natgillin/translations-raw huggingface dataset:
Against this specific background, the FME warned of the grave consequences for the Icelandic economy and society of letting Sjóvá fail, including the risk of a systemic effect on the financial markets [9].
Prav tako je formalizirala bistvene politike, npr. politiko oblikovanja cen zavarovalniških ponudb in naložbeno politiko.
The Authority notes that the failure of a single company in the insurance sector is ordinarily less likely to have a systemic effect than in the banking sector.
Za zagotavljanje skladnosti se redno spremlja, ali zaposleni upoštevajo te politike.
However, in the present case, the impact of a failure of Sjóvá has to be assessed against the background of a severe financial and economic crisis as experienced in Iceland in 2008-2009.
Nadzorni organ navaja, da so bili izvršni direktor in člani upravnega odbora, ki jih je imenovala nekdanja delničarka, skupina Milestone, zamenjani leta 2009.
The Authority shares the Icelandic authorities' analysis according to which, until such time as confidence in the financial system is restored, the potential impact of such a crisis might not be confined only to Sjóvá, nor even to the financial system.
Nadzorni organ meni, da so zgoraj navedeni ukrepi primerni za obravnavanje napak pri upravljanju družbe in obvladovanju tveganj, ki so prispevale k finančnim težavam zavarovalnice Sjóvá.
The Authority therefore considers that the state participation in the recapitalisation in July 2009 may be considered as being intended to remedy a serious disturbance in the Icelandic economy.
Ocena ukrepov prestrukturiranja – ukrepi za povečanje dobičkonosnosti
Application of the Restructuring Guidelines
Nadzorni organ navaja ukrepe, ki jih je zavarovalnica Sjóvá sprejela za povečanje dobičkonosnosti tako v zvezi s povečanjem minimalnega kapitala kot z zmanjšanjem stroškov.
The Authority's Restructuring Guidelines set out the state aid rules applicable to the restructuring of financial institutions in the financial crisis.
Zaradi teh ukrepov je lahko zavarovalnica Sjóvá znatno izboljšala svoj kombinirani količnik in donosno opravljala svoje zavarovalniške dejavnosti.
According to the Restructuring Guidelines, in order to be compatible with Article 61(3)(b) of the EEA Agreement, the restructuring of a financial institution in the context of the financial crisis has to:
Načrt prestrukturiranja predvideva nadaljnje izboljšanje dobičkonosnosti.
lead to the restoration of the viability of the company;
Nadzorni organ meni, da bi morali ti ukrepi omogočiti donosno opravljanje dejavnosti zavarovanja v zavarovalnici Sjóvá in zmanjšati odvisnost od donosnosti naložb, zaradi česar bo naložbena politika zavarovalnice Sjóvá bolj preudarna.
include sufficient own contribution by the beneficiary (burden sharing);
Hkrati bi morali ukrepi zavarovalnici Sjóvá pomagati pri krepitvi njenega lastniškega kapitala, zlasti v primeru neugodnih trendov, vključno s trendi, ki so simulirani v predloženih scenarijih izjemnih situacij.
contain sufficient measures limiting the distortion of competition.
Ocena finančnih napovedi
The Authority will thus assess below, based on the restructuring plan submitted for Sjóvá whether these criteria are met and if the aid measures described above constitute compatible restructuring aid.
Islandski organi so v skladu s točko 13 smernic o prestrukturiranju predložili finančne napovedi, ki zajemajo osnovni scenarij in tri scenarije izjemnih situacij.
Restoration of viability
Finančne napovedi, predložene v načrtu prestrukturiranja, pri osnovnem scenariju temeljijo na predpostavkah, ki so dovolj skrbne in konservativne.
