WPCM* Bt}r;@gaX/h½9DLXK4L }h+]r7!r?k rȺ',:Zdue ?uzcj,'4&Ku 5d(,*pl21_$ጽ̈́*-;Pz^Z\;.]&uU85y#8]!{^E$HC9Rt\k:>{@y=JH{Cˆ粴T,F%Z1yD jUz;WKyXS_{Sv R3 =!nCo7i>pLhL/7 Cw2D{Y7*[t:fHG֧4ʌZ\Z)QoHi_+f4`{/ Q}ΔIúLk՚pzT#|9asyHydn5UN" %p 0v #m(6 4^ m>w^ 4  B-/$I 0lm 0DZ 0(w($EN 1 0 0 0 0u## 0w:$:$ 0$$ 0N%N% 1u&&&& B&&&&$&&&&&&&&&&&& 72''/'' 1*(*(*(*(*(*(*(*(*(*(*(*(*(*(*(*(*(*(*(*(*(U:((((M))))D )&d9 Z6Times New Roman RegularX(jD$,..,TRW6&A4W6&A4 6&A4 6&A4T ? 0?vvbX0#ggdd  8dd8ISUS,.     ^^` \\BESTLA\Austurstr 10A 3h lp410 W:\WP2000\SKJRI~IZ.WPTUW:\WP2000\SkjritunY2k-nytt.wptԄDfWDrirs?g3|x)Hairline d"#aaalfha(D2S$ jD!,..,Xy@XXXTRW6&A4X3' Letter 6&A43'LetterT ? :XXy@0?vvbX0#ggdd  8:dd8ISUS,.     ^^`     0  0  :(#$  0  8DocumentManagement::ModifiedBooleanTRUE($  aa)',..,Xy@XXX? :XXy@0?vvbX0#ggdd  ISUS,.   _Ԁ VolckerVickersErkkiLiikanen FMEGavinBinghamfvCentralGovernanceForum BISBasel NIBKaarloJnnriCapacent Wall PaulIndependentCommissiononBanking ICB JohnMervyn KingLIBOREdMilibandLiikanensikmo %Eu{}1. a. 1.StafliWir undir t?luliW1.a.1.(3a)$ jD!,..,Xy@XXXTRW6&A4X3' Letter 6&A43'LetterT ? :XXy@0?vvbX0#ggdd  8:dd8ISUS,.     ^^`   (3a)$ jD!,..,Xy@XXXTRW6&A4X3' Letter 6&A43'LetterT ? :XXy@0?vvbX0#ggdd  8:dd8ISUS,.     ^^`   (3JB$ jD!,..,Xy@XXXTRW6&A4X3' Letter 6&A43'LetterT ? :XXy@0?vvbX0#ggdd  8:dd8ISUS,.     ^^`    d (M0J$2  0  .3  0 ` (O;$0  2#  a  .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) d  gJB+,..,Xy@XXX? :XXy@0?vvbX0#ggdd  ISUS,.   d  ݀qi) %y_ gEu{}a. 1. a.T?luliWur undir stafliWa.1.a.1)a)4cp Z "Times Regular : ea)),..,Xy@XXX? :XXy@0?vvbX0#ggdd  ISUS,.   _>? Ҁ jD!,..,Xy@XXXTRW6&A4X3' Letter 6&A43'LetterT ? :XXy@0?vvbX0#ggdd  8:dd8ISUS,.     ^^`   _ >?  _ikmo(%03q 9::143.lggjafarYing2013!2014.#::# ( Xingskjal18"18.ml.     :@  TillagatilYingslyktunar#: #     umaWskilnaWviWskiptabankaogfjrfestingarbanka.   %  Flm.:rniX;rSigurWsson,HelgiHjrvar,BjarkeyGunnarsd;ttir, K #  SigrWurIngibjrgIngad;ttir,gmundurJ;nasson.      AlYingilyktaraWfelafjrmla-ogefnahagsrWherraaWskipanefnderkannihvortogY   meWhvaWahttimegiaWskiljaviWskiptabankaogfjrfestingarbankameWYaWaWmarkmiWi wO  aWlgmarkahttunaafrekstribankaogfllumstarfsemiYeirrafyrirYj;WarbiW.Nefndin B  skoWistefnum;tunngrannarkjaYessusambandiogskilitillgumsnumfyrir1.okt;ber    2014.   Ѐ  #dggGreinargerW.#ggd nF   TillagaYessivarflutt140.YingiaflfheiWiIngad;tturogfleiriYingmnnum(632.ml) 9 envarWekkitrddogsWanlgWafturfram141.Yingi(228.ml).XvarhneinniglgW  fram142.Yingi(18.ml).    0vinnuefnahags-ogviWskiptanefndarviWtillguna141.Yingikomframg;WurstuWn r ingurviWmliWogvarYaWaWlokumafgreittrnefndinnimeWorWalagsbreytingusemtekiW e= hefurveriWtillittil.Fulltrarallraflokkaefnahags-ogviWskiptanefndst;WuaWnefndarliti 0 oglgWutilsamYykkttillgunnarennnumYingsinsfyrirkosningarkomstmliWekki  dagskr.Nefndarlitefnahags-ogviWskiptanefndarfr141.YingierbirtsemfylgiskjalmeW  Yessaritillgu.141.YingifylgditillgunnisvofelldgreinargerW: i   ?MeginefnihennareraWYegarverWihafisthandaviWaWundirbaYbreytinguskipulagi \4 fjrmlakerfisinshrlandiaWaWskiljastarfsemiviWskiptabankaogfjrfestingarbanka. '   undanfrnummissirumhefurmikilumrWaveriWbWihrlandiogngrannalndum  umnauWsynYessaWtakmarkakerfisbundnahttufjrmlakerfumfyrirefnahagslfog  skattborgaraviWkomandilanda.MargirteljaaWmikilvgastaskrefiWYeimefnumsaW `  aWskiljafjrfestingarbanka-ogviWskiptabankastarfsemi.SskipanmlatryggiraWbaktrygg S+! ingogstuWningurrkjaogseWlabankatakmarkastviWhefWbundnabankastarfsemi,Y.e.innln " ogtlnognauWsynlegaYj;nustuviWf;lkogfyrirtki.AWskilnaWurkemurvegfyriraWsp # kaupmennskaoghttufjrfestingarfjrfestingarbankalendiskattgreiWendumogefnahags  $ kerfinuheild. !W%   StuWningurviWaWskilnaWarhugmyndinahefurfariWvaxandimeWalalmennings,srfrW J""& ingaogstj;rnmlamannaBretlandi,Evr;pusambandinuogBandarkjunum.0Banda #' rkjunumhafaveriWlgleiddarstrangaraWskilnaWarreglurmeWsvonefndriVolckersreglu. #( MeWhennierinnlnsstofnunum,Y.e.hefWbundnumbnkumogsparisj;WumsemtakaviWinn $ ) lnumfralmenningi,bannaWaWkaupahlutabrfognnurverWbrf,utanbandarskra v%N!* rkisskuldabrfa,fyrireiginreikningeWaeigahlutieWatengjastvogunarsj;WumeWahluta A&"+ brfasj;Wum.0BretlandierundirbningiaWsetjaupp?girWingar milliYessara;lkuYtta  '", bankastarfseminnarkjlfartillagna;hWrarnefndarkenndrarviWVickerslvarW.X;tttil '#- lgurnarmuniekkitakagildifyrren2019erudeilurYegarrisnarBretlandiumYessar (z$. 9 y_   fyrirtlanir.Framkvmdastj;rnEvr;pusambandsinsfkkbyrjunokt;bertillgursrfrWi - nefndarundirforustuFinnansErkkiLiikanenYarsemlgWerherslaaWgreininguhttu  samrafjrfestingarviWskiptafralmennriviWskiptabankastarfsemiY;YannigaWhvorttveggja  getiveriWframinnansmusamstWu. a   XannigeruYj;WirbeggjavegnaAtlantshafsinsaWfikrasigttaWaWskilnaWiYessaraYtta Y, ogsrfrWingar,YarmeWalbankamenn,mlameWhonum.Hrlandihefurhugmyndin $ veriWtilumrWueinsoghrverWurrakiW.TeljaflutningsmenntillgunnarbrUntaWAlYingi  takiafstWutilYessasemfyrst.    StaWan0slandi.  P #    FrbankahruninuhaustiW2008hefurmikiloggagnrUninumrWafariWframumstarfs    aWferWirgmlubankannaaWdragandaYessaWYeirurWugjaldYrota.EkkisWurhefurveriW    fjallaWumYannlagarammasemYeirstrfuWueftiroggerWiYeimkleiftaWrWasthttu   samarfjrfestingar,AWYvhefureinkumveriWfundiWaWinnlnviWskiptabankasemhfWu |O  bakbyrgWfrrkinu,Y.m.t.eruUmsirsparisj;Wir,skuliekkiaWeinshafanUttinnlnfrein G  staklingumogsmrrifyrirtkjumhefWbundintln,heldureinnigreyntaWvaxtaumrtt   fmeWhttusmumtlnumtiltengdraaWilaogjafnvelmeWglfralegumog;arWbrum   fjrfestingum,m.a.fyrirtkjumsemvoruntengdeigendumYessarasmufjrmlastofnana. {  VegnaYessaWinnlnnj;tasrstakrarverndarogtryggingarerrkstWatilaWaWskiljaslka sF starfsemifrhttuskinnifjrfestingarbankastarfsemi.MeWYvaWsinnabWiviWskipta- > ogfjrfestingarbankastarfsemieinuhafibankarnirveriWaWstWutilaWmisnotaauWvelt   aWgengisittaWfviWskiptavinasinnameWYvaWverjaYvhttusmtlnogfjrfestingar.    