natgillin/translations-raw huggingface dataset:
Because of doubts as to the soundness of the bank at the time of the recapitalisation the Commission requested Hungary on 19 October 2009 to submit a restructuring plan for FHB in line with the Commission's Communication on the return to viability and the assessment of restructuring measures in the financial sector in the current crisis under the State aid rules [5] (hereinafter the ‘Restructuring Communication’).
Madžarska je dodatne informacije sporočila 12. in 19. novembra 2009, osnutek načrta prestrukturiranja pa predložila 26. januarja 2010.
Hungary provided further information on 12 and 19 November 2009 and a draft restructuring plan on 26 January 2010.
19. februarja 2010 je banka FHB državi v celoti poplačala znesek dokapitalizacije.
On 19 February 2010, FHB repaid the full amount of the recapitalisation to the State.
Z dopisoma z dne 24. in 25. marca 2010 je Madžarska predložila dodatne informacije Komisiji.
By letters dated 24 and 25 March 2010, Hungary submitted further information to the Commission.
Banka FHB je na redni skupščini delničarjev 21. aprila 2010 odločila o plačilu obresti državi za dokapitalizacijo, nato pa je Komisija z dopisom z dne 22. aprila 2010 zahtevala informacije.
FHB held a general assembly of shareholders on 21 April 2010, in which FHB decided on the payment of remuneration to the State for the recapitalisation, following which the Commission requested information by letter dated 22 April 2010.
Komisija je z dopisoma z dne 2. junija in 1. oktobra 2010 zahtevala dodatne informacije.
The Commission requested further information by letters dated 2 June and 1 October 2010.
Madžarski organi so te informacije sporočili z dopisom z dne 11. junija 2010.
The Hungarian authorities provided additional information by letter of 11 June 2010.
15. junija 2010 je Madžarska predložila posodobljen načrt prestrukturiranja, ki je bil dopolnjen z dodatnim bistvenim podatkom, predloženim 30. septembra 2010.
On 15 June 2010, Hungary submitted an updated restructuring plan, which was supplemented by a further essential data submitted on 30 September 2010.
Madžarski organi so z dopisi z dne 18. junija, 28. julija in 5. oktobra 2010 predložili dodatne informacije in Komisijo z dopisom z dne 29. oktobra 2010 obvestili, da je banka FHB plačala obresti za dokapitalizacijo.
The Hungarian authorities submitted further information by letters dated 18 June, 28 July and 5 October 2010 and informed the Commission by letter dated 29 October 2010 that FHB had paid remuneration for the recapitalisation.
16. decembra 2010 je Komisija sprejela odločitev o začetku postopka na podlagi člena 108(2) Pogodbe o delovanju Evropske unije (v nadaljnjem besedilu: Pogodba) v zvezi z ukrepi pomoči v korist FHB.
On 16 December 2010 the Commission decided to initiate the procedure laid down in Article 108(2) of the Treaty on the Functioning of the European Union (hereinafter the ‘Treaty’) in respect of the aid measures in favour of FHB.
Madžarski organi so Komisijo pozneje zaprosili, da svojo odločitev dopolni, saj je bila v nekaterih delih netočna in neažurna.
Subsequently, the Hungarian authorities requested the Commission to amend that decision as some parts of it were incorrect and not up to date.
Zato je bila nadomeščena z novo odločitvijo z dne 24. januarja 2011 [6] (v nadaljnjem besedilu: odločitev o začetku postopka).
The decision was therefore replaced by a new decision of 24 January 2011 [6] hereinafter the ‘opening Decision’).
Z dopisom z dne 24. januarja 2011 je Komisija sporočila madžarskim organom, da bo začela postopek na podlagi člena 108(2) Pogodbe v zvezi z ukrepom pomoči.
The Commission decision to initiate the procedure was published in the Official Journal of the European Union on 18 June 2011.
Njihova stališča so bila dopolnjena s pripombami, ki jih je z dopisom z dne 11. julija 2011 posredovala banka FHB.
The Commission invited interested parties to submit their comments on the measure.
Z dopisom z dne 18. julija 2011 je tretja stran (Magyar Jelzálogbank Egyesület – Združenje madžarskih hipotekarnih bank) predložila Komisiji svoje pripombe na odločitev o začetku postopka.
By letter dated 2 March 2011, the Hungarian authorities submitted their comments on the Commission opening decision of 24 January 2011, opening a formal investigation procedure with regard to the measure granted to FHB.
