Financial Assistance Program for the Recapitalization of Financial Institutions in Spain. Fourth...

8/13/2019 Financial Assistance Program for the Recapitalization of Financial Institutions in Spain. Fourth Review Autumn 20

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EURAVENKEDAKAG_

Addnsoakni Vnpers >34 | Kavegber 26>4

Coknkdoni Nssostnkde Vrajrngge car tme

Rednpotniosntoak ac Coknkdoni Okstotutoaks ok Tpnok.Caurtm Revoew Nutugk 26>4

Edakagod nk`

Coknkdoni Nstnors

OTTK >:25-426?


2/79

Addnsoakni Vnpers nre wrottek by tme Ttncc ac tme @oredtarnte-Jekerni car Edakagod nk` Coknkdoni

Nccnors, ar by experts warhokj ok nssadontoak wotm tmeg. Pme Vnpers nre oktekè` ta okdrense

nwnrekess ac tme tedmkodni warh beokj àke by stncc nk` daver n woè spedtrug ac subledts. Soews

expresse` ok ukaccodoni àdugekts à kat kedessnroiy reciedt tme accodoni voews ac tme Eurapenk

Daggossoak.

Daggekts nk` ekquoroes smaui` be n``resse` ta60? Brusseis

Beijoug

E-gnoi< Edcok-OkcaFed.eurapn.eu

IEJNI KAPODE

Keotmer tme Eurapenk Daggossoak kar nky persak ndtokj ak ots bemnic gny be mei` respaksobie car

tme use wmodm gny be gnè ac tme okcargntoak daktnoke` ok tmos pubiodntoak, ar car nky errars wmodm,

èspote dnrecui prepnrntoak nk` dmedhokj, gny nppenr.

Pmos pnper exosts ok Ekjiosm akiy nk` dnk be àwkianè` crag

mttp34-EK-K

OTBK ?:=-?2-:?-4>4=:-5

ào< >6.2:35/25033

Eurapenk Ukoak, 26>4

Repraùdtoak os nutmarose` pravoè` tme saurde os ndhkawie`je`.
http://ec.europa.eu/economy_finance/publications/http://ec.europa.eu/economy_finance/publications/http://europa.eu/http://europa.eu/http://europa.eu/http://europa.eu/http://ec.europa.eu/economy_finance/publications/


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Eurapenk Daggossoak

@oredtarnte-Jekerni car Edakagod nk` Coknkdoni Nccnors

Coknkdoni Nssostnkde Vrajrngge car tme

Rednpotniosntoak ac Coknkdoni Okstotutoaks ok Tpnok.Caurtm Revoew Nutugk 26>4

EURAVENK EDAKAG_ Addnsoakni Vnpers >34


4/79


5/79

4

Pnbie ac Daktekts

E]EDUPOSE TUGGNR_........................................................................................................................................ 3

> OKPRA@UDPOAK.............................................................. ................................................................... ..... =

2 REDEKP COKNKDONI,GNDRAEDAKAGOD NK@ COTDNI @ESEIAVGEKPT........................................................... .... >6

2.> Coknkdoni sedtar èveiapgekts ............................................................................................ >6

2.2 Gndraedakagod nk` cosdni èveiapgekts ........................................................................... 26

4 BNKH REDNVOPNIOTNPOAK NK@ RETPRUDPUROKJ.......................................................................................... 24

4.> Oèktocyokj ogpnore` nssets nk` bnkh dnpotni smartcniis ...................................................... 24

4.2 Tejrejntokj tme bnkhs' iejndy nssets ......................................................... .......................... 23

4.4 Bnkh rednpotniosntoak nk` restrudturokj .............................................................................. 2?

0 EKMNKDOKJ BNKH PRNKTVNREKD_,REJUINPOAK NK@ TUVERSOTOAK............................................................... 4>

5 TUTPNOKNBIE VUBIOD COKNKDET NK@ JRAZPM-EKMNKDOKJ RECARGT............................................................ 4:

5.> Ttrekjtmekokj pubiod coknkdes ............................................................................................. 4:

5.2 Ttrudturni recargs ta baast edakagod jrawtm nk` lab drentoak ......................................... 4=

3 NKKE]ET........................................................... ................................................................... .............. 4?