LengihafWiveriWvaraWviWYessarihttuWurenbankarnirflluogmYareinkumnefna r frumvarpgmundarJ;nassonaro.fl.umbreytingulgumumfjrmlafyrirtki,nr.161/ j= 2002,semlagtvarfram130.og135.lggjafarYingiogsvoaftur3.okt;ber2008upphafi 5 136.Yings,enmarkmiWYessvaraWframkallaskUranaWskilnaWmilliviWskiptabanka-og  fjrfestingarbankastarfsemi.FrumvarpiWvarWekkitrtt.    0meWfrum138.lggjafarYingsfrumvarpiefnahags-ogviWskiptarWherraumbreytingu i lgumumfjrmlafyrirtki,nr.161/2002,varmikiWrttumhvortbannattiaWhefW a4 bundinviWskiptabanka-ogfjrfestingarbankastarfsemivrirekinsamaflaginuogtldu , margirYingmennYYegarbrUntaWtakaafskariWumstefnustj;rnvaldaYeimefnum.Meiri  hlutiviWskiptanefndarkomstaWYeirriniWurstWuaW?ekkivrirttaWsvokomnuaWleggja  tilbreytingarYessaveru.stWanereinkumsaWfrumvarpinuertekiWmrgumYeim `  gllumsemhinbandarskulgt;kusnumtma,t.d.meWbanniviWlnveitingummeW X+! veWieiginhlutabrfumogstrangarireglumumlnveitingarogviWskiptiviWhverskonar #" tengdaaWila.XereinnigtilYessaWltaaWekkertYeirralandasemltasambrilegureglu # verkiogerhrlendishefurlagtframtillgurYessatt. EngusWurrttaWimeirihlutiviW  $ skiptanefndaraWrttvri?aWfylgjastniWogvelmeWYr;unlagasetningarerlendisYessu !W% sviWiogdragalrd;mafYvsemaWrirkunnaaWhafastaWiWframmifyrir.  O""&   0?SkUrsluefnahags-ogviWskiptarWherraumframtWarskipanfjrmlakerfisins semlgW #' varfyrirAlYingiaprl2012erfjallaWumkostioggallaYessaWaWskiljafjrfestingarbanka- #( ogviWskiptabankastarfsemi(sjkafla8.5bls.84!86).XarerekkiaWfinnaaWraafstWuen $ ) YsemaWframangreinir!aWbWaogsjhverjuframvindurngrannalndumokkar. {%N!*   0skUrslunnisegirm.a.: F&"+   ?YvleikurekkivafiaWeinmitt;heppilegtengslmilliinnlnsstarfsemiogfjrfestingar '", starfsemittisnaranYttr;tumkreppunnar2008.Ranns;knarnefndAlYingiskomsteinnig '#- aWYeirriniWurstWuaWslenskirbankarhefWuauknummli& , sniWsraWfjrfestingarbanka - starfsemiaWdragandahrunsins.     Ogennfremur:    ?XaWermikilvgtaW',-<,fylgjastgranntmeWframvinduYessamlsalYj;WavettvangiWur a enkvarWanireruteknarhrlandiumr;ttkarbreytingarskipulagibankaogannarra Y, fjrmlafyrirtkja.EinsttvirWistaWeflamegifjrmlastWugleikameWskUrarigreinarmun $ YessumtveimurYttumbankastarfseminnar.    Semstendureruhttumerkium;heppilegtengslYessaratveggjastarfsYttaekkisrstakt   hyggjuefnihinunUendurreistafjrmlakerfihrlandi.0lj;sidUrkeyptrarreynsluer  X stWatilaWveravelverWiogtilokaekkiaWgreiningueWaaWskilnaWYessarastarfsYtta P #  semframtWarfyrirkomulag,ekkisstefYr;uninstefnirYttalYj;Wavsu.       VaxandihugihefurveriWYessummlumhrlandikjlfarumrWuumtillgunasl.    vorogskUrslurWherra.M.a.st;WFlaghagfrWingaogviWskiptafrWingafyrirfjlmennri   rWstefnuumaWskilnaWinn11.septembersl.ogYarkomum.a.Yaum;trkframaWhonum |O  fylgimikillkostnaWaraukifyrirbankakerfiWlandinusemYurfiaWnj;tastrWarhagkvmni G  afbWumYttumogaWekkisrttYessustigiendurskipulagsYessaWgrpainnferliWmeW   slkumreglum.Forstj;riFjrmlaeftirlitsins,UnnurGunnarsd;ttir,lUstiYvyfirrWstefn   unniaWhennifyndist?8YaWekkialvegtmabrtaWsvostddu. VsaWihntilvinnu {  