natgillin/translations-raw huggingface dataset:
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:
Posledično je Madžarska nezakonito in ob kršitvi člena 108(3) Pogodbe izvedla pomoč v obliki dokapitalizacije v korist banke FHB.
That FHB performs a capital increase in FHB Commercial Bank;
KOLIČINSKA OPREDELITEV ZNESKA POMOČI
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;
Glede na ozadje prestrukturiranja banke FHB je treba upoštevati vse ukrepe, ki so bili zanjo odobreni.
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;
Zato je za oceno skladnosti treba upoštevati dokapitalizacijo v višini 30 milijard HUF in likvidnostno posojilo v višini 120 milijard HUF.
That FHB participates in the consolidation of the above market segments;
ZDRUŽLJIVOST POMOČI
That FHB optimises its financing structure (liability structure);
Pravna podlaga
That FHB expands its toolkit needed to fend off the extreme impacts of macro (exchange rate) risks on the capital side.
Kot je že navedeno v odločitvi Komisije z dne 24. januarja 2011, Komisija glede na posebne okoliščine na finančnih trgih meni, da se omenjeni ukrepi lahko presojajo z uporabo člena 107(3)(b) Pogodbe, v katerem je navedeno: „Kot združljivo z notranjim trgom se lahko šteje naslednje: […] pomoč […] za odpravljanje resne motnje v gospodarstvu države članice“.
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.
Ker Komisija s tem sklepom presoja pomoč, ki jo je prejela banka FHB in njen načrt prestrukturiranja, zato meni, da je primerno, da svojo oceno poda na podlagi sporočil o uporabi pravil o državni pomoči v finančnem sektorju v krizi [17].
The capital increase in the latter was a commitment undertaken in the recapitalisation agreement.
Ta bo glede ocene načrta prestrukturiranja banke temeljila zlasti na sporočilu o prestrukturiranju [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.
Skladnost načrta prestrukturiranja
The corporate loan portfolio has been expanding consistently but not in excess of its earlier trend growth.
Ponovna vzpostavitev dolgoročnega uspešnega poslovanja podjetja
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’.
Komisija v svoji odločitvi o začetku postopka [19] dvomi o zanesljivosti predpostavk, ki jih je v svojih finančnih napovedih uporabila banka FHB.
Therefore, the Hungarian authorities insist that the recapitalisation agreement met the criteria laid down in both the Stabilisation Act and the relevant Commission Communications.
Komisija je ugotovila, da z načrtom prestrukturiranja, ki ga je predložila banka FHB septembra 2010, niso pojasnjeni razlogi za pravilnost uporabljenih predpostavk.
ASSESSMENT OF THE AID
Poleg tega, ker se za finančne napovedi zdi, da ne upoštevajo posledice nakupa banke Allianz in sporazuma z zavarovalnico Allianz Madžarska, Komisija ni mogla šteti predstavljenih napovedi za veljavne.
EXISTENCE OF AID
Komisija je izrazila dvom tudi o predpostavkah banke, ki slonijo na močni rasti depozitov.
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].
Poleg tega je bila Komisija zaskrbljena glede dolgoročne sposobnosti preživetja banke v zvezi z njenim poslovnim modelom, ki ga je ocenila za ranljivega za likvidnostne krize zaradi močnega opiranja na medbančne vire financiranja in majhen delež depozitov.
Neither the Hungarian State nor FHB have put forward any argument to cast doubt on that finding.
Komisija je menila, da v načrtu prestrukturiranja banke, predloženim septembra 2010, niso podane zadostne podrobnosti o vzdržnosti njenega dolgoročnega financiranja, medtem ko izpostavlja vidik kapitala.
LEGALITY OF AID
Na podlagi dodatnih informacij o načrtu prestrukturiranja banke, predloženih oktobra 2011, Komisija ugotavlja, da so finančne napovedi, zajete v načrtu prestrukturiranja iz septembra 2010, pripravljene na podlagi trdnih in zanesljivih predpostavk.
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.
Posodobljene informacije, vključno z nakupom banke Allianz, kažejo porast depozitov prebivalstva in podjetij pri banki, ki izvira iz računov, pridobljenih od banke Allianz.
In particular it did not respect the requirements to be applied when the capital increase exceeds 2 % of the beneficiary RWA.
Ta prevzem podpira predpostavke o rasti depozitov.
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.
