natgillin/translations-raw huggingface dataset:
COMPATIBILITY OF THE AID
Toda Nadzorni organ priznava, da majhne spremembe strategije financiranja, ne bi ogrozile poslovne uspešnosti banke, pri čemer upošteva stabilnost možnosti financiranja, zlasti močno zanašanje na vloge in lastniški kapital med obdobjem prestrukturiranja, ter velik del tovrstnega dolga v bilanci stanja.
As a preliminary remark, the Authority notes that whilst Landsbankinn is a new legal entity that was established in 2008, it is — as regards domestic operations — evidently the economic successor of Landsbanki, in the sense that there is an economic continuity between those two entities.
Kar zadeva stran sredstev bilance stanja, so bila najbolj tvegana mednarodna sredstva prav tako zadržana v stečajnem premoženju banke Landsbanki.
In fact, the Icelandic authorities have explained that the similarity of names of old and new bank are intended to allow Landsbankinn to capitalise on the goodwill still associated with the name ‘Landsbanki’ in Iceland.
Posledično se je bilanca stanja skrčila za približno 75 %.
As those economic operations that were carried out by Landsbankinn 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.
Tako je bila odpravljena največja pomanjkljivost poslovnega modela banke Landsbanki, in sicer zanašanje na tvegana mednarodna sredstva ter zlasti močna odvisnost od dobičkov iz investicijskega bančništva (43 % dobička pred krizo) brez ustrezne ocene tveganja in z omejenim poznavanjem trga.
Moreover, the measures under assessment are at the same time rescue and restructuring measures.
Nadzorni organ odobrava, da se banka glede na načrt prestrukturiranja v prihodnosti ne bo ukvarjala s podobnimi posli, temveč se bo osredotočila na svojo tradicionalno osnovno dejavnost.
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.
Očitno se je banka od svoje ustanovitve povečala, zlasti s prevzemi hranilnic SpKef in SpSv, kot je bilo opisano.
However, in the absence of a timely notification, the Authority initiated the formal investigation procedure and requested the submission of a restructuring plan.
Vendar to glede na načrt prestrukturiranja ni imelo velikega vpliva na poslovni model banke Landsbankinn, ker sta imeli hranilnici SpKef in SpSv v lasti večinoma domača sredstva, katerih značilnosti so bile podobne tistim iz portfeljev banke Landsbankinn.
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 v vsakem primeru meni, da bodo k temu, da se bo banka Landsbankinn lahko osredotočila na svojo osnovno dejavnost, pripomogle odprodaje, za katere so bile prevzete obveznosti, o čemer pa se podrobneje razpravlja v nadaljevanju.
Legal basis for assessment of compatibility: Article 61(3)(b) of the EEA Agreement and the Authority's Restructuring Guidelines
K temu, da bo banka Landsbankinn lahko dosegla večjo učinkovitost, bo prispevalo predvideno zaprtje […] podružnic med obdobjem prestrukturiranja.
While state aid to undertakings in difficulties such as Landsbankinn is normally assessed under Article 61(3)(c) of the EEA Agreement, Article 61(3)(b) of the Agreement allows state aid ‘to remedy a serious disturbance in the economy of an EC Member State or an EFTA State’.
Prestrukturiranje posojil, prenesenih z banke Landsbanki, pomeni za banko precejšen izziv.
As is stated in paragraph 8 of the Banking Guidelines [54], 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.
Nadzorni organ v tem pogledu pozitivno ugotavlja, da je ta postopek prestrukturiranja za banko prednostna naloga, kar prikazujejo številni splošni in posebej prilagojeni predlogi, ki jih je banka ponudila preveč zadolženim strankam.
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.
Oblikovala je tudi oddelek za prestrukturiranje z dovolj osebja.
The combined market share of the collapsed financial institutions exceeded 90 % in most segments of the Icelandic financial market.
Veliko je bilo že doseženega, čeprav postopek ni napredoval tako hitro, kot je bilo sprva načrtovano.
The difficulties were coupled with a breakdown of confidence in the country's currency.
Do 30. marca 2012 so bile, na primer, nekatere od oblik prilagoditve dolga izvedene za 75 % celotnega dolga, ki ga je bilo treba prestrukturirati.
Iceland's real economy has been severely hit by the financial crisis.
