natgillin/translations-raw huggingface dataset:
On 29 April 2009, the Bundesanstalt für Finanzdienstleistungsaufsicht (German Banking Regulator, hereinafter ‘BaFin’) informed HSH that, in light of its prudential situation, BaFin considered that HSH had difficulties meeting the regulatory capital requirements.
Bundesanstalt für Finanzdienstleistungsaufsicht (nemški bančni regulator, v nadaljnjem besedilu: nemški bančni regulator BaFin) je 29. aprila 2009 banko HSH obvestil, da ima banka HSH ob upoštevanju njenega bonitetnega položaja po njegovem mnenju težave pri izpolnjevanju predpisanih kapitalskih zahtev.
BaFin announced that it would order a moratorium pursuant to paragraph 47 of the German Banking Act if the owners of HSH did not reinforce its capital basis.
Nemški bančni regulator BaFin je napovedal, da bo v primeru, če lastniki banke HSH ne okrepijo njene kapitalske osnove, v skladu s členom 47 nemškega zakona o bančništvu zahteval moratorij.
On 6 May 2009, S&P downgraded HSH’s credit rating by two notches from A to BBB + with a negative outlook.
6. maja 2009 je bonitetna agencija S&P bonitetno oceno banke HSH znižala za dve stopnji z A na BBB + z negativnim obetom.
The recapitalisation consisted of a cash injection of EUR 3 billion in total of core Tier 1 capital in exchange for ordinary shares with voting rights.
Dokapitalizacija je obsegala denarni vložek v obliki osnovnega kapitala prvega reda v skupnem znesku 3 milijarde EUR v zameno za navadne delnice z glasovalnimi pravicami.
HSH Finanzfonds AöR obtained the financial means needed for the recapitalisation by issuing bonds on the capital markets.
Javnopravna ustanova HSH Finanzfonds AöR je z izdajo obveznic na kapitalskih trgih pridobila finančna sredstva, potrebna za dokapitalizacijo.
Its liabilities resulting from the bond issues are guaranteed equally by Hamburg and Schleswig-Holstein as partial debtors and by means of guarantees to the bond holders.
Za njene obveznosti, nastale na podlagi izdanih obveznic, kot delna dolžnika in z jamstvi imetnikom obveznic v enaki meri jamčita mesto Hamburg in zvezna dežela Schleswig-Holstein.
The bonds issued by HSH Finanzfonds AöR serve solely to finance the HSH recapitalisation.
Obveznice, ki jih je izdala javnopravna ustanova HSH Finanzfonds AöR, so namenjene izključno financiranju dokapitalizacije banke HSH.
HSH Finanzfonds AöR operates exclusively as a vehicle for Hamburg and Schleswig-Holstein and does not pursue any other purpose besides providing the recapitalisation and the risk shield.
Javnopravna ustanova HSH Finanzfonds AöR je namenska družba mesta Hamburg in zvezne dežele Schleswig-Holstein, katere naloga je zagotavljanje dokapitalizacije in zaščite pred tveganjem, razen tega pa ne opravlja nobenih drugih dejavnosti.
The issue price of the new shares was based on a valuation of HSH by PricewaterhouseCoopers (‘PwC’), which arrived at a value in a range between EUR [> 2] billion and EUR [< 3] billion (EUR [> 19] to EUR [< 28] per share).
Cena, po kateri so bile nove delnice izdane, je temeljila na vrednotenju banke HSH, ki ga je izvedlo podjetje PricewaterhouseCoopers (v nadaljnjem besedilu: podjetje PwC) in katerega rezultat je bila vrednost v razponu med [> 2] milijarde EUR in [< 3] milijarde EUR ([> 19] EUR do [< 28] EUR za delnico).
The average value of HSH based on the valuation is EUR [2-3] billion (EUR [19-28] per share).
Povprečna vrednost banke HSH na podlagi tega vrednotenja je [2–3] milijarde EUR ([19–28] EUR za delnico).
The valuation was based on the assumption that an upgrade to the previous A rating would be achieved in 2013.
Vrednotenje je temeljilo na predpostavki, da bo banka HSH zvišanje bonitetne ocene na prejšnjo oceno A dosegla v letu 2013.
For the EUR 3 billion in newly injected capital Hamburg and Schleswig-Holstein intended to achieve a yearly remuneration of 10 % (EUR 300 million per year).
