natgillin/translations-raw huggingface dataset:
It was clear that it would be difficult for the parties to reach agreements on the valuations as they were evidently subject to numerous assumptions on which the parties were likely to disagree.
V sporazumih je bilo tako določeno, da država treh bank ne bo obdržala v popolni lasti, temveč naj bi se njen delež v primeru banke Íslandsbanki zmanjšal na približno 5 %, v primeru banke Arion na 13 % in v primeru banke Landsbankinn na 81 %.
The state aimed to reach agreements on base evaluations providing a firm foundation for the initial capitalisation of the new banks.
Čeprav je dejstvo, da so upniki nekdanjih bank prevzeli dve od treh bank, rešilo pomembnejša vprašanja glede obnove finančnega sektorja ter ustvarilo trdnejše kapitalske temelje novih bank, je bilo treba obravnavati še številne preostale pomanjkljivosti.
Price performance of assets in excess of the base evaluation could be attributed to the creditors in the form of contingent bonds or increases in the value of the banks' share capital, as it had emerged in the negotiations that the resolution committees of Glitnir and Kaupthing and a majority of their creditors could be interested to acquire holdings in the new banks, and this would allow them to benefit from potential increases in the values of the assets transferred.
Banke so si od jeseni leta 2009 v glavnem prizadevale rešiti notranja vprašanja, določale so celotno strategijo za dejavnosti in zlasti prestrukturirale svoje posojilne portfelje, ki so največji dejavnik tveganja za njihove dejavnosti in dolgoročno uspešno poslovanje.
The full capitalisation of the three new banks and heads of agreements with the creditors of the old banks on how compensation for the transfer of net assets into the new banks would be paid was announced on 20 July 2009.
Proces prestrukturiranja je bil zapleten zaradi različnih zavirajočih dejavnikov, vključno s sodbami vrhovnega sodišča o nezakonitosti posojil, odobrenih v ISK, a indeksiranih s tujimi valutami.
With regard to two of the new banks, New Glitnir (later named Íslandsbanki) and New Kaupthing (later named Arion Bank), this included conditional agreements for the old banks to subscribe for majority equity interests in the new banks.
O teh zadevah se v zvezi z banko Landsbankinn, kolikor je to primerno za njeno prestrukturiranje, razpravlja v nadaljevanju.
On the basis of the heads of agreements, the resolution committees of the old banks decided in October 2009 (Glitnir) and December 2009 (Kaupthing Bank and Landsbanki Islands) to subscribe to shareholding in the new banks.
Makroekonomsko okolje
On 18 December 2009 the Government announced that bank reconstruction had been concluded and that agreements had been reached between the Icelandic authorities and the new banks, on the one hand, and the resolution committees of Glitnir Bank, Landsbanki Íslands and Kaupthing Bank on behalf of their creditors, on the other hand.
Zlom bančnega sektorja oktobra 2008 je povzročil velik gospodarski pretres.
The agreements contained settlements concerning assets which were transferred from the old banks to the new ones, and that the new banks were then fully financed.
Težavam v finančnem sistemu Islandije se je pridružilo pomanjkanje zaupanja v njeno valuto.
The Treasury's contribution to the new banks' equity was reduced substantially, from 385 billion ISK as originally envisaged to 135 billion ISK in the form of share capital and, in the case of two of the three banks, Íslandsbanki and Arion Bank, approximately ISK 55 billion of Tier II capital in the form of subordinated loans or a total of 190 billion ISK.
Vrednost krone je v prvi četrtini leta 2008 in nato spet jeseni strmo padla, torej pred propadom treh komercialnih bank in po njem.
In addition, the Treasury provided Íslandsbanki and Arion Bank with certain liquidity facilities.
Med posledicami gospodarske krize so bili nenaden porast brezposelnosti z 1,6 % v letu 2008 na 8 % v letu 2009, zvišanje inflacije in znižanje realnih plač.
The share capital provided by the old banks to the new ones amounted in total to approximately 156 billion ISK.
