WPCL /05I@ 1 n]kF"kjmՏV +yvUYyXV`d9ғ>x:{ *IRBc{LuWjc9Wl{3ėhZ~lͩg? tDr '#RT cބ!]*wo51N $ WT P #إS57sឝ߄`),?VܐHb~ &<yޥ">vAס6>/GfZr%PxKQT[a ؼᦼ;x!;cG;DI3>V#?oֳv x|lo:'L&IwdT1ATH`R0B`}yu.bo? Sg)3/1qٱH}Tu+O1@0UN" %p 0v #m(6 4^ m>w^ 4  B-/$I 0lm 0D 0U 0(r 0 0 0N 0 0 0 0> 0 0 0] 04 0 0 0M 0 0! 00" 0" 0# 0_$ 0% 0% 0o& 0' 0' 0I( 00( 0< ) 0E) 0> * 0vG* 0`* 0`+ 0`}+ 0.+ 0` , 08k, 0, 02{- 0- 0:w. 0Y. 0_ / 0i/ 08A0 0y1 B*2 D/'3 D+V3 03 D/5 045 066 086 0:7 0^H7 0<7 1e7U6G8U>}8U*8E888888888N::::: 1:: 0";";";"; 05>5> 0HAHA 0ugDgD 0wDD 0SESE 0EE 1uFF*G*G B1I1I1I1I$NINININININININININININI 72rJrJ/JJ 1JJJJJJJJJJJJJJJJJJJJJU:tKtKtKtKMKKKKDK&d9 Z6Times New Roman RegularX(jD$,..,TRW6&A4W6&A4 6&A4 6&A4T ? 0?vvbX0#ggdd  8dd8ISUS,.     ^^` Adobe PDF 0 W:\WP2000\SKJRI~IZ.WPTUW:\WP2000\SkjritunY2k-nytt.wptőB wArirs?g3|x)Hairline d"#aaalfha(D21$ jD!,..,XZXXXTRW6&A4X3' Letter 6&A43'LetterT ? 4XXZ0?vvbX0#ggdd  84dXXd8ISUS,.     ^^`     0  0  94(#$  0  *+ (_2623  ..($*J+J (_25   2( , 4<D "223  ..2( , 4<D "2   *;+; (_24  /%, , 4<D "/23  ../%, , 4<D "/  *8+8 (_23 ` ," 4<D ",23  ..," 4<D ", ` *5+5 (_22  ) 4<D ")23  ..) 4<D ")  *2+2 (_21  &44<D "&23  ..&44<D "&  */+/ (_20 h #<D "#23  ..#<D "# h *,+, (_19   <D " 23  .. <D "  *)+) (_18  <<D "23  ..<<D "  *DD (_17  8.$$|, 4<D "823  Ԁ8.$$|, 4<D "8  *JJ (_16   2( , 4<D "223  Ԁ2( , 4<D "2   *;; (_15  /%, , 4<D "/23  Ԁ/%, , 4<D "/  *88 (_14 ` ," 4<D ",23  Ԁ," 4<D ", ` *55 (_13  ) 4<D ")23  Ԁ) 4<D ")  *22 (_12  &44<D "&23  Ԁ&44<D "&  *// (_11 h #<D "#23  Ԁ#<D "# h *,, (_10   <D " 23  Ԁ <D "  ()) &_9  <<D "23  Ԁ<<D "  (DD &_8  8.$$|, 4<D "823  8.$$|, 4<D "8  (JJ &_7   2( , 4<D "223  2( , 4<D "2   (;; &_6  /%, , 4<D "/23  /%, , 4<D "/  (88 &_5 ` ," 4<D ",23  ," 4<D ", ` (55 &_4  ) 4<D ")23  ) 4<D ")  (22 &_3  &44<D "&23  &44<D "&  (// &_2 h #<D "#23  #<D "# h (,, &_1   <D " 23   <D "  &)) $_  <<D "23  <<D "  0.Normal<:Definition T<DD:Definition L , 8.PP|, 4<D "8  8.$$|, 4<D "886Definition(''&H1      (&H2  (&H3  (&H4 XXX (&H5 (&H6  20Address8PP6Blockquote , , 8.PP|, 4<D "8   8.$$|, 4<D "8,*CITE,KS*CODEKN<6X9`(Courier NewKSO\  `&Times New RomanS42Emphasis64Hyperlink    <:FollowedHype    4NV2Keyboard KN<6X9`(Courier NewKSO\  `&Times New RomanS <z:Preformatted/%$ $Dc = \#/KN<6X9`(Courier NewKSO\  `&Times New RomanS/%$ $Dc = \#/<:zBottom of 7C(X7  ?P%2A`Arial?  SO\  `&Times New RomanS7D(X7&  d dB)1dxd'dxd<:zTop of For7F(X7  ?P%2A`Arial?  SO\  `&Times New RomanS7D(X7B)2dxd0KS.SampleKN<6X9`(Courier NewKSO\  `&Times New RomanS0.Strong 8KS6TypewriterKN<6X9`(Courier NewKSO\  `&Times New RomanS42Variable: 8HTML MarkupB      2 0CommentB   !"# 35;AGMSY_11.1.1.1.1.1.1.1.<6X9`(Courier New\  `&Times New Roman%2A`Arial VolckerVickersErkkiLiikanenGavinBinghamfvCentralGovernanceForum BIS NIBKaarloJnnrieindaeftirlitCapacent WallSteagall PaulIndependentCommissiononikmo %Eu{}1. a. 1.StafliWir undir t?luliW1.a.1.(39$ jD!,..,XZXXXTRW6&A4X3' Letter 6&A43'LetterT ? 4XXZ0?vvbX0#ggdd  84dXXd8ISUS,.     ^^`   (39$ jD!,..,XZXXXTRW6&A4X3' Letter 6&A43'LetterT ? 4XXZ0?vvbX0#ggdd  84dXXd8ISUS,.     ^^`   (3D@$ jD!,..,XZXXXTRW6&A4X3' Letter 6&A43'LetterT ? 4XXZ0?vvbX0#ggdd  84dXXd8ISUS,.     ^^`    d (M0J$2  0  .3  0 ` (O$0  2  3  0` ""(u$0  0` (#(#` `  2  a  .3  0` (#` (#(`$0  0` (#(#0 ` (#` (#0 (# (#"h2  0  .3  0(#(#3#37=CIQYag1.a.i.(1)(a)(i)1)a)  a9',..,XZXXX? 4XXZ0?vvbX0#ggdd  ISUS,.   _>? 44#449#?  2d XZX4d2 #4XXZ# d  gD@+,..,XZXXX? 4XXZ0?vvbX0#ggdd  ISUS,.   d  ݀qi) %y_ gEu{}a. 1. a.T?luliWur undir stafliWa.1.a.1)a)4cp Z "Times Regular : e9),..,XZXXX? 4XXZ0?vvbX0#ggdd  ISUS,.   _>? Ҁ jD!,..,XZXXXTRW6&A4X3' Letter 6&A43'LetterT ? 4XXZ0?vvbX0#ggdd  84dd8ISUS,.     ^^`   _ >?  _ikmo(%03qs 9142.lggjafarYing2013. ( Xingskjal18"18.ml.     Q 4@* * TillagatilYingslyktunar#4  QP#     umaWskilnaWviWskiptabankaogfjrfestingarbanka.   Flm.:rniX;rSigurWsson,HelgiHjrvar,BjarkeyGunnarsd;ttir, K #  SigrWurIngibjrgIngad;ttir,gmundurJ;nasson.      AlYingilyktaraWfelafjrmla-ogefnahagsrWherraaWskipanefnderkannihvortogY   meWhvaWahttimegiaWskiljaviWskiptabankaogfjrfestingarbankameWYaWaWmarkmiWi wO  aWlgmarkahttunaafrekstribankaogfllumstarfsemiYeirrafyrirYj;WarbiW.Nefndin B  skoWistefnum;tunngrannarkjaYessusambandiogskilitillgumsnumfyrir1.okt;ber    2013.   @#dggGreinargerW.#ggd7Ԉ nF   TillagaYessivarflutt140.YingiaflfheiWiIngad;tturogfleiriYingmnnumenvarW 9 ekkitrddogsWanendurflutt141.Yingi(228.ml).0vinnuefnahags-ogviWskiptanefnd  arviWmliWsWastaYingikomframg;WurstuWningurviWmliWogvarYaWaWlokumaf  greittrnefndinnimeWorWalagsbreytingusemtekiWhefurveriWtillittilnviWendurflutning r mlsins.Fulltrarallraflokkaefnahags-ogviWskiptanefndst;WuaWnefndarlitioglgWu e= tilsamYykkttillgunnarennnumYingsinsfyrirkosningarkomstmliWekkidagskr. 0 Nefndarlitefnahags-ogviWskiptanefndarfr141.YingierbirtsemfylgiskjalmeWYessari  tillgu.sWastaYingifylgditillgunnisvofelldgreinargerW:    ?MeginefnihennareraWYegarverWihafisthandaviWaWundirbaYbreytinguskipulagi i fjrmlakerfisinshrlandiaWaWskiljastarfsemiviWskiptabankaogfjrfestingarbanka. \4   undanfrnummissirumhefurmikilumrWaveriWbWihrlandiogngrannalndum ' umnauWsynYessaWtakmarkakerfisbundnahttufjrmlakerfumfyrirefnahagslfog  skattborgaraviWkomandilanda.MargirteljaaWmikilvgastaskrefiWYeimefnumsaW  aWskiljafjrfestingarbanka-ogviWskiptabankastarfsemi.SskipanmlatryggiraWbaktrygg `  ingogstuWningurrkjaogseWlabankatakmarkastviWhefWbundnabankastarfsemi,Y.e.innln S+! ogtlnognauWsynlegaYj;nustuviWf;lkogfyrirtki.AWskilnaWurkemurvegfyriraWsp " kaupmennskaoghttufjrfestingarfjrfestingarbankalendiskattgreiWendumogefnahags # kerfinuheild.  $   StuWningurviWaWskilnaWarhugmyndinahefurfariWvaxandimeWalalmennings,srfrW !W% ingaogstj;rnmlamannaBretlandi,Evr;pusambandinuogBandarkjunum.0Banda J""& rkjunumhafaveriWlgleiddarstrangaraWskilnaWarreglurmeWsvonefndriVolckersreglu. #' MeWhennierinnlnsstofnunum,Y.e.hefWbundnumbnkumogsparisj;WumsemtakaviWinn #( lnumfralmenningi,bannaWaWkaupahlutabrfognnurverWbrf,utanbandarskra $ ) rkisskuldabrfa,fyrireiginreikningeWaeigahlutieWatengjastvogunarsj;WumeWahluta v%N!* brfasj;Wum.0BretlandierundirbningiaWsetjaupp?girWingar milliYessara;lkuYtta A&"+ bankastarfseminnarkjlfartillagna;hWrarnefndarkenndrarviWVickerslvarW.X;tttil  '", lgurnarmuniekkitakagildifyrren2019erudeilurYegarrisnarBretlandiumYessar '#- fyrirtlanir.Framkvmdastj;rnEvr;pusambandsinsfkkbyrjunokt;bertillgursrfrWi (z$.A 9 y_   nefndarundirforustuFinnansErkkiLiikanenYarsemlgWerherslaaWgreininguhttu ( samrafjrfestingarviWskiptafralmennriviWskiptabankastarfsemiY;YannigaWhvorttveggja  getiveriWframinnansmusamstWu.    