natgillin/translations-raw huggingface dataset:
Når støttemodtageren ikke anses for at være sund i henhold til garanti- og rekapitaliseringsordningen, skal der fremlægges en omstruktureringsplan, og forrentningen skal afspejle det forhold, at banken ikke er grundlæggende sund, og være højere end forrentningen for en grundlæggende sund bank.
The National Bank of Hungary created a facility in early 2010 but it only increased access to Hungarian forint funding and not to Euro funding, which, according to FHB, was crucial during the hardest time of crisis [10].
På trods af sine vanskeligheder klarede banken sig godt i denne periode.
According to the Hungarian authorities, the recapitalisation of FHB was required to ensure the solvency of the bank and to counteract the liquidity difficulties faced by the whole banking sector in Hungary.
Den havde en stærk kapitalposition (en kapitalprocent på 10,5 % i marts 2009), og den havde en rating på Baa3 fra Moody's Investors Service (herefter benævnt »Moody's«), hvilket fortsat er i »investment grade«-kategorien.
DESCRIPTION OF THE AID MEASURES
I februar 2010, mindre end ni måneder efter rekapitaliseringen, tilbagekøbte banken statens præferenceaktier med særligt udbytte.
The aid measures granted by Hungary to FHB, described in the Commission opening decision of 24 January 2011, consist of:
FHB tilbagebetalte rekapitaliseringsbeløbet til staten, men betalte ingen forrentning til staten, hvilket var i strid med rekapitaliseringsaftalen [11].
A mid-term State loan under the liquidity scheme of HUF 120 billion (approximately EUR 410 million) granted on 25 March 2009, with a maturity date of 11 November 2012;
Banken mente imidlertid ikke, at statens præferenceaktier med særligt udbytte automatisk gav ret til udbetaling af udbytte, og at det forhold, at der var tale om præferenceaktier, kun betød, at banken skulle betale det angivne udbytte til staten inden udbetaling af udbytte til stamaktionærer.
A recapitalisation of HUF 30 billion (approximately EUR 100 million), in the form of newly-issued Special Dividend Preference Shares plus one voting share, granted on 31 March 2009 under the guarantee and recapitalisation scheme.
Da stamaktionærerne ikke fik udbetalt udbytte i den periode, hvor staten var indehaver af præferenceaktierne med særligt udbytte, mente banken ikke, at den var forpligtet til at udbetale præferenceudbytte.
A recapitalisation agreement between Hungary and FHB fixed the formula for the calculation of the State's remuneration rate for the shares at 10,49 %, which is in line with the remuneration rate for fundamentally sound banks fixed in the guarantee and recapitalisation scheme, to be paid in the form of dividends.
FHB anførte endvidere, at staten under alle omstændigheder ikke var indehaver af præferenceaktierne med særligt udbytte, da der blev truffet afgørelse om udlodningen af udbytte for 2009, idet aktierne var blevet tilbagekøbt forinden.
The recapitalisation amounted to 9 % of the RWA of FHB, which is above the 2 % threshold defined in the guarantee and recapitalisation scheme under which the beneficiary institutions can be considered as fundamentally sound.
Stresstesten havde fokus på kapitalgrundlaget, men ikke direkte på likviditetsrisici.
Where the beneficiary is deemed not sound under the guarantee and recapitalisation scheme, a restructuring plan is required and the remuneration rate must reflect the non-fundamentally sound character of the bank, and be higher than the remuneration rate for a fundamentally sound bank.
Testresultaterne, der var baseret på de konsoliderede tal ved udgangen af 2009, viste, at der skulle være en buffer på ver 50] [12] mio. EUR i tier 1-kapital set i forhold til kravet om en tier 1-kapitalprocent for FHB på 6 %.
In spite of its difficulties, the bank managed to cope well during that period: it had a strong capital position (CAR of 10,5 % in March 2009) and it had a rating of Baa3 by Moody's Investors Service (hereinafter ‘Moody's’) which is still in the investment grade category.
