natgillin/translations-raw huggingface dataset:
However, in February 2011, and following further deterioration of the economic conditions in the areas in which Spkef was active, the management and board of Spkef estimated the financial difference in the respective values of deposits and assets to be 11,2 billion ISK, which meant that 19,4 billion ISK were needed to meet the FME's CAD ratio requirements.
Banka Landsbankinn je zaradi opisanih ukrepov kapitalizacije in razvoja od ustanovitve banke, zlasti ponovnega ovrednotenja sredstev (dodatno opredeljeno v nadaljevanju), dosegla stopnjo kapitalske ustreznosti precej nad kapitalskimi zahtevami Organa za finančni nadzor.
According to the Icelandic authorities, this estimation was by far worse than what previous assessments had indicated and other, less costly means to remedy the situation were therefore considered.
Stopnja kapitalske ustreznosti se je s 13,0 % ob koncu leta 2008 povečala na 15,0 % ob koncu leta 2009, na 19,5 % ob koncu leta 2010 in na 21,4 % ob koncu leta 2011.
On 5 March 2011 an agreement was reached between Landsbankinn and the Icelandic authorities whereby the operations, assets and liabilities of Spkef would be merged with Landsbankinn.
Med tem obdobjem naj bi se bilanca stanja predvidoma rahlo zmanjšala s približno 1135 milijard ISK na […] milijard ISK.
According to the Icelandic authorities, this was considered to be the best course of action to safeguard financial stability and the interest of customers, creditors and the Icelandic state as Landsbankinn's capital adequacy ratio had become sufficient to take over Spkef without the need for an additional state contribution.
Pomen lastniškega kapitala in lastniških instrumentov se bo na strani sredstev bilance stanja močno zmanjšal, predvidoma zaradi nameravane prodaje operativnih družb.
The Icelandic authorities submit that offsetting the negative asset position (against commitments in deposits) of Spkef was in any event necessary, due to the deposit guarantee.
Pomen vlog se bo na strani obveznosti povečal (s trenutno približno 444 milijard ISK na […] milijard ISK), medtem ko se bo delež zavarovanih obveznic in obveznosti, dolgovanih finančnim institucijam in Centralni banki Islandije, zmanjšal.
Thus the agreement on the takeover between Landsbankinn and the Icelandic State entailed a commitment by the State to set off the negative asset position of Spkef.
Doseganje zadovoljive donosnosti
A special mechanism to determine this difference — and hence the scope of the State's obligation — was included, according to which, in the absence of a mutually agreed outcome of the valuation exercise, the dispute would be put before an arbitration committee.
Glede na načrt prestrukturiranja, kot je prikazano v spodnji preglednici 2, je bila donosnost kapitala banke Landsbankinn od leta 2009 dobra.
As the parties to the agreement could not agree on the difference between transferred assets and liabilities, the aforementioned arbitration committee was charged with this task.
Preglednica 2
On 8 June 2012 it concluded its work, and decided that the compensation due to Landsbankinn following the takeover of deposits and assets of Spkef amounts to 19,2 billion ISK.
Donosnost lastniškega kapitala v preteklosti
According to the Icelandic authorities, the settlement will be made in the form of treasury bonds.
Donosnost lastniškega kapitala („Return on Equity“) [41]
The rescue and acquisition of Sparisjodur Svarfdaela
V načrtu prestrukturiranja je predvidena naslednja donosnost lastniškega kapitala za preostalo obdobje prestrukturiranja (preglednica 3).
As for Sparisjodur Svarfdaela, the events leading up to April 2011 that describe its financial difficulties and the intervention by the Icelandic State were set out in the Savings Banks Decisions referred to above.
Preglednica 3
The subsequent acquisition by Landsbankinn was described and approved by the Authority in the SpSv Decision referred to above.
Napoved donosnosti lastniškega kapitala
The Icelandic government granted state aid to SpSv by issuing a subordinated loan in April 2011 as well as by settling claims owned by CBI against SpSv.