XannigeruYj;WirbeggjavegnaAtlantshafsinsaWfikrasigttaWaWskilnaWiYessaraYtta a ogsrfrWingar,YarmeWalbankamenn,mlameWhonum.Hrlandihefurhugmyndin T, veriWtilumrWueinsoghrverWurrakiW.TeljaflutningsmenntillgunnarbrUntaWAlYingi  takiafstWutilYessasemfyrst.   StaWan0slandi.   X   FrbankahruninuhaustiW2008hefurmikiloggagnrUninumrWafariWframumstarfs K #  aWferWirgmlubankannaaWdragandaYessaWYeirurWugjaldYrota.EkkisWurhefurveriW    fjallaWumYannlagarammasemYeirstrfuWueftiroggerWiYeimkleiftaWrWasthttu    samarfjrfestingar,AWYvhefureinkumveriWfundiWaWinnlnviWskiptabankasemhfWu   bakbyrgWfrrkinu,Y.m.t.eruUmsirsparisj;Wir,skuliekkiaWeinshafanUttinnlnfrein wO  staklingumogsmrrifyrirtkjumhefWbundintln,heldureinnigreyntaWvaxtaumrtt B  fmeWhttusmumtlnumtiltengdraaWilaogjafnvelmeWglfralegumog;arWbrum    fjrfestingum,m.a.fyrirtkjumsemvoruntengdeigendumYessarasmufjrmlastofnana.   VegnaYessaWinnlnnj;tasrstakrarverndarogtryggingarerrkstWatilaWaWskiljaslka {  starfsemifrhttuskinnifjrfestingarbankastarfsemi.MeWYvaWsinnabWiviWskipta- nF ogfjrfestingarbankastarfsemieinuhafibankarnirveriWaWstWutilaWmisnotaauWvelt 9 aWgengisittaWfviWskiptavinasinnameWYvaWverjaYvhttusmtlnogfjrfestingar.    LengihafWiveriWvaraWviWYessarihttuWurenbankarnirflluogmYareinkumnefna  frumvarpgmundarJ;nassonaro.fl.umbreytingulgumumfjrmlafyrirtki,nr.161/ r 2002,semlagtvarfram130.og135.lggjafarYingiogsvoaftur3.okt;ber2008upphafi e= 136.Yings,enmarkmiWYessvaraWframkallaskUranaWskilnaWmilliviWskiptabanka-og 0 fjrfestingarbankastarfsemi.FrumvarpiWvarWekkitrtt.    0meWfrum138.lggjafarYingsfrumvarpiefnahags-ogviWskiptarWherraumbreytingu  lgumumfjrmlafyrirtki,nr.161/2002,varmikiWrttumhvortbannattiaWhefW i bundinviWskiptabanka-ogfjrfestingarbankastarfsemivrirekinsamaflaginuogtldu \4 margirYingmennYYegarbrUntaWtakaafskariWumstefnustj;rnvaldaYeimefnum.Meiri ' hlutiviWskiptanefndarkomstaWYeirriniWurstWuaW?ekkivrirttaWsvokomnuaWleggja  tilbreytingarYessaveru.stWanereinkumsaWfrumvarpinuertekiWmrgumYeim  gllumsemhinbandarskulgt;kusnumtma,t.d.meWbanniviWlnveitingummeW `  veWieiginhlutabrfumogstrangarireglumumlnveitingarogviWskiptiviWhverskonar S+! tengdaaWila.XereinnigtilYessaWltaaWekkertYeirralandasemltasambrilegureglu " verkiogerhrlendishefurlagtframtillgurYessatt. EngusWurrttaWimeirihlutiviW # skiptanefndaraWrttvri?aWfylgjastniWogvelmeWYr;unlagasetningarerlendisYessu  $ sviWiogdragalrd;mafYvsemaWrirkunnaaWhafastaWiWframmifyrir.  !W%   0?SkUrsluefnahags-ogviWskiptarWherraumframtWarskipanfjrmlakerfisins semlgW J""& varfyrirAlYingiaprl2012erfjallaWumkostioggallaYessaWaWskiljafjrfestingarbanka- #' ogviWskiptabankastarfsemi(sjkafla8.5bls.84!86).XarerekkiaWfinnaaWraafstWuen #( YsemaWframangreinir!aWbWaogsjhverjuframvindurngrannalndumokkar. $ )   0skUrslunnisegirm.a.: v%N!*   ?YvleikurekkivafiaWeinmitt;heppilegtengslmilliinnlnsstarfsemiogfjrfestingar A&"+  starfsemittisnaranYttr;tumkreppunnar2008.Ranns;knarnefndAlYingiskomsteinnig  '", aWYeirriniWurstWuaWslenskirbankarhefWuauknummli& ,  sniWsraWfjrfestingarbanka ( starfsemiaWdragandahrunsins.     