natgillin/translations-raw huggingface dataset:
The stress test was focused on capital adequacy while liquidity risks were not directly stress-tested.
Ungari esitatud teabe kohaselt oli keskmine kuuintressi määr vahemikus 3,79 % ja 4,08 %; tegelik summa arvutati nädala kaupa.
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.
Ungari ametiasutuste esitatud teabe kohaselt maksti kogu 890 miljoni Ungari forinti suurune hüvitise summa 2010. aasta lõpus.
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.
Viivist arvutati ajavahemiku eest, mis algas 21. augustil 2010, mil jõustus muudetud stabiliseerimisseadus, ja lõppes 28. oktoobril 2010, mil lepingule alla kirjutati.
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.
Ungari riik ja FHB sõlmisid 15. detsembril 2011 uue kokkuleppe, millega pank nõustus maksma riigile kogusumma, mis moodustas 10,49 % kogu rekapitaliseerimissummast (st maksmisele kuuluv summa oli kokku 2491742552 Ungari forintit).
The level of remuneration was allegedly determined on the basis of the terms of the liquidity scheme.
Selle uue kokkuleppe alusel kohustus FHB seega maksma riigile 31. detsembriks 2011 1601742552 Ungari forinti suuruse lisasumma, mille arvutamiseks lahutati eespool põhjenduses 36 nimetatud 890 miljoni Ungari forinti suurusest hüvitise kogusummast 28. oktoobril 2010 juba makstud hüvitise summa.
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.
ÜMBERKORRALDAMISKAVA
The capital was made available to FHB on 6 May 2009 and it was reimbursed on 19 February 2010.
Ungari esitas 30. septembril 2010 komisjonile FHB ajakohastatud ümberkorraldamiskava.
The interest rate ultimately applied was the same as the interest rate paid for the loan of approximately EUR 400 million.
3. oktoobri 2011. aasta kirjaga esitati komisjonile lisateavet ümberkorraldamiskava kohta.
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.
Ümberkorraldamiskava põhijooni on juba kirjeldatud komisjoni menetluse algatamise otsuses.
According to information provided by Hungarian authorities the total remuneration amount of HUF 890 million was paid at the end of 2010.
3. oktoobril 2011 esitati täiendavaid andmeid ja neid on kirjeldatud jagudes 4.1.-4.3.
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.
ELUJÕULISUS
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.
Aastal 2010 oli rahvusvaheline ja siseriiklik majanduskeskkond üpriski raske, kuigi esines paranemismärke.
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).
2010. aastal jäi Ungari pangandussektori kasumlikkus eelmise aasta omast oluliselt väiksemaks.
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.
13. augustil 2010 jõustunud 2010. aasta seadusega XC kehtestas Ungari valitsus finantsorganisatsioonidele erimaksu, mille summa ulatus kumulatiivselt 187 miljardi Ungari forintini ning mida maksid põhiliselt krediidiasutused.
THE RESTRUCTURING PLAN
Jaeklientide laenutaotlused vähenesid 2010. aasta jooksul oluliselt, samal ajal nõrgenes pakkumise pool ebasoodsate muutuste tõttu õigusraamistikus ja turutingimustes.
On 30 September 2010 Hungary submitted an updated restructuring plan for FHB to the Commission.
Ka äriklientide laenutehingud olid sektoris üldiselt raskustes, kuigi mõni pank — sealhulgas FHB — laiendas äriklientidealast tegevust.
Additional information on the restructuring plan was submitted to the Commission by letter dated on 3 October 2011.
Kõige olulisem sündmus nii FHB tehingute kui ka finantstulemuste jaoks oli Allianz Commercial Bank Ltd (edaspidi „Allianz Bank”) ostmine ja pikaajaline strateegiline koostööleping Allianz Hungaria Insurance Co.
The main aspects of the restructuring plan have been already described in the Commission opening decision.
Ltd. (edaspidi „Allianz Hungaria Insurance”) ja FHB vahel.
Additional elements were submitted on 3 October 2011 and are described in sections 4.1 to 4.3.
Ostmine mõjutas positiivselt FHB kontserni 2010. aasta puhaskasumit; ostuga seotud ühekordsed kirjed tasakaalustasid pangandusele kehtestatud erimaksu negatiivset mõju, laenuportfellilt saadud kahjumit ja rahastamiskulude kasvu.
VIABILITY
FHB kogukasum 2010. aastal oli 11,2 miljardit Ungari forintit, mis kujutas endast 58,9 % suurust tõusu võrreldes 2009. aastaga.