Poleg tega je bila po podatkih islandskih organov velika večina strank banke po prestrukturiranju zmožna servisirati dolg.
Although more than three years have passed since the onset of the crisis, the Icelandic financial system is still vulnerable.
Nadzorni organ meni, da naj bi to pokazalo, kako dobre so metode prestrukturiranja banke Landsbankinn, in dokazalo, da si je banka kot prednostno nalogo resnično zastavila prestrukturiranje posojilnih portfeljev.
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.
Poleg tega se na podlagi do zdaj doseženega napredka zdi realistično, da lahko banka do konca leta 2012 uresniči svoj cilj, ki je dokončati 92 % prestrukturiranja (v smislu skupnega obsega posojila).
Consequently, Article 61(3)(b) of the EEA Agreement is considered to apply in this case.
Nadzorni organ prav tako pozitivno ugotavlja, da je v načrtu prestrukturiranja zgolj predvideno, da se bodo posojila strankam med obdobjem prestrukturiranja povečala za […] %.
The application of the Restructuring Communication
V trenutnem gospodarskem okolju se to zdi verjetno.
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 [55] (‘the Restructuring Guidelines’) set out the state aid rules applicable to the restructuring of financial institutions in the current crisis.
Meni tudi, da se bo tveganost portfeljev sredstev banke Landsbankinn še zmanjšala zaradi manjšega pomena lastniškega kapitala in lastniških instrumentov ter zlasti predvidene prodaje […] (glej Prilogo).
According to the Restructuring Guidelines, in order to be compatible with Article 61(3)(b) EEA, the restructuring of a financial institution in the context of the current financial crisis has to:
Kot kaže, bi imela banka Landsbankinn ne glede na nepričakovan razvoj v makroekonomskem okolju na Islandiji ali v tujini najpozneje ob koncu obdobja prestrukturiranja razmeroma zdravo bilanco stanja in dobro delujoče posojilne portfelje.
Lead to the restoration of the viability of the bank;
Šibka kapitalizacija banke Landsbanki je bila, kot je bilo navedeno, eden od dejavnikov za njen propad.
Include sufficient own contribution by the beneficiary (burden-sharing);
V načrtu prestrukturiranja banke Landsbankinn je predvideno, da bo banka v celotnem obdobju prestrukturiranja precej presegla najnižjo stopnjo kapitalske ustreznosti v višini 16 %.
Contain sufficient measures limiting the distortion of competition.
Ta stopnja je precej nad prihodnjo najnižjo zahtevano stopnjo iz svežnja Basel III, ki je 10,5 %.
The Authority will thus assess below, based on the restructuring plan submitted for Landsbankinn whether these criteria are met and if the aid measures described above constitute compatible restructuring aid.
Stopnja kapitalske ustreznosti ne bi padla pod ta visoki prag niti v dovolj strogih testih izjemnih situacij, ki jih je opravila banka Landsbankinn in ki so skladni z zahtevo iz smernic o prestrukturiranju po vključevanju „med drugim kombinacije izjemnih dogodkov in dolgotrajne svetovne recesije“ (glej točko 13 smernic).
Restoration of viability
Po mnenju Nadzornega organa je preudarno in tolažilno, da bi banka Landsbankinn celo v primeru izjemne situacije z največjim učinkom na kapitalsko osnovo te banke – v bistvu razpad evroobmočja – obdržala […] % presežnega kapitala, kar bi ji zagotovilo precejšnjo rezervo, da bi se v operativnem okolju, kot je zgoraj opisano, lahko odzivala na nepričakovane težave.
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.
Stopnja kapitalske ustreznosti banke Landsbankinn se bo med obdobjem prestrukturiranja še naprej postopoma povečevala.
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 remains somewhat uncertain, make it challenging to operate a bank profitably and ensure its long-term viability.
Nadzorni organ na tej osnovi meni, da je banka Landsbankinn zaradi kapitalizacije dovolj odporna.
The Authority emphasises at the outset that this consideration needs to be borne in mind in the below assessment.
Nadzorni organ glede likvidnostnega položaja banke ugotavlja, da se zdi v skladu z načrtom prestrukturiranja trenutno dovolj trden in da nič ne kaže, da naj bi se razmere med obdobjem prestrukturiranja bistveno poslabšale.
