natgillin/translations-raw huggingface dataset:
This means that the financial institution initially will only receive HFF bonds corresponding to a maximum of 80 % of the aggregated book value of the mortgage loan pool.
To pomeni, da bo finančna institucija prvotno prejela samo obveznice SFS, ki ustrezajo največ 80 % skupne knjigovodske vrednosti skupka hipotekarnih posojil.
The credit buffer may be more than that 20 % depending on the estimated loss (EL) in relation to the mortgage loan pool, and will increase by the amount of that estimated loss (Article 5 of the Supplementary Rules).
Kreditno varovalo lahko presega 20 % glede na ocenjeno izgubo v razmerju do skupka hipotekarnih posojil in se poveča za znesek te ocenjene izgube (člen 5 dopolnilnih pravil).
The credit buffer will always be higher than the estimated loss.
Kreditno varovalo mora vedno presegati ocenjeno izgubo.
In practice, HFF calculates the credit buffer by adding an additional 10 % to the estimated loss.
V praksi sklad SFS izračuna kreditno varovalo tako, da ocenjeni izgubi prišteje dodatnih 10 %.
Approximately 8 to 10 years after the initial agreement, the performance of the loan pool during that period is assessed.
Približno od 8 do 10 let po sklenitvi prvotne pogodbe se oceni uspešnost skupka posojil med navedenim obdobjem.
In addition, the forward-looking credit risk of the pool is assessed at that time.
Takrat se oceni tudi kreditno tveganje skupka posojil za prihodnje obdobje.
Depending on both of those elements, the financial institution will receive additional HFF bonds up to the value of the credit buffer.
Glede na oba zgoraj navedena elementa bo finančna institucija prejela dodatne obveznice SFS do vrednosti kreditnega varovala.
In other words, if, after 8 to 10 years, the credit risk has materialised only in part, that is, if the actual losses are less than estimated at the time of the agreement, HFF will transfer bonds up to the value of the credit buffer less the actual losses, subject to the forward-looking credit risk estimate.
Z drugimi besedami, če se po 8 do 10 letih kreditno tveganje uresniči samo delno, torej če so dejanske izgube manjše, kot je bilo v času sklenitve pogodbe ocenjeno, bo sklad SFS prenesel obveznice do vrednosti kreditnega varovala z odbitkom dejanskih izgub na podlagi ocene kreditnega tveganja za prihodnje obdobje.
However, if the credit risk materialises in full, that is, if all expected losses materialise, HFF will not transfer any additional bonds to the financial institution.
Vendar če se kreditno tveganje v celoti uresniči, torej če nastanejo vse pričakovane izgube, sklad SFS na finančno institucijo ne bo prenesel nobenih dodatnih obveznic.
Finally, in the event that actual losses are greater than the credit buffer, HFF will bear such losses.
In nazadnje, če dejanske izgube presegajo kreditno varovalo, bo sklad SFS nosil take izgube.
Establishing the corresponding amount of HFF bonds by HFF
Določitev pripadajočega zneska obveznic SFS s strani sklada SFS
Pursuant to Article 5 of the Regulation and Article 7 of the Supplementary Rules [19], HFF determines the value of HFF bonds to be transferred to the financial undertaking under the mortgage loan pool swap (subtracting the credit buffer).HFF determines the value of the HFF bonds on the basis of the ‘end-of-day dirty price’ on the transaction day, as quoted by the OMX Iceland exchange.
V skladu s členom 5 Uredbe in členom 7 dopolnilnih pravil [19] sklad SFS določi vrednost obveznic SFS, predvidenih za prenos na finančno podjetje v okviru zamenjave za skupek hipotekarnih posojil (z odbitkom kreditnega varovala).Sklad SFS določi vrednost obveznic SFS na podlagi „dejanske cene ob koncu dneva“, ki kotira na islandski borzi OMX na dan transakcije.
That price is adjusted by the weighted average interest rate of the mortgage loans (which has been reduced by the prepayment risk, operational costs and credit losses).
