natgillin/translations-raw huggingface dataset:
The State is entitled to a special veto right over dividend payments and acquisitions [14]; and
Komisjon on juba märkinud 24. jaanuari 2011. aasta menetluse algatamise otsuses, et FHB rekapitaliseerimine ei vastanud tagatis- ja rekapitaliseerimiskava tingimustele.
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].
See ei järginud eelkõige nõudeid, mida tuleb täita siis, kui kapitalisuurendus ületab 2 % abisaaja riskiga kaalutud varadest.
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.
Meetmest oleks seega tulnud komisjonile eraldi teatada kooskõlas tagatis- ja rekapitaliseerimiskava tingimustega ja ELi toimimise lepingu artikli 108 lõikega 3.
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:
Selle tulemusena andis Ungari FHB-le ebaseaduslikku abi rekapitaliseerimise kujul, rikkudes ELi toimimise lepingu artikli 108 lõiget 3.
That FHB performs a capital increase in FHB Commercial Bank;
ABI SUURUSE MÄÄRAMINE
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;
FHB ümberkorraldamise raames tuleb arvesse võtta kõiki tema kasuks võetud meetmeid.
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;
Seega tuleb kokkusobivuse hindamisel arvesse võtta nii 30 miljardi Ungari forinti suurust rekapitaliseerimist kui ka 120 miljardi Ungari forinti suurust likviidsuslaenu.
That FHB participates in the consolidation of the above market segments;
ABI KOKKUSOBIVUS
That FHB optimises its financing structure (liability structure);
Õiguslik alus
That FHB expands its toolkit needed to fend off the extreme impacts of macro (exchange rate) risks on the capital side.
Nagu komisjoni 24. jaanuari 2011. aasta otsuses on juba märgitud, leiab komisjon finantsturgudel valitsevaid erilisi asjaolusid arvestades, et meetmeid võib uurida ELi toimimise lepingu artikli 107 lõike 3 punkti b alusel, mis sätestab, et „[s]iseturuga kokkusobivaks võib pidada: […] abi […] mõne liikmesriigi majanduses tõsise häire kõrvaldamiseks”.
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.
Kuna käesoleva otsuse eesmärk on hinnata FHB-le antud abi ja tema ümberkorraldamiskava, peab komisjon kohaseks põhineda oma hinnangus teatistele, mis käsitlevad riigiabi eeskirjade kohaldamist finantssektoris kriisi ajal [17].
The capital increase in the latter was a commitment undertaken in the recapitalisation agreement.
Panga ümberkorraldamiskava hindamisel on aluseks võetud eeskätt ümberkorraldamisteatis [18].
The core activity of FHB Commercial Bank, also supported by the HUF 25 billion capital increase financed from the State's recapitalisation, has remained.
Ümberkorraldamiskava kokkusobivus
The corporate loan portfolio has been expanding consistently but not in excess of its earlier trend growth.
Asutuse pikaajalise elujõulisuse taastamine
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’.
Menetluse algatamise otsuses [19] väljendas komisjon kahtlusi nende eelduste usaldusväärsuse kohta, mida FHB oma finantsprognoosides kasutas.
Therefore, the Hungarian authorities insist that the recapitalisation agreement met the criteria laid down in both the Stabilisation Act and the relevant Commission Communications.
Komisjon märkis, et ümberkorraldamiskavas, mille FHB 2010. aasta septembris esitas, ei ole seletatud, miks need eeldused peaksid olema õiged.
ASSESSMENT OF THE AID
Peale selle, kuna finantsprognoosides ei näi olevat arvesse võetud Allianz Banki ostmise ja Allianz Hungaria Insurance'iga sõlmitud lepingu tagajärgi, ei saanud komisjon esitatud prognoose endiselt kehtivaks pidada.
EXISTENCE OF AID
Komisjon avaldas ka kahtlust panga eelduste kohta, mis tuginesid suurele hoiuste kasvule.
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].
Lisaks avaldas komisjon muret ka panga pikaajalise elujõulisusega seoses, arvestades FHB ärimudelit, mis oli haavatav likviidsuskriisi suhtes, kuna pank on tugevalt seotud hulgirahastamisega ja hoiuste osa on väike.