nefndarEvr;pusambandsinssemnfjallaWiummliWogtaldirttaWbWaniWurstWuhennar sF ogfylgjaYeirrilnu.Lj;stmYvveraaWFMEmunekkihafafrumkvWiaWbreyttureglu > verkihvaWYettavarWar.Xhafatalsmennst;rubankannaYriggja,bankastj;rar,formaWur   bankarWs0slandsbankaoggreiningardeildArionbanka,varaWviWYvaW0slendingarstigi  nYettaskref. r   AukYeirrarksemdasemaWframangreinirumnauWsynYessaWhttusmustubanka j= viWskiptinsuekkimeW;beinnirkisbyrgWsemvaldiWgeturskattgreiWendumogvenjulegum 5 sparifjreigendummiklutj;nibendafylgjenduraWskilnaWarhrlandiaWsmW  fjrmlamarkaWarinsfylgimeirihttaendagetist;rirfjrfestarogeinstakiratburWirhaft  grWarleghriflitlubankakerfiogvaldiWmiklutj;ni.XhefurveriWbentaWfjrfestingar i slenskubankannaerutiltlulegalitlarognemanaWeinsum5%afstarfseminnienvoruum a4 30%fyrirhrun.Xettahlutfallfervaxandi.XannigskjriWtkifrifyrir0slendingaaWstga , nskrefiWtilfullsWurenfjrfestingarbankastarfsemitekurafturllvldviWskipta  bnkunum,endasYaWeinfaltoghafiekkitruflandihrifnverandistarfsemiYeirra.Loks  bendaYeirsemstundahreinafjrfestingarbankastarfsemihrlandiYstaWreyndaWsam `  keppnisstaWaYeirraerskertmiWaWviWfjrmlafyrirtkisemgetasemnUtttryggWog;dUr X+! innlnfralmenningitilaWfjrmagnahttusamafjrfestingarbankastarfsemi. #"   Efnahags-ogviWskiptarWherra(natvinnuvega-ognUskpunarrWherra)skipaWkjlfar # skUrslunnarumframtWarskipanfjrmlakerfisinsstarfsh;pinnlendraogerlendrasrfrWinga  $ tilYessaWundirbatillgurumsamrmdaheildarumgjrWlagaogreglnaumallastarfsemi !W% slenskumfjrmlamarkaWi.H;pinnskipaGavinBingham,fv.framkvmdastj;riCentral O""& BankGovernanceForumhjBISBasel,J;nSigurWsson,fv.forstj;riNorrnafjrfestingar #' bankans(NIB)Helsinki,ogKaarloJnnri,fv.forstj;rifjrmlaeftirlitsFinnlands. #(   AukYessaWrUnatextaskUrslunnarogkynnasrumrWurogathugasemdirviWhana,m.a. $ ) hvaWvarWaraWskilnaWfjrfestingarbankastarfsemiogviWskiptabankastarfsemi,erh;pnum {%N!* tlaWaW: F&"+   ?1.0  Kannahverniglgumogreglumumfjrmlastarfsemiogframkvmdeftirlits0slandi '", hefurveriWbreytttilefniaffjrmlahruninu2008;'#-   2.0  & a GreinaveikleikasemennkunnaaWveratilstaWarlgumogreglumumfjrmla - markaWinnogtengdamarkaWiogframkvmdfjrmlaeftirlitsogeftirfylgnimeWYv  oggeratillgur'a-eAtilrb;ta;   3.0  GeratillgurumYaWhvernigunnteraWskiptabeturverkummeWeinstkumYtt a takendumfjrmlamarkaWiogstyrkjastofnanaumgjrWfjrmlaeftirlits,bWihvaW Y, varWareindaeftirlitogYj;WhagsvarWY.e.heildareftirlit;$   4.0  GeratillgurumhvernigbestfariYvaWsetjasamrmdaheildarumgjrWlagaog  reglnaumallastarfsemifjrmlamarkaWi.     H;pnumertlaWaWskilarWherranhaustdgumtillgumumbreytingarlagaumgjrW  X fjrmlamarkaWarins,srstaklegahvaWvarWarbyrgWarsviWSeWlabanka0slandsog P #  Fjrmlaeftirlitsins.VerkefninefndarinnarermunvWfeWmaraentillaganogteljaflutnings    mennhennarsUntaWhversemniWurstaWanefndarinnarverWurhlj;tiviljiAlYingistilYessa    mikilvgalitaefnisaWYurfaaWkomafram.MargirhagfrWingarogaWrirsrfrWingarhafa   undanfrnummissirumlUststuWningiviWaWskilnaWafYessutagiogteljahannmikilvgasta |O  skrefiWtilaWlgmarkakerfisbundnahttufjrmlakerfilandsinsogtryggjafjrmla G  stWugleika.SkoWanaknnunsemCapacentgerWihrlandiseptember2012fyrirStraum   !FjrfestingabankasUndiaW80%aWspurWravildufullanaWskilnaW,4%vorum;tien15%   hvorkin. {   BandarkinogBretland.  >   SvovirWistsemlagasetningYessusviWimuniflj;tlegatakabreytingumeinhverjum   ngrannalndumokkarogYegarhafatakmarkandireglurveriWlgleiddarBandarkjunum.    0slensklggjfsviWifjrmlastarfsemitekurmiWafevr;pskuregluverkiYarsemlaga r leguraWskilnaWurviWskiptabanka-ogfjrfestingarbankastarfsemihefuralmenntekkiveriW j= tilstaWar,;lktYvsemgiltiBandarkjunumrunum1933!1999,meWsvoklluWumGlass- 5 Steagall-lgum,semogJapan.Glass-Steagall-lginvorusettkjlfarverWfallshluta  brfumWallStreetriW1929ogheimskreppunnarmiklusemafYvleiddi.Lginf;lusr  aWbankarYurftuaWgerauppviWsighvortYeirstrfuWusemviWskiptabankaralmennuminn- i ogtlnumeWasemfjrfestingarbankar.SamhliWaYeimlgumvarsettlggjfumvernd a4 innstWueigendatilYessaWkomavegfyrirhlaupviWskiptabanka,aukYesssemSeWla , bankaBandarkjannavoruveittarauknareftirlitsheimildir.riW1999voruGlass-Steagall-  lginhinsvegarafnumin,YareWekkivarlengurtalinYrfYeim.EkkileiWY;heillratugur  frYvaWfjrmlastofnunumvarafturheimilaWaWblandasamanviWskiptabankastarfsemiog `  fjrfestingarbankastarfsemiunsbankab;lan,semafslkrialhliWastarfsemihlaust,sprakkrin X+! 2007og2008.VegnaefnahagskreppunnarsemkjlfarYessfylgdihefurBandarkjunum #" veriWsettlggjfaWnUjuumfjrmlafyrirtkisemtakmarkaheimildirYeirratilstWutku # ogforWaYeimYannigfrhttutkut.d.vogunarsj;Wum(tillagankenndviWPaulVolcker,  $ fv.seWlabankastj;raBandarkjanna).MrgumYykirekkin;gaWgertogerukrfurum !W% endurnUjuWGlass-SteagalllgberandiumrWunnivestanhafs. O""&   LggjfumstarfsemifjrmlafyrirtkjahefurlengiveriWsrlegatakmrkuWBretlandi #' oghefurYaWbWigertLundniraWeinnimestubankamiWstWheimseneinnigvaldiWYvaW #( bankakreppanhefurreynstsrlegadjpogkostnaWarsmfyrirbreskanalmenning.HaustiW $ ) 2011skilaWihinsvokallaWa;hWabankanefndBretlandi(e.IndependentCommissionon {%N!* Banking,ICB),undirforustuJohnVickers,fyrrverandiforstj;rabreskasamkeppniseftir F&"+ litsins,lokaskUrslusinniumframtWbankamlaBretlandi.NefndYessivarskipuWjn '", 2010tilYessaWhugakerfisbreytingarogannarskonarbreytingarbreskabankageiranum '#- YeimtilgangiaWaukafjrmlastWugleikaogsamkeppni.0skUrslunefndarinnarerlagttil - aWfjrmlastofnunumverWileyftaWsinnasennviWskiptabankastarfsemiogfjrfestingar  bankastarfsemienY;aWYeirriforsenduuppfylltriaWhefWbundinviWskiptabankastarfsemi  verWiaWeinsstunduWsjlfstWud;tturflagibankanssemltisrstkumkrfumumeigin a fjrhlutfall.MeWWrumorWumverWifjrfestingar-ogviWskiptabankastarfsemialgjrlega Y, aWskilininnaneinsogsamabankans,svoekkiYurfiaWskiptahonumupptvfjrmla $ fyrirtki.MeWslkrigirWingumillihinna;lkusviWastarfseminnarmegidraga&  verulegar  tilaWmyndahttuYj;WarbsinsafhttusamaristWutku']YԀfjrfestingarbankastarfsemi.     