natgillin/translations-raw huggingface dataset:
This unlimited guarantee has, in the Authority's view, favoured Arion Bank: First, as it provides a valuable competitive advantage — an unlimited state guarantee, and hence a significant safety net — over alternative investment options and providers.
Odstavek 10 Smernic za prestrukturiranje zahteva, da so v načrtu prestrukturiranja opredeljeni vzroki za težave banke in njene slabosti ter opisani načini, kako bodo predlagani ukrepi prestrukturiranja pripomogli k reševanju osnovnih težav.
This is illustrated for example by a recent report of the Minister of Economic Affairs which states that: ‘Icelandic financial undertakings are currently operating in a sheltered environment with capital controls and a blanket deposit guarantee.
Kot je opisano zgoraj, so težave banke Arion Bank, kot je podrobno obrazloženo v načrtu prestrukturiranja in v poročilu posebne komisije za preiskave, povezane z okoliščinami ustanovitve banke in težavami njene predhodnice.
Under such conditions, bank deposits are practically the only secure option for Icelandic savers’ [77].
Glavni vzroki, ugotovljeni na ravni banke predhodnice, so bili čezmerna in nevzdržna širitev, finančni vzvodi lastnikov banke, koncentracija tveganj, šibek lastniški kapital in velikost bank v primerjavi z velikostjo islandskega gospodarstva.
Second, it seems clear that in the absence of the guarantee, Arion Bank could have more easily suffered from a run on its deposits like its predecessor [78].
Banka Kaupthing Bank je imela velike posamezne izpostavljenosti in je s posojanjem svojim lastnikom prevzela veliko tveganje.
Thus the bank would likely have had to pay higher interest rates (to compensate for the risk) in order to attract or even simply retain the same amount of deposits, were it not for the additional unlimited deposit guarantee that the Icelandic state has taken upon itself.
Pretežno se je tudi opirala na kratkoročno grosistično financiranje.
Accordingly, the Authority concludes that the deposit guarantee entails an advantage for the bank.
Regulativni ukrepi za zagotavljanje uspešnega poslovanja
Selectivity
Čeprav načrt prestrukturiranja banke Arion Bank obravnava številne slabosti banke kot so opredeljene zgoraj, Nadzorni organ meni, da je propad banke Kaupthing in zlom islandske finančne industrije povzročilo tudi več dejavnikov, značilnih za Islandijo, ki se nanašajo na majhnost ter regulativne in nadzorne pomanjkljivosti, ki jih je izpostavila posebna komisija za preiskave.
Second, the aid measure must be selective in that it favours ‘certain undertakings or the production of certain goods’.
Dolgoročno uspešno poslovanje banke Arion Bank, kot tudi vsake druge islandske banke, tako ni odvisno samo od ukrepov, sprejetih na ravni banke, ampak tudi tega, ali so bile regulativne in nadzorne pomanjkljivosti odpravljene.
The capitalisation measures, the liquidity facility and the SPRON swap agreement are selective as they only benefit Arion Bank.
V tej zvezi Nadzorni organ pozitivno sprejema spremembe regulativnega in nadzornega okvira, ki so jih sprejeli islandski organi, kakor je pojasnjeno v prilogi.
Moreover, as state support can be selective even in situations where one or more sectors of the economy benefit and others do not, the Authority also considers the state guarantee on deposits which benefits the Icelandic banking sector as a whole as selective.
Prvič, pristojnosti in pooblastila FME so bili med drugim okrepljeni z novimi odgovornostmi glede velikih posameznih izpostavljenosti in z njimi povezanimi tveganji, ki po mnenju Nadzornega organa obravnavajo enega od dejavnikov, ki so povzročili finančni zlom.
This conclusion also follows from the considerations set out above according to which banks are favoured over other undertakings that offer possibilities to save and invest money.
Drugič, cilj začasnih zahtev po visokem količniku kapitalske ustreznosti in številnih določb o zavarovanju s premoženjem, zlasti prepoved podaljšanja posojil na podlagi zastave lastnih delnic, je zagotoviti, da se islandske banke ne bodo ponovno znašle v šibkem kapitalskem položaju.