The Authority has identified the following causes for the difficulties of Sjóvá, which led to the state intervention:
V osnovnem scenariju bi zavarovalnica Sjóvá ustvarjala dobičke in utrjevala svojo kapitalsko osnovo ves čas obdobja načrtovanja.
inappropriate investment practices;
V osnovnem scenariju napovedani donos lastniškega kapitala zavarovalnice Sjóvá na koncu obdobja prestrukturiranja znaša približno […] %, kar je v skladu s trenutnimi tržnimi zahtevami za to industrijo.
insufficient corporate governance and risk management;
Poleg tega bo napovedani kombinirani količnik zavarovalnice Sjóvá ostal nižji od 100 %, kar kaže na to, da bo operativna zavarovalna dejavnost ostala donosna in se zavarovalnici Sjóvá ni treba zanašati na naložbeno strategijo, ki bi bila po nepotrebnem tvegana, da bi ustvarila zadostne prihodke.
and (iii) insufficient profitability of insurance products.
Nadzorni organ ne nasprotuje temu, da predpostavke v scenarijih izjemnih situacij vsebujejo dovolj izjemne situacije, da je mogoče oceniti, ali je zavarovalnica Sjóvá sposobna ostati solventna.
The restructuring plan addresses these causes of difficulties as well as other risk factors of the company.
V skladu s finančnimi napovedmi, ki izhajajo iz tega, bi zavarovalnica Sjóvá ostala solventna ves čas obdobja načrtovanja v vseh treh scenarijih izjemnih situacij.
Assessment of the restructuring measures — separation of insurance activities and winding-down of investments
Nadzorni organ meni, da predložitev treh različnih scenarijev izjemnih situacij, ki celo presegajo obdobje prestrukturiranja, povečuje zanesljivost testiranja izjemnih situacij.
The transfer of Sjóvá's insurance activities into a new company freed the insurance business from the risks stemming from the legacy investment portfolio.
Scenariji predvsem zajemajo primer dolgotrajne gospodarske recesije in druge izjemne dejavnike, ki zadevajo položaj na Islandiji (npr. kapitalske kontrole).
This measure enabled Sjóvá, once recapitalised, to focus once again on its insurance operations.
V nobenem od treh scenarijev izjemnih situacij v obdobju načrtovanja ne bi prišlo do kršitev regulativnih zahtev glede solventnosti.
The Authority considers that following this transfer, Sjóvá does no longer face any excessive risk from its legacy investment portfolio, which is being wound down in a separate entity.
Nadzorni organ glede na zgornje navedbe ugotavlja, da finančne napovedi zavarovalnice Sjóvá kažejo na ponovno vzpostavitev uspešnega poslovanja družbe, kot to zahtevajo smernice o prestrukturiranju.
Assessment of the restructuring measures — improvement of corporate governance and risk management
Nadzorni organ prav tako navaja, da se je sklad SF1, zasebni vlagatelj, strinjal z nakupom obvladujočega deleža v zavarovalnici Sjóvá od države.
The Authority notes that Sjóvá has implemented the requirements of the Icelandic Act on Insurance Activities that came into force in 2010, which include stricter rules on corporate governance and other control mechanisms.
Zaradi pripravljenosti zasebnega udeleženca na trgu, da zagotovi znatno naložbo v družbo, je ta ugotovitev še bolj utemeljena.
These changes enhance Sjóvá's corporate governance and foresee comprehensive supervision by the FME, including over investment policies.
Lastni prispevek – porazdelitev bremen
Furthermore, Sjóvá has set up a ‘Risk & Analysis’ division with substantial resources to improve risk management and operational oversight, as well as an internal audit committee.
V smernicah o prestrukturiranju je navedeno, da je primeren prispevek upravičenca potreben, da se višina pomoči omeji na najmanjšo potrebno ter da se odpravita izkrivljanje konkurence in moralno tveganje.
It has also formalised essential policies e.g. on pricing of insurance quotes and investment policy.
V ta namen morajo biti stroški prestrukturiranja in višina pomoči omejeni zaradi znatnega lastnega prispevka.
The adherence by employees to these policies is regularly monitored to ensure compliance.
V zvezi z omejitvijo stroškov prestrukturiranja je v točki 23 smernic o prestrukturiranju navedeno, da mora biti pomoč za prestrukturiranje omejena tako, da krije samo stroške, ki so potrebni za ponovno vzpostavitev uspešnega poslovanja.
Finally, the Authority notes that the CEO and the board members appointed by the former shareholder Milestone were replaced in 2009.