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.
Nadzorni organ odobrava, da je banka svojo likvidnostno politiko že začela prilagajati, da bi zagotovila skladnost s prihodnjimi zahtevami iz svežnja Basel III.
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.
Po njegovem mnenju je trenutni količnik likvidnostnega kritja banke v višini […] % pomirjujoč kazalnik, zlasti v primerjavi s 83-odstotnim povprečjem, ki je bilo določeno v študiji Banke za mednarodne poravnave [57], v katero je bilo zajetih več kot 200 bank.
The causes of Landsbanki's difficulties are, as described above, spelt out both in the restructuring plan, but also in the report of the Special Investigation Commission.
Nadzorni organ tudi meni, da testiranje izjemnih situacij likvidnostnega količnika banke kaže, da je likvidnostni položaj banke dober.
Amongst the main causes identified at the bank's level in the latter were poor risk management, excessive risk appetite, the inordinately close relation between owners and largest borrowers, too much growth over too short a period, the lack of experience in global markets, lenient lending rules, the lack of internal checks and controls and a flawed corporate culture and strategy were factors that led to the collapse..
Nadzorni organ odobrava spremembe pri upravljanju podjetij banke Landsbankinn in zamenjavo ključnega osebja.
The bank also relied heavily on short-term wholesale funding and had to obtain large amount of deposits abroad to be able to fund its operations.
Enako se z večjo vlogo upravljanja tveganja, kot je bilo opisano, po mnenju Nadzornega organa obravnavajo pomanjkljivosti iz poslovnega modela banke Landsbankinn, kar bo prispevalo k objektivnejši in bolj profesionalni oceni tveganja pri dejavnostih banke.
This aggravated the already existing currency imbalances.
V smernicah o prestrukturiranju je določeno, da mora načrt prestrukturiranja pokazati, kako bo banka čim prej začela ponovno dolgoročno uspešno poslovati brez državne pomoči.
Regulatory viability measures
Banka mora biti zlasti sposobna ustvariti ustrezno donosnost kapitala, hkrati pa mora pokriti vse stroške tekočega poslovanja in izpolniti ustrezne regulativne zahteve.
The Authority considers that the failure of Landsbanki, 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.
Zlasti v točki 13 smernic o prestrukturiranju je navedeno, 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 long-term viability of Landsbankinn, such as that of any other Icelandic bank, thus also depends on whether those supervisory and regulatory shortcomings have been remedied.
Nadzorni organ ob tem ponavlja, da bi gospodarsko okolje, v katerem deluje banka Landsbankinn, pomenilo izziv za katero koli banko.
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.
Meni tudi, da bi se morala vsaka banka na Islandiji med ciljem za povečanje donosnosti in ohranjanjem varnega (tj. visokega) kapitalskega ravnotežja trenutno boriti za težko ravnotežje.
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.
Ob upoštevanju tega je Nadzorni organ zadovoljen s predvideno donosnostjo načrta prestrukturiranja, ki bo kljub visokemu kapitalskemu količniku v celotnem obdobju prestrukturiranja ustrezna.
Second, the temporary high CAD ratio requirements, and a number of provisions relating to collateralisation, in particular the prohibition of extending credit against pledges of own shares, aims at ensuring that Icelandic banks cannot once operate on a weak capital position.
Donosnost lastniškega kapitala med leti 2009 in 2004 niha med [> 5] % in [> 15] %.
The Authority considers that these measures will contribute to the resilience of the Icelandic banks.
Vendar, kot je bilo opisano, to nihanje nastaja predvsem zaradi izjemnih situacij in dogodkov, kot so na primer dobički iz vrednotenja sredstev, prenesenih z banke Landsbanki.
Third, a range of measures have been implemented relating to the eligibility of directors and board members, as well as their remuneration.
Nanj lahko vplivajo tudi enkratni dogodki, kot so nepričakovano uspešna prodaja hčerinskih družb na eni strani in zmanjšanje sredstev, ki ga je povzročila nedavna sodba vrhovnega sodišča o posojilih finančnega trga Forex, na drugi.
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.
Iz izračuna, ki so ga predložili islandski organi, v katerem so bili iz izkaza poslovnega izida odstranjeni navedeni izredni prihodki, je razvidno, da je banka ustvarila in bo od leta 2011 dalje še naprej ustvarjala sorazmerno stabilen dobiček.