3.> Gnok edakagod nk` coknkdoni okòdntars .............................................................................. 4?3.2 Pnbie ak tme stntus ac GaU dakòtoaknioty .......................................................................... 06

3.4 Revoew ac prajress ak paiody gensures reievnkt car tme darredtoak acgndraedakagod ogbninkdes ................................................................................................ 04


6/79

0

IOTP AC JRNVMTJrnpm >< Eura nren savereojk spren`s ta tme >6-yenr Jergnk buk` >6

Jrnpm 2< OBE] 45 >6

Jrnpm 4< D@T spren`s >>

Jrnpm 0< Ttadh exdmnkje okòdes >>Jrnpm 5< Bnkh èpasots >2

Jrnpm 3< Bnkh ianks >2

Jrnpm :< Bak` ossunkdes by Tpnkosm bnkhs >4

Jrnpm =< TGEs' gast pressokj prabieg< nddess ta coknkde >0

Jrnpm ?< TGEs' reledte` bnkh iank nppiodntoaks >0

Jrnpm >6< Tpren` aver tme savereojk car okterest rntes ak KCD ianks >5

Jrnpm >>< Dast ac barrawokj car KCDs >5

Jrnpm >2< Kak-percargokj ianks >3

Jrnpm >4< Bnkh sedtar pracotnboioty >3Jrnpm >0< Evaiutoak ac tatni ianks nk` ogpnore` nssets >:

Jrnpm >5< Reni J@V jrawtm nk` daktrobutoaks 26

Jrnpm >3< Evaiutoak ac pergnkekt nk` tegparnry daktrndts nk` ukegpiaygekt rnte 26

Jrnpm >:< @eveiapgekts ok REER 2>

Jrnpm >=< @edagpasotoak ac Ket OOV 2>

Jrnpm >?< Okèbte`kess ac provnte sedtar 22

Jrnpm 26< @ykngods ac mausokj nk` gartjnje gnrhets ogbninkdes 22

Jrnpm 2>< Dnpotni surpius/smartcnii ncter tnxes (EUR bk) 20

Jrnpm 22< Reni J@V praledtoaks 25Jrnpm 24< Kagokni J@V praledtoaks 25

Jrnpm 20< Ukegpiaygekt rnte praledtoaks 25

Jrnpm 25< Mausokj prode praledtoaks 25

IOTP AC BA]ETBax >< Prek`s ok bnkhs' nddess ta cukòkj >4

Bax 2< Zmnt os bemok` tme rosokj KVI rntoa1 >:

Bax 4< Redavery ac pracotnboioty èspote smrokhokj bnkh ndtovoty >?

Bax 0< Gnok resuits ac tme ùe òiojekde ak tme trnkscer ac nssets ta Tnreb 2:Bax 5< Hey centures ac tme kew iejosintoak ak snvokjs bnkhs 40


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5

NBBRESONPOAKT

NBT Nsset-Bndhe` Tedurotoes

NGD Nsset Gnknjegekt DagpnkyBBSN Bnkda Boibna Sozdnyn Nrjektnron

BÈ Bnkda è Espnn (Bnkh ac Tpnok)

BGK Bnkda Gnre Kastrug

bps bnsos paokts

D@T Dreòt @ecnuit Twnp

DaDas Daktokjekt Dakvertobie Tedurotoes

DR@ Dnpotni Requoregekts @oredtove

DRR Dnpotni Requoregekts Rejuintoak

DTRs Dauktry-Tpedocod Redaggek`ntoaks

@BVs @rnct Bu`jetnry Vinks

@PNs @ecerre` Pnx Nssets

EBN Eurapenk Bnkhokj Nutmaroty

ED Eurapenk Daggossoak

EDB Eurapenk Dektrni Bnkh

E@V Exdessove @ecodot Vradeùre

EVVs Edakagod Vnrtkersmop Vrajrngges

ETG Eurapenk Ttnboioty Gedmnkosg

CDVs Cukòkj nk` Dnpotni Vinks

CJ@ Cakà è Jnrnktn e @epsotas è Ekto`nès e Dròta (@epasot Junrnktee Cuk`)

CRAB Cakà è Reestrudturndok Arèkn`n Bnkdnron

MODV Mnrgakoze` Okèx ac Daksuger VrodesOBE] Tpnkosm Ttadh Gnrhet Okèx

ODNNV Okterkni Dnpotni Nèqundy Nssessgekt Vradess

OGC Okterkntoakni Gaketnry Cuk`

ORT Okterest Rnte Twnp

IPRA Iakj-Perg Recoknkdokj Aperntoak

GNRC Gerdnà Niterkntova e Rektn Coln ( Niterkntove Coxe`-Okdage Gnrhet)

GaU Gegarnkùg ac Ukèrstnkòkj

KCDs Kak-Coknkdoni Darparntes

KOOV Ket Okterkntoakni Okvestgekt Vasotoak

KVI Kak Vercargokj Iank

KRV Kntoakni Recarg Vrajrngge

AZ Aiover Zygnk

R@I Reni @edreta Iey (Rayni @edree Inw)

RE@ Reni Estnte @eveiapgekt

RZN Rosh Zeojmte` Nssets

Tnreb Tadoe`n` e Jestok e Ndtovas Vradeèktes e in Reestrudturndok Bnkdnron T.N.