Za 3 milijarde EUR v obliki novega kapitalskega vložka sta mesto Hamburg in zvezna dežela Schleswig-Holstein nameravala doseči letno povračilo v višini 10 % (300 milijonov EUR na leto).
The price for the new shares was fixed at EUR 19 per share (EUR [19-28] minus EUR [3-6]).
Cena za nove delnice je bila določena na 19 EUR za delnico ([19–28] EUR minus [3–6] EUR).
HSH Finanzfonds AöR acquired 157894737 new ordinary shares.
Javnopravna ustanova HSH Finanzfonds AöR je kupila 157894737 novih navadnih delnic.
The savings bank associations and Flowers did not participate in the recapitalisation.
Združenji hranilnic in investicijska družba Flowers v postopku dokapitalizacije niso sodelovali.
Consequently, following the recapitalisation, their shareholdings were diluted from 13,20 %, 1,62 % and 25,67 % to 4,73 %, 0,58 % and 9,19 % respectively, and the joint direct and indirect shareholdings of Hamburg and Schleswig-Holstein (including the shares held via HSH Finanzfonds AöR) increased from 59,51 % to 85,49 %.
Zato so se po dokapitalizaciji njihovi deleži s 13,20 %, 1,62 % in 25,67 % zmanjšali na 4,73 %, 0,58 % oziroma 9,19 %, skupna neposredna in posredna deleža mesta Hamburg in zvezne dežele Schleswig-Holstein (vključno z delnicami v lasti preko javnopravne ustanove HSH Finanzfonds AöR) pa sta se z 59,51 % povečala na 85,49 %.
THE RISK SHIELD
ZAŠČITA PRED TVEGANJEM
Neither the savings bank associations nor Flowers participated.
Združenji hranilnic in investicijska družba Flowers pri tem niso sodelovale.
The second-loss tranche of up to EUR 10 billion is to be covered by HSH Finanzfonds AöR.
Tranšo druge izgube v višini do 10 milijard EUR krije javnopravna ustanova HSH Finanzfonds AöR.
Losses beyond EUR 13,2 billion (first- and second-loss tranches together) are to be covered by HSH.
Izgube, ki bi presegale znesek v višini 13,2 milijarde EUR (tranši prve in druge izgube skupaj), krije banka HSH.
The transfer value of the shielded portfolio is [around EUR 168] billion ([around EUR 172] billion total assets value minus EUR 3,2 billion).
Vrednost zaščitenega portfelja ob prenosu je [okoli 168] milijard EUR ([okoli 172] milijard EUR skupnih sredstev minus 3,2 milijarde EUR).
In principle, HSH can cancel the guarantee at any time, but until 31 December 2013 the cancellation is limited to EUR [2-5] billion in total and at most to EUR [1-4] billion per year.
Načeloma lahko banka HSH jamstvo razveljavi kadar koli, vendar je do 31. decembra 2013 razveljavitev omejena na skupno [2–5] milijard EUR in največ na [1–4] milijarde EUR na leto.
Composition of the shielded portfolio
Sestava zaščitenega portfelja
Impaired assets such as assets-backed securities (‘ABS’) represent around [3-6] % of the approximately EUR [172] billion portfolio covered by the risk shield.
Oslabljena sredstva, kot so vrednostni papirji, zavarovani s premoženjem, predstavljajo okoli [3–6] % portfelja v vrednosti približno [172] milijard EUR, ki ga krije zaščita pred tveganjem.
The majority of the shielded assets consist of customer loans, HSH’s core activity.
Večino zaščitenih sredstev predstavljajo posojila strankam, ki so temeljna dejavnost banke HSH.
The shielded portfolio is denominated in various currencies including EUR, USD and GBP.
Zaščiteni portfelj je denominiran v različnih valutah, vključno z EUR, USD in GBP.