External and internal accounting rules have also been amended.
Zdi se, da to ugotovitev podpirajo tudi v zgoraj navedenem poročilu Organa za finančne naložbe Republike Islandije.
For example the duration for which an external accountant can work for the same bank has been shortened.
Ni jasno, ali so navedeni izračuni tolikšni, da izražajo izključno „osnovno donosnost“ banke.
The Authority notes positively that these measures are aimed at preventing a repetition of events in so far as the owners and high executives are concerned.
Vendar Nadzorni organ navaja, da se pomen odbitka med obdobjem prestrukturiranja hitro zmanjšuje, banka pa pričakuje, da bo o „osnovnem“ dobičku v višini med približno […] in […] milijard ISK letno glede na načrt prestrukturiranja poročala v obdobju med leti 2012 in 2014.
The measures also increase external risk monitoring, both of which reduce threats to the banks' viability.
Zgoraj so bili omenjeni nekateri najpomembnejši in najpodrobnejši vidiki finančnega načrtovanja.
Fourth, according to the Icelandic authorities, the already mentioned possibility for the FME to limit a bank's activities, is also prompted by the large-scale deposit taking by Icelandic commercial banks before the crisis.
Po mnenju Nadzornega organa se te predpostavke ob upoštevanju zahtevnega operativnega okolja v celoti zdijo dovolj previdne.
Moreover, the new rules on liquidity and foreign exchange balance [56] also appear, in the Authority's understanding, to entail certain restrictions as regards the banks' possibility to attract disproportionately large amounts of foreign deposits if that were to make the bank's business more fragile and vulnerable to foreign currency exchange and liquidity risks.
Kar zadeva maržo obrestne mere, Nadzorni organ ugotavlja, da bi bila z vidika mednarodne primerjave dokaj visoka celo po pričakovanem […]-odstotnem znižanju [58].
The Authority welcomes that the Icelandic authorities have responded to this aspect of regulatory failure.
Marža je bila po trditvah islandskih organov v vseh zadnjih desetletjih približno na tej stopnji ali nekoliko višje, in sicer med drugim zaradi okolja visokih obrestnih mer na Islandiji, nižjega deleža hipotekarnih kreditov v posojilnih portfeljih in manjše velikosti bank.
Landsbankinn's restructuring plan
Te trditve so po mnenju Nadzornega organa razumne, zato se mu zdi ta vidik finančnega načrtovanja dovolj verjeten.
As for the restructuring plan and the measures at the bank's level, Landsbankinn has in essence reverted to a more traditional banking model, focusing on its core strength in domestic retail and corporate banking, which will be predominately funded through domestic customer deposits.
Višji prihodki od provizij in nadomestil za storitve, ki naj bi se po napovedih zvišali za približno […] %, so še eno pomembno gonilo prihodnje donosnosti.
As indicated above, Landsbankinn was — if compared to its predecessor — from the moment of its establishment substantially less leveraged.
Banka je skušala s številnimi pobudami, kot so bile opisane, povečati učinkovitost in zmanjšati stroške, med drugim z opisanim načrtovanim zmanjšanjem števila zaposlenih, predvidenim zaprtjem […] podružnic in splošnim racionaliziranjem dejavnosti.
As most wholesale debt remained in the estate of Landsbanki, it will, according to the restructuring plan, not have to rely on refinancing by issuing unsecured bonds on international markets, which, in the current climate, would likely be a challenging prospect.
Po njegovem mnenju se ta cilj lahko doseže.
In fact, the reliance on wholesale markets and later on foreign deposits for refinancing turned out to be one of the main reasons for Landsbanki's demise.
Poleg navedenega je jasno, da načrt prestrukturiranja temelji na številnih drugih predpostavkah.
Landsbankinn's funding, on the other hand, has so far been based to a large extent on deposits and equity (over 70 %), and the restructuring plan foresees a slight increase in the share of deposits of total liabilities.
Nadzorni organ je skušal pregledati tiste, ki se zdijo najprimernejše in imajo največji vpliv na prihodnje uspešno poslovanje banke Landsbankinn.