Ved »Act CX of 2010 on the Amendment of Certain Acts Pertaining to the Economy and Finance« (herefter benævnt »lov CX af 2010«), der trådte i kraft den 21. august 2010, ændrede Ungarn »Act CIV of 2008 on the Reinforcement of the Stability of the Financial Intermediary System« (herefter benævnt »loven om stabilisering«).
In February 2010, less than nine months following the recapitalisation, the bank bought back the Special Dividend Preference Shares held by the State.
Lov CX af 2010 gav den ungarske stat ret til med tilbagevirkende kraft at stille krav til FHB om forrentning af kapitaliseringen, selv om den ungarske stat ikke længere var aktionær på tidspunktet for FHB's generalforsamling, hvor der blev truffet afgørelse om udlodning af udbytte.
The bank decided to repay the recapitalisation on the basis of a reviewed consolidated current and expected CAR, considering the macroeconomic forecast used in its 2010 planning and the expected volumes, balances and risk information from the bank's 2010 financial plan.
Den 28. oktober undertegnede den ungarske stat og FHB en aftale, hvori FHB forpligtede sig til at betale en forrentning på 890 mio. HUF til den ungarske stat for rekapitaliseringen samt en morarente på 11726786 HUF.
The review concluded that despite the global financial crisis, the situation of the bank by the end of the year was remarkably better than expected at the time of the agreement with the Hungarian State on the recapitalisation of the bank in early 2009.
Forrentningen blev angiveligt fastsat på grundlag af betingelserne i likviditetsordningen.
FHB repaid the recapitalisation to the State and did not pay any remuneration to the State, resulting in a violation of the recapitalisation agreement [11].
De ungarske myndigheder anførte, at rekapitaliseringen var blevet finansieret på samme måde som likviditetsstøtten ved hjælp af lån, og at forrentningen af rekapitaliseringen og likviditetsstøtten derfor skulle være den samme.
However, the bank considered that the Special Dividend Preference Shares held by the State were not automatically entitled to the payment of dividends and their preference meant only that the bank had to pay the stated dividend to the State prior to paying dividends on common stock.
Det endelige beløb blev beregnet på ugentlig basis.
Given that common shareholders did not receive any dividends in the period during which the State held the Special Dividend Preference Shares, according to the bank there was no obligation to pay preference dividends.
Ifølge oplysningerne fra de ungarske myndigheder blev den samlede forrentning på 890 mio. HUF betalt ved udgangen af 2010.
Furthermore, FHB argued that in any event the State was not in possession of the Special Dividend Preference Shares when dividends were declared for the year 2009, given that the repurchase of shares took place beforehand.
Der blev opkrævet morarenter på grundlag af den ungarske referencesats på 5,97 % som offentliggjort af Kommissionen [13] forhøjet med 100 basispoint.
FHB informed the Commission that it had participated in the 2010 EU-wide stress test exercise coordinated by the Committee of European Bank Supervisors, in cooperation with the ECB and the Hungarian Financial Supervisory Authority.
Morarenten blev beregnet for perioden fra den 21. august 2010, hvor den ændrede lov om stabilisering trådte i kraft, til den 28. oktober 2010, hvor aftalen blev undertegnet.
The stress test was focused on capital adequacy while liquidity risks were not directly stress-tested.
Den 15. december 2011 indgik den ungarske stat og FHB en ny aftale, hvori banken forpligtede sig til at betale en samlet forrentning på 10,49 % af hele rekapitaliseringsbeløbet (dvs. et samlet beløb på 2491742552 HUF) til staten.
The results of the test, based on the consolidated year-end 2009 figures, suggested a buffer of EUR [above 50] million [12] of Tier 1 Capital against the threshold of 6 % of Tier 1 adequacy ratio for FHB.
OMSTRUKTURERINGSPLANEN
Act CX of 2010 retroactively created a legal title for the Hungarian State to claim remuneration from FHB concerning the recapitalisation even though the Hungarian State was no longer a shareholder at the time of the FHB shareholders' meeting deciding on the payment of dividends.
