natgillin/translations-raw huggingface dataset:
Iceland's terms of trade would be negatively affected by a prolonged recession in the main trading countries, implying a lower growth rate in Iceland.
Z novim zakonom je bilo v Zakon o finančnih podjetjih uvedenih veliko sprememb in dopolnitev.
Growth could also be threatened by continued price instability linked to currency volatility in the context of removal of capital controls.
Te regulativne spremembe so bolj podrobno obravnavane v Prilogi.
Financial supervision and improvements in regulatory framework
Glavni prihodnji izzivi [23]
Following the FME's initial work linked to the foundation of the new banks and the assessment of the value of the net assets transferred from the old banks, the FME conducted in the spring of 2009 an audit of the new banks and their business plans, financial strength and capital requirements in a so-called sign-off project.
Očitno je, da se Islandija, tako kot mnoge druge države, ki jih je finančna kriza zelo prizadela, sooča s številnimi izzivi pri prilagajanju pravnega in delovnega okolja finančnih storitev, ki bo v prihodnje podpiral učinkovit finančni sistem, sposoben preživetja in čim bolj zmanjšal tveganje, da bi se v prihodnje spet pojavili nadaljnji sistemski pretresi.
This was done with the assistance of the international management consultant firm Oliver Wyman.
Trenutno so najpomembnejši izzivi, s katerimi se soočajo islandska finančna podjetja, povezani z dejstvom, da banke delujejo v zaščitenem okolju z nadzorom kapitalskih tokov in splošnim jamstvom za hranilne vloge.
Having concluded the above process, the FME granted the banks operating licenses subject to various conditions.
Banke se morajo zdaj pripraviti za poslovanje v bolj izpostavljenem okolju, ko bo nadzor kapitalskih tokov odpravljen in se bodo jamstva za hranilne vloge spet prešla na ureditev, ki je določena v ustreznih direktivah EU/EGP [24].
In view of the quality of the asset portfolios and the anticipated economic uncertainty, it was considered necessary to place higher capital requirements on the three banks than the statutory minimum.
Islandski organi so poudarili, da je pri uvajanju novih pravil v zvezi s tem potrebna izjemna previdnost.
The FME therefore set the minimum capital adequacy (CAD) ratio for the three banks at 16 %, thereof a minimum of 12 % for the Tier I capital ratio.
Drug velik izziv je potreba, da se pravni in regulativni okvir še bolj prilagodi, da bo podpiral trden in učinkovit sistem, ki je tudi skladen z razvojem EGP in mednarodnega prava [25].
Liquidity conditions were also specified, requiring that available liquid funds should at any point amount to a minimum of 20 % of deposits and that cash or cash equivalents should amount to at least 5 % of deposits.
Po nedavnih informacijah islandskih organov [26] se je konkurenca na finančnem trgu po zlomu bančništva radikalno spremenila.
Furthermore, requirements were made regarding other matters such as restructuring of loan portfolios, risk assessment, corporate governance and ownership.
Znižalo se je število finančnih podjetij, ker so bile številne hranilnice, komercialne banke in specializirani posojilodajalci likvidirani ali pa so se združili z drugimi podjetji [27].
Comparable capital requirements were introduced by the FME regarding other financial undertakings.
Po drugi strani pa je vsesplošna prisotnost novih bank na finančnih trgih EGP veliko manjša od prisotnosti njihovih predhodnikov, ker so bile mednarodne bančne dejavnosti ustavljene.
The economic stabilisation program established in consultation with the IMF provided for a review of the entire regulatory framework of financial services and supervision to improve defence against future financial crisis.
Poleg tega se je domači trg zelo skrčil, ker so nekateri podtrgi izginili ali pa so izredno zadržani.
The Government invited the former Director-General of the Finnish Financial Supervisory Authority, Mr Kaarlo Jännäri, to carry out an assessment of the existing regulatory framework and supervisory practices.