TJV Ttnboioty nk` Jrawtm Vndt

TIEs Tubaròknte` Ionboioty Exerdoses

TGEs Tgnii nk` Geòug Ekterproses

TTG Tokjie Tupervosary Gedmnkosg

y-a-y yenr ak yenr


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9/79

3

E]EDUPOSE TUGGNR_

Pmos Caurtm Revoew repart pravoès nk nssessgekt ac tme prajress gnè by Tpnok wotm respedt

ta ots Coknkdoni Nssostnkde Vrajrngge car tme Rednpotniosntoak ac Coknkdoni Okstotutoaks sokde

tme bejokkokj ac tme prajrngge, bnse` ak tme cokòkjs ac n laokt Eurapenk Daggossoak(ED)/Eurapenk Dektrni Bnkh> (EDB) gossoak ta Gn`ro` ùrokj >3-2: Teptegber 26>4. Pme

gossoak cauk` tmnt tme stnboiosntoak nk` repnor ac tme coknkdoni sedtar mnve n`vnkde` curtmer

ngo` tektntove sojks ac edakagod redavery. Pme togeiy nk` nèqunte ogpiegektntoak ac tme

paiody dakòtoaknioty ac tme prajrngge, tajetmer wotm vosobie prajress wotm jrawtm-ekmnkdokj

strudturni recargs, mns beek nddagpnkoe` by n returk ac okvestar dakcoèkde. N daktokuntoak ac

tme pasotove trek`s os requore` car tme suddesscui dagpietoak ac tme prajrngge nddaròkj ta tme

pinkke` togeioke.

>. Tokde tme stnrt ac tme prajrngge, okvestar dakcoèkde mns jrnùniiy returke`nk` Tpnok's nddess ta coknkdoni gnrhets daktokues ots pntm tawnr`s kargniosntoak, ntrek` wmodm jnoke` curtmer trndtoak ok redekt gaktms.Batm tme Tpnkosm savereojk nk`

provnte barrawers, okdiuòkj bnkhs, dnk kaw cuk` tmegseives nt gare cnvaurnbie dasts nk`dakòtoaks caiiawokj tme dienk-up ac bnkhs' bninkde-smeets nk` atmer coknkdoni sedtarrecargs. Pme sojkocodnkt ogpravegekt wns nisa ùe ta pasotove èveiapgekts ok jiabnidnpotni gnrhets nk` eccedtove okotontoves nt tme Eurapenk ievei. Javerkgekt bak` yoei`sèdioke` by nrauk` 256 bnsos paokts sokde go`-26>2, nk` tme wmaiesnie cukòkj by bnkhsjrnùniiy resuge` sokde tmek. Pme ogprave` ioquoòty pasotoak ac Tpnkosm bnkhs os bestreciedte` ok tme pasotove jrawtm ac tmeor èpasot bnse aver tme daurse ac tmos yenr nk` tmesojkocodnkt èdioke ok tmeor reionkde ak tme Eurasysteg cukòkj, wmodm ògokosme` by nbaut25% sokde tme penh rendme` ok Nujust 26>2. Kevertmeiess, nddess ta uksedure` cukòkj,espedoniiy smart-terg, os stoii subùe` nk` car sage wenher bnkhs okter-bnkh barrawokjregnoks dakstrnoke` ta repa aperntoaks.

2. Pme bninkde-smeet repnor ac tme wenh pnrt ac tme bnkhokj sedtar mns beek kenriydagpiete`. Pme battag-up stress-test cokniose` by Aiover Zygnk ok Teptegber 26>2revenie` n dnpotni smartcnii ac nrauk` EUR 5: boiioak wmodm wns prognroiy davere` von tmeTtnte-no` okledte` by CRAB2ac nrauk` EUR 4? boiioak, wotm tme rest beokj jekernte` cragsubaròknte` ionboioty exerdoses (diase ta EUR >4 boiioak), provnte okvestars, snies ac nssetsar dnpotni reioec crag tme trnkscer ac nssets ta Tnreb4 (tme Tpnkosm Nsset GnknjegektDagpnky). Pme saivekdy pasotoak ac nii Tpnkosm bnkhs exdee`s kaw tme gokogug requore`

by tme Gegarnkùg ac Ukèrstnkòkj (GaU)0, exdept car ake wmodm os nbaut ta be tnhekaver by n bnkh wotm n saio` dnpotni pasotoak. @espote tme sojkocodnkt prajress ndmoeve` sa cnr,daksaio`ntokj tme bnkhs' saivekdy smaui` daktokue ok arèr ta ukèrpok iekòkj ta tme reniedakagy. Ok pnrtoduinr ns, dagpnre` ta tmeor peers, tme Tpnkosm bnkhs nre kat ngakjst tmeakes wotm tme mojmest dnpotni rntoas.

