natgillin/translations-raw huggingface dataset:
The committed closure of […] branches during the restructuring period will contribute to letting Landsbankinn realise efficiency gains.
Poleg navedenega mora Nadzorni organ oceniti, ali je bila državna pomoč, ki jo je prejela banka Landsbankinn, omejena na najnižjo potrebno.
A considerable challenge for the bank is the restructuring of the loans that were transferred from Landsbanki.
Kar zadeva ukrepe za kapitalizacijo, je bila začetna kapitalizacija banke Landsbankinn ob njeni ustanovitvi pod kapitalskimi zahtevami Organa za finančni nadzor (13 % namesto 16 %).
In this regard the Authority notes positively that this restructuring process is a priority for the bank, as illustrated by the many generic and tailor-made proposals that the bank has made to its overleveraged customers.
Stopnja kapitalske ustreznosti je, potem ko je bil leta 2009 dosežen sporazum z banko Landsbanki, dosegla 15 %, torej 1 odstotno točko manj od najnižje stopnje, ki jo je določil Organ za finančni nadzor, pri kateri se odobri začasna oprostitev.
It has also created a well-staffed restructuring division.
V tem okviru Nadzorni organ ugotavlja, da je bil (prihodnji) kapitalski količnik odvisen predvsem od tega, ali je bilo vrednotenje sredstev, ki so bila z banke Landsbanki prenesena na banko Landsbankinn, točno.
For example, by 30 March 2012, 75 % of the total debt in need of restructuring had undergone some form of debt-adjustment.
Ker je stopnja kapitalske ustreznosti pozneje postala tako močna, ni po mnenju Nadzornega organa nobenega razloga, da bi domnevali, da je država banko že na začetku preveč kapitalizirala.
The Authority considers this to be an indicator of the soundness of Landsbankinn restructuring methods, and as evidence that the bank has indeed made the restructuring of its loan portfolio a priority.
Ta določba se po mnenju Nadzornega organa v obravnavanem primeru ne more neposredno uporabiti, saj je s tehničnega vidika država kapitalizirala novo banko.
Moreover, based on the progress made so far, it appears realistic that the bank can meet its target of completing 92 % of the restructuring (in terms of total loan volume) by year-end 2012.
Zato ni mogla oslabiti nekdanjih delničarjev v točnem pomenu besede.
The Authority also notes positively that the restructuring plan only predicts an increase of […] % in terms of loans to customers over the restructuring period.
Vendar določba temelji na utemeljitvi, da bodo državi, ki je morala prevzeti tveganje z vložkom kapitala v podjetje v težavah, dodeljeni oslabljeno lastništvo in prihodnji dobički.
This seems plausible in the current economic environment.
V obravnavanem primeru je jasno, da je država dobila večino (81,33 %) lastništva banke Landsbankinn, zato bo posledično prejela enak del prihodnjega dobička, medtem ko nekdanji delničarji ne bodo prejeli nobenega.
It also considers that the decreased significance of equities and equity instruments, and in particular the committed sale of […] (see Annex), will further reduce the riskiness of Landsbankinn's assets portfolio.
Sedanji manjšinski delničarji, ki so nekdanji upniki, bodo do neke mere udeleženi v prihodnjem dobičku.
Overall, barring unexpected developments in the macroeconomic environment in Iceland or abroad, this would appear to suggest that at the latest at the end of the restructuring period, Landsbankinn will have a relatively healthy balance sheet and well-performing loan portfolios.
Vendar bodo morali, kot je navedeno zgoraj, verjetno še vedno prenašati precejšnje izgube.
As indicated above, the weak capitalisation of Landsbanki was one of the factors that lead to its downfall.
Banka Landsbankinn je od svoje ustanovitve primerno delovala, v načrtu prestrukturiranja pa je za naslednja leta predviden stabilen dobiček.
Landsbankinn's restructuring plan predicts that the bank will stay well above the minimum CAD ratio of 16 % throughout the restructuring period.
Zato Nadzorni organ meni, da je bila izpolnjena zahteva iz odstavka 26 smernic o prestrukturiranju skupaj z odstavkom 8 smernic o finančni krizi iz leta 2012.
This ratio is also well above the future Basel III minimum requirement of 10,5 %.
Nadzorni organ meni, da je transakcija hranilnice SpKef, kot je bila opisana, čeprav vključuje elemente državne pomoči, sestavljena tako, da naj bi izključevala neposredno finančno prednost za banko Landsbankinn.