Neither the Hungarian State nor FHB have put forward any argument to cast doubt on that finding.
Komisjon leidis, et panga 2010. aasta septembris esitatud ümberkorraldamiskavas ei olnud piisavalt üksikasju panga pikaajalise jätkusuutliku rahastamise kohta, kuna selles keskenduti kapitali perspektiivile.
LEGALITY OF AID
Panga ümberkorraldamiskava kohta 2011. aasta oktoobris esitatud lisateabe põhjal märgib komisjon, et 2010. aasta septembri ümberkorraldamiskava finantsprognoosid põhinevad kindlatel ja usaldusväärsetel eeldustel.
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.
Ajakohastatud teave, mis sisaldas Allianz Banki ostu, näitab panga jae- ja äriklientide hoiuste kasvu, mis tuleneb Allianz Bankilt omandatud kontodest.
In particular it did not respect the requirements to be applied when the capital increase exceeds 2 % of the beneficiary RWA.
See ost toetab hoiuste kasvu kohta püstitatud eeldusi.
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.
Komisjon märgib samuti heakskiitvalt, et hoiuste kasv aitab kaasa panga rahastamisallikate mitmekesistumisele, hüpoteegiga tagatud võlakirjade suhtelise osakaalu vähenemisele rahastamise jaotuses ja sellele, et pank sõltub vähem hulgirahastamisest.
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.
2014. aastal on prognoositav omakapitali tootlus põhistsenaariumi puhul [11–13 %] ja stressistsenaariumi puhul [10–12 %].
QUANTIFICATION OF AID
Menetluse algatamise otsuses väljendas komisjon samuti muret selle üle, kas meetmed, mis Ungari ametiasutused nägid sel ajal ette selleks, et tegeleda FHB avatusega riskidele, mis olid seotud Ungari kinnisvaraturuga ja vääringu negatiivses suunas kõikumisega, olid piisavad.
In the context of the restructuring of FHB, all measures granted to it need to be taken into account.
Teabe alusel, mis Ungari esitas 9. detsembril 2011, märgib komisjon aga heakskiitvalt, et FHB on astunud vajalikud sammud selleks, et oluliselt vähendada oma osalust hüpoteegiga tagatud võlakirjade turul [20].
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.
Seoses panga avatusega vääringu negatiivses suunas kõikumisega seotud riskidele, siis FHB on võtnud endale kohustuse laiendada oma tegevusvahendeid, mida on vaja selleks, et tõrjuda valuutavahetuskursist tulenevate riskide äärmuslikku mõju kapitali poolel, ning seda kohustust võib pidada komisjoni kahtluste hajutamiseks sobivaks, [22] sest see annab pangale võimaluse kaotada või maandada valuutavahetuskursist tulenevaid riske, mida põhjustavad välisvaluutas tehtavad tehingud.
COMPATIBILITY OF THE AID
Seega leiab komisjon, et ajakohastatud ümberkorraldamiskava, milles on arvesse võetud Allianz Banki tehingut, esitab põhjendused konkreetsete FHB finantsprognooside sihttasemete kohta ja aitab kaasa panga pikaajalise elujõulisuse taastamisele.
Legal basis
Panga omapanus (kulude jagamine)
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’.
Komisjon märgib heakskiitvalt, et rekapitaliseerimise summa maksti juba 19. veebruaril 2010 riigile täielikult tagasi, nii et see toimus vähem kui aastase ajavahemiku jooksul, ning pank maksis abisumma tagasi omavahendeid kasutades.
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].
FHB kasutas omavahendeid ka keskmise pikkusega riigilaenu nelja osamakse maksmiseks, mis tuli tasuda 11. veebruaril 2011, 11. mail 2011, 11. augustil 2011 ja 11. novembril 2011.
Compatibility of the restructuring plan
Komisjon kiidab heaks rekapitaliseerimise summa kiire tagasimaksmise riigile.
Restoration of the long-term viability of the institution
Lisaks parandab Allianz Banki omandamine FHB poolt panga likviidsusprofiili, tõstes jae- ja äriklientide hoiuste summat.
In the opening decision [19], the Commission expressed doubts as to the reliability of the assumptions adopted by FHB in its financial projections.
