natgillin/translations-raw huggingface dataset:
Form of payment
prednostna pravica (pozneje spremenjena v 3. prednostno pravico skupaj z obveznico, ki jo je izdala banka Askar Capital, glej spodaj) v portfelju družbe Avant,
Share-holding
prednostna pravica v terjatvi banke Glitnir do skupine Milestone v višini 54,9 % vseh terjatev do skupine Milestone.
ISK 2,8 billion
1,5 milijarde ISK
Bond issued by Avant with interest of REIBOR plus 3,75 % with the following collaterals:
Različne obveznice, ki jih je izdalo 10 različnih družb in občin.
4th priority (later changed to 3rd priority in parallel with a bond issued by Askar Capital, see below) in Avant's portfolio
11,6 milijarde ISK
1st priority in Glitnir's claim against Milestone, equivalent of 54,9 % of total claims against Milestone
Obveznica, ki jo je izdala banka Askar Capital, in obveznica, ki jo je izdala družba Landsvirkjun (državna družba za proizvodnjo in distribucijo električne energije) in je bila pridobljena od države (glej spodaj).
ISK 1,5 billion
Na isti dan so delničarji zavarovalnice Sjóvá sklenili tudi sporazum o prodaji svojih deležev v družbi v roku 18 mesecev.
Various bonds issued by 10 different companies and municipalities
Prihodki naj bi se uporabili za prenos sredstev, predvidenih kot osnovni kapital, nazaj na delničarje.
ISK 11,6 billion
Nadzorni organ je predložil podrobnejši opis dogodkov, dejstev ter gospodarskega in političnega razvoja v zvezi z zlomom in preoblikovanjem zavarovalnice Sjóvá v odločbi o začetku postopka.
Bond issued by Askar Capital and bond issued by Landsvirkjun (the National Power Company) obtained from the Icelandic state (see below)
OPIS POSREDOVANJA DRŽAVE
The proceeds would be used to transfer the assets set forth as share capital back to the shareholders.
Zavarovalnica Sjóvá je bila ustanovljena leta 1918 in je bila od takrat ključni akter na islandskem zavarovalniškem trgu.
Accordingly, an open sales process was launched for Sjóvá in the beginning of 2010, with plans to sign a Sales and Purchase Agreement at the end of March 2010.
Zavarovalnica zagotavlja storitve posameznikom in organizacijam vseh velikosti ter ponuja širok izbor produktov prek velike storitvene mreže po vsej državi.
However, the sales efforts ended in November 2010 when the highest bidder withdrew its offer.
Zavarovalnica Sjóvá je ena od treh vodilnih zavarovalnic na Islandiji, ki svojim strankam zagotavlja vse vrste produktov neživljenjskega in življenjskega zavarovanja.
The Authority provided a more detailed description of the events, facts and economic and political developments relating to the collapse and the reconstruction of Sjóvá in the Opening Decision.
Zavarovalnica Sjóvá se ukvarja s šestimi razredi zavarovalnih produktov:
DESCRIPTION OF THE INTERVENTION BY THE STATE
premoženjsko zavarovanje, zavarovanje motornih vozil, zavarovanje v primeru nesreče in bolezni, zavarovanje vodnih plovil, zavarovanje zrakoplovov in tovora, zavarovanje odgovornosti in življenjsko zavarovanje.
The beneficiary
Vendar se družba osredotoča na zagotavljanje celovitih zavarovalniških storitev in ne na zagotavljanje storitev po posameznih produktih.
Sjóvá was founded in 1918 and has been a key player in the Icelandic insurance market ever since.
Zavarovalnica Sjóvá je lastnica ene hčerinske družbe, družbe Sjóvá Life.
It services individuals as well as organisations of all sizes and offers a wide product range through a large service network around the country.
V skladu s členom 12 zakona o zavarovalniških dejavnostih št. 56/2010 se v isti družbi ne smejo opravljati dejavnosti življenjskega zavarovanja in poslov neživljenjskega primarnega zavarovanja.