4. Pme pradess ac restrudturokj ac bnkhs mnvokj redeove` Ttnte no` os weiiukèrwny, juoè` by tme restrudturokj pinks nàpte` by tme Eurapenk Daggossoak. Pme careseek burèk-smnrokj exerdoses wotm bnkhs' smnremaièrs nk` lukoar bak` maièrs nrevortuniiy dagpiete`. Ok n`òtoak, tme pinkke` trnkscers ac nssets ta Tnreb mnve beek ndmoeveòk twa stnjes, ok @edegber 26>2 nk` Cebrunry 26>4 respedtoveiy, nk` Tnreb mns bedageaperntoakni. Tnreb mns percarge` tme corst snies ac nssets nk` kaw cndes tme gnlar dmniiekje

> Pme gossoak nisa okvaive expert tengs crag tme Eurapenk Ttnboioty Gedmnkosg nk` tme Eurapenk Bnkhokj Nutmaroty. PmeOkterkntoakni Gaketnry Cuk` pnrtodopnte` ok tme geetokjs ns pnrt ac ots okèpekèkt gakotarokj.

2 Cakà e Reestrudturndok Arèkn`n Bnkdnron.4 Tadoe`n` e Jestok è Ndtovas Vradeèktes e in Reestrudturndok Bnkdnron T.N.mttp dnpotni rntoas nbave ?% nddaròkj ta EBN stnk`nr`s.
http://www.sareb.es/http://www.sareb.es/http://www.sareb.es/http://www.sareb.es/


10/79

:

ac ogpiegektokj ots busokess pink, o.e. suddesscuiiy gnknjokj nk` evektuniiy òvestokj otspartcaioa, wmoie gnrhet dakòtoaks car tme Tpnkosm reni estnte mnve kat battage` aut yet.Mawever, praspedts car sage ac tme bnkhs tmnt redeove` Ttnte no` regnok dmniiekjokj.

0. @espote pasotove èveiapgekts, tme edakagod ekvorakgekt daktokues ta weojm aktme bnkhokj sedtar nk` dakstotutes tme gnok rosh cndtar jaokj carwnr`.Iekòkj ta tmereni edakagy os stoii daktrndtokj nt n rnpo` pnde njnokst tme bndh`rap ac wenh saivektègnk` car kew iekòkj nk` n inrje okdrense ok tme bnkhs' maiòkjs ac javerkgektsedurotoes. Zmoie tmere nre enriy sojks ac n jekerni edakagod stnboiosntoak, supparte` ok

pnrtoduinr by ket exparts, tme dektrni sdeknroa jaokj carwnr` regnoks ake ac n goi` redaveryok ndtovoty, ns batm tme provnte nk` pubiod sedtar kee` ta reùde gudm curtmer tmeor èbtstadhs, nk` tme n`lustgekt ok reni estnte prode os kat yet dagpiete`. Batm eiegekts ogpokjeak tme pracotnboioty praspedts ac bnkhs, tajetmer wotm tme redinssocodntoak acrestrudture`/recoknkde` ianks nk` tme iejni dmniiekje ac gartjnje ciaars. Ncter sojkocodnktiasses ok 26>2 ùe ta n gnssove buoi`-up ac pravosoaks, bnkh pracotnboioty turke` pasotove oktme corst mnic ac 26>4. Mawever, n sojkocodnkt pnrt wns reinte` ta dnrry-trnè, exdeptoaknijnoks crag tme subaròknte` ionboioty exerdoses nk` nssets snies. Ok tmos daktext, tme redekt

okotontoves by tme Bnkda è Espnn (BÈ) ta mnrgakose trentgekt ac restrudture` ianks nk`ta dnrry aut n carwnr`-iaahokj exerdose ac tme bnkhokj sedtar, ns n usecui supervosary taai,nre weidage ns eccedtove wnys ta okdrense tme trnkspnrekdy ac tme bnkhs' bninkde smeets nk`diaseiy gakotar tme sedtar's dnpotniosntoak.

5. Dagpionkde wotm tme marozaktni paiody requoregekts ok tme GaU mns beekdagpiete`, nitmaujm cuii ogpiegektntoak os stoii requore` ok n cew nrens.Pmereby, tmejaverknkde, rejuintary nk` supervosary crngewarh ac tme Tpnkosm bnkhokj sedtar mns beekstrekjtmeke`, wmodm trnksintes okta mojmer smadh resoioekde ac tme bnkhokj sedtar jaokjcarwnr`. Eccarts ta nàpt tme njree` gensures nk` tmeor ogpiegektntoak kee` ta daktokue nsekvosnje`, ok pnrtoduinr ok tme nren ac tme recarg ac tme javerknkde ac tme snvokjs bnkhs.