Ogennfremur:    ?XaWermikilvgtaW',(+fylgjastgranntmeWframvinduYessamlsalYj;WavettvangiWur a enkvarWanireruteknarhrlandiumr;ttkarbreytingarskipulagibankaogannarra T, fjrmlafyrirtkja.EinsttvirWistaWeflamegifjrmlastWugleikameWskUrarigreinarmun  YessumtveimurYttumbankastarfseminnar.    Semstendureruhttumerkium;heppilegtengslYessaratveggjastarfsYttaekkisrstakt   hyggjuefnihinunUendurreistafjrmlakerfihrlandi.0lj;sidUrkeyptrarreynsluer  X stWatilaWveravelverWiogtilokaekkiaWgreiningueWaaWskilnaWYessarastarfsYtta K #  semframtWarfyrirkomulag,ekkisstefYr;uninstefnirYttalYj;Wavsu.       VaxandihugihefurveriWYessummlumhrlandikjlfarumrWuumtillgunasl.    vorogskUrslurWherra.M.a.st;WFlaghagfrWingaogviWskiptafrWingafyrirfjlmennri   rWstefnuumaWskilnaWinn11.septembersl.ogYarkomum.a.Yaum;trkframaWhonum wO  fylgimikillkostnaWaraukifyrirbankakerfiWlandinusemYurfiaWnj;tastrWarhagkvmni B  afbWumYttumogaWekkisrttYessustigiendurskipulagsYessaWgrpainnferliWmeW    slkumreglum.Forstj;riFjrmlaeftirlitsins,UnnurGunnarsd;ttir,lUstiYvyfirrWstefn   unniaWhennifyndist?8YaWekkialvegtmabrtaWsvostddu. VsaWihntilvinnu {  nefndarEvr;pusambandsinssemnfjallaWiummliWogtaldirttaWbWaniWurstWuhennar nF ogfylgjaYeirrilnu.Lj;stmYvveraaWFMEmunekkihafafrumkvWiaWbreyttureglu 9 verkihvaWYettavarWar.Xhafatalsmennst;rubankannaYriggja,bankastj;rar,formaWur  bankarWs0slandsbankaoggreiningardeildArionbanka,varaWviWYvaW0slendingarstigi  nYettaskref. r   AukYeirrarksemdasemaWframangreinirumnauWsynYessaWhttusmustubanka e= viWskiptinsuekkimeW;beinnirkisbyrgWsemvaldiWgeturskattgreiWendumogvenju 0 legumsparifjreigendummiklutj;nibendafylgjenduraWskilnaWarhrlandiaWsmW  fjrmlamarkaWarinsfylgimeirihttaendagetist;rirfjrfestarogeinstakiratburWirhaft  grWarleghriflitlubankakerfiogvaldiWmiklutj;ni.XhefurveriWbentaWfjrfestingar i slenskubankannaerutiltlulegalitlarognemanaWeinsum5%afstarfseminnienvoruum \4 30%fyrirhrun.Xettahlutfallfervaxandi.XannigskjriWtkifrifyrir0slendingaaWstga ' nskrefiWtilfullsWurenfjrfestingarbankastarfsemitekurafturllvldviWskipta  bnkunum,endasYaWeinfaltoghafiekkitruflandihrifnverandistarfsemiYeirra.Loks  bendaYeirsemstundahreinafjrfestingarbankastarfsemihrlandiYstaWreyndaWsam `  keppnisstaWaYeirraerskertmiWaWviWfjrmlafyrirtkisemgetasemnUtttryggWog;dUr S+! innlnfralmenningitilaWfjrmagnahttusamafjrfestingarbankastarfsemi. "   Efnahags-ogviWskiptarWherra(natvinnuvega-ognUskpunarrWherra)skipaWkjlfar # skUrslunnarumframtWarskipanfjrmlakerfisinsstarfsh;pinnlendraogerlendrasrfrWinga  $ tilYessaWundirbatillgurumsamrmdaheildarumgjrWlagaogreglnaumallastarfsemi !W% slenskumfjrmlamarkaWi.H;pinnskipaGavinBingham,fv.framkvmdastj;riCentral J""& BankGovernanceForumhjBISBasel,J;nSigurWsson,fv.forstj;riNorrnafjrfestingar #' bankans(NIB)Helsinki,ogKaarloJnnri,fv.forstj;rifjrmlaeftirlitsFinnlands. #(   AukYessaWrUnatextaskUrslunnarogkynnasrumrWurogathugasemdirviWhana,m.a. $ ) hvaWvarWaraWskilnaWfjrfestingarbankastarfsemiogviWskiptabankastarfsemi,erh;pnum v%N!