LagtertilaWYessarumbturgangigegnsWastalagiriW2019ogaWfrumvarpkomi  X fram2015.DrgaWfrumvarpinuhafalekiWtilfjlmiWlaoghafaMervynKing,seWlabanka P #  stj;riBreta,ogSirJohnVickers,formaWurnefndarinnar,slegisth;pgagnrUnendasemsegja    tillgurVickers-nefndarinnarYegarhafaveriWtvatnaWarrkisstj;rnvegnaundanltssemi    viWkrfurbankanna.MliWhefurvakiWmiklardeilurBretlandi,ekkisstkjlfarLIBOR-   hneykslisins,oghefurEdMiliband,formaWurbreskaVerkamannaflokksins,lUstYvyfiraW |O  efbankarnirbreytiekkistefnusinniogmenninguverWiYeimskiptmeWlagaboWikomist G  Verkamannaflokkurinntilvaldaeftirnstukosningar.BankaeigiekkiaW?rekaeinsog   spilavti heldureigiYeiraW?einbeitasraWkjarnastarfsemisvosemlnumtilviWskiptavina   sinna.  {   Evr;pusambandiW.  >   Seintrinu2011skipaWiframkvmdastj;rnEvr;pusambandsinsellefumannasrfrWi   nefndtilaWvinnatillgurumframtWarskipanfjrmlakerfisEvr;pu.Verkefninefndarinnar  varaWleitaleiWatilaWstyrkjabankakerfiW,minnkahttuogeflabankaeftirlit.Nefndinsem r varundirformennskufinnskaseWlabankastj;rans,ErkkiLiikanens,skilaWitillgumsnum j= 2.okt;bersl.MestaathyglinhefurbeinstaWniWurstWumnefndarinnarumaWskilnaWviW 5 skiptabanka-ogfjrfestingarbankastarfsemi,ennefndinleggurtilaWfjrfestingarstarfsemi,  YarmeWalviWskiptimeWverWbrfogafleiWuroglntilvogunarsj;Waogfjrfestingarflaga  semeruyfirtilteknummrkummiWaWviWstrWbankans,skuliskilinfrhefWbundinnibanka i starfsemiogverahendisrstakslgaWilaeWaflagsinnansmusamsteypu.Nefndinleggur a4 semsagtekkitilfullkominnaWskilnaWandaGlass-Steagalllagannagmluenfylgir , svipuWumleiWumogfarnarhafaveriWBandarkjunumogtillgurveriWuppiumBretlandi.  NefndinbendiraWmeWYvm;tilendigjaldYrotfjrfestingarstarfseminnarekkirkieWa  seWlabnkumgegnumbyrgWYeirrahefWbundnuminnstWumogaWfjrmlakerfinu `  heildverWiekkieinshttviWaWkollsteypuognverandikerfinnokkursaWskilnaWar. X+!  NiWurlag.  #   EinsogframkemurhraWframanhafamargirforustumennslenskufjrmlalfilagst  $ gegnaWskilnaWiviWskiptabanka-ogfjrfestingarbankastarfsemihrlandi.FjrmlaeftirlitiW !W% ogYverandiefnahags-ogviWskiptarWuneytihafaviljaWbWaeftirYvhvaWaleiWyrWifyrir O""& valinufjrmlamrkuWumEvr;puWurengripiWyrWitilrWstafanahrlandiYvskyni #' aWaWskiljahttusknabankastarfsemifrvenjulegriviWskiptabankastarfsemi.Lj;steraW #( tillgurLiikanen-nefndarinnarfaranlangvinnanferilumsagnaogrWslags,m.a.viWst;ru $ ) evr;pskubankanasemskoriWhafauppherrgegnllumgirWingumogaWgreiningum.Langur {%N!* tmimunlWaWurentillgurnarkomatilframkvmda.ReynslanfrBretlandiogBanda F&"+ rkjunumsUnireinnigaWbankarnirhafamikiltkoghrifregluverkumfjrmlamarkaWinn '", ogYveralls;vstaWendanleganiWurstaWaverWiYleiWsemtillgurnargerarWfyrir. '#-   FlutningsmenntillgunnarteljaaWekkimegidragastlenguraWbreytalagaumhverfi - fjrmlafyrirtkjahrlandiogaWskiljahttusamafjrfestingarstarfsemioghefWbundna  bankastarfsemiannaWhvortalgerlega;tengdumfyrirtkjumeWameWskUrumaWskilnaWi  innanhversfjrmlafyrirtkis.MikilvgasteraWmatiflutningsmannaaWinnstWurvenju a legraviWskiptamannabankannasutryggWarogaWYrsuforgangskrfurbYeirraefYeir Y, verWagjaldYrota. $   0Yeimtilgangiertillaganflutt.    