In 2010, profitability of the Hungarian banking sector lagged far behind that of the previous year.
Seevastu suure hulga mitteaktiivsete kontode tõttu ei kasvanud hoiuste summa proportsionaalselt, vaid kasvas […] miljardilt Ungari forintilt 2009. aasta detsembris […] miljardi Ungari forintini 2010. aasta detsembris (+[…] %).
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.
FHB turuosa jae- ja äriklientide hoiuste turul kasvas vastavalt […] %-lt […] %-ni ja […] %-lt […] %-ni.
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.
Seega suurendab Allianz Banki ostmine hoiuste osa FHB rahastamise jaotuses ja vähendab hüpoteegiga tagatud võlakirjade hulka […] miljardilt Ungari forintilt 2010. aastal […] miljardi Ungari forintini 2011. aastal.
Corporate lending also suffered overall in the sector, though some banks — including FHB — expanded their corporate activities.
KULUDE JAGAMINE
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.
FHB ja Ungari riigi vahel 15. detsembril 2011 alla kirjutatud uue lepingu kohaselt kohustus pank maksma riigile hüvitist kokku 2491742552 Ungari forintit, mis moodustas 10,49 % rekapitaliseerimise summast, nagu panga ja riigi vahel oli algselt rekapitaliseerimislepingus kokku lepitud.
Ltd (hereinafter ‘Allianz Hungaria Insurance’) and FHB.
KONKURENTSIMOONUTUSTE PIIRAMISE MEETMED
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.).
V. AMETLIKU MENETLUSE ALGATAMISE PÕHJUSED
The total profit of FHB in year 2010 amounted to HUF 11,2 billion, representing an increase of 58,9 % compared to 2009.
Lisaks väljendas komisjon kahtlusi FHB pikaajalise elujõulisuse suhtes, sest pank on tugevalt seotud hulgirahastamisega ja kinnisvaraturuga Ungaris.
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 (+[…] %).
Lisaks, arvestades rekapitaliseerimise summalt 2010. aasta oktoobris makstud hüvitise madalat määra (mis vastas keskmisele intressimäärale 3,79–4,08 %, nagu on ette nähtud likviidsuskavas), väljendas komisjon samuti kahtlusi selle kohta, kas panga omapanus ümberkorraldamisse oli piisav.
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 (+[…] %).
Ka asjaolu, et FHB ostis Allianz Banki ja sõlmis lepingu ettevõtjaga Allianz Hungaria Insurance, tekitas kahtlusi selles, kas abi piirdus minimaalse vajaliku summaga.
The market share of FHB on the retail and corporate deposit markets, increased respectively from […] % to […] %, and from […] % to […] %.
Lõpuks leidis komisjon samuti, et Ungari ametiasutused ei olnud tõendanud seda, et FHB-le antud abiga kaasnevate konkurentsimoonutuste piiramiseks võeti piisavaid meetmeid, eriti arvestades laienemisstrateegiat, hiljutist Allianz Banki ostu ja riigipoolset rekapitaliseerimise eest makstud ebapiisavat hüvitist.
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.
HUVITATUD ISIKUTE MÄRKUSED
FHB forecast that, based on the estimated consolidated balance sheet and income statement for 2011, its CAR should be around […] % in December 2011.
Riigi sekkumine FHB toetuseks oli mõeldud selleks, et võidelda tõsiste kriisist tulenevate riskidega Ungari hüpoteeklaenude sektorile ja hüpoteegiga tagatud võlakirjade turule.
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.
Tulenevalt haavatavusest valuuta kõikumise suhtes, Šveitsi frangi tugevnemisest Ungari forinti suhtes, tarbijate sissetulekute vähenemisest ja tööpuuduse kasvust toimus tõepoolest kiire ja tõsine hüpoteeklaenude portfelli kvaliteedi halvenemine ja „halbade laenude” hulga suurenemine ning pankade rahastamisvõimaluste vähenemine.
BURDEN-SHARING
See pidas eriti paika FHB puhul, mida rahastatakse kapitalituru kaudu.
For the recapitalisation of HUF 30 billion, FHB has paid remuneration of HUF 890 million in October 2010.
LIIKMESRIIGI MÄRKUSED
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 %.
Ungari ametiasutused esitasid komisjonile oma märkused 2. märtsil 2011, nendele lisaks saadeti 11. juuli 2011. aasta kirjaga FHB märkused.
