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HagfrWingareruekkisammlaumhvortsskilvirkaragjaldeyrishftformireglnaeWa   _skattlagningar_Ԁt.d._tstreymi_Ԁfjrmagns.MeWYvaWinnleiWagjaldeyrishftformireglna, {  einsoggertvarhrlandi,geturSeWlabankinnhaftmeiristj;rnmagninusemkemurinn nF _gjaldeyrisskiptamarkaWinn_.XessuerufugtfariWmeWgjaldeyrishftformiskattlagningar 9 enYhefurskatturinnhrifhvaWaverWergreittfyrir_gjaldmiWilinn_.ReynslansUniraWlnd  semneyWasttilaWtakmarka_tstreymi_Ԁfjrmagnseftir_bankahrun_ԀgrpayfirleittfyrsttilboWa  ogbannatilaWtakmarkaYaWmagnsem_fjrmagnseigendur_ԀgetakomiWrlandi.Jafnframt r eralgengtaWhefjaafnmslkra_gjaldeyrishafta_ԀmeWYvaWskiptayfirskattlagningu. e=   GjaldeyrishftformiskattlagningareruvinslYarsemerfiWaraerfyrirstj;rnmlamenn 0 aWhafabeinafskiptiafYeim.AukYessleikurmarkaWurinnstrrahlutverkviW_verWmyndun_  YegarlagWurerskattur_fjrmagnshreyfingar_._Gjaldeyrishft_,semtakmarkamagn_gjaldmiW  ilsins_Ԁ_gjaldeyrismrkuWum_,dragahinsvegarmunmeirarhttunni_gengishruni_. i   FyrstaskrefiWafnmi_hafta_ԀvarstigiWokt;ber2009YegarSeWlabanki0slandsheimilaWi \4 _innstreymi_Ԁerlendsgjaldeyristil_nUfjrfestinga_Ԁog_tstreymi_ԀgjaldeyrissemkynniaWleiWaaf ' Yeimfjrfestingum.EkkivargerWkrafaumbindingufjrmagnskveWinntma.NU_afnms  tlun_Ԁvarbirtmars2011semnerunniWeftir.0tluninnieruekkitilgreindtmamrk  heldurbyggirhnskilyrWumumaWkveWnaraWstWurrkihverjuskrefiafnms. `    SkrefinfelasttboWiaflandskr;nagjaldeyrismarkaWi,_skuldabrfatgfu_Ԁerlendum S+! _gjaldmiWlum_Ԁog_tgngulagi_Ԁ(skattur)samrmiviWtillgu_flutningsmanns_Ԁ_lyktunarinnar_ " frokt;ber2008.AWuppfylltumkveWnumskilyrWumefnahagslfinuverWureigendum # skuldabrfarkissj;Wskr;numheimilaWaWbreytaYeimskuldabrferlendumgjaldeyri.  $ GjalddagiogverW_skuldabrfanna_ԀmunurWastafmati_markaWsaWstWum_ԀYeimtma.ll !W% umeigendum_aflandskr;nuinnstWna_ԀinnlendumbnkumverWursmuleiWisheimilaWviW J""& kveWnaraWstWuraWskiptaYeimerlendangjaldeyrigegngreiWslu_gjalds_Ԁsemnemurmun #' inum_aflands_Ԅog_landsgengi_Ԁkr;nunnar.Bm #  22      ׀ #(   SeWlabankinnerennfastur_tboWskrefinu_Ԁ(kaupumogsluerlendum_gjaldmiWlum_)sem $ ) _fjrfestar_ԀsUnaltinnhuga.0_tboWunum_Ԁer_fjrfestum_ԀmeWerlentfjrmagnboWiWannarsveg v%N!