Sjóvá is one of the three leading insurance companies in Iceland providing its customers with the full range of both non-life and life products.
Čeprav je družba Sjóvá Life pravna oseba, ki je ločena od zavarovalnice Sjóvá ter ima ločeno računovodstvo in bilanco stanja, prek sporazuma z zavarovalnico Sjóvá kupuje vse tekoče posle ter ima dostop do sistemov in podpore IT.
Sjóvá has defined six product classes:
Produkti družbe Sjóvá Life so vključeni v izbor produktov zavarovalnice Sjóvá.
property, motor, accident & sickness, marine, aviation & cargo, liability and life.
Kot je navedeno zgoraj, je zavarovalnica Sjóvá dejavna na islandskem trgu neživljenjskih in življenjskih zavarovanj.
However, the company focuses on providing comprehensive insurance services instead of product-specific services.
V segmentu neživljenjskih zavarovanj tržni delež zavarovalnice Sjóvá znaša približno 28 %, medtem ko imajo njeni glavni konkurenti naslednje približne tržne deleže:
Sjóvá owns one subsidiary, Sjóvá Life.
(v nadaljnjem besedilu: zavarovalnica VIS) 35 %, Tryggingamiðstöðin hf.
According to Art. 12 of the Act on Insurance Activities No 56/2010, life insurance business cannot be run in the same company as non-life primary insurance operations.
(v nadaljnjem besedilu: zavarovalnica TM) 26 % in Vörður tryggingar hf.
Although Sjóvá Life is a separate legal entity from Sjóvá, with separate accounting and balance sheet, Sjóva Life purchases through an agreement with Sjóvá all day-to-day operations and access to IT systems and support.
V segmentu življenjskih zavarovanj tržni deleži znašajo približno:
Sjóvá Life products are integrated into Sjóvá's product range.
Sjóvá Life 35 %, Okkar (banka Arion) 27 %, LÍS (del zavarovalnice VIS) 24 %, LM (del zavarovalnice TM) 10 % in Vörður Lif 4 % [5].
As set out above, Sjóvá is active both on the Icelandic non-life and life insurance markets.
Dokapitalizacija zavarovalnice Sjóvá
In the non-life insurance segment, Sjóvá has a market share of around 28 %, whilst its main competitors have the following approximate market shares:
Država je zavarovalnico Sjóvá dokapitalizirala z dvema ukrepoma:
(VIS) 35 %, Tryggingamiðstöðin hf.
neposredno je prispevala k prvotni dokapitalizaciji zavarovalnice Sjóvá leta 2009 s prenosom dveh obveznic na družbo SAT Holding (glej odstavke 19 do 22 spodaj) in prispevala nadaljnjih od 683 do 739 milijonov ISK k stabilizaciji zavarovalnice Sjóvá leta 2010 (glej odstavek 24 in odstavke 29 do 31 spodaj).
(TM) 26 % and Vörður tryggingar hf.
Državna pomoč za prvotno dokapitalizacijo zavarovalnice Sjóvá se je zagotovila s sporazumom z dne 8. julija 2009 o prenosu obveznic [6] („Samningur um kröfukaup“) v lasti države na družbo SAT Holding.
In the life insurance segment, the approximate market shares are as follows:
Na tej točki je negativni lastniški kapital zavarovalnice Sjóvá znašal 13,5 milijarde ISK.
Sjóvá Life 35 %, Okkar (Arion Bank) 27 %, LÍS (part of VIS) 24 %, LM (part of TM) 10 % and Vörður Lif 4 % [5].
V skladu z zakonom bi moral pozitivni lastniški kapital znašati najmanj 2 milijardi ISK.
The recapitalisation of Sjóvá
Za izpolnitev zahtev glede minimalnega lastniškega kapitala je bila tako potrebna kapitalska injekcija v višini najmanj 15,5 milijarde ISK.