Fylgiskjal.     [ AuQ) dE> A^  [        NefndarlitmeWbreytingartillgufrefnahags-ogviWskiptanefndumtillgutil |O  YingslyktunarumaWskilnaWviWskiptabankaogfjrfestingarbanka.  G  (Xingskjal1290,228.ml141.lggjafarYings.)   Gn  NefndinhefurfjallaWummliW.UmsagnirbrustfrFjrmlaeftirlitinu,HjaltaAtlasyni, {  0slandsbanka,Landsbankanumhf.,Neytendasamtkunum,Samkeppniseftirlitinu,Samtkum sF atvinnulfsins,SeWlabanka0slandsogStraumifjrfestingarbankahf. >   MeginefnitillgunnarsemhrertilumfjllunareraWstraxverWihafisthandaviWaW   undirbaYbreytinguskipulagifjrmlakerfisinshrlandiaWaWskiljastarfsemiviW  skiptabankaogfjrfestingarbanka. r   MikilumrWahefurveriWhrlandiogngrannalndumumnauWsynYessaWtakmarka j= kerfisbundnahttufjrmlakerfumbWifyrirefnahagslfogskattborgara.SlkaWgreining 5 hefurveriWtilumrWuBandarkjunum,BretlandisemogEvr;pusambandinu.0Banda  rkjunumhefurveriWsettlggjfsemtakmarkarheimildirfjrmlafyrirtkjatilstWutku.  0BretlandiskilaWi;hWabankanefndin(e.IndependentCommissiononBanking)skUrsluYar i semm.a.erlagttilaWfjrfestingar-ogviWskiptabankastarfsemiverWialgjrlegaaWskilin a4 innaneinsogsamabankansenY;YurfiekkiaWskiptahonumupptvfjrmlafyrirtkiYar , semhefWbundinviWskiptabankastarfsemiverWiaWeinsstunduWd;tturflagibankanssemlti  srstkumkrfumumeiginfjrhlutfall.NefndEvr;pusambandsinsumframtWarskipanfjr  mlakerfisEvr;puskilaWiskUrslusinnihaustmnuWum2012.SnefndleggurtilaWfjr `  festingarstarfsemi,YarmeWalviWskiptimeWverWbrfogafleiWuroglntilvogunarsj;Waog X+! fjrfestingarflagasemeruyfirtilteknummrkummiWaWviWstrWbankans,skuliskilinfr #" hefWbundinnibankastarfsemiogverahendisrstakslgaWilaeWaflagsinnansmusam # steypu.EkkierYvlagWurtilfullkominnaWskilnaWur.0skUrsluefnahags-ogviWskiptarW  $ herraumframtWarskipanfjrmlakerfisinssemlgWvarfyrirAlYingiaprl2012erfjallaW !W% umkostioggallaYessaWaWskiljafjrfestingar-ogviWskiptabankastarfsemi.XarerekkiaW O""& finnaaWraafstWuenYaWbWaogsjhvaWngrannalndokkargera.XaWermatflutnings #' mannaYeirrartillgusemhrertilumrWuaWekkimegidragastlenguraWgerattektYv #( hverniglgmarkamegihttunarekstribankafyrirYj;WarbiWogskattgreiWendur,t.d.meW $ ) YvaWbreytalagaumhverfifjrmlafyrirtkjahrlandiYannvegaWaWskiljahttusama {%N!* fjrfestingarstarfsemioghefWbundnabankastarfsemi.NefndintekurundirYaWogtelurmikil F&"+ vgtaWskipuWverWinefndtilaWendurskoWabankastarfsemilandinumeWYaWaWmarkmiWi '", aWtakmarkahttuaffllumrekstribankafyrirYj;WarbiW. '#-   SkiptarskoWanirhafaveriWhrlandiumgtiYessaWskiljaaWstarfsemiviWskipta-og - fjrfestingarbankaogkemurYaWgtlegaframumsgnumsembrustummliW.Rkin  fyrirslkumaWskilnaWieruannarsvegarYauaWfjrfestingarbankastarfsemishttusmog  hinsvegarsaWhagsmunarekstrargetiorWiWYegarviWskiptaogfjrfestingarbankastarfsemi a shjsamafyrirtki.RkingegnslkumaWskilnaWihafahinsvegarhelstveriWYauaWkostn Y, aWurbankakerfisinsmuniaukast,kostnaWursemviWskiptavinirogYarmeWalmenningurmuni $ bera.EinnighefurveriWbentYaWaWmrkinmillistarfsemiviWskipta&  ogfjrfestingarbanka  getiveriW;lj;sogfulluraWskilnaWurYverfiWurreynd.'     