natgillin/translations-raw huggingface dataset:
The report is also critical of the ease with which the banks were able to borrow from the CBI, with the stock of CBI short-term collateral loans increasing from 30 billion ISK in the autumn of 2005 to 500 billion ISK by the beginning of October 2008.
Zagotovljena so bila dodatna posojila v višini do treh milijard USD iz drugih nordijskih držav in nekaterih drugih trgovinskih partnerjev.
The Icelandic króna, external imbalances and CDS spreads
827 milijonov USD posojila MDS je bilo na voljo takoj, preostali znesek pa je bil izplačan v osmih enakih obrokih na podlagi četrtletnih pregledov programa.
The report notes that in 2006, the value of the Icelandic króna was unsustainably high, the Icelandic current account deficit was over 16 % of GDP, and liabilities in foreign currencies less assets neared total annual GDP.
Program MDS je bil široko zasnovan program stabilizacije, osredotočen na tri ključne cilje.
By the end of 2007 the value of the króna was depreciating and credit default swap spreads (CDS) on Iceland and the banks rose exponentially.
Cilj ukrepov, ki so vključevali uvedbo nadzora kapitalskih tokov, je bil zaustaviti beg kapitala.
Measures taken to reconstruct the banking sector
Drugič, program je vključeval celovito strategijo prestrukturiranja bank, katere končni cilj je bil ponovna vzpostavitev finančnega sistema na Islandiji, ki bo sposoben preživetja, ter varovanje mednarodnih finančnih odnosov države.
Following the collapse of the three biggest commercial banks in October 2008 (including Kaupthing) the Icelandic authorities were faced with the unprecedented challenge of safeguarding continued banking operations in Iceland [16].
Med pomožnimi cilji je bila tudi zagotovitev poštenega vrednotenja sredstev bank, čim bolj povečati izterjavo sredstev ter izboljšati nadzorne prakse.
The policy followed by the Icelandic Government is primarily laid down in the Emergency Act [17] adopted by the Icelandic Parliament on 6 October 2008.
Tretjič, cilj programa je bil zagotoviti vzdržne javne finance z omejevanjem socializacije izgub v propadlih bankah ter izvajanje srednjeročnega programa javnofinančne konsolidacije.
The law grants extraordinary powers to the FME to take control of financial undertakings and to dispose of their assets and liabilities as required.
Islandski organi so poudarili, da so zaradi izjemnih okoliščin, povezanih s tem, da je bančni sistem zelo velik glede na finančno zmogljivost državne blagajne, možnosti politike, ki so na voljo organom, omejene.
The Minister of Finance was authorised, on behalf of the Treasury, to disburse funds in order to establish new financial undertakings.
Rešitve, na katere so se opirale, so bile na številne načine drugačne od ukrepov, ki so jih sprejele vlade drugih držav, v katerih je bila ogrožena finančna stabilnost.
Moreover, in bankruptcy proceedings of financial undertakings, deposits would be given priority over other claims.
Na podlagi zakona o izrednih razmerah so bile tri velike komercialne banke – Glitnir Bank, Landsbanki Íslands in Kaupthing Bank – razdeljene na „nekdanje“ in „nove“ banke.
The Government declared that deposits in domestic commercial and savings banks and their branches in Iceland would be fully protected.
Minister za finance je ustanovil tri družbe z omejeno odgovornostjo za prevzem domačih dejavnosti nekdanjih bank in imenoval njihove upravne odbore.
Policy priorities focused initially on securing the basic functioning of the domestic banking, payment and settlement systems.
FME je prevzel nadzor nad nekdanjimi bankami, dodelil svoja domača sredstva in obveznosti (vloge) novim bankam, ki so nadaljevale bančne dejavnosti na Islandiji, nekdanje banke pa so začeli nadzorovati njihovi odbori za razpustitev [18].
In the first weeks after the crash, the Icelandic Government also prepared an economic program in collaboration with the International Monetary Fund (‘IMF’), leading to the approval on 20 November 2008 of Iceland's request for a two year stand-by-arrangement from the Fund, which included a 2,1 billion USD loan from the IMF aimed at strengthening Iceland's currency reserves.