MEASURES TO LIMIT DISTORTIONS OF COMPETITION
Usaldusväärsuse osas ei ole need erinevad mis tahes muudest FHB tehtud finantskavadest või prognoosidest.
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).
Ungari ametiasutuste kohaselt on FHB pikaajaline elujõulisus tagatud, nagu seda tõendab FHB edukas rahastamisvahendite leidmine nii raha- kui ka kapitaliturul: 2009. aastal emiteeris FHB hüpoteegiga tagatud veksleid ja võlakirju üle 60 miljardi Ungari forinti eest ja ka erainvestorid laenasid pangale kokku […].
V. REASONS FOR THE OPENING OF THE FORMAL PROCEDURE
Lisaks märgivad Ungari ametiasutused, et arvestades jaehoiuste kontosid, nähtub andmetest, et FHB turuosa jaehoiuste segmendis kasvas […] %-lt […] %-ni 2009. aastal; 2010. aasta lõpu prognoos on […] %.
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.
Peale selle on jaeklientide kontode ja nende portfelli suurus oluliselt ja dünaamiliselt kasvanud, vaatamata turuprognoosile, mis nägi ette portfelli vähenemist.
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.
Seega ei pea pank ja Ungari ametiasutused jaehoiuseid ja jaeklientide kontosid käsitlevaid prognoose liiga optimistlikeks.
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.
FHB likviidsuspositsiooni võib aga lugeda pidevalt stabiilseks tulenevalt muu hulgas asjaolust, et see peab vastama reitinguagentuuride kehtestatud likviidsusnõuetele.
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.
Panga likviidsus oli stabiilne isegi kriisi kõige raskematel aegadel, mida kinnitab Ungari keskpanga juhi 19. märtsi 2009. aasta kiri rahandusministrile.
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.
Panga varade kvaliteedi nõrgenemine kriisi ajal tulenes peamiselt pigem Ungari makromajanduslikust olukorrast, kodumajapidamiste sissetulekute vähenemisest, tööhõive määra vähenemisest ja tööpuuduse määra kasvust, mitte Šveitsi frangi kasvutrendist Ungari forinti suhtes.
COMMENTS FROM INTERESTED PARTIES
Kuigi FHB algatas mitu kava, mille eesmärk oli tegeleda raskustes olevate võlgnike probleemidega, paraneb laenuportfelli kvaliteet kestvalt eeskätt tänu majanduslikule elavnemisele ja paranenud majandusnäitajatele.
The Commission received comments from the Association of Hungarian mortgage banks (hereinafter The ‘Association’)on 18 July 2011.
Ungari keskpanga ja Ungari valitsuse majandusprognoosid 2011. aastaks näevad ette sisemajanduse koguprodukti (edaspidi „SKP”) kasvu, tööhõive järkjärgulist paranemist ja madalamat tööpuuduse määra, millel on tõenäoliselt oluline mõju FHB laenuportfellile.
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.
Ungari ametiasutused märgivad, et FHB sõlmis lepingud Allianz Banki ja Allianz Hungaria Insurance'iga pärast seda, kui FHB oli 19. veebruaril 2010 maksnud riigile täielikult tagasi kogu aktsiate emiteerimise aegse väärtuse ja võtnud tagasi rekapitaliseerimise käigus emiteeritud aktsiad.
The State intervention in favour of FHB was aimed at addressing serious risks to the Hungarian mortgage credit sector and the mortgage bond market.
Lisaks oli ostuhind, mida FHB maksis Allianz Banki eest (arvestades ka omaaktsiate väärtust), umbes 3,3 miljardit Ungari forintit, samas kui Allianz Banki omakapital oli 30. septembri 2010. aasta seisuga ligi 14 miljardit Ungari forintit.
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.
Seega ei olnud FHB-l Allianz Banki ostmiseks kapitali vaja ja tehing ei vähendanud FHB omakapitali.
It was especially true in the case of FHB, which is financed from the capital market.
Lisaks näitab asjaolu, et abi piirdus minimaalse vajaliku summaga, see, et FHB kapitali adekvaatsuse määr, mis oli 2008. aastal 11,3 %, jõudis 12 % suuruse kapitali adekvaatsuse piirmäärani, mille komisjon oli tagatis- ja kapitaliseerimiskavas heaks kiitnud, alles pärast rekapitaliseerimist.
