natgillin/translations-raw huggingface dataset:
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.
15. decembra 2011 sta Madžarska in banka FHB sklenili nov sporazum, po katerem se je ta zavezala državi plačati skupaj 10,49 % skupnega zneska dokapitalizacije (to pomeni, da je skupni znesek plačila 2491742522 HUF).
The level of remuneration was allegedly determined on the basis of the terms of the liquidity scheme.
Po tem novem sporazumu se je banka FHB tako zavezala državi do 31. decembra 2011 plačati dodatni znesek v višini 1601742552 HUF, izračunan tako, da se od skupnega zneska obresti v višini 890 milijonov HUF, omenjenega v uvodni izjavi 36 zgoraj, odštejejo obresti, ki so že bile plačane 28. oktobra 2010.
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.
NAČRT PRESTRUKTURIRANJA
The capital was made available to FHB on 6 May 2009 and it was reimbursed on 19 February 2010.
30. septembra 2010 je Madžarska predložila posodobljen načrt prestrukturiranja banke FHB Komisiji.
The interest rate ultimately applied was the same as the interest rate paid for the loan of approximately EUR 400 million.
Dodatne informacije o načrtu prestrukturiranja so bile Komisiji predložene z dopisom z dne 3. oktobra 2011.
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.
Glavni vidiki načrta prestrukturiranja so že opisani v odločitvi Komisije o začetku postopka.
According to information provided by Hungarian authorities the total remuneration amount of HUF 890 million was paid at the end of 2010.
Dodatni elementi so bili predloženi 3. oktobra 2011 in so opisani v oddelkih 4.1 do 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.
SPOSOBNOST PREŽIVETJA
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.
Leta 2010 sta bila mednarodno in domače gospodarsko okolje precej težka, čeprav se je že kazalo izboljšanje.
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).
Leta 2010 je donosnost madžarskega bančnega sektorja močno zaostajala za letom pred tem.
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.
Z Zakonom XC iz leta 2010, ki je začel veljati 13. avgusta 2010, je madžarska vlada uvedla posebni davek na finančne ustanove, prek katerega je zbrala skupno 187 milijard HUF, ki so ga večinoma plačale posojilne institucije.
THE RESTRUCTURING PLAN
Povpraševanje prebivalstva po posojilih se je med letom 2010 zelo zmanjšalo, hkrati pa je ponudba oslabela zaradi neugodnih sprememb regulativnega okolja in tržnih razmer.
On 30 September 2010 Hungary submitted an updated restructuring plan for FHB to the Commission.
Posojanje podjetjem, gledano na sektor v celoti, je ravno tako trpelo, čeprav so nekatere banke, vključno z banko FHB, razširile svoje poslovanje s podjetji.
Additional information on the restructuring plan was submitted to the Commission by letter dated on 3 October 2011.
Najpomembnejša dogodka v zvezi s poslovanjem in finančnimi rezultati banke FHB sta bila njen prevzem Allianz Commercial Bank Ltd (v nadaljnjem besedilu: banka Allianz) in sklenitev dolgoročnega sporazuma o strateškem sodelovanju med Allianz Hungaria Insurance Co.
The main aspects of the restructuring plan have been already described in the Commission opening decision.
Ltd. (v nadaljnjem besedilu: zavarovalnica Allianz Madžarska) in banko FHB.
Additional elements were submitted on 3 October 2011 and are described in sections 4.1 to 4.3.
Prevzem je imel pozitiven učinek na neto dobiček skupine FHB leta 2010, saj so enkratne postavke v zvezi s prevzemom izravnale negativni učinek posebnega davka na banke, izgube na portfelju posojil in rast stroška financiranja.
VIABILITY
Skupni dobiček banke FHB je leta 2010 bil 11,2 milijarde HUF, kar je 58,9 % več kot leta 2009.
In 2010, profitability of the Hungarian banking sector lagged far behind that of the previous year.
Vendar pa se zaradi velikega števila mirujočih računov znesek depozitov ni povečal temu sorazmerno, ampak se je povečal z […] milijard HUF decembra 2009 na […] milijard HUF decembra 2010 (+[…] %).
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.
Tržni delež banke FHB se je na trgu depozitov prebivalstva povečal z […] % na […] %, na trgu depozitov podjetij pa z […] % na […] %.
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.