Ta cena se prilagodi s ponderirano povprečno obrestno mero hipotekarnih posojil (zmanjšano za tveganje predplačila, stroške poslovanja in kreditne izgube).
Based on the information provided by the Icelandic authorities, it is unclear whether this implies a reduction or an increase in the value of the bonds.
Iz informacij, ki so jih predložili islandski organi, ni razvidno, ali to pomeni zmanjšanje ali povečanje vrednosti obveznic.
Settlement of the swap under the Mortgage Loan Scheme
Poravnava zamenjave v okviru sheme hipotekarnih posojil
When the value of the mortgage loan pool has been determined, it is transferred to HFF in exchange for HFF bonds, which are transferred to the financial institution [20].Final settlement takes place approximately 8 to 10 years after the agreement is entered into [21].
Ko je vrednost skupka hipotekarnih posojil določena, se ta prenese na sklad SFS v zameno za obveznice SFS, ki se prenesejo na finančno institucijo [20].Končna poravnava se opravi približno od 8 do 10 let po sklenitvi pogodbe [21].
At that time, subject to the assessment described in section 2.4.3 above, HFF transfers additional bonds to the financial institution up to the value of the credit buffer (less any actual losses and less any estimated losses throughout the remainder of the period of the mortgage loan) [22].
Takrat na podlagi ocene, ki je opisana v razdelku 2.4.3 zgoraj, sklad SFS prenese dodatne obveznice na finančno institucijo, in sicer do vrednosti kreditnega varovala (z odbitkom dejanskih izgub in ocenjenih izgub do izteka obdobja hipotekarnega posojila) [22].
Duration and budget
Trajanje in proračun
The Mortgage Loan Scheme is not limited in time.
Shema hipotekarnih posojil časovno ni omejena.
That is, there is no final date for the application of the Scheme or a fixed period during which applications under the Scheme can be made.
To pomeni, da ni končnega datuma za uporabo sheme ali določenega obdobja, med katerim se lahko predložijo prijave v okviru sheme.
Currently, the Mortgage Loan Scheme is therefore still in force and applications may be made by eligible financial institutions.
Trenutno je torej shema hipotekarnih posojil še vedno veljavna in upravičene finančne institucije se lahko prijavijo.
As regards the budget, the Icelandic authorities have not provided the Authority with estimated annual or total expenditure under the Mortgage Loan Scheme.
V zvezi s proračunom islandski organi Nadzornemu organu niso predložili ocene letnih ali skupnih izdatkov v okviru sheme hipotekarnih posojil.
Further relevant market information
Druge pomembne tržne informacije
On 22 April 2010, the Financial Supervisory Authority (FME) issued a decision on the transfer of the assets and liabilities of Keflavik Savings Bank to Spkef Savings Bank [23].
Finančni nadzorni organ je 22. aprila 2010 izdal sklep o prenosu sredstev in obveznosti hranilnice Keflavik Savings Bank na hranilnico Spkef Savings Bank [23].
On 5 March 2011, the Financial Supervisory Authority issued a decision on the transfer of the assets and liabilities of Spkef Savings Bank to NBI hf.
5. marca 2011 je izdal sklep o prenosu sredstev in obveznosti hranilnice Spkef Savings Bank na NBI hf.
Following the collapse of Byr Savings Bank (Old Byr) in April 2010, the Icelandic State founded Byr hf (New Byr), a fully State-owned limited liability company.
Po zlomu hranilnice Byr Savings Bank (stara Byr) aprila 2010 je islandska država ustanovila delniško družbo Byr hf (nova Byr), ki je v celoti v lasti države.
Old Byr is now in a winding-up procedure.
Stara Byr je zdaj v postopku likvidacije.
New Byr will take over all assets and certain liabilities and operations of Old Byr [25].3.
Nova Byr bo prevzela vse premoženje ter nekatere obveznosti in posle stare Byr [25].3.
In March 2010, the Authority decided to initiate the formal investigation procedure in this case because it had doubts in relation to whether transactions carried out under the Mortgage Loan Scheme were made on market terms, and therefore, whether the Scheme might involve elements of State aid within the meaning of Article 61(1) of the EEA Agreement [26].
