natgillin/translations-raw huggingface dataset:
De ungarske myndigheder bemærker ligeledes, at FHB ikke har udbetalt udbytte i flere år i træk, og banken har kun tilbagekøbt en mindre del af sine aktier i forhold til den samlede værdi af aktionærens egenkapital.
It was especially true in the case of FHB, which is financed from the capital market.
Da der kun er blevet tilbageført begrænsede midler til ejere og aktionærer gennem de seneste år, er der således sikret en passende byrdefordeling.
COMMENTS FROM THE MEMBER STATE
Ud over de foranstaltninger til begrænsning af konkurrencefordrejninger, som Kommissionen har nævnt i sin beslutning, understreger de ungarske myndigheder en række yderligere foranstaltninger inden for rammerne af garanti- og rekapitaliseringsordningen og rekapitaliseringsaftalen mellem FHB og den ungarske stat:
The Commission received observations from the Hungarian authorities on 2 March 2011, supplemented by comments from FHB by letter dated 11 July 2011.
Staten har en særlig vetoret vedrørende udbyttebetaling og opkøb [14].
In response to the Commission's doubts on the accuracy of assumptions underlying the bank's restructuring plan, the Hungarian authorities state that financial forecasts are based on external experts' assumptions and are consistent with the information that is available at the time when they were made.
Ud over ovennævnte foranstaltninger indgik FHB yderligere forpligtelser i punkt 3.8 i rekapitaliseringsaftalen, hvori det fastslås, at rekapitaliseringen skal anvendes til at opfylde følgende mål:
Furthermore, the Hungarian authorities state that, regarding retail deposit accounts, data reveals that FHB's share in the retail deposit segment rose from […] % to […] % in 2009; the projection for the end of 2010 is for […] %.
FHB skal gennemføre en kapitalforhøjelse i FHB Commercial Bank
Further, the number of retail accounts as well as the size of the portfolio of such accounts has been rising consistently and dynamically despite a market projection for a decline in the portfolio.
Rekapitaliseringen skal bidrage til stabiliseringen af de ungarske markeder for pantebreve og realkreditlån og finansiere udviklingen af udlån til privatkunder og SMV'er
Therefore, the bank and the Hungarian authorities do not consider the projections on retail deposits and retail accounts as over-optimistic.
Rekapitaliseringen skal bidrage til FHB's stabilitet og styrke bankens aktive tilstedeværelse på kapitalmarkedet og således bidrage til at genskabe investorernes tillid
As regards FHB's liquidity position, it can be regarded as consistently stable, which is due, inter alia, to the fact that it has to comply with the liquidity requirements prescribed by rating agencies.
FHB skal deltage i konsolideringen af ovennævnte markedssegmenter
The bank's liquidity situation was stable even in the most difficult periods of the crisis, which is confirmed by the letter of 19 March 2009 of the Governor of the Hungarian Central Bank to the Minister of Finance.
FHB skal optimere sin finansieringsstruktur (forpligtelsesstruktur)
Finally, the weakening of the bank's asset quality during the crisis was mainly due to Hungary's macroeconomic situation, dwindling household income, declining employment rates and rising unemployment rate rather than the upward trend of the Swiss franc against the Hungarian forint.
FHB skal udvikle de nødvendige værktøjer til afhjælpning af den alvorlige indvirkning af makrorisici (valutarisici) på kapitalsiden.
Although FHB has launched several schemes aimed at addressing the problems of distressed debtors, the quality of the loan portfolio will be permanently improved primarily by an economic upturn and improved economic indicators.
I modsætning til den tvivl, som Kommissionen har givet udtryk for, var formålet med rekapitaliseringen af FHB ikke at fordreje konkurrenceevnen ved at udvide FHB Commercial Banks aktiviteter.
The economic projections of the Hungarian Central Bank and the Hungarian government for 2011 are for growth in Gross Domestic Product (hereinafter ‘GDP’), gradual improvement in employment and a lower rate of unemployment, which is also likely to have a significant impact on FHB's loan portfolio.