Poleg tega morajo finančne institucije za omejitev višine pomoči na najmanjšo možno najprej uporabiti lastna sredstva za financiranje prestrukturiranja.
The Authority considers that the measures outlined above are appropriate to address the failures in corporate governance and risk management that contributed to the financial difficulties of Sjóvá.
V skladu s tem stroškov, povezanih s prestrukturiranjem, ne sme nositi samo država, ampak jih morajo nositi tudi tisti, ki so vlagali v institucijo, tako da se izgube prevzamejo z razpoložljivim kapitalom in plačilom ustreznega nadomestila za posredovanje države.
Assessment of the restructuring measures — profitability measures
Omejevanje stroškov prestrukturiranja
The Authority notes the measures undertaken by Sjóvá to increase its profitability, with regards both to improving margins and to reducing costs.
Dokapitalizacija zavarovalnice Sjóvá je bila omejena na to, kar je bilo potrebno za izpolnitev regulativnih zahtev glede minimalnega lastniškega kapitala, h kateremu je država prispevala le znesek, ki ga nista mogli zagotoviti glavni upnici zavarovalnice Sjóvá, banki Glitnir in Íslandsbanki.
As a result of these measures, Sjóvá has been able to substantially improve its combined ratio and to run its insurance activities profitably.
Prenos zavarovalniških dejavnosti na nov subjekt je zagotovil, da je bila dokapitalizacija omejena na to, kar je bilo potrebno za operativno dejavnost zavarovanja, in ni krila izgub iz naslova slabih naložb iz preteklosti.
The restructuring plan foresees further improvements in profitability.
Omejitev dokapitalizacije na najmanjši potrebni znesek je omejila zmožnost konkuriranja zavarovalnice Sjóvá na trgu.
The Authority considers that these measures should enable Sjóvá's insurance business to be run profitably and reduce the reliance on investment returns, thereby enabling Sjóvá to sustain a more prudent investment policy.
Poleg tega noben od stroškov v načrtu prestrukturiranja ni namenjen vstopu na nove trge ali kakršni koli širitvi poslovanja zavarovalnice Sjóvá.
At the same time, the measures should assist Sjóvá in strengthening its equity, in particular in case of adverse developments, including those simulated in the submitted stress cases.
Zaradi tega Nadzorni organ meni, da so bili sprejeti ustrezni ukrepi za omejitev zneska pomoči za prestrukturiranje.
Assessment of the financial projections
Porazdelitev bremen/lastni prispevek
As required in point 13 of the Restructuring Guidelines, the Icelandic authorities have provided financial projections covering both a base case scenario and three stress case scenarios.
Kot je določeno v točki 24 smernic o prestrukturiranju, morajo družbe uporabiti lastna sredstva za financiranje prestrukturiranja.
The financial projections provided in the restructuring plan rely in the base case on assumptions that are sufficiently prudent and conservative.
Poleg tega Nadzorni organ proučuje, ali se je finančni položaj obstoječih delničarjev v celoti ali delno zmanjšal zaradi kapitalske injekcije.
In the base case, Sjóvá would generate profits and consolidate its capital base throughout the planning period.
Nadzorni organ navaja, da so nekdanji lastniki zavarovalnice Sjóvá prispevali k stroškom prestrukturiranja.
In the base case, the projected return on equity of Sjóvá is around […] % at the end of the restructuring period, which appears in line with the current market requirements for the industry.
Predvsem skupina Milestone je izgubila ves svoj delež v družbi, ne da bi prejela kakršno koli nadomestilo, ko je zavarovalnico Sjóvá prevzela banka Glitnir.
Furthermore, the projected combined ratio of Sjóvá will remain below 100 %, which shows that the operative insurance business will stay profitable and Sjóvá does not need to rely on an unduly risky investment strategy to create sufficient returns.
Zaradi likvidacije slabih naložb iz preteklosti, ki so zdaj v lasti družbe SJE, bodo imeli vlagatelji nadaljnje izgube.
The Authority does not contest that the stress case assumptions contain a sufficient level of stress to assess Sjóvá's ability to remain solvent.