Den 30. september 2010 fremlagde Ungarn en ajourført omstruktureringsplan for FHB for Kommissionen.
On 28 October 2010, the Hungarian State and FHB signed an agreement according to which FHB was to pay remuneration of HUF 890 million to the Hungarian State for the recapitalisation plus late payment interest of HUF 11726786.
Yderligere oplysninger om omstruktureringsplanen blev forelagt Kommissionen ved brev af 3. oktober 2011.
The level of remuneration was allegedly determined on the basis of the terms of the liquidity scheme.
Der er allerede blevet redegjort for hovedaspekterne i omstruktureringsplanen i Kommissionens beslutning om indledning af proceduren.
The Hungarian authorities argued that the recapitalisation had been provided from the same funding source as the liquidity support in the form of the loan and for those reasons the remuneration for the recapitalisation and for the liquidity support should be the same.
Der blev forelagt yderligere oplysninger den 3. oktober 2011 som redegjort for i punkt 4.1-4.3.
The capital was made available to FHB on 6 May 2009 and it was reimbursed on 19 February 2010.
RENTABILITET
The interest rate ultimately applied was the same as the interest rate paid for the loan of approximately EUR 400 million.
I 2010 var den økonomiske situation i Ungarn og på internationalt plan meget vanskelig, selv om der var tegn på bedring.
According to the information provided by Hungary, the monthly average interest rate which resulted amounted to between 3,79 % and 4,08 %; the actual amount was calculated on a weekly basis.
I 2010 var den ungarske banksektors rentabilitet langt mindre end året før.
According to information provided by Hungarian authorities the total remuneration amount of HUF 890 million was paid at the end of 2010.
Ved lov XC af 2010, som trådte i kraft den 13. august 2010, pålagde den ungarske regering de finansielle organisationer en særlig afgift, som beløb sig til i alt 187 mio. HUF, der primært blev betalt af kreditinstitutioner.
Late payment interests were charged in line with the Hungarian reference rate of 5,97 % as published by the Commission [13], increased by 100 basis points.
Privatkundernes efterspørgsel efter lån blev kraftigt reduceret i 2010.
The late payment interest was calculated for the period from 21 August 2010, when the amended Stabilisation Act entered into force, until 28 October 2010, when the agreement was signed.
Forsyningssiden blev samtidig svækket på grund af den negative udvikling på lovgivningsområdet og på markederne.
On 15 December 2011, the Hungarian State and FHB entered into a new agreement by which the bank agreed to pay to the State an aggregate amount of 10,49 % of the total recapitalisation amount (i.e. total payment amount of HUF 2491742552).
Der var også en generel nedgang i erhvervslån i sektoren, selv om en række banker — herunder FHB — udvidede deres aktiviteter på erhvervskundeområdet.
Under that new agreement, FHB thus committed to pay to the State by 31 December 2011 an additional amount of HUF 1601742552, calculated as the difference between the total remuneration amount of HUF 890 million mentioned above in recital 36 and the remuneration that had already been paid on 28 October 2010.
Den vigtigste begivenhed i relation til FHB's operationer og finansielle resultater var opkøbet af Allianz Commercial Bank Ltd (herefter benævnt »Allianz Bank«) og den langsigtede strategiske samarbejdsaftale mellem Allianz Hungaria Insurance Co. Ltd. (herefter benævnt »Allianz Hungaria Insurance«) og FHB.
THE RESTRUCTURING PLAN
Opkøbet havde en positiv indvirkning på FHB-koncernens nettooverskud i 2010.
On 30 September 2010 Hungary submitted an updated restructuring plan for FHB to the Commission.
Engangsposter vedrørende opkøbet opvejede den negative indvirkning af den særlige bankafgift, tab på udlånsporteføljen og de øgede finansieringsomkostninger.
Additional information on the restructuring plan was submitted to the Commission by letter dated on 3 October 2011.
FHB's samlede indtjening i 2010 beløb sig til 11,2 mia. HUF, hvilket var en forøgelse på 58,9 % sammenholdt med 2009.