Distortion of competition and effect on trade between Contracting Parties
Nadzorni organ meni, da bodo ti ukrepi prispevali k prilagodljivosti islandskih bank.
The measures strengthen the position of Arion Bank in comparison to competitors (or potential competitors) in Iceland and other EEA States.
Tretjič, izvedena je bila vrsta ukrepov v zvezi z upravičenostjo direktorjev in članov odbora ter njihovih prejemkov.
Arion Bank is an undertaking which is active, as described above, on financial markets, which are open for international competition in the EEA.
Poleg tega za posojanje povezanim strankam (kot so lastniki) veljajo strožja pravila in FME sedaj lahko banki prepove opravljanje določenih dejavnosti, če meni, da obstaja razlog za to.
Whilst the Icelandic financial markets are currently rather isolated, particularly due to the capital controls, cross-border trade and potential for it still exist, and trade will likely increase as soon as the capital controls are lifted.
Spremenjena so bila tudi zunanja in notranja računovodska pravila, na primer skrajšano je bilo obdobje, v katerem zunanji računovodja lahko dela za isto banko.
All measures under assessment must therefore be regarded as distorting competition and affecting trade between the Contracting Parties to the EEA Agreement [79].
Nadzorni organ pozitivno ugotavlja, da so ti ukrepi namenjeni preprečevanju, da bi se dogodki ponovili, kar zadeva lastnike in visoke vodstvene delavce in da ukrepi tudi prispevajo v večjemu zunanjemu spremljanju tveganj, ukrepi pa tudi prispevajo k zmanjševanju nevarnosti za uspešno poslovanje bank.
Conclusion
Četrtič, po navedbah islandskih organov je že omenjeno možnost, da FME omeji dejavnosti banke, spodbudilo tudi to, da so islandske komercialne banke pred krizo sprejemale ogromno vlog, kar je verjetno tudi pospešilo njihov propad.
The Authority, therefore, comes to the conclusion that the measures taken by the Icelandic State to capitalise the new bank, as well as the liquidity facility, the deposit guarantee and the SPRON swap agreement involve state aid within the meaning of Article 61(1) of the EEA Agreement.
Kakor meni Nadzorni organ, so verjetno tudi nova pravila o likvidnosti in devizni bilanci [82] vsebovala nekatere omejitve glede možnosti bank, da pridobijo nesorazmerno visoke zneske tujih vlog, če bi to pomenilo, da bi poslovanje banke postalo bolj nestabilno in občutljivo za tečajna in likvidnostna tveganja.
PROCEDURAL REQUIREMENTS
Nadzorni organ je zadovoljen, da so se islandski organi odzvali na ta vidik regulativne pomanjkljivosti.
Pursuant to Article 1(3) of Part I of Protocol 3, ‘the EFTA Surveillance Authority shall be informed, in sufficient time to enable it to submit its comments, of any plans to grant or alter aid (…).
Načrt prestrukturiranja banke Arion Bank
The State concerned shall not put its proposed measures into effect until the procedure has resulted in a final decision’.
Glede načrta prestrukturiranja in ukrepov na ravni banke se je banka Arion Bank v bistvu vrnila na bolj tradicionalni model bančništva in se osredotočila na povezovalno bančništvo za islandski trg.
The Icelandic authorities did not notify the aid measures covered by the opening decision to the Authority in advance of their implementation.
Banka se bo večinoma financirala prek vlog strank in lastniškega kapitala s postopnim povečevanjem zadolževanja večinoma prek kritih obveznic.
The Authority therefore concludes that the Icelandic authorities have not respected their obligations pursuant to Article 1(3) of Part I of Protocol 3.
Kot je navedeno zgoraj, je imela banka Arion Bank v primerjavi z banko Kaupthing od svoje ustanovitve naprej bistveno manjši finančni vzvod in ker je večina grosističnega dolga ostala v premoženju banke Kaupthing, se bo lahko, glede na načrt prestrukturiranja za nezavarovani dolg, opirala samo v zelo omejenem obsegu na refinanciranje na mednarodnih trgih.