Donosnost lastniškega kapitala
These rescue measures were held to be temporarily compatible with the EEA Agreement based on the Savings Banks Decisions, subject to the submission of a restructuring plan for SpSv.
medtem ko bo dobiček ostal relativno stabilen in bo nihal okrog […] milijard ISK letno, se bo operativni prihodek povečal z okrog 30 milijard ISK na […] milijard ISK,
As Landsbankinn has taken over all assets and operations of the SpSv, which amount to approximately 0,311 % of the assets of Landsbankinn on that same date, the Authority considers Landsbankinn's restructuring plan as the restructuring plan for the merged entity.
neto prihodki iz obresti bodo nihali med […] in […] milijardami ISK,
The restructuring plan
prihodki od provizij in nadomestil za storitve naj bi se predvidoma povečali za okrog […] %, in sicer z okrog 4 milijard ISK na […] milijard ISK,
The Icelandic authorities submitted a restructuring plan for Landsbankinn on 31 March 2011.
neto obrestna marža naj bi predvidoma padla z […] % v letu 2012 na […] % v letu 2014,
The restructuring plan addresses the substantive issues of viability, burden-sharing and limitations of distortions of competition.
razmerje med stroški in dobičkom naj bi predvidoma padlo s 57,2 % v letu 2011 na […] % v letu 2014.
According to the restructuring plan, Landsbankinn will focus on its core business and the restructuring of the household and corporate loan portfolios.
Po mnenju islandskih organov je dejstvo, da je banka Landsbankinn od svoje ustanovitve solidno delovala, v določeni meri odvisno od tega, da je bila vrednost sredstev iz portfelja posojil, ki jih je prevzela od banke Landsbanki, od tedaj precej povečana.
Description of the restructuring plan
Islandski organi so v podporo tej trditvi predložili izračun (preglednica 4), v katerem so navedeni letni rezultati brez odbitka in drugih „izrednih prihodkov“.
The Icelandic authorities and the Bank consider that the restructuring of Landsbankinn 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.
Preglednica 4
Based on the information in the restructuring plan and the written answers to questions by the Authority, this will be achieved in particular through:
Neto dobiček „izrednih prihodkov“
Deleveraging the balance sheet by the winding up the old bank and establishing a new bank;
Proračun za
Establishing and maintaining a strong capital ratio position and a healthy balance sheet;
Dobiček tekočega leta
Achieving satisfactory profitability;
Prilagoditve na donosnost:
Establishing and maintaining a strong liquidity position;
Ponovno ovrednotenje prenesenih sredstev
Finalising the restructuring of the loan portfolio, both for private households and for businesses;
Spremembe poštene vrednosti pogojno zamenljive obveznice
Improving the funding strategy;
Sodbe o posojilih na trgu Forex
Improving cost efficiency;
Lastniški kapital in obveznice
Improving risk management.
Dobiček / izguba na trgu Forex
Before describing each of the above points in more detail, the bank's view on how the weaknesses that contributed to Landsbanki's demise are being addressed in the restructuring plan, is briefly set out below.
Ustavljene dejavnosti
The bank claims that although Landsbankinn is based on the domestic operations of Landsbanki, it is a different bank.
Stroški financiranja pozicij lastniškega kapitala
The Icelandic authorities submit that weaknesses that characterised Landsbanki prior to the collapse of the banking system are discussed in detail in the report of the Special Investigation Commission, described earlier.
Prilagojena donosnost
In addition, the bank emphasises that in particular poor risk management, excessive risk appetite, the unusually close relation between owners and largest borrowers, too much growth over too short a period, the lack of experience in global markets, lenient lending rules, the lack of internal checks and controls and a flawed corporate culture and strategy were factors that led to the collapse.
Prilagojena donosnost lastniškega kapitala
It also submits that key changes have been made to the bank's business model since Landsbankinn commenced operations in fall 2008 and that the above mentioned factors served as a guidance for implementation of the Bank's new strategy and governance.
Po teh podatkih naj bi banka celo ob odsotnosti odbitka od leta 2010 dalje, pa tudi v preostalem obdobju prestrukturiranja, še vedno ustvarjala dobiček [42].
Aside from a long list of measures to re-organise internal work processes and replace key staff, the most relevant changes seem to be the following: A greater focus on domestic operations, in particular on retail banking and the branch network, strongly reduced investment banking activities, an emphasis on restructuring the loan portfolio, revised risk management and a greater significance of corporate responsibility and compliance with high ethical standards.
Vzpostavitev in ohranjanje močnega likvidnostnega položaja
Thus, whilst Landsbankinn just as its predecessor provides a broad range of financial services in the Icelandic market, the difference between pre- and post-crisis banking for Landsbankinn is more visible in ‘how’ the bank does business (processes, procedures, documentation, rules and regulation) rather than ‘what’ service and product range it offers in Iceland.
Organ za finančni nadzor je glede likvidnosti zahteval, da je treba imeti denarna sredstva ali njihove ustreznike za 5 % vlog, ki se odplačajo na zahtevo, in da bi morale biti banke zmožne zagotoviti 20-odstotni takojšnji odliv vlog.