Tteps mnve niren`y beek tnhek nogokj nt ogpravokj kak-bnkhokj coknkdoni oktergeòntoak,wmodm smaui` meip sgaatmek tme daktrndtoak ok iekòkj.

3. Pme n`lustgekt dmniiekjes regnok sojkocodnkt, dniiokj car n daktokuntoak acredekt n`vnkdes wotm strudturni recargs nk` cuii n`merekde ta bu`jetnrydaggotgekts. Redekt vosobie n`vnkdes ok tme dagpremeksove recarg njek`n, branìy okioke wotm tme Daukdoi dauktry-spedocod redaggek`ntoaks ukèr tme Eurapenk Tegester, mnvedaktrobute` ta tme redavery ok dakcoèkde ak tme Tpnkosm edakagy. Katnbie redekt gensuresokdiuè recargs ta stnboiose tme peksoak systeg, ukocy tme Tpnkosm okterkni gnrhet car jaa`snk` servodes, ioberniose pracessoakni servodes, èiover gare eccedtove iadni nk` pubiodn`gokostrntoak nk` n``ress tme eiedtrodoty tnrocc ècodot. Pmos recarg gagektug kee`s ta behept ta renp cuiiy tme expedte` pasotove jrawtm nk` dagpetotovekess eccedts crag tme

recargs, gnky ac wmodm nre stoii ok tme pradess ac beokj nàpte` nk`/ar beokj cuiiyogpiegekte`. Cosdni daksaio`ntoak n`vnkde` curtmer ok tme corst mnic ac tme yenr but tmere nreroshs ta tme nttnokgekt ac tme 26>4 ècodot tnrjet. Vrajress wotm cosdni daksaio`ntoak woii berevoewe` ok ètnoi ok tme cartmdagokj nssessgekt ac eccedtove ndtoak ukèr tme Luke 26>4Daukdoi Redaggek`ntoak ukèr tme Exdessove @ecodot Vradeùre nk` Daggossoak's apokoakak Tpnok's 26>0 @rnct Bu`jetnry Vink.

:. Pmere os nt presekt ka rensak ta caresee curtmer prajrngge òsbursegekts uktoiTpnok's exot crag tme prajrngge.Pwa òsbursegekts were gnè sa cnr ok n tatni ngauktac nbaut EUR 0>.4 boiioak car tme rednpotniosntoak ac Ttnte noè` bnkhs nk` tme dnpotniokledtoak okta Tnreb. Pme rest ac tme Tpnkosm bnkhs eotmer were kat ònjkase` wotm n dnpotni

smartcnii ok tme stress test ar were nbie ta daver ot by provnte genks.


11/79

=

> OKPRA@UDPOAK=. Pmos repart nssesses Tpnok's dagpionkde wotm tme dakòtoaknioty ac tme CoknkdoniNssostnkde Vrajrngge nk` coknkdoni nk` edakagod èveiapgekts ok Tpnok sokde tme

bejokkokj ac tme Vrajrngge nk` wotm n spedoni cadus ak tme prevoaus qunrter. Nèiejntoak crag tme Eurapenk Daggossoak (ED), ok ionosak wotm tme Eurapenk Dektrni Bnkh(EDB), dagpiete` tme caurtm revoew ac tme coknkdoni sedtar nssostnkde prajrngge car Tpnokcrag >3 ta 2: Teptegber 26>4. Pme Okterkntoakni Gaketnry Cuk` (OGC) nisa pnrtodopnte` oktme revoew, cuicoiiokj ots raie ns nk okèpekèkt gakotar. Geetokjs were nisa nttekè` by tmeEurapenk Ttnboioty Gedmnkosg (ETG) nk` tme Eurapenk Bnkhokj Nutmaroty (EBN).

?. Pme Vrajrngge, wmodm wns njree` by tme Eurajraup ak ? Luiy 26>2 nk` daversn peroa` ac >= gaktms5, ektnois nk exterkni coknkdokj by tme eura nren Gegber Ttntesac up ta EUR >66 boiioak.Ak 4 @edegber 26>2, tme Eurajraup gnè tme corst revoew aktme prajress ac tme Vrajrngge3 nk` weidage` tme èdosoak by tme Eurapenk Ttnboioty

Gedmnkosg (ETG) ta nutmarose tme òsbursegekt ac tme corst trnkdme ac up taEUR 4?.5 boiioak. Tpnok use` diase ta EUR 4: boiioak car tme rednpotniosntoak ac Jraup >bnkhs, car wmodm tme ED mn` nàpte` restrudturokj nk` resaiutoak pinks ak 2= Kavegber26>2, nk` nrauk` EUR 2.5 boiioak car dnpotniosokj Tnreb. Ak 2> Lnkunry 26>4, tmeEurajraup ekàrse` nk` ak 2= Lnkunry 26>4 tme ETG npprave` tme sedak` òsbursegektukèr tme prajrngge:ac nbaut EUR >.? boiioak car tme rednpotniosntoak ac Jraup 2 bnkhs,car wmodm tme ED mn` nàpte` restrudturokj pinks ak 26 @edegber 26>2. Pmereby, tme tatningaukt ac cuk`s òsburse` ukèr tme Vrajrngge rendme` EUR 0>.4 boiioak.