The granting of those aid measures was therefore unlawful.
Pomanjkljivosti, ki jih ti ukrepi zadevajo (kot je koncentracija velikih in povezanih izpostavljenosti, velika valutna neravnovesja itd.) so večinoma podedovane od nekdanje banke.
With respect to the acquisition of SPM savings Bank by Arion Bank, which the Authority has not found to involve state aid, it is nevertheless noted that according to paragraph 41 of the Authority's restructuring guidelines, and in order to avoid anti-competitive use of state aid, acquisitions by a bank of competing business can only be made in exceptional circumstances and upon notification to the Authority.
Za uspešno poslovanje banke Arion Bank v prihodnje je izredno pomembno, da so v načrtu prestrukturiranja te pomanjkljivosti ustrezno obravnavane.
COMPATIBILITY OF THE AID
Izkazalo se je, da je bil eden od glavnih razlogov za prenehanje banke Kaupthing opiranje na trg na debelo za refinanciranje.
As a preliminary remark, the Authority notes that whilst Arion Bank is a new legal entity that was established in 2008, it is — as regards domestic operations — evidently the economic successor of Kaupthing Bank, in the sense that there is an economic continuity between those two entities.
Do sedaj je financiranje banke Arion Bank večinoma temeljilo na vlogah in lastniškem kapitalu, vendar načrt prestrukturiranja predvideva rahlo znižanje pomena vlog in sicer z 68 % na 61 % skupnih obveznosti, kar med drugim temelji na analizi obsega vlog, ki jo je naredila banka.
As those economic operations that were carried out by Arion Bank from the autumn of 2008 onwards could not have continued in the absence of the aid, the Authority considers the Bank as an undertaking in difficulties.
Banka Arion Bank to namerava nadomestiti z izdajo kritih obveznic na domačem trgu.
Moreover, the measures under assessment are at the same time rescue and restructuring measures.
Opomniti je treba, da je banka Arion Bank dobila dovoljenje za izdajo kritih obveznic in nato izvedla program kritih obveznic v vrednosti 1 milijarde EUR.
As stated in the opening decision, the Authority would probably have temporarily approved the measures as compatible rescue aid, had they been notified before their implementation, before then taking a final view on them on the basis of a restructuring plan.
Februarja 2012 je banka Arion Bank dokončala svojo prvo ponudbo kritih obveznic z izdajo obveznic v vrednosti 2,5 milijarde ISK, maja 2012 pa prvo ponudbo neindeksiranih povezanih kritih obveznic s fiksno obrestno mero v vrednosti 1,2 milijarde ISK [83].
However, in the absence of a timely notification, the Authority initiated the formal investigation procedure and requested the submission of a restructuring plan.
V preostalem obdobju obdobja prestrukturiranja banka namerava izdajati delnice v različnih oblikah, vključno s kritimi obveznicami in prednostnimi nezavarovanimi obveznicami.
As indicated above, the final compatibility of these measures depends on whether the restructuring plan meets the criteria of the Authority's applicable state aid guidelines for undertakings in difficulties.
Nadzorni organ meni, da se na podlagi dejstev, ki so jih predložili islandski organi, zdi, da je finančno stanje banke do konca obdobja prestrukturiranja dobro.
Legal basis for assessment of compatibility: Article 61(3) of the EEA Agreement and the Authority's Restructuring Guidelines
Zaradi negotovosti glede jamstva za hranilne vloge in nadzora kapitalskih tokov in nejasnega prihodnjega razvoja trga (državnih) dolžniških vrednostnih papirjev ne more sklepati, ali se bo strategija financiranja banke Arion Bank dolgoročno uresničila tako, kot je predvideno.
While state aid to undertakings in difficulties is normally assessed under Article 61(3)(c) of the EEA Agreement, the Authority may, under Article 61(3)(b) of the Agreement allow state aid to remedy a serious disturbance in the economy of an EC Member State or an EFTA State'.