Kapitalforhøjelsen i FHB Commercial Bank var et led i rekapitaliseringsaftalen.
The Hungarian authorities remark that FHB concluded the agreements with Allianz Bank and Allianz Hungaria Insurance after FHB had repaid the State in full on 19 February 2010 for the entire issued value of the shares and redeemed the shares issued during the recapitalisation.
FHB Commercial Banks hovedaktiviteter, der også blev støttet i forbindelse med kapitalforhøjelsen på 25 mia. HUF finansieret gennem statens rekapitalisering, er fortsat de samme.
The agreements of FHB with Allianz were entered into in June and July 2010 and the acquisition took place in September 2010.
Udlånsporteføljen til erhvervskunder er til stadighed blevet udvidet, men ikke ud over sin hidtidige trendvækst.
At that time, no State funds were held by FHB.
Efter de ungarske myndigheders opfattelse viser ovenstående, at der ikke er noget grundlag for Kommissionens sammenfattende vurdering af foranstaltningerne til begrænsning af konkurrencefordrejninger og dens påstand om, at »disse foranstaltninger er meget begrænsede«.
Therefore, FHB cannot have financed the acquisition from the recapitalisation repaid in February 2010.
De ungarske myndigheder gør derfor gældende, at rekapitaliseringsaftalen opfylder kriterierne i både loven om stabilisering og de relevante meddelelser fra Kommissionen.
The preparatory analyses and discussions between FHB and Allianz started only after the State loan had been repaid.
VURDERING AF STØTTEN
Further, the purchase price that FHB paid for Allianz Bank (with the value of the treasury shares taken into consideration) amounted to approximately HUF 3,3 billion, while Allianz Bank's equity capital was close to HUF 14 billion as at 30 September 2010.
STØTTENS EKSISTENS
Thus, in order to be able to acquire Allianz Bank, FHB did not need any capital, and the transaction did not reduce FHB's equity.
Kommissionen har allerede i sin beslutning om indledning af proceduren af 24. januar 2011 fastslået, at både rekapitaliseringen og likviditetsstøtten i form af lånet ydet til FHB udgør statsstøtte ifølge traktatens artikel 107, stk. 1 [16].
Furthermore, the fact that the aid was limited to the minimum necessary is reflected in the fact that FHB's CAR, which stood at 11,3 % in 2008, reached the 12 % CAR target, approved by the Commission within the guarantee and capital scheme, only after the recapitalisation.
Hverken den ungarske stat eller FHB har fremført nogen argumenter, der kan rejse tvivl herom.
The Hungarian authorities also note that FHB has not paid dividends for several years in succession, and it has only purchased back a minor portion of its shares relative to the total value of the shareholder's equity.
STØTTENS LOVLIGHED
Accordingly, as the amount of funds returned to owners and shareholders has been low over the past years, an appropriate burden-sharing has been ensured.
Kommissionen skulle således have været særskilt underrettet om foranstaltningen i overensstemmelse med betingelserne i garanti- og rekapitaliseringsordningen og traktatens artikel 108, stk. 3.
In addition to the measures to limit distortions of competition mentioned by the Commission in its decision, the Hungarian authorities point to additional measures linked with the guarantee and recapitalisation scheme and the recapitalisation agreement between FHB and the Hungarian State:
Ungarn har således ulovligt iværksat støtten i form af en rekapitalisering til fordel for FHB i strid med traktatens artikel 108, stk. 3.
The State is entitled to a special veto right over dividend payments and acquisitions [14]; and
KVANTIFICERING AF STØTTEN
Some restrictions must be implemented by the bank in respect of the salary, remuneration and benefits of its senior officers until the cessation of the interest of the Hungarian State [15].
I forbindelse med omstruktureringen af FHB skal der tages hensyn til alle foranstaltninger iværksat til fordel for banken.
