natgillin/translations-raw huggingface dataset:
Glitnir had a diverse funding mix and was a large issuer of bonds sold worldwide.
Kapital 1. reda
Íslandsbanki, on the other hand, relies mainly on deposits for funding.
Država je kapital 1. reda zagotovila dvakrat – prvič, ko je bila ustanovljena banka New Glitnir, drugič pa, ko je banko v celoti (in za nazaj) kapitalizirala, čemur je sledil sporazum z upniki nekdanje banke, v skladu s katerim je država v banki obdržala 5-odstotni delež.
This, together with the likely inability for the bank to have access to similar funding sources to its predecessor bank (in the short term at least), limits the bank's ability to grow.
Ustanovni kapital
The comparison in Graph 1 of key indicators of the two banks shows considerable differences [38]:
Država je po ustanovitvi nove banke Íslandsbanki kot ustanovni kapital za to novo banko zagotovila 775 milijonov ISK v gotovini, poleg tega pa se je zavezala, da bo novi banki v zameno za celoten lastniški kapital prispevala do 110 milijard ISK.
Graph 1
Prva številka ustreza najmanjši stopnji kapitala, ki je po islandski zakonodaji potreben za ustanovitev banke.
Íslandsbanki at establishment, compared with Glitnir 2008 (Q2), selected figures
Zadnja številka je bila izračunana kot 10 % prvotne ocene verjetnega obsega bilance tveganju prilagojenih sredstev banke, vključena je bila v državni proračun za leto 2009 kot dodelitev državnih sredstev za odziv na izredne razmere na finančnih trgih.
The new bank also has significantly fewer staff members.
S to dodelitvijo kapitala naj bi se zagotovilo ustrezno jamstvo za poslovanje banke, dokler ne bi bilo mogoče rešiti vprašanj v zvezi z njeno končno ponovno kapitalizacijo, vključno z obsegom njene začetne bilance stanja na podlagi vrednotenja nadomestila, ki ga je treba plačati nekdanjim bankam za prenesena sredstva.
The average number of full time equivalent staff employed by Glitnir during the first half of 2008 was 2174 compared to 1110 for Íslandsbanki (including subsidiaries) during the first half of 2009, a difference of 49 %.
Kapitalski vložek in zadržanje 5-odstotnega deleža kot del poravnave z upniki nekdanje banke
The figures over the same periods for domestic operations only show that the new bank employed 242 fewer staff than Glitnir.
Islandska vlada in odbor za razpustitev banke Glitnir sta 20. julija 2009 sklenila sporazum o začetni kapitalizaciji banke Íslandsbanki ter o podlagi za odškodnino, plačano upnikom banke Glitnir v zameno za prenos večinoma domačih sredstev in vlog iz banke Glitnir [39].
National legal basis for the aid measure
Banka Glitnir je imela čas, da do 30. septembra 2009 razmisli, katero možnost izbrati, ta rok je bil pozneje podaljšan do 15. oktobra 2009.
Act No 125/2008 on the Authority for Treasury Disbursements due to Unusual Financial Market Circumstances etc., commonly referred to as the Emergency Act
Dne 15. oktobra 2009 je bilo objavljeno, da se je odbor za razpustitev banke Glitnir v imenu njenih upnikov odločil, da v banki Íslandsbanki pridobi 95 % osnovnega kapitala kot nadomestilo za sredstva, prenesena z nekdanje banke na novo.
The Emergency Act gave the FME authority to intervene ‘in extreme circumstances’ and assume powers of financial institutions' shareholders meetings and board meetings, and decide on the disposal of their assets and liabilities.
Preostalih 5 % je obdržala država.
The FME was also granted power to appoint resolution committees to financial undertakings that it had taken over, which held the powers of shareholders' meetings.
Kot del sporazuma je bilo dogovorjeno, da bo odbor za razpustitev (upniki) državi za obdobje, ko je bila banka v lasti vlade, povrnil celotne obresti, pripisane njeni naložbi, in sicer do zneska 8,3 milijarde ISK.
In winding up the institutions, the Act gives priority status to claims by deposit holders and deposit guarantee schemes.