Järelikult on see ost panga äriplaani oluline osa ja aitab kaasa selle pikaajalisele kasumlikkusele.
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.
Selle tulemusena leiab komisjon, et Allianz Bank Ltd ostmine FHB poolt on kohane meede panga pikaajalise elujõulisuse säilitamiseks.
The Commission has also expressed doubts about the assumptions of the bank relying upon a strong growth in deposits.
Veel märgib komisjon, et Ungari ametiasutuste esitatud teave hajutab kahtlused, mida komisjon väljendas 24. jaanuari 2011. aasta menetluse algatamise otsuses seoses sellega, kas Allianz Banki ostmine toimus suures osas riigi kulul.
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.
Komisjoni hinnangut ei muuda „puuduva” rekapitaliseerimishüvitise, st summa, mida FHB algselt ei maksnud, arvesse võtmine, kuna selle makse summa oli umbes 1,6 miljardit Ungari forintit (põhjendus 40) ja Allianz Banki eest makstud hind oli 3,3 miljardit Ungari forintit (põhjendus 60).
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.
Abimeetmete eest makstava hüvitise kohta märgib komisjon heakskiitvalt, et FHB ja Ungari valitsus sõlmisid 15. detsembril 2011 lepingu, millega FHB nõustus maksma riigile lisahüvitist summas 1,6 miljardit Ungari forintit.
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.
Lisaks oktoobris 2010 tehtud 890 miljoni Ungari forinti suurusele maksele vastab kogusumma, mida FHB on Ungari riigile rekapitaliseerimise eest maksnud, 10,49 % suurusele hüvitisemäärale, mis on kooskõlas tagatis- ja rekapitaliseerimiskavaga.
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.
Komisjon märgib heakskiitvalt, et pank maksis riigipoolse rekapitaliseerimise summa tagasi vähem kui aasta jooksul (st pank rekapitaliseeriti 23. märtsil 2009 ja riigile maksti tagasi 19. veebruaril 2010).
That acquisition supports the assumptions made on the growth of deposits.
Keskmise pikkusega laenult, mida pank likviidsuskava alusel sai, võetakse intresse, mille määraks on kahest järgmisest väärtusest suurem: i) IMF-i arvestusühik (edaspidi „SDR”) + 345 baaspunkti ja ii) 12-kuuline pankadevaheline intressimäär (edaspidi „IBOR”) + 100 baaspunkti + 123,5 baaspunkti (vastates kuu keskmisele 3,79–4,08 %), kooskõlas likviidsuskavas ette nähtud tingimustega.
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.
Seda hinnangut kinnitavad FHB head tulemused vaatamata Ungari pangandussektoris valitsevatele raskustele ning panga suhteliselt kõrge esimese taseme põhiomavahendite määr (2008. aasta lõpus 12 %, see kasvas 16,9 %ni pärast rekapitaliseerimist 2009. aastal ja oli pärast riigi kapitali tagasimaksmist jätkuvalt kõrge, st 10,5 %).
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.
Sel ajal oli Ungari pankade suhtes kehtiv kapitalinõue 8 %.
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.
Vastupidi mõnele teisele temasarnasele asutusele, suutis pank säilitada oma tugeva kapitalipositsiooni (2009. aasta märtsis pärast rekapitaliseerimise tagasimaksmist riigile oli kapitali adekvaatsuse määr 10,5 %).
The return on assets also improved from [0,90 %-1 %] in 2009 to [1,05 %-1,10 %] in 2010.
Lisaks säilitas ta agentuuri Moody's reitingu Baa3, mis jääb veel investeerimisjärgu kategooriasse.
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.
Neid asjaolusid arvestades usub komisjon, et FHBd tabasid raskused üksnes ajutiselt ja mitte põhjapanevalt.
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.
Kuna Ungari jätkuvad raskused ei ohustanud panga elujõulisust, ei nõua komisjon, et riigile makstaks täiendavat hüvitist.
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].
Lisaks oli intressitasu, mida FHB maksis riigile keskmise pikkusega laenu eest (vt põhjendus 84) kooskõlas likviidsuskavas ette nähtud tingimustega.
The bank has also considerably increased its share of retail loans from [3 %-5 %] in 2009 to [9 %-11 %] in 2011.