Ti ukrepi prispevajo k porazdelitvi bremen in zmanjšujejo moralno tveganje, ki izhaja iz pomoči.
According to the resulting financial projections, Sjóvá would remain solvent during the entire planning period under all three stress scenarios.
V zvezi s prispevanjem k stroškom prestrukturiranja z notranjimi sredstvi zavarovalnice Sjóvá Nadzorni organ navaja, da je zavarovalnica Sjóvá izvedla tako ukrepe za povečanje dobičkonosnosti kot ukrepe za zmanjšanje stroškov.
The Authority considers that having provided three different stress scenarios, which even go beyond the restructuring period, strengthens the robustness of the stress testing.
Ti ukrepi zagotavljajo, da bo zavarovalnica Sjóvá ustvarila dovolj dobičkov za postopno povečanje lastniškega kapitala.
In particular, the scenarios cover the case of a protracted economic recession, as well as other stress factors specifically addressing the situation in Iceland (e.g. capital controls).
Nadzorni organ navaja, da načrt prestrukturiranja ne predvideva izplačila dividend do leta 2014.
The regulatory solvency requirements would not be breached at any time during the planning period under any of the three stress scenarios.
Država je lahko prodala vse svoje delnice v zavarovalnici Sjóvá zasebnemu vlagatelju v obdobju le treh let in si s tem povrnila skoraj dve tretjini sredstev, ki so bila dodeljena kot državna pomoč.
In view of the above, the Authority concludes that the financial projections of Sjóvá demonstrate a return to viability of the company as required by the Restructuring Guidelines.
Nadzorni organ glede na zgoraj navedene ukrepe meni, da načrt prestrukturiranja zagotavlja zadostno porazdelitev bremen in lastni prispevek k prestrukturiranju.
The Authority also notes that SF1, a private investor, agreed to purchase a controlling interest in Sjóvá from the Icelandic state.
Ukrep za omilitev izkrivljanja konkurence
The willingness of a private market participant to make a significant investment in the company further comforts this finding.
V točki 31 smernic o prestrukturiranju je navedeno, da mora Nadzorni organ pri ocenjevanju zneska pomoči in izkrivljanja konkurence, ki nastane zaradi pomoči, upoštevati absolutni in relativni znesek prejete državne pomoči.
Own contribution — burden sharing
Kot je navedeno zgoraj, je zavarovalnica Sjóvá prejela državno pomoč v skupnem znesku približno 12,3 milijarde ISK (približno 77 milijonov EUR).
The Restructuring Guidelines indicate that an appropriate contribution by the beneficiary is necessary in order to limit the aid to the minimum and to address distortions of competition and moral hazard.
To je znašalo skoraj 80 % primanjkljaja lastniškega kapitala v času prvotne dokapitalizacije.
To that end, firstly, the restructuring costs should be limited while, secondly, the aid amount should be limited thanks to a significant own contribution.
To kaže na to, da je bil znesek pomoči, ki jo je prejela zavarovalnica Sjóvá, razmeroma visok.
As regards the limitation of the restructuring costs, the Restructuring Guidelines indicate in point 23 that the restructuring aid should be limited to cover the costs that are necessary for the restoration of viability.
Poleg tega bi zavarovalnica Sjóvá brez posredovanja države izstopila s trga.
Furthermore, in order to keep the aid limited to a minimum, financial institutions should first use their own resources to finance the restructuring.
Na podlagi teh elementov je Nadzorni organ najprej proučil strukturne ukrepe za omilitev izkrivljanja konkurence.
Accordingly, the costs associated with the restructuring should not only be borne by the state but also by those who invested in the institution, by absorbing losses with available capital and by paying an adequate remuneration for state interventions.
Nadzorni organ je predvsem ocenil potencialno odprodajo dejavnosti življenjskega zavarovanja zavarovalnice Sjóvá, ki jo je izvedla hčerinska družba Sjóvá Life.
Limitation of restructuring costs
Islandski organi so predložili podrobne informacije o pomenu dejavnosti življenjskega zavarovanja za uspešno poslovanje zavarovalnice Sjóvá.