Komisija odobrava tudi dejstvo, da rast depozitov prispeva k razpršitvi virov financiranja banke, zmanjšanju relativne uteži hipotekarnih obveznic v njenem kolaču financiranja in zmanjšanju njene odvisnosti od medbančnih virov financiranja.
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.
V letu 2014 naj bi donosnost kapitala bila [11 %–13 %] po osnovnem scenariju in [10 %–12 %] po scenariju izjemnih situacij.
QUANTIFICATION OF AID
Komisija je v svoji odločitvi o začetku postopku izrazila tudi skrb glede zadostnosti ukrepov, ki so jih v tistem trenutku izvajali madžarski organi v zvezi z izpostavljenostjo banke FHB madžarskemu trg nepremičnin in neugodnim tečajnim gibanjem.
In the context of the restructuring of FHB, all measures granted to it need to be taken into account.
Na podlagi informacij, ki jih je Madžarska predložila 9. decembra 2011, pa Komisija pozdravlja dejstvo, da je banka FHB sprejela potrebne ukrepe, da bistveno zmanjša svojo udeležbo na trgu hipotekarnih obveznic [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.
Glede izpostavljenosti banke neugodnemu tečajnemu gibanju pa se njena zaveza, da bo razširila svoj komplet orodij za boj zoper skrajne učinke tečajnega tveganja na kapitalski strani, lahko sprejme za primerno, da razblini dvom Komisije [22], ker banki omogoča odpraviti ali zavarovati svoje tečajno tveganje, ki izhaja iz poslovanja v tujih valutah.
COMPATIBILITY OF THE AID
Komisija zato meni, da so v posodobljenem načrtu prestrukturiranja, ob upoštevanju posla z banko Allianz, utemeljene konkretne ciljne ravni finančnih napovedi banke FHB in da načrt prispeva k ponovni vzpostavitvi njene dolgoročne sposobnosti preživetja.
Legal basis
Lastni prispevek banke (porazdelitev bremena)
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’.
Komisija pozdravlja dejstvo, da je bil znesek dokapitalizacije že v celoti poplačan državi 19. februarja 2010, tj. v manj kot enem letu, in da je banka poplačala znesek pomoči iz lastnih sredstev.
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].
Banka je uporabila svoja sredstva tudi za poplačilo štirih obrokov srednjeročnega državnega posojila, zapadlih v plačilo 11. februarja 2011, 11. maja 2011, 11. avgusta 2011 in 11. novembra 2011.
Compatibility of the restructuring plan
Komisija odobrava predčasno poplačilo države za znesek dokapitalizacije.
Restoration of the long-term viability of the institution
Poleg tega prevzem banke Allianz izboljša likvidnostni profil banke FHB prek večjega zneska depozitov prebivalstva in gospodarstva.
In the opening decision [19], the Commission expressed doubts as to the reliability of the assumptions adopted by FHB in its financial projections.
Omenjeni prevzem je zato pomemben vidik poslovnega načrta banke in prispeva k njeni dolgoročni donosnosti.
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.
Zaradi tega Komisija šteje, da je ukrep, ki ga predstavlja prevzem banke Allianz, ki ga je izvedla banka FHB, ustrezen za ohranjanje njene dolgoročne sposobnosti preživetja.
The Commission has also expressed doubts about the assumptions of the bank relying upon a strong growth in deposits.
Komisija ugotavlja tudi, da informacije, ki so jih sporočili madžarski organi, odpravljajo dvom, ki ga je Komisija v svoji odločitvi o začetku postopka z dne 2. januarja 2011 izrazila o tem, ali je bil prevzem banke Allianz v veliki meri izveden na stroške države.
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.
Ocena Komisije se ne spremeni ob upoštevanju „manjkajočih“ obresti za dokapitalizacijo, tj. zneska, ki ga banka FHB prvotno ni plačala, ker je bil plačani znesek okoli 1,6 milijarde HUF (uvodna izjava 40), cena, plačana za banko Allianz pa je bila 3,3 milijarde HUF (uvodna izjava 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.
Glede obresti za ukrepe pomoči Komisija z zadovoljstvom ugotavlja, da sta banka FHB in madžarska vlada dne 15. decembra 2011 sklenili sporazum, po katerem se je ta zavezala državi plačati dodatne obresti v višini 1,6 milijarde HUF.
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.