Vendar zaradi velikega zanašanja na vloge in krite obveznice v obdobju prestrukturiranja in velikega deleža teh vrst dolgov v bilanci stanja Nadzorni organ priznava, da manjše spremembe strategije financiranja, ki bodo morda pozneje potrebne, ne bodo ogrozile uspešnega poslovanja banke.
As is stated in paragraph 8 of the Banking Guidelines [80], the Authority reaffirms that, in line with the case law and the European Commission's decision making practice, Article 61(3)(b) of the EEA Agreement necessitates a restrictive interpretation of what can be considered a serious disturbance of an EFTA State's economy.
Glede strani aktive v bilanci stanja pa mednarodna sredstva ostajajo v premoženju banke Kaupthing.
The Icelandic authorities have explained, as described in detail above, that Iceland's financial system entered into a state of systemic crisis in October 2008, leading to the collapse of its major banks as well as major savings banks within a time span of a few days.
Zato se je bilanca skrčila za 88 %.
The combined market share of the collapsed financial institutions exceeded 90 % in most segments of the Icelandic financial market.
Glavna slabost poslovnega modela banke Kaupthing – zanašanje na tvegana mednarodna sredstva brez ustrezne ocene tveganja – je bila tako odpravljena.
The difficulties were coupled with a breakdown of confidence in the country's currency.
Nadzorni organ je zadovoljen s tem, da se na podlagi načrta prestrukturiranja banka v prihodnje ne bo ukvarjala s podobnimi posli, ampak bo pozornost namenila tradicionalni osnovni dejavnosti.
Iceland's real economy has been severely hit by the financial crisis.
Velik izziv banke glede portfelja sredstev pa ostaja prestrukturiranje posojil, ki so bila prenesena iz banke Kaupthing.
Although more than three years have passed since the onset of the crisis, vulnerability still remains in the Icelandic financial system.
V tej zvezi Nadzorni organ pozitivno ugotavlja, da je proces prestrukturiranja bil in ostaja ključna prednostna naloga banke, kot kažejo številni splošni in posebej prilagojeni predlogi banke svojim pretirano zadolženim strankam.
Even if the situation has eased significantly since 2008, it is evident that at the time that the measures were taken, they were intended to remedy a serious disturbance in the Icelandic economy.
Čeprav je potrebnega še kar nekaj dela za dokončanje prestrukturiranja, se zdi, da informacije banke potrjujejo, da dobro napreduje, zlasti od leta 2011 dalje, kar dokazuje dejstvo, da je bil od 986 gospodarskih družb, ki so bile vključene v program izterjave dolga, ob koncu leta 2011 zaključek dosežen v 871 primerih, ob koncu prvega četrtletja pa je bil zaključek dosežen samo za 416 družb.
Consequently, Article 61(3)(b) of the EEA Agreement is considered to apply in this case.
V zadnjem času je bil znaten napredek dosežen tudi pri prestrukturiranju dolga gospodinjstev in banka namerava projekte izterjave dolga od podjetij in fizičnih oseb zaključiti do konca leta 2012.
The application of the Restructuring Guidelines
Nadzorni organ meni, da zgoraj navedeno kaže, da so načini prestrukturiranja banke Arion Bank dobri.
The Authority's State Aid Guidelines on the return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the State aid rules [81] (‘the Restructuring Guidelines’) sets out the State aid rules applicable to the restructuring of financial institutions in the current crisis.
Kot je bilo že navedeno, je bila šibka kapitalizacija banke Kaupthing eden od glavnih dejavnikov za njen propad.
Lead to a restoration of the viability of the bank;
Ta količnik je znatno višji od prihodnjega 10,5-odstotnega minimuma Basel III.
Include sufficient own contribution by the beneficiary (burden-sharing);
Celo v izjemnem scenariju, ki ga je predložila banka Arion Bank, bo količnik kapitalske ustreznosti ostal na [> 20] %, kar je znatno nad tem visokim primerjalnim minimumom.
Contain sufficient measures limiting the distortion of competition.