Dodatno posodobitev načrta prestrukturiranja in dodatne informacije o poplačilu obresti državi so madžarski organi predložili z dopisom z dne 3. oktobra 2011.
Those observations were supplemented by comments received from FHB by letter dated 11 July 2011.
15. decembra 2011 je bil podpisan nov sporazum med banko FHB in Madžarsko, po katerem se je banka zavezala državi plačati obresti, za katere sta se prvotno dogovorili s sporazumom o dokapitalizaciji.
By letter dated 18 July 2011, a third party (the Magyar Jelzálogbank Egyesület — the Association of Hungarian mortgage banks) submitted its comments on the opening decision to the Commission.
OPIS UPRAVIČENKE
A further update of the restructuring plan and additional information on the repayment of the recapitalisation to the Hungarian State was submitted by the Hungarian authorities on by letter dated 3 October 2011.
UPRAVIČENKA
On 15 December 2011, a new agreement was signed between FHB and the Hungarian State, under which the bank committed to pay to the State the remuneration which had initially been agreed in the recapitalisation agreement.
Banko FHB je ustanovila Madžarska leta 1997.
DESCRIPTION OF THE BENEFICIARY
Država je postopoma odprodala svoj delež v njej.
THE BENEFICIARY
Leta 2003 je bila banka FHB uvrščena na borzno kotacijo v Budimpešti in država je avgusta 2007 zmanjšala svoj večinski delež v njej na le nekaj več kot 4 %.
FHB was set up by the State in 1997.
Banka FHB je bila prvotno ustanovljena kot hipotekarna banka za spodbujanje uporabe hipotekarnih obveznic.
The State gradually sold off its stake in FHB.
Zavezana je bila strogim pravilom v zvezi z omejenim poslovanjem, zavarovanjem in posebnim nadzorom za zagotavljanje najvišje stopnje varnosti hipotekarnih obveznic.
In 2003 FHB was listed on the Budapest Stock Exchange and in August 2007 the State reduced its majority stake in the bank to just over 4 %.
Banka FHB je prvotno smela ponujati samo dolgoročna hipotekarna posojila in poroštva v zvezi z njimi in sklepati nekatere posle z izvedenimi finančnimi inštrumenti za kritje svoje pozicije, nastale iz naslova hipotekarnih posojil.
FHB was originally set up as a mortgage bank in order to promote the use of mortgage bonds.
Hipotekarne obveznice so bile glavni vir sredstev njene posojilne dejavnosti.
It was subject to strict rules regarding limited activity, collateral and specific supervision in order to ensure the maximum safety of mortgage bonds.
Banka je tudi refinancirala hipotekarna posojila, ki so jih podaljšale druge banke.
FHB was initially allowed only to provide long-term mortgage loans and guarantees in connection to mortgage loans and to conclude some types of derivative transactions to hedge its own position deriving from its mortgage lending activity.
Leta 2006 je banka FHB predstavila svoj nov strateški načrt širitve bančne dejavnosti in mreže poslovalnic, da bi z vstopom na trg bančnih storitev za prebivalstvo prek FHB Commercial Bank povečala svoje možnosti financiranja in poslovanja.
Mortgage bonds were the main funding source of its lending activity.
Sčasoma je banka FHB začela tržiti različne vrste posojil prebivalstvu in podjetjem in ponujati storitve vodenja tekočega računa, depozitov in kartičnega poslovanja ter tako širiti svoj nabor bančnih produktov na strani pasive.
The bank also refinanced mortgage loans extended by other banks.
Banka FHB je bančna skupina, ki jo sestavljajo matično podjetje, FHB Mortgage Bank Co.
In 2006, FHB introduced the New Strategic Plan to expand its banking activity and branch network, aiming to widen its funding and operational base by entering the retail market through FHB Commercial Bank.
Plc, in njegova hčerinska podjetja v popolni lasti: FHB Commercial Bank Ltd, FHB Service Ltd, FHB Real Estate Ltd in FHB Life Annuity Real Estate Investment Ltd.
Over time, FHB started selling various retail and corporate loan products, as well as offering account management, deposit-taking and card services, thereby expanding its product range on the liability side.
Dejavna je zlasti na trgu hipotekarnih obveznic.
FHB is a group consisting of a mother company, FHB Mortgage Bank Co.