Poleg tega so strmo narasli dolgovi podjetij in obveznosti za tekoče potrebe družine ter delež slabih posojil v posojilnih portfeljih bank, nove banke pa so v velikem obsegu prevzemale podjetja v finančnih težavah.
Total capitalisation of the new banks therefore amounted to approximately 346 billion ISK.
Obenem pa je zaradi visokih fiskalnih stroškov prestrukturiranja bančnega sistema strmo narasel fiskalni primanjkljaj, javni dolg pa se je precej povečal.
While this takeover of two of the three banks by the creditors of the old banks resolved major issues in the rebuilding of the financial sector and established firmer capital foundation for the new banks, numerous weaknesses remained which needed to the addressed.
Prejšnje leto se je v glavnem zaradi povečanja domačega povpraševanja, zlasti 4-odstotnega porasta v zasebni potrošnji gospodinjstev, gospodarska rast dvignila.
Since the autumn of 2009, the banks have concentrated their efforts mostly on internal issues, determining the overall strategy for their operations and in particular restructuring their loan portfolios, which represent the greatest risk factor to their operations and long-term viability.
To je bilo podprto z zvišanjem plač in socialnih prejemkov ter nekaterimi političnimi pobudami, sprejetimi za olajšanje bremena plačevanja obveznosti za tekoče potrebe družine, vključno z začasno subvencionirano obrestno mero, zamrznitvijo plačil posojil in zgodnjim povračilom zasebnega pokojninskega varčevanja.
The restructuring process has been complex due to various complicating factors, including Supreme Court rulings on illegality of loans granted in ISK but indexed to foreign currencies.
Iz začasnih podatkov za leto 2011 je razvidno tudi rahlo povečanje naložb, vendar po izjemno nizki stopnji [16], medtem ko je javna poraba v preteklih treh letih ostala šibka.
As for Landsbankinn, in so far as relevant for its restructuring, these matters are discussed further below.
V splošnih makroekonomskih podatkih so skrite večje sektorske razlike.
Macroeconomic environment
Poleg zloma v finančnem sektorju je prišlo do večjega krčenja v gradbeništvu ter številnih drugih dejavnostih domače proizvodnje in storitev.
Major economic turbulence followed the collapse of the banking system in October 2008.
Do rasti pa je po drugi strani prišlo v nekaterih sektorjih izvoza.
The difficulties in Iceland's financial system were coupled with a breakdown of confidence in its currency.
Prihodki od izvoza so se zaradi nizkega menjalnega tečaja krone in relativno stabilnih cen tujih valut za morske proizvode in izdelke iz aluminija, pa tudi glede turizma in drugega izvoza storitev, po nastopu gospodarske krize povečali.
The króna depreciated sharply in the first quarter of 2008 and again in the autumn, before and after the failure of the three commercial banks.
Vendar je treba ob tej napovedi upoštevati več dejavnikov negotovosti.
Despite capital controls being imposed in the autumn of 2008, currency volatility prevailed in the course of 2009.
Do nadaljnjih zamud bo morda prišlo pri načrtovanih obsežnih industrijskih naložbah.
[15] This turmoil resulted in a severe recession in Iceland's economy, with a contraction of Gross Domestic Product (GDP) by 6,8 % in 2009 and 4 % in 2010.
Podaljšana recesija v glavnih trgovinskih državah bi negativno vplivala na islandske trgovinske klavzule, kar bi pomenilo nižjo stopnjo rasti na Islandiji.
Among the implications of the economic crisis was a sudden increase in unemployment from 1,6 % in 2008 to 8 % in 2009, a hike in inflation and a drop in real wages.
Počasnejši napredek od pričakovanega pri reševanju bremena obveznosti za tekoče potrebe družine in dolga podjetij bi še dodatno zaviral domače povpraševanje ter možnosti za rast gospodarstva.
Following the deep recession provisional data from Statistics Iceland indicates a turnaround in the second half of 2011 and for the whole year a growth of GDP of 3,1 % compared to the previous year.