Glede ocene kapitala v letošnjem poročilu o notranji oceni kapitalske ustreznosti, ki ga je banka Arion Bank predložila skupaj z načrtom prestrukturiranja, Nadzorni organ meni, da je preudarno in pomirjajoče, da ima banka ob upoštevanju različnih dejavnikov tveganja kapitalske rezerve v višini […] milijard ISK, kar v zgoraj opisanem okolju delovanja banki Arion Bank omogoča, da bi uspešno rešila nepričakovane stiske.
The Authority will thus assess below, based on the restructuring plan submitted for Arion Bank, whether these criteria are met, and if therefore the aid measures described above constitute compatible restructuring aid.
Glede likvidnostnega položaja banke Nadzorni organ na podlagi načrta prestrukturiranja ugotavlja, da se zdi sedanji položaj dovolj trden in da ni znakov, da bi se ta položaj v obdobju prestrukturiranja lahko bistveno poslabšal.
Restoration of viability
Poleg tega Nadzorni organ meni, da testiranje izjemnih situacij likvidnostnega količnika banke v okviru poročila o notranji oceni kapitalske ustreznosti nakazuje, da je banka izpostavljena likvidnostnim tveganjem, ki bi se lahko uresničili v primeru nenadne odprave nadzora kapitalskih tokov; likvidnost banke se skrbno spremlja, izvajajo se ukrepi za omejevanje tveganja in izdelani so bili načrti ukrepov ob nepredvidljivih dogodkih, da se banka pripravi na nepričakovane in neželene dogodke.
Restoring the long-term viability of a beneficiary in receipt of restructuring aid is the main objective of such aid, and the assessment of whether restructuring aid will attain this, is an important aspect in determining its compatibility.
To je tudi zelo pomembno, ker je država v letu 2010 morala banki zagotoviti posebno likvidnostno posojilo, da je banka lahko izpolnila zahteve FME glede likvidnosti in da se to likvidnostno posojilo zaključi konec leta 2014.
As indicated above, the turmoil in the Icelandic economy in the wake of autumn 2008, the presence of extra-ordinary measures such as the capital controls, an evolving regulatory environment and a macroeconomic outlook that, in spite of some recent stabilisation, remains somewhat uncertain, given in particular the ongoing economic woes of the euro zone, make it challenging to operate a bank profitably and ensure its long-term viability.
Nadzorni organ tudi pozdravlja spremembe v organizacijski strukturi banke Arion Bank in obvladovanje tveganja, kot je opisano zgoraj, ki rešujejo slabosti poslovanja banke Kaupthing in bodo prispevale k bolj objektivni in strokovni oceni tveganja v delovanju banke.
The Authority emphasises at the outset that this consideration needs to be borne in mind in the below assessment.
Glede donosnosti Smernice za prestrukturiranje določajo tudi, da je treba z načrtom prestrukturiranja dokazati, kako bo banka lahko čim prej znova vzpostavila dolgoročno poslovno uspešnost brez državne pomoči.
Section 2 of the Restructuring Guidelines sets out that the EEA State should provide a comprehensive and detailed restructuring plan which provides complete information on the business model and which restores the bank's long-term viability.
Banka mora biti zlasti sposobna ustvariti ustrezno donosnost kapitala ter pri tem pokriti vse stroške svojega običajnega poslovanja in izpolniti vse zadevne predpisane zahteve.
Paragraph 10 of the Restructuring Guidelines requires that the restructuring plan identifies the causes of the bank's difficulties and the bank's own weaknesses, and outlines how the proposed restructuring measures remedy the bank's underlying problems.
Zlasti točka 13 Smernic za prestrukturiranje navaja, da je dolgoročno uspešno poslovanje doseženo, ko je banka sposobna kriti vse svoje stroške, vključno z amortizacijo in finančnimi dajatvami, ter zagotoviti ustrezno donosnost kapitala ob upoštevanju profila tveganja banke.
The causes of Arion Bank's difficulties are, as described above, spelt out both in the restructuring plan, but also in the SIC report, related to the circumstances surrounding the establishment of the Bank and the problems of its predecessor.