The Hungarian authorities note that, according to their interpretation of State aid rules, those behavioural measures and other measures limiting the distortion of competition are or were binding on FHB for as long as the State was a shareholder of the bank.
Der skal således både tages hensyn til rekapitaliseringen på 30 mia. HUF og likviditetslånet på 120 mia. HUF i forenelighedsvurderingen.
In addition to the measures mentioned above, FHB made further commitments in point 3.8 of the recapitalisation agreement, which sets out that the recapitalisation should be used to reach the following objectives:
STØTTENS FORENELIGHED
That FHB performs a capital increase in FHB Commercial Bank;
Retsgrundlag
That the recapitalisation contributes to the stabilisation of the Hungarian mortgage note and mortgage loan markets and finances the development of retail lending and lending to SMEs;
Som allerede anført i Kommissionens beslutning af 24. januar 2011 er Kommissionen i lyset af de særlige omstændigheder på de finansielle markeder af den opfattelse, at foranstaltningerne kan vurderes på grundlag af traktatens artikel 107, stk. 3, litra b), hvori det anføres, at »Som forenelige med fællesmarkedet kan betragtes: […] støtte, der kan […] afhjælpe en alvorlig forstyrrelse i en medlemsstats økonomi«.
That the recapitalisation improves the stability of FHB and strengthens its active presence in the capital market, thereby contributing to the restoration of investor confidence;
Da nærværende afgørelse har til formål at vurdere støtten til FHB og bankens omstruktureringsplan, mener Kommissionen, at vurderingen bør baseres på meddelelserne om anvendelsen af statsstøttereglerne i den finansielle sektor under krisen [17].
That FHB participates in the consolidation of the above market segments;
Genoprettelse af institutionens langsigtede rentabilitet
Contrary to the doubts expressed by the Commission, the recapitalisation of FHB was not aimed at distorting competition by expanding the activities of FHB Commercial Bank.
I sin beslutning om indledningen af proceduren [19] udtrykte Kommissionen tvivl om pålideligheden af FHB's antagelser i bankens finansielle fremskrivninger.
The capital increase in the latter was a commitment undertaken in the recapitalisation agreement.
Kommissionen bemærkede, at der i den omstruktureringsplan, som FHB forelagde i september 2010, ikke blev redegjort for, hvorfor disse antagelser var korrekte.
The core activity of FHB Commercial Bank, also supported by the HUF 25 billion capital increase financed from the State's recapitalisation, has remained.
Da der tilsyneladende ikke var blevet taget højde for konsekvenserne af opkøbet af Allianz Bank og aftalen med Allianz Hungaria Insurance i de finansielle fremskrivninger, mente Kommissionen ikke, at de forelagte fremskrivninger fortsat var korrekte.
The corporate loan portfolio has been expanding consistently but not in excess of its earlier trend growth.
Kommissionen udtrykte ligeledes tvivl om bankens antagelser om en stærk stigning i bankens indlån.
In their view, the foregoing reveals that there is no foundation to the Commission's summary judgement on the measures aimed at limiting the distortion of competition and its claim that ‘these measures are very limited’.
Kommissionen var endvidere bekymret over bankens rentabilitet på længere sigt på grund af forretningsmodellen for FHB, som efter Kommissionens opfattelse var sårbar over for likviditetskriser på grund af bankens store afhængighed af engrosfinansiering og den lille andel af indlån.
Therefore, the Hungarian authorities insist that the recapitalisation agreement met the criteria laid down in both the Stabilisation Act and the relevant Commission Communications.
Kommissionen mente ikke, at der i bankens omstruktureringsplan fra september 2010 blev redegjort tilstrækkeligt for den bæredygtige finansiering af banken på længere sigt, idet der navnlig var fokus på kapitalperspektivet.
ASSESSMENT OF THE AID
På grundlag af yderligere forelagte oplysninger om bankens omstruktureringsplan i oktober 2011 fastslår Kommissionen, at de finansielle prognoser i omstruktureringsplanen fra september 2010 er baseret på sunde og pålidelige antagelser.
