Kapitalverkehrskontrollen

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Kapitalverkehrskontrollen

Beitragvon lavcadio » Di Apr 22, 2014 9:07 pm

Kaupthing zahlt derzeit keine, auch keine anerkannten und bevorrechtigten Forderungen mehr aus. (Siehe auch hier.)
Es sei eine Ausnahmegenehmigung der isländischen Zentralbank von den bestehenden Kapitalverkehrskontrollen notwendig, welche noch nicht erteilt wurde.
Im folgenden zitiere ich zwei Artikel in englischer Übersetzung, die Johannes Runar Johannsson, Mitglied des Abwicklungsausschusses, für die isländische Zeitung Morgunbladid schrieb.

Artikel vom 05.04.2014 hat geschrieben:Kaupthing's Winding-up Proceedings
The Minister of Finance and Economic Affairs was recently quoted in the media as saying that the lifetime of the collapsed banks' estates was not “infinite” and that if compositions were not completed soon there was no alternative but to place them in bankruptcy proceedings. In support thereof reference was made to the United States.
In light of this comment it is appropriate to note that there is a fundamental difference between the winding-up proceedings of financial undertakings in Iceland and in the United States. There are no restrictions in the United States on the sale of assets and their selling price is paid almost simultaneously to creditors. Nor are there any restrictions on the flow of capital to and from the United States. This naturally facilitates a more rapid winding-up of financial undertakings, although it could be maintained that winding-up of such undertakings generally takes longer than 3-5 years, which is a short period in the case of financial undertakings.
Kaupthing's Winding-up Committee has from the outset placed great emphasis on concluding the winding-up proceedings in as short a time as possible. However, it is not in the power of the Winding-up Committee to conclude the winding-up proceedings unilaterally under the existing legislation.
Minister’s involvement assured
Financial undertakings in winding-up proceedings in Iceland are not authorised to make distributions to general creditors during the winding-up following statutory amendments which were passed in the spring of 2011. In addition, distributions to general creditors, whether in connection with a composition or in the wake of bankruptcy proceedings, are subject to an exemption from the capital controls granted by the Central Bank of Iceland following consultation with the Minister of Finance and Economic Affairs. Amendments were made to the Foreign Exchange Act in 2013 which ensure the involvement of the Minister in this process. The Minister, in turn, is obliged to give an account of the economic impact of such an exemption to the parliamentary Committee on Economic and Trade.
It is therefore obvious that the position taken by the Central Bank of Iceland and the Minister of Finance and Economic Affairs will be a major determinant of how and when Kaupthing's winding-up proceedings will be concluded.
In accordance with the above, Kaupthing’s Winding-up Committee requested an exemption from the capital controls in October 2012 in order pave the way for the submission of a composition to creditors and thereby concluding Kaupthing's winding-up. The Central Bank of Iceland has not responded to this request; however,
an exemption from capital controls is a prerequisite for the submission of a composition to creditors that would conclude the winding-up proceedings.
Demonstrated willingness to co-operate
“Words are always the first step”, according to an Icelandic proverb. It is important that those parties who are familiar with the matter and have a role in resolving it can freely communicate and discuss the important and complex issues involved here. Otherwise the issues cannot be resolved and it is difficult to see that it can serve the interests of the parties not to talk to one another.
Kaupthing's Winding-up Committee, which is a neutral party appointed by the District Court with the sole task of supervising Kaupthing's winding-up and ensuring non-discrimination among creditors, expresses its complete willingness to co- operate in finding solutions to the issues involved which may arise concerning the settlement of Kaupthing and other aspects connected to it, with the objective of concluding the winding-up proceedings in a fruitful manner and in as short a time as possible. Kaupthing's Winding-up Committee is and has always been ready to undertake such discussions with the authorities concerned.
Johannes Runar Johannsson.
The author is a Supreme Court attorney and member of Kaupthing s Winding-up Committee.
Quelle: http://www.kaupthing.com/library/Files/ ... edings.pdf