Skorajšnje izginotje borznega trga in uvedba nadzora kapitalskih tokov sta zmanjšala posle na borznih in valutnih trgih in zato so možnosti vlaganja omejene.
His report also suggested to lay down tougher rules and a stricter practice on large exposures and connected lending as well as to conduct more on-site inspections to verify off-site supervision and reports, particularly on credit risk, liquidity risk and foreign exchange risk.
Od zloma dalje si banke prizadevajo za reševanje notranjih vprašanj in prestrukturiranje svojih portfeljev posojil ter za prestrukturiranje nekaterih velikih poslovnih strank.
It was also recommended to review and improve the deposit guarantee system, following closely the developments within the EU.
Pred finančno krizo so hranilnice skupaj imele približno 20 – 25-odstotni tržni delež pri vlogah.
The Government subsequently proposed a bill of law to the Althingi, based, inter alia, on proposals made by Jännäri as well as amendments made to EEA law on financial activities from 2009 onwards, which was adopted and entered into force on 1 July 2010, as Act No 75/2010.
To se je sedaj zmanjšalo na 2 – 4 %.
With the new law, extensive amendments were made to the Act on Financial Undertakings.
Tržne deleže, ki so jih izgubile hranilnice in komercialne banke, ki so zapustile trg, so dobile tri glavne komercialne banke – Arion Bank, Íslandsbanki in Landsbanki.
Several other amendments were later introduced to the law on financial undertakings as well as of regulation and supervision of financial services.
Skupaj imajo te tri banke sedaj približno 90-95 % trga, prej pa so imele 60 – 75 % trga, in največji tržni delež ima banka Landsbankinn.
These regulatory amendments are considered in more detail in the Annex.
Poleg 10 regionalnih hranilnic, ki imajo trenutno približno 2 – 4 % trga, je edini akter na trgu še prestrukturirana banka MP Bank [28], s tržnim deležem približno 1-5 %.
Main challenges ahead [23]
Islandski finančni trg je tako očitno oligopolističen in tri največje družbe bi lahko skupaj dosegle prevladujoč položaj.
Despite major achievements in rebuilding a financial sector, Iceland continues to strive with the repercussions of the financial and currency crisis in the autumn of 2008.
Po navedbah islandskega organa, pristojnega za konkurenco, ki ga je Nadzorni organ zaprosil za stališča o stanju konkurence na Islandiji in morebitne popravne ukrepe, obstajajo velike ovire za vstop na islandski bančni trg.
It seems evident that Iceland — as many other countries hard hit by the financial crisis — faces numerous challenges in adapting the legal and operating environment of financial services to support a viable and efficient financial system in the future and reduce as much as possible the risk of further systemic shocks to reoccur.
Prav tako obstajajo nekatere ovire za potrošnike pri menjavi banke.
The most immediate challenges currently facing Icelandic financial undertakings are linked to the fact that the banks are operating in a sheltered environment with capital controls and a blanket deposit guarantee.
Islandski organi so tudi potrdili, da so tveganja zaradi menjalnega tečaja, povezana z islandsko krono, ki je majhna valuta, s katero se ne trguje, še bolj omejila konkurenco in odvračajo tuje banke in gospodarske družbe od vstopa na islandski trg.
The banks now need to prepare themselves to operate in a more exposed environment, when the capital controls are removed and deposit guarantees revert to the arrangement set out in the relevant EU/EEA directives [24].
ICA se je v zadnjem času osredotočil na posebno vprašanje o infrastrukturi IT za dejavnosti bank in njihovo sodelovanje na tem področju.
The Icelandic authorities have underlined that extreme caution must be exercised when introducing new rules in this regard.
To se nanaša na Reiknistofa bankanna (islandsko središče za bančne podatke; RB), ki je ponudnik informacijskih storitev v skupni lasti finančnih ustanov.
Another major challenge is the need to adapt further the legal and regulatory framework to support a solid and efficient financial system which is also consistent with EEA and international law developments [25].