Na njem ima banka FHB 23-odstotni tržni delež (2009) in je drugi največji akter na madžarskem trgu (za banko OTP Bank s 74-odstotnim tržnim deležem).
Plc, and wholly-owned subsidiaries: FHB Commercial Bank Ltd, FHB Service Ltd, FHB Real Estate Ltd and FHB Life Annuity Real Estate Investment Ltd It is active mainly on the mortgage bond market.
FHB ima 4,6-odstotni tržni delež na trgu hipotekarnih posojil prebivalstvu in 0,6-odstotni delež pri depozitih prebivalstva.
In that market, FHB has a market share of 23 % (2009) and is the second-largest player on the Hungarian market (after OTP Bank with 74 % market share).
Ko je bila banka marca 2009 dokapitalizirana, je bila njena skupna bilančna vsota 746,2 milijarde HUF.
FHB has a market share of 4,6 % in the retail mortgages market and 0,6 % in retail deposits.
Na isti datum je bil njen količnik kapitalske ustreznosti (v nadaljnjem besedilu: KKU) 10,5 %.
When the bank was recapitalised in March 2009, its total balance sheet amounted to HUF 746,2 billion.
Z dokapitalizacijo, ki jo je izvedla država, se je njen KKU povečal na 16,1 % na dan 31. december 2009 (izračunan na podlagi madžarskih računovodskih pravil).
At the same date, the bank's capital adequacy ratio (hereinafter ‘CAR’) amounted to 10,5 %.
OZADJE
The capital injection by the State increased FHB's CAR to 16,1 % at the end of 2009 (computed under Hungarian accounting rules).
Madžarska je ena od držav članic, ki jih je finančna kriza še posebno prizadela.
THE CONTEXT
Leta čezmerne državne potrošnje ter razmah gradbeništva in zasebne potrošnje, ki sta se napajala iz posojil, so povzročili resno gospodarsko neravnotežje že pred krizo.
Hungary is one of the Member States most severely affected by the financial crisis.
Zaradi razširjenosti posojil fizičnim osebam v eurih in švicarskih frankih in stalne odvisnosti od zunanjih virov financiranja sta bila država in njen bančni sektor zlasti ranljiva za nihanja vrednosti tečaja madžarskega forinta, ki je v krizi bistveno oslabel.
Years of excess government spending and a credit-fuelled construction and consumption boom led to serious imbalances in the economy even before the crisis.
Finančna kriza je prizadela Madžarsko do te mere, da so ji Mednarodni denarni sklad (v nadaljnjem besedilu: MDS), Evropska unija (v nadaljnjem besedilu: EU) in Svetovna banka v novembru 2008 morali zagotoviti nujna posojila za pomiritev napetosti na finančnih trgih v državi.
The prevalence of Euro- and Swiss franc-denominated household loans as well as the continued reliance on external financing made the country and its banking sector especially vulnerable to fluctuations in the value of the Hungarian forint, which weakened significantly during the crisis.
Na resno motnjo v madžarskem gospodarstvu, ki jo je povzročila kriza, se je madžarska vlada odzvala z uvedbo številnih ukrepov v podporo finančnemu sektorju, ki so bili skupno financirani iz paketa sredstev MDS/EU/Svetovne banke.
The financial crisis affected Hungary to the point that the International Monetary Fund (hereinafter ‘IMF’), the European Union (hereinafter ‘EU’) and the World Bank had to provide emergency loans to Hungary in November 2008 in order to calm tensions on the country's financial markets.
Ukrepi so zajemali shemo likvidnostne podpore ter shemo jamstev in dokapitalizacije.
As a response to the serious disturbance in the Hungarian economy caused by the crisis, the Hungarian government introduced several measures aimed at supporting the financial sector and financed jointly from IMF/EU/World Bank package.
Shema likvidnostne podpore (v nadaljnjem besedilu: shema likvidnosti), vzpostavljena z madžarskim zakonom o javnih financah, zagotavlja likvidnost s posojili finančnim institucijam.
The measures included a liquidity support scheme and a guarantee and recapitalisation scheme.
Komisija jo je odobrila 14. januarja 2009 [7] in nato večkrat podaljšala njeno trajanje, nazadnje do 31. decembra 2011 [8].
The liquidity support scheme (hereinafter the ‘liquidity scheme’), established in the Hungarian Act on Public Finance provides for liquidity in the form of loans to financial institutions.