EXISTENCE OF AID
Det fremgår af de ajourførte oplysninger, herunder om købet af Allianz Bank, at der er sket en forøgelse af bankens indskud fra private kunder og erhvervskunder som følge af de konti, der er overtaget fra Allianz Bank.
The Commission has already found in its opening decision of 24 January 2011 that both the recapitalisation and the liquidity support in the form of the loan provided to FHB constitute State aid within the meaning of Article 107(1) of the Treaty [16].
Dette opkøb underbygger antagelserne om stigningen i indlån.
Neither the Hungarian State nor FHB have put forward any argument to cast doubt on that finding.
Kommissionen ser ligeledes positivt på, at stigningen i indlån bidrager til at diversificere bankens finansieringskilder, reducere realkreditobligationernes relative vægt i finansieringens sammensætning og mindske bankens afhængighed af engrosfinansiering.
LEGALITY OF AID
I 2014 forventes afkastet på egenkapitalen at blive [11 %-13 %] i et basisscenarie og [10 %-12 %] i et stressscenarie.
The Commission has already stated in its opening decision of 24 January 2011 that the recapitalisation in favour of FHB did not comply with the conditions of the guarantee and recapitalisation scheme.
Kommissionen gav ligeledes i beslutningen om indledning af proceduren udtryk for sin bekymring over, hvorvidt de foranstaltninger, som de ungarske myndigheder traf på daværende tidspunkt, i tilstrækkelig grad imødegik FHB's eksponering for det ungarske marked for fast ejendom og negative kursudsving.
In particular it did not respect the requirements to be applied when the capital increase exceeds 2 % of the beneficiary RWA.
På grundlag af oplysningerne fremlagt af Ungarn den 9. december 2011 ser Kommissionen imidlertid positivt på, at FHB har truffet de nødvendige foranstaltninger til at begrænse bankens involvering i markedet for realkreditobligationer væsentligt [20].
The measure should thus have been notified to the Commission separately in accordance with the conditions of the guarantee and recapitalisation scheme and with Article 108(3) of the Treaty.
Med hensyn til bankens eksponering for negative kursudsving kan FHB's forpligtelse til at udvikle de nødvendige værktøjer til afhjælpning af den alvorlige indvirkning af valutarisici på kapitalsiden accepteres som tilstrækkelig til at fjerne Kommissionens tvivl [22], da det giver banken mulighed for at fjerne eller afdække sine valutarisici i forbindelse med valutatransaktioner.
As a consequence, Hungary unlawfully implemented aid in the form of a recapitalisation in favour of FHB, in breach of Article 108(3) of the Treaty.
Kommissionen mener derfor, at den ajourførte omstruktureringsplan, hvor der tages højde for Allianz Bank-handelen, begrunder konkrete målniveauer for FHB's finansielle fremskrivninger og bidrager til at genskabe bankens rentabilitet på lang sigt.
QUANTIFICATION OF AID
Bankens egetbidrag (byrdefordeling)
In the context of the restructuring of FHB, all measures granted to it need to be taken into account.
Kommissionen ser positivt på, at rekapitaliseringsbeløbet allerede blev fuldt ud tilbagebetalt til staten den 19. februar 2010, dvs. mindre end et år efter, og at banken tilbagebetalte beløbet med egne midler.
Therefore, both the recapitalisation of HUF 30 billion and the liquidity loan of HUF 120 billion need to be taken into account in the compatibility assessment.
FHB anvendte også sine egne midler til at tilbagebetale fire afdrag på det mellemfristede statslån, der forfaldt til betaling den 11. februar 2011, den 11. maj 2011, den 11. august og den 11. november 2011.
COMPATIBILITY OF THE AID
Begrænsning af omstruktureringsomkostningerne, forrentning
Legal basis
Det er efter Kommissionens opfattelse positivt, at rekapitaliseringsbeløbet blev tilbagebetalt til staten før forfaldstidspunktet.