Tako je donos znašal 12,8 %, letna stopnja pa 13,9 %, s tem se je sklenila poravnava glede navedenih sredstev, ki so bile ob propadu bank oktobra 2008 prenesene z banke Glitnir na banko Íslandsbanki.
The Act also authorised the Icelandic Ministry of Finance to establish new banks.
Prispevek kapitala 2. reda
The Emergency Act includes amendments of the Act on Financial Undertakings, No 161/2002, the Act on Official Supervision of Financial Activities, No 87/1998, the Act on Deposit Guarantees and Investor-Compensation Scheme, No 98/1999, and the Act on Housing Affairs, No 44/1998.
Vlada je 15. oktobra 2009 banki zagotovila tudi podrejeni dolg za okrepitev lastniškega kapitala in likvidnostnega položaja, da se izpolnijo kapitalske zahteve Organa za finančni nadzor.
Supplementary State Budget Act for 2008 (Article 4)
Podrejeni dolg je na voljo v EUR in znaša 25 milijard ISK kapitala 2. reda v obliki instrumenta, s katerim lahko banka Íslandsbanki izdaja nekrite podrejene dolžniške vrednostne papirje.
State Budget Act for 2009 (Article 6)
V skladu s sporazumom je letna obrestna mera za prvih pet let 400 bazičnih točk nad mero EURIBOR [40], za obdobje od pet do deset let po sklenitvi sporazuma pa je letna obrestna mera 500 bazičnih točka nad mero EURIBOR.
The aid measures
S prispevkom kapitala 2. reda se je v povezavi z opisanimi ukrepi v zvezi s kapitalom 1. reda zagotovilo, da je banka Íslandsbanki 15. oktobra 2009 izpolnila zahtevo Organa za finančni nadzor po 16-odstotni kapitalski ustreznosti.
The Icelandic authorities' intervention following the failure of Glitnir Bank has been described above, and was set out in more detail in the opening decision.
Jamstvo za vloge
The old bank/its creditors were to be compensated for this transfer by receiving the sum of the difference between assets and liabilities.
Jamstveni sklad depozitarjev in vlagateljev, ki je bil financiran z letnimi prispevki bank, izračunanimi glede na vse vloge navedene banke.
As determining this difference proved to be difficult and time-consuming, the State provided some initial capital and a commitment to contribute further capital if need be.
Po navedbah islandskih organov, pa tudi da bi se najširši javnosti zagotovila dodatno jamstvo in občutek, da so bile njihove vloge ob izbruhu krize varne, so ukrepi islandske vlade za rešitev bank jeseni leta 2008 povzročili, da je država dodatno podprla vloge v domačih komercialnih bankah in hranilnicah zunaj področja uporabe Zakona št. 98/1999, v okviru katerega sta bili preneseni Direktiva št. 94/19/ES o odškodninskih shemah in Direktiva št. 97/9/ES o odškodninah za vlagatelje.
It then capitalised the bank, before finally an agreement was reached between the State and the creditors of the old bank in October, which led to the State's stake in the bank being reduced from 100 % to 5 %.
Iz urada predsednika vlade so 6. oktobra 2008 sporočili, da „islandska vlada poudarja, da bodo vloge v domačih komercialnih bankah in hranilnicah ter njihovih podružnicah na Islandiji v celoti povrnjene“ [43].
The Authority considers this date — 15 October 2009 — to mark the beginning of the 5 year restructuring period, which will consequently last until 15 October 2014.
V nedavni izjavi sedanjega ministra za gospodarske zadeve in nekdanjega ministra za finance (2009–2011) Steingrímurja Sigfússona v razpravi v islandskem parlamentu o stroških vlade v zvezi s tem, da je banka Landsbankinn prevzela banko SpKef, je nadalje pojasnjeno: minister je prepričan, da posameznik glede te zadeve ne sme pozabiti izjave vlade iz jeseni leta 2008, da bodo vse vloge v hranilnicah in komercialnih bankah varne in zaščitene.
The following section is limited to describing those aspects of the State's intervention that constitute aid measures relevant for assessment under Article 61 of the EEA Agreement.