Z odločitvijo z dne 12. februarja 2009 [9] je Komisija odobrila madžarsko shemo jamstev in dokapitalizacije.
It was approved by the Commission on 14 January 2009 [7] and prolonged several times thereafter, most recently until 31 December 2011 [8].
Na tej podlagi je Madžarska lahko vpisala prednostne delnice, ki se v bankah štejejo za kapital prvega reda.
By decision of 12 February 2009 [9] the Commission approved the Hungarian guarantee and recapitalisation scheme.
Dokapitalizacijski del sheme je bil že večkrat podaljšan, nazadnje do 31. decembra 2011.
Under the scheme, the Hungarian State could subscribe preference shares, which are considered as Tier 1 capital in banks.
Po shemi jamstev in dokapitalizacije morajo madžarski organi, če dokapitalizacija preseže 2 % tveganju prilagojene aktive banke (v nadaljnjem besedilu: TPA), o tem najprej obvestiti Komisijo in pripraviti podrobno oceno, zakaj naj se taka banka še šteje za v osnovi zdravo.
The recapitalisation part of the scheme has been prolonged several times, most recently until 31 December 2011
Če Komisija ne sprejme ocene, da je banka v osnovi zdrava, je mogoče dokapitalizacijo vseeno izvesti, vendar je treba povečati obresti, da se upošteva večje tveganje, načrt prestrukturiranja pa je treba Komisiji predložiti v šestih mesecih od dokapitalizacije.
Under the guarantee and recapitalisation scheme if a recapitalisation exceeds 2 % of a bank's risk weighted assets (hereinafter ‘RWA’), the Hungarian authorities must first inform the Commission and provide a detailed assessment on why they believe such a bank should still be regarded as a fundamentally sound institution.
Razlogi za težave FHB
If the Commission does not accept the assessment of the bank as fundamentally sound, the recapitalisation may still take place, but the remuneration must be increased in order to reflect the higher risk and a restructuring plan must be submitted to the Commission within six months of the recapitalisation.
Finančna kriza je Madžarsko resno prizadela, kar je poleg drugih notranjih problemov bančnega sektorja še poslabšalo stanje za madžarske banke.
Hungary was severely affected by the financial crisis, which, coupled with other internal problems in the banking sector, aggravated the situation for Hungarian banks.
Po navedbah madžarskih organov je bilo banko FHB treba dokapitalizirati za zagotavljanje njene solventnosti in v protiutež likvidnostnim težavam, s katerimi se je soočal ves bančni sektor na Madžarskem.
FHB required State support because, unlike many other Hungarian banks, it did not have a parent company in the Eurozone and thus could not obtain cheap funding provided by the European Central Bank (hereinafter ‘ECB’).
OPIS UKREPOV POMOČI
The ECB facilities, including various repo facilities, were available in the Eurozone as from autumn 2008.
Ukrepa pomoči, ki ju je Madžarska odobrila za banko FHB in sta opisana v odločitvi Komisije o začetku postopka z dne 24. januarja 2011, zajemata:
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].
srednjeročno državno posojilo na podlagi sheme likvidnosti v višini 120 milijard HUF (približno 410 milijonov EUR), odobreno 25. marca 2009, z datumom zapadlosti 11. november 2012,
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.
dokapitalizacijo v višini 30 milijard HUF (približno 100 milijonov EUR) v obliki izdaje novih prednostnih delnic z udeležbo v posebnih dividendah in ene delnice z glasovalno pravico, odobreno 31. marca 2009 na podlagi sheme jamstev in dokapitalizacije.
DESCRIPTION OF THE AID MEASURES
S sporazumom o dokapitalizaciji med Madžarsko in banko FHB je bila določena formula za izračun obrestne mere za te delnice, ki se državi izplača v obliki dividend in znaša 10,49 %, kar je v skladu z obrestno mero za banke, ki so v osnovi zdrave, določeno s shemo jamstev in dokapitalizacije.
The aid measures granted by Hungary to FHB, described in the Commission opening decision of 24 January 2011, consist of:
Dokapitalizacija je bila 9 % TPA banke FHB, kar je nad 2-odstotnim pragom, določenim s shemo jamstev in dokapitalizacije, do katerega se institucije upravičenke še štejejo za v osnovi zdrave.