Tuja sredstva in obveznosti so bila večinoma dana v nekdanje banke, ki so bile pozneje predložene v likvidacijski postopek in nazadnje zaprtje vseh dejavnosti v tujini [19].
Additional loans of up to 3 billion USD were secured from other Nordic countries as well as certain other trading partners.
V začasnih začetnih bilancah stanja treh novih bank z dne 14. novembra 2008 je bilo ocenjeno, da skupna sredstva bank skupaj znašajo 2886 milijard ISK in država naj bi zagotovila lastniški kapital v višini 385 milijard ISK.
Of the IMF loan, 827 million USD was made available immediately, while the remaining amount was disbursed in eight equal instalments, subject to quarterly reviews of the program.
Skupni znesek obveznic, ki naj bi jih izdale nove banke v korist nekdanjih bank kot plačilo za vrednost sredstev, ki so bila prenesena in so bila višja od obveznosti, so bila ocenjena na 1153 milijard ISK.
The IMF Program was a broad-based stabilisation program focusing on three key objectives.
FME je imenoval Deloitte LLP, da oceni vrednost prenesenih sredstev in obveznosti.
Firstly, to stabilise and restore confidence in the króna so as to contain the negative impact of the crisis on the economy.
V tem postopku se je izkazalo, da rezultat neodvisne ocene ne bo fiksna vrednost prenesenih čistih sredstev, ampak vrednotenja v določenih razponih.
The measures included the introduction of capital controls aimed at stemming capital flight.
Obenem je bilo ugotovljeno, da se upniki niso strinjali s postopkom vrednotenja, ker so menili, da ni nepristranski in se pritožili, da niso mogli zavarovati svojih interesov.
Secondly, the program included a comprehensive bank restructuring strategy, ultimately aimed at rebuilding a viable financial system in Iceland as well as safeguarding the country's international financial relations.
Zaradi teh zapletov je bila spremenjena politika za poravnavo računov med nekdanjimi in novimi bankami, kar je povzročilo, da se stranke glede vrednosti prenesenih čistih sredstev ne bi opirale na vrednotenja neodvisnega izvedenca, ampak bi sporazume poskušale doseči s pogajanji.
Among subsidiary goals was to ensure fair valuation of the banks' assets, maximise asset recovery and strengthen supervisory practices.
Jasno je bilo, da se bodo stranke težko sporazumele o vrednotenjih, ker so bila očitno odvisna od številnih predpostavk in zelo verjetno je bilo, da se stranke s temi predpostavkami ne bodo strinjale.
Thirdly, the program aimed at ensuring sustainable public finances, by limiting the socialisation of losses in the failed banks and implementing a medium-term fiscal consolidation program.
Država je želela pridobiti soglasja o osnovnih ovrednotenjih, ki bi bila trdna podlaga za zagonsko kapitalizacijo novih bank.
The Icelandic authorities have underlined that due to the exceptional circumstances linked to the large size of the banking system in relation to the financial capacity of the Treasury, the policy options available to the authorities were limited.
Cene sredstev, ki bi presegale osnovna ovrednotenja, bi se lahko pripisale upnikom v obliki pogojnih obveznic ali povečanj vrednosti osnovnega kapitala bank, ker se je med pogajanji izkazalo, da bi odbore za razpustitev bank Glitnir in Kaupthing ter večino njihovih upnikov lahko zanimalo pridobivanje deležev v novih bankah in s tem bi lahko imeli koristi od možnih povečanj vrednosti prenesenih sredstev.
The solutions relied upon were therefore in many ways different to the measures taken by the governments of other countries facing threats to financial stability.
Celotna kapitalizacija treh novih bank in podlaga sporazumov z upniki nekdanjih bank je bila objavljena 20. julija 2009.
On the basis of the Emergency Act, the three large commercial banks, Glitnir Bank, Landsbanki Íslands and Kaupthing Bank, were split into ‘old’ and ‘new’ banks.