>6. Pme Vrajrngge daktokues ta be ak trndh. Pme Gegarnkùg ac Ukèrstnkòkjpravoès car bnkh-spedocod dakòtoaknioty, ok ioke wotm Ttnte no` ruies, ns weii ns marozaktnidakòtoaknioty. Dakòtoaknioty mns beek get strodta seksu, nitmaujm sage ac tme iejosintove

gensures nk` recargs okotonte` ak tme bnsos ac tme GaU dakòtoaks stoii kee` ta be cuiiyogpiegekte`.

>>. Pme bnkh-spedocod dakòtoaknioty mns beek cokniose`, nitmaujm tme gakotarokj actme ogpiegektntoak ac Tnreb's busokess pink tnrjets nk` ac tme restrudturokj pinks cartme Ttnte-noè` bnkhs daktokues2 nk` cokosme` nt tme ek` ac Teptegber wotm tme

pubiodntoak ac tme resuits ac n gare jrnkuinr bnkh-by-bnkh (battag-up) stress test.

Pme stress test revenie` n dnpotni smartcnii ac nbaut EUR 5: boiioak car tme ektorebnkhokj sedtar.

Tedak`, nk exterkni Nsset Gnknjegekt Dagpnky dniie` Tnreb wns set up nk` bedngeaperntoakni. Pme sejrejntoak ac traubie` nssets crag tme bninkde smeet ac bnkhsredeovokj pubiod suppart nk` tmeor trnkscer ta Tnreb wns ndmoeve` crag batm Jraup >(ek`-@edegber 26>2) nk` Jraup 2 (Cebrunry 26>4) bnkhs. Pme busokess pink acTnreb mns beek npprave` by ots Banr` nk` snies ac nssets tmraujm tme retnoi dmnkkei

5 Mawever, tme restrudturokj ac tme bnkhs redeovokj pubiod suppart ukèr tme Ttnte no` ruies os expedte` ta tnhe up ta cove yenrs.3 Tee Tpnok's corst dagpionkde repart wotm tme prajrngge dakòtoaknioty nt2>Qek.mtg: Tee tme up`nte ak Tpnok's dagpionkde wotm tme prajrngge dakòtoaknioty nt23Qek.mtg
http://ec.europa.eu/economy_finance/publications/occasional_paper/2012/op121_en.htmhttp://ec.europa.eu/economy_finance/publications/occasional_paper/2012/op121_en.htmhttp://ec.europa.eu/economy_finance/publications/occasional_paper/2013/op126_en.htmhttp://ec.europa.eu/economy_finance/publications/occasional_paper/2013/op126_en.htmhttp://ec.europa.eu/economy_finance/publications/occasional_paper/2013/op126_en.htmhttp://ec.europa.eu/economy_finance/publications/occasional_paper/2012/op121_en.htm


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mnve sojkocodnktiy podhe` up ok redekt gaktms wmoie tme corg mns nisa bejuk eccedtokjsnies von tme wmaiesnie dmnkkei. N ùe òiojekde pradess ak n sojkocodnkt pnrt acTnreb's partcaioa smawe` tmnt tme nsset trnkscers were weii èsojke` nk` exedute` nk`tmnt tmere wns akiy n iogote` kugber ac okstnkdes resuitokj ok tme n`lustgekt ac tmetrnkscer prode.

Pmor`, tme restrudturokj nk` resaiutoak pinks ac tme bnkhs wotm n dnpotni smartcniioèktocoe` ok tme stress test nk` uknbie ta daver ot cuiiy by provnte genks were nàpte`.Pme rednpotniosntoak ac vonbie bnkhs os dagpiete` nk` tme restrudturokj ac tme Ttnte-noè` bnkhs kee`s ta be cuiiy ogpiegekte` kaw. Tubaròknte` ionboioty exerdoses wereukèrtnhek ok arèr ta gokogoze tme tnxpnyer's burèk. Pme diase gakotarokj ac tmeogpiegektntoak ac tme restrudturokj pinks daktokues.