Even in the sufficiently severe stress tests which Landsbankinn has performed and which are in line with the Restructuring Guidelines' requirement of a ‘a combination of stress events, including a protracted global recession’ (cf. paragraph 13 thereof), the CAD ratio would not fall below this high benchmark.
V zvezi s tem opozarja, da je znesek končnega nadomestila za prevzem vlog hranilnice SpKef določil neodvisni arbitražni odbor.
The Authority considers it prudent and comforting that even in the stress case with the strongest impact on Landsbankinn capital base — essentially a disintegration of the Euro zone — the bank would retain […] % excess capital, which, in an operating environment as described above, provides Landsbankinn with a significant buffer to deal with unexpected adversities.
Zato je v to transakcijo v bistvu vključeno nadomestilo, doseženo s pogajanji, za banko Landsbankinn v zameno za prevzemanje obveznosti iz naslova vlog hranilnice SpKef.
Moreover, Landsbankinn's CAD ratio will continue to gradually increase during the restructuring period.
Nadzorni organ meni, da ta pomoč nima velikega pomena pri njegovi oceni delitve bremena.
On this basis the Authority considers that the capitalisation of Landsbankinn makes the bank sufficiently resilient.
Večji pomen za oceno izkrivljanja konkurence v nadaljevanju pa ima dodatno dobro ime in tržni delež, ki ga je banka Landsbankinn pridobila s transakcijo.
As for the banks' liquidity position, the Authority notes that it currently appears to be sufficiently robust, and that there are no indications that the situation should deteriorate substantially during the restructuring period.
Nadzorni organ je v odločbi o začetku postopka že navedel, da bi jamstvo za vloge – glede na takratne izjemne okoliščine – lahko pomenilo ustrezna sredstva za zavarovanje finančne stabilnosti Islandije.
The Authority notes positively that the bank has already started to adapt its liquidity policy to comply with the future Basel III requirement.
Vendar je očitno, da se taka pomoč ne more odobriti neomejeno.
It considers that the bank's current LCR of […] % is a comforting indicator, in particular compared to the average of 83 % that was determined in a study comprising over 200 banks by the Bank for international settlements [57].
Nadzorni organ torej meni, da se mora ta državna pomoč čim prej zaključiti, da bi se obravnavala, kot da je omejena na najnižjo potrebno.
Moreover, the Authority considers that the stress testing of the bank's liquidity ratio that Landsbankinn's liquidity situation is sound.
Nadzorni organ zato odobrava namero islandskih organov, da ukinejo jamstvo za vloge, preden bodo odpravljene kapitalske kontrole, in sicer v skladu s sedanjim načrtovanjem najpozneje do konca leta 2013.
The Authority also welcomes the changes to Landsbankinn's corporate governance and the replacement of key staff.
Nadzorni organ bo, da bi bila prizadevanja, da ne bi prihajalo do zamud pri odpravljanju kapitalskih kontrol, uspešna in da bi se izrazilo njegovo stališče, v skladu s katerim bi morala biti uspešno poslujoča banka sposobna konkurirati na trgu brez zaščite splošnih jamstev za vloge, torej dovolil jamstvo za vloge do konca leta 2014 [61].
In the same vein, the greater role of risk management, as described above, addresses in the Authority's view a weakness in Landsbankinn's business model and will contribute to a more objective and professional risk assessment in the bank's operations.
Po tem času pa bo jamstvo za vloge urejala le zakonodaja EGP, ki se uporablja v zvezi z zajamčenimi vlogami.
At this point, the Authority recalls that the economic environment in which Landsbankinn operates would be challenging for any bank.
V točkah 29 do 32 oddelka 4 smernic o prestrukturiranju je navedeno:
Moreover, the Authority considers that a difficult balance has to be struck for any bank in Iceland at the moment between the goal of increasing profitability and maintaining a safe (i.e. high) capital balance.
„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.
With this in mind, the Authority is satisfied with the restructuring plan's forecasted profitability, which, in spite of the high capital ratio, will be adequate throughout the restructuring period.
V tem okviru imajo ukrepi za omejevanje izkrivljanja konkurence, ki izvira iz državne pomoči, pomembno vlogo.
Between 2009 and 2014, the ROE fluctuates between [> 5] % and [> 15] %.
[…] 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.
However, as described above, this fluctuation is also due to irregular situations and events, such as for example the valuation gains from the assets transferred from Landsbanki.
Ocena Nadzornega organa glede potrebe po takih ukrepih temelji na vrednosti in obsegu dejavnosti, ki bi jih zadevna banka opravljala po izvedbi kredibilnega načrta prestrukturiranja, predvidenega v oddelku 2 tega poglavja.