Vlada, edini lastnik treh novih bank, je dosegla okvirne sporazume z odbori za razpustitev nekdanjih bank o tem, kako bo doseženo in plačano nadomestilo za prenos čistih sredstev v nove banke.
The Minister of Finance founded three limited liability companies to take over the domestic operations of the old banks and appointed them boards of directors.
Za dve novi banki in sicer za Íslandsbanki in Arion Bank je to vključevalo pogojne sporazume za nekdanje banke, da vpišejo večino lastniških deležev kapitala v novih bankah.
The FME took control of the old banks, allocated essentially their domestic assets and liabilities (deposits) to the new banks which continued banking operations in Iceland, while the old banks were placed under the supervision of their respective resolution committees [18].
Na podlagi zgornjih okvirnih sporazumov so se odbori za razpustitev nekdanjih bank oktobra 2009 (banka Glitnir) in decembra 2009 (banki Kaupthing Bank in Landsbanki Islands) odločili, da bodo uresničili možnosti, dogovorjene s pogajanji, in vpisali deleže v novih bankah.
Foreign assets and liabilities were in the main placed in the old banks, which were later submitted to winding-up procedures and the eventual closure of all foreign operations [19].
18. decembra 2009 je vlada sporočila, da je obnova bank zaključena in da je bil dosežen sporazum med islandskimi organi in novimi bankami na eni strani ter odbori za razpustitev bank Glitnir Bank, Landsbanki Íslands in Kaupthing Bank v imenu upnikov na drugi strani o poravnavah glede sredstev, ki so bila prenesena iz nekdanjih v nove banke in da so bile nove banke potem v celoti financirane.
In the provisional opening balance sheets of the three new banks of 14 November 2008 it was estimated that the banks' combined total assets would amount to 2886 billion ISK, with an equity to be provided by the State of 385 billion ISK.
Kot se je izkazalo, je bil prispevek državne blagajne v lastniški kapital novih bank bistveno zmanjšan in sicer od prvotno predvidenih 385 milijard ISK na 135 milijard ISK v obliki osnovnega kapitala in za banki Íslandsbanki in Arion Bank približno 55 milijard ISK kapitala razreda 2 v obliki podrejenih posojil, ali skupaj 190 milijard ISK.
The total amount of bonds to be issued by the new banks in favour of the old banks as payment for the value of the assets transferred in excess of liabilities was estimated at 1153 billion ISK.
Poleg tega je državna blagajna bankama Íslandsbanki in Arion Bank zagotovila nekatera likvidnostna posojila.
The FME appointed Deloitte LLP to perform assessments of the value of transferred assets and liabilities.
Osnovni kapital, ki so ga nekdanje banke zagotovile novim, je skupaj znašal približno 156 milijard ISK.
In this process it transpired that the independent assessment would not result in fixed values of net assets transferred but valuations within certain ranges.
Skupna kapitalizacija novih bank je torej znašala približno 346 milijard ISK.
It also emerged that the banks' creditors raised disagreements concerning the valuation process, which they considered not to be impartial, and complained that they were unable to protect their interests.
Tako so sporazumi pomenili, da država ne ohrani popolnega lastništva, ampak se državni delež v banki Íslandsbanki zniža na približno 5 %, v banki Arion Bank na 13 % in v banki Landsbankinn na 81 %.
These complications resulted in a change of policy for settling the accounts between the old and the new banks, entailing that instead of relying on valuations by an independent expert, the parties would try through negotiations to reach agreements on the value of the net assets transferred.
Čeprav je ta prevzem dveh od treh nekdanjih bank s strani upnikov rešil pomembna vprašanja pri ponovnem vzpostavljanju finančnega sektorja in vzpostavil trdnejšo kapitalsko podlago za nove banke, pa je ostalo še veliko slabosti, ki jih je treba odpraviti.
It was clear that it would be difficult for the parties to reach agreements on the valuations as they were evidently subject to numerous assumptions on which the parties were likely to disagree.