As already stated in the Commission's decision of 24 January 2011, given the specific circumstances on the financial markets, the Commission considers that the measures can be examined under Article 107(3)(b) of the Treaty, which states that ‘The following may be considered to be compatible with the internal market: […] aid […] to remedy a serious disturbance in the economy of a Member State’.
FHB's opkøb af Allianz Bank forbedrer desuden bankens likviditetsprofil og øger indskuddene fra private kunder og erhvervskunder.
As the present decision aims at assessing the aid received by FHB and its restructuring plan, the Commission finds it appropriate to base its assessment on communications on the application of State aid rules to the financial sector during the crisis [17].
Det kan således ikke antages, at støtten til FHB blev anvendt til at udvikle bankens aktiviteter på nye forretningsområder, da Allianz Bank og FHB begge opererer på det samme privat- og erhvervskundeområde.
Compatibility of the restructuring plan
Kommissionen mener således, at FHB's opkøb af Allianz Bank Ltd er en passende foranstaltning til at fastholde bankens rentabilitet på lang sigt.
Restoration of the long-term viability of the institution
Kommissionen bemærker desuden, at oplysningerne fra de ungarske myndigheder fjerner den tvivl, som Kommissionen gav udtryk for i indledningsbeslutningen af 24. januar 2011 om, hvorvidt opkøbet af Allianz Bank i vidt omfang var blevet finansieret af staten.
In the opening decision [19], the Commission expressed doubts as to the reliability of the assumptions adopted by FHB in its financial projections.
Med hensyn til forrentningen af støtteforanstaltningerne ser Kommissionen positivt på, at FHB og den ungarske stat indgik en aftale den 15. december 2011, hvori FHB forpligtede sig til at betale en yderligere forrentning på 1,6 mia. HUF til staten.
Furthermore, since the financial projections did not seem to take into account the consequences of the purchase of Allianz Bank and of the agreement with Allianz Hungaria Insurance, the Commission could not consider that the presented projections remain valid.
Ud over betalingen af 890 mio. HUF i oktober 2010 svarer FHB's samlede betaling for den ungarske stats rekapitalisering til en forrentning på 10,49 % i overensstemmelse med betingelserne i garanti- og rekapitaliseringsordningen.
The Commission has also expressed doubts about the assumptions of the bank relying upon a strong growth in deposits.
Kommissionen ser positivt på, at banken tilbagebetalte statens rekapitalisering mindre end et år efter (banken blev rekapitaliseret den 23. marts 2009, og staten blev tilbagebetalt den 19. februar 2010).
Furthermore, the Commission was also concerned about the long-term viability of the bank in view of the business model of FHB, which was deemed vulnerable to liquidity crises due to its strong reliance on wholesale funding and small share of deposits.
Forrentningen af det mellemfristede lån, som banken modtog på grundlag af likviditetsordningen, er den højeste af i) IMF's særlige trækningsrettigheder (herefter benævnt »SDR«) + 345 basispoint og ii) den etårige interbankrente (herefter benævnt »IBOR«) + 100 basispoint + 123,5 basispoint (svarende til en månedlig gennemsnitsrente på mellem 3,79 % og 4,08 %) i overensstemmelse med betingelserne i likviditetsordningen.
The Commission considered that the bank's restructuring plan of September 2010, whilst it focused on the capital perspective, did not provide sufficient details on the long-term sustainable funding of the bank.
Denne vurdering bekræftes af FHB's gode resultater på trods af vanskelighederne i den ungarske banksektor og bankens forholdsvis høje core tier 1-kapitalprocent (kernekapitalprocent) (12 % ved udgangen af 2008, der steg til 16,9 % efter rekapitaliseringen i 2009 og fortsat var høj (10,5 %) efter tilbagebetalingen af statskapitalen).