Nadzorni organ se je v marcu 2010 odločil, da začne formalni postopek preiskave v tej zadevi, ker je imel pomisleke, ali so bile transakcije v okviru sheme hipotekarnih posojil opravljene po tržnih pogojih in ali shema morda vključuje elemente državne pomoči v smislu člena 61(1) Sporazuma EGP [26].
The Authority also had doubts as to whether the potential aid could be regarded as compatible with the State aid provisions of the EEA Agreement and considered that the appropriate framework for assessing the compatibility of the measure was the Impaired Assets Guidelines (IAG) [27].
Nadzorni organ je prav tako dvomil o tem, ali se lahko morebitna pomoč šteje kot združljiva z določbami o državni pomoči iz Sporazuma EGP, in menil, da so smernice o oslabljenih sredstvih ustrezen okvir za oceno združljivosti ukrepa [27].
On the basis of the IAG, the Authority had doubts as to whether (i) the market value of the assets had been calculated correctly (and reflected in the transfer price); and (ii) the swap agreements included sufficient remuneration for the State, ensuring proper burden sharing between the parties.
Na podlagi smernic o oslabljenih sredstvih je Nadzorni organ izrazil dvome o tem, ali (i) je bila tržna vrednost sredstev pravilno izračunana (in se je izražala v ceni ob prenosu) in (ii) ali so pogodbe o zamenjavi vključevale zadostno nadomestilo za državo, da se zagotovi primerna razporeditev bremena med pogodbenicami.
Finally, the Authority objected to the fact that the Icelandic authorities had not limited the time period (‘entrance window’) during which eligible financial institutions could apply under the Mortgage Loan Scheme, or specified the amount of the total or annual budget of the Scheme.
Na koncu je Nadzorni organ opozoril na dejstvo, da islandski organi niso omejili časovnega obdobja („vstopno okno“), med katerim bi se upravičene finančne institucije lahko prijavile v okviru sheme hipotekarnih posojil, oziroma opredelili zneska skupnega ali letnega proračuna sheme.
In other words, the Mortgage Loan Scheme was unlimited in terms of its budget and its duration.
Z drugimi besedami, shema hipotekarnih posojil je bila neomejena glede proračuna in trajanja.
The Authority did not receive any comments from third parties following publication of Decision No 76/10/COL to initiate the formal investigation procedure.
Nadzorni organ ni prejel nobenih pripomb tretjih strani po objavi Odločbe št. 76/10/COL o začetku formalnega postopka preiskave.
The Icelandic authorities have argued that the transfer of mortgage loans under the Mortgage Loan Scheme takes place on market terms, thereby ensuring that no State aid is involved in the transfer of HFF bonds to applicant financial institutions.
Islandski organi trdijo, da prenos hipotekarnih posojil v okviru sheme hipotekarnih posojil poteka po tržnih pogojih, kar zagotavlja, da prenos obveznic SFS na finančne institucije vlagateljice ne vključuje državne pomoči.
The Icelandic authorities also question whether it is correct to assess the Mortgage Loan Scheme under the IAG, on the basis that the mortgage loans to be swapped under the Scheme are not impaired.
Islandski organi tudi dvomijo o tem, ali je pravilno oceniti shemo hipotekarnih posojil v okviru smernic o oslabljenih sredstvih, saj hipotekarna posojila, ki so predmet zamenjave v okviru sheme, niso oslabljena.
The Icelandic authorities argue that the reason for offering the savings banks the possibility to swap their mortgage loans for HFF bonds is not that the assets are impaired, but rather that they are not sufficiently liquid [28].In the event that the Authority nevertheless concludes that the Mortgage Loan Scheme involves State aid and must be assessed under the IAG, the Icelandic authorities argue that the aid is compatible with the criteria of using an independent expert.