The main aspects of the restructuring plan have been already described in the Commission opening decision.
Som følge af opkøbet af Allianz Bank er antallet af privat- og erhvervskundekonti i FHB steget væsentligt fra […] i december 2009 til […] i december 2010 (+[…] %).
Additional elements were submitted on 3 October 2011 and are described in sections 4.1 to 4.3.
På grund af det store antal sovende konti steg det samlede indskud imidlertid ikke forholdsmæssigt, men fra […] mia. HUF i december 2009 til […] mia. HUF i december 2010 (+[…] %).
VIABILITY
Opkøbet af Allianz Bank øger således andelen af indskud i FHB's finansieringssammensætning og reducerer provenuet fra realkreditobligationer fra […] mia. HUF i 2010 til […] mia. HUF i 2011.
In 2010, profitability of the Hungarian banking sector lagged far behind that of the previous year.
BYRDEFORDELING
By virtue of Act XC of 2010 that entered into effect on 13 August 2010, the Hungarian government introduced a special tax payable by financial organisations amounting to a cumulative HUF 187 billion and mainly paid by credit institutions.
I henhold til den nye aftale undertegnet den 15. december 2011 mellem FHB og den ungarske stat forpligtede banken sig til at betale staten en samlet forrentning på 2491742552 HUF, dvs. 10,49 % af rekapitaliseringsbeløbet, som oprindelig aftalt mellem banken og staten i rekapitaliseringsaftalen.
Retail customers' demand for loans was severely reduced throughout 2010; at the same time, the supply side was weakened by unfavourable changes in the regulatory environment and in the market conditions.
FORANSTALTNINGER TIL BEGRÆNSNING AF KONKURRENCEFORDREJNINGER
Corporate lending also suffered overall in the sector, though some banks — including FHB — expanded their corporate activities.
De yderligere oplysninger, der blev forelagt i oktober 2011, vedrørte ikke specifikt konkurrencefordrejninger, ud over at det blev understreget, at FHB's markedsandel for indskud fra private kunder og erhvervskunder på trods af købet af Allianz Bank fortsat var begrænset (henholdsvis [0,7 %-1,3 %] og [0,4 %-0,95 %] den 31. december 2010 og henholdsvis [0,65 %-1,3 %] og [1 %-1,35 %] den 30. juni 2011).
The most important event concerning both operations and financial results of FHB was its acquisition of Allianz Commercial Bank Ltd (hereinafter ‘Allianz Bank’) and the long-term strategic cooperation agreement between Allianz Hungaria Insurance Co.
V. BEGRUNDELSER FOR INDLEDNINGEN AF DEN FORMELLE PROCEDURE
Ltd (hereinafter ‘Allianz Hungaria Insurance’) and FHB.
Kommissionen gav ligeledes udtryk for tvivl om FHB's rentabilitet på lang sigt i lyset af bankens store afhængighed af engrosfinansiering og markedet for fast ejendom i Ungarn.
At the same time an integration project was launched in FHB in order to merge Allianz Bank and FHB Commercial Bank and to rationalize and optimize the operations of the entire group (branch network, distribution channels, product portfolio, IT operations, organization structure and HR, etc.).
FHB's opkøb af Allianz Bank og aftalen med Allianz Hungarie Insurance rejser desuden tvivl om, hvorvidt støtten blev begrænset til det strengt nødvendige
The total profit of FHB in year 2010 amounted to HUF 11,2 billion, representing an increase of 58,9 % compared to 2009.
Endelig mente Kommissionen heller ikke, at de ungarske myndigheder havde påvist, at der blev truffet tilstrækkelige foranstaltninger til at begrænse konkurrencefordrejninger på markedet som følge af støtten til FHB, navnlig i lyset af bankens udvidelsesstrategi, dens nylige opkøb af Allianz Bank og den utilstrækkelige forrentning, som blev betalt for statens rekapitalisering.
As a result of the acquisition of Allianz Bank the number of retail and corporate bank accounts in FHB significantly increased, from […] in December 2009 to […] in December 2010 (+[…] %).