Poleg plačila 890 milijonov HUF, izvedenega oktobra 2010, je skupni znesek plačila Madžarski za dokapitalizacijo banke FHB enak obrestni meri v višini 10,49 % in je skladen s pogoji, določenimi s shemo jamstev in dokapitalizacije.
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.
Komisija pozdravlja dejstvo, da je banka poplačala državo za dokapitalizacijo v manj kot enem letu (to pomeni, da je bila banka dokapitalizirana 23. marca 2009, država pa poplačana 19. februarja 2010).
That acquisition supports the assumptions made on the growth of deposits.
Srednjeročno posojilo, ki ga je prejela banka na podlagi sheme likvidnosti, se v skladu s pogoji, določenimi s shemo likvidnosti, obrestuje po obrestni meri, izračunani po formuli: (i) posebna pravica črpanja MDS (v nadaljnjem besedilu: PPČ) + 345 bazičnih točk ali (ii) 12-mesečna medbančna obrestna mera (v nadaljnjem besedilu: MOM) + 100 bazičnih točk + 123,5 bazičnih točk (kar ustreza povprečni obrestni meri med 3,79 % in 4,08 % mesečno), katera koli od njiju je večja.
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.
Tej oceni pritrjuje dobro poslovanje banke FHB kljub težavam v madžarskem bančnem sektorju in njen razmeroma visok količnik osnovnega kapitala prvega reda (12 % na dan 31. decembra 2008, ki se je po dokapitalizaciji leta 2009 povečal na 16,9 % in je po poplačilu državnega kapitala še vedno visokih 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.
Kapitalska zahteva za madžarske banke je bila v tistem trenutku 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.
Za razliko od nekaterih drugih bank v enakem položaju, je bila banka FHB sposobna ohraniti svojo trdno kapitalsko stanje (KKU je marca 2009, po poplačilu države za dokapitalizacijo, znašal 10,5 %).
The return on assets also improved from [0,90 %-1 %] in 2009 to [1,05 %-1,10 %] in 2010.
Poleg tega je Moody's zadržal oceno njene kreditne sposobnosti na Baa3, kar je še vedno v naložbenem razredu.
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.
Glede na omenjena dejstva je Komisija prepričana, da je imela banka FHB le začasne težave, ki niso bile temeljne narave.
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.
Glede na dejstvo, da sposobnosti preživetja banke niso ogrozile tekoče težave Madžarske, Komisija ne bo zahtevala, da se državi plačajo dodatne obresti.
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].
Poleg tega so bile obresti, ki jih je banka za srednjeročno posojilo plačala državi (glej uvodno izjavo 84), skladne s pogoji, določenimi s shemo likvidnosti.
The bank has also considerably increased its share of retail loans from [3 %-5 %] in 2009 to [9 %-11 %] in 2011.
Zato Komisija meni, da so obresti za oba ukrepa pomoči ustrezne.
The Commission further notes that the ‘Allianz deal’ [21] contributed significantly to those positive trends.
Komisija zato meni, da je z načrtom prestrukturiranja zagotovljen ustrezen lastni prispevek banke, njenih delničarjev in uprave k stroškom prestrukturiranja.
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.
Ukrepi za odpravo izkrivljanja konkurence
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.
Drugič, ukrepi v zvezi z ravnanjem iz načrta prestrukturiranja veljajo le, dokler banka uživa koristi iz naslova državne dokapitalizacije.
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
Tretjič, Komisija pozdravlja dejstvo, da je banka FHB do zdaj redno in točno poravnala svoje plačilne obveznosti glede srednjeročnega posojila.
Limitation of restructuring costs, remuneration
Komisija nima razloga za dvom v sposobnost banke, da posojilo do dospelosti v celoti in pravočasno poplača.
The Commission considers favourably the early repayment of the amount of the recapitalisation to the State.
Četrtič, tržni položaj banke FHB se od prevzema banke Allianz ni bistveno spremenil (tržni delež pred prevzemom [3 %–3,3 %] in [3,4 %–3,6 %] po prevzemu), kar utrjuje zaupanje Komisije, da je njegov učinek na izkrivljanje konkurence omejen.
Further, the acquisition of Allianz Bank by FHB improves the liquidity profile of the bank increasing the amount of retail and commercial deposits.
Ukrepi v zvezi z ravnanjem so omejeni na naslednje:
That acquisition is thus an important aspect of the bank's business plan and contributes to its long-term profitability.