One-off events such as unexpectedly successful sales of subsidiaries on one hand, and the write-downs caused by the recent Supreme Court ruling on FX-loans on the other hand, may also have an impact.
[…] 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.
The calculation submitted by the Icelandic authorities in which the Profit and Loss Statement (P&L) has been cleansed of those irregular items indicates that the bank has made and will continue to make relatively stable profits from 2011 onwards.
Pri prvem merilu se ukrepi za omejitev izkrivljanja konkurence zelo razlikujejo glede na višino pomoči, pa tudi stopnjo porazdelitve bremena in višino nadomestila.
The report by the Icelandic State Financial Investments (‘ISFI’) referred to above would seem to support this conclusion.
Na splošno je negativnih posledic moralnega tveganja manj, če sta porazdelitev bremena in lastni prispevek večja.
It is not clear if these calculations are such as to solely reflect the ‘core profitability’ of the bank.
Pri drugem merilu bo Nadzorni organ analiziral verjetne učinke pomoči na trge, na katerih banka posluje po prestrukturiranju.
However, the Authority notes that the significance of the discount decreases rapidly over the restructuring period, and the bank expects to report ‘core’ profits between approx. […] and […] billion ISK annually according to the restructuring plan in the period between 2012 and 2014.
Najprej bo proučil velikost in relativno moč banke na trgih, na katerih ponovno uspešno posluje.
Some of the most relevant and more detailed aspects of the financial planning were mentioned above.
Ukrepi bodo prilagojeni značilnostim trgov, da se zagotovi ohranjanje učinkovite konkurence.
The Authority is of the view that these assumptions overall seem sufficiently prudent, given the challenging operating environment.
[…] Ukrepi za omejevanje izkrivljanja konkurence ne smejo poslabšati možnosti banke, da začne spet uspešno poslovati“.
As regards the interest rate margin, the Authority notes that even after the anticipated decrease to […] %, it would be rather high in international comparison.
Iz navedenega izhaja, da so pri oceni Nadzornega organa glede ustreznosti ukrepov za omejevanje izkrivljanja konkurence bistveni obseg pomoči, zlasti relativno, in značilnosti trga.
According to the Icelandic authorities, the margin has been approximately at that level or higher throughout the last decades This is due, amongst other factors, to the high-interest rate environment in Iceland, the lower share of mortgages in the loan portfolio and the smaller size of the banks.
Obenem pa je jasno, da taki ukrepi ne smejo ogroziti uspešnega poslovanja upravičenca do pomoči za prestrukturiranje, pomisleke glede konkurence pa je treba obravnavati zaradi glavnega cilja finančne stabilnosti v sedanji krizi.
Another important driver of future profitability is greater fee and commission income, which is forecasted to increase by approximately […] %.
Prvič, Nadzorni organ meni, da je ob upoštevanju posebnih razmer na islandskih finančnih trgih, potrebna temeljita ocena tržnih razmer in konkurenčnega okolja.
This increase would then yield profits of over […] billion ISK in 2014.
Iz ukrepov za omejevanje izkrivljanja konkurence bi morale biti razvidne sedanje težke razmere, hkrati pa bi bilo treba zagotoviti, da je izkrivljanje konkurence kratkoročno in dolgoročno čim bolj omejeno.
The Icelandic authorities submit that these projections are plausible, as business such as stock market related transactions and foreign currency trade have practically come to a standstill after the collapse and the introduction of the capital controls.
Drugič, kot je bilo navedeno v oddelku o porazdelitvi bremena, je bil obravnavan najvišji možni prispevek nekdanjih lastnikov banke Landsbanki in v določeni meri upnikov banke Landsbanki.
The bank has taken a number of initiatives, as described above, to increase efficiency and reduce cost, amongst others the planned reduction of staff described above, the committed closure of […] branches and a general streamlining of operations.
Zato je bila potreba po dodatnih ukrepih za omejevanje izkrivljanja konkurence omejena.
These measures should overall reduce the cost to income ratio from 57,2 % to […] % in 2014.
Tretjič, glede značilnosti upoštevnega trga se je zaradi zloma finančnega sistema na Islandiji, čemur so sledila poseganja islandskih organov, okrepila koncentracija finančnih storitev na islandskem trgu ter bistveno povečal tržni delež treh glavnih bank – Íslandsbanki, Arion in Landsbankinn.
The Authority welcomes these efforts, as the current ratio appears quite high in international comparison.
Poleg teh ostaja le nekaj manjših udeležencev na trgu, v bližnji prihodnosti pa so zaradi že omenjenih ovir pri vstopu in majhnega obsega trga ter predvsem zaradi kapitalskih kontrol možnosti za vstop novega udeleženca majhne.