* tlaWaW: A&"+   ?1.0  Kannahverniglgumogreglumumfjrmlastarfsemiogframkvmdeftirlits0slandi  '",  hefurveriWbreytttilefniaffjrmlahruninu2008;'#-   2.0  & a  GreinaveikleikasemennkunnaaWveratilstaWarlgumogreglumumfjrmla ( markaWinnogtengdamarkaWiogframkvmdfjrmlaeftirlitsogeftirfylgnimeWYv  oggeratillgur'a(@tilrb;ta;   3.0  GeratillgurumYaWhvernigunnteraWskiptabeturverkummeWeinstkumYtt a takendumfjrmlamarkaWiogstyrkjastofnanaumgjrWfjrmlaeftirlits,bWihvaW T, varWareindaeftirlitogYj;WhagsvarWY.e.heildareftirlit;   4.0  GeratillgurumhvernigbestfariYvaWsetjasamrmdaheildarumgjrWlagaog  reglnaumallastarfsemifjrmlamarkaWi.     H;pnumertlaWaWskilarWherranhaustdgumtillgumumbreytingarlaga  X umgjrWfjrmlamarkaWarins,srstaklegahvaWvarWarbyrgWarsviWSeWlabanka0slandsog K #  Fjrmlaeftirlitsins.VerkefninefndarinnarermunvWfeWmaraentillaganogteljaflutnings    mennhennarsUntaWhversemniWurstaWanefndarinnarverWurhlj;tiviljiAlYingistilYessa    mikilvgalitaefnisaWYurfaaWkomafram.MargirhagfrWingarogaWrirsrfrWingarhafa   undanfrnummissirumlUststuWningiviWaWskilnaWafYessutagiogteljahannmikilvgasta wO  skrefiWtilaWlgmarkakerfisbundnahttufjrmlakerfilandsinsogtryggjafjrmla B  stWugleika.SkoWanaknnunsemCapacentgerWihrlandiseptember2012fyrirStraum    !_Fjrfestingabanka_ԀsUndiaW80%aWspurWravildufullanaWskilnaW,4%vorum;tien15%   hvorkin. {   BandarkinogBretland.  9   SvovirWistsemlagasetningYessusviWimuniflj;tlegatakabreytingumeinhverjum  ngrannalndumokkarogYegarhafatakmarkandireglurveriWlgleiddarBandarkjunum.    0slensklggjfsviWifjrmlastarfsemitekurmiWafevr;pskuregluverkiYarsemlaga r leguraWskilnaWurviWskiptabanka-ogfjrfestingarbankastarfsemihefuralmenntekkiveriW e= tilstaWar,;lktYvsemgiltiBandarkjunumrunum1933!1999,meWsvoklluWumGlass- 0 Steagall-lgum,semogJapan.Glass-Steagall-lginvorusettkjlfarverWfallshluta  brfumWallStreetriW1929ogheimskreppunnarmiklusemafYvleiddi.Lginf;lusr  aWbankarYurftuaWgerauppviWsighvortYeirstrfuWusemviWskiptabankaralmennum i inn-ogtlnumeWasemfjrfestingarbankar.SamhliWaYeimlgumvarsettlggjfumvernd \4 innstWueigendatilYessaWkomavegfyrirhlaupviWskiptabanka,aukYesssemSeWla ' bankaBandarkjannavoruveittarauknareftirlitsheimildir.riW1999voruGlass-Steagall-  lginhinsvegarafnumin,YareWekkivarlengurtalinYrfYeim.EkkileiWY;heillratugur  frYvaWfjrmlastofnunumvarafturheimilaWaWblandasamanviWskiptabankastarfsemi `  ogfjrfestingarbankastarfsemiunsbankab;lan,semafslkrialhliWastarfsemihlaust,sprakk S+! rin2007og2008.VegnaefnahagskreppunnarsemkjlfarYessfylgdihefurBandarkj " unumveriWsettlggjfaWnUjuumfjrmlafyrirtkisemtakmarkaheimildirYeirratil # stWutkuogforWaYeimYannigfrhttutkut.d.vogunarsj;Wum(tillagankenndviWPaul  $ Volcker,fv.seWlabankastj;raBandarkjanna).MrgumYykirekkin;gaWgertogerukrfur !W% umendurnUjuWGlass-SteagalllgberandiumrWunnivestanhafs. J""&   LggjfumstarfsemifjrmlafyrirtkjahefurlengiveriWsrlegatakmrkuWBretlandi #' oghefurYaWbWigertLundniraWeinnimestubankamiWstWheimseneinnigvaldiWYvaW #( bankakreppanhefurreynstsrlegadjpogkostnaWarsmfyrirbreskanalmenning.HaustiW $ ) 2011skilaWihinsvokallaWa;hWabankanefndBretlandi(e.IndependentCommissionon v%N!