Islandski organi trdijo, da možnost zamenjave hipotekarnih posojil za obveznice SFS hranilnicam ni bila dana, ker bi bila sredstva oslabljena, temveč ker niso dovolj likvidna [28].Če bi Nadzorni organ kljub temu ugotovil, da shema hipotekarnih posojil vključuje državno pomoč in jo je treba oceniti na podlagi smernic o oslabljenih sredstvih, islandski organi zatrjujejo, da je pomoč združljiva z merilom uporabe neodvisnega strokovnjaka.
They explain that the credit risk model used in the valuation of mortgage loans carried out by HFF is based on a credit risk model designed by KPMG Iceland, an independent expert valuator.
In sicer pojasnjujejo, da model kreditnega tveganja, ki ga je pri vrednotenju hipotekarnih posojil uporabil sklad SFS, temelji na modelu kreditnega tveganja, ki ga je zasnoval KPMG Islandija, neodvisni strokovni cenilec.
The Icelandic authorities also argue that the inclusion of a ‘credit buffer’ ensures that the book value of the mortgage loans is adjusted to their market value [29].After the Authority’s decision to initiate the formal investigation procedure, the Icelandic authorities also submitted a valuation prepared by an independent financial expert (ALM Finance Ltd (ALM) [30] of the mortgage loan pool and HFF bonds already subject to the Scheme. The ALM valuation relies on a probability weighted cash flow model and on the risk-free rate of return in order to calculate the present value (real economic value) of the mortgage loan pools subject to the Scheme. The calculation of the real economic value of the loan pools was performed for two economic scenarios: an expected scenario and a stressed scenario. The ALM valuation approximately confirms the valuation carried out by HFF.
Islandski organi tudi navajajo, da vključitev „kreditnega varovala“ zagotavlja, da se knjigovodska vrednost hipotekarnih posojil prilagodi njihovi tržni vrednosti [29].Po odločitvi Nadzornega organa, da začne formalni postopek preiskave, so islandski organi predložili tudi vrednotenje, ki ga je neodvisni finančni strokovnjak (ALM Finance LTD (ALM) [30] pripravil za skupek hipotekarnih posojil in obveznice SFS, za katere se shema že uporablja. Vrednotenje ALM temelji na modelu finančnih tokov, ovrednotenem glede na verjetnost, in na netvegani stopnji donosa pri izračunu sedanje vrednosti (realna ekonomska vrednost) skupkov posojil, za katere se uporablja shema. Izračun realne ekonomske vrednosti skupkov posojil je bil narejen za dva gospodarska scenarija: pričakovani scenarij in izjemni scenarij. Vrednotenje ALM približno potrjuje vrednotenje, ki ga je opravil sklad SFS.
The Icelandic authorities also argue that the Mortgage Loan Scheme includes remuneration for the granting authority, HFF, on the basis that HFF adjusts the value of the HFF bonds to cover operating costs, prepayment risk and credit losses [31].
Islandski organi tudi trdijo, da shema hipotekarnih posojil vključuje nadomestilo za organ, ki je izdal odobritev, torej sklad SFS, saj naj bi sklad SFS prilagodil vrednost obveznic SFS za pokritje stroškov poslovanja, tveganja predplačila in kreditnih izgub [31].
The Icelandic authorities also argue that the Mortgage Loan Scheme should be regarded as part of a wider plan for the restructuring of savings banks in Iceland, and that it should therefore be assessed under the Authority’s restructuring guidelines [32].
Islandski organi nadalje zatrjujejo, da je treba shemo hipotekarnih posojil obravnavati kot del širšega načrta za prestrukturiranje hranilnic na Islandiji in da jo je torej treba oceniti na podlagi smernic Nadzornega organa za prestrukturiranje [32].
Both the Ministry of Finance and the Central Bank of Iceland have initiated measures designed to recapitalise savings banks in Iceland.
Ministrstvo za finance in Centralna banka Islandije sta oba začela izvajati ukrepe za dokapitalizacijo hranilnic na Islandiji.
As part of that wider restructuring plan, the FME has been overseeing the restructuring of the savings banks and has laid down certain requirements in that regard.
Kot del takega širšega načrta za prestrukturiranje je Finančni nadzorni organ nadzoroval prestrukturiranje hranilnic in v ta namen opredelil nekaj zahtev.