Breakdown of the shielded EUR [172] billion approximately of assets
Okvirna razdelitev zaščitenih sredstev v višini [172] milijard EUR
Category of assets
Kategorija sredstev
Assets on balance sheet
Sredstva na bilanci stanja
% of the portfolio
% portfelja
Customer loans
Posojila strankam
[115 approx]
[približno 115]
Fixed income securities
Vrednostni papirji s stalnim donosom
[30 approx]
[približno 30]
Secured tradable loans [23]
Zavarovana posojila, s katerimi se trguje [23]
[15 approx]
[približno 15]
Assets-backed securities
Vrednostni papirji, zavarovani s premoženjem
[10 approx]
[približno 10]
Guarantees on payments
Jamstva na plačila
[5 approx]
[približno 5]
[172 approx]
[približno 172]
Valuation of the shielded assets
Vrednotenje zaščitenih sredstev
HSH did not have a valuation of the whole portfolio conducted by external experts before the implementation of the risk shield, except for the ABS portfolio and part of the CIP portfolio, which were valued by Blackrock and by Cambridge Place.
Banka HSH pred vzpostavitvijo zaščite pred tveganjem pri zunanjih strokovnjakih ni naročila vrednotenja celotnega portfelja, ampak samo portfelja vrednostnih papirjev, zavarovanih s premoženjem, in dela portfelja strukturiranega kredita, katerih vrednotenje sta izvedli podjetji Blackrock in Cambridge Place.
At the Commission’s request, HSH conducted a valuation of the shielded portfolio in the period November 2009 to January 2010 based on the Commission’s severe stress assumptions.
Na zahtevo Komisije je banka HSH na podlagi predpostavk Komisije glede hudih obremenitev v obdobju od novembra 2009 do januarja 2010 opravila vrednotenje zaščitenega portfelja.
The valuation was conducted in cooperation with the Commission’s experts.
Vrednotenje je bilo opravljeno v sodelovanju s strokovnjaki Komisije.
The valuation assumptions were in line with the severe stress scenarios applied by the Commission in other cases.
Predpostavke pri vrednotenju so bile v skladu s scenariji hude obremenitve, ki jih je Komisija uporabila v drugih primerih.
The valuation was based on the in-depth analysis of a sample of 40 deals representing a notional amount of EUR 1 billion, i.e. 0,6 % of the total exposure, and a tranche valuation on a large representative part of the portfolio using Moody’s CDOROM [24] tool.
Vrednotenje je temeljilo na poglobljeni analizi vzorca 40 sklenjenih poslov v nominalni vrednosti 1 milijarde EUR, tj. 0,6 % celotne izpostavljenosti, in na vrednotenju tranše velikega reprezentativnega dela portfelja z uporabo orodja CDOROM [24] bonitetne agencije Moody’s.
The underlying assumptions were discussed with the Commission’s experts.
O temeljnih predpostavkah se je razpravljalo s strokovnjaki Komisije.
HSH was assisted by its external expert Morgan Stanley, who confirmed the technical accuracy of the calculations.
Banki HSH je pomagal njen zunanji strokovnjak Morgan Stanley, ki je potrdil tehnično natančnost izračunov.
The capital relief effect of the risk shield at the time of its implementation was determined to be [around EUR 3,5] billion. The accuracy of the method and the underlying calculations used to determine the capital relief effect was confirmed by BaFin in February 2010.
Učinek razbremenitve kapitala zaščite pred tveganjem v času njene vzpostavitve je bil ocenjen na [približno 3,5] milijarde EUR. Natančnost metode in temeljnih izračunov, uporabljenih za določitev učinka razbremenitve kapitala, je februarja 2010 potrdil nemški bančni regulator BaFin.
Remuneration of the risk shield
Povračilo zaščite pred tveganjem
According to the contract on the provision of a guarantee concluded between HSH Finanzfonds AöR and HSH on 2 June 2009, HSH Finanzfonds AöR receives a premium for providing the second-loss guarantee in the amount of 400 bps p.a. on the nominal amount of the guarantee (EUR 10 billion) (hereinafter the ‘basic premium’).
V skladu s pogodbo o zagotavljanju jamstva, ki sta jo javnopravna ustanova HSH Finanzfonds AöR in banka HSH sklenili 2. junija 2009, javnopravna ustanova HSH Finanzfonds AöR za zagotavljanje jamstva na drugo izgubo na nominalni znesek jamstva (10 milijard EUR) prejme premijo v višini 400 bazičnih točk na leto (v nadaljnjem besedilu: osnovna premija).
Drawings and cancellations reduce the amount on which the remuneration of 400 bps is paid.
Črpanje sredstev in razveljavitve znižajo znesek, na katerega se izplača povračilo v višini 400 bazičnih točk.