S prevzemom banke Allianz se zato poveča delež depozitov v kolaču financiranja banke FHB in zmanjša znesek hipotekarnih obveznic z […] milijard HUF leta 2010 na […] milijard HUF leta 2011.
Corporate lending also suffered overall in the sector, though some banks — including FHB — expanded their corporate activities.
PORAZDELITEV BREMENA
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.
Po novem sporazumu, ki sta ga 15. decembra 2011 podpisali banka FHB in Madžarska, se je ta zavezala državi plačati skupne obresti v višini 2491742552 HUF, kar je enako 10,49 % zneska dokapitalizacije, kot sta se banka in država s sporazumom tudi prvotno dogovorili.
Ltd (hereinafter ‘Allianz Hungaria Insurance’) and FHB.
UKREPI ZA OMEJITEV IZKRIVLJANJA KONKURENCE
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. RAZLOGI, KI UPRAVIČUJEJO ZAČETEK FORMALNEGA POSTOPKA
The total profit of FHB in year 2010 amounted to HUF 11,2 billion, representing an increase of 58,9 % compared to 2009.
Poleg tega je Komisija izrazila dvom o dolgoročni sposobnosti preživetja banke FHB, glede na njeno visoko izpostavljenost do medbančnih virov financiranja in trga nepremičnin na Madžarskem.
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 (+[…] %).
Glede na nizke obresti za dokapitalizacijski kapital, plačane državi oktobra 2010 (ki ustrezajo povprečni obrestni meri med 3,79 % in 4,08 %, kot je ta določena s shemo likvidnosti), je Komisija ob tem izrazila dvom tudi o zadostnosti prispevka lastnih sredstev banke k njenim naporom za prestrukturiranje.
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 (+[…] %).
Nakup banke Allianz, ki ga je izvedla banka FHB, in sporazum banke z zavarovalnico Allianz Madžarska je vzbudil dvom tudi o tem, ali je bila pomoč omejena na najnižjo potrebno.
The market share of FHB on the retail and corporate deposit markets, increased respectively from […] % to […] %, and from […] % to […] %.
Nazadnje je Komisija menila tudi, da madžarski organi niso dokazali, da so bili sprejeti zadostni ukrepi za omejitev izkrivljanja konkurence na trgu zaradi državne pomoči, ki jo je prejela FHB, zlasti ob upoštevanju njene strategije širjenja, nedavnega prevzema banke Allianz in dejstva, da so bile obresti, plačane državi za dokapitalizacijo, nezadostne.
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.
PRIPOMBE ZAINTERESIRANIH STRANI
FHB forecast that, based on the estimated consolidated balance sheet and income statement for 2011, its CAR should be around […] % in December 2011.
Poseg države v korist banke FHB je bil usmerjen k reševanju resnega tveganja za madžarski sektor hipotekarnih posojil in trg hipotekarnih obveznic.
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.
Namreč, zaradi ranljivosti za tečajna nihanja, krepitve tečaja švicarskega franka glede na madžarski forint, zniževanja dohodkov potrošnikov in dviga nezaposlenosti se je kakovost knjigovodskih vrednosti hipotekarnih posojil hitro zelo poslabšala, število „slabih kreditov“ se je povečalo, zmožnosti financiranja bank pa upadle.
BURDEN-SHARING
To je še zlasti veljalo za banko FHB, ki se financira na kapitalskem trgu.
For the recapitalisation of HUF 30 billion, FHB has paid remuneration of HUF 890 million in October 2010.
PRIPOMBE DRŽAVE ČLANICE
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 %.
Komisija je 2. marca 2011 prejela pripombe madžarskih organov, ki jih je banka FHB z dopisom z dne 11. julija 2011 dopolnila s svojimi pripombami.
MEASURES TO LIMIT DISTORTIONS OF COMPETITION
Z vidika zdravja se ne razlikujejo od drugih finančnih načrtov ali napovedi, ki jih je pripravila banka FHB.
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).
Po navedbah madžarskih organov je zagotovljena dolgoročna sposobnost preživetja banke FHB, kar je dokazano z njenim uspehom pri zbiranju sredstev na denarnih in kapitalskih trgih: leta 2009 je banka FHB izdala hipotekarne menice in obveznice v višini več kot 60 milijard HUF, zasebni vlagatelji pa so ji posodili skupaj […].