„Delo je od tedaj na vseh stopnjah temeljilo na tem (tj. izjavi), a žal je res, da bo to (tj. plačila zaradi banke SpKef) eden večjih računov, ki jih bo poravnala neposredno država kot stroške, s katerimi jamči za vloge vseh prebivalcev Suðurnesa ... ter vseh strank banke SpKef iz zahodnih fjordov in zahodnega ter severozahodnega območja ...
Tier I capital
Upam, da ni kdo mislil, da se bodo imetniki vlog z navedenih območij obravnavali drugače kot drugi prebivalci, zato država v tej zadevi ni imela veliko izbire“ [47].
The State provided Tier I capital twice — once, when New Glitnir was created, and then again when it capitalised the bank fully (and retroactively); followed by an agreement with the creditors of the old bank according to which the State retained a 5 % stake in the bank.
Islandska vlada meni, da bo dodatno jamstvo za vloge odpravljeno, preden bodo kapitalske kontrole v celoti ukinjene, kar se bo po mnenju islandskih organov predvidoma zgodilo konec leta 2013.
Initial capital
Posebno likvidnostno posojilo
The former figure corresponds to the minimum capital required under Icelandic law for foundation of a bank.
Ministrstvo za finance se v skladu s sporazumom zaveže, da bo pod pogoji, določenimi v pogodbi, posojalo državne obveznice, primerne za začasno prodajo (t. i. repo obveznice), v zameno za posebej opredeljena sredstva do vrednosti 25 milijard ISK.
The latter figure was calculated as 10 % of an initial assessment of the likely size of the bank's risk weighted asset balance, and was included in the state budget for 2009 as an allocation of government funds to address the extraordinary circumstances in financial markets.
Glavni pogoji iz sporazuma za zagotovitev likvidnostnega posojila so:
This allocation of capital was intended to provide an adequate guarantee of the operability of the bank until issues relating to its final re-capitalisation could be resolved, including the size of its opening balance based on a valuation of compensation payable to the old bank for assets transferred.
najv. znesek posojila: 25 milijard ISK
Capital injection and retention of a 5 % stake as a part of the settlement with the creditors of the old bank
rok: do septembra 2012
On 20 July 2009, the Government of Iceland and the Resolution Committee of Glitnir concluded an agreement on the initial capitalisation of Íslandsbanki and the basis for the compensation payable to the creditors of Glitnir in return for the transfer of mostly domestic assets and deposits from Glitnir [39].
izplačilo: 3,0 % za prvih 8 milijard ISK, 3,5 % za naslednjih 8 milijard ISK, 4,0 % za zneske nad 16 milijardami ISK
On the basis of this agreement, the State committed on 14 August 2009 to provide Íslandsbanki with additional equity capital of 64,2 billion ISK, bringing the bank's total equity to 65 billion ISK, which was required for it to meet the FME's requirement of a Tier-I ratio of 12 %.
provizija: banka Íslandsbanki mora, vsakič ko se zagotovijo novi vrednostni papirji, plačati 0,5 % zneska posojila
On 15 October 2009 it was announced that Glitnir's Resolution Committee had decided, on behalf of its creditors, to take 95 % of the share capital in Íslandsbanki as compensation for the assets that had been transferred from the old to the new bank.
Po navedbah islandskih organov naj bi bilo to posojilo dodatni ukrep, ki se bo uporabljal le, kadar drugi viri likvidnosti ne bodo zadostovali.
The state retained the remaining 5 %.
V oblikovanje cen in pogoje tega posojila so vključene spodbude za odvrnitev od njegove uporabe, če so na voljo druge možnosti.
As part of the deal it was agreed that the Resolution Committee (creditors) would remunerate the state for total interest accrued on its investment over the period the government held the bank to the sum of 8,3 billion ISK.
Do danes to posojilo ni bilo nikoli uporabljeno.
This amounted to a yield of 12,8 %, which annualised to 13,9 %, and concluded the settlement concerning those assets transferred from Glitnir to Íslandsbanki upon the collapse of the banks in October 2008.
Sporazum o izposojanju vrednostnih papirjev banke Straumur
Tier II capital contribution
Organ za finančni nadzor, ki je deloval v skladu s pristojnostjo, ki mu je bila dodeljena z zakonom o izrednih razmerah, je 9. marca 2009 prevzel pristojnosti delničarjev investicijske banke Straumur–Burdaras Investment Bank hf.