* _Banking_,_ICB_),undirforustu_John_ԀVickers,fyrrverandiforstj;rabreskasamkeppniseftir A&"+ litsins,lokaskUrslusinniumframtWbankamlaBretlandi.NefndYessivarskipuWjn  '", 2010tilYessaWhugakerfisbreytingarogannarskonarbreytingarbreskabankageiranum '#- YeimtilgangiaWaukafjrmlastWugleikaogsamkeppni.0skUrslunefndarinnarerlagttil (z$. _aWfjrmlastofnunumverWileyftaWsinnasennviWskiptabankastarfsemiogfjrfestingar ( bankastarfsemienY;aWYeirriforsenduuppfylltriaWhefWbundinviWskiptabankastarfsemi  verWiaWeinsstunduWsjlfstWud;tturflagibankanssemltisrstkumkrfumumeigin  fjrhlutfall.MeWWrumorWumverWifjrfestingar-ogviWskiptabankastarfsemialgjrlega a aWskilininnaneinsogsamabankans,svoekkiYurfiaWskiptahonumupptvfjrmla T, fyrirtki.MeWslkrigirWingumillihinna;lkusviWastarfseminnarmegidraga&  verulegar  tilaWmyndahttuYj;WarbsinsafhttusamaristWutku'`YԀfjrfestingarbankastarfsemi.    LagtertilaWYessarumbturgangigegnsWastalagiriW2019ogaWfrumvarpkomi   fram2015.DrgaWfrumvarpinuhafalekiWtilfjlmiWlaoghafaMervynKing,seWlabanka  X stj;riBreta,ogSirJohnVickers,formaWurnefndarinnar,slegisth;pgagnrUnendasemsegja K #  tillgurVickers-nefndarinnarYegarhafaveriWtvatnaWarrkisstj;rnvegnaundanltssemi    viWkrfurbankanna.MliWhefurvakiWmiklardeilurBretlandi,ekkisstkjlfarLIBOR-    hneykslisins,oghefurEdMiliband,formaWurbreskaVerkamannaflokksins,lUstYvyfiraW   efbankarnirbreytiekkistefnusinniogmenninguverWiYeimskiptmeWlagaboWikomist wO  Verkamannaflokkurinntilvaldaeftirnstukosningar.BankaeigiekkiaW?rekaeinsog B  spilavti heldureigiYeiraW?einbeitasraWkjarnastarfsemisvosemlnumtilviWskiptavina    snna.     Evr;pusambandiW.  nF   Seintrinu2011skipaWiframkvmdastj;rnEvr;pusambandsinsellefumannasrfrWi 9 nefndtilaWvinnatillgurumframtWarskipanfjrmlakerfisEvr;pu.Verkefninefndarinnar  varaWleitaleiWatilaWstyrkjabankakerfiW,minnkahttuogeflabankaeftirlit.Nefndinsem  varundirformennskufinnskaseWlabankastj;rans,ErkkiLiikanens,skilaWitillgumsnum r 2.okt;bersl.MestaathyglinhefurbeinstaWniWurstWumnefndarinnarumaWskilnaWviW e= skiptabanka-ogfjrfestingarbankastarfsemi,ennefndinleggurtilaWfjrfestingarstarfsemi, 0 YarmeWalviWskiptimeWverWbrfogafleiWuroglntilvogunarsj;Waogfjrfestingarflaga  semeruyfirtilteknummrkummiWaWviWstrWbankans,skuliskilinfrhefWbundinni  bankastarfsemiogverahendisrstakslgaWilaeWaflagsinnansmusamsteypu.Nefndin i leggursemsagtekkitilfullkominnaWskilnaWandaGlass-Steagalllagannagmluenfylgir \4 svipuWumleiWumogfarnarhafaveriWBandarkjunumogtillgurveriWuppiumBretlandi. ' NefndinbendiraWmeWYvm;tilendigjaldYrotfjrfestingarstarfseminnarekkirkieWa  seWlabnkumgegnumbyrgWYeirrahefWbundnuminnstWumogaWfjrmlakerfinu  heildverWiekkieinshttviWaWkollsteypuognverandikerfinnokkursaWskilnaWar. `   NiWurlag.  "   EinsogframkemurhraWframanhafamargirforustumennslenskufjrmlalfilagst # gegnaWskilnaWiviWskiptabanka-ogfjrfestingarbankastarfsemihrlandi.FjrmlaeftirlitiW  $ ogYverandiefnahags-ogviWskiptarWuneytihafaviljaWbWaeftirYvhvaWaleiWyrWifyrir !W% valinufjrmlamrkuWumEvr;puWurengripiWyrWitilrWstafanahrlandiYvskyni J""& aWaWskiljahttusknabankastarfsemifrvenjulegriviWskiptabankastarfsemi.Lj;steraW #' tillgurLiikanen-nefndarinnarfaranlangvinnanferilumsagnaogrWslags,m.a.viWst;ru #( evr;pskubankanasemskoriWhafauppherrgegnllumgirWingumogaWgreiningum.Langur $ ) tmimunlWaWurentillgurnarkomatilframkvmda.ReynslanfrBretlandiogBanda v%N!