natgillin/translations-raw huggingface dataset:
The Icelandic authorities submit that these projections are plausible, as commission fee yielding business such as stock market related transactions and foreign currency trade have practically come to a standstill after the collapse and as a result of the capital controls.
Drugič, kot je bilo navedeno v oddelku o razdelitvi bremena, je bil obravnavan najvišji možni prispevek nekdanjih lastnikov banke Glitnir in v določeni meri upnikov banke Glitnir.
The revenue side of the P&L forecast aside, the bank has taken a number of initiatives, as described above, to increase efficiency and reduce cost, amongst others a reduction of staff by almost 10 %, which should overall reduce the cost to income ratio from 75 % to […] % in 2014.
Tretjič, glede značilnosti upoštevnega trga, kot so bile opisane zgoraj, se je zaradi zloma finančnega sistema na Islandiji, čemur so sledila poseganja islandskih organov, vključno z ustanovitvijo banke Íslandsbanki na osnovi domačih dejavnosti banke Glitnir, okrepila koncentracija finančnih storitev na islandskem trgu ter bistveno povečal tržni delež treh glavnih bank – Íslandsbanki, Arion in Landsbankinn.
The Authority welcomes these efforts, as the current ratio appears quite high in international comparison.
Poleg teh bank ostaja le nekaj manjših udeležencev na trgu, v bližnji prihodnosti pa so možnosti za vstop novega udeleženca izjemno majhne, ne le zaradi že omenjenih ovir pri vstopu in majhnega obsega trga, ampak tudi predvsem zaradi kapitalskih kontrol.
The Authority also considers it, based on the restructuring plan, plausible that this target can be reached, as indeed the finalisation of the restructuring of the portfolio inherited from Glitnir and anticipated reduction of supervisory work should make it possible to trim down the bank's head count, and efficiency gains still appear attainable in the bank's operation.
Položaj banke Íslandsbanki na tem koncentriranem trgu je zelo pomemben, saj njen tržni delež znaša več kot […] % v najbolj osrednjih in gospodarsko najpomembnejših segmentih.
In addition to the above, it is evident that the restructuring plan is based on a large number of other assumptions.
Četrtič, kriza je povzročila številne zelo posebne težave, kot je izjemno visoka stopnja neposrednega in posrednega lastništva velikih bank v realnem gospodarstvu, in obstoj dejanskega monopola za bančniške storitve IT (družba RB), ki je v večinski lasti treh glavnih bank.
The Authority has aimed to scrutinise those that seem most pertinent and of greatest influence to the future viability of Íslandsbanki.
Petič, pomemben je sorazmerni obseg pomoči, ki jo je prejela banka Íslandsbanki.
As regards the macroeconomic assumptions, they appear broadly in line with the forecasts of the IMF and Statistics Iceland, for example as regards GDP growth and unemployment.
Nadzorni organ v tem pogledu ugotavlja, da je banki na začetku celotni kapital zagotovila država.
Overall the assumptions on which the restructuring plan is based appear to be sufficiently prudent to allow, in conjunction with the considerations set out by the Authority above, the conclusion that the restructuring measures undertaken by the bank are sufficient to ensure its long-term viability, barring unexpected adverse events of unforeseen scale and consequences.
Poleg tega je imela banka koristi od različnih ukrepov pomoči – sporazum o banki Straumur, posebno likvidnostno posojilo in jamstvo za vloge.
Taking into account the above elements, the Authority considers that the restructuring plan comprises sufficient elements contributing to the restoration of the long-term viability of the bank for the Authority to conclude that the provisions of section 2 of the Restructuring Guidelines are complied with.
Istočasno pa ostaja banka Íslandsbanki, vsaj po mednarodnih merilih, majhna banka.
Own contribution/burden-sharing
Šestič, zaradi prevzema banke Byr se zahtevajo dodatni ukrepi za omejevanje izkrivljanja konkurence.
Paragraph 22 of the Restructuring Guidelines reads as follows: ‘In order to limit distortions of competition and address moral hazard, aid should be limited to the minimum necessary and an appropriate own contribution to restructuring costs should be provided by the aid beneficiary.
Nadzorni organ je v drugi odločbi o banki Byr zahteval, da mora nastajajoči načrt prestrukturiranja vsebovati ukrepe, s katerimi bi se zagotovilo, da bi imel islandski finančni trg v prihodnosti koristi od učinkovite konkurence, da se obravnavajo pomisleki Nadzornega organa glede stanja konkurence na islandskem finančnem trgu.