Organ za finančni nadzor je po začetnem delu v zvezi z ustanovitvijo novih bank in oceno vrednosti neto sredstev, prenesenih iz nekdanjih bank, spomladi leta 2009 opravil revizijo novih bank ter njihovih poslovnih načrtov, finančne moči in kapitalskih zahtev v t. i. projektu potrditve.
Last year's economic growth was mostly due to an increase in domestic demand, particularly a 4 % rise in private household consumption.
To je bilo opravljeno s pomočjo mednarodnega podjetja za svetovanje o vodenju Oliver Wyman.
This was supported by increases in wages and social benefits as well as certain policy initiatives undertaken to ease the payment burden of household debt, including a temporary interest rate subsidy, the freezing of payments on loans and the early reimbursement of private pension savings.
Ko je Organ za finančni nadzor končal navedeni postopek, je bankam pod različnimi pogoji odobril operativne licence.
Provisional data for 2011 also indicate a slow increase in investments, however from a particularly low level [16], whereas public consumption has remained at a subdued level during the past three years.
Zdelo se je, da je treba kapitalske zahteve za tri banke postaviti višje od najnižje zakonsko določene stopnje, pri čemer se je upoštevala kakovost portfeljev sredstev in pričakovana gospodarska negotovost.
The general macroeconomic data disguise more significant sectoral differences.
Poleg tega so bili določeni pogoji za likvidnost, pri čemer se je zahtevalo, da je treba kadar koli imeti razpoložljiva likvidna sredstva za vsaj 20 % vlog.
In addition to the collapse in the financial sector a major contraction has taken place in construction and many other domestic production and service activities.
Za vsaj 5 % vlog pa je treba imeti denarnih sredstev ali njihovih ustreznikov.
Growth has on the other hand taken place in certain export sectors.
Nadalje so bile določene zahteve glede drugih zadev, kot so prestrukturiranje posojilnih portfeljev, ocene tveganja, upravljanje podjetij in lastništvo.
Due to the low exchange rate of the króna and relatively stable prices in foreign currency for both marine and aluminium products, export revenue rose following the onset of the economic crisis, also with respect to tourism and other services exports.
Organ za finančni nadzor je glede drugih finančnih podjetij uvedel primerljive kapitalske zahteve.
At the same time, imports fell sharply, turning the trade balance [17] temporarily to a surplus of approximately 10 % of GDP in 2010.
V programu za gospodarsko stabilizacijo, vzpostavljenem v posvetovanju z MDS, je bil določen pregled celotnega regulativnega okvira finančnih storitev in nadzora za izboljšanje obrambe pred prihodnjimi finančnimi krizami.
However, with increased domestic demand in 2011, imports have grown again, leading to an overall smaller trade balance of 8,2 % of GDP.
Vlada je povabila nekdanjega generalnega direktorja finskega Organa za finančni nadzor Kaarla Jännärija, naj opravi oceno obstoječega regulativnega okvira in nadzornih praks.
A similar growth rate is expected throughout the forecast period.
V svojem poročilu je še predlagal, naj se določijo trdnejša pravila in strožja praksa za veliko izpostavljenost in povezano kreditiranje ter naj se opravi več inšpekcij na kraju samem, da se preverijo nadzor in poročila, ki niso na kraju samem, zlasti glede kreditnega tveganja, likvidnostnega tveganja in deviznega tveganja.
This forecast is however subject to several uncertainties.
Prav tako je priporočil, naj se pregleda in izboljša sistem zajamčenih vlog, pri čemer naj se tesno spremlja razvoj znotraj EU.
Planned large scale industrial investments might be further delayed.
Vlada je islandskemu parlamentu nato predlagala zakon, ki je bil sprejet kot Zakon št. 75/2010, veljati pa je začel 1. julija 2010.
Iceland's terms of trade would be negatively affected by a prolonged recession in the main trading countries, implying a lower growth rate in Iceland.