On the basis of additional information provided on the bank's restructuring plan in October 2011, the Commission notes that the financial forecasts in the restructuring plan of September 2010 are based on sound and reliable assumptions.
Kapitalkravet til ungarske banker var 8 % på daværende tidspunkt.
The updated information including the purchase of Allianz Bank shows an increase in the bank's retail and commercial deposits stemming from the accounts acquired from Allianz Bank.
I modsætning til en række af de øvrige banker var banken i stand til at fastholde sin stærke kapitalposition (en kapitalprocent på 10,5 % i marts 2009 efter tilbagebetalingen af rekapitaliseringen til staten).
That acquisition supports the assumptions made on the growth of deposits.
Derudover havde den stadig en rating på Baa3 fra Moody's, hvilket fortsat er i »investment grade«-kategorien.
The Commission also notes favourably the fact that the growth in deposits contributes to diversifying the funding sources of the bank, to reducing the relative weight of mortgage bonds in the funding mix and reducing the bank's dependence on wholesale funding.
I lyset af disse kendsgerninger mener Kommissionen, at FHB's vanskeligheder var midlertidige og ikke grundlæggende.
Based on information provided, the share of wholesale funding (i.e. the sum of bonds issued, deposits from banks and the part of mortgage bonds that is not used to refinance loans) has decreased as a percentage of the total liabilities of the bank from [35 %-30 %] in 31 December 2009 to [30 %-25 %] in 31 December 2010.
Den mener derfor, at den forrentning, som banken har betalt, er passende og i overensstemmelse med den forrentning, som en grundlæggende sund bank skal betale.
As a result of that rebalancing of the bank's funding mix towards deposits, its average funding cost (calculated as interest expenses on total liabilities) has improved from [7-6,5] basis points on 31 December 2009 to [6-5,5] basis points on 31 December 2010.
Da bankens rentabilitet ikke var truet af de vedvarende problemer i Ungarn, vil Kommissionen ikke stille krav om, at der skal betales yderligere forrentning til staten.
The return on assets also improved from [0,90 %-1 %] in 2009 to [1,05 %-1,10 %] in 2010.
FHB's forrentning til staten af det mellemfristede lån (se betragtning 84) var desuden i overensstemmelse med betingelserne i likviditetsordningen.
That positive trend is confirmed in the bank's forecast with return on assets forecast to stabilise in 2014 at [1,05 %-1,2 %] in a base case scenario, and [0,9 %-1,05 %] in a stressed scenario.
Kommissionen mener derfor, at omstruktureringsplanen sikrer, at banken, dens aktionærer og ledelsen selv yder et passende bidrag til omstruktureringsomkostningerne.
In the opening decision, the Commission also expressed its concerns on the sufficiency of the measures provided by the Hungarian authorities at that time to address the exposure of FHB to the Hungarian real estate market and the adverse currency movements.
Foranstaltninger til begrænsning af konkurrencefordrejninger
On the basis of the information submitted by Hungary on 9 December 2011, however, the Commission notes positively that FHB has taken the necessary steps to significantly reduce its involvement in the mortgage bond market [20].
Kommissionen bemærker, at foranstaltningerne i bankens omstruktureringsplan til begrænsning af konkurrencefordrejninger er begrænsede.
The bank has also considerably increased its share of retail loans from [3 %-5 %] in 2009 to [9 %-11 %] in 2011.
For det første er der ikke blevet iværksat strukturforanstaltninger.
The Commission further notes that the ‘Allianz deal’ [21] contributed significantly to those positive trends.
For det andet finder de adfærdsmæssige foranstaltninger kun anvendelse, så længe bankerne drager fordel af statens kapitaltilførsel.
As for the bank's exposure to adverse currency movements, the commitment of FHB to expand its toolkit needed to fend off the extreme impact of foreign exchange risks on the capital side can be accepted as adequate to dispel the Commission's doubts [22] because it provides the possibility for the bank to eliminate or hedge its foreign exchange risk resulting from transactions in foreign currencies.