The recapitalisation of Sjóvá was limited to what was required to meet the regulatory minimum equity requirements, of which the Icelandic state only contributed the amount that Sjóvá's main creditors Glitnir and Íslandsbanki were unable to provide.
Poudarili so predvsem vključitev tega poslovnega področja v ponudbo produktov zavarovalnice Sjóvá, povpraševanje strank po zavarovalnih paketih, ki vključujejo produkte neživljenjskega in življenjskega zavarovanja, ter sposobnost glavnih konkurentov na področju neživljenjskega zavarovanja, da zadostijo temu povpraševanju.
The transfer of the insurance activities to a new entity ensured that the recapitalisation was limited to what was required for the operative insurance business, and did not cover losses from the legacy investment portfolio.
Na podlagi tega so islandski organi trdili, da bi moral Nadzorni organ uporabiti načelo, da v skladu s točko 32 smernic o prestrukturiranju ukrepi za omejevanje izkrivljanja konkurence ne smejo poslabšati možnosti za ponovno vzpostavitev uspešnega poslovanja.
Limiting the recapitalisation to the minimum necessary constrained Sjóvá's ability to compete in the market.
Glede na zgornje navedbe Nadzorni organ ugotavlja, da ne bi bilo primerno zahtevati, da zavarovalnica Sjóvá odproda svojo dejavnost življenjskega zavarovanja.
Furthermore, none of the costs in the restructuring plan aim at entering new markets or expanding Sjóvá's business in any manner.
Če ni strukturnih ukrepov, mora Nadzorni organ oceniti ukrepe v zvezi z ravnanjem.
For these reasons, the Authority considers that appropriate steps have been undertaken to limit the amount of restructuring aid.
Nadzorni organ navaja, da se je tržni delež zavarovalnice Sjóvá od začetka finančne krize znatno zmanjšal.
Burden sharing/own contribution
Islandski organi so poudarili predvsem učinek, ki ga je na tržne deleže imelo 30-dnevno „obdobje prenosa“ septembra 2009, v katerem so se konkurenti lahko obrnili na vse stranke zavarovalnice Sjóvá v segmentu neživljenjskega zavarovanja s konkurenčnimi ponudbami.
As set out in point 24 of the Restructuring Guidelines, companies should use their own resources to finance restructuring.
Islandski organi trdijo, da je ta regulativni ukrep odpravil del izkrivljanja konkurence.
In addition, the Authority examines whether the financial position of existing shareholders has been totally or partially diluted as a result of the capital injection.
Nadzorni organ prav tako navaja, da v načrtu prestrukturiranja ni predvidena agresivna rast tržnega deleža zavarovalnice Sjóvá ter da nove politike oblikovanja cen in obvladovanja tveganj zagotavljajo, da zavarovalnica Sjóvá izdaja ponudbe le za dovolj donosne dejavnosti.
The Authority observes that the historic owners of Sjóvá have contributed to the costs of restructuring.
Poleg tega so se islandski organi in zavarovalnica Sjóvá zavezali, da bodo omejili oblikovanje cen v povezavi s ponudbami za nekatera podjetja v obdobju prestrukturiranja, kar je navedeno v Prilogi.
In particular, Milestone lost its entire stake in the company without receiving any compensation when Glitnir took over Sjóvá.
Ta zaveza je nadaljnji zaščitni ukrep pred možnim agresivnim ravnanjem zavarovalnice Sjóvá na trgu, vsaka izguba dejavnosti zavarovanja zaradi te zaveze pa bo v prid konkurentom zavarovalnice Sjóvá.
The winding-down of the legacy investment portfolio now held by SJE will impose further losses on investors.
Nadzorni organ navaja, da ta zaveza zajema le nekatere vrste dejavnosti zavarovanja.
These measures contribute to the burden sharing and reduce the moral hazard resulting from the aid.
Vendar glede na visoke stopnje koncentracije na islandskem zavarovalniškem trgu Nadzorni organ meni, da bi celovitejša omejitev oblikovanja cen lahko privedla do zmanjšanja učinkovite konkurence in bi bila zato neprimerna.
In respect of the contribution to restructuring costs through internal resources generated by Sjóvá, the Authority notes that Sjóvá has implemented both profitability as well as cost-cutting measures.