V Zakon o finančnih podjetjih je bilo z novim zakonom uvedenih precej sprememb.
Slower progress than anticipated in tackling the debt burden of households and corporates would furthermore restrain domestic demand and the growth prospects of the economy.
Pozneje je bilo v ta zakon, pa tudi v ureditev in nadzor finančnih storitev, uvedenih še več drugih sprememb.
Growth could also be threatened by continued price instability linked to currency volatility in the context of removal of capital controls.
Te regulativne spremembe so podrobneje proučene v Prilogi.
Financial supervision and improvements in regulatory framework
Glavni izzivi v prihodnosti [18]
Following the FME's initial work linked to the foundation of the new banks and the assessment of the value of the net assets transferred from the old banks, the FME conducted in the spring of 2009 an audit of the new banks and their business plans, financial strength and capital requirements in a so-called sign-off project.
Zdi se jasno, da se je Islandija, kot številne druge države, ki jih je kriza močno prizadela, znašla pred številnimi izzivi pri tem, da pravno in operativno okolje finančnih storitev prilagodi tako, da se bo v prihodnosti podpiral uspešen in učinkovit finančni sistem ter čim bolj zmanjšalo tveganje, da bi se ponovno pojavili nadaljnji sistemski pretresi.
This was done with the assistance of the international management consultant firm Oliver Wyman.
Najbolj neodložljivi izzivi pred islandskimi finančnimi podjetji so povezani z dejstvom, da banke poslujejo v varovanem okolju s kapitalskimi kontrolami in splošnim jamstvom za vloge.
Having concluded the above process, the FME granted the banks operating licenses subject to various conditions.
Ko bodo odpravljene kapitalske kontrole in se bodo za zajamčene vloge spet uporabljale ureditve iz ustreznih direktiv EU/EGP [19], se morajo banke torej pripraviti na poslovanje v bolj izpostavljenem okolju.
In view of the quality of the asset portfolios and the anticipated economic uncertainty, it was considered necessary to place higher capital requirements on the three banks than the statutory minimum.
Islandski organi so poudarili, da je pri uvajanju novih predpisov v tem pogledu potrebna izjemna previdnost.
The FME therefore set the minimum capital adequacy (‘CAD’) ratio for the three banks at 16 %, thereof a minimum of 12 % for the Tier I capital.
Drug pomembnejši izziv je potreba po nadaljnji prilagoditvi pravnega in regulativnega okvira, da se podpre trden in učinkovit finančni sistem, ki je tudi skladen z razvojem prava EGP in mednarodnega prava [20].
The requirements were applicable for at least 3 years unless reviewed by the FME.
Stanje konkurence v islandskem finančnem sektorju
Liquidity conditions were also specified, requiring that available liquid funds should at any point amount to a minimum of 20 % of deposits.
Od zloma bančništva se je glede na nedavne informacije islandskih organov [21] konkurenca na finančnem trgu korenito spremenila.
Furthermore, requirements were made regarding other matters such as restructuring of loan portfolios, risk assessment, corporate governance and ownership.
Število finančnih podjetij pa se še zmanjšuje, in sicer najbolj nedavno z združitvijo banke Landsbankinn in hranilnice SpKef marca 2011, bank Íslandsbanki in Byr decembra 2011 ter prihajajočo združitvijo banke Landsbankinn in hranilnice Svarfdaelir Savings Bank, ki jo je Nadzorni organ odobril 20. junija 2012 v odločbi o hranilnici SpSv.
Comparable capital requirements were introduced by the FME regarding other financial undertakings.
Koncentracija na domačem trgu se je povečala, ker se zmanjšuje število finančnih podjetij in večje banke prevzemajo vloge nekdanjih bank, ki se zapirajo.
The economic stabilisation program established in consultation with the IMF provided for a review of the entire regulatory framework of financial services and supervision to improve defence against future financial crisis.