Finally, as regards the proportionality of the measure, the Icelandic authorities note that they are willing to take the necessary steps to meet the Authority’s concerns regarding limiting the duration and budgetary scope of the Mortgage Loan Scheme.
Nazadnje, kar zadeva sorazmernost ukrepa, islandski organi navajajo, da so pripravljeni sprejeti potrebne ukrepe za odpravo zaskrbljenosti Nadzornega organa, povezane z omejitvijo trajanja in proračunskega obsega sheme hipotekarnih posojil.
THE PRESENCE OF STATE AID WITHIN THE MEANING OF ARTICLE 61(1) OF THE EEA AGREEMENT
OBSTOJ DRŽAVNE POMOČI V SMISLU ČLENA 61(1) SPORAZUMA EGP
Article 61(1) of the EEA Agreement provides as follows:
Člen 61(1) Sporazuma EGP določa:
In order for a measure to constitute aid within the meaning of Article 61(1) of the EEA Agreement, the following four cumulative criteria must be met: the measure must (i) confer on recipients an economic advantage which is not received in the normal course of business; (ii) be granted by the State or through State resources; (iii) be selective by favouring certain undertakings or the production of certain goods; and (iv) distort competition and affect trade between Contracting Parties.
Da bi ukrep označili kot državno pomoč v smislu člena 61(1) Sporazuma EGP, mora ta izpolnjevati naslednja štiri merila: ukrep mora (i) prejemnikom prinesti ekonomsko prednost, ki je ne bi bili deležni pri običajnem poteku poslovanja; (ii) dodeliti ga mora država ali mora biti dodeljen iz državnih sredstev; (iii) biti mora selektiven tako, da daje prednost posameznih podjetjem ali proizvodnji posameznega blaga, ter (iv) izkrivljati konkurenco in vplivati na trgovino med pogodbenicami.
Presence of State resources
Obstoj državnih sredstev
The measure must be granted by the State or through State resources.
Ukrep mora dodeliti država ali mora biti dodeljen iz državnih sredstev.
In line with settled case law, aid may be granted directly by the State or by public or private bodies established or appointed by the State to administer the aid [33].In exchange for mortgage loans, the applicant financial institutions receive HFF bonds.
V skladu z ustaljeno sodno prakso lahko pomoč dodeli neposredno država ali javni ali zasebni organ, ki ga država ustanovi ali imenuje za upravljanje pomoči [33].V zameno za hipotekarna posojila finančne institucije vlagateljice prejmejo obveznice SFS.
HFF was established by the Housing Act as a State housing agency, wholly owned by the Icelandic State and under the administrative surveillance of the Minister of Welfare.
Sklad SFS je bil po stanovanjskem zakonu ustanovljen kot državna stanovanjska agencija, ki je v celoti v lasti islandske države in pod upravnim nadzorom ministra za socialne zadeve.
The Minister of Welfare appoints HFF’s five-member Board of Directors.
Minister za socialne zadeve imenuje petčlanski upravni odbor sklada SFS.
The tasks of HFF (to give loans to individuals, municipalities and companies for financing the acquisition or construction of residential housing) are laid down and regulated in statutory rules: the Housing Act and secondary legislation (for example, Regulation No 57/2009 on the loan categories of HFF).
Naloge sklada SFS (dajanje posojil posameznikom, občinam in podjetjem za financiranje nakupa ali izgradnje stanovanjskih nepremičnin) so opredeljene in določene v zakonskih določbah: stanovanjski zakon in sekundarna zakonodaja (na primer Uredba št. 57/2009 o posojilnih kategorijah sklada SFS).
The measures at issue in this case were therefore executed through a public agency, HFF, which is subject to the full control of the State.
Sporni ukrepi v tej zadevi so se torej izvajali prek javne agencije, sklada SFS, ki ga v celoti nadzoruje država.
The actions of HFF are therefore imputable to the State.
Torej je država odgovorna za ukrepe sklada SFS.
Therefore, the transfer of HFF bonds to financial institutions involves State resources.
To pomeni, da prenos obveznic SFS na finančne institucije vključuje državna sredstva.