Table 3 below represents the total amount of the cumulative payment in three scenarios: (a) Scenario 1: HSH’s base case, which assumes that the guarantee will not be drawn and will be fully cancelled by HSH by the end of 2015; (b) Scenario 2: an intermediate scenario, which assumes a drawing of the guarantee to the tune of EUR 5 billion; and (c) Scenario 3: the underlying case of the assets’ valuation, which assumes that the guarantee will be fully drawn by [2015-2020] (no cancellations).
Preglednica 3 predstavlja skupni znesek skupnega plačila v treh scenarijih: (a) scenarij 1: osnovni scenarij banke HSH, ki predpostavlja, da banka HSH jamstva ne bo črpala in ga bo do konca leta 2015 razveljavila v celoti; (b) scenarij 2: srednji scenarij, ki predpostavlja črpanje jamstva v višini 5 milijard EUR; in (c) scenarij 3: temeljni scenarij vrednotenja sredstev, ki predvideva, da bo jamstvo v celoti izčrpano do leta [2015–2020] (brez razveljavitev).
Remuneration of risk shield as proposed by Germany in different scenarios
Povračilo zaščite pred tveganjem, kot ga je predlagala Nemčija v različnih scenarijih
(In EUR million)
(V milijonih EUR)
Scenario 1
Scenarij 1
(EUR 0 drawing of guarantee)
(črpanje jamstva v višini 0 EUR)
Scenario 2
Scenarij 2
(EUR 5 billion drawing of guarantee)
(črpanje jamstva v višini 5 milijard EUR)
Scenario 3
Scenarij 3
(EUR 10 billion drawing of guarantee)
(črpanje jamstva v višini 10 milijard EUR)
Basic premium (400 bps on outstanding nominal amount of the guarantee)
Osnovna premija (400 bazičnih točk na neporavnani nominalni znesek jamstva)
Over the restructuring period the payments of the basic premium would represent between EUR [100-150] million and EUR 405 million per year depending on the drawing of the guarantee as described in Table 4 below.
V obdobju prestrukturiranja bi plačila osnovne premije znašala med [100–150] milijonov EUR in 405 milijonov EUR letno, odvisno od črpanja jamstva, kot je opisano v preglednici 4.
Projected basic premium (400 bps) payment of HSH to HSH Finanzfonds AöR in EUR million over the restructuring period
Načrtovano plačilo osnovne premije (400 bazičnih točk) banke HSH javnopravni ustanovi HSH Finanzfonds AöR v milijonih EUR v obdobju prestrukturiranja
2009 actual
2009 dejansko
2010 actual
2010 dejansko
Scenario 1 (EUR 0 drawing)
Scenarij 1 (črpanje v višini 0 EUR)
Scenario 2 (EUR 5 billion drawing)
Scenarij 2 (črpanje v višini 5 milijard EUR)
Scenario 3 (EUR 10 billion drawing)
Scenarij 3 (črpanje v višini 10 milijard EUR)
LIQUIDITY GUARANTEES
LIKVIDNOSTNA JAMSTVA
The remaining EUR 20 billion were to be activated after the submission of a restructuring plan.
Preostalih 20 milijard EUR naj bi se aktiviralo po predložitvi načrta prestrukturiranja.
INITIAL RESTRUCTURING PLAN AND SUBSEQUENT REVISION OF THE FINANCIAL PROJECTIONS
PRVOTNI NAČRT PRESTRUKTURIRANJA IN NAKNADNA REVIZIJA FINANČNIH NAPOVEDI
The initial restructuring plan submitted on 1 September 2009 (hereinafter ‘the initial restructuring plan’) was described in the Decision initiating the procedure (recitals 23 to 28).
Prvotni načrt prestrukturiranja, predložen 1. septembra 2009 (v nadaljnjem besedilu: prvotni načrt prestrukturiranja) je bil opisan v sklepu o začetku postopka (odstavki 23 do 28).
The financial projections contained in the initial restructuring plan with the related updates are briefly described below.
Finančne napovedi iz prvotnega načrta prestrukturiranja in njegove spremembe so na kratko opisane v nadaljevanju.
The initial restructuring plan projected a decrease of [around 20 %] in the net interest income for the period 2009 to 2014, from EUR [1,4] billion approximately to EUR [1,1] billion approximately. In respect of the components of the financial results, HSH projected an increase in net income before restructuring (and after loan loss provisions) for the core bank [26] of more than 200 % between 2009 and 2014, from approximately EUR [350] million to approximately EUR [1,1] billion. The projected net income before restructuring of approximately EUR [1,1] billion in 2014 included a positive effect of approximately EUR [100] million from reversing loan loss provisions.