The bank and its capital holders should contribute to the restructuring as much as possible with their own resources.
Nadzorni organ glede na navedeno ugotavlja, da so bili ali bodo sprejeti številni ukrepi, s katerimi se omeji izkrivljanje konkurence, ki izhaja iz državne pomoči za banko Íslandsbanki.
This is necessary to ensure that rescued banks bear adequate responsibility for the consequences of their past behaviour and to create appropriate incentives for their future behaviour’.
Ukrepi in regulativni razvoj, ki so jih sprejeli ali h katerim so se zavezali islandski organi
The Authority recalls in this regard a decisive aspect of the case at hand.
Islandska vlada je posebej sprejela dve zavezi (glej Prilogo), ki lahko po mnenju Nadzornega organa prispevata k ustvarjanju regulativnega okolja, ki daje prednost konkurenci na finančnih trgih:
When Íslandsbanki was established on the basis of the domestic operations of Glitnir, the shareholders in Glitnir Bank were fully wiped out and have thus contributed the maximum possible to the restructuring of Íslandsbanki.
Kot prvo zavezo je imenovala delovno skupino, ki bo pregledala Zakon št. 36/1978 o upravni taksi, pri čemer bo proučila zlasti, ali je treba ukiniti upravne takse za obveznice, ki jih ob prenosu med upniki izdajajo posamezniki (npr. ko posamezniki prenesejo svoja posojila z ene posojilnice na drugo).
Moreover, the creditors of Glitnir had to take considerable losses [86], or at least had to take on the risk of their investment depending on the profitability of Íslandsbanki.
Po mnenju Nadzornega organa bi lahko sedanji zakon – s katerim se med drugim zahteva, da morajo stranke ob zamenjavi posojilodajalca plačevati upravno takso glede na znesek ustrezne obveznice [90] – pomenil oviro za konkurenco, saj lahko stranke priveže k obstoječim pogodbam o dolgoročnih posojilih.
Therefore, as far as the owners and creditors of Glitnir are concerned, the criterion of burden-sharing is optimally satisfied and the issue of moral hazard addressed.
Nadzorni organ zato z odobravanjem sprejema dejstvo, da se bo ta zaveza pregledala.
In addition to the above, the Authority needs to assess whether the state aid that Íslandsbanki has received was limited to the minimum necessary.
Glede druge zaveze pa Nadzorni organ ugotavlja, da bo vlada v skladu z resolucijo, ki jo je islandski parlament sprejel 21. marca 2012, imenovala odbor za pregled varstva potrošnikov na finančnem trgu.
As regards the capitalisation measures, the initial capitalisation of Íslandsbanki, until the agreement with the creditors of Glitnir reduced the State's stake to 5 %, was just sufficient to meet the FME's capital requirements.
To bo zajemalo posebno pooblastilo za pregled poenostavitve zamenjave in zmanjšanje stroškov pri zamenjavi, odbor pa bo moral pri navedeni zadevi tesno sodelovati z Islandskim organom za konkurenco.
In 2009, after the agreement on Glitnir's acquisition of Íslandsbanki had been reached, and the Tier-II capital had been granted to Íslandsbanki, the CAD ratio reached approximately 19 %, 3 percentage point more than the minimum ratio set forth by the FME.
Medtem bi morala zaveza banke Íslandsbanki, ki se nanaša na banko, o kateri se razpravlja v nadaljevanju, prispevati k temu, da bi bile zamenjave lažje, s čimer bi se povečala konkurenca.
In this context, the Authority notes that the capital ratio depended mainly on whether valuation of the assets that had been transferred from Glitnir to Íslandsbanki had been done accurately.
Kar zadeva pomisleke v zvezi s konkurenco, ki jih je Nadzorni organ izrazil glede družbe RB, ta organ odobrava, da so Islandski organ za konkurenco in lastniki družbe RB, vključno s tremi glavnimi bankami, o tej zadevi dosegli poravnavo.
Moreover, it has to be borne in mind that at the time the economic outlook for Iceland was cast in uncertainty.
Majhnim konkurentom in možnim novim udeležencem na trgu naj bi se s pomočjo tega zagotovil dostop do bistvene infrastrukture IT na nediskriminacijski podlagi in z razumnimi stroški.
In view of the foregoing, the Authority considers that the amount of capital provided by the Icelandic state to Íslandsbanki was limited to the minimum necessary, as it amounted to nothing more than the regulatory minimum plus a reasonable buffer.
Nadzorni organ meni, da so bili njegovi pomisleki, kakor jih je med drugim izrazil v drugi odločbi o banki Byr, s to poravnavo že zadovoljivo rešeni ter da mu te zadeve v tej odločbi ni treba nadalje obravnavati.
This conclusion is not undone by the fact that Íslandsbanki's CAD ratio subsequently grew strong enough to allow it to absorb a severely undercapitalised bank — Byr — in 2011.
Nadzorni organ se je seznanil z regulativnimi spremembami, izvedenimi od leta 2008, kakor so bile opisane v Prilogi.
The increase of the CAD ratio was almost exclusively due to the writing up of the book value of the assets that had been transferred from Glitnir to Íslandsbanki.
Kar zadeva pomisleke glede konkurence, je posebej pomembna uvedba člena 22 v Zakon št. 161/2002 o finančnih podjetjih.
It could not have been predicted with any certainty that this would happen, and the fact that the CAD ratio developed so strongly later is in the Authority's view no reason to consider that Íslandsbanki was overcapitalised by the State at the outset [87].
V ta člen so vključene določbe, s katerimi se omejuje sodelovanje finančnih podjetij v dejavnostih, ki ne spadajo v področje uporabe njihovih operativnih licenc.
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’.
V skladu s tem novim pravilom se lahko take dejavnosti izvajajo le začasno in za sklepanje transakcij ali reorganiziranje dejavnosti strank.
In this context, it is worth recalling that the State made an annualised return of almost 14 % on the capital which was redeemed already in the autumn of 2009.
Organu za finančni nadzor je treba poslati ustrezno utemeljeno uradno obvestilo, za finančna podjetja pa so bili uvedeni roki, v katerih naj bi zaključili reorganiziranje strank in prodali dodeljena sredstva.
The prospect of a satisfactory return for the 5 % stake that the State retained appear promising too, given the overall good performance of Íslandsbanki since its establishment.
Nadzorni organ to spremembo obravnava kot ustrezen regulativni odziv na to, da imajo finančne institucije v realnem gospodarstvu nesorazmerno veliko lastnine.
However, it also should be stressed that the remuneration for the Tier-II capital deviates from the Authority's Recapitalisation Guidelines [88].
Zdi se, da se to stanje, ki je neposreden rezultat zamenjav dolga v lastniški kapital (ali podobnih transakcij), v katere so vključene družbe, ki so bile ob nastopu krize preveč zadolžene, s to določbo vsaj izboljšuje, tako da ne bi postalo trajno.
As correctly submitted by the Icelandic authorities, the required remuneration pursuant to the Recapitalisation Guidelines amounts to approximately 15,7 % (consisting of the government's funding cost of 8 %, Glitnir's pre-crisis CDS-spread of 5,7 % and an add-on fee of 2 %).
Nadzorni organ ga ustrezno upošteva v svoji oceni, saj obravnava enega od najbolj perečih pomislekov glede konkurence, ki je povezano z državno pomočjo trem bankam.
The remuneration that Íslandsbanki pays, EURIBOR plus 4 % add-on falls significantly short of this benchmark.
Ukrepi, značilni za banko Íslandsbanki
According to paragraph 25 of the Restructuring Guidelines, such 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.
Nadzorni organ poudarja, da prisotnost banke Íslandsbanki na trgu in njena velikost predstavlja le delček tega, s čimer se je nekoč ponašala banka Glitnir, saj so bila skupna sredstva znižana za 84 %, kot je bilo opisano zgoraj, banka Íslandsbanki pa je za razliko od banke Glitnir dejavna le na islandskem trgu.
As will be shown below, the Authority considers that the restructuring of Íslandsbanki is sufficiently far-reaching for this condition to be met.
Čeprav je večina tega zmanjšanja očitno posledica likvidacijskega postopka mednarodnih dejavnosti banke Glitnir, ima po mnenju Nadzornega organa ta proces poseben pomen glede izkrivljanja konkurence, ker je predvsem tvegana čezmorska strategija banke Glitnir povzročila njen propad in izkrivljanje na finančnih trgih EGP v preteklosti [91].
Whilst the Straumur 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 Íslandsbanki.
Poleg tega Nadzorni organ odobrava zaveze banke Íslandsbanki (glej Prilogo), da bo še zmanjšala prisotnost na domačem trgu z […] odprodajami v zvezi z […].
The agreement constitutes in essence a negotiated compensation for Íslandsbanki in exchange for taking on the deposit liabilities of Straumur, and it is likely that Íslandsbanki obtains matching assets for the transferred liabilities.
Nadzorni organ se na podlagi končnega načrta prestrukturiranja in ob upoštevanju, da je banka Íslandsbanki po merilih EGP majhna banka, strinja z banko Íslandsbanki, da bi se lahko z dodatnimi strukturnimi ukrepi ogrozile možnosti za ponovno vzpostavitev dolgoročnega uspešnega poslovanja banke [92].
The Authority does not consider that this aid is of great significance for its burden-sharing assessment.
Nadzorni organ se je seznanil z zavezo banke Íslandsbanki, da ta do 15. oktobra 2014 ne bo prevzemala finančnih institucij, razen če dobi predhodno odobritev Nadzornega organa.
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.
To pomeni, da se lahko prepreči, da bi banka Íslandsbanki s prevzemi ustvarjala nadaljnjo koncentracijo na islandskem finančnem trgu, razen če bi bile dodatne združitve potrebne zaradi pomislekov o finančni stabilnosti.
It is evident however that such aid cannot be approved indefinitely.
S to zavezo se tudi zagotavlja, da se pomoč, dodeljena banki Íslandsbanki, porabi za ponovno vzpostavitev njenega uspešnega poslovanja, ne pa za utrjevanje in nadaljnjo širitev njene prisotnosti na islandskem trgu.
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.
Enako velja tudi za zavezo banke Íslandsbanki, v skladu s katero do 15. oktobra 2014 ne bo niti izvrševala pogodbenih klavzul niti uvajala novih pogodbenih klavzul, s katerimi se oblikujejo posebni pogoji za obrestne mere, odvisne od tega, kakšen najmanjši obseg dejavnosti z banko se ohranja, ter za zavezo, da se pri trženju svojih storitev ne bo sklicevala na vključenost države kot vir konkurenčne prednosti.
The Authority therefore welcomes the intention of the Icelandic authorities to abolish the deposit guarantee before the capital controls are lifted, thus, pursuant to current planning, no later than the end of 2013.
Kot je bilo navedeno, pomeni islandski finančni trg trenutno zahtevno operativno okolje za katero koli banko, kar je razvidno tudi iz tega, da v tem trenutku domala ni interesa iz tujine za vstop na ta trg.
After that time, protection of deposits should be governed only by the applicable EEA legislation regarding deposit guarantees.
Nadzorni organ meni, da ti ukrepi skupaj z navedenim sporazumom med tremi glavnimi bankami in Islandskim organom za konkurenco o družbi RB zagotavljajo, da je manjšim udeležencem na trgu omogočen dostop do najosnovnejše infrastrukture in storitev po razumnih cenah, ne da bi bili večji udeleženci zmožni ovirati njihov dostop.
On the basis of the above elements, the Authority concludes that the restructuring plan of Íslandsbanki 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.
Nadzorni organ meni, da bo to zmanjšalo ovire pri vstopu za prihodnje (možne) udeležence na trgu, obstoječim manjšim udeležencem pa bi lahko omogočilo, da bi povečali svoje tržne deleže, če lahko ponudijo boljše storitve kot večji konkurenti.
The restructuring aid thus complies with section 3 of the Restructuring Guidelines.
Ukrepi, s katerimi se bodo poenostavile zamenjave, bodo prispevali k ostrejši konkurenci med obstoječimi večjimi udeleženci, lahko pa bi tudi prispevali k preprečevanju ali razdoru morebitnega skupinskega prevladujočega položaja.
Limiting distortions of competition
Banka Íslandsbanki se zavezuje, da bo čim prej prodala deleže v operativnih družbah, ki so bile prevzete zaradi prestrukturiranja v skladu s členom 22 Zakona št. 161/2002 o finančnih podjetjih, zavezuje se, da bo ravnala v skladu s postopkom in roki iz te določbe ter da bo redno posodabljala informacije na svojem spletišču ali spletišču podružnice glede podružnic ali deležev, ponujenih v odprodajo.