Seega leiab komisjon, et mõlema abimeetme eest saadud tasu on kohane.
The Commission further notes that the ‘Allianz deal’ [21] contributed significantly to those positive trends.
Seega leiab komisjon, et ümberkorraldamiskava tagab panga, aktsionäride ja juhatuse piisava omapanuse ümberkorraldamiskuludesse.
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.
Konkurentsimoonutuste parandamise meetmed
The Commission notes positively that the amount of the recapitalisation has already been fully paid back to the State on 19 February 2010, i.e. within a period of less than a year and that the bank repaid the aid amount by using its own resources.
Teiseks kohaldatakse ümberkorraldamiskavas sisalduvaid tegevust reguleerivaid meetmeid üksnes senikaua, kuni pank saab riigilt kapitalisüsti.
FHB also used its own funds to repay four instalments of the mid-term State loan that were due on 11 February 2011, 11 May 2011, 11 August 2011 and 11 November 2011
Kolmandaks kommenteerib komisjon heakskiitvalt, et FHB on seni viivitusteta täitnud oma keskmise pikkusega laenuga seotud maksekohustusi.
Limitation of restructuring costs, remuneration
Komisjonil ei ole põhjust kahelda, et pank suudab laenu lõpptähtajaks täielikult ja õigeaegselt tagasi maksta.
The Commission considers favourably the early repayment of the amount of the recapitalisation to the State.
Neljandaks ei ole FHB turupositsioon Allianz Banki ostmisest saadik oluliselt muutunud (turuosad enne ostmist [3–3,3 %] ja pärast ostmist [3,4–3,6 %]), mis kinnitab komisjonile, et sellel ostul on konkurentsimoonutustele piiratud mõju.
Further, the acquisition of Allianz Bank by FHB improves the liquidity profile of the bank increasing the amount of retail and commercial deposits.
Tegevust reguleerivad meetmed piirduvad järgmiste meetmetega:
That acquisition is thus an important aspect of the bank's business plan and contributes to its long-term profitability.
pank ei järgi agressiivseid äristrateegiaid;
Thus, it cannot be considered that the aid granted to FHB was used to develop its activities in new business areas, as Allianz Bank and FHB both operate in the same retail and commercial markets.
pank ei tohi investeerida uutesse tegevusvaldkondadesse, välja arvatud juhul, kui need investeeringud kiideti heaks enne rekapitaliseerimislepingule alla kirjutamist;
As a result, the Commission considers that the acquisition of Allianz Bank Ltd by FHB an appropriate measure to maintain the bank's long-term viability.
pank peab vältima riigiabi turustamist.
The Commission further notes that the information provided by the Hungarian authorities dispels the doubts expressed by the Commission in the opening decision of 24 January 2011 as to whether the acquisition of Allianz Bank had been carried to a large extent at the cost of the State.
Komisjon ei leia, et teisi rekapitaliseerimisega seostatud tegevust reguleerivaid meetmeid, mida Ungari ametiasutused nimetasid vastuses 27. jaanuari 2011. aasta menetluse algatamise otsusele, saaks pidada abi põhjustatud konkurentsimoonutuste piiramise meetmeteks.
As regards the outstanding amounts of the loan, the Commission notes positively that the bank has already repaid four instalments of the loan since February 2011 [23].
KOKKUVÕTE
The evaluation of the Commission is not altered by taking into consideration the ‘missing’ remuneration of the recapitalisation, i.e., the amount that was originally not paid by FHB, since that payment amounted to around HUF 1,6 billion (recital 40) and the price paid for Allianz Bank was HUF 3,3 billion (recital 60).
Komisjon leiab, et Ungari ametiasutuste esitatud teabe ja käesoleva otsuse IV jaos kirjeldatud FHB ajakohastatud ümberkorraldamiskava põhjal on likviidsuse toetamiseks antud laenu ja rekapitaliseerimise kujul rakendatud toetusmeetmed siseturuga kokkusobivad vastavalt ELi toimimise lepingu artikli 107 lõike 3 punktile b ning täidavad ümberkorraldamisteatise nõudmisi elujõulisuse, kulude jagamise ja konkurentsimoonutuste leevendamise valdkonnas.