BEMÆRKNINGER FRA INTERESSEREDE PARTER
However, due to the large number of dormant accounts, the amount of deposits did not increase proportionately, but increased from HUF […] billion in December 2009 to HUF […] billion in December 2010 (+[…] %).
Statsindgrebet til fordel for FHB havde til formål at imødegå alvorlige risici i den ungarske realkreditsektor og på markedet for realkreditobligationer.
The market share of FHB on the retail and corporate deposit markets, increased respectively from […] % to […] %, and from […] % to […] %.
Som følge af sårbarheden over for kursudsving, styrkelsen af schweizerfrancen mod den ungarske forint, der resulterede i et fald i forbrugernes indkomst, og den stigende arbejdsløshed faldt kvaliteten af beholdningen af realkreditobligationer hurtigt og drastisk, og bankernes beholdning af uerholdelige fordringer steg, samtidig med at deres finansieringsmuligheder blev forringet.
The acquisition of Allianz Bank thus increases the share of deposits in FHB's funding mix and reduces the amount of mortgage bonds from HUF […] billion in 2010 to HUF […] billion in 2011.
Dette var navnlig tilfældet for FHB, der henter sin finansiering på kapitalmarkedet.
FHB forecast that, based on the estimated consolidated balance sheet and income statement for 2011, its CAR should be around […] % in December 2011.
BEMÆRKNINGER FRA MEDLEMSSTATEN
That forecast takes into account the additional payment to be made to the Hungarian State with regard to the recapitalisation carried out in March 2009, which additional payment was made on 15 December 2011 in agreement with the Hungarian State.
Kommissionen modtog bemærkninger fra de ungarske myndigheder den 2. marts 2011 suppleret med bemærkninger fra FHB ved brev af 11. juli 2011.
BURDEN-SHARING
I lyset af Kommissionens tvivl om, hvorvidt de underliggende antagelser i bankens omstruktureringsplan er korrekte, anfører de ungarske myndigheder, at de finansielle prognoser er baseret på eksterne eksperters antagelser, og at de er i overensstemmelse med de oplysninger, der var tilgængelige på daværende tidspunkt.
For the recapitalisation of HUF 30 billion, FHB has paid remuneration of HUF 890 million in October 2010.
Med hensyn til sundhed er de ikke anderledes end alle FHB's øvrige finansieringsplaner eller prognoser.
The interest rate originally applied was the same interest rate which was paid for the loan of HUF 120 billion or a monthly average of between 3,79 % and 4,08 %.
I 2009 udstedte FHB således pantebreve og obligationer for over 60 mia. HUF, og private investorer lånte også banken i alt […].
MEASURES TO LIMIT DISTORTIONS OF COMPETITION
De ungarske myndigheder anfører endvidere, at for så hvidt angår privatkundeindskud, viser tallene, at FHB's markedsandel inden for privatkundeindskud steg fra […] % til […] % i 2009, og den forventes at ligge på […] % ved udgangen af 2010.
The additional information provided in October 2011 did not specifically address distortions of competition, aside from underlining the fact that, despite the purchase of Allianz Bank, the market share of FHB regarding retail and commercial deposits remains limited (at [0,7 %-1,3 %] and [0,4 %-0,95 %], respectively, on 31 December 2010 and [0,65 %-1,3 %] and [1 %-1,35 %], respectively, on 30 June 2011).
Antallet af privatkonti såvel som porteføljens størrelse er desuden steget konstant og dynamisk på trods af en markedsprognose, der viser et fald i porteføljen.
V. REASONS FOR THE OPENING OF THE FORMAL PROCEDURE
Banken og de ungarske myndigheder mener således ikke, at prognoserne for privatkundeindskud og privatkonti er for optimistiske.
The Commission opened a formal investigation procedure because it considered that the main assumptions underlying the restructuring plan and business forecast of FHB were not sufficiently justified and did not take into account the recent purchase by FHB of Allianz Bank.