Banka ne bo sledila agresivni poslovni strategiji.
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.
Banka ne sme investirati v nove poslovne dejavnosti, razen če te naložbe niso bile odobrene pred podpisom sporazuma o dokapitalizaciji.
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.
Banka bi se morala izogibati trženju obstoja državne pomoči.
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.
Komisija meni, da se drugi ukrepi v zvezi z ravnanjem, ki so povezani z dokapitalizacijo in ki so jih omenili madžarski organi v svojem odgovoru na odločitev o začetku postopka z dne 27. januarja 2011, ne morejo šteti za ukrepe za omejitev izkrivljanja konkurence, ki jo je povzročila pomoč.
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].
Poleg tega, glede na dejstvo, da je banka že odplačala štiri obroke srednjeročnega državnega posojila na podlagi sheme likvidnosti, Komisija nima razloga za dvom v banko, da bo ta v celoti in pravočasno poplačala posojilo.
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).
Poleg tega so obresti, plačane državi, skladne s shemo jamstev in dokapitalizacije in zato ustrezne, kakor se to zahteva v skladu s točko 34 sporočila o prestrukturiranju.
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.
SKLEPNE UGOTOVITVE
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.
Na podlagi informacij, ki so jih sporočili madžarski organi, in posodobljenega načrta prestrukturiranja banke FHB, kot je določen v oddelku IV tega sklepa, Komisija ugotavlja, da sta podporna ukrepa, izvedena v obliki posojila za likvidnostno podporo in dokapitalizacije, v skladu s členom 107(3)(b) Pogodbe združljiva z notranjim trgom in izpolnjujeta zahteve sporočila o prestrukturiranju v zvezi z dolgoročno sposobnostjo preživetja, porazdelitvijo bremena in ukrepi za zmanjšanje izkrivljanja konkurence.
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).
Madžarska se je izjemoma strinjala, da se ta sklep sprejme v angleškem jeziku kot edinem verodostojnem jeziku –
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.
SPREJELA NASLEDNJI SKLEP:
The loan agreement for the mid-term State loan provides for its repayment […] starting from 11 February 2011.
Člen 1
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.
Ukrepa, ki zajemata srednjeročno državno posojilo v višini 120 milijard HUF (okoli 410 milijonov EUR), odobreno 25. marca 2009, z datumom zapadlosti dne 11. novembra 2012 in dokapitalizacijo v višini 30 milijard HUF (okoli 100 milijonov EUR) v obliki izdaje prednostnih delnic z udeležbo v posebnih dividendah in ene delnice z glasovalno pravico, odobreno 31. marca 2009, ki ju je Madžarska izvedla v korist banke FHB Jelzálogbank Nyrt, sta v skladu s členom 107(3)(b) Pogodbe o delovanju Evropske unije združljiva z notranjim trgom.
The Commission positively notes that FHB has been prompt in meeting, so far, its payment obligations regarding the mid-term loan.
Člen 2
The Commission has no reason to doubt that there will be full and timely repayment of the loan by its maturity.
Ta sklep je naslovljen na Madžarsko.
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).
V Bruslju, 22. februarja 2012
The capital requirement for Hungarian banks was 8 % at that time.
Za Komisijo
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).
Podpredsednik
In addition, it kept a rating of Baa3 by Moody's, which is still in the investment grade category.
UL C 178, 18.6.2011, str. 7.
In the light of those facts, the Commission believes that FHB encountered difficulties only temporarily and not in a fundamental fashion.
Na podlagi menjalnega tečaja EUR/HUF (289,63) z dne 15. februarja 2012.
It therefore considers that the remuneration paid by the bank is adequate, as corresponding to the remuneration required from a fundamentally sound bank.
UL C 47, 25.2.2010, str. 16.
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.
UL C 147, 27.6.2009, str. 2.
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.
UL C 195, 19.8.2009, str. 9.
Therefore, the Commission considers that the remuneration of both aid measures is appropriate.
UL C 178, 8.6.2011, str. 7.
The Commission also notes favourably that the bank paid no dividend on its ordinary shares for the years 2009 and 2010.
UL C 236, 12.8.2011, str.
Some restrictions were also implemented by FHB in respect of the salary, remuneration and benefits of its senior officers until the cessation of the interest of the Hungarian State.
1.