V. REASONS FOR THE OPENING OF THE FORMAL PROCEDURE
Poleg tega madžarski organi trdijo, da podatki v zvezi z depozitnimi računi prebivalstva kažejo, da se je na segmentu depozitov prebivalstva delež banke FHB povečal z […] % na […] % leta 2009, napoved za konec leta 2010 pa je […] %.
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.
Tudi število računov prebivalstva in velikost portfelja takih računov se stalno in dinamično povečujeta kljub napovedi tržnega upada.
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.
Zato banka in madžarski organi menijo, da napovedi gibanj depozitov in računov prebivalstva niso preveč optimistične.
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.
Glede likvidnostnega stanja banke FHB je tega mogoče šteti za vzdržno trdnega, med drugim zato, ker mora banka doseči likvidnostne zahteve, ki jih predpišejo agencije za ocenjevanje kreditne sposobnosti.
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.
Likvidnost banke je bila trdna tudi v najtežjih obdobjih krize, kar je potrjeno z dopisom guvernerja madžarske centralne banke z dne 19. marca 2009 madžarskemu ministru za finance.
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.
Nazadnje pa je kakovost premoženja banke v krizi oslabela bolj zaradi makroekonomske situacije Madžarske, upada dohodka na gospodinjstvo, padajoče stopnje zaposlenosti in rasti nezaposlenosti kot pa zaradi trenda rasti vrednosti švicarskega franka glede na madžarski forint.
COMMENTS FROM INTERESTED PARTIES
Čeprav je banka FHB sprožila številne sheme, s katerimi naj bi rešila dolžnike v težavah, se bo kakovost portfelja posojil trajno izboljšala zlasti prek gospodarske rasti in izboljšanih kazalnikov gospodarstva.
The Commission received comments from the Association of Hungarian mortgage banks (hereinafter The ‘Association’)on 18 July 2011.
Ekonomske napovedi madžarske centralne banke in vlade za leto 2011 napovedujejo rast bruto domačega proizvoda (v nadaljnjem besedilu: BDP), postopno izboljšanje zaposlenosti in manjšo stopnjo nezaposlenosti, kar bo verjetno bistveno vplivalo tudi na portfelj posojil banke FHB.
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.
Pripomba madžarskih organov je, da je banka FHB sklenila sporazume z banko Allianz in zavarovalnico Allianz Madžarska po tem, ko je 19. oktobra 2010 že v celoti poplačala državo za celotno izdano vrednost delnic in odplačala vrednost delnic, izdanih za dokapitalizacijo.
The State intervention in favour of FHB was aimed at addressing serious risks to the Hungarian mortgage credit sector and the mortgage bond market.
Poleg tega je bila nakupna cena, ki jo je banka FHB plačala banki Allianz (ob upoštevanju vrednosti lastnih delnic), okoli 3,3 milijarde HUF, medtem ko je bilo stanje lastniškega kapitala banke Allianz na dan 30. septembra 2010 blizu 14 milijard HUF.
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.
Banka FHB zato za prevzem banke Allianz ni potrebovala dodatnega kapitala in posel ni zmanjšal njenega lastniškega kapitala.
It was especially true in the case of FHB, which is financed from the capital market.
Poleg tega je to, da je bila pomoč omejena na najnižjo potrebno, izkazano z dejstvom, da je KKU banke FHB, ki je leta 2008 bil 11,3 %, dosegel ciljno 12-odstotno vrednost, ki jo je Komisija odobrila v okviru sheme jamstev in kapitala, šele po dokapitalizaciji.
COMMENTS FROM THE MEMBER STATE
Madžarski organi ugotavljajo tudi, da banka FHB ni izplačala dividend nekaj let zapored in da je odkupila nazaj le manjši delež svojih delnic glede na celotno vrednost lastniškega kapitala delničarjev.
The Commission received observations from the Hungarian authorities on 2 March 2011, supplemented by comments from FHB by letter dated 11 July 2011.
Skladno z omenjenim je ustrezna porazdelitev bremena zagotovljena zaradi nizkega zneska sredstev, ki so bila v preteklih letih vrnjena lastnikom in delničarjem.
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.
Poleg ukrepov za omejitev izkrivljanja konkurence, ki jih omenja Komisija v svoji odločitvi, madžarski organi opozarjajo na dodatne ukrepe v zvezi s shemo jamstev in dokapitalizacije ter sporazumom o dokapitalizaciji med banko FHB in Madžarsko:
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 […] %.