On 15 October 2009 the Government also provided the bank with a subordinated loan to strengthen its equity and liquidity position in order to comply with the capital requirements of the FME.
(v nadaljnjem besedilu: banka Straumur) in imenoval odbor za razpustitev, da je nadomestil njen upravni odbor [50].
The subordinated loan is available in euros and amounts to 25 billion ISK of Tier II capital in a form of an instrument providing for Íslandsbanki to issue unsecured subordinated notes.
Po posvetovanju z odborom za razpustitev, upniki, Centralno banko Islandije in ministrstvom za finance je Organ za finančni nadzor 17. marca 2009 prenesel obveznosti za vloge z banke Straumur na banko Íslandsbanki [51].
The term of the notes is 10 years as of 30 December 2009.
Banka Straumur je v zameno kot povračilo za prevzem obveznosti vlog izdala obveznico, zavarovano z njenimi sredstvi.
The instrument has built-in incentives for exit in the form of a step-up of interest after five years.
Istočasno sta banka Íslandsbanki in ministrstvo za finance sklenila sporazum o izposojanju vrednostnih papirjev, v katerem vlada učinkovito zastavlja državne vrednostne papirje, primerne za začasni nakup, kot zavarovanje za terjatev banke Straumur, v zameno pa lahko banka Íslandsbanki zaradi prevzema obveznosti banke Straumur za vloge od Centralne banke Islandije dobi toliko likvidnih sredstev, kolikor jih potrebuje.
Under the agreement the interest rate per annum for the first five years is 400 basis points above EURIBOR [40] and in the period from five to 10 years after the completion of the agreement the interest rate per annum is 500 basis points above EURIBOR.
Banka Íslandsbanki je s sporazumom zavezana, da državi povrne znesek državnih obveznic, enak plačilom, ki jih banka prejema od obveznic, ki jih je izdala banka Straumur.
In conjunction with the Tier I capital measures described above, the Tier II capital contribution ensured that Íslandsbanki complied with the FME's CAD requirement of 16 % on 15 October 2009.
Stranki sta se tudi dogovorili, da bo banka Íslandsbanki zadržala neporavnane državne obveznice, če ne prejme celotne vrednosti obveznice in če država ni plačala preostalega dolga.
Deposit guarantee
V bistvu je banka Íslandsbanki torej prevzela obveznosti banke Straumur za vloge v zameno za enakovreden znesek sredstev, za katere jamči država.
In order to comply with Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes [41] and Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit guarantee schemes [42], Iceland adopted Act No 98/1999 on deposit guarantees and investor-compensation scheme and thereby set up the so-called Depositors' and Investors' Guarantee Fund (‘TIF’), which has been funded by annual contributions from the banks, calculated in relation to the total deposits of that bank.
Kapitalizacija in prevzem banke Byr ter podrejeni dolžniški kapital, dodeljen banki Byr
According to the Icelandic authorities, and so as to provide further assurance and comfort to the general public on the safety of their deposits when the crisis struck, the bank rescue measures of the Icelandic Government of autumn 2008 also entailed an additional state backing of deposits in domestic commercial and savings banks, outside the scope of Act No 98/1999 implementing the deposit guarantee Directive 94/19/EC and the investor-compensation Directive 97/9/EC.
Islandska vlada je za ustanovitev banke Byr, ki je nadaljevala dejavnosti svoje predhodnice hranilnice Byr (v nadaljnjem besedilu: nekdanja banka Byr), odobrila državno pomoč v obliki kapitala in podrejenega dolžniškega kapitala, kot je podrobno opisano v Odločbi št. 126/11/COL z dne 13. aprila 2011 (v nadaljnjem besedilu: odločba o banki Byr).
An announcement from the Prime Minister's Office of 6 October 2008 stated that the ‘Government of Iceland underlines that deposits in domestic commercial and savings banks and their branches in Iceland will be fully covered’ [43].
V tem postopku so upniki nekdanje banke Byr postali delničarji (nove) banke Byr, skupaj z državo Islandijo, ki je zagotovila kapital za ustanovitev nove družbe.