The Authority also considers it to be plausible that this target can be reached.
Položaj banke Landsbankinn na tem koncentriranem trgu je zelo pomemben, saj njen tržni delež znaša več kot 30 % v večini segmentov.
In addition to the above, it is evident that the restructuring plan is based on a large number of other assumptions.
Glede bilance stanja je največja islandska banka.
The Authority has aimed to scrutinise those that seems most pertinent and of greatest influence to the future viability of Landsbankinn.
Četrtič, kriza je povzročila številne zelo posebne težave, kot je dejstvo, da imajo velike banke v realnem gospodarstvu izjemno visoko stopnjo neposrednih in posrednih lastnikov, in pojav dejanskega monopola za bančne storitve IT (družba RB), ki je v večinski lasti treh glavnih bank.
The macroeconomic assumptions appear to be in line with the forecasts of the CBI.
Petič, pomemben je relativni obseg pomoči, ki jo je prejela banka Landsbankinn.
Overall the assumptions on which the restructuring plan is based appear to be sufficiently prudent to allow 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.
Nadzorni organ v tem pogledu ugotavlja, da je banki na začetku celotni kapital zagotovila država.
Taking into account the above elements, the Authority considers that the restructuring plan demonstrates the restoration of the long-term viability of the bank.
Banka je poleg tega imela koristi od drugih ukrepov pomoči, tj. transakcije hranilnice SpKef in jamstva za vloge.
The Authority therefore concludes that the provisions of section 2 of the Restructuring Guidelines are complied with.
Preden je banka Landsbankinn prevzela hranilnico SpSv, je slednja prejela pomoč.
Own contribution/burden-sharing
Istočasno pa ostaja banka Landsbankinn, vsaj po mednarodnih merilih, majhna banka.
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.
Šestič, ker je banka prevzela hranilnici SpKef in SpSv, se zahtevajo dodatni ukrepi za omejevanje izkrivljanja konkurence.
The bank and its capital holders should contribute to the restructuring as much as possible with their own resources.
Nadzorni organ je v odločbi o hranilnici SpSv poudaril, da mora načrt prestrukturiranja banke Landsbankinn vključevati take ukrepe.
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’.
Nadzorni organ glede na navedeno ugotavlja, da so bili ali bodo sprejeti številni ukrepi, s katerimi se omeji izkrivljanje konkurence, ki izhaja iz državne pomoči za banko Landsbankinn.
The Authority recalls in this regard a decisive aspect of the case at hand.
Ukrepi in regulativni razvoj, ki so jih sprejeli ali h katerim so se zavezali islandski organi
When Landsbankinn was established on the basis of the domestic operations of Landsbanki, the investments of the shareholders in Landsbanki were fully wiped out and have thus contributed to the maximum possible to the restructuring of Landsbankinn.
Islandska vlada je posebej sprejela dve zavezi (glej Prilogo), ki lahko po mnenju Nadzornega organa prispevata k ustvarjanju regulativnega okolja, ki daje prednost konkurenci na finančnih trgih:
Moreover, the creditors of Landsbanki had to take considerable losses [59], or at least they had to take on the risk of their investment depending on the performance of the assets transferred to Landsbankinn (via the contingent bond).
Kot prvo zavezo je imenovala delovno skupino, ki bo pregledala Zakon št. 36/1978 o upravni taksi, pri čemer bo proučila zlasti, ali je treba ukiniti upravne takse za obveznice, ki jih ob prenosu med upniki izdajajo posamezniki (npr. ko posamezniki prenesejo svoja posojila z ene posojilnice na drugo).
Therefore, as far as the owners and creditors of Landsbanki are concerned, the criterion of burden-sharing is satisfied and the issue of moral hazard addressed.
Po mnenju Nadzornega organa bi lahko sedanji zakon – s katerim se med drugim zahteva, da morajo stranke ob zamenjavi posojilodajalca plačevati upravno takso glede na znesek ustrezne obveznice [62] – pomenil oviro za konkurenco, saj lahko stranke priveže k obstoječim pogodbam o dolgoročnih posojilih.
In addition to the above, the Authority needs to assess whether the state aid that Landsbankinn has received was limited to the minimum necessary.
Nadzorni organ zato z odobravanjem sprejema dejstvo, da se bo ta zaveza pregledala.
As regards the capitalisation measures, the initial capitalisation of Landsbankinn at its establishment was below the FME's capital requirements (13 % instead of 16 %).