Na finančnih trgih EGP je nasprotno splošno prisotnih manj novih bank, kot je bilo njihovih predhodnic, ker so se mednarodne bančne dejavnosti zaprle.
The Government invited the former Director-General of the Finnish Financial Supervisory Authority, Mr Kaarlo Jännäri, to carry out an assessment of the existing regulatory framework and supervisory practices.
Ker so določeni podtrgi izginili ali pa predvsem životarijo, se je domači trg precej skrčil.
Among the improvements proposed by Mr Jännäri was the creation of a National Credit Registry at the FME to diminish credit risks in the system.
Zaradi skorajšnjega izginotja trga lastniških vrednostnih papirjev in uvedbe kapitalskih kontrol se je na trgu lastniških vrednostnih papirjev in trgu valut zmanjšalo število dejavnosti, kar je povzročilo bolj omejene možnosti za naložbe.
His report also suggested to lay down tougher rules and a stricter practice on large exposures and connected lending as well as to conduct more on-site inspections to verify off-site supervision and reports, particularly on credit risk, liquidity risk and foreign exchange risk.
Po posojilih ni veliko povpraševanja, saj je stopnja naložb v gospodarstvo na zgodovinsko nizki ravni, gospodinjstva in podjetja pa so na splošno visoko zadolžena.
It was also recommended to review and improve the deposit guarantee system, following closely the developments within the EU.
Banke so od zloma svoja prizadevanja usmerile na notranje zadeve in prestrukturiranje posojilnih portfeljev ter prestrukturiranje nekaterih večjih poslovnih strank.
The Government subsequently proposed a bill of law to the Althingi which was adopted and entered into force on 1 July 2010, as Act No 75/2010.
Hranilnice so imele pred finančno krizo skupaj približno 20–25-odstotni tržni delež vlog.
With the new law, extensive amendments were made to the Act on Financial Undertakings.
A ta je zdaj upadel na približno 2–4 %.
Several other amendments were later introduced to the law on financial undertakings as well as of regulation and supervision of financial services.
Tri glavne komercialne banke, banka Arion, Íslandsbanki in Landsbankinn, so pridobile tržne deleže, ki so jih izgubile hranilnice in komercialne banke ob izstopu s trga.
These regulatory amendments are considered in more detail in the Annex.
Te tri banke skupaj zdaj obvladujejo 90–95 % trga in ne več 60–75 % kot prej, pri čemer je tržni delež banke Landsbankinn rahlo višji.
Main challenges ahead [18]
Razen 10 regionalnih hranilnic, ki imajo trenutno 2–4-odstotni tržni delež, je edini drugi udeleženec na trgu prestrukturirana banka MP [23] z okrog 1–5-odstotnim tržnim deležem.
Despite major achievements in rebuilding a financial sector, Iceland continues to strive with the repercussions of the financial and currency crisis in the autumn of 2008.
Jasno je, da islandski finančni trg oligopolen, saj bi tri največja podjetja skupaj lahko dosegla dominanten tržni položaj.
The financial crisis has revealed various flaws and deficiencies in the financial system, which must be addressed, if public confidence is to be restored.
Po mnenju Islandskega organa za konkurenco so pri vstopu na islandski bančni trg precejšnje ovire.
It seems evident that Iceland — as many other countries hard hit by the financial crisis — faces numerous challenges in adapting the legal and operating environment of financial services to support a viable and efficient financial system in the future and reduce as much as possible the risk of further systemic shocks to reoccur.
To ima škodljive učinke na konkurenco.
The most immediate challenges currently facing Icelandic financial undertakings are linked to the fact that the banks are operating in a sheltered environment with capital controls and a blanket deposit guarantee.
Poleg tega imajo potrošniki pri zamenjavi bank določene ovire.
The banks now need to prepare themselves to operate in a more exposed environment, when the capital controls are removed and deposit guarantees revert to the arrangement set out in the relevant EU/EEA directives [19].