The Icelandic state undertook two measures to recapitalise Sjóvá:
Sporazum med državo in družbo SAT Holding zajema naslednji obveznici, ki sta bili v lasti države in ju je zunanji strokovnjak ovrednotil 16. junija 2009:
it contributed directly to the initial recapitalisation of Sjóvá in 2009 by transferring two bonds to SAT Holding (see paragraphs 19 to 22 below) and contributed a further ISK 683 to 739 million to the stabilisation of Sjóvá in 2010 (see paragraphs 24 and 29 to 31 below).
Sredstvo
The state aid for the initial recapitalisation of Sjóvá was put in place by way of an agreement dated 8 July 2009 on the transfer of bonds [6] (‘Samningur um kröfukaup’) owned by the Icelandic state to SAT Holding.
Ocenjena vrednost
At this point, Sjóvá's equity was ISK 13,5 billion in the negative.
Opis in zavarovanja
A minimum positive equity of ISK 2 billion was required according to law.
Terjatev do banke Askar Capital
In order to fulfil the minimum equity requirements, a capital injection of at least ISK 15,5 billion was therefore required.
6071443539 ISK
The agreement between the state and SAT Holding covers the following two bonds that were in the possession of the state, valued by an external expert on 16 June 2009:
Sporazum o indeksiranem posojilu z obrestmi v višini 3 %.
Asset
Posojilo je prešlo v last države, ko je država leta 2008 prevzela zavarovanje s premoženjem v lasti centralne banke.
Estimated value
Posojilo je zavarovano z:
Description and securities
zavarovanjem s premoženjem s 3. prednostno pravico do portfelja družbe Avant (skupaj z obveznico, ki jo je družba Avant izdala banki Glitnir, knjigovodska vrednost portfelja je znašala 26 milijard ISK, 1. prednostna zastavna pravica banke Landsbanki Íslands pa 16 milijard ISK) in
Claim against Askar Capital
zavarovanjem s premoženjem s 1. prednostno pravico do indeksiranih obveznic, ki jih je izdala družba Landsvirkjun (državna družba za proizvodnjo in distribucijo električne energije), nominalne vrednosti 4,7 milijarde ISK.
ISK 6071443539
Obveznica, ki jo je izdala družba Landsvirkjun (državna družba za proizvodnjo in distribucijo električne energije)
An indexed loan agreement with 3 % interest.
5558479575 ISK
The loan had come into the possession of the state when it took over Central Bank collateral in 2008.
Izdana je bila leta 2005 in jo je treba plačati leta 2020, ima državno garancijo, je indeksirana, z obrestmi v višini 3 %.
The loan is secured by:
Obveznica je prešla v last države kot zavarovanje s premoženjem za posojilo, ki ga je centralna banka zagotovila banki Landsbanki Íslands.
3rd priority collateral in Avant's portfolio (in parallel with a bond issued by Avant to Glitnir, book value of the portfolio was ISK 26 billion and Landsbanki Íslands' 1st priority lien of ISK 16 billion), and
Nakupna cena je znašala 11,6 milijarde ISK in družba SAT Holding naj bi obveznici plačala v roku 18 mesecev, tj. pred koncem leta 2010, ne da bi se v tem obdobju zaračunale obresti.
1st priority collateral in indexed bonds issued by Landsvirkjun (the National Power Company) of nominal value ISK 4,7 billion.
Kot zavarovanje za plačilo nakupne cene obveznic je bilo državi zagotovljeno zavarovanje s premoženjem s 1. prednostno pravico do delnic družbe SAT Holding v zavarovalnici Sjóvá.
Bond issued by Landsvirkjun (the National Power Company)
V sporazumu je bila predvidena možnost plačila s prenosom prvotnega 73,03-odstotnega deleža družbe SAT Holding v zavarovalnici Sjóvá na državo, kar bi se štelo za celotno plačilo.