V prvotnem načrtu prestrukturiranja je bilo za obdobje od leta 2009 do leta 2014 načrtovano znižanje čistega prihodka od obresti za [okoli 20 %], tj. s približno [1,4] milijarde EUR na približno [1,1] milijarde EUR. Glede sestavnih delov finančnih rezultatov je banka HSH za temeljno banko [26] za obdobje med letoma 2009 in 2014 načrtovala zvišanje čistega dobička pred prestrukturiranjem (in po rezervacijah za izgube pri posojilih) za več kot 200 %, s približno [350] milijonov EUR na približno [1,1] milijarde EUR. Načrtovani čisti dobiček pred prestrukturiranjem v višini približno [1,1] milijarde EUR v letu 2014 je obsegal pozitiven učinek v višini približno [100] milijonov EUR zaradi razveljavitve rezervacij za izgube pri posojilih.
According to the initial restructuring plan the segment assets of the sector bank comprising shipping, energy and transport were projected to increase from around EUR [30] billion in 2009 to around EUR [35] billion in 2014, of which some EUR [20] billion would be mainly US dollar-financed shipping assets.
V skladu s prvotnim načrtom prestrukturiranja naj bi se po napovedih sredstva segmentov sektorske banke, ki obsegajo ladijski promet, energijo in prevoz, povečala s približno [30] milijard EUR v letu 2009 na približno [35] milijard EUR v letu 2014, od tega naj bi približno [20] milijard EUR predstavljala predvsem sredstva na področju ladijskega prometa, financirana v ameriških dolarjih.
In the modified restructuring plan the projected segment assets of the sector bank and the shipping assets in 2014 were revised to EUR [20-25] billion and EUR 15 billion respectively. As compared with the initial restructuring plan the aviation business line was discontinued in the modified restructuring plan.
V spremenjenem načrtu prestrukturiranja so načrtovana sredstva segmentov sektorske banke in sredstva na področju ladijskega prometa v letu 2014 znašala [20–25] milijard EUR oziroma 15 milijard EUR. V primerjavi s prvotnim načrtom prestrukturiranja je bila poslovna linija letalstva v spremenjenem načrtu prestrukturiranja ukinjena.
The projected Tier 1 capital ratio in the initial restructuring plan was [around 10] % in 2014 and was revised to a projected level of [10-15] % in the modified restructuring plan.
Načrtovani delež kapitala prvega reda v prvotnem načrtu prestrukturiranja je bil v letu 2014 okoli [10] %, v spremenjenem načrtu prestrukturiranja pa je bil načrtovan na ravni [10–15] %.
In the initial restructuring plan the bank provided a breakdown per projected source of funding for some EUR [100] billion in 2014 of funded balance sheet (of which [around EUR 25 billion] of unsecured wholesale funding), leaving a gap of some EUR [50] billion as against the projected total assets of EUR around [150] billion. In the modified restructuring plan, the gap between the projected total assets and the projected total liabilities was reduced and HSH provided information on sources of funding to be used to cover the funding needs resulting from the gap.
V prvotnem načrtu prestrukturiranja je banka za financirano bilanco stanja v letu 2014 predložila razčlenitev po načrtovanih virih financiranja za približno [100] milijard EUR (od tega je približno [25] milijard EUR nezavarovanih medbančnih posojil), pri čemer je v primerjavi z načrtovanimi skupnimi sredstvi v višini približno [150] milijard EUR ostal primanjkljaj v višini približno [50] milijard EUR. V spremenjenem načrtu prestrukturiranja je bil primanjkljaj med načrtovanimi skupnimi sredstvi in načrtovanimi skupnimi obveznostmi manjši, banka HSH pa je predložila informacije o virih financiranja, ki jih bo uporabila za pokritje potreb po financiranju, nastalih zaradi tega primanjkljaja.
The growth assumptions in the main segments of activity of HSH as presented in the initial restructuring plan and the assumptions adjusted in the modified restructuring plan are presented in the table below.
