 1. reda
there will be no limits to lending based funding in ISK.
Doseganje zadovoljive donosnosti
It is not assumed that lending based funding in FX will exceed repayments of currently outstanding FX denominated loans in 2012; access to FX funding is assumed to become more easily available from 2012 and onwards.
V skladu z načrtom prestrukturiranja, kot je prikazano v spodnji preglednici 4, je bila donosnost lastniškega kapitala banke Íslandsbanki od ustanovitve banke v letu 2008 dobra (razen leta 2011) [58].
Return on Equity (ROE): Risk free rate + […] %.
Donosnost lastniškega kapitala v prejšnjih letih
The risk free rate is considered to be the Central Bank current account rate (3,75 % at December 2011).
Poleg tega je v načrtu prestrukturiranja med trajanjem prestrukturiranja in po njem predvidena naslednja donosnost lastniškega kapitala (preglednica 5).
The target assumes a Tier 1 ratio of […] %
Preglednica 5
CAD Capital Ratio: […] % […]
Napoved donosnosti lastniškega kapitala
Tier 1 ratio: […] % […]
Ta napoved je bila izdelana kot rezultat podrobnejšega finančnega načrtovanja v načrtu prestrukturiranja, njeni najpomembnejši vidiki pa so:
The macroeconomic assumptions include
Dobiček iz najpomembnejših poslovnih segmentov naj bi predvidoma […], kar je predvsem posledica stroškov financiranja in odsotnosti „diskontnega prihodka“ od leta 2014 dalje.
Economic growth will continue in 2012 and beyond although at a slower pace than anticipated earlier.
Dobički v poslovnih segmentih trgov naj bi po napovedih do leta 2016 narasli z […] na […] ISK, v glavnem zaradi višjih prihodkov od provizij in nadomestil za storitve.
Households will be in a better economic position as purchasing power increases with falling unemployment.
Neto obrestna marža naj bi v letu 2014 predvidoma […], nato pa predvidoma ostala stabilna.
Inflation will remain just above the CBI's target i.e. just below 3 % from 2013 onwards.
Število zaposlenih naj bi se predvidoma zmanjšalo za […].
This is based on a stable ISK exchange rate (with modest strengthening at the beginning of the period) and a balanced labour market with moderate wage increases and gradual house price rises.
Razmerje med stroški in dobičkom naj bi predvidoma padlo s 75 % v letu 2011 na […] % v letu 2014.
Change between years average (%)
Po mnenju islandskih organov je dejstvo, da je banka Íslandsbanki od svoje ustanovitve zelo dobro delovala, v določeni meri posledica tega, da je bil portfelj posojil od banke Glitnir pridobljen po zelo diskontirani ceni [59].
GDP growth
Medtem ko se posojilni portfelj prestrukturira, je diskont bil in bo ostal zelo pomemben del prihodkov banke Íslandsbanki.
Unemployment
Toda glede na napoved bo diskont v celoti odplačan, ko bo prestrukturiranje končano.
Inflation
Islandski organi so v podporo tej trditvi predložili izračun (preglednica 6), v katerem so navedeni letni rezultati brez diskonta in drugih „izrednih produktov“, kot je odpis dobrega imena zaradi transakcije z banko Byr.
Short-term interest rates will stay unchanged around 5 % [56] in 2012 but gradually rise as the economy recovers.While conditions in the labour market will improve, unemployment will still remain somewhat higher than before the financial crisis.
Neto dobiček „izrednih produktov“
Wage growth will pick up as the unemployment rate falls.
Dobiček tekočega leta
Finally, it is assumed that the ISK will continue to be Iceland's currency throughout the restructuring period.
„Izredni produkti“
Currency controls will be lifted in steps from 2012 and onwards.
Neto dobiček „izrednih prihodkov“
Some restrictions on capital flows will remain throughout the decade.
Po teh podatkih bi banka celo ob odsotnosti diskonta med obdobjem prestrukturiranja še vedno imela in bo imela dobiček [60].
Deleveraging the balance sheet by the winding up of the old bank and establishing a new bank;
Vendar ni jasno, ali sta iz teh podatkov razvidna oba navedena vidika „velikega diskonta“.
As mentioned above, most of Glitnir's domestic assets and liabilities were transferred to Íslandsbanki in the course of October 2008.