ISK 5558479575
Družba SAT Holding bi lahko uporabila to možnost brez predhodnega soglasja države.
Issued in 2005 payable in 2020, with state guarantee, indexed and 3 % interest.
Poleg tega je država pred ustanovitvijo družbe SA tryggingar hf.
The bond came into the possession of the state as collateral against lending made by the Central Bank to Landsbanki Íslands.
(ki je bila pozneje poimenovana Sjóvá) 20. junija 2009 privolila v povečanje zavarovanja banke Glitnir pri obveznici, ki jo je izdala družba Avant, s 4. na 3. prednostno pravico v skladu s prednostno pravico zavarovanja s premoženjem v portfelju družbe Avant, ki je bil v lasti države.
The purchase price was ISK 11,6 billion and SAT Holding was to pay for the bonds within 18 months, i.e. before year-end 2010, without any interest being charged during that period.
Štelo se je, da je to potrebno zato, da bi organ FME sprejel prispevek banke Glitnir k lastniškemu kapitalu zavarovalnice Sjóvá.
As a security for the payment of the purchase price of the bonds, the state was granted 1st priority collateral in SAT Holding's shares in Sjóvá.
V zameno je banka Glitnir na državo prenesla 12,5 % svojih terjatev do družbe SJE, v lasti katere je bil nekdanji naložbeni portfelj zavarovalnice Sjóvá.
The agreement provided for the option of payment by the delivery of SAT Holding's original 73,03 % shareholding in Sjóvá to the state, which would be considered payment in full.
Banka Glitnir proda svoje delnice v zavarovalnici Sjóvá svoji hčerinski družbi SAT Holding
SAT Holding could exercise this option without prior consent of the state.
Po mnenju organa FME banka Glitnir, za katero je veljal moratorij in je bila v postopkih prenehanja, ni bila upravičena do lastništva kvalificiranega deleža v zavarovalnici Sjóvá.
Besides, prior to the creation of SA tryggingar hf.
Banka Glitnir je nato 16. septembra 2009 prodala svoj 17,67-odstotni delež v zavarovalnici Sjóvá družbi SAT Holding.
(later named Sjóvá) on 20 June 2009, the Icelandic state accepted to upgrade Glitnir's security in the bond issued by Avant from 4th to 3rd priority, in line with the priority of the collateral in Avant's portfolio held by the state itself.
Po zgoraj navedeni transakciji sta bila delničarja zavarovalnice Sjóvá:
This was considered necessary for the FME to accept Glitnir's contribution to Sjóvá's equity.
Lastništvo (%)
In exchange, Glitnir ceded 12,5 % of its claims against SJE, which held the former investment portfolio of Sjóvá, to the Icelandic state.
Organ FME je 22. septembra 2009 zavarovalnici Sjóvá končno izdal dovoljenje za opravljanje zavarovalnih poslov in končal posebni nadzor, pod katerim je bila zavarovalnica Sjóvá od oktobra 2008.
Glitnir sells its shares in Sjóvá to its subsidiary SAT Holding
Portfelj je bil prenesen 1. oktobra 2009 [7].
The FME considered that Glitnir, in moratorium and undergoing winding-up proceedings, was not eligible to own a qualifying holding in Sjóvá.
Država postane največji delničar zavarovalnice Sjóvá prek možnosti, ki jo uporabi družba SAT Holding
Subsequently, on 16 September 2009, Glitnir sold its 17,67 % shareholding in Sjóvá to SAT Holding.
Upravljanje terjatev v lasti ministrstva za finance in Centralne banke Islandije (CBI) se je konec leta 2009 združilo in preneslo na nov subjekt, družbo za upravljanje premoženja CBI (v nadaljnjem besedilu: družba ESI).
Following the above transaction, shareholders in Sjóvá were:
Takrat je družba ESI, ki jo v celoti nadzira država, prevzela upravljanje terjatev do družbe SAT Holding.