Predpostavke glede rasti v glavnih segmentih dejavnosti banke HSH, kot so bile predstavljene v prvotnem načrtu prestrukturiranja, in predpostavke, popravljene v spremenjenem načrtu prestrukturiranja, so predstavljene v naslednji preglednici.
Comparison growth rates shipping and corporate
Primerjava stopenj rasti v segmentih ladijskega prometa in poslovanja s podjetji
Initial restructuring plan
Prvotni načrt prestrukturiranja
Modified restructuring plan
Spremenjeni načrt prestrukturiranja
(11 July 2011)
(11. julij 2011)
Comment on growth assumption in modified restructuring plan
Pripombe na predpostavke glede rasti v spremenjenem načrtu prestrukturiranja
Shipping
Ladijski promet
Growth rate of new business around [250] % from 2010 IST - 2014 (some [40] % CAGR)
Stopnja rasti novih poslov približno [250] % od leta 2010 IST do leta 2014 (približno [40] % skupne letne stopnje rasti (CAGR))
It compares to a total market volume of around EUR [25] billion of new business on average over the period
Primerja se s skupnim povprečnim obsegom trga v višini [25] milijard EUR novih dejavnosti v tem obdobju.
Corporate
Poslovanje s podjetji
Growth in loan volume [around 100] % (2010 IST – 2014)
Rast obsega posojil približno [100] % (2010 IST – 2014)
Growth in loan volume […] % (2010 IST – 2014)
Rast obsega posojil približno […] % (2010 IST – 2014)
That growth corresponds to an absolute volume amount of new business of EUR […] billion over four years and compares to total assets in that segment of EUR 25,7 billion as of 31 December 2008
Ta rast ustreza absolutnemu obsegu zneska novih poslov v višini […] milijard EUR v štirih letih in se primerja s skupnimi sredstvi v tem segmentu v višini 25,7 milijarde EUR od 31. decembra 2008.
GENERAL DESCRIPTION OF THE MODIFIED RESTRUCTURING PLAN
SPLOŠNI OPIS SPREMENJENEGA NAČRTA PRESTRUKTURIRANJA
The new business model is characterised by reduced risk, a stronger focus on regional business, and sustainability on the funding and lending sides.
Za novi poslovni model so značilni manjše tveganje, večja osredotočenost na regionalne dejavnosti ter vzdržnost dejavnosti financiranja in posojil.
The planned and already initiated restructuring measures include, besides the focus on core business activities and consequently the divestment or cessation of various activities and major holdings, the adaptation of the branch network and optimisation of the cost structure.
Načrtovani in že uvedeni ukrepi prestrukturiranja poleg osredotočenosti na temeljne poslovne dejavnosti ter posledično odprodajo pomembnih deležev in različnih dejavnosti oziroma njihovo prenehanje vključujejo tudi prestrukturiranje mreže podružnic in optimizacijo stroškovne strukture.
The modified restructuring plan includes the establishment of an internal restructuring unit in which activities that will not be continued will be concentrated for accounting and organisational purposes.
Spremenjeni načrt prestrukturiranja vključuje ustanovitev enote za notranje prestrukturiranje, v katero bodo za računovodske in organizacijske namene sodile dejavnosti, ki se bodo prenehale izvajati.
The key points of the new business model are:
Ključne točke novega poslovnega modela so:
a reorientation towards a viable core bank by way of a substantial assets reduction, a strengthening of regional business (corporates in Germany, real estate business in Germany and private banking) and the retention of core competencies in selected international business activities with a strong regional connection (shipping and renewable energies, with a focus on Europe);
preusmerjanje v uspešno temeljno banko s pomočjo precejšnjega zmanjšanja sredstev, krepitev regionalnega poslovanja (poslovanje s podjetji in nepremičninski posli v Nemčiji ter zasebno bančništvo) in ohranjanje osnovnih dejavnosti v izbranih mednarodnih poslovnih dejavnostih z močno regionalno povezavo (ladijski promet in energija iz obnovljivih virov s poudarkom na Evropi);
the exclusive focusing of the capital market business on treasury activities and customer-related business, especially in the role of a supplier of products to other business units (cross-selling); proprietary trading has been discontinued;
izključna osredotočenost poslovanja na kapitalskem trgu na zakladništvo in poslovanje, povezano s strankami, zlasti v vlogi dobavitelja bančnih produktov drugim poslovnim enotam (navzkrižna prodaja); trgovanje za lastni račun je bilo ukinjeno;