Med hensyn til FHB's likviditetsposition kan den anses som vedvarende stabil, hvilket bl.a. skyldes, at banken skal opfylde kreditvurderingsbureauernes likviditetskrav.
Furthermore, the Commission also expressed doubts as to the long-term viability of FHB given its strong exposure to wholesale funding and the real estate market in Hungary.
Bankens likviditetsposition var stabil, selv i de mest vanskelige perioder under krisen, hvilket bekræftes i brevet af 19. marts 2009 fra den ungarske centralbankchef til finansministeren.
In addition, given the low level of remuneration to the State paid in October 2010 on the recapitalisation amount (corresponding to the average interest rate of 3,79 % to 4,08 % as set out in the liquidity scheme), the Commission also expressed doubts whether the bank's own contribution to its restructuring effort was sufficient.
Endelig skyldtes forringelsen af kvaliteten af bankens aktiver under krisen navnlig Ungarns makroøkonomiske situation, et fald i husholdningernes indkomst, faldende beskæftigelse og stigende arbejdsløshed snarere end styrkelsen af schweizerfrancen mod den ungarske forint.
FHB's purchase of Allianz Bank and agreement with Allianz Hungaria Insurance also raised doubts on whether the aid was limited to the minimum amount necessary.
Selv om FHB har iværksat en række ordninger til støtte for debitorer med økonomiske problemer, vil låneporteføljens kvalitet primært blive permanent forbedret gennem økonomisk vækst og mere gunstige økonomiske indikatorer.
Finally, the Commission also considered that the Hungarian authorities had not demonstrated that sufficient measures were undertaken in order to limit the distortions of competition caused to the market by the aid received by FHB, in particular in view of its expansion strategy, its recent acquisition of Allianz Bank, and the insufficient remuneration paid for the recapitalisation by the State.
Ifølge den ungarske centralbanks og den ungarske regerings økonomiske prognoser stiger bruttonationalproduktet (herefter benævnt »BNP«) i 2011, der vil ske en gradvis forbedring af beskæftigelsen, og arbejdsløsheden vil falde, hvilket sandsynligvis også vil få en betydelig indvirkning på FHB's udlånsportefølje.
COMMENTS FROM INTERESTED PARTIES
De ungarske myndigheder bemærker, at FHB indgik aftalerne med Allianz Bank og Allianz Hungaria Insurance, efter at FHB havde betalt staten det fulde beløb den 19. februar 2010 for hele den udstedte værdi af aktierne og indløst de aktier, der var blevet udstedt under rekapitaliseringen.
The Commission received comments from the Association of Hungarian mortgage banks (hereinafter The ‘Association’)on 18 July 2011.
Den købspris, som FHB betalte for Allianz Bank (under hensyntagen til værdien af egne aktier), beløb sig endvidere til ca. 3,3 mia. HUF, selv om Allianz Banks egenkapital var næsten 14 mia. HUF pr. 30. september 2010.
In its comments, the Association recalled the scale of the crisis that hit the Hungarian economy and banking sector in 2008-09, and pointed out that the recapitalisation of FHB took place as a result of the difficult macroeconomic environment deriving from the crisis.
FHB havde derfor ikke brug for kapital for at kunne købe Allianz Bank, og transaktionen reducerede ikke FHB's egenkapital.
The State intervention in favour of FHB was aimed at addressing serious risks to the Hungarian mortgage credit sector and the mortgage bond market.
Det forhold, at støtten var begrænset til det strengt nødvendige, afspejles desuden i, at FHB's kapitalprocent, der var 11,3 % i 2008, først efter rekapitaliseringen nåede op på det mål for kapitalprocenten på 12 %, der var blevet godkendt af Kommissionen i garanti- og rekapitaliseringsordningen.
Indeed, as a result of vulnerability to currency fluctuation, the strengthening of the Swiss franc against the Hungarian forint decreasing consumer income and the rise in unemployment, there was a rapid and severe degradation of the quality of the mortgage credit stock and an increase in the number of ‘bad credits’ and dwindling funding possibilities for banks.