This announcement has since been repeated by the Office of the current Prime Minister in February and December 2009 [44].
Ko je bila 13. aprila 2011 sprejeta odločba o banki Byr, letni računovodski izkazi za leto 2010 še vedno niso bili na voljo.
Moreover, reference was made to it in a letter of intent sent by the Icelandic Government to the International Monetary Fund (and published on the website of the Ministry of Economic Affairs and of the IMF) on 7 April 2010 (and repeated in a further letter of intent dated 13 September 2010).
Vendar je bila uprava banke Byr takrat prepričana, da bodo ukrepi za rešitev, ki jih je začasno odobril Nadzorni organ v odločbi o banki Byr, zadostovali za zavarovanje dejavnosti banke, vsaj dokler ne bi bilo mogoče Nadzornemu organu predložiti načrta za prestrukturiranje, s katerim bi se vzpostavilo dolgoročno uspešno poslovanje.
The letter (which was signed by the Icelandic Prime Minister, Minister of Finance, Minister of Economic Affairs and Governor of the CBI) states that ‘At the present time, we remain committed to protect depositors in full, but when financial stability is secured we will plan for the gradual lifting of this blanket guarantee’ [45].
Med revizijo računov banke za prvo polovico leta 2011 je postalo očitno, da so bila potrebna nadaljnji odpisi vrednosti sredstev banke Byr, zaradi česar pa se je znižala stopnja kapitalske ustreznosti banke.
Furthermore, in the section of the bill for the Budget Act 2011 concerning state guarantees, reference is made in a footnote to the Icelandic government's declaration that deposits in Icelandic banks enjoy a state guarantee [46].
Nastalega primanjkljaja kapitala ni bilo mogoče odpraviti in zato je bila banka Byr dana v prodajo, kot je bilo podrobno opisano v Odločbi št. 325/11/COL z dne 19. oktobra 2011 (v nadaljnjem besedilu: druga odločba o banki Byr).
A recent statement of the current Minister of Economic Affairs and former Minister of Finance (2009-2011), Steingrímur Sigfússon in a debate in the Icelandic Parliament regarding the government's cost related to Landsbankinn's taking over SpKef, illustrates the above further: According to the Minister, one must keep in mind regarding this matter the State's declaration in the autumn of 2008 that all deposits in savings banks and commercial banks would be safe and protected.
Nadzorni organ je v drugi odločbi o banki Byr odobril poznejši prevzem in zlasti morebitno uporabo državne pomoči za ta namen s strani banke Íslandsbanki, pri čemer ni posegal v formalni postopek preiskave Nadzornega organa glede tega, ali je bila pomoč za banko Íslandsbanki združljiva s Sporazumom EGP, kar se ocenjuje v tej odločbi.
‘Work has since in all instances been based on this (i.e. the declaration) and it is unfortunately correct that this (i.e. payments due to SpKef) will be one of the bigger bills footed directly by the state as costs for securing the deposits of all inhabitants of Suðurnes … and all SpKef's clients in the West Fjords and the West and North-West area … I do not expect that anyone has thought that deposit holders in those areas would be treated differently from other inhabitants, so the state did not have much of a choice in this matter’ [47].
Poleg tega je Nadzorni organ menil, da je stalna razpoložljivost podrejenega dolžniškega kapitala v vmesnem obdobju, dokler ne bi prišlo do uradne združitve bank Byr in Íslandsbanki, tj. dokler je bila banka Byr po nacionalnem pravu ločen pravni subjekt, združljiva z delovanjem Sporazuma EGP.
Special Liquidity Facility
Nadzorni organ je navedel, da je bil rezultat končne ocene teh ukrepov odvisen od informacij iz načrta prestrukturiranja za združeni subjekt bank Íslandsbanki in Byr, ki naj bi ga islandska vlada v skladu s svojo zavezo predložila najpozneje tri mesece po izvedbi predvidene transakcije.
In addition, as a condition for the creditors taking equity in the new bank, the Icelandic government concluded a further agreement with Íslandsbanki on 11 September 2009 that would come into force if Glitnir's Resolution Committee decided to exercise its option to become the majority owner of the bank [48].