Favouring undertakings or the production of goods
Dajanje prednosti podjetjem ali proizvodnji blaga
The measure must confer on beneficiaries advantages that relieve them of charges that are normally borne from their budgets.
Prvič, ukrep pomoči mora upravičencem prinesti prednosti, na podlagi katerih so oproščeni dajatev, ki običajno bremenijo njihove proračune.
As explained by the Icelandic authorities, the Mortgage Loan Scheme was established in order to enable certain financial institutions to obtain financing from sources other than inter-bank loans due to the fact that inter-bank lending was drying up as a result of global difficulties in the financial sector.
Kakor pojasnjujejo islandski organi, je bila shema hipotekarnih posojil uvedena, da nekaterim finančnim institucijam omogoči pridobitev sredstev iz drugih virov razen medbančnih posojil, saj so medbančna posojila usihala zaradi globalnih težav v finančnem sektorju.
The Authority considers it unlikely that, in the financial crisis, financing would have been provided by a market economy investor on a comparable scale and on similar conditions to financial institutions eligible to participate in the Mortgage Loan Scheme.
Po mnenju Nadzornega organa je v finančni krizi malo verjetno, da bi vlagatelj v tržno gospodarstvo v primerljivem obsegu in po podobnih pogojih zagotovil sredstva finančnim institucijam, ki so upravičene do sodelovanja v shemi hipotekarnih posojil.
Therefore, the transaction as such gives the participating banks an economic advantage which would not have been available to them under the market conditions at the time.
Torej transakcija kot taka sodelujočim bankam zagotavlja ekonomsko prednost, ki je takrat tržni pogoji sicer ne bi dopuščali.
The Mortgage Loan Scheme improves the position of beneficiary financial institutions by increasing the liquidity of their assets and removing a source of volatility on their balance sheets.
Shema hipotekarnih posojil izboljša položaj finančne institucije upravičenke s tem, da poveča likvidnost njenih sredstev in odstrani vir nestanovitnosti iz njene bilance.
That, in turn, improves their position on the market.
Posledično se s tem izboljša njen položaj na trgu.
To constitute State aid, the measure must favour certain undertakings, the production of certain goods or the provision of certain services.
Da bi ukrep pomenil državno pomoč, mora dajati prednost nekaterim podjetjem, proizvodnji nekaterega blaga ali zagotavljanju nekaterih storitev.
The Mortgage Loan Scheme is selective in that it favours only certain financial institutions.
Shema hipotekarnih posojil je selektivna, če daje prednost samo nekaterim finančnim institucijam.
The fact that all undertakings in a given sector may benefit from a measure does not lead to the conclusion that the measure is of a general nature.
Zgolj na podlagi dejstva, da imajo lahko od ukrepa korist vsa podjetja v določenem sektorju, še ne moremo sklepati, da je ta ukrep splošen.
The Mortgage Loan Scheme is liable to distort competition and affect trade between the Contracting Parties.
Shema hipotekarnih posojil lahko izkrivlja konkurenco in vpliva na trgovino med pogodbenicami.
The Scheme improves the position of beneficiary financial institutions by increasing the liquidity of their assets and removing a source of volatility on their balance sheets, thereby strengthening their position compared to their competitors in other EEA countries.
Shema izboljša položaj finančne institucije upravičenke s tem, da poveča likvidnost njenih sredstev in odstrani vir nestanovitnosti iz njene bilance, s čimer okrepi njen položaj v primerjavi s konkurenti v drugih državah EGP.
All banks, saving banks and credit institutions which have been granted a licence to operate in Iceland, whatever their size, are in principle eligible to apply for support under the Mortgage Loan Scheme.
Vse banke, hranilnice in kreditne institucije, ki jim je bila podeljena licenca za poslovanje na Islandiji, ne glede na velikost, se načeloma lahko prijavijo za podporo v okviru sheme hipotekarnih posojil.
Services and products in the banking and financial sectors are traded internationally.
S storitvami in produkti v bančnem in finančnem sektorju se mednarodno trguje.