COMMENTS FROM THE MEMBER STATE
Ungari ametiasutused märgivad samuti, et FHB ei ole mitu aastat järjest dividende maksnud ning on tagasi ostnud omakapitali koguväärtusega võrreldes ainult väikese osa oma aktsiatest.
The Commission received observations from the Hungarian authorities on 2 March 2011, supplemented by comments from FHB by letter dated 11 July 2011.
Järelikult, kuna omanikele ja aktsionäridele tagasi makstud vahendite summa on viimastel aastatel olnud väike, on asjakohane kulude jagamine tagatud.
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.
Lisaks nendele konkurentsimoonutuste piiramise meetmetele, mida komisjon nimetas oma otsuses, märgivad Ungari ametiasutused ära lisameetmed, mis on seotud tagatis- ja rekapitaliseerimiskavaga ning FHB ja Ungari riigi vahelise rekapitaliseerimislepinguga:
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 […] %.
Ungari ametiasutused märgivad, et nemad tõlgendavad riigiabi eeskirju nii, et need tegevust reguleerivad meetmed ja muud konkurentsi moonutamist piiravad meetmed on või olid FHB-le kohustuslikud niikaua, kuni riik oli panga aktsionär.
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.
Peale eespool nimetatud meetmete võttis FHB endale täiendavaid kohustusi rekapitaliseerimislepingu punktis 3.8, milles on ette nähtud, et rekapitaliseerimist tuleb kasutada järgmiste eesmärkide saavutamiseks:
Therefore, the bank and the Hungarian authorities do not consider the projections on retail deposits and retail accounts as over-optimistic.
FHB peab suurendama kapitali FHB Commercial Bankis;
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.
rekapitaliseerimine peab aitama kaasa Ungari hüpoteegiga tagatud vekslite ja laenude turu stabiliseerimisele ning rahastama jaeklientidele ja VKEdele antavate laenude arengut;
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.
rekapitaliseerimine peab parandama FHB stabiilsust ja tugevdama selle aktiivset kohalolu kapitaliturul, aidates nõnda kaasa investorite usalduse taastamisele;
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 peab osalema eespool nimetatud turusegmentide konsolideerimises;
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.
FHB peab optimeerima oma rahastamisstruktuuri (kohustuste struktuuri);
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.
FHB peab laiendama oma tegevusvahendeid, mida on vaja selleks, et tõrjuda makrotasandi (vahetuskursist tulenevate) riskide äärmuslikku mõju kapitali poolel.
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.
Vastupidiselt komisjoni väljendatud kahtlustele, ei püütud FHB rekapitaliseerimisega moonutada konkurentsi FHB Commercial Banki tegevuse laiendamise teel.
The agreements of FHB with Allianz were entered into in June and July 2010 and the acquisition took place in September 2010.
Kapitalisuurendus viimati nimetatud ettevõtjas kujutas endast rekapitaliseerimislepingus võetud kohustust.
At that time, no State funds were held by FHB.
FHB Commercial Banki põhitegevus, mida on samuti toetatud riigipoolse rekapitaliseerimise kaudu rahastatud 25 miljardi Ungari forinti suuruse kapitalisuurendusega, on jäänud alles.
Therefore, FHB cannot have financed the acquisition from the recapitalisation repaid in February 2010.
Äriklientidele antavate laenude portfell on pidevalt kasvanud, kuid mitte rohkem selle varasemast kasvutrendist.
The preparatory analyses and discussions between FHB and Allianz started only after the State loan had been repaid.
Ungari ametiasutused on seisukohal, et eespool esitatud kaalutlused näitavad, et komisjoni kokkuvõtlik hinnang konkurentsimoonutuste piiramise meetmete kohta ning tema väide, et „need meetmed on väga piiratud”, on alusetud.
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.
Seetõttu toonitavad nad, et rekapitaliseerimisleping vastas nii stabiliseerimisseaduses kui ka asjakohastes komisjoni teatistes kehtestatud kriteeriumidele.
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.
ABI HINDAMINE
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.
ABI OLEMASOLU
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.
Komisjon oli juba 24. jaanuari 2011. aasta menetluse algatamise otsuses seisukohal, et nii rekapitaliseerimine kui ka FHB-le laenu kujul antud likviidsustoetus kujutavad endast riigiabi ELi toimimise lepingu artikli 107 lõike 1 tähenduses [16].
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.
Ei Ungari riik ega FHB ei esitanud argumente selle järelduse kahtluse alla seadmiseks.
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:
ABI ÕIGUSPÄRASUS