Dejansko, kot je bilo opisano, je bil načrt prestrukturiranja za združeni subjekt pravočasno predložen, kar bo Nadzorni organ ocenjeval v nadaljevanju.
Under the agreement the Ministry of Finance commits to lend repo-able government bonds in exchange for specifically defined assets on terms and conditions specified in the agreement up to a value of 25 billion ISK.
Načrt prestrukturiranja
The main terms of the agreement to provide liquidity are as follows:
Načrt prestrukturiranja je bil dopolnjen s petletnim poslovnim načrtom z dne 14. januarja 2012 [53] in poročilom o procesu ocenjevanja ustreznega notranjega kapitala („Internal Capital Adequacy Assessment Process“) (predloženim Organu za finančni nadzor 1. aprila 2012).
Term: Until September 2012
Banka Íslandsbanki se bo v skladu z načrtom prestrukturiranja osredotočila na svojo osnovno dejavnost ter prestrukturiranje posojilnih portfeljev gospodinjstev in podjetij.
Remuneration: 3,0 % on first 8 billion ISK; 3,5 % on next 8 billion ISK; 4,0 % for amounts above 16 billion ISK
Poleg tega so islandski organi predložili poročilo o procesu ocenjevanja ustreznega notranjega kapitala za leto 2012 kot prikaz tega, da je lahko banka Íslandsbanki kos stresnim situacijam.
Fee: Íslandsbanki is required to pay 0,5 % of the loan amount on each occasion new securities are provided
Kot je navedeno, bo po mnenju Nadzornega organa obdobje prestrukturiranja trajalo do 15. oktobra 2014.
Counter-security: Íslandsbanki is required to provide counter-security for the loan of Treasury securities, which can be financial assets in various forms.
Opis načrta prestrukturiranja
According to the Icelandic authorities, this liquidity facility is required because the creditors' decision to take ownership of Íslandsbanki significantly reduced the bank's holding of repo-able assets and threatened its ability to comply with supervisory requirements regarding liquidity reserves [49].
Islandski organi in Centralna banka Islandije menijo, da se bo s prestrukturiranjem banke Íslandsbanki zagotovilo, da bo banka spet trdna, da bo imela dovolj sredstev in ustrezne količnike kapitala, zaradi česar bo lahko še naprej zagotavljala posojila realnemu gospodarstvu.
According to the Icelandic authorities the facility is intended to be an additional measure to be used only when other sources of liquidity are insufficient.
Navajajo, da se bo to lahko doseglo z naslednjimi koraki:
The pricing and terms of the facility contain incentives to discourage its use if other options are available.
razdolževanje v bilanci stanja z likvidacijo nekdanje banke in ustanovitvijo nove banke;
To date, the facility has never been drawn upon.
Vzpostavitev in ohranjanje močnega položaja kapitalskega količnika
Straumur securities lending agreement
doseganje zadovoljive donosnosti;
On 9 March 2009 the FME, acting under the authority conferred upon it by the Emergency Act, assumed the powers of the shareholders of Straumur–Burdaras Investment Bank hf.
Vzpostavitev in ohranjanje močnega likvidnostnega položaja
(‘Straumur’) and appointed a Resolution Committee to replace its Board of Directors [50].
prestrukturiranje posojilnih portfeljev za gospodinjstva in podjetja;
After consultation with the Resolution Committee, creditors, the CBI and the Ministry of Finance, on 17 March 2009, the FME transferred the liabilities for deposits of Straumur to Íslandsbanki [51].
izboljšanje strategije financiranja;
In return Straumur issued a bond collateralised against its assets, as repayment for assuming the deposit obligations.
doseganje stroškovne učinkovitosti in
The bond bears interest on the amount of REIBOR [52] plus 190 basis points in the first 12 months before reducing to REIBOR plus 100 basis points thereafter until maturity.
Pred podrobnejšim opisom vsake od zgornjih točk je v nadaljevanju na kratko pojasnjeno stališče banke o tem, kako se v načrtu prestrukturiranja banke Íslandsbanki obravnavajo pomanjkljivosti, ki so prispevale k zlomu banke Glitnir.