The Restructuring Guidelines provide in section 4, paragraphs 29-32:
Nadzorni organ odobrava zavezo banke Íslandsbanki, da bo čim prej prodala vse družbe in deleže, ki niso povezani z njeno osnovno dejavnostjo, nenazadnje zaradi pomislekov glede uspešnega poslovanja.
‘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 upošteva to zavezo, čeprav meni, da je samo po sebi jasno, da mora banka spoštovati domače pravne obveznosti, kot je člen 22 Zakona o finančnih podjetjih, ter opozarja islandske organe in upravičence na dejstvo, da bi kršitev nacionalnega prava v tem pogledu lahko pomenila tudi zlorabo pomoči.
In this context, measures to limit distortions of competition due to state aid play an important role.
Poleg tega Nadzorni organ meni, da se s tem, ko mora na spletišče vključiti informacije o predvidenih odprodajah in prodajah, uvaja večja preglednost v trenutni lastniški položaj v islandskem gospodarstvu.
[…] 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.
To vsaj do neke mere ublaži ta specifičen pomislek glede konkurence, ki je trenutno značilen za islandske trge.
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.
Nadzorni organ glede na navedeno, pri čemer upošteva zlasti posebne razmere na Islandiji ter dejstvo, da se po njegovem mnenju s temi ukrepi obravnavajo najpomembnejši pomisleki glede konkurence, ki jih je opredelil v sodelovanju z Islandskim organom za konkurenco, pa tudi glavni cilj finančne stabilnosti, ugotavlja, da se z zavezami zadovoljivo omejuje izkrivljanje konkurence.
[…] 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.
Pomoč za prestrukturiranje je torej skladna z oddelkom 4 smernic o prestrukturiranju.
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.
SKLEP
Generally speaking, where there is greater burden sharing and the own contribution is higher, there are fewer negative consequences resulting from moral hazard.
Na podlagi zgornje ocene in glede na načrt prestrukturiranja, ki so ga islandski organi predložili za banko Íslandsbanki, so odpravljeni pomisleki Nadzornega organa iz odločbe o začetku postopka v zvezi z naravo in združljivostjo ukrepov pomoči za to banko.
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.
Nadzorni organ zato ukrepe pomoči sprejema kot pomoč za prestrukturiranje, združljivo z delovanjem Sporazuma EGP v skladu s členom 61(3)(b) Sporazuma EGP, pod pogojem da Islandija in banka Íslandsbanki spoštujeta zaveze iz Priloge –
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.
SPREJEL NASLEDNJO ODLOČBO:
The measures will be tailored to market characteristics to make sure that effective competition is preserved.
Člen 1
[…] Measures limiting distortions of competition should not compromise the prospects of the bank's return to viability.’
Ustanovni kapital za poslovanje, (začasna) popolna državna kapitalizacija, državno zadržanje 5-odstotnega osnovnega kapitala in kapital 2. reda za banko Íslandsbanki ter posebno likvidnostno posojilo, neomejeno jamstvo za vloge in sporazum o banki Straumur pomenijo državno pomoč v smislu člena 61(1) Sporazuma EGP.
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.
Člen 2
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.
Glede na to, da islandski organi niso izpolnili zahteve, da je treba pomoč pred začetkom njenega izvajanja v skladu s členom 1(3) Dela I Protokola 3 priglasiti Nadzornemu organu, pomenijo ukrepi iz člena 1 nezakonito državno pomoč od datuma začetka izvajanja do datuma te odločbe.
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.
Člen 3
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.
Ukrepi iz člena 1 ter ukrepi za banko Byr, kakor so opisani v Odločbi št. 126/11/COL so združljivi z delovanjem Sporazuma EGP v skladu s členom 61(3)(b) Sporazuma EGP pod pogojem spoštovanja zavez, kakor so določene v Prilogi.
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.
Dovoljenje za neomejeno jamstvo za vloge preneha veljati ob koncu leta 2014.
Second, as set out above in the section on burden-sharing, the greatest possible contribution from the former owners of Glitnir, and to some extent, of Glitnir's creditors has been addressed.
Člen 4
Consequently, the need for additional competition measures has been limited.
Ta odločba je naslovljena na Republiko Islandijo.