Ta zadeva je pomembna za oceno obravnavanega primera in je bila eno od vprašanj, ki jih je Nadzorni organ obravnaval z islandskimi organi in bankami.
The state of competition in the Icelandic financial sector
RB je v skupni lasti treh glavnih islandskih bank, dveh hranilnic, Islandskega združenja hranilnic in treh glavnih obdelovalcev plačilnih kartic na Islandiji.
According to recent information from the Icelandic authorities [26], competition on the financial market has changed radically since the banking collapse.
Landsbankinn ima v lasti 36,84 % delnic RB, Íslandsbanki 29,48 % in banka Arion Bank ima 18,7 % delnic.
The number of financial undertakings has decreased, as several savings banks, commercial banks and specialised lenders are either being wound up or have been merged with other undertakings [27].
Skupaj imajo torej vse tri komercialne banke v lasti 85,02 % delnic RB.
The number of financial undertakings is still decreasing, most recently with the mergers of Landsbankinn and SpKef in March 2011, of Íslandsbanki and Byr in December 2011 and the merger of Landsbankinn and Svarfdaelir Savings Bank, approved by the Authority on 20 June 2012.
Stranke RB-ja so lastniki, Centralna banka Islandije in druge finančne ustanove ter drugi javni subjekti.
With the reductions in the number of financial undertakings and the larger banks taking over deposits from the banks closing down, concentration in the domestic market has increased.
Banke na tem področju zelo veliko sodelujejo, ker je RB razvil sistem obračuna in poravnave na Islandiji.
The overall presence of the new banks on the EEA financial markets is on the other hand much smaller than that of their predecessors, as international banking operations have been closed down.
Zagotavlja tudi več temeljnih bančnih rešitev, ki so rešitve za več strank in jih uporablja večina islandskih bank.
In addition, the domestic market has shrunk considerably as certain sub-markets have disappeared or are largely subdued.
RB izvaja tudi sistem elektronskega izstavljanja računov in elektronskih plačil za podjetja in potrošnike.
The near disappearance of the stock market and the introduction of capital controls have reduced operations in the stock and currency markets and resulted in limited investment options.
ICA meni, da je zlom v letu 2008 povzročil ranljivost zlasti malih bank in hranilnic.
With the level of investments in the economy at a historically low level and households and companies generally highly leveraged, demand for credit is low.
Za manjša finančna podjetja so bile zahtevane storitve IT ključnega pomena, ker se lahko štejejo za eno od ovir za vstop za nove udeležence na trg.
Since the collapse, the banks have concentrated their efforts on internal issues and restructuring of their loan portfolios as well as the restructuring of some of their major corporate clients.
Platformo za storitve IT za velika finančna podjetja v veliki meri zagotavlja RB, za hranilnice in manjše akterje na trgu pa Teris.
Before the financial crisis, the savings banks accounted collectively for a market share of approximately 20-25 % in deposits.
ICA preiskuje dva primera glede RB.
This has now collapsed to approximately 2-4 %.
Prvič, ali je treba solastništvo in sodelovanje bank in drugih finančnih podjetij v forumu RB šteti za kršitev prepovedi omejevalnih praks v skladu s členom 10 islandskega Zakona o konkurenci.
The market shares lost by the savings banks and commercial banks exiting the market have been gained by the three major commercial banks, Arion Bank, Íslandsbanki and Landsbanki.
Drugič, združljivost nakupa glavnih sredstev Terisa s strani RB-ja se presoja na podlagi določb o združitvah zgoraj navedenega zakona.
Combined the three big banks now account for approximately 90-95 % of the market instead of 60-75 % earlier on, where Landsbankinn's market share is marginally highest.
Maja 2012 pa sta bila ta dva primera zaključena s poravnavo med RB-jem in njegovimi lastniki na eni strani in ICA na drugi [29].
Apart from the 10 regional savings banks, currently accounting for approximately 2-4 % of the market, the only other market player is the restructured MP Bank [28], with a market share of approximately 1-5 %.