Islandski organi so še priznali, da so valutna tveganja, povezana z islandsko krono – majhno valuto, v kateri se ne trguje, dodatno omejila konkurenco ter odvrnila tuje banke in podjetja od vstopa na islandski trg.
The Icelandic authorities have underlined that extreme caution must be exercised when introducing new rules in this regard.
Islandski organ za konkurenco se je nedavno osredotočil na posebno zadevo glede infrastrukture IT za bančne dejavnosti in sodelovanje med bankami v zvezi s tem.
Another major challenge is the need to adapt further the legal and regulatory framework to support a solid and efficient financial system which is also consistent with EEA and international law developments [20].
To se nanaša na ponudnika storitev IT „Reiknistofa bankanna“ (podatkovni center islandskih bank, v nadaljnjem besedilu: družba RB), ki je v skupni lasti finančnih institucij.
The state of competition in the Icelandic financial sector
Ta zadeva je pomembna za oceno obravnavanega primera in je bila med vprašanji, o katerih je Nadzorni organ razpravljal z islandskimi organi in bankami.
According to recent information from the Icelandic authorities [21], competition on the financial market has changed radically since the banking collapse.
Družba RB je v skupni lasti treh glavnih islandskih bank, dveh hranilnic, islandskega združenja hranilnic in treh glavnih obdelovalcev plačilnih kartic na Islandiji.
The number of financial undertakings has decreased, as several savings banks, commercial banks and specialised lenders are either being wound up or have been merged with other undertakings [22].
Banka Landsbankinn ima v lasti 36,84 % delnic v družbi RB, banka Íslandsbanki 29,48 %, banka Arion pa 18,7 %.
The number of financial undertakings is still decreasing, most recently with the mergers of Landsbankinn and SpKef in March 2011, of Íslandsbanki and Byr in December 2011 and the forthcoming merger of Landsbankinn and Svarfdaelir Savings Bank, approved by the Authority in the SpSv Decision on 20 June 2012.
Tri komercialne banke imajo torej v družbi RB skupaj v lasti 85,02 % delnic.
With the reductions in the number of financial undertakings and the larger banks taking over deposits from the banks closing down, concentration in the domestic market has increased.
Stranke družbe RB so lastniki, Centralna banka Islandije in druge finančne institucije ter vlada in javni subjekti.
The overall presence of the new banks on the EEA financial markets is on the other hand much smaller than that of their predecessors, as international banking operations have been closed down.
Ker je družba RB razvila klirinške in poravnalne sisteme na Islandiji, banke na tem področju z njo obsežno sodelujejo.
In addition, the domestic market has shrunk considerably as certain sub-markets have disappeared or are largely subdued.
Zagotavlja tudi številne temeljne bančne rešitve, ki so rešitve za več strank, tako da jih uporablja večina islandskih bank.
The near disappearance of the stock market and the introduction of capital controls have reduced operations in the stock and currency markets and resulted in limited investment options.
Družba RB tudi upravlja sistem elektronskega izstavljanja računov ter elektronskih plačil za podjetja in potrošnike.
With the level of investments in the economy at a historically low level and households and companies generally highly leveraged, demand for credit is low.
Zaradi zloma leta 2008 so bile po navedbah Islandskega organa za konkurenco manjše banke in hranilnice še posebej ranljive.
Since the collapse, the banks have concentrated their efforts on internal issues and restructuring of their loan portfolios as well as the restructuring of some of their major corporate clients.
Ker se lahko zahtevane storitve IT obravnavajo kot ena od ovir za vstop novih udeležencev na trg, so bile za manjša finančna podjetja ključnega pomena.
Before the financial crisis, the savings banks accounted collectively for a market share of approximately 20-25 % in deposits.
Družba RB je v pomembni meri zagotavljala platformo za storitve IT večjim finančnim podjetjem, družba Teris pa hranilnicam in manjšim udeležencem na trgu.
This has now collapsed to approximately 2-4 %.
Islandski organ za konkurenco je preiskoval dve zadevi v zvezi z družbo RB.