natgillin/translations-raw huggingface dataset:
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, and the measures also increase external risk monitoring, both of which reduce threats to the banks' viability.
Zdi se, da so makroekonomske predpostavke večinoma v skladu z napovedmi Statističnega urada Islandije in CBI, čeprav banka napoveduje nekoliko močnejšo rast in višjo inflacijo.
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, which seems to at least have accelerated their demise.
Zdi se, da so na splošno predpostavke, na katerih temelji načrt prestrukturiranja, dovolj preudarne, da lahko skupaj z zgoraj navedenimi ugotovitvami Nadzornega organa zaključimo, da so ukrepi prestrukturiranja, ki jih je banka sprejela, zadostni za zagotovitev dolgoročnega uspešnega poslovanja, če ne bo nepredvidenih neželenih dogodkov, katerih obsega in posledic tudi ni mogoče predvideti.
Moreover, the new rules on liquidity and foreign exchange balance [82] 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 banks' business more fragile and vulnerable to foreign currency exchange and liquidity risks.
Na podlagi zgornjih navedb Nadzorni organ meni, da načrt prestrukturiranja vsebuje zadostne elemente, ki prispevajo k ponovni vzpostavitvi dolgoročnega uspešnega poslovanja banke, in ugotavlja, da je bil izpolnjen oddelek 2 Smernic za prestrukturiranje.
The Authority welcomes that the Icelandic authorities have responded to this aspect of regulatory failure.
Lastni prispevek/porazdelitev bremena
Arion Bank's restructuring plan
Odstavek 22 Smernic za prestrukturiranje se glasi: „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 for the restructuring plan and the measures at the bank's level, Arion Bank has in essence reverted to a more traditional banking model, focusing on relationship banking for the Icelandic market.
Banka in njeni delničarji morajo z lastnimi sredstvi prispevati k prestrukturiranju po najboljših močeh.
The Bank will be predominately funded through customer deposits and equity, with a gradual increase in borrowing mostly through covered bonds.
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“.
Moreover, as indicated above, Arion Bank was — if compared to Kaupthing — from the moment of its establishment substantially less leveraged, and as most wholesale debt remained in the estate of Kaupthing, it will, according to the restructuring plan, have to rely on refinancing on international markets for unsecured debt only to a very limited extent.
V zvezi s tem Nadzorni organ opozarja na odločilni vidik obravnavanega primera.
For the same reason, the issue of deleveraging the balance sheet of the Bank was in essence resolved already in October 2008.
Ko je bila banka Arion Bank ustanovljena na podlagi domačih dejavnosti banke Kaupthing, so bile naložbe delničarjev v banko Kaupthing Bank v celoti izničene in so tako v največji možni meri prispevale k prestrukturiranju banke Arion Bank.
Nevertheless, the Authority concurs with the assessment of Arion Bank and the Icelandic authorities of the need for the various measures outlined in the restructuring plan as regards the scaling down of the Bank's operations to a new economic reality and limiting risk exposure.
Poleg tega so upniki banke Kaupthing morali prevzeti znatne izgube [84] oziroma tveganje, da bo njihova naložba odvisna od donosnosti banke Arion Bank.
The deficiencies addressed by those measures (such as concentration of large and connected exposures, severe currency imbalances, etc.) are mostly inherited from the old bank.
Zato je za lastnike in upnike banke Kaupthing merilo porazdelitve bremena optimalno izpolnjeno in je obravnavano tudi vprašanje moralnega tveganja.
For Arion Bank's future viability it is of paramount importance that these deficiencies are adequately addressed in the restructuring plan.
Poleg zgoraj navedenega mora Nadzorni organ oceniti, ali je bila državna pomoč, ki jo je prejela banka Arion Bank omejena na najnižjo potrebno pomoč.
The reliance on wholesale markets for refinancing turned out to be one of the main reasons for Kaupthing's demise.
Glede ukrepov za kapitalizacijo pa je zagonska kapitalizacija banke Arion Bank do takrat, ko je bil s sporazumom z upniki banke Kaupthing delež države znižan na 13 %, komaj zadostovala za izpolnitev kapitalskih zahtev FME.
Arion Bank's funding has so far been largely based on deposits and equity, but the restructuring plan foresees a slight reduction in the significance of deposits from 68 % to 61 % of total liabilities, based, inter alia, on the Bank's analysis of its deposits base.
V letu 2009, ko je bil dosežen sporazum, da banko Kaupthing prevzame banka Arion Bank in je bil banki Arion Bank dodeljen kapital razreda 2, je količnik kapitalske ustreznosti dosegel približno 18 %, kar je dve odstotni točki več od minimalnega količnika, ki ga je določil FME.