Poleg zgoraj navedenih zadev, ki se nanašajo neposredno na islandski finančni trg, je ICA zlasti poudaril, da je treba brez nepotrebnega odlašanja zaključiti prodajo in prestrukturiranje delujočih družb [30].
The Icelandic financial market is thus clearly oligopolistic and the three largest companies could collectively achieve a dominant market position.
Po mnenju ICA je neposredno ali posredno lastništvo s strani bank [31] najbolj razširjen in nevaren problem konkurence po finančni krizi, ker vpliva skoraj na vsako gospodarsko družbo in gospodarsko panogo na Islandiji.
According to the Icelandic Competition Authority (ICA), which the Authority had asked for its views on the state of competition in Iceland and potential remedies, there are significant entry barriers to the Icelandic banking market.
Meni, da bi hitrejše prestrukturiranje gospodarskih družb izboljšalo konkurenco na finančnem trgu.
This has detrimental effects on competition.
Ko je bilo treba priglasiti vključitev bank v prestrukturiranje njihovih poslovnih strank v skladu z nacionalnim nadzorom združevanja, je ICA v tej zvezi pogosto postavil pogoje glede lastništva s strani bank.
There are also certain impediments for consumers to switch banks.
Vendar se zdi, da je celovita rešitev problema težka, ker se v bistvu nanaša na visoko zadolženost islandskega poslovnega sektorja.
The Icelandic authorities furthermore acknowledged that the exchange rate risks associated with Iceland's small and non-traded currency, the Icelandic króna, has further restricted competition and deterred foreign banks and companies from entering the Icelandic market.
Vse tri komercialne banke – Arion Bank, Íslandsbanki in Landsbankinn – so v svojem odgovoru Nadzornemu organu izrazile stališče, da od jeseni 2008 v konkurenčnih pogojih na islandskem finančnem trgu ni prišlo do večjih sprememb, ki bi bile razlog za zaskrbljenost.
ICA has lately focused on a specific issue regarding IT infrastructure for the banks' operations and their cooperation in that regard.
Na trgu je prevladovala učinkovita konkurenca, brez kakršnih koli dokazov o tajnem dogovarjanju treh največjih udeležencev.
This relates to the financial institutions' jointly owned IT service provider, Reiknistofa bankanna (the Icelandic Banks' Data Centre; RB).
ICA je pri pregledovanju konkurenčnih pogojev na trgu spregledal nekatere ključne dejavnike.
This matter is of relevance for the assessment of the case at hand and was among the issues discussed by the Authority with the Icelandic authorities and the banks.
Čeprav tuje banke niso bile prisotne na Islandiji, le-te že dolgo aktivno konkurirajo islandskim bankam pri zagotavljanju posojil gospodarstvu in drugih finančnih storitev največjim strankam, kot so podjetja v dejavnostih, ki temeljijo na izvozu (ribištvo, energetsko intenzivne gospodarske panoge itd.) ter državne in občinske dejavnosti.
Landsbankinn owns 36,84 % of the shares in RB, Íslandsbanki holds 29,48 % and Arion Bank 18,7 %.
Kot bo opisano spodaj, se je banka Arion Bank kljub nekaterim zadržkom glede analize konkurenčnih pogojev, odločila za nekatere zaveze, namenjene omejevanju izkrivljanja konkurence, povezane z zadevnimi ukrepi pomoči.
Combined the three commercial banks therefore own 85,02 % of shares in RB.
Te zaveze so navedene v prilogi.
RB's clients are the owners, the Central Bank of Iceland and other financial institutions as well as other public entities.
OPIS UKREPOV
It also provides a number of core banking solutions which are multi-tenant solutions, used by most of the Icelandic banks.
Kot je opisano zgoraj, so banke Kaupthing Bank in še dve drugi veliki islandski komercialni banki propadle leta 2008.
According to ICA, the collapse in 2008 has made the smaller banks and savings banks particularly vulnerable.