Artikel vom 10.04.2014 hat geschrieben:Kaupthing and the Balance of Payments Problem
There have been frequent discussions in the media about the balance of payments difficulties faced by the Icelandic economy. To judge from the discussion, it could sometimes be concluded that forcing the estates of Kaupthing and Glitnir into bankruptcy would solve a major portion of the problem and thereafter the capital controls could be removed. At times this discussion has been imprecise and even misleading. The issues which need to be resolved in connection with the krona assets of Kaupthing and Glitnir do not disappear simply because the handling of the estates in changed from winding-up proceedings to bankruptcy proceedings. The issues would be even more extensive and complicated to deal with if the foreign assets of the estates were to be converted into kronur. In addition, the krona assets of the estates are only a part of the balance of payments difficulties.
Only a minor share
In essence, the balance of payments problem concerns three aspects. Firstly, a possible outflow resulting from krona assets of foreign parties, frequently referred to as “offshore kronur”, who may wish to exchange these for other currencies. Secondly, around a settlement of the winding-up proceedings for the collapsed banks. This includes, on the one hand, a bond between the new and old Landsbankinn, under which the new bank is to make payments to the old bank's estate in foreign currencies, and on the other hand, a settlement of the estates of Kaupthing and Glitnir, i.e. the assets of these estates in Icelandic kronur. Thirdly, around the requirement for foreign currencies by domestic parties that do not have earnings in Icelandic kronur.
It is evident that the conversion of all of these funds to foreign currency at once, in an uncontrolled manner, would create enormous pressure on the exchange rate of the Icelandic krona and threaten financial stability in Iceland. The scope of the balance of payments problem has been estimated at around 1,000 to 1,400 billion kronur. That does not include a possible outflow in connection with krona assets of domestic parties who may wish to exchange these for other currencies following the removal of the capital controls.
By far the largest portion of Kaupthing's assets are outside of the Icelandic economy and therefore do not have an impact on financial stability in Iceland. At year-end 2013 Kaupthing's assets denominated in Icelandic krona amounted to close to 148 billion. Of this amount, the holding in Arion Bank was just under 122 billion kronur and other Icelandic krona assets amounted to around 26 billion kronur. Kaupthing's assets denominated in krona therefore amount to only around 10-15% of the extent of the balance of payments problem and are mostly linked to Kaupthing’s ownership in Arion Bank. The greatest part of the balance of payments problem has nothing to do with Kaupthing. Despite its importance, resolving specific issues to Kaupthing's situation alone cannot create a basis for removing the capital controls.
Foreign investors' interest
As far as Kaupthing is concerned the most important issue is finding an acceptable solution regarding its holding in Arion Bank. If it can be sold for foreign currency and the winding-up proceedings can be concluded with a composition it would without a doubt have a positive impact on the Icelandic economy.
The Winding-up Committee engaged Morgan Stanley to study the possibility of selling Kaupthing's holding in Arion Bank for foreign currency. That study revealed interest of investors in looking at the possibility further. This interest, however, like any other large- scale foreign investment, depends upon support of the Icelandic authorities.
Among other things, the authorities will have to take a decision on whether it regards foreign investment in Iceland as desirable and whether special concerns apply to the banking system in this context.
Johannes Runar Johannsson.
The author is a Supreme Court attorney and member of Kaupthing s Winding-up Committee.
Quelle: http://www.kaupthing.com/library/Files/ ... roblem.pdf
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Re: Kapitalverkehrskontrollen

Beitragvon lavcadio » Sa Mai 03, 2014 1:35 pm

Im folgenden zitiere ich einen Artikel in englischer Übersetzung, den Johannes Runar Johannsson, Mitglied des Abwicklungsausschusses, für die isländische Zeitung Morgunbladid schrieb.

Artikel vom 01.05.2014 hat geschrieben:Bankruptcy solves no problem
Translation of an article published in Morgunbladid on 1 May, 2014.

In recent public debate it has been suggested that by forcing the estates of the collapsed banks into bankruptcy proceedings and making distributions to creditors in Icelandic kronur, Iceland’s balance of payments problem could be solved, but that problem consists in the fact that for the next few years the foreign exchange revenues created by the Icelandic economy will not suffice to finance the projected outflow of capital, and permit capital controls to be removed.

However, forcing the estates into bankruptcy proceedings is not as simple as has been implied, in addition to the fact that the estates of the collapsed banks do only form a part of the balance of payments problem. More importantly, however, there exist other and more appropriate ways of concluding the winding-up proceedings for the collapsed banks and solving the balance of payments problem.

Bankruptcy entails risk, uncertainty and delays

Icelandic laws do not allow the authorities to force the estates of the collapsed banks into bankruptcy proceedings, any more than they can force estates of other companies into bankruptcy proceedings. In addition, forcing the estates into bankruptcy proceedings against the will of the creditors entails a great risk. Present winding-up proceedings enjoy international recognition, including in the United States and in the European Economic Area. An intervention in the process now can easily upset the protection which consists in this recognition, with unforeseeable consequences.

There are no provisions in currently applicable laws stipulating that a liquidator must unconditionally distribute an estate’s assets in Icelandic kronur, although it is permissible and is the general rule under Icelandic law. In the event of bankruptcy proceedings, it is therefore not possible to state with certainty that distribution out of the estates will be in Icelandic kronur. Under applicable laws, the creditors of the respective estates are granted a considerable say in that respect.