Ownership (%)
Družba SAT Holding je 3. maja 2010namesto poplačila dolga uporabila možnost prenosa 73,03 % delnic v zavarovalnici Sjóvá na državo.
On 22 September 2009, the FME finally issued an insurance operation licence to Sjóvá and lifted the special supervision Sjóvá had been under since October 2008.
Od takrat naprej so bili delničarji zavarovalnice Sjóvá:
The portfolio transfer took place on 1 October 2009 [7].
ESI (država)
The state becomes Sjóvá's biggest shareholder through an option exercised by SAT Holding
Islandsko vrhovno sodišče je 16. junija 2010 odločilo, da so posojila, ki so bila dodeljena v ISK, vendar so bila povezana s košarico tujih valut, nezakonita.
At year-end 2009, the management of claims owned by the Ministry of Finance and the Central Bank of Iceland (CBI) was merged, and transferred to a new entity; CBI asset management (ESI).
To je vplivalo na vrednost obveznic, ki sta jih izdala družba Avant in banka Askar Capital ter so bile uporabljene za dokapitalizacijo zavarovalnice Sjóvá.
From that time, ESI — which is fully controlled by the Icelandic state — took over the management of the claims against SAT Holding.
Zaradi ohranitve kapitala zavarovalnice Sjóvá je zavarovalnica Sjóvá 28. julija 2010 podpisala sporazum o prenosu sredstev z družbo SAT Holding, družbo ESI in banko Íslandsbanki.
On 3 May 2010,SAT Holding exercised the option to transfer 73,03 % of shares in Sjóvá to the state in lieu of repaying the debt.
V skladu s tem sporazumom je (i) družba SAT Holding pridobila obveznico družbe Avant za 2,1 milijarde ISK (razliko do prvotnega ovrednotenja v višini 2,8 milijarde ISK je pokrila zavarovalnica Sjóvá) in (ii) družba ESI je na zavarovalnico Sjóvá prenesla obveznico družbe Landsvirkjun, ki se je uporabila za zavarovanje obveznice, ki jo je izdala banka Askar Capital.
From that point in time, the shareholders in Sjóvá were:
Družba ESI je nato pridobila obveznico družbe Avant od družbe SAT Holding za 880 milijonov ISK.
ESI (the state)
Nominalna vrednost te obveznice je znašala 2,813 milijarde ISK, vendar je bila njena vrednost nezanesljiva, saj so imetniki obveznice pri družbi Avant pričakovali, da se jim bo po likvidaciji družbe Avant povrnilo le 5–7 % vrednosti obveznice.
On 16 June 2010, the Icelandic Supreme Court ruled that loans granted in ISK but linked to a basket of foreign currencies were illegal.
To bi ustrezalo vrednosti obveznice, ki jo je pridobila družba ESI in je znašala od 141 milijonov ISK do 197 milijonov ISK.
This affected the value of the bonds issued by both Avant and Askar Capital that had been used for the recapitalisation of Sjóvá.
Zato je družba ESI prispevala nadaljnjih od 683 do 739 milijonov ISK k stabilizaciji zavarovalnice Sjóvá.
In order to maintain the capital of Sjóvá, an asset transfer agreement was signed on 28 July 2010 between Sjóvá on the one hand and SAT Holding, ESI and Íslandsbanki on the other hand.
Upniki družbe Avant so decembra 2010 odobrili sporazum o poravnavi z družbo.
This agreement resulted in (i) SAT Holding acquiring the Avant bond for ISK 2,1 billion (the difference to the original valuation of ISK 2,8 billion being covered by Sjóvá) and (ii) ESI transferring the Landsvirkjun bond, which had been used to collateralise the bond issued by Askar Capital, to Sjóvá.
Takrat je bila vrednost portfelja družbe Avant ocenjena na približno 13 milijard ISK.