Od jeseni 2009 so banke svoja prizadevanja osredotočile večinoma na notranje zadeve, določanje splošne strategije svojih dejavnosti in zlasti prestrukturiranje svojih portfeljev posojil, ki predstavljajo največji dejavnik tveganja za njihove dejavnosti in dolgoročno uspešno poslovanje.
The state aimed to reach agreements on base evaluations providing a firm foundation for the initial capitalisation of the new banks.
Proces prestrukturiranja je zapleten zaradi različnih dejavnikov, vključno z odločbo Vrhovnega sodišča o nezakonitosti posojil, odobrenih v ISK in indeksiranih s tujimi valutami.
Price performance of assets in excess of the base evaluation could be attributed to the creditors in the form of contingent bonds or increases in the value of the banks' share capital, as it had emerged in the negotiations that the resolution committees of Glitnir and Kaupthing and a majority of their creditors could be interested to acquire holdings in the new banks, and this would allow them to benefit from potential increases in the values of the assets transferred.
V kolikor so te zadeve pomembne za prestrukturiranje banke Arion Bank, so obravnavane v nadaljevanju.
The full capitalisation of the three new banks and the basis of agreements with the creditors of the old banks was announced on 20 July 2009.
Makroekonomsko okolje
The Government, as the sole owner of the three new banks, reached heads of agreements with the resolution committees of the old banks in relation to how compensation for the transfer of net assets into the new banks would be achieved and paid for.
Zlomu bančnega sistema v oktobru 2008 je sledil velik gospodarski pretres.
With regard to two of the new banks, Íslandsbanki and Arion Bank, this included conditional agreements for the old banks to subscribe for majority equity interests in the new banks.
Težavam v islandskem finančnem sistemu je sledila še izguba zaupanja v valuto.
On the basis of the above tentative agreements, the resolution committees of the old banks decided in October 2009 (Glitnir) and December 2009 (Kaupthing Bank and Landsbanki Islands) to exercise the negotiated options and subscribe to shareholding in the new banks.
V prvem četrtletju leta 2008 in nato spet v jeseni, torej pred propadom treh komercialnih bank in po njem, se je vrednost króne zelo zmanjšala.
On 18 December 2009 the Government announced that bank reconstruction had been concluded and that agreements had been reached between the Icelandic authorities and the new banks, on the one hand, and the resolution committees of Glitnir Bank, Landsbanki Íslands and Kaupthing Bank on behalf of their creditors, on the other hand, on settlements concerning assets which were transferred from the old banks to the new ones, and that the new banks were then fully financed.
Kljub nadzoru kapitalskih tokov, ki je bil uveden jeseni leta 2008, se je v letu 2009 nadaljevala nestanovitnost valute [20].
As it turned out, the Treasury's contribution to the new banks' equity was reduced substantially, from 385 billion ISK as originally envisaged to 135 billion ISK in the form of share capital and, in the case of two of the three banks, Íslandsbanki and Arion Bank, approximately 55 billion ISK of Tier II capital in the form of subordinated loans or a total of 190 billion ISK.
Ta pretres je povzročil hudo recesijo v gospodarstvu Islandije in v letu 2009 se je BDP zmanjšal za 6,8 %, v letu 2010 pa za 4 %.
In addition, the Treasury provided Íslandsbanki and Arion Bank with certain liquidity facilities.
Med posledicami gospodarske krize so bili nenadno povečanje brezposelnosti od 1,6 % v letu 2008 na 8 % v letu 2009, zvišanje inflacije in padec realnih plač.
The share capital provided by the old banks to the new ones amounted in total to approximately 156 billion ISK.
Poleg tega se je zelo povečala zadolženost podjetij in gospodinjstev ter delež slabih posojil v portfeljih posojil bank in nove banke so prevzele tudi veliko podjetij v finančnih težavah.
Total capitalisation of the new banks therefore amounted to approximately 346 billion ISK.
Hkrati so visoki fiskalni stroški prestrukturiranja bančnega sistema povzročili močno povečanje fiskalnega primanjkljaja in veliko zvišanje javnega dolga.
Thus, instead of maintaining full ownership of the three banks, the agreements implied that the state's holdings would be reduced to approximately 5 % in the case of Íslandsbanki, 13 % in the case of Arion Bank and 81 % in the case of Landsbankinn.
Po globoki recesiji začasni podatki Statističnega urada Islandije nakazujejo preobrat v drugi polovici leta 2011 in za celo leto rast BDP v višini 3,1 % v primerjavi s predhodnim letom.
While this takeover of two of the three banks by the creditors of the old banks resolved major issues in the rebuilding of the financial sector and established firmer capital foundation for the new banks, numerous weaknesses remained which needed to the addressed.
Gospodarska rast v letu 2011 je bila večinoma posledica povečanja domačega povpraševanja, zlasti 4-odstotnega povečanja porabe zasebnih gospodinjstev.
Since the autumn of 2009, the banks have concentrated their efforts mostly on internal issues, determining the overall strategy for their operations and in particular restructuring their loan portfolios, which represent the greatest risk factor to their operations and long-term viability.
K temu je prispevalo zvišanje plač in socialnih prejemkov in tudi nekatere politične spodbude, sprejete za lajšanje bremena plačevanja dolgov gospodinjstev, vključno z začasno subvencionirano obrestno mero, zamrznitvijo plačil posojil in predčasnim povračilom zasebnega pokojninskega varčevanja.
The restructuring process has been complex due to various complicating factors, including Supreme Court rulings on illegality of loans granted in ISK but indexed to foreign currencies.
Začasni podatki za leto 2011 kažejo tudi rahlo povečanje naložb, čeprav z zelo nizke ravni [21].
As for Arion Bank, in so far as relevant for its restructuring, these matters are discussed further below.
Javna poraba je v zadnjih treh letih ostala zadržana.
Macroeconomic environment
Splošni makroekonomski podatki prikrivajo bolj pomembne sektorske razlike.
Major economic turbulence followed the collapse of the banking system in October 2008.
Poleg zloma finančnega sektorja je prišlo do velikega zmanjšanja v gradbeništvu in številnih drugih domačih proizvodnih in storitvenih dejavnostih.
The difficulties in Iceland's financial system were coupled with a breakdown of confidence in its currency.
Rast pa je bila zabeležena v nekaterih izvoznih dejavnostih.
The króna depreciated sharply in the first quarter of 2008 and again in the autumn, before and after the failure of the three commercial banks.
Zaradi nizkega menjalnega tečaja króne in relativno stabilnih cen morskih proizvodov in izdelkov iz aluminija v tujih valutah so prihodki od izvoza naraščali od začetka gospodarske krize dalje, tudi na področju turizma in izvoza drugih storitev.
Despite capital controls imposed in the autumn of 2008, currency volatility prevailed in the course of 2009 [20].
Vendar pa napoved vključuje nekatere negotovosti.
This turmoil resulted in a severe recession in Iceland's economy, with a contraction of GDP by 6,8 % in 2009 and 4 % in 2010.
Možno je, da bodo načrtovana velika vlaganja v industriji preložena.
Among the implications of the economic crisis was a sudden increase in unemployment from 1,6 % in 2008 to 8 % in 2009, a hike in inflation and a drop in real wages.
Na islandske pogoje menjave bi negativno vplivala dolgotrajna recesija v glavnih trgovinskih državah in pomenila nižjo stopnjo rasti na Islandiji.
Moreover, there was a sharp rise in corporate and household debt and of the share of non-performing loans in the banks' loan portfolios as well as a large scale takeover by the new banks of businesses in financial distress.
Počasnejši napredek reševanja bremena dolgov gospodinjstev in gospodarskih družb od pričakovanega bi še bolj omejil domače povpraševanje in nadaljnje možnosti za rast gospodarstva.
At the same time the high fiscal cost of restructuring the banking system led to a sharp rise in the fiscal deficit and a major surge in public sector debt.