As regards remuneration of the aid measures, the Commission notes favourably that FHB and the Hungarian Government entered into an agreement on 15 December 2011 by which FHB agreed to pay to the State an additional remuneration of HUF 1,6 billion.
Ungari on erandkorras nõustunud sellega, et käesolev otsus võetakse vastu inglise keeles, mis on otsuse ainus autentne keel,
In addition to the payment of HUF 890 million made in October 2010, the total payment on the recapitalisation by the Hungarian State of FHB corresponds to the remuneration rate of 10,49 %, in line with the conditions set out in the guarantee and recapitalisation scheme.
ON VASTU VÕTNUD KÄESOLEVA OTSUSE:
The Commission notes positively that the bank repaid the recapitalisation granted by the State within a period of less than a year (i.e. the bank was recapitalised on 23 March 2009 and the State was repaid on 19 February 2010).
Artikkel 1
The mid-term loan received by the bank under the liquidity scheme bears a remuneration of the higher of (i) IMF Special Drawing Right (hereinafter ‘SDR’) + 345 bps and (ii) 12 month Interbank offered Rate (hereinafter ‘IBOR’) + 100 bps + 123,5 bps (corresponding to a monthly average of between 3,79 % and 4,08 %), in line with the conditions set out in the liquidity scheme.
Meetmed, mida Ungari rakendas ettevõtja FHB Jelzálogbank Nyrt suhtes ja mis koosnesid 120 miljardi Ungari forinti (umbes 410 miljoni euro) suuruse keskmise pikkusega riigilaenu andmisest 25. märtsil 2009, lõpptähtajaga 11. november 2012, ning rekapitaliseerimisest 30 miljardi Ungari forinti (umbes 100 miljoni euro) ulatuses, milleks kasutati spetsiaalseid dividendide saamise eelisaktsiaid ja ühte hääleõigusega aktsiat, mis anti 31. märtsil 2009, on Euroopa Liidu toimimise lepingu artikli 107 lõike 3 punkti b kohaselt siseturuga kokkusobivad.
The loan agreement for the mid-term State loan provides for its repayment […] starting from 11 February 2011.
Artikkel 2
According to the information submitted by the Hungarian authorities, FHB has paid four instalments of the loan that were due on 11 February 2011, 11 May 2011, 11 August 2011 and 11 November 2011.
Käesolev otsus on adresseeritud Ungarile.
The Commission positively notes that FHB has been prompt in meeting, so far, its payment obligations regarding the mid-term loan.
Brüssel, 22. veebruar 2012
The Commission has no reason to doubt that there will be full and timely repayment of the loan by its maturity.
Komisjoni nimel
That assessment is confirmed by the good performance of FHB despite difficulties in the Hungarian banking sector and the bank's relatively high core tier 1 ratio (12 % at the end of 2008, which increased to 16,9 % after the recapitalisation in 2009 and remained high at 10,5 % after the repayment of the State capital).
Joaquín Almunia
The capital requirement for Hungarian banks was 8 % at that time.
ELT C 178, 18.6.2011, lk 7.
In contrast to some of its peers, the bank was able to maintain its strong capital position (CAR of 10,5 % in March 2009, after the repayment to the State of the recapitalisation).
Aluseks on võetud 15. veebruari 2012. aasta eurot/HUF vahetuskurss (289,63).
It therefore considers that the remuneration paid by the bank is adequate, as corresponding to the remuneration required from a fundamentally sound bank.
ELT C 195, 19.8.2009, lk 9.
Given that the bank's viability was not endangered by Hungary's ongoing difficulties, the Commission will not ask for further remuneration to be paid to the State.
ELT C 178, 18.6.2011, lk 7.
Furthermore, the remuneration of the State by FHB for the mid-term loan (see recital 84) was in line with the conditions set out in the liquidity scheme.
ELT C 236, 12.8.2011, lk 1.
Therefore, the Commission considers that the remuneration of both aid measures is appropriate.
FHB raskuste täpsema kirjelduse saamiseks vt 24. jaanuari 2011. aasta menetluse algatamise otsuse põhjendus 39 jj.
The Commission also notes favourably that the bank paid no dividend on its ordinary shares for the years 2009 and 2010.
Vt eespool põhjenduse 28 teine taane.