Deleveraging the balance sheet by the winding up of the old bank and establishing a new bank;
Poleg tega Centralna banka Islandije določa pravila o likvidnosti kreditnih institucij [43], v skladu s katerimi se likvidna sredstva in obveznosti kreditnih institucij razvrstijo po vrsti, zapadlosti in dodeljenih ponderjih glede na tveganje.
As mentioned above, most of Landsbanki's domestic assets and liabilities were transferred to Landsbankinn in the course of October 2008.
Kreditne institucije morajo imeti likvidna sredstva, ki presegajo obveznosti za naslednje tri mesece.
As a result of this process, most of the wholesale debt remained in the estate of Landsbanki, and thus Landsbankinn has never been leveraged in the way Landsbanki was.
V pravila je vključen tudi določen test izjemnih situacij, pri katerem se odbitek uporabi za različne postavke lastniškega kapitala, a kadar se prevzame, je treba po eni strani vse obveznosti plačati ob zapadlosti, po drugi pa je treba delne zneske drugih obveznosti, kot so vloge, plačati kmalu po opominu ali brez opomina.
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.
Banka Landsbankinn po navedbah islandskih organov izpolnjuje zgornja pravila.
Establishing and maintaining a strong capital ratio position and a healthy balance sheet
Dejansko ima v skladu z načrtom prestrukturiranja trenutno 42,5 % likvidnih sredstev v razmerju do vseh vlog.
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), Landsbankinn has achieved CAD ratios well above the capital requirements of the FME.
Poleg tega je banka Landsbankinn po navedbah islandskih organov nedavno spremenila politiko glede likvidnosti, da bi spremljala in zagotovila skladnost z zahtevami iz svežnja Basel III.
The CAD ratio increased from 13,0 % at the end of 2008 to 15,0 % at the end of 2009, 19,5 % at the end of 2010 and 21,4 % at the end of 2011.
Trenutno njen količnik likvidnostnega kritja znaša […] %.
According to the restructuring plan, this ratio is forecasted to increase further during the course of the restructuring period, to reach [> 20] % at the end of 2014.
V nadaljevanju je nadalje opisan učinek likvidnostnega položaja banke v izjemni situaciji, kot je takojšnja odprava kapitalskih kontrol.
Landsbankinn thus 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
During this period the balance sheet is expected to shrink slightly, from approximately 1135 billion ISK to […] billion ISK.
Pred finančno krizo leta 2008 so zasebne in poslovne stranke banke prevzele visoko stopnjo dolga.
On the assets side of the balance sheet, the significance of equities and equity instruments will decrease strongly, presumably due to the intended sale of operating companies.
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.
Likewise, the amount of loans to financial institutions is expected to decrease by approx. […] % until 2014.
Poleg splošne grožnje za gospodarsko blaginjo Islandije je nenadno poslabšanje posojilnih portfeljev bank postalo najpomembnejše tveganje za prihodnje uspešno poslovanje banke.
On the other hand, loans to customers will increase by roughly […] % to approx. […] billion ISK according to the restructuring plan.
Zato si je banka Landsbankinn, kot je razvidno iz načrta prestrukturiranja, kot prednostno nalogo zastavila prestrukturiranje zasebnih in poslovnih posojilnih portfeljev (zmanjšanje finančnega vzvoda).
On the liabilities side, the significance of deposits will increase (from currently approx.
Banka Landsbankinn 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) [44].
444 billion ISK to […] billion ISK, whilst the share of secured bonds and liabilities due to financial institutions and the CBI will diminish.
Do 30. marca 2012 je bilo končano finančno prestrukturiranje več kot 75 % preveč zadolženih družb z obveznostmi do bank, ki so presegale 100 milijard ISK, in več kot 75 % celotnega dolga je bilo prestrukturiranega.
Achieving a satisfactory profitability
V načrtu prestrukturiranja se pričakuje, da se bo ta številka do konca leta 2012 povečala na 92 %.
According to the restructuring plan, and as illustrated below in table 2, the return on equity of Landsbankinn has been healthy since 2009.
Poleg tega so že prestrukturirana posojila v veliki meri donosna.
Table 2
Na primer le 2,6 % celotne vrednosti posojila že prestrukturiranih družb je za več kot 30 dni zakasnelih.
Past ROE
Izboljšanje strategije financiranja
Return on Equity (ROE) [41]
Islandski organi trdijo, da je prerez financiranja banke Landsbankinn dovolj raznovrsten in da kratkoročno ali srednjeročno ni pričakovati nobene večje potrebe po refinanciranju.
Moreover, the restructuring plan predicts the following ROE for the remaining restructuring period (Table 3).