* rkjunumsUnireinnigaWbankarnirhafamikiltkoghrifregluverkumfjrmlamarkaW A&"+ innogYveralls;vstaWendanleganiWurstaWaverWiYleiWsemtillgurnargerarWfyrir.  '",   FlutningsmenntillgunnarteljaaWekkimegidragastlenguraWbreytalagaumhverfi '#- fjrmlafyrirtkjahrlandiogaWskiljahttusamafjrfestingarstarfsemioghefWbundna (z$. bankastarfsemiannaWhvortalgerlega;tengdumfyrirtkjumeWameWskUrumaWskilnaWi ( innanhversfjrmlafyrirtkis.MikilvgasteraWmatiflutningsmannaaWinnstWurvenju  legraviWskiptamannabankannasutryggWarogaWYrsuforgangskrfurbYeirraefYeir  verWagjaldYrota. a   0Yeimtilgangiertillaganflutt.  T,  Fylgiskjal.  X  K #AuQ) dE>| A^K #   K #     NefndarlitmeWbreytingartillgufrefnahags-ogviWskiptanefndumtillgutil    YingslyktunarumaWskilnaWviWskiptabankaogfjrfestingarbanka.    (Xingskjal1290,228.ml141.lggjafarYings.) wO  Jn  NefndinhefurfjallaWummliW.UmsagnirbrustfrFjrmlaeftirlitinu,HjaltaAtlasyni,    0slandsbanka,Landsbankanumhf.,Neytendasamtkunum,Samkeppniseftirlitinu,Samtkum   atvinnulfsins,SeWlabanka0slandsogStraumifjrfestingarbankahf. {    MeginefnitillgunnarsemhrertilumfjllunareraWstraxverWihafisthandaviWaW nF undirbaYbreytinguskipulagifjrmlakerfisinshrlandiaWaWskiljastarfsemiviW 9 skiptabankaogfjrfestingarbanka.    MikilumrWahefurveriWhrlandiogngrannalndumumnauWsynYessaWtakmarka  kerfisbundnahttufjrmlakerfumbWifyrirefnahagslfogskattborgara.SlkaWgreining r hefurveriWtilumrWuBandarkjunum,BretlandisemogEvr;pusambandinu.0Banda e= rkjunumhefurveriWsettlggjfsemtakmarkarheimildirfjrmlafyrirtkjatilstWutku. 0 0BretlandiskilaWi;hWabankanefndin(e.IndependentCommissiononBanking)skUrsluYar  semm.a.erlagttilaWfjrfestingar-ogviWskiptabankastarfsemiverWialgjrlegaaWskilin  innaneinsogsamabankansenY;YurfiekkiaWskiptahonumupptvfjrmlafyrirtkiYar i semhefWbundinviWskiptabankastarfsemiverWiaWeinsstunduWd;tturflagibankanssemlti \4 srstkumkrfumumeiginfjrhlutfall.NefndEvr;pusambandsinsumframtWarskipanfjr ' mlakerfisEvr;puskilaWiskUrslusinnihaustmnuWum2012.SnefndleggurtilaWfjr  festingarstarfsemi,YarmeWalviWskiptimeWverWbrfogafleiWuroglntilvogunarsj;Waog  fjrfestingarflagasemeruyfirtilteknummrkummiWaWviWstrWbankans,skuliskilinfr `  hefWbundinnibankastarfsemiogverahendisrstakslgaWilaeWaflagsinnansmusam S+! steypu.EkkierYvlagWurtilfullkominnaWskilnaWur.0skUrsluefnahags-ogviWskiptarW " herraumframtWarskipanfjrmlakerfisinssemlgWvarfyrirAlYingiaprl2012erfjallaW # umkostioggallaYessaWaWskiljafjrfestingar-ogviWskiptabankastarfsemi.XarerekkiaW  $ finnaaWraafstWuenYaWbWaogsjhvaWngrannalndokkargera.XaWermatflutnings !W% mannaYeirrartillgusemhrertilumrWuaWekkimegidragastlenguraWgerattektYv J""& hverniglgmarkamegihttunarekstribankafyrirYj;WarbiWogskattgreiWendur,t.d.meW #' YvaWbreytalagaumhverfifjrmlafyrirtkjahrlandiYannvegaWaWskiljahttusama #( fjrfestingarstarfsemioghefWbundnabankastarfsemi.NefndintekurundirYaWogtelurmikil $ ) vgtaWskipuWverWinefndtilaWendurskoWabankastarfsemilandinumeWYaWaWmarkmiWi v%N!