Arion Bank intends to make up for this by means of issuing covered bonds on the domestic market.
V tej zvezi Nadzorni organ ugotavlja, da je bilo kapitalsko razmerje odvisno predvsem od tega, ali je bilo vrednotenje sredstev, prenesenih iz banke Kaupthing na banko Arion Bank, pravilno opravljeno.
It is recalled that Arion Bank has been granted a license to issue covered bonds and subsequently completed a EUR 1 billion covered bond program.
Poleg tega je treba upoštevati, da so bili takrat gospodarski obeti za Islandijo negotovi.
In February 2012 Arion Bank completed its first covered bond offering, issuing 2,5 billion ISK worth of bonds, and in May 2012, the Bank completed its first non-indexed fixed rate covered bond offering, to the value of 1,2 billion ISK [83].
Glede na zgoraj navedeno Nadzorni organ meni, da je bil znesek kapitala, ki ga je islandska država zagotovila banki Arion Bank, omejen na najnižji potreben znesek, ker je vključeval samo zakonsko določen najnižji znesek in razumne kapitalske rezerve.
For the remainder of the restructuring period, the bank intends to issue bonds in various formats, including covered bonds and senior unsecured bonds.
Takrat ni bilo mogoče z gotovostjo napovedati, da se bo to zgodilo in Nadzorni organ meni, da dejstvo, da se je količnik kapitalske ustreznosti pozneje tako ugodno razvijal, ne pomeni, da je država banko Arion Bank na začetku prekapitalizirala [85].
The Authority considers that, based on the facts submitted by the Icelandic authorities, the Bank's funding situation appears to be sound until the end of the restructuring period.
Odstavek 26 Smernic za prestrukturiranje določa, da morajo biti banke, ki sprejemajo pomoč za prestrukturiranje „sposobne iz dobičkov, ki jih ustvarijo s svojimi dejavnostmi, izplačati delničarje in lastnike hibridnega kapitala, med drugim v obliki dividend in kuponov na neodplačane podrejene dolgove“.
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 Arion Bank's funding strategy will materialise as foreseen in the long run.
V zvezi s tem je treba opozoriti, da je bilo v času, ko so se sklepali sporazumi, da Kaupskil prevzame 87-odstotni delež v banki Arion Bank, dogovorjeno, da bo državi v obdobju do uveljavitve sporazuma o lastništvu izplačan pošten delež vrnjenega dobička.
As regards the assets side of the balance sheet, the international assets remain in Kaupthing's estate.
Treba pa je poudariti, da obrestovanje za kapital razreda 2 odstopa od Smernic Nadzornega organa o dokapitalizaciji.
As a result, the balance sheet has shrunk by 88 %.
Kot pravilno navajajo islandski organi, je zahtevano obrestovanje na podlagi Smernic o dokapitalizaciji sestavljeno iz stroškov financiranja vlade v višini 8 %, razmika kreditnih zamenjav banke Kaupthing v času pred krizo in dodatne opravnine v višini 2 %.
A main weakness of Kaupthing's business model — the reliance on risky international assets without appropriate risk assessment — has thus been remedied.
Ker je banka Kaupthing pred krizo imela velik razmik kreditnih zamenjav, se zdi, da je obrestovanje, ki ga plačuje banka Arion Bank, torej EURIBOR plus dodatnih 4 %, znatno nižje od teh referenčnih obresti.
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.
V skladu z odstavkom 25 Smernic za prestrukturiranje je odstopanje od ustrezne vnaprejšnje porazdelitve bremena (t.j. ustrezno obrestovanje) lahko med drugim upravičeno z daljnosežnejšim prestrukturiranjem, vključno z ukrepi za omejevanje izkrivljanja konkurence.
A considerable challenge for the Bank as regards its asset portfolio remains the restructuring of the loans that were transferred from Kaupthing.
Kot bo prikazano v nadaljevanju, Nadzorni organ meni, da je prestrukturiranje banke Arion Bank dovolj daljnosežno, da je ta pogoj izpolnjen.
In this regard the Authority notes positively that this restructuring process has been and remains a key priority for the Bank, as illustrated by the many generic and tailor-made proposals that the Bank has made to its overleveraged customers.
Kot je opisano zgoraj, posel zamenjave SPRON vsebuje elemente državne pomoči, vendar Nadzorni organ meni, da je izdelan tako, da omejuje ali celo izključuje neposredno finančno ugodnost za banko Arion Bank.