Trenutna sestava financiranja je približno taka: 10 % vlog finančnih institucij, 40 % vlog strank (od katerih jih je 80 % takih, ki se odplačajo na zahtevo, 20 % pa je vezanih vlog do največ 5 let), 30 % zavarovanega izposojanja, ki zapade v obdobju 2014–2018, in 20 % lastniškega kapitala.
Table 3
Vloge so najpomembnejši vir financiranja banke Landsbankinn, kot je navedeno zgoraj.
ROE forecast
Pomen vlog se bo glede na načrt prestrukturiranja med obdobjem prestrukturiranja celo povečal.
Return on Equity (ROE)
Hkrati pa namerava banka Landsbankinn povečati delež vezanih vlog, da bi postale „zanesljivejše“.
This forecast is the result of more detailed financial planning entailed in the restructuring plan:
Pomemben vir financiranja bo postalo zavarovano izposojanje.
Operating income will increase from about 30 billion ISK to […] billion ISK, whereas profits will remain relatively stable, fluctuating around […] billion ISK annually;
Take so tudi najverjetnejše možnosti refinanciranja, ko bodo trenutna zavarovana izposojanja zapadla, medtem ko izdajanje nezavarovanih obveznic ni verjetna kratkoročna ali srednjeročna možnost financiranja za banko Landsbankinn.
Net interest income will fluctuate between […] and […] billion ISK;
Banka namerava v prihodnosti financirati dolgoročna sredstva, kot so hipotekarni krediti z zavarovanimi obveznicami, kar bi lahko pomenilo do 5 % celotnega prihodnjega financiranja banke.
Fee and commission income is expected to increase by about […] %, from approximately 4 billion ISK to […] billion ISK;
Vendar se to po pričakovanjih ne bo uresničilo v obdobju, zajetem v načrtu prestrukturiranja, ki je bil predložen Nadzornemu organu.
The net interest margin is expected to fall from […] % in 2012 to […] % in 2014;
Povečanje stroškovne učinkovitosti
The number of employees is expected to decrease by about […], from 1158 to […] in 2016;
Banka Landsbankinn se bo v skladu z načrtom prestrukturiranja še naprej osredotočala na učinkovite in racionalizirane dejavnosti, da bo uspešno krila povišane infrastrukturne stroške, nastale kot posledica strožjega regulativnega nadzora, večje obdavčitve in stroškov, povezanih s prestrukturiranjem.
The cost/income ratio is expected to fall from 57,2 % in 2011 to […] % in 2014.
V načrtu prestrukturiranja je predvideno, da se bodo splošni operativni stroški znižali za […] % (pri čemer se upošteva inflacija), zlasti zato ker je mogoče hranilnico SpKef in druge hčerinske družbe združiti z banko.
According to the Icelandic authorities, the solid performance of Landsbankinn since its establishment is to a certain extent due to the fact that assets in the loan portfolio that was acquired by the bank from Landsbanki have been written up significantly since then.
Banka Landsbankinn meni, da se s tem ponuja priložnost za zmanjšanje stroškov, zlasti z zmanjšanjem števila zaposlenih ([…] % zaposlenih za polni delovni čas v naslednjih treh letih).
Whilst these valuation gains are to some extent offset by the contingent bond, the ‘discount’ has been and will remain an important part of the bank's revenues while the loan portfolio is being restructured.
Poleg tega banka Landsbankinn trdi, da je začela izvajati večji projekt za racionaliziranje svoje dobavne verige.
In support of this view the Icelandic authorities have submitted a calculation (table 4) indicating what the annual results would have been without the discount and other ‘irregular items’.
Banka se je nazadnje zavezala, da bo med obdobjem prestrukturiranja zaprla […] podružnic.
Table 4
Zaradi navedenih ukrepov ter zmanjšanja števila zaposlenih naj bi se razmerje med stroški in dobičkom predvidoma znižalo s 57,2 % v letu 2011 na […] % v letu 2014.
Profits net of irregular items
Boljše upravljanje tveganja
Budget
Banka Landsbankinn je Nadzorni organ obvestila, da je ena izmed njenih prednostnih nalog izboljšati prakse upravljanja tveganja.
Profit for the year
Banka je za ta namen ustanovila oddelek za upravljanje tveganj.
Adjustments to profitability:
Oddelek je odgovoren za vse tradicionalno upravljanje tveganja, merjenje in ocenjevanje tržnega tveganja, likvidnostnega tveganja in kreditnega tveganja.
Re-evaluation of transferred assets
Po navedbah banke Landsbankinn je bilo z njeno novo organizacijsko strukturo upravljanje tveganja močno povečano.
Fair value changes of contingent bond
V oddelku je 44 zaposlenih.
FX verdicts
Zmožnost doseganja uspešnega poslovanja po osnovnem scenariju in scenariju izjemnih situacij
Equity and Bonds
Islandski organi so v načrtu prestrukturiranja predložili en osnovni scenarij in tri scenarije izjemnih situacij za banko Landsbankinn, da bi prikazali, da je ta banka zmožna doseči dolgoročno uspešno poslovanje in da je odporna proti neželenemu makroekonomskemu razvoju.
FX gain / loss
Osnovni scenarij
Discontinued operations
Opisani načrt prestrukturiranja je osnovni scenarij.
Funding cost of equity positions
Islandski organi menijo, da so osnovni makroekonomski kazalniki podobni tistim iz osnovne napovedi Centralne banke Islandije za naslednja leta in so prikazani v spodnji preglednici 5:
Adjusted profitability
Preglednica 5
Adjusted ROE
Makroekonomska napoved, osnovni scenarij
According to this data, the bank would from 2010 onwards still have made profits, and would during the remainder of the restructuring period make profits even in the absence of the discount.
Ključni kazalnik
[42]
Napoved
Establishing and maintaining a strong liquidity position
BDP
Regarding liquidity, the FME requires that cash or cash-like assets should amount to 5 % of on-demand deposits and the banks should be able to withstand a 20 % instantaneous outflow of deposits.
Zasebna poraba
In addition, the Central Bank of Iceland sets rules on credit institutions' liquidity [43] according to which credit institutions' liquid assets and liabilities are classified by type and maturity and assigned weights according to risk.
Javna poraba
Credit institutions must have liquid assets in excess of the next three months' liabilities.
Celotni obseg naložb
The rules also entail a certain stress test where a discount is applied to various equity items, but where it is assumed, on the one hand, that all obligations must be paid upon maturity, and on the other, that a portions of other obligations, such as deposits, must be paid at short notice or none at all.
Izvoz
According to the Icelandic authorities, Landsbankinn complies with the above rules.
Uvoz
In fact, according to the restructuring plan, it currently holds 42,5 % liquid assets against total deposits.
Proizvodna vrzel
Moreover, according to the Icelandic government, Landsbankinn has recently changed its liquidity policy in order to monitor and ensure compliance with the requirements of Basel III.
Kratkoročno tveganje pri delovanju
Currently its liquidity coverage ratio (LCR) is […] %.
Brezposelnost
The impact on the liquidity position of the bank in case of stress, such as an immediate removal of the capital controls, is further described below.
Menjalni tečaj ISK/EUR
Finalising the restructuring of the loan portfolio, both for private households and for businesses.
Inflacija
Prior to the financial crises in 2008, both the bank's private and commercial customers took on a high level of debt.
Scenarij izjemnih situacij
When the economy and, in particular, real estate prices fell in the wake of the crisis, the suddenly over-leveraged customers could often not service their debt any longer, and held negative equity.
V načrtu prestrukturiranja so vključeni trije scenariji izjemnih situacij – blaga recesija, mednarodna gospodarska depresija in padec krone, vključno z metodologijo, uporabljeno pri izdelavi teh scenarijev, in učinkom na kapitalski položaj banke.
Aside from the general threat to the economic welfare of Iceland, the sudden deterioration in the bank's lending portfolio became a major risk for the bank's future viability.
Scenariji so zasnovani glede na resne spremembe v ekonomskem okolju, v katerem banka deluje, ki so sicer malo verjetne, a verjetne.
For this reason the restructuring of the private and commercial loan portfolios (deleveraging), as reflected in the restructuring plan, has become a priority for Landsbankinn.
Scenarij z mednarodno gospodarsko depresijo, na primer, temelji na možnem razpadu evroobmočja in posledičnih učinkih na evropsko gospodarstvo.
According to the Icelandic authorities, Landsbankinn has developed specific debt relief programmes and cooperated with the state and other banks on general debt relief measures (e.g. the 110 % mortgage adjustment).
Za ta scenarij bi bile posledične makroekomske spremenljivke naslednje:
[44]
Preglednica 6
By 30 March 2012 the financial restructuring of more than 75 % of over indebted companies with obligations towards the bank in excess of 100 million ISK and more than 75 % of the total debt had been restructured.
Makroekonomski kazalniki v scenariju mednarodne gospodarske depresije
The restructuring plan assumes that by the end of 2012 this figure will have increased to 92 %.
Scenarij 3 – Mednarodna depresija
Moreover, already restructured loans are to a large extent performing.
Iz podatkov v sivem je razvidno, kolikšna je razlika od osnovnega scenarija.