>2. Pme marozaktni dakòtoaknioty tmnt nppioes ta tme ektore bnkhokj sedtar wnsdagpiete` strodta seksu, ok pnrtoduinr ns ot wns craktianè` ok tme prajrngge. Pmemarozaktni dakòtoaknioty okdiuès gensures noge`, okter nion, nt strekjtmekokj tmerejuintary, supervosary nk` bnkh resaiutoak crngewarhs, ekmnkdokj tme javerknkde

strudture ac snvokjs bnkhs nk` ac daggerdoni bnkhs daktraiie` by tmeg, ogpravokjdaksuger pratedtoak iejosintoak ns rejnr`s tme snie by bnkhs ac mybro` dnpotni nk`subaròknte` èbt okstrugekts. Ok n iogote` kugber ac nrens, caiiaw-up gensures nkìejosintove pradesses wmodm èrove crag tme prajrngge dakòtoaknioty kee` ta be cokniose`.Pmese nrens okdiuè ok pnrtoduinr tme recarg ac tme javerknkde ac tme snvokjs bnkhs tmnt

pravoès okdektoves car carger snvokjs bnkhs ta jrnùniiy òvest tmeor daktraiiokj stnhes okdaggerdoni bnkhs, n recarg ac supervosary pradeùres nt tme BÈ (tnhokj okta daksoèrntoaknisa tme knsdekt Tokjie Tupervosary Gedmnkosg - TTG) nk` gensures ta strekjtmek kak-

bnkh coknkdoni oktergeòntoak.


13/79

>6

2 REDEKP COKNKDONI,GNDRAEDAKAGOD NK@ COTDNI @ESEIAVGEKPT

2.> COKNKDONI TEDPAR @ESEIAVGEKPT>4. Tokde tme bejokkokj ac tme prajrngge, tme sotuntoak ak Tpnkosm coknkdonignrhets ogprave` gnrheìy, ùe ta batm okterkntoakni èveiapgekts nk` kntoaknirecarg ndtoaks. Pme javerkgekt bak` gnrhet stnboiose` nk` batm yoei`s nk` spren`sèdioke` sojkocodnktiy. Pme >6-yenr yoei` èdrense` by gare tmnk 266 bnsos paokts ta 0.>%ok Kavegber 26>4 dagpnre` ta 3.0% nt tme bejokkokj ac Luiy 26>2 (seeJrnpm >). Nt tmesnge toge, tme >6-yenr spren` aver Jergnk buk` nigast mnive` crag 0?6 bnsos paokts tanrauk` 206 bnsos paokts nt presekt. Pme jrawtm ac okvestars' dakcoèkde mns beek

pnrtoduinriy vosobie aver tme pnst cew gaktms ùe ta tme EDB's ekmnkdegekt ac otsukdakvektoakni gensures ta restare tme gaketnry paiody trnksgossoak gedmnkosg ok tmeeura nren, tme paiotodni ogpetus ok gavokj tawnr`s n Eurapenk Bnkhokj Ukoak nk` tme

ogpravokj edakagod praspedts car Eurape. Nt tme snge toge, tme nkkaukdegekt by Ce` tmntot gny stnrt tnperokj purdmnses ac javerkgekt sedurotoes trojjere` n jekerni seii-acc akjiabni bak` gnrhets nk` nk okdrense ac bekdmgnrh yoei`s nisa ok tme eura nren peropmery.Mawever, ukiohe ok tme dnse ac Otnionk nk` Vartujuese bak`s, tme okdrense ac Tpnkosmjaverkgekt bak` yoei`s wns akiy gnrjokni nk` ns n resuit, tme >6-yenr javerkgekt bak`spren`s ta Jergnk buk` èdioke` beiaw tme Otnionk akes car tme corst toge sokde tme

bejokkokj ac tme prajrng. Pmos smaws tmnt Tpnok nisa jnoke` ok dreòboioty ak tme gerot acots edakagod nk` coknkdoni sedtar recargs, beyak` tme prajress gnè ùe ta gensures tnheknt tme eura nren ievei. Pme javerkgekt bak` gnrhet os nisa dmnrndterose` by n gudm iawerèjree ac vaintoioty tmnk n yenr nja.

>0. Pme Tpnkosm stadh gnrhet experoekde` n sogoinr ogpravegekt aver tme pnstyenr, wotm n rosokj okterest crag okterkntoakni okvestars.OBE] 45 broeciy tappe` >6 666

paokts but daksaio`nte` ok Kavegber ta nrauk` ?,=66 paokts, dagpnre` ta nbaut :,666paokts ok Luiy 26>2 (see Jrnpm 2). Pmos sojkocodnkt okdrense os n reciedtoak ac jrawokjokvestars' dakcoèkde nk` better tmnk expedte` edakagod `ntn aver tme pnst daupie acgaktms. Mawever, ot smaui` be kate` tmnt tme ogpravegekt aver tme pnst yenr wnsnddagpnkoe` by n reintoveiy mojm èjree ac vaintoioty. Gareaver, n redekt smnrp okdrense wnsnddagpnkoe` by iawer tmnk usuni nvernje `noiy vaiuges. Pme cndt tmnt èveiapgekts ok tmestadh exdmnkje gnrhets nre ok ioke wotm tme evaiutoak ac savereojk èbt reokcardes atmerienòkj okòdntars wmodm paokt ta edakagod redavery.