Nadzorni organ podpira zavezo islandskih organov, da bodo uvedli nekatere regulativne spremembe delovanja zavarovalniškega trga, kot je navedeno v Prilogi.
These measures ensure that Sjóvá will create sufficient profits to strengthen the equity base over time.
V skladu s točkama 44 in 45 smernic o prestrukturiranju bi predlagane spremembe povečale učinkovito konkurenco ter olajšale odpiranje trga in nov vstop nanj.
The Authority notes that the restructuring plan does not foresee any dividend payments until 2014.
Predvsem bi strankam olajšale zamenjavo in s tem prispevale k večji konkurenci med obstoječimi akterji na trgu.
Finally, the Icelandic state has been able to sell all its shares in Sjóvá to a private investor within a period of only three years and thereby recover almost two thirds of the funds granted as state aid.
Zavarovalnica Sjóvá se v skladu s točko 40 smernic o prestrukturiranju zavezuje k prepovedi pridobivanja deležev v obdobju prestrukturiranja, kot je navedeno v Prilogi.
In view of the measures above, the Authority considers that the restructuring plan provides for sufficient burden sharing and own contribution to the restructuring.
Zaradi prepovedi pridobivanja deležev zavarovalnica Sjóvá ne sme pridobiti znatnega deleža v drugih finančnih podjetjih, po potrebi pa lahko vlaga v majhnem obsegu.
Measure to mitigate distortions of competition
Zavarovalnica Sjóvá ne bo uporabila prejete pomoči ali prednosti, ki izhajajo iz te pomoči, za namene oglaševanja.
Point 31 of the Restructuring Guidelines states that when assessing the amount of aid and the resulting distortions of competition, the Authority has to take into account both the absolute and relative amount of the state aid received.
Nadzorni organ ugotavlja, da je v prestrukturiranju predvidenih dovolj ukrepov za omilitev izkrivljanja konkurence in zagotavljanje, da se v skladu s točko 39 smernic o prestrukturiranju državna pomoč ne uporabi v škodo konkurentov, ki niso deležni pomoči.
As set out above, Sjóvá received in total about ISK 12,3 billion (approx.
SKLEPNA UGOTOVITEV
EUR 77 million) in state aid.
Nadzorni organ ugotavlja, da so ukrepi dokapitalizacije v korist zavarovalnice Sjóvá združljivi z delovanjem Sporazuma EGP v skladu s členom 61(3)(b) Sporazuma EGP.
This represented almost 80 % of the shortfall in equity at the time of the initial recapitalisation.
Nadzorni organ prav tako ugotavlja, da so islandski organi nezakonito dodelili zadevno državno pomoč in tako kršili člen 1(3) dela I Protokola 3.
This shows that the amount of aid received by Sjóvá was relatively high.
SPREJEL NASLEDNJO ODLOČBO:
Furthermore, Sjóvá would have exited the market without the state intervention.
Člen 1
Based on these elements, the Authority first considered structural measures to mitigate distortions of competition.
Ukrepi dokapitalizacije, odobreni zavarovalnici Sjóvá, so državna pomoč v smislu člena 61(1) Sporazuma EGP.
In particular, the Authority assessed the potential divestment of Sjóvá's life insurance business carried out by the subsidiary Sjóvá Life.
Člen 2
The Icelandic authorities have presented detailed information on the importance of the life insurance business for the viability of Sjóvá.
Državna pomoč, dodeljena zavarovalnici Sjóvá, je združljiva z delovanjem Sporazuma EGP v skladu s členom 61(3)(b) Sporazuma EGP ob upoštevanju zavez, navedenih v Prilogi k tej odločbi.
In particular, they highlighted the integration of this business line into the product offering of Sjóvá, customer demand for insurance packages including both non-life and life insurance products, and the ability of the major competitors in the non-life field to meet this demand.
Člen 3
On this basis, the Icelandic authorities submitted that the Authority should apply the principle that measures limiting distortions of competition should not compromise the prospects of a return to viability, in line with point 32 of the Restructuring Guidelines.
Ta odločba je naslovljena na Islandijo.