Rast bi lahko ogrožala tudi nadaljnja nestabilnost cen, povezana z nestanovitnostjo valute v okviru odprave nadzora kapitalskih tokov.
Following the deep recession provisional data from Statistics Iceland indicates a turnaround in the second half of 2011 and for the whole year a growth of GDP of 3,1 % compared to the previous year.
Finančni nadzor in izboljšave regulativnega okvira
Economic growth in 2011 was mostly due to an increase in domestic demand, particularly a 4 % rise in private household consumption.
Po začetnem delu, ki je bilo povezano z ustanovitvijo novih bank in oceno vrednosti čistih sredstev, prenesenih iz nekdanjih bank, je FME pomladi 2009 izvedel revizijo novih bank in njihovih poslovnih načrtov, finančne moči in kapitalskih zahtev v tako imenovanem potrditvenem projektu.
This was supported by increases in wages and social benefits as well as certain policy initiatives undertaken to ease the payment burden of household debt, including a temporary interest rate subsidy, the freezing of payments on loans and the early reimbursement of private pension savings.
To je bilo narejeno s pomočjo mednarodnega podjetja za svetovanje glede upravljanja Oliver Wyman.
Provisional data for 2011 also indicate a slow increase in investments, however from a particularly low level [21].
Ko je FME zaključil zgornji postopek, je bankam pod različnimi pogoji izdal dovoljenja za poslovanje.
In addition to the collapse in the financial sector a major contraction has taken place in construction and many other domestic production and service activities.
Postavljene so bile tudi zahteve glede drugih zadev, kot je prestrukturiranje portfeljev posojil, ocena tveganj, upravljanje in lastništvo družb.
Growth has on the other hand taken place in certain export sectors.
FME je primerljive kapitalske zahteve uvedel tudi glede drugih finančnih podjetij.
Due to the low exchange rate of the króna and relatively stable prices in foreign currency for both marine and aluminium products, export revenue rose following the onset of the economic crisis, also with respect to tourism and other services exports.
Program gospodarske stabilizacije, oblikovan po posvetu z MDS, je predvidel pregled celotnega regulativnega okvira finančnih storitev in nadzora, da se izboljša obramba pred prihodnjimi finančnimi krizami.
At the same time, imports fell sharply, turning the trade balance [22] temporarily to a surplus of approximately 10 % of GDP in 2010.
Vlada je povabila nekdanjega generalnega direktorja finskega finančnega nadzornega organa Kaarla Jännärija, naj naredi oceno obstoječega regulativnega okvira in nadzornih praks.
However, with increased domestic demand in 2011, imports have grown again, leading to an overall smaller trade surplus of 8,2 % of GDP.
Ena od izboljšav, ki jih je predlagal g.
Statistics Iceland forecast for 2012-2017 assumes that gradual economic recovery will continue with 2,6 % growth in 2012.
Jännäri, je bila ustanovitev nacionalnega registra kreditov pri FME, da se zmanjšajo kreditna tveganja sistema.
A similar growth rate is expected throughout the forecast period.
Njegovo poročilo tudi predlaga določitev strožjih pravil in praks za velike izpostavljenosti in povezano posojanje ter več inšpekcijskih pregledov na kraju samem, da se preveri nadzor zunaj lokacije in poročila, zlasti o kreditnem tveganju, likvidnostnem tveganju in valutnem tveganju.
This forecast is however subject to several uncertainties.
Priporočeno je bilo tudi, da se pregleda in izboljša sistem jamstva za hranilne vloge in se pri tem natančno upošteva razvoj dogodkov v EU.
Planned large scale industrial investments might be further delayed.
Vlada je nato parlamentu (Althingi) predložila predlog zakona, ki je med drugim temeljil na Jännärijevih predlogih ter na spremembah in dopolnitvah zakona EGP o finančnih dejavnostih od leta 2009 dalje, ki je bil sprejet in je začel veljati 1. julija 2010 kot Zakon št. 75/2010.