Organ za finančni nadzor je glede likvidnosti zahteval, da je treba imeti denarna sredstva ali njihove ustreznike za 5 % vlog, ki se izplačajo na zahtevo, in da bi morale biti banke zmožne zagotoviti 20-odstotni takojšnji odliv vlog.
As a result of this process, most of the wholesale debt remained in the estate of Glitnir, and thus Íslandsbanki has never been leveraged in the way Glitnir was.
Poleg tega Centralna banka Islandije določa pravila o likvidnosti kreditnih institucij [61], v skladu s katerimi se likvidna sredstva in obveznosti kreditnih institucij razvrstijo po vrsti, zapadlosti in dodeljenih ponderjih glede na tveganje.
According to the restructuring plan, this means that the issue of deleveraging the balance sheet of the bank was solved in essence already in October 2008.
Kreditne institucije morajo imeti likvidna sredstva, ki presegajo obveznosti za naslednje tri mesece.
As a result of the capitalisation measures described above, and the developments since the bank's establishment, particularly the re-evaluation of assets (further elaborated on below), Íslandsbanki has had capital ratios well above the capital requirements of the FME, as indicated below in Table 2:
V pravilih je določen tudi test izjemnih situacij, pri katerem se diskont uporabi za različne postavke lastniškega kapitala, vendar ob predpostavki, da je treba po eni strani vse obveznosti plačati ob zapadlosti, po drugi strani pa je treba delne zneske drugih obveznosti, kot so vloge, plačati kmalu po opominu ali brez opomina.
Table 2
Kot je razvidno iz slik A in B, je banka Íslandsbanki v okviru nadzornih zahtev v letih 2009, 2010 in 2011 ohranila likvidnostne rezerve.
Capital ratios during 2008-2011, amounts in million ISK
Sliki A in B
Tier 1 capital
Skladnost banke Íslandsbanki z nadzornimi zahtevami glede likvidnosti
Tier 2 capital
Iz slike C je razvidno, da so se likvidnostni količniki v banki Íslandsbanki izboljšali za obveznosti, ki zapadejo v naslednjih treh do šestih mesecih v letih 2010 in 2011, medtem ko dvanajstmesečni kazalnik bolj miruje.
Total capital
[Diagram s prikazom likvidnostnih količnikov banke Íslandsbanki
Risk-Weighted Assets (RWA)
vrednosti niso razkrite zaradi varovanja poklicne skrivnosti]
Tier 1 ratio
Slika C
CAD ratio
Zgodovinski likvidnostni količniki:
Furthermore, according to the ICAAP report submitted with the restructuring plan, Íslandsbanki forecasts the following capital ratios for the period of 2012 to 2016, as indicated below in Table 3:
Likvidnostni količnik A prikazuje kritje obveznosti, ki zapadejo v naslednjih treh mesecih
Table 3
Likvidnostni količnik B prikazuje kritje obveznosti, ki zapadejo v naslednjih šestih mesecih
Forecasted capital ratios 2012-2016 and RWA, amounts in billion ISK
Likvidnostni količnik C prikazuje kritje obveznosti, ki zapadejo v naslednjih dvanajstih mesecih
Tier I ratio
O predvidenem razvoju likvidnostnega položaja banke Íslandsbanki, zlasti v primeru izjemnega dogodka, se dodatno razpravlja v nadaljevanju.
According to these figures, Íslandsbanki anticipates to stay well above the capital requirements of the FME during the restructuring period and beyond. […]
Dokončanje prestrukturiranja posojilnega portfelja zasebnih gospodinjstev in podjetij
Achieving a satisfactory profitability
Pred finančno krizo leta 2008 so zasebne in poslovne stranke banke prevzele visoko stopnjo dolga.
According to the restructuring plan, and as illustrated below in Table 4, the return on equity of Íslandsbanki has been healthy since the establishment of the bank in 2008 (with the exception of 2011) [58].
Ko so gospodarstvo in zlasti cene nepremičnin ob nastopu krize padle, nenadoma preveč zadolžene stranke pogosto niso več zmogle odplačevati svojih dolgov ter so imele negativen kapital.
Table 4
Poleg splošne grožnje za gospodarsko blaginjo Islandije je nenadno poslabšanje posojilnih portfeljev bank postalo najpomembnejše tveganje za prihodnje uspešno poslovanje bank.
Past Return on Equity (ROE)
Zato je prednostna naloga banke Íslandsbanki, kot je razvidno iz načrta prestrukturiranja, postalo prestrukturiranje zasebnih in poslovnih posojilnih portfeljev (razdolževanje).
Moreover, the restructuring plan predicts the following return on capital during the course of the restructuring and beyond (Table 5).
Banka Íslandsbanki je po navedbah islandskih organov razvila posebne programe za odpis dolga ter je sodelovala z državo in drugimi bankami glede splošnih ukrepov za odpis dolga (npr. 110-odstotna prilagoditev hipotekarnega kredita) [62].
Table 5
Banka Íslandsbanki je Nadzornemu organu predložila pregled metod prestrukturiranja, ki jih uporablja, na podlagi informacij, zbranih novembra 2010.
Return on Equity (ROE) forecast
V metodah je ločeno prestrukturiranje dolga za podjetja, za gospodinjstva in posameznike.
This forecast is the result of more detailed financial planning in the restructuring plan, the most relevant aspects of which are the following:
Posebej prilagojene rešitve so zasnovane za večja podjetja, medtem ko je MSP ponujena prilagoditev glavnice in/ali prilagoditev neodplačanega dolga/obresti bodisi glede na vrednost sredstev podjetja bodisi glede na prost denarni tok.
Profit from the most important business segments is expected to […]; this is mainly due to an increase in funding cost and the absence of a ‘discount revenue’ from 2014 onwards.
Gospodinjstvom in posameznikom je ponujenih več različnih možnosti za prestrukturiranje, kot so „odmori od plačil“ („payment holidays“), podaljšanje rokov in prožne sheme plačevanja.
Profit in the markets business segment are forecasted to increase from […] to […] ISK until 2016, predominately due to greater fee and commission income.
Banka Íslandsbanki je za spremljanje in zagotavljanje napredka pri prestrukturiranju tudi razvila t. i. „nadzorno ploščo prestrukturiranja“, ki je bila predložena Nadzornemu organu.
The net interest margin is expected to […] in 2014 and then expected to stay stable.
Po navedbah islandskih organov in kljub nepričakovanim dogodkom, kot je nedavna sodba islandskega vrhovnega sodišča o posojilih finančnega trga Forex, bo banka Íslandsbanki prestrukturiranje posojilnih portfeljev podjetij zaključila do konca leta 2012, v letu 2013 pa portfeljev pri poslovanju s prebivalstvom.
The number of employees is expected to decrease by […]
Ponastavitev obrestnih mer za hipotekarne kredite naj bi bila po napovedih zaključena ob koncu leta 2014.
The cost/income ratio is expected to fall from 75 % in 2011 to […] % in 2014.
Izboljšanje strategije financiranja
According to the Icelandic authorities, the very solid performance of Íslandsbanki since its establishment is to a certain extent due to the fact that the loan portfolio was acquired by the bank from Glitnir at deep discount [59].
Depozitarna osnova banke Íslandsbanki je od ustanovitve ostala dokaj stabilna v višini okrog 400 milijard ISK, ob koncu leta 2011 pa se je povečala na 535 milijard ISK zaradi združitve te banke z banko Byr.
The discount has been and will remain an important part of the Bank's revenues while the loan portfolio is being restructured.
Trenutno skoraj 80 % vseh obveznosti znašajo vloge.
However, according to the forecast, the discount will have been amortised in full when the restructuring will be completed.
Banka Íslandsbanki namerava postopoma povečati raznovrstnost svoje strukture financiranja.
In support of this view the Icelandic authorities have submitted a calculation (Table 6) indicating what the annual results would have been without the discount and other ‘irregular items’, such as the writing off of goodwill resulting from the Byr transaction.
Glede potreb po financiranju v ISK […].
Table 6
Po drugi strani pa je bila banka Íslandsbanki prva islandska banka, ki je izdala krito obveznico.
Profits net of irregular items
Prva izdaja je bila decembra 2011, in sicer izdaja v višini 4 milijard ISK, povezana z ICŽP [64].
Profit for the year
Izdajo so institucionalni vlagatelji dobro sprejeli in vpisali preveč posojila.