ESI subsequently acquired the Avant bond from SAT Holding for ISK 880 million.
prednostna terjatev do portfelja je znašala približno 15 milijard ISK.
This bond had a nominal value of ISK 2813 million but was of uncertain value as the bondholders of Avant expected to recover only 5-7 % of the bond's value after the liquidation of Avant.
Zavarovanje s 3. prednostno pravico do portfelja, ki sta si ga delili banka Glitnir in družba ESI, je bilo zato brez vrednosti.
This would correspond to a value of the bond acquired by ESI of between ISK 141 million and ISK 197 million.
Prodaja skladu SF1
As a result, ESI contributed a further ISK 683 to 739 million to the stabilisation of Sjóvá.
Sklad SF1 slhf. (v nadaljnjem besedilu: sklad SF1), ki ga je upravljala družba Stefnir hf., je 18. januarja 2011 privolil v nakup 52,4 % zavarovalnice Sjóvá od družbe ESI za 4,9 milijarde ISK.
In December 2010, Avant's creditors approved a composition agreement with the company.
Po regulativni odobritvi je bil prenos izveden 1. julija 2011.
At that point, Avant's portfolio was valued at ca.
Poleg tega je sklad SF1 dobil možnost nakupa preostalega 20,63-odstotnega deleža od družbe ESI za 2,4 milijarde ISK.
ISK 13 billion.
To možnost je uporabil julija 2012.
The 1st priority claim on the portfolio amounted to ca.
Po tej transakciji so bili deleži v zavarovalnici Sjóvá naslednji:
ISK 15 billion.
Islandskim organom je tako uspelo prodati svoj delež v zavarovalnici Sjóvá za skupni znesek 7,3 milijarde ISK.
The 3rd priority security in the portfolio, which was jointly held by Glitnir and ESI, was therefore worthless.
To je primerljivo s prvotno vrednostjo obveznic v višini 11,6 milijarde ISK, ki jih je Islandija uporabila pri svojem prispevku k dokapitalizaciji zavarovalnice Sjóvá.
Sale to SF1
RAZLOGI ZA ZAČETEK FORMALNEGA POSTOPKA PREISKAVE
On 18 January 2011, SF1 slhf (SF1), a fund managed by Stefnir hf., agreed to acquire 52,4 % of Sjóvá from ESI for ISK 4,9 billion.
Nadzorni organ je v svoji odločbi o začetku postopka prišel do predhodnega sklepa, da je udeležba države v dokapitalizaciji zavarovalnice Sjóvá pomoč v smislu člena 61(1) Sporazuma EGP.
Following regulatory approval, the transaction took place on 1 July 2011.
Poleg tega je Nadzorni organ izrazil dvome o tem, ali so ti ukrepi skladni s členom 61(3) Sporazuma EGP v povezavi z zahtevami iz smernic Nadzornega organa o finančni krizi.
In addition, SF1 was granted an option to purchase the remaining 20,63 % stake from ESI for ISK 2,4 billion.
Nadzorni organ je navedel predvsem, da islandski organi niso predložili informacij, ki bi dokazovale, da bi lahko sistemski učinki, do katerih bi lahko prišlo zaradi stečaja zavarovalnice Sjóvá, dosegli obseg, ko bi prišlo do „resne motnje v gospodarstvu“ Islandije v smislu člena 61(3)(b) Sporazuma EGP.
This option was exercised in July 2012.
Nadzorni organ je prav tako navedel, da so bile predložene le omejene informacije o poslovanju zavarovalnice Sjóvá, vzrokih težav in samem prestrukturiranju.
Following that transaction, the shareholding in Sjóvá is as follows:
Na podlagi teh informacij Nadzorni organ ni mogel oceniti ukrepa v skladu s členom 61(3)(b) ter predvsem poglavjem o ponovni vzpostavitvi uspešnega poslovanja in oceni ukrepov prestrukturiranja v finančnem sektorju v sedanji krizi na podlagi pravil o državni pomoči (smernice o prestrukturiranju) iz smernic Nadzornega organa o državni pomoči [8].