Madžarski organi po njihovi razlagi pravil o državni pomoči ugotavljajo, da so omenjeni ukrepi v zvezi z ravnanjem in drugi ukrepi za omejitev izkrivljanja konkurence zavezujoči za banko FHB, oziroma so to bili, dokler je bila država delničarka banke.
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.
Poleg zgoraj omenjenih ukrepov je banka FHB sprejela še dodatne zaveze, in sicer v točki 3.8 sporazuma o dokapitalizaciji, s katero je določeno, da je dokapitalizacijo treba nameniti za naslednje cilje:
Therefore, the bank and the Hungarian authorities do not consider the projections on retail deposits and retail accounts as over-optimistic.
da banka FHB izvede dokapitalizacijo banke FHB Commercial Bank,
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.
da dokapitalizacija prispeva k stabilizaciji madžarskega trga hipotekarnih menic in posojil in se z njo financira razvoj posojilne dejavnosti za prebivalstvo ter mala in srednje velika podjetja,
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.
da se z dokapitalizacijo izboljša stabilnost banke FHB in okrepi njena dejavna prisotnost na kapitalskem trgu, kar bo prispevalo k obnovi zaupanja naložbenikov,
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.
da banka FHB sodeluje pri konsolidaciji tržnih segmentov, omenjenih zgoraj,
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.
da banka FHB optimira svojo strukturo financiranja (strukturo pasive),
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.
da banka FHB razširi svoj komplet orodij za boj zoper skrajne učinke makro (tečajnega) tveganja na strani kapitala.
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.
Nasprotno od dvoma, ki ga je izrazila Komisija, dokapitalizacija banke FHB ni bila namenjena izkrivljanju konkurence prek širitve poslovanja banke FHB Commercial Bank.
The agreements of FHB with Allianz were entered into in June and July 2010 and the acquisition took place in September 2010.
Dokapitalizacija te banke je bila zaveza, sprejeta s sporazumom o dokapitalizaciji.
At that time, no State funds were held by FHB.
Osnovna dejavnost banke FHB Commercial Bank, ki je bila tudi podprta z dokapitalizacijo v višini 25 milijard HUF, financirano iz države dokapitalizacije, se ni spremenila.
Therefore, FHB cannot have financed the acquisition from the recapitalisation repaid in February 2010.
Portfelj posojil podjetjem kaže stalno rast, vendar pa njena stopnja ni večja od prejšnje.
The preparatory analyses and discussions between FHB and Allianz started only after the State loan had been repaid.
Po mnenju madžarskih organov navedeno razkriva, da prenagljeno mnenje Komisije o ukrepih za omejitev izkrivljanja konkurence in njena trditev, da so „omenjeni ukrepi zelo omejeni“, nista utemeljena.
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.
Zato vztrajajo pri trditvi, da je sporazum o dokapitalizaciji ustrezal merilom, določenim z zakonom o stabilizaciji in zadevnimi sporočili Komisije.
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.
OCENA POMOČI
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.
OBSTOJ POMOČI
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.
Komisija je v svoji odločitvi o začetku postopka z dne 24. januarja 2011 že ugotovila, da dokapitalizacija in likvidnostna podpora v obliki posojila za banko FHB pomenita državno pomoč v smislu člena 107(1) Pogodbe [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.
Niti Madžarska niti banka FHB nista podali argumentov, ki bi vzbudili dvome o tej ugotovitvi.
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:
ZAKONITOST POMOČI
The State is entitled to a special veto right over dividend payments and acquisitions [14]; and
Komisija je v svoji odločitvi o začetku postopka z dne 24. januarja 2011 že navedla, da dokapitalizacija v korist banke FHB ni bila v skladu s pogoji sheme jamstev in dokapitalizacije.
Some restrictions must be implemented by the bank in respect of the salary, remuneration and benefits of its senior officers until the cessation of the interest of the Hungarian State [15].
Dokapitalizacija ni upoštevala zlasti zahtev, ki jih je treba uporabiti, ko dokapitalizacija preseže 2 % TPA prejemnika.
The Hungarian authorities note that, according to their interpretation of State aid rules, those behavioural measures and other measures limiting the distortion of competition are or were binding on FHB for as long as the State was a shareholder of the bank.
Ukrep bi bilo zato treba priglasiti Komisiji ločeno v skladu s pogoji sheme jamstev in dokapitalizacije in členom 108(3) Pogodbe.