While work still remains to finalise the restructuring progress, information from the Bank appears to confirm that good progress has been made, particularly as from 2011, as is demonstrated by the fact that of the 986 companies which had entered recovery programs at the Bank, conclusion was reached at the end of 2011 in 871 cases, whereas conclusions had only been reached for 416 companies at the end of the first quarter in 2011.
Posel v bistvu predpostavlja s pogajanji dogovorjeno nadomestilo za banko Arion Bank v zameno za prevzem obveznosti hranilnice SPRON iz naslova vlog in verjetno je, da banka Arion Bank prejema usklajene naložbe za prenesene obveznosti.
Good progress has also lately been achieved with regard to restructuring of household debt, and the Bank aims to complete its corporate and individual debt recovery projects by the end of 2012.
Nadzorni organ meni, da ta pomoč nima velikega pomena za oceno porazdelitve bremena.
The Authority considers the above to be an indicator of the soundness of Arion Bank's restructuring methods.
Glede jamstva za hranilne vloge je Nadzorni organ že v sklepu o začetku postopka navedel, da – ob upoštevanju takratnih izrednih okoliščin – lahko predstavlja sorazmeren ukrep za ohranjanje finančne stabilnosti na Islandiji.
Moreover, based on the data submitted by Arion Bank, it appears realistic that the bank can meet its target of completing the restructuring of its corporate and household loan portfolios by year-end 2012.
Očitno pa je, da taka pomoč ne more biti odobrena za nedoločen čas.
Overall, barring unexpected developments in the macroeconomic environment in Iceland or abroad, this would mean that at the latest at the end of the restructuring period, Arion Bank will, in the Authority's view, have a relatively healthy balance sheet and well-performing loan portfolios.
Da se ta državna pomoč šteje kot omejena na najnižjo potrebno pomoč, Nadzorni organ meni, da jo je treba čim prej zaključiti.
As indicated above, the weak capitalisation of Kaupthing was one of the factors that lead to its downfall.
Nadzorni organ zato pozdravlja namero islandskih organov, da še pred odpravo nadzora kapitalskih tokov, torej najpozneje konec leta 2013, vzpostavijo drugačen sistem jamstva za hranilne vloge.
Arion Bank's restructuring plan predicts that the bank will stay well above the minimum CAD ratio of 16 % required by the FME throughout the restructuring period.
Poleg tega Nadzorni organ meni, da bi banka, ki uspešno posluje, morala biti sposobna na trgu konkurirati brez zaščite takega splošnega jamstva za vloge in bo zato jamstvo za hranilne vloge odobril samo do konca 2014 [88].
This ratio is well above the future Basel III minimum of 10,5 %.
Po tem pa bo varstvo vlog morala urejati samo še veljavna zakonodaja EGP za jamstva za hranilne vloge.
Even pursuant to the stress case, which Arion Bank has submitted, the CAD ratio will continue to remain significantly above this high benchmark, at [> 20] %.
Na podlagi zgoraj navedenega Nadzorni organ ugotavlja, da načrt prestrukturiranja banke Arion Bank zagotavlja, da je pomoč omejena na najnižjo potrebno pomoč in da upravičenec, delničarji in imetniki dolgov banke predhodnice v veliki meri sodelujejo pri porazdelitvi bremena.
As for the capital assessment of this year's ICAAP report which Arion Bank has submitted in conjunction with the restructuring plan, the Authority considers it prudent and comforting that having taken into account the various risk factors, the Bank holds a capital buffer of […] billion ISK, which, in an operating environment as described above, provides Arion Bank with a significant capacity to deal with unexpected adversities.
Pomoč za prestrukturiranje je torej skladna z oddelkom 3 Smernic za prestrukturiranje.
As for the bank's liquidity position, the Authority notes that the current situation, pursuant to the restructuring plan, appears sufficiently robust, and that there are no indications that the situation could deteriorate substantially during the restructuring period.
Omejevanje izkrivljanja konkurence
This is also of high significance, given the fact that it was necessary for the state in 2010 to provide the Bank with a special liquidity facility in order for it to comply with the FME's liquidity requirements and that this liquidity facility terminates at the end of 2014.
„Finančna stabilnost ostaja glavni cilj pomoči, dodeljene finančnemu sektorju v sistemski krizi, vendar pa kratkoročno ohranjanje sistemske stabilnosti ne sme povzročiti dolgoročnejše škode pri zagotavljanju enakih pogojev in konkurenčnih trgov.
The Authority also welcomes the changes to Arion Bank's organisational structure and risk management, as described above, which address a weakness in Kaupthing's business and will contribute to a more objective and professional risk assessment in the Bank's operation.