The Icelandic authorities thus managed to sell their holding in Sjóvá for a total amount of ISK 7,3 billion.
PRIPOMBE ZAINTERESIRANIH STRANI
This compares to an initial value of ISK 11,6 billion of the bonds Iceland used in its contribution to the recapitalisation of Sjóvá.
Nadzorni organ je prejel pripombe naslednjih zainteresiranih strani.
GROUNDS FOR INITIATING THE FORMAL INVESTIGATION PROCEDURE
Pripombe zavarovalnice Sjóvá in banke Islandsbanki
In its Opening Decision, the Authority came to the preliminary conclusion that the Icelandic State's participation in the recapitalisation of Sjóvá constitutes aid within the meaning of Article 61(1) of the EEA Agreement.
Upravičenka zavarovalnica Sjóvá in banka Islandsbanki, ki je ena od njenih delničarjev, sta Nadzornemu organu predložili pripombe.
Furthermore, the Authority expressed doubts as to whether these measures comply with Article 61(3) of the EEA Agreement, in conjunction with the requirements laid down in the Authority's financial crisis guidelines.
Zavarovalnica Sjóvá je predložila predvsem informacije o ukrepih prestrukturiranja, ki jih je sprejela nova uprava družbe, ter finančne podatke o svojem poslovanju.
In particular, the Authority stated that the Icelandic authorities had not submitted information to demonstrate that the systemic effects that might have resulted from a bankruptcy of Sjóvá could have reached a size constituting ‘a serious disturbance in the economy’ of Iceland within the meaning of Article 61(3)(b) of the EEA Agreement.
Banka Íslandsbanki v svojih pripombah trdi, da je država ravnala kot vlagatelj pod tržnimi pogoji, ko je bila udeležena v dokapitalizaciji zavarovalnice Sjóvá.
It also stated that only limited information had been submitted regarding the operations of Sjóvá, on the causes of the difficulties and on the restructuring itself.
Če pa bi Nadzorni organ menil, da je transakcija vključevala državno pomoč, banka Íslandsbanki navaja, da bi bilo treba pomoč šteti za združljivo v skladu s členom 61(3)(b) Sporazuma EGP.
This information was insufficient to enable the Authority to assess the measure under Article 61(3)(b) as well as in particular the chapter on the return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the state aid rules (Restructuring Guidelines) of the Authority's state aid guidelines [8].
V pripombah so poudarjeni predvsem pomen ukrepov za islandski finančni trg, prispevek zasebnikov (banke Glitnir in banke Íslandsbanki) k dokapitalizaciji in dosedanji uspeh prestrukturiranja zavarovalnice Sjóvá.
COMMENTS FROM INTERESTED PARTIES
Pripombe konkurentk
The Authority received submissions from the following interested parties.
Nadzorni organ je prejel tudi pripombe družb VIS in TM.
Comments from Sjóvá and Islandsbanki
Obe družbi sta islandski zavarovalnici in neposredno konkurirata zavarovalnici Sjóvá.
The beneficiary, Sjóvá, as well as Islandsbanki, one of its shareholders, submitted comments to the Authority.
Zavarovalnica VIS v svojih pripombah trdi, da je treba posredovanje države, ki je omogočilo dokapitalizacijo zavarovalnice Sjóvá, šteti za državno pomoč.
Sjóvá's submission provides mainly information on the restructuring measures undertaken by the company's new management as well as financial data on its operations.
Zavarovalnica VIS navaja predvsem, da za to posredovanje zaradi takratnega gospodarskega položaja zavarovalnice Sjóvá in bolj na splošno Islandije ter zaradi pogojev posredovanja ni mogoče uporabiti načela vlagatelja pod tržnimi pogoji.