Pred finančno krizo leta 2008 je bila Kaupthing Bank največja banka na Islandiji.
For the smaller financial undertakings, the required IT services were of crucial importance, as they can be viewed as one of the entry barriers for new market participants.
Konec leta 2007 je njena bilanca stanja znašala 5347 milijard ISK (58,3 milijarde EUR).
The platform for IT services has been provided to a significant extent by RB as regards the bigger financial undertakings and, as regards the savings banks and smaller market players, by Teris.
Banka Kaupthing je bila predvsem severnoevropska banka, ki je delovala v trinajstih državah.
Following the closure of many smaller financial undertakings in recent years, Teris lost a significant share of its income, leading in January 2012 to the sale of some of its IT solutions to RB.
Zagotavljala je integrirane finančne storitve gospodarskim družbam, institucionalnim vlagateljem in fizičnim osebam, ki so bile razdeljene na pet področnih odsekov: poslovanje s podjetji in prebivalstvom, kapitalski trgi, zakladnica, investicijsko bančništvo in upravljanje premoženja ter zasebno bančništvo.
According to RB and Teris, this transaction was, inter alia, aimed at securing continued provision of IT services to smaller financial undertakings.
Poleg tega je banka delovala v mreži poslovalnic za bančno poslovanje z občani na Islandiji, kjer je imela sedež in v manjši meri na Norveškem in Švedskem.
The ICA has been investigating two cases regarding RB.
Banka Kaupthing je imela dovoljenja za opravljanje bančnih storitev prek podružnic na Danskem, Švedskem, v Luksemburgu in Združenem Kraljestvu ter poslovalnic na Finskem, Norveškem in na otoku Man.
Firstly, whether the joint ownership and cooperation of the banks and other financial undertakings in the RB forum should be considered to be a breach of the ban on restrictive practices under Article 10 of the Icelandic Competition Act.
Glavni podružnici banke Kaupthing sta bili Kaupthing Singer & Friedlander (Združeno kraljestvo) in FIH Erhvervsbank (Danska), vendar je banka upravljala še šestnajst podružnic in poslovalnic v različnih državah v Evropi, severni Ameriki, Aziji in na Bližnjem vzhodu.
Secondly, the compatibility of RB's purchase of Teris's major assets is being assessed under the merger provisions of the same act.
Konec leta 2007 je banka zaposlovala 3334 ljudi.
However, in May 2012 these two cases were concluded with a settlement between RB and its owners, on the one hand, and the ICA on the other hand [29].
Delnice banke so kotirale na skandinavskem borznem trgu OMX Nordic v Reykjavíku in Stockholmu.
Aside from the above concerns that relate directly to the Icelandic financial market, the ICA has in particular pointed to the need for the sale and restructuring of operating companies [30] to be completed without undue delay.
Banka Arion Bank, naslednica banke Kaupthing, je islandska banka, ki zagotavlja splošne finančne storitve gospodarskim družbam, institucionalnim vlagateljem in fizičnim osebam.
Many operating companies have been taken over by the banks (being creditors of those companies) due to over indebtedness following the economic crash in 2008.
Banka si prizadeva, da bi bila povezovalna banka, ki se osredotoča na večje gospodarske družbe in fizične osebe, ki potrebujejo širok krog finančnih storitev.
According to ICA, it may create a conflict of interest when banks provide financial services to companies and own the companies at the same time.
Skupino Arion Bank sestavljajo matična družba in osem podružnic, povezanih z njeno glavno dejavnostjo, ki so sestavni del delovanja banke [32].
The ICA is of the opinion that the banks' direct and indirect ownership [31] is the most wide-spread and dangerous competition problem in the aftermath of the financial crisis, as this has an effect on almost every company and industry in Iceland.
V zvezi z nedavnim in sedanjim prestrukturiranjem svojega portfelja posojil je banka prevzela sredstva, ki so razvrščena kot sredstva za prodajo in če dejavnost oživljanja ne bo končana, kot sredstva za začasno delovanje.