V tem okviru imajo ukrepi za omejevanje izkrivljanja konkurence, ki izvira iz državne pomoči, pomembno vlogo.
As regards profitability, the Restructuring Guidelines also provide that the restructuring plan should demonstrate how the bank will restore its long-term viability without state aid as soon as possible.
[…] Ukrepi za omejitev izkrivljanja konkurence morajo biti prilagojeni razmeram na trgih, na katerih banka upravičenka po prestrukturiranju ponovno uspešno posluje, poleg tega pa morajo biti skladni s skupno politiko in načeli.
In particular, point 13 of the Restructuring Guidelines indicates that long-term viability is achieved when a bank is able to cover all its costs including depreciation and financial charges and provide an appropriate return on equity, taking account of the risk profile of the bank.
[…] Narava in oblika takih ukrepov se določi na podlagi dveh meril: prvič, na podlagi višine pomoči ter pogojev in okoliščin, v katerih je bila pomoč dodeljena, in drugič, na podlagi značilnosti trgov, na katerih bo poslovala banka upravičenka.
At this point, the Authority recalls what was already mentioned above, namely that the economic environment in which Arion Bank operates would be challenging for any bank.
Pri prvem merilu se ukrepi za omejitev izkrivljanja konkurence zelo razlikujejo glede na višino pomoči, pa tudi stopnjo porazdelitve bremena in višino nadomestila.
With this in mind, the Authority is satisfied with the restructuring plan's forecast profitability, which, in spite of the high capital ratio, will be adequate throughout most of the restructuring period and beyond.
Na splošno je negativnih posledic moralnega tveganja manj, če sta porazdelitev bremena in lastni prispevek večja.
The return on equity, which was particularly high in 2009-2010, will vary between [> 10] % and [< 15] %.
Pri drugem merilu bo Nadzorni organ analiziral verjetne učinke pomoči na trge, na katerih banka posluje po prestrukturiranju.
Irregular items in the profit and loss account, in particular substantial valuation gains from the loan portfolios transferred from Kaupthing and the write-downs caused by the recent Supreme Court ruling on FX-loans, which have had major impact on the Bank's financial results in past three years, are expected to recede.
Najprej bo proučil velikost in relativno moč banke na trgih, na katerih ponovno uspešno posluje.
According to the restructuring plan, such irregular events are foreseen to have only a minor impact in 2012-2013 and not foreseen to occur beyond 2013.
Ukrepi bodo prilagojeni značilnostim trgov, da se zagotovi ohranjanje učinkovite konkurence.
An important driver of future profitability according to the restructuring plan is greater fee and commission income, which is forecast to […] over the planning period.
[…] Ukrepi za omejevanje izkrivljanja konkurence ne smejo poslabšati možnosti banke, da začne spet uspešno poslovati.“
Commission fee yielding business such as stock market related transactions and foreign currency trade virtually came to a standstill after the collapse and as a result of the capital controls.
Iz navedenega sledi, da so za oceno Nadzornega organa o primernosti ukrepov za omejevanje izkrivljanja konkurence odločilni obseg pomoči, zlasti v relativnem smislu, ter značilnosti trgov.
However, once the restructuring of the corporate sector nears completion and capital controls will be lifted, it appears realistic to expect a substantial increase in stock exchange activity and currency trade.
Hkrati je očitno, da taki ukrepi ne smejo ogrožati sposobnosti preživetja upravičenca, ki prejme pomoč za prestrukturiranje, konkurenčne pomisleke pa je treba obravnavati ob upoštevanju glavnega cilja finančne stabilnosti v sedanji krizi.
Hence, the Authority does not question the plausibility of these figures.
Nadzorni organ bo na podlagi zgornjega pravnega okvira v nadaljevanju navedel, katere ugotovitve se mu zdijo bistvene za oceno ukrepov za omejevanje izkrivljanja konkurence.
The Bank has taken a number of initiatives, as described above, to achieve cost efficiency, amongst others to rationalise its branch network and has closed a total of 15 branches.
Predvsem Nadzorni organ meni, da je zaradi posebnih razmer na islandskih finančnih trgih in gospodarskih razmer, kot je opisano v prejšnjih poglavjih, potrebna skrbna ocena tržnih pogojev in konkurenčnega okolja.
According to the Bank's commitments, […].
Ukrepi za omejevanje izkrivljanja konkurence bi morali odražati trenutne težke razmere in pri tem zagotoviti, da je izkrivljanje konkurence kratkoročno in dolgoročno omejeno na najmanjšo možno mero.
A reduction of staff by approximately 10 % took place in 2011.