Nadzorni organ opozarja na zgoraj navedeno in sicer, da bi bilo gospodarsko okolje, v katerem deluje banka Arion Bank, velik izziv za vsako banko.
Among the main causes identified in the latter at the level of the predecessor bank were the excessive and unsustainable expansion, the gearing of the bank's owners, the concentration of risk, weak equity and the size of the banks as compared to the Icelandic economy.
Ob upoštevanju tega je Nadzorni organ zadovoljen z donosnostjo, ki je napovedana v načrtu prestrukturiranja in ki bo kljub visokemu kapitalskemu razmerju zadostna v večjem delu obdobja prestrukturiranja in tudi pozneje.
Kaupthing Bank had large single exposures and took on major risk by lending to its owners.
Donosnost lastniškega kapitala, ki je bila zlasti visoka v letih 2009 in 2010, bo od [> 10] % do [< 15] %.
It also relied predominately on short-term wholesale funding.
Pričakuje se, da se bodo zmanjšale izredne postavke v izkazu poslovnega izida, zlasti znatni prihodki prevrednotenja iz portfelja posojil, prenesenega iz banke Kaupthing in odpisi, ki jih je povzročila nedavna odločba Vrhovnega sodišča o posojilih v tujih valutah, ki je imela velik učinek na finančne rezultate banke v zadnjih treh letih.
Regulatory viability measures
V skladu z načrtom prestrukturiranja je pričakovati, da bodo taki izredni dogodki imeli v obdobju 2012-2013 le manjši učinek, po letu 2013 pa niso več predvideni.
Whilst the Arion Bank's restructuring plan addresses many of the bank's weaknesses as identified above, the Authority considers that the failure of Kaupthing, and the collapse of the Icelandic financial industry, was also caused by a number of factors specific to Iceland, relating to its small size and the regulatory and supervisory shortcomings highlighted by the Special Investigation Commission.
V skladu z načrtom prestrukturiranja so pomembno gonilo za prihodnjo donosnost višji prihodki od opravnin (provizij), ki naj bi v obdobju načrtovanja dosegli […].
The long-term viability of Arion Bank, such as that of any other Icelandic bank, thus does not depend solely on the measures taken at the bank's level, but also on whether those supervisory and regulatory shortcomings have been remedied.
Posli, ki prinašajo provizije, kot so transakcije, povezane z delniškim trgom in trgovina s tujimi valutami so po zlomu in zaradi nadzora kapitalskih tokov praktično zastali.
In this regard the Authority notes positively the amendments to the regulatory and supervisory framework that the Icelandic authorities have made, as explained in the Annex.
Ko pa se bo prestrukturiranje podjetniškega sektorja približalo zaključku in bo nadzor kapitalskih tokov odpravljen, je realno pričakovati znatno povečanje borznih dejavnosti in valutnega trgovanja.
First, the powers and competences of the FME have been enhanced, inter alia, with new responsibilities regarding large single exposures and the risks related thereto, which in the Authority's view addresses one of the factors that led to the financial collapse.
Zato Nadzorni organ ne dvomi v verjetnost teh podatkov.
The Authority considers that these measures will contribute to the resilience of the Icelandic banks.
V skladu z zavezami banke […].
Third, a range of measures have been implemented relating to the eligibility of directors and board members, as well as their remuneration.
Leta 2001 je bilo število zaposlenih zmanjšano za približno 10 %.
Moreover, lending to related parties (such as owners) has been subjected to stricter rules, and the FME can now prohibit a bank from performing specific activities, if it sees reason to do so.
Poleg zgoraj navedenega je očitno, da načrt prestrukturiranja temelji še na številnih drugih predpostavkah.
External and internal accounting rules have also been amended, for example the duration for which an external accountant can work for the same bank has been shortened.
Nadzorni organ je želel pregledati tiste, ki se zdijo najbolj ustrezne in ki imajo največji vpliv na prihodnje uspešno poslovanje banke Arion Bank.