The creditors of Kaupthing have indicated unequivocally that they wish for the winding-up proceedings to be concluded with a composition agreement and to have the foreign currency assets of the estate distributed to them. It is therefore likely that forcing the estates of the collapsed banks into bankruptcy proceedings will entail time-consuming litigation, both domestically and abroad. Litigation involves not only risk and uncertainty for the estates of the collapsed banks and their creditors, but also for the Icelandic state. It is unlikely that the capital controls can be removed until a final conclusion of such litigation has been obtained.

Distributions in kronur increase the problem

By far the greatest part of Kaupthing’s assets is located outside the Icelandic economy and has no effects on financial stability in Iceland or the balance of payments problem. Approximately 90% of the Kaupthing’s creditors are foreign. Strong arguments support the proposition that distributions to creditors should reflect the fact that by far the greatest part of Kaupthing’s assets is in foreign currencies, and indeed current laws envisage i.a. that priority claims may be paid in a currency other than the Icelandic krona while the winding-up proceedings are underway. Moreover, the effects of such measures on the Icelandic economy would be less than if Kaupthing’s foreign currency assets were converted into Icelandic kronur and distributed to creditors.

The economic effects of converting Kaupthing’s foreign currency assets into Icelandic kronur would among other things include that the so-called overhang would expand substantially and the money supply in circulation would increase. This would cause economic expansion and increased inflation in Iceland, unless specific offsetting measures were taken. However, measures of that kind, such as the restraints on the krona assets of creditors whereby they would not be freely disposable, are highly doubtful from a legal point of view.

Composition is a permanent and sensible solution

With a composition, an agreement is entered into regarding the conclusion of the winding-up proceedings on which the creditors vote and which is confirmed by the Icelandic courts. The composition agreement is binding on all creditors, which reduces substantially the risk of litigation and associated uncertainty. If Kaupthing’s holding in Arion Bank can be sold for foreign currency, which could be distributed to creditors, the estate would be self-sufficient insofar as the need for foreign currency is concerned. This would permit the winding-up proceedings to be concluded with a composition without the Icelandic state having to contribute any part of its foreign exchange reserves. A composition for Kaupthing, among other things, could create a foundation for the removal of capital controls in Iceland.

Jóhannes Rúnar Jóhannsson

The author is a Supreme Court attorney and member of the Kaupthing Winding-up Committee.
Quelle: http://www.kaupthing.com/home/announcem ... -May-2014/


Übersetzung hat geschrieben:Ein Bankrott löst keine Probleme

In den letzten öffentlichen Diskussionen wurde vorgeschlagen, die zusammengebrochenen Banken in das Insolvenzverfahren zu überführen. Gläubiger sollten ihre Ausschüttungen in isländischen Kronen erhalten. Dadurch könne zwar Islands Zahlungsbilanzproblem gelöst werden, aber das Problem besteht darin, dass weder die prognostizierten Deviseneinnahmen der isländischen Wirtschaft ausreichen, um den zu erwartenden Kapitalabfluss zu finanzieren, noch es erlauben, die Kapitalkontrollen aufzuheben.

Isländische Gesetze erlauben es den Behörden nicht, die Werte der zusammengebrochen Banken in Konkurs zu zwingen, ebenso wenig, wie die anderer Unternehmen. Die aktuellen Liquidationsverfahren genießen internationale Anerkennung, welche durch ein erzwungenes Konkursverfahren Schaden nehmen könne.

Es gibt keine Bestimmungen in den aktuell geltenden Gesetzen, wonach ein Insolvenzverwalter bedingungslos Aktiva eines Unternehmens in isländische Kronen aufteilen müsse, auch wenn dies erlaubt ist, und nach isländischem Recht die Regel ist. Im Falle eines Insolvenzverfahrens ist es daher nicht möglich, mit Sicherheit sagen, dass eine Ausschüttungen in isländischen Kronen erfolgen würde. Geltendes Recht gewährt den Gläubigern in dieser Hinsicht eine erhebliches Mitspracherecht.

Die Gläubiger haben eindeutig gezeigt, dass sie die Liquidationsverfahren mit einer Vergleichsvereinbarung Nachlassvertrag abgeschlossen werden und die Fremdwährungsaktiva des Nachlasses auf sie verteilt werden sollen. Es ist daher wahrscheinlich, dass eine erzwungen Insolvenz zeitaufwendige Rechtsstreitigkeiten nach sich zieht, sowohl im Inland und im Ausland. Dieser Rechtsstreit birgt sowohl Risiken und Unsicherheiten für die Werte der zusammengebrochenen Banken und deren Gläubiger, als auch für den isländischen Staat. Es ist unwahrscheinlich, dass die Kapitalverkehrskontrollen bis zu einem endgültigen Abschluss solcher Rechtsstreitigkeiten aufgehoben werden können.