Drugič, kot je navedeno zgoraj v oddelku o porazdelitvi bremena, je bil obravnavan največji možen prispevek nekdanjih lastnikov banke Kaupthing in do neke mere upnikov banke Kaupthing.
The Authority welcomes these efforts as they imply that the Bank has already managed to contain its costs and maintain its cost-to-income ratio at 45 % in 2011.
Zato je potreba po dodatnih ukrepih v zvezi s konkurenco omejena.
According to the restructuring plan, the Bank intends to ensure that this ratio will be reduced slightly further to […] % for the remainder of the restructuring period.
Tretjič, glede značilnosti upoštevanega trga in kot je opisano zgoraj, je zlom finančnega sistema na Islandiji, ki so mu sledili posegi islandskih organov, vključno z ustanovitvijo banke Arion Bank na podlagi domačega poslovanja banke Kaupthing, povzročil večjo koncentracijo na islandskem trgu za finančne storitve in znatno povečal tržni delež treh velikih bank – Landsbankinn, Íslandsbanki in banke Arion Bank.
In addition to the above, it is evident that the restructuring plan is based on a large number of other assumptions.
Na trgu je ostalo le še nekaj manjših akterjev in možnost novega vstopa v bližnji prihodnosti je izredno majhna, ne samo zaradi že navedenih ovir za vstop in majhnega trga, ampak tudi zaradi vzpostavljenega nadzora kapitalskih tokov.
The Authority has aimed to scrutinise those that seem most pertinent and of greatest influence to the future viability of Arion Bank.
Banka Arion Bank ima zelo pomemben položaj na tem koncentriranem trgu s 30-odstotnim tržnim deležem ali več v vseh najustreznejših in gospodarsko pomembnih segmentih.
As regards the macroeconomic assumptions, they appear broadly in line with the forecasts of Statistics Iceland and the CBI, although the Bank predicts slightly stronger growth and higher inflation.
Četrtič, kriza je povzročila več zelo specifičnih težav, kot je izredno visoka stopnja neposrednega in posrednega lastništva velikih bank v realnem gospodarstvu.
Overall the assumptions on which the restructuring plan is based appear to be sufficiently prudent to allow, in conjunction with the considerations set out by the Authority above, the conclusion that the restructuring measures undertaken by the Bank are sufficient to ensure its long-term viability, barring unexpected adverse events of unforeseen scale and consequences.
Drugi pomislek glede konkurence je obstoj de facto monopola za bančne storitve IT (RB), ki so v večinski lasti treh velikih bank.
Taking into account the above elements, the Authority considers that the restructuring plan comprises sufficient elements contributing to the restoration of the long-term viability of the bank for the Authority to conclude that the provisions of section 2 of the Restructuring Guidelines are complied with.
Petič, relativen obseg pomoči, ki jo je prejela banka Arion Ban, je velik.
Own contribution/burden-sharing
V tej zvezi Nadzorni organ ugotavlja, da je na začetku celoten kapital banke zagotovila država.
Paragraph 22 of the Restructuring Guidelines reads as follows: ‘In order to limit distortions of competition and address moral hazard, aid should be limited to the minimum necessary and an appropriate own contribution to restructuring costs should be provided by the aid beneficiary.
Poleg tega je banka imela koristi od različnih ukrepov pomoči – posebnega likvidnostnega posojila, posla zamenjave SPRON in splošnega jamstva za hranilne vloge.
The bank and its capital holders should contribute to the restructuring as much as possible with their own resources.
Vendar pa banka Arion Bank, vsaj po mednarodnih standardih, ostaja majhna banka.
This is necessary to ensure that rescued banks bear adequate responsibility for the consequences of their past behaviour and to create appropriate incentives for their future behaviour’.
Ob upoštevanju navedenega Nadzorni organ ugotavlja, da je bilo ali pa še bo sprejetih več ukrepov za omejevanje izkrivljanja konkurence, ki so posledica državne pomoči, dodeljene banki Arion Bank.
The Authority recalls in this regard a decisive aspect of the case at hand.
Ukrepi in spremembe predpisov, ki so jih islandski organi sprejeli ali so se zavezali, da jih bodo sprejeli
When Arion Bank was established on the basis of the domestic operations of Kaupthing, the investments of shareholders in Kaupthing Bank were fully wiped out and have thus contributed the maximum possible to the restructuring of Arion Bank.
Islandska vlada je izrecno sprejela dve zavezi (glej Prilogo), ki po mnenju Nadzornega organa lahko prispevata k ustvarjanju zakonodajnega okolja, ki podpira konkurenco na finančnih trgih: