natgillin/translations-raw huggingface dataset:
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 Landsbankinn.
Prvič, ali je treba skupno lastništvo ter sodelovanje bank in drugih finančnih podjetij v forumu družbe RB obravnavati kot kršitev prepovedi za omejevalna ravnanja po členu 10 islandskega zakona o konkurenci.
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.
Drugič, po določbah o združitvi istega zakona se ocenjuje, ali je dejstvo, da je družba RB kupila večja sredstva družbe Teris, združljivo.
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 [23], with a market share of approximately 1-5 %.
Vendar sta bili maja 2012 obe zadevi zaključeni s poravnavo med družbo RB in njenimi lastniki na eni strani ter Islandskim organom za konkurenco na drugi [24].
The Icelandic financial market is thus clearly oligopolistic and the three largest companies could collectively achieve a dominant market position.
Islandski organ za konkurenco je poleg navedenih pomislekov, ki se neposredno nanašajo na islandski finančni trg, zlasti poudaril, da je treba brez nepotrebnega odlašanja zaključiti prodajo in prestrukturiranje operativnih družb [25].
According to the Icelandic Competition Authority (‘ICA’) there are significant entry barriers to the Icelandic banking market.
Po mnenju Islandskega organa za konkurenco je dejstvo, da imajo banke družbe v neposredni ali posredni lasti [26], najbolj razširjena in najnevarnejša težava na področju konkurence po finančni krizi, saj vpliva na skoraj vsako družbo in industrijo na Islandiji.
This has detrimental effects on competition.
Po njegovem mnenju bi hitrejše prestrukturiranje družb izboljšalo konkurenco na finančnem trgu.
There are also certain impediments for consumers to switch banks.
Ko je bilo treba udeleženost banke pri prestrukturiranju njenih poslovnih strank priglasiti v skladu z nacionalno kontrolo združevanja, je Islandski organ za konkurenco v zvezi s tem pogosto določil pogoje o lastninski pravici bank.
ICA has lately focused on a specific issue regarding IT infrastructure for the banks' operations and their cooperation in that regard.
Tri komercialne banke, Arion, Íslandsbanki in Landsbankinn, so v trditvah, predloženih Nadzornemu organu, pojasnile, da se od jeseni leta 2008 na islandskem finančnem trgu glede konkurenčnih pogojev niso zgodile nobene večje spremembe, zaradi katerih bi se vzbujali pomisleki.
This relates to the financial institutions' jointly owned IT service provider, Reiknistofa bankanna (the Icelandic Banks' Data Centre; RB).
Na trgu je prevladovala učinkovita konkurenca brez dokazov o tajnem dogovarjanju treh največjih udeležencev.
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.
Islandski organ za konkurenco je pri proučevanju konkurenčnih pogojev na trgu prezrl nekatere ključne dejavnike, kot je dejstvo, da so tuje banke pri zagotavljanju finančnih storitev največjim strankam, kot so podjetja, katerih dejavnosti temeljijo na izvozu (ribištvo, energetsko intenzivne industrije itd.) ter ki opravljajo državne in občinske dejavnosti, že dolgo in še vedno dejavno v konkurenci z islandskimi bankami.
RB is jointly owned by the three main Icelandic banks, two savings banks, the Icelandic Savings Bank Association and the three main payment card processors in Iceland.
Vendar je to stališče v nasprotju s stališčem iz predložitve islandskih organov, kot je določeno v navedenem poročilu, ki ga je minister za gospodarske zadeve pripravil za islandski parlament, in s stališči Islandskega organa za konkurenco.
Landsbankinn owns 36,84 % of the shares in RB, Íslandsbanki holds 29,48 % and Arion Bank 18,7 %.
Poleg tega se je banka Landsbankinn, kot je opisano v nadaljevanju, kljub določenim zadržkom glede analize konkurenčnih pogojev odločila za zagotovitev določenih zavez, s katerimi naj bi se omejilo izkrivljanje konkurence v zvezi z zadevnimi ukrepi pomoči.
RB's clients are the owners, the Central Bank of Iceland and other financial institutions as well as the government and public entities.
OPIS UKREPOV
The banks' cooperation in this area is extensive, as RB has developed the clearing and settlement system in Iceland.
Upravičenec
It also provides a number of core banking solutions which are multi-tenant solutions, used by most of the Icelandic banks.
Banka Landsbanki ter dve drugi večji islandski komercialni banki Glitnir in Kaupthing so, kot je opisano zgoraj, propadle leta 2008.
RB furthermore operates an e-invoicing and e-payment system for corporations and consumers.
Da bi zagotovili neprekinjeno delovanje domačega bančnega sektorja, so islandski organi sprejeli določene ukrepe ter za ponovno vzpostavitev nekaterih dejavnosti (nekdanje) banke Landsbanki ustanovili in kapitalizirali banko New Landsbanki (zdaj preimenovano v Landsbankinn), kar je podrobneje opisano v nadaljevanju.
According to ICA, the collapse in 2008 has made the smaller banks and savings banks particularly vulnerable.
Pred finančno krizo leta 2008 je bila banka Landsbanki druga 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.
Ob koncu druge četrtine leta 2008 je njena bilanca stanja znašala 3970 milijard ISK in v prvi polovici tega leta je ustvarila 31 milijard ISK dohodka pred obdavčitvijo.
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.
Objavljena poslovna strategija [27] banke je bila preoblikovati banko iz lokalne komercialne banke, ki posluje le na Islandiji, v „zelo donosno poslovno in naložbeno bančno dejavnost, ki je proti vzhodu usmerjena čez Evropo in proti zahodu čez Atlantik“.
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.
Banka Landsbanki je svoje dejavnosti v tujini začela leta 2000 s prevzemom 70-odstotnega deleža banke Heritable v Londonu ter se je v prihodnjih letih precej povečala s prevzemi in ustanavljanjem tujih podružnic.
According to RB and Teris, this transaction was, inter alia, aimed at securing continued provision of IT services to smaller financial undertakings.
Banka je imela pred zlomom sedem večjih hčerinskih družb v Združenem kraljestvu, na Irskem, v Luksemburgu, v Franciji/Nemčiji in na Islandiji.
The ICA has been investigating two cases regarding RB.
Prav tako je imela podružnice v Združenem kraljestvu (ki pa so imele urade na Nizozemskem, v Nemčiji in ZDA), Kanadi, na Norveškem in Finskem ter prodajno pisarno v Hong Kongu.
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.
Banka Landsbankinn, naslednica banke Landsbanki, je splošna banka, ki posameznikom, gospodinjstvom, podjetjem in poklicnim vlagateljem na Islandiji ponuja obsežen sklop finančnih storitev.
Secondly, the compatibility of RB's purchase of Teris's major assets is being assessed under the merger provisions of the same act.
Banka Landsbankinn je največja islandska banka.
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.
Ob koncu leta 2011 so njena skupna sredstva znašala 1135 milijard ISK in je imela 1142 zaposlenih.
[24]
Banka Landsbankinn je glede na načrt prestrukturiranja dejavna v glavnem na naslednjih področjih:
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 [25] to be completed without undue delay.
Poslovanje s prebivalstvom
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.
Oddelek za poslovanje s prebivalstvom se ukvarja z vsemi splošnimi storitvami za posameznike ter mala in srednja podjetja.
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.
To je največji oddelek te banke, saj ima 520 zaposlenih, pri čemer jih 410 dela v različnih podružnicah.
The ICA is of the opinion that the banks' direct and indirect ownership [26] 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.
Banka Landsbankinn ima v sektorju poslovanja s prebivalstvom glede na informacije islandskih organov [> 25]-odstotni tržni delež.
In ICA's view, faster restructuring of companies would improve competition in the financial market.
Upravljanje sredstev/ zasebn. ban č ništvo
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.
V oddelku za poslovanje s podjetji se ukvarjajo z velikimi podjetji, občinami in večjimi projekti financiranja.
However, a comprehensive solution to the problem appears to be difficult, as it relates essentially to the high leverage of the Icelandic business sector.
Trije pododdelki, ki se znotraj oddelka za poslovanje s podjetji ukvarjajo s posojanjem, so: pododdelek za industrijo, trgovino in storitve, za ribištvo in morske sadeže ter za gradbeništvo in splošno upravljanje kreditov.
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.
V oddelku je 40 zaposlenih.
Effective competition prevailed in the market, without any evidence of collusive behaviour of the three biggest players.
Banka Landsbankinn ima v tem segmentu trga glede na informacije islandskih organov [> 30]-odstotni tržni delež.
When examining the conditions of competition in the market, the ICA had overlooked certain key factors, such as the fact that foreign banks have for long and still are actively competing with Icelandic banks for the provision of 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.
Trgi, denarna sredstva in upravljanje sredstev
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.
Oddelek za denarna sredstva je odgovoren za likvidna sredstva in financiranje banke ter upravlja tržna tveganja, vzdrževanje trga na trgu tujih valut („foreign exchange“), denarni trg in vrednostne papirje, ki kotirajo na borzi.
Moreover, as will be outlined below, Landsbankinn 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 za trg se ukvarja s prodajami na trgu tujih valut, posredništvom pri vrednostnih papirjih v obveznicah, lastniškim kapitalom in izpeljanimi finančnimi instrumenti za profesionalne stranke.
Those commitments are reported in the Annex.
V oddelku za upravljanje sredstev so trije pododdelki, in sicer pododdelek za upravljanje sredstev za tretje stranke, za zasebno bančništvo in za storitve finančnega svetovanja.
DESCRIPTION OF THE MEASURES
Primerjava nekdanjih in novih bank
The beneficiary
Islandski organi so predložili pregled temeljnih sprememb, ki so se že zgodile in ki so po mnenju Nadzornega organa pomembne za trenutno oceno.
As described above, Landsbanki collapsed in 2008, as did the two other large Icelandic commercial banks, Glitnir and Kaupthing.
Kot je bilo že navedeno, je bila v poslovno strategijo banke Landsbanki vključena mednarodna širitev poslovanja; od leta 2004 je bil tako glavni cilj banke, da bi se povečala na trgih mednarodnih naložb in poslovanja s podjetji, pri čemer je storitve usmerjala na mala do srednja poslovna podjetja.
So as to ensure the continuing operation of the domestic banking sector, the Icelandic authorities undertook certain measures, and to restore certain operations of (old) Landsbanki, they established and capitalised New Landsbanki (now renamed Landsbankinn), described in more detail below.
V Londonu je bila leta 2005 odprta podružnica, ki je bila sprva usmerjena na financiranje s finančnimi vzvodi in posojila na osnovi kreditnih sredstev.
Prior to the financial crisis of 2008 Landsbanki was the second largest bank in Iceland.
V pozneje odprtih podružnicah v Kanadi, na Finskem, Norveškem in v prodajni pisarni v Hong Kongu so bili sprva usmerjeni na posojila na osnovi kreditnih sredstev in financiranje trgovine.
At the end of the second quarter of 2008 its balance sheet amounted to 3970 billion ISK and it made a pre-tax profit during the first half of that year of 31 billion ISK.
S to strategijo [28] naj bi se povečala raznovrstnost posojilnih portfeljev prek držav in sektorjev.
The published business strategy [27] of the bank was to transform the bank from a local commercial bank, operating exclusively in Iceland, ‘into a highly profitable corporate and investment banking operation stretching eastward from Iceland across Europe and westward over the Atlantic’.
Posojanje družbam, ki niso islandske, je zaradi te strategije pomenilo vse večji del dejavnosti banke.
In 2000 Landsbanki began its activities abroad by acquiring a 70 % holding in the Heritable Bank in London and over the following years the bank grew substantially both through acquisitions and the establishment of foreign branches.
Septembra 2008 je bila skoraj polovica od 2644 ljudi, ki so bili zaposleni v banki Landsbanki in njenih hčerinskih družbah, zunaj Islandije.
Prior to its collapse the bank held 7 main subsidiaries in the UK, Ireland, Luxembourg, France/Germany and Iceland itself.
Diagram 1
It also had branches in the UK (which in turn had offices in the Netherlands, Germany and the United States), Canada, Norway and Finland, and a sales office in Hong Kong.
Razporeditev sredstev po regijah v prvi in drugi četrtini leta 2008
Landsbanki's successor, Landsbankinn, is a universal bank offering a comprehensive set of financial services to individuals, households, corporations and professional investors in Iceland.
Skupni znesek sredstev po operativnih območjih Islandija
Landsbankinn is the largest bank in Iceland.
Luksemburg
Total assets amounted to 1135 billion ISK at the end of 2011, and it has 1142 employees.
Kot je prikazano v zgornjem diagramu, je bilo geografsko 54 % vseh sredstev (od 3970 milijard ISK za prvo in drugo četrtino leta 2008) zunaj Islandije.
According to the restructuring plan, Landsbankinn is mainly active in the following areas:
Poleg tega je v prvi polovici leta 2008 z Islandije izhajalo 41 % prihodkov, iz Združenega kraljestva in Irske 34 %, iz Luksemburga 6 % ter iz drugih območij 15 %.
Retail banking
V spodnjem diagramu je prikazano, da je v prvi polovici leta 2008 (po zadnjih razpoložljivih podatkih za banko) največji del dohodka pred obdavčitvijo banke Landsbanki v višini 31 milijard ISK izhajal iz investicijskega bančništva in poslovanja s podjetji.
The Retail Banking division handles all general service to individuals and small and medium sized companies.
Delež poslovanja s prebivalstvom in dohodkov pred obdavčitvijo se je v letih po privatizaciji banke (leta 2002) počasi zmanjševal.
With 520 employees, 410 working out of the various branches, this is the Bank's largest division.
Diagram 2
According to the information provided by the Icelandic authorities, Landsbankinn has a market share of [> 25] % in the retail sector.
Razporeditev dohodkov po poslovnem segmentu v prvi in drugi četrtini leta 2008
Corporate banking
Investicijsko bančništvo Poslovanje s podjetji
Corporate Banking deals with large companies and municipalities and larger financing projects.
Poslovanje s prebivalstvom
According to the information provided by the Icelandic authorities, Landsbankinn has a market share of [> 30] % in this market segment.
S tem je možnost banke Landsbankinn za rast omejena.
Markets, Treasury and Asset Management
Poleg tega je delitev na tuja in domača sredstva v primerjavi z banko Landsbanki pomenila precejšnje zmanjšanje obsega bilance stanja banke Landsbankinn:
The Treasury is responsible for the Bank's liquidity and funding, manages market risk, market making in the foreign exchange (‘FX’) market, money market and listed securities.
Preglednica 1
The Markets division handles FX sales and securities brokerage in bonds, equities and derivatives to professional clients.
Bilanca stanja banke Landsbanki (LBI) in banke Landsbankinn
Asset management consist of three sub-departments, namely third-party asset management, private banking and financial advisory services.
Bilanca stanja bank LBI in Landsbankinn, primerjava (v mio.
Comparing the old and new bank
ISK)
The Icelandic authorities have submitted an overview of the fundamental changes that have already taken place which the Authority considers to be relevant for the purposes of its current assessment.
Posojila in predplačila strankam
As referred to above Landsbanki's business strategy involved expansion of its business internationally, and from 2004 the main goal of the bank was to grow in international investment and corporate banking markets focusing on services to small to medium sized corporate enterprises.
Posojila in predplačila finančnim institucijam
A branch was opened in London in 2005, initially focused on leverage finance and asset based loans.
Glede zaposlenih je bilo znižanje več kot 55-odstotno (z 2644 na 1142).
Later branches, opened in Canada, Finland, Norway and the sales office in Hong Kong, were initially focused on asset-based lending and trade finance.
Nacionalna pravna podlaga za ukrep pomoči
Due to this strategy lending to non-Icelandic companies accounted for an ever-larger share of the bank's operations.
Na podlagi zakona o izrednih razmerah je lahko Organ za finančni nadzor ukrepal „v izrednih razmerah“, prevzel pristojnosti skupščin delničarjev in sestankov upravnega odbora finančnih institucij ter odločal o prodaji njihovih sredstev in obveznosti.
Nearly half of the 2644 people employed by Landsbanki and its subsidiaries in September 2008 were based outside Iceland.
Organu za finančni nadzor je bila tudi dodeljena pristojnost, da je imenoval odbore za razpustitev pri finančnih podjetjih, ki jih je prevzel, ti odbori pa so prevzeli pristojnosti skupščin delničarjev.
Chart 1
V likvidacijskih postopkih institucij imajo po tem zakonu prednost terjatve imetnikov vlog in terjatve v okviru sistemov zajamčenih vlog.
Distribution of assets by region — Q1 and Q2 2008
Po tem zakonu je islandski minister za finance tudi pooblaščen za ustanavljanje novih bank.
Iceland
V zakon o izrednih razmerah so vključene spremembe Zakona o finančnih podjetjih št. 161/2002, Zakona o uradnem nadzoru finančnih dejavnosti št. 87/1998, Zakona o zajamčenih vlogah in odškodninski shemi za vlagatelje št. 98/1999 ter Zakona o stanovanjskih zadevah št. 44/1998.
Other UK & Ireland
Zakon o dodatnem državnem proračunu za leto 2008 (člen 4)
Total assets by operating areas
Zakon o državnem proračunu za leto 2009 (člen 6)
Luxembourg
Ukrepi pomoči
When examined geographically, 54 % of total assets (of 3970 billion ISK for Q1-Q2 2008), as shown in the chart above, were located outside Iceland.
Poseganje islandskih organov po propadu banke Landsbanki je bilo opisano zgoraj, podrobneje pa je bilo predstavljeno v odločbi o začetku postopka.
The chart below shows that for the first half of 2008 (the last available numbers for the bank) the largest part of Landsbanki's pre-tax profit of 31 billion ISK came from investment banking and corporate banking.
Vendar, ker se je določanje te razlike izkazalo za težko in zamudno, je država zagotovila nekaj ustanovnega kapitala in se zavezala, da bo po potrebi prispevala dodatni kapital.
In the years following the privatisation of the bank (in 2002) the share of retail banking in pre-tax profits had been steadily declining.
Med državo in upniki nekdanje banke je bil 15. decembra 2009 dosežen sporazum, v skladu s katerim je država prevzela 81,33-odstotni delež v banki (s kapitalskim vložkom v višini 121225 milijard ISK), medtem ko so upniki banke Landsbanki vpisali 18,67 % novih delnic.
Chart 2
Glede na sporazum med državo in upniki je odškodnina za upnike za prenos sredstev odvisna predvsem od pogojno zamenljive obveznice, ki je dodatno opisana v nadaljevanju.
Distribution of profits by business segment — Q1 and Q2 2008
Po mnenju Nadzornega organa datum sklenitve pogodbe, tj. 15. december 2009, označuje začetek petletnega obdobja prestrukturiranja, ki bo nato trajalo do 15. decembra 2014.
Pre-tax profit by business segments
V naslednjem oddelku so opisani zgolj tisti vidiki poseganja države, ki pomenijo ukrepe pomoči v zvezi z oceno po členu 61 Sporazuma EGP.
Asset management / priv. banking
Kapital 1. reda
Investment banking
Država je kapital 1. reda zagotovila dvakrat – prvič leta 2008, ko je bila ustanovljena banka New Landsbanki, drugič pa leta 2009, ko je bil dosežen sporazum z upniki nekdanje banke in je bila banka v celoti kapitalizirana.
The new bank, Landsbankinn focuses solely on activities in Iceland.
Ustanovni kapital
It is not an internationally oriented bank as its predecessor, and contrary to Landsbanki, which based its growth on a diverse funding mix, heavily relying on unsecured bonds sold worldwide, it relies mainly on deposits as a funding base.
Država je kot ustanovni kapital za novo banko zagotovila 775 milijonov ISK [29] (5 milijonov EUR) v gotovini.
This limits Landsbankinn's potential to grow.
Poleg tega se je zavezala, da bo novi banki prispevala do 200 milijard ISK v zameno za njen celotni lastniški delež.
Moreover, the splitting between foreign and domestic assets meant a significant reduction in the size of the balance sheet of Landsbankinn when compared to Landsbanki:
Ta številka je bila izračunana kot 10 % prvotne ocene verjetnega obsega bilance tveganju prilagojenih sredstev banke, v državni proračun za leto 2009 pa je bila uradno vključena kot dodelitev državnih sredstev za odziv na izredne razmere na finančnih trgih.
Table 1
S to dodelitvijo kapitala naj bi se zagotovilo ustrezno jamstvo za poslovanje banke, dokler ne bi bilo mogoče rešiti vprašanj v zvezi z njeno končno ponovno kapitalizacijo, vključno z obsegom njene začetne bilance stanja na podlagi vrednotenja nadomestila, ki ga je treba plačati nekdanji banki za sredstva, prenesena z nje.
Balance sheet of Landsbanki (LBI) and Landsbankinn
Končna kapitalizacija banke Landsbankinn
ISK)
Prav tako je objavila, da bo država kapitalizirala novo banko.
Loans and advances to customers
Končni sporazum o kapitalizaciji je bil dosežen 15. decembra 2009 (navsezadnje do skupnega zneska 150 milijard ISK, od katerih je država zagotovila 121225 milijard ISK), ko je bil dosežen sporazum o odškodnini, ki jo bodo prejeli upniki za neto vrednost sredstev in obveznosti, prenesenih na banko Landsbankinn.
Loans and advances to financial institutions
Kot je opisano zgoraj, je Organ za finančni nadzor v kapitalskih zahtevah določil, da mora imeti banka Landsbankinn vsaj 12 % kapitala 1. reda [30] in dodatne 4 % kapitala 2. reda kot razmerje tveganju prilagojenih sredstev.