Glede druge zaveze pa Nadzorni organ ugotavlja, da bo vlada v skladu z resolucijo, ki jo je islandski parlament sprejel 21. marca 2012, imenovala odbor za pregled varstva potrošnikov na finančnem trgu.
In 2009, after the agreement with Landsbanki had been reached the CAD ratio reached 15 %, 1 percentage point short of the minimum ratio set forth by the FME, which granted a temporary exemption.
To bo zajemalo posebno pooblastilo za pregled poenostavitve zamenjave in zmanjšanje stroškov pri zamenjavi, odbor pa bo moral pri tej zadevi tesno sodelovati z Islandskim organom za konkurenco.
In this context, the Authority notes that the (future) capital ratio depended mainly on whether valuation of the assets that had been transferred from Landsbanki to Landsbankinn had been done accurately.
Medtem bi morala zaveza banke Landsbankinn, ki se nanaša na banko, o kateri se razpravlja v nadaljevanju, prispevati k temu, da bi bile zamenjave lažje, s čimer bi se povečala konkurenca.
The fact that Landsbankinn's CAD ratio subsequently grew strong enough to allow it to absorb the operations of Spkef, and later SpSv, has been explained with the writing up of the book value of the assets that had been transferred That the CAD ratio developed so strongly later is in the Authority's view no reason to consider that Landsbankinn was overcapitalised by the State at the outset.
Nadzorni organ odobrava poravnavo, ki so jo o tej zadevi dosegli Islandski organ za konkurenco in lastniki družbe RB, vključno s tremi glavnimi bankami, ker si prizadeva, da bi bil majhnim konkurentom in možnim novim udeležencem na trgu zagotovljen dostop do bistvene infrastrukture IT na nediskriminacijski podlagi in z razumnimi stroški.
Paragraph 26 of the Restructuring Guidelines provides that banks in receipt of restructuring aid ‘should be able to remunerate capital, including in the form of dividends and coupons on outstanding subordinated debt, out of profits generated by their activities’.
Nadzorni organ meni, da so bili s to poravnavo že zadovoljivo rešeni njegovi pomisleki, kakor jih je med drugim izrazil v drugi odločbi o banki Byr [63].
The Authority clarified its State aid guidelines with regard to capital injections made through shares in 2012.
Zato mu te zadeve v tej odločbi ni treba nadalje obravnavati.
Paragraphs 7-8 of the 2012 Financial Crisis Guidelines provide: ‘In view of the regulatory changes and the changing market environment, the Authority anticipates that State capital injections may in the future more commonly take the form of shares bearing a variable remuneration.
Nadzorni organ se je seznanil z regulativnimi spremembami, izvedenimi od leta 2008, kakor so bile opisane v Prilogi.
Clarification of the rules on pricing of capital injections is desirable given that such shares are remunerated in the form of (uncertain) dividends and capital gains, making it difficult to assess directly ex ante the remuneration on such instruments.
Kar zadeva pomisleke glede konkurence, je posebej pomembna uvedba člena 22 v Zakon št. 161/2002 o finančnih podjetjih.
The Authority will therefore assess the remuneration of such capital injections on the basis of the issue price of the shares.
S to določbo se omejuje sodelovanje finančnih podjetij v dejavnostih, ki ne spadajo v področje uporabe njihovih operativnih licenc.
Capital injections should be subscribed at a sufficient discount to the share price (after adjustment for the “dilution effect”) immediately prior to the announcement of the capital injection to give a reasonable assurance of an adequate remuneration for the State’ [60]
V skladu s tem novim pravilom se lahko take dejavnosti izvajajo le začasno in za sklepanje transakcij ali reorganiziranje dejavnosti strank.
In the Authority's view, this provision is not directly applicable to the case at hand, as, technically, the State capitalised a new bank.
Organu za finančni nadzor je treba poslati ustrezno utemeljeno uradno obvestilo, za finančna podjetja pa so bili uvedeni roki, v katerih naj bi zaključili reorganiziranje strank in prodali dodeljena sredstva.
Thus it could not dilute the old shareholders in the exact sense of the word.
Nadzorni organ to spremembo obravnava kot ustrezen regulativni odziv na to, da imajo finančne institucije v realnem gospodarstvu nesorazmerno veliko v lasti.
However, the rationale underlying the provision is that sufficient diluted ownership and future profits would be allocated to the State who had to take on risk by injecting capital in a company in difficulty.
Zdi se, da se s to določbo preprečuje, da bi to stanje, ki je neposreden rezultat zamenjav dolga v lastniški kapital, postalo trajno.