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;
Ker o ukrepu ni bila uradno obveščena pred njegovim izvajanjem, Komisija ni imela priložnosti preveriti, ali naj se banka šteje za v osnovi zdravo po shemi jamstev in dokapitalizacije ali ne.
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.
Kadar se po shemi jamstev in dokapitalizacije šteje, da upravičenka v osnovi ni zdrava, je treba pripraviti načrt prestrukturiranja, obrestna mera pa mora odražati dejstvo, da banka v osnovi ni zdrava in biti večja od obrestne mere za v osnovi zdravo banko.
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.
Banka je v tem obdobju uspešno kljubovala težavam, saj je bila njena kapitalska pozicija trdna (KKU v višini 10,5 % marca 2009), agencija za ocenjevanje kreditne sposobnosti Moody's Investors Service (v nadaljnjem besedilu: Moody's) pa ji je podelila oceno Baa3, kar je še vedno v naložbenem razredu.
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.
Februarja 2010, manj kot devet mesecev po dokapitalizaciji, je banka odkupila od države prednostne delnice z udeležbo v posebnih dividendah.
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.
Vendar pa je banka menila, da prednostne delnice z udeležbo v posebnih dividendah v lasti države ne prinašajo neposredne pravice do izplačila dividend, temveč da njihova prednostna pravica pomeni samo, da je bila banka zavezana plačati zajamčene dividende državi preden izplača dividende na navadne delnice.
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.
Glede na dejstvo, da navadni delničarji niso prejeli dividend v obdobju, v katerem je imela država prednostne delnice z udeležbo v posebnih dividendah v svoji lasti, to po mnenju banke pomeni, da ta ni bila dolžna izplačati prednostnih dividend.
In February 2010, less than nine months following the recapitalisation, the bank bought back the Special Dividend Preference Shares held by the State.
Poleg tega je banka FHB trdila, da ob objavi dividend za leto 2009 država sploh ni imela v svoji posesti prednostnih delnic z udeležbo v posebnih dividendah, saj jih je banka že pred tem od nje odkupila.
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.
Banka FHB je obvestila Komisijo, da je sodelovala v testu izjemnih situacij na ravni EU, izvedenem leta 2010, ki ga je usklajeval Odbor evropskih bančnih nadzornikov v sodelovanju z ECB in madžarskim organom za finančni nadzor.
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.
Test izjemnih situacij je bil osredotočen na kapitalsko ustreznost, likvidnostna tveganja pa niso bila neposredno preverjena za izjemne situacije.
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].
Glede na rezultate testa, opravljenega na podlagi konsolidiranih podatkov na dan 31. decembra 2009, se je za banko FHB priporočalo oblikovanje varnostnih rezerv kapitala prvega reda v višini [več kot 50] [12] milijonov EUR pri 6-odstotnem pragu količnika ustreznosti kapitala prvega reda.
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.
Z Zakonom CX o dopolnitvi nekaterih zakonov, ki urejajo gospodarstvo in finance, iz leta 2010 (v nadaljnjem besedilu: Zakon CX iz leta 2010), ki je začel veljati 21. avgusta 2010, je Madžarska dopolnila Zakon CIV o stabilnosti sistema finančnega posredovanja iz leta 2008 (v nadaljnjem besedilu: zakon o stabilizaciji).
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.
Z zakonom CX iz leta 2010 je bila za nazaj ustvarjena pravna podlaga za zahtevek Madžarske zoper banko FHB za obresti v zvezi z dokapitalizacijo, čeprav Madžarska v trenutku skupščine delničarjev banke, na kateri se je odločalo o plačilu dividend, več ni bila njena delničarka.
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.
28. oktobra 2010 sta Madžarska in banka FHB podpisali sporazum, po katerem se je banka FHB zavezala tej plačati obresti v višini 890 milijonov HUF za dokapitalizacijo in zamudne obresti v višini 11726786 HUF.
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.
Vrednost obresti je bila domnevno določena na podlagi pogojev sheme likvidnosti.
The stress test was focused on capital adequacy while liquidity risks were not directly stress-tested.
Madžarski organi so trdili, da so bila sredstva za dokapitalizacijo zagotovljena iz istega vira kot za likvidnostno podporo v obliki posojila in da bi zato morale biti obresti za dokapitalizacijo in likvidnostno podporo enake.
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.
Po informacijah, ki so jih sporočili madžarski organi, je bila skupna vsota obresti v višini vrednosti 890 milijonov HUF plačana ob koncu leta 2010.