Ausschüttungen in isländischen Kronen erhöhen das Problem.

Der weitaus größte Teil des Kaupthing-Vermögens befindet sich außerhalb der isländischen Wirtschaft und hat keine Auswirkungen auf die Stabilität des Finanzsystems in Island oder des Zahlungsbilanzproblemes. Etwa 90 % der Kaupthing-Gläubiger sind ausländisch.

Die geltenden Gesetze lassen eine Auszahlung vorrangiger Forderungen in Fremdwährung an ausländische Gläubiger zu, noch während die Liquidationsverfahren im Gange sind. Hierbei würde berücksichtigt, dass der weitaus größte Teil des Kaupthing-Vermögens in Fremdwährungen vorliegt. Außerdem würden die Auswirkungen dieser Maßnahmen auf die isländische Wirtschaft geringer, als wenn Kaupthing Fremdwährungsanlagen in isländische Kronen umwandelt, und an die Gläubiger verteilt.

Die wirtschaftlichen Auswirkungen der Umwandlung von Kaupthing Fremdwährungsaktiva in isländischen Kronen würde unter anderem beinhalten, dass der so genannte Überhang erheblich zunimmt und die im Umlauf befindliche Geldmenge erhöhen würde. Dies würde zu wirtschaftlicher Expansion und erhöhter Inflation in Island führen, sofern nicht besondere Gegenmaßnahmengetroffen werden. Maßnahmen dieser Art, wie die Beschränkungen auf die nicht frei verfügbaren, in isländischen Kronen geführten Vermögenswerte von Gläubigern, sind aus rechtlicher Sicht sehr zweifelhaft.

Vergleichsvereinbarungen sind eine dauerhafte und sinnvolle Lösung

Einer Vergleichsvereinbarung in Bezug auf den Abschluss der Liquidationsverfahren, sollen die Gläubiger zustimmen, und diese wird von den isländischen Gerichten bestätigt und eingetragen. Der Nachlassvertrag ist für alle Gläubiger verbindlich, die im Wesentlichen das Risiko von Rechtsstreitigkeiten und der damit verbundenen Unsicherheit reduziert.

Sofern Kaupthing seiner Anteile an Arion Bank in ausländischer Währung verkauft und an die Gläubiger verteilt, wäre dies in Bezug auf den Fremdwährungsbedarf eine autarke Lösung. Dies gestattet ein Liquidationsverfahren ohne Beitrag von Fremdwährungsreserven des isländischen Staates.
Eine Vergleichsvereinbarung mit Kaupthing, neben weiteren Dingen, könnte ein Grundlage für die Aufhebung der Kapitalkontrollen in Island schaffen.
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Re: Kapitalverkehrskontrollen

Beitragvon lavcadio » Di Mai 20, 2014 6:34 am

19.05.2014
Announcement from Kaupthing’s Winding-up Committee

In light of comments made by the Icelandic Prime Minister, in a news interview with Stöd 2, an Icelandic television station, released yesterday, where it was stated that Kaupthing’s composition proposal had not been presented to the Icelandic Authorities, Kaupthing wishes to reiterate the following:

On 24 October 2012, Kaupthing’s Winding-up Committee applied to the Central Bank of Iceland for an exemption from Iceland’s capital controls on the basis of provisions of the Icelandic Foreign Exchange Act. The application included a draft composition proposal. The purpose of the exemption application is to create the necessary basis for submitting a composition proposal to creditors and thereby concluding Kaupthing's winding-up proceedings.

The exemption application is still under consideration at the Central Bank of Iceland.
Quelle: http://www.kaupthing.com/home/announcem ... Committee/


Kaupthing reagiert auf Bemerkungen des isländischen Premierministers anlässlich eines Fernsehinterviews.
Dieser gab an Kaupthing habe den isländischen Behörden (noch) keine Details eines möglichen Vergleichsvorschlages mit den Gläubigern vorgelegt.

Kaupthing stellte am 24. Oktober 2012 bei der Zentralbank von Island einen Antrag auf Befreiung von den isländischen Kapitalverkehrskontrollen, welche auf der Grundlage der Bestimmungen der isländischen Außenhandelsgesetzes gelten. Diesem Antrag habe ein Entwurf des Vergleichsvorschlages beigelegen. Der Zweck der Freistellungsauftrag ist es, die notwendigen Grundlagen für die Einreichung eines Vergleichsvorschlag an die Gläubiger und damit den Abschluss der Kaupthing Liquidationsverfahren zu schaffen.

Der Antrag werde von der isländischen Zentralbank noch geprüft.
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Re: Kapitalverkehrskontrollen

Beitragvon k.o.pthing » Do Mai 22, 2014 9:50 am

man beachte: 24. Oktober 2012
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