* araWfara_fjrfestingarleiW_eWahinsvegar_rkisbrfaleiW_meWkaupumbrfumverWtryggWa A&"+ _rkisbrfaflokknum_ԀRIKS33semerubundintilfimmra._FjrfestingarleiWin_Ԁerfyrirfjrfesta  '", semviljafjrfestainnanlandstila.m.k.fimmraenYeimerboWiWaWskipta50%aferlendu ( _fjrfestingarf_Ԁsnuyfirkr;nur_landsgengi_Ԁ(skrWugengi)og50%_aflandskr;nugengi_  (_boWsmarkaWur_ԀSeWlabankans)._Aflandsgengi_Ԁkr;nunnarhefurveriWum30%lgraen  _landsgengiW_,semrunniWhefuraWmestuvasa_fjrfestanna_Ԁsemmargirhverjireru_aflands a flg_Ԁfyrrum_trsarvkinga_.D #  23      ׀ T,   Xessir_fjrfestar_ԀgetaboWiWhrraverWenaWrir_kr;nueigendur_Ԁhlutabrf,skuldabrf,fast  eignir,_hlutdeildarskrteini_ԀeWahlutabrf_verWbrfasj;Wum_Ԁog_fjrfestingarsj;Wum_._Aflands  kr;nurnar_Ԁsem_losaWar_ԀhafaveriWfrmars2011gegnum_rkisbrfaleiWina_Ԁog_fjrfestingar   leiWina_Ԁeruekkinemaum5%afVLF.  X   XessmgetaaW_aflandskr;nurnar_,sembWaeftiraWkomasttr_hagkerfinu_,nemaum K #  25%afVLF.HttaeraW_fjrfestingarleiWin_Ԁog_rkisbrfaleiWin_Ԁfeliekkisrvaranlega    losun_aflandskr;na_ԀYarsemekkertkemurvegfyriraW_fjrfestarnir_Ԁfariafturtrhagkerfinu    meWrkulegavxtunaWfimmrumliWnum.Fm #  24      ׀TregWastj;rnvaldatilaW_skattleggja_Ԁstrax   _aflandskr;nurnar_ԀhaustiW2008hefurorWiWtilYessaWsfelltstrrihlutiYeirraerukomnar wO  meWrkisbyrgWgegnumkauprkisskuldabrfum.MeWWrumorWumstj;rnvldhafaleyft B  aW_einkaskuld_Ԁ(_aflandskr;num_)skomiWyfirskattgreiWendur.      NYegarslitastj;rnirgmlubankannaerutilbnarmeW_nauWasamninga_ԀviWkrfuhafaum   _tgreiWslur_Ԁeignum(t.d.verWbrfum)_Yrotabanna_Ԁer_aflandskr;nuvandinn_ԀaWverWaofst;r {  tilaWleysameW_afnmstlun_ԀSeWlabankans.Xegar_tgreiWslur_Ԁtilkrfuhafagmlubankanna nF hefjastbtastum800milljarWarviW400milljarWa_aflandskr;num_.Xettamiklafjrmagn 9 munfaraflakkleitaW_fjrfestingartkifrum_ԀsemekkierutilstaWarhagkerfinuogfram  kallaenneina_eignab;luna_.    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Um80%krafnaYrotabGlitnisogKaupYingshafanskiptumhendurogvsbendingar i eruumaWYrsueigu_vogunarsj;Wa_/hrgammasj;Wa.0lj;sisgu_vogunarsj;Wa_/hr \4 gammasj;WaereinsUntaWYeirmunigangaframafmikillihrkuviWaWtryggjafullarendur ' heimturkrafnasinna.EinafraleiWinsemtryggirhagsmunialmenningseraWskiptayfir  _nUkr;nu_ԀmismunandigengisemendurspeglarverWiWsemsj;Wirnirgreiddufyrirupphaflegu  krfunaog_greiWslugetu_ԀYj;Warinnar. `    FlutningsmaWur_lyktunarinnar_ԀlagWifyrsttilmars2011aWtekinyrWiupp_nUkr;na_ԀmeW S+! mismunandi_skiptigengi_ԀtilaWleysa_gjaldmiWilskreppuna_._H #  25      _ԀStillagakomframhaldiafum " rWuFriWriksJ;nssonar,rWgjafahj_AlYj;Wabankanum_,umslkalausnlokrs2010.K} #  26       # Upptaka_nUkr;nu_ԀmeWmismunandi_skiptigengi_Ԁmunekkibrj;tabgaviW_eignarrttarkvWi_  $ stj;rnarskrrinnarYarsemeinstaklingarfekkimismunandimeWhndlunheldureignir(sbr. !W% _aflandskr;nurnar_ԀsembannaWeraWflytjarlandinemameWleyfiSeWlabanka). J""&   KosturinnviWupptku_nUkr;nu_ԀeraWmeWmismunandi_skiptigengi_ԀerhgtaWlagabWi #' innra;jafnvgi(_skuldavandann_)ogytra;jafnvgi(_snj;hengjuna_)_hagkerfisins_ԀnYessaW #( skerWalfskjr.ViWupptkunUkr;nunnaryrWilaunum,hsaleiguoginnstWumskiptr $ ) kr;nu(_ISK_)yfir_nUkr;nu_Ԁ(_NISK_)_genginu_Ԁ1_ISK_=1_NISK_ԀYannigaWverWmtiYeirrayrWi ( ;breytt.    Aflandskr;nurnaroginnlendareignir_Yrotabanna_Ԁsemeruum1200milljarWarvrihgt  aWskiptarkr;nuyfir_nUkr;nu_Ԁ_genginu_Ԁ1_ISK_Ԁ=0,6_NISK_.VerWmti_snj;hengjunnar_Ԁfri a Yannigr1200milljrWumkr.720milljarWa_nUkr;na_.Mismunurinner480milljarWarog T, hanngfirkinusvigrmtilaWfjrmagna_afskriftir_Ԁlnumltillaog_meWalst;rra_Ԁfyrirtkja  oglagaYanniginnrajafnvgiWleiWinni.    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VeruleghttaerWruhruniefrWamennhafaekkikjarktilaWleiWrttainnraogytra r ;jafnvgi_hagkerfisins_ԀoggeranauWsynlegarbreytingarfjrmla,lfeyrisog_hsnWis e= kerfinu_.Breytingarsemtryggjaannarsvegarmeirajafnvgimillilfeyrissj;Waogalmanna 0 trygginga_lfeyriskerfinu_Ԁ(sbr.Yskj.4040.mli)oghinsvegaraWskilnaW_peningamyndunar_  ogtlnastarfsemibankakerfisinsmeWYvaWafnemaheimildirbankannatil_tlna_Ԁumfram  lausarinnstWur(sbr.Yskj.262239.mli). i   vinningurYessaWaukahlut_gegnumstreymiskerfisins_Ԁverulega_blnduWu_Ԁlfeyriskerfi \4 eraWftktmeWallfeyrisYegamunminnkaogminnilkurverWaYvaWlfeyrirrUrniog ' tapistvegna_slmra_Ԁfjrfestinga_sj;Wanna_.    0gegnumaWskilnaW_peningaprentunar_ԀogtlnastarfsemimunubankarekkigetaaukiWt  lnumframinnlneftireigingeWY;ttaheldurmunuYaurWastafkvrWunsrfrWinga `  SeWlabankansumYrfinaauknu_peningamagni_ԀumferW.vinningurinnaf_aWskilnaWinum_ S+! eraukinn_efnahagslegur_ԀstWugleiki,hverfandilkur_bankahlaupi_Ԁogminni_skuldsetning_, " srstaklegarkissj;WssemnUturg;WsafnauWsynlegriaukningu_peningamagns_Ԁhverjuri # tilaWtryggjavxthagkerfisins.  $   EfhrifafleiWrttinguverWtryggWralnameW_peningamillifrsluleiWinni_ԀeigaaWveravar !W% anlegverWuraWgeraheimilumkleiftaW_skuldbreyta_ԀverWtryggWumlnumyfir;verWtryggW J""& lnmeWfstumvxtumtilkveWinstma.AukYessverWuraWlkka(raun)vexti_verWtryggWra_ #' _fasteignalna_Ԁsemerukomnir4,3%eneruhvergiannarsstaWarjafnhir.StyrkjaverWur #( samningsstWu_lntakenda_Ԁgagnvart_lnveitendum_Ԁoggefaf;lkitkifritilaWlosnaundan $ ) _;sjlfbrri_Ԁ_skuldsetningu_ԀmeWYvaWleiWalgrttinntilaWskilainnlyklumaWeignsinni v%N!* (Yskj.2323.mli). 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