NokkrarumsagnirbrustnefndinniummliW.0Yeimerm.a.vakinathygliYvaWmikil  X vgtsaWafmarkahvaWastarfsemiteljisttilviWskiptabankastarfsemiannarsvegarogfjr P #  festingarbankastarfsemihinsvegar,YannigaWskUrslanfelisrskUrangrundvllfyrirYv    hvernigaWskilnaWiviWskipta-ogfjrfestingarbankastarfsemiverWurhttaW.UmsagnaraWilar    bentueinnigaWalmenntsekkigottaWverameWsrslenskarreglurervarWafjrmla   starfsemi.XaWerekkitilYessfalliWaWstyrkjatraustslenskrafjrmlafyrirtkjaefYaustarfa |O  samkvmtlgumsemfelasrverulegfrvikfrYeirrilggjfsemgildirEvr;pskaefna G  hagssvWinu.     NefndinbendiraWumrddtillagagefurtilkynnaaWniWurstaWaendurskoWunarnefndar   ?erendurskoWiskipanbankastarfsemilandinumeWYaWaWmarkmiWiaWlgmarkahttuna {  affllumrekstribankafyrirYj;WarbiW eigiaWveraaWaWskiljaviWskipta-ogfjrfestingar sF banka.XaWermatnefndarinnaraWslktorWalaggetiveriW;heppilegt.EkkimtilokaaW > endurskoWunarnefndingtikomistaWYeirriniWurstWuaWeinhverjartakmarkanirstarfsemi   innlnsstofnanasuskilegar,enekkifulluraWskilnaWurhefWbundinnarstarfsemiviWskipta-  ogfjrfestingarbanka.AlmenntsnUstviWfangsefniWumaWkomavegfyriraWgreiWslumiWlun r ogaWgangurhinsalmennamannsaWlausuminnstWumverWisetthttumeWstWutkuog j= veWmlumbankannasjlfra.TilYesskunnaaWveramargarleiWirogekkiendilegavstaW 5 aWskilnaWurviWskiptaogfjrfestingarbankastarfsemissbesta.    AfframangreindumrWaaW;lksj;narmiWeruuppitengslumviWtfrsluaWskilnaWi  viWskiptaogfjrfestingarbanka.NefndinleggurhersluaWtekiWsmiWafYr;unYessum i efnumYeimlndumsemviWberumokkursamanviW.AWsamaskapivekurnefndinathygli a4 YvaWaWskilnaWurfjrfestingarogviWskiptabankastarfsemierekkieinaleiWintilaWlg , markahtturekstribanka.GrundvallarmarkmiWYessarartillgueraWtryggjainnstWur  venjulegraviWskiptamannabankanna.NefndintelurmikilvgtaWunniWsaWYessumgrund  vallarmarkmiWumogYvleggurhntilbreytinguorWalagitillgunnarYarsemlagtertilaW `  komiWverWif;tnefndsemkannihvortogYmeWhvaWaleiWummegiaWskiljaviWskipta X+! bankaogfjrfestingarbankameWYaWaWleiWarlj;siaWlgmarkahttunaafrekstribanka #" fyrirYj;WarbiW. #   NefndinleggurtilaWtillaganverWi samYykkt meWeftirfarandi  $    @ BREYTINGU: O""& O  TillgugreininorWistsvo: #(   AlYingilyktaraWfelaatvinnuvega-ognUskpunarrWherraaWskipanefnderkannihvort $ )  ogYmeWhvaWahttimegiaWskiljaviWskiptabankaogfjrfestingarbankameWYaWaWmark {%N!* miWiaWlgmarkahttuna&     afrekstribankafyrirYj;WarbiW.NefndinskoWistefnum;tunn - grannarkjaYessusambandiogskilitillgumsnumfyrir1.okt;ber2013.    LiljaRafneyMagnsd;ttirvarfjarverandiviWafgreiWslumlsins. a   AlYingi,19.mars2013. $ u\ / .UUUUUU>>.@oo |HelgiHjrvar, \ / @ |form.,frsm.'-Ԉ '  @ MagnsOrriSchram. \ / @,xrniX;rSigurWsson. \ / .UUUUUU> > .   r  [.UUUUUU>>.@<< |SkliHelgason.    @e e TryggviX;rHerbertsson.    @.xPturH.Blndal.    .UUUUUU> > .  c  r [. (>>(@ Eygl;HarWard;ttir.   @(XLiljaM;sesd;ttir.   ___