In ICA's view, faster restructuring of companies would improve competition in the financial market.
Banka trdi, da si kljub temu prizadeva za čim prejšnjo prodajo takih sredstev [33].
When the banks' involvement in the restructuring of their corporate clients has been subject to the notification requirements under national merger control, the ICA has in this regard often set conditions regarding the banks' ownership.
Drugi ključni deleži so v družbi Auðkenni (krovna družba, ki upravlja varnostne ključe za spletno bančništvo; 20 %) in v Reiknistofa bankanna (islandsko središče za bančne podatke, RB; 18,05 %).
However, a comprehensive solution to the problem appears to be difficult, as it relates essentially to the high leverage of the Icelandic business sector.
Banka Arion Bank je zaprla ali je v postopku zapiranja 15 gospodarskih družb, v katerih je imela deleže v lastniškem kapitalu.
In their submission to the Authority, the three commercial banks, Arion Bank, Íslandsbanki and Landsbankinn, have all expressed the view that no major changes have taken place in the conditions of competition in the Icelandic financial market since autumn 2008 which should give cause for concerns.
Te družbe so bodisi prenehale delovati bodisi nimajo sredstev ali ne delujejo.
Effective competition prevailed in the market, without any evidence of collusive behaviour of the three biggest players.
Glavni bančni produkti sodijo v naslednje štiri kategorije: upravljanje premoženja, investicijsko bančništvo, poslovanje s podjetji in poslovanje z občani, in so opisani v nadaljevanju.
When examining the conditions of competition in the market, the ICA had overlooked certain key factors.
Upravljanje premoženja
Foreign banks, although without presence in Iceland, have for long and still are actively competing with Icelandic banks for the provision of corporate loans and other financial services to the biggest clients, such as undertakings in export-based activity (fisheries, power-intensive industry, etc.) as well as state and municipal activity.
Ta oddelek sestavljajo Prodaja in storitve, Zasebno bančništvo in Institucionalno upravljanje premoženja.
However, this view is contrary to the view expressed in the submission of the Icelandic authorities, as set out in the report referred to above by the Minister of Economic Affairs to the Althingi and to the views of ICA.
Podružnica banke Stefnir, družba za upravljanje premoženja, izvaja upravljanje sklada in Upravljanje premoženja banke Arion Bank in je glavni distributer sklada.
Moreover, as will be outlined below, Arion Bank has, despite certain reservations regarding analysis of competition conditions, decided to provide certain commitments aimed at limiting distortion of competition linked to the aid measures concerned.
Oddelek Upravljanje premoženja je vodilni udeleženec na islandskem trgu, ki je konec leta 2011 upravljal premoženje banke Arion Bank in podružnic v vrednosti več kot 659 milijard ISK.
Those commitments are reported in the Annex.
Oddelek Upravljanje premoženja je odgovoren za upravljanje premoženja za svoje stranke, vključno z institucionalnimi vlagatelji, gospodarskimi družbami, premožnimi strankami in malimi vlagatelji.
DESCRIPTION OF THE MEASURES
Opravlja številne različne storitve za stranke z različnimi naložbenimi cilji.
The beneficiary
Poleg raznovrstnih vzajemnih skladov, drugačnih naložbenih nosilcev in pokojninskih načrtov oddelek nudi tudi prilagojene strategije portfeljev dolgoročnih sredstev in upravljanih računov.
As described above, Kaupthing Bank collapsed in 2008, as did the two other large Icelandic commercial banks.
Oddelek nudi tudi sklade drugih vodilnih svetovnih družb za upravljanje skladov.
So as to ensure the continuing operation of the domestic banking sector, the Icelandic authorities undertook certain measures to restore certain operations of (old) Kaupthing Bank hf, including the establishment and capitalisation of New Kaupthing Bank hf (now renamed Arion Bank).
Investicijsko bančništvo