The restructuring plan shows that no major refinancing need arises in the course of the restructuring period […], and the Authority notes positively that neither a successful return to international markets for unsecured debt nor the less challenging issuance of secured bonds form part of the assumptions on which the funding forecast is based.
Zdi se, da so makroekonomske predpostavke v skladu z napovedmi Centralne banke Islandije.
As regards the aforementioned possibility of successfully issuing unsecured bonds, the bank submits that the currently limited appetite of investors for such debt could pick up again once the unlimited deposit guarantee — in particular the deposit priority — is lifted, which currently decreases the attractiveness of other forms of debt.
Na splošno se zdi, da so predpostavke, na katerih temelji načrt prestrukturiranja, dovolj preudarne, da omogočajo ugotovitev, da ukrepi prestrukturiranja, ki jih je sprejela banka, ne glede na nepričakovane neželene dogodke v nepredvidenem obsegu in z nepredvidenimi posledicami zadostujejo za njeno dolgoročno uspešno poslovanje.
Based on the facts submitted by the Icelandic authorities, the Authority considers that the bank's funding situation appears to be sound until the end of the restructuring period.
Ob upoštevanju navedenega Nadzorni organ meni, da načrt prestrukturiranja prikazuje ponovno vzpostavitev dolgoročne poslovne uspešnosti banke.
Given the uncertainties surrounding the deposit guarantee and the capital controls, as well as the ambiguous future developments of (sovereign) debt markets, it cannot conclude on whether Landsbankinn's long term funding strategy will materialise as foreseen in the long run.
Zato ugotavlja, da so izpolnjene določbe iz oddelka 2 smernic o prestrukturiranju.
However, given the stability of the funding prospects, in particular the strong reliance on deposits and equity during the restructuring period, and the large share of those types of debt on the balance sheet, the Authority concedes that slight variations to the funding strategy would not threaten the bank's viability.
Lastni prispevek/porazdelitev bremena
As regards the assets side of the balance sheet, most of the risky, international assets were also kept in Landsbanki's estate.
V točki 22 smernic o prestrukturiranju je navedeno: „Za zmanjšanje izkrivljanja konkurence in moralnega tveganja mora biti pomoč omejena na najnižjo potrebno, banka upravičenka pa mora zagotoviti ustrezen lastni prispevek k stroškom prestrukturiranja.
As a result, the balance sheet has shrunk by approximately 75 %.
Banka in njeni delničarji morajo z lastnimi sredstvi prispevati k prestrukturiranju največ, kar zmorejo.
A main weakness of Landsbanki's business model — the reliance on risky international assets, and in particular the strong dependence on profits from investment banking (43 % of pre-crisis profits) without appropriate risk assessment and limited market knowledge — has thus been remedied.
To je nujno, da se zagotovi, da bodo rešene banke prevzele primerno odgovornost za posledice svojih preteklih ravnanj in da se ustvarijo ustrezne spodbude za njihovo ravnanje v prihodnosti“.
The Authority welcomes that pursuant to the restructuring plan, the bank will not engage in similar business in the future, but rather focus on its traditional core business.
Nadzorni organ v zvezi s tem poudarja odločilen vidik obravnavanega primera.
Evidently, the bank has grown since its establishment, in particular through the acquisitions of Spkef and SpSv as described above.
Ko je bila na osnovi domačih dejavnosti banke Landsbanki ustanovljena banka Landsbankinn, so bile naložbe delničarjev v banko Landsbanki v celoti izločene in so tako do najvišje možne mere prispevale k prestrukturiranju banke Landsbankinn.
However, according to the restructuring plan, this does not have a major impact on the business model of Landsbankinn, as SpKef and SpSv mainly disposed of domestic assets of similar characteristics as those in Landsbankinn's portfolio.
Poleg tega so morali upniki banke Landsbanki prevzeti precejšnje izgube [59] ali vsaj tveganje, da je njihova naložba odvisna od donosnosti sredstev, prenesenih na banko Landsbankinn (prek pogojno zamenljive obveznice).
In any event, the Authority considers that the committed divestments, further discussed below, will contribute to letting Landsbankinn focus on its core business.
Zato je, kar zadeva lastnike in upnike banke Landsbanki, merilo porazdelitve bremena izpolnjeno in vprašanje moralnega tveganja rešeno.