* aWtakmarkahttuaffllumrekstribankafyrirYj;WarbiW. A&"+   SkiptarskoWanirhafaveriWhrlandiumgtiYessaWskiljaaWstarfsemiviWskipta-og  '", fjrfestingarbankaogkemurYaWgtlegaframumsgnumsembrustummliW.Rkin '#- fyrirslkumaWskilnaWieruannarsvegarYauaWfjrfestingarbankastarfsemishttusmog (z$. hinsvegarsaWhagsmunarekstrargetiorWiWYegarviWskiptaogfjrfestingarbankastarf ( semishjsamafyrirtki.RkingegnslkumaWskilnaWihafahinsvegarhelstveriWYauaW  kostnaWurbankakerfisinsmuniaukast,kostnaWursemviWskiptavinirogYarmeWalmenningur  munibera.EinnighefurveriWbentYaWaWmrkinmillistarfsemiviWskipta&  ogfrfestingar a bankagetiveriW;lj;sogfulluraWskilnaWurYverfiWurreynd.' T,   NokkrarumsagnirbrustnefndinniummliW.0Yeimerm.a.vakinathygliYvaWmikil  vgtsaWafmarkahvaWastarfsemiteljisttilviWskiptabankastarfsemiannarsvegarogfjr  festingarbankastarfsemihinsvegar,YannigaWskUrslanfelisrskUrangrundvllfyrirYv   hvernigaWskilnaWiviWskipta-ogfjrfestingarbankastarfsemiverWurhttaW.UmsagnaraWilar  X bentueinnigaWalmenntsekkigottaWverameWsrslenskarreglurervarWafjrmla K #  starfsemi.XaWerekkitilYessfalliWaWstyrkjatraustslenskrafjrmlafyrirtkjaefYaustarfa    samkvmtlgumsemfelasrverulegfrvikfrYeirrilggjfsemgildirEvr;pskaefna    hagssvWinu.     NefndinbendiraWumrddtillagagefurtilkynnaaWniWurstaWaendurskoWunarnefndar wO  ?erendurskoWiskipanbankastarfsemilandinumeWYaWaWmarkmiWiaWlgmarkahttuna B  affllumrekstribankafyrirYj;WarbiW eigiaWveraaWaWskiljaviWskipta-ogfjrfest    ingarbanka.XaWermatnefndarinnaraWslktorWalaggetiveriW;heppilegt.Ekkimtiloka   aWendurskoWunarnefndingtikomistaWYeirriniWurstWuaWeinhverjartakmarkanirstarf {  semiinnlnsstofnanasuskilegar,enekkifulluraWskilnaWurhefWbundinnarstarfsemi nF viWskipta-ogfjrfestingarbanka.AlmenntsnUstviWfangsefniWumaWkomavegfyriraW 9 greiWslumiWlunogaWgangurhinsalmennamannsaWlausuminnstWumverWisetthttumeW  stWutkuogveWmlumbankannasjlfra.TilYesskunnaaWveramargarleiWirogekkiendi  legavstaWaWskilnaWurviWskiptaogfjrfestingarbankastarfsemissbesta. r   AfframangreindumrWaaW;lksj;narmiWeruuppitengslumviWtfrsluaWskilnaWi e= viWskiptaogfjrfestingarbanka.NefndinleggurhersluaWtekiWsmiWafYr;unYessum 0 efnumYeimlndumsemviWberumokkursamanviW.AWsamaskapivekurnefndinathygli  YvaWaWskilnaWurfjrfestingarogviWskiptabankastarfsemierekkieinaleiWintilaWlg  markahtturekstribanka.GrundvallarmarkmiWYessarartillgueraWtryggjainnstWur i venjulegraviWskiptamannabankanna.NefndintelurmikilvgtaWunniWsaWYessumgrund \4 vallarmarkmiWumogYvleggurhntilbreytinguorWalagitillgunnarYarsemlagtertilaW ' komiWverWif;tnefndsemkannihvortogYmeWhvaWaleiWummegiaWskiljaviWskipta  bankaogfjrfestingarbankameWYaWaWleiWarlj;siaWlgmarkahttunaafrekstribanka  fyrirYj;WarbiW. `    NefndinleggurtilaWtillaganverWi samYykkt meWeftirfarandi S+!    @ BREYTINGU: # R  TillgugreininorWistsvo: !W%   AlYingilyktaraWfelaatvinnuvega-ognUskpunarrWherraaWskipanefnderkannihvort J""&  ogYmeWhvaWahttimegiaWskiljaviWskiptabankaogfjrfestingarbankameWYaWaWmark #' miWiaWlgmarkahttuna&    afrekstribankafyrirYj;WarbiW.NefndinskoWistefnum;tunn ( grannarkjaYessusambandiogskilitillgumsnumfyrir1.okt;ber2013.    LiljaRafneyMagnsd;ttirvarfjarverandiviWafgreiWslumlsins. a @ AlYingi,19.mars2013.  W / .UUUUUU>>.@mm |HelgiHjrvar, W / @ |form.,frsm.'(Ԉ "  @ MagnsOrriSchram. W / @,xrniX;rSigurWsson. W / .UUUUUU> > .   r  [.UUUUUU>>.@<< |SkliHelgason.    @b b TryggviX;rHerbertsson.    @.xPturH.Blndal.    .UUUUUU> > .  c  r V. (>>(@ Eygl;HarWard;ttir.   @(XLiljaM;sesd;ttir.