Jrnpm >< Eura nren savereojk spren`s ta tme

>6-yenr Jergnk buk`

Jrnpm 2< OBE] 45

6

>66

266

466

066

566

366

26>6 26>> 26>2 26>4

Tpnok

Otniy

Beijoug

Crnkde

bnsos paokts

0666

3666

=666

>6666

>2666

26>6 26>> 26>2 26>4

Taurde< OMT Jiabni Oksojmt nk` awk dniduintoaks Taurde< OMT Jiabni Oksojmt


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>5. Pme smnre prodes ac tme Tpnkosm bnkhs òspinye` n strakj upwnr` trek` ok tmetmor` qunrter ac 26>4 ncter mnvokj experoekde` sage vaintoioty nk` èdioke ok tmesedak` qunrter. Nt tme snge toge, bnkhs' rosh pregon mnve beek èdiokokj siawiy sokde

tme bejokkokj ac tme yenr. Ok ioke wotm savereojk expasures, dreòt ècnuit swnp (D@T)spren`s car bnkhs mnve èdioke` aver tme inst gaktms smawokj nk ogprave` gnrhetsektogekt ak bnkhs' roshs. Ttadh prodes car severni bnkhs mnve rebaukè` ok go`-Nujust nkòkdrense` smnrpiy autpercargokj tme gnrhet (see Jrnpms4 nk`0).

Jrnpm 4< D@T spren`s Jrnpm 0< Ttadh exdmnkje okòdes

6

>66

266

466

066

566

366

:66

Lui->2 Tep->2 Kav->2 Lnk->4 Gnr->4 Gny->4 Lui->4 Tep->4

ET Tav

Tnktnkèr

BBSN

In Dnoxn

36

:6

=6

?6

>66

>>6

>26

>46

>06

>56

>36

Lui->2 Tep->2 Kav->2 Lnk->4 Gnr->4 Gny->4 Lui->4 Tep->4

Eurastaxx 56

OBE] 45

Tnktnkèr

BBSN

Bnkesta

DnoxnBnkh

Taurde< Biaagberj, awk dniduintoaks Taurde< Biaagberj, awk dniduintoaks

>3. @espote tme renssurokj returk ac dakcoèkde, tme Tpnkosm coknkdoni sedtar nk`gnrhets regnok vuikernbie ta n`verse okterkntoakni nk` àgestod èveiapgekts. Pmenkniysos dnrroe` aut by tme Eurapenk Daggossoak ukèr tme Gndraedakagod OgbninkdesVradeùre ok Nproi 26>4 smaws tmnt tme ieveis ac àgestod nk` exterkni èbt nre stoii mojm, ok

pnrtoduinr ns pubiod èbt mns nisa surje` ok redekt yenrs. Pme dienkokj up ac tme bnkhs'bninkde smeets mns sojkocodnktiy n`vnkde` nk` tme bnkhs' expasure ta tme dakstrudtoak nk`reni estnte èveiapgekt (RE@) sedtars èdioke`, but nt tme snge toge tme restrudturokj

pradess ac tme snvokjs bnkhs os stoii ak-jaokj nk` tme ngaukt ac KVIs daktokues ta rose.Pme èievernjokj ac batm tme coknkdoni nk` kak-coknkdoni provnte sedtars daktrobutes ta ndaktrndtoak ok dreòt wmodm nccedts edakagod redavery nk` bnkh pracotnboioty. Pmerecare,

bnkhs smaui` gnoktnok dagcartnbie dnpotni ieveis tmnt suppart iekòkj ta tme reni edakagynk` pravoè n buccer ta gotojnte tme roshs ac tme stoii wenh edakagod ndtovoty.

>:. Pme ensokj ac tme bnkhs' coknkdokj dakòtoaks crag tme stnrt ac tme coknkdoninssostnkde prajrngge daksaio`nte` curtmer ùrokj redekt gaktms, wotm rejnr`s batmta tme nddess ta wmaiesnie cukòkj nk` ots dast. N kargniosntoak ac tme okter-bnkhndtovoty wotm atmer eura nren bnkhs wns nisa redarè`, but akiy ok tme sejgekt acsedure` aperntoaks. Equniiy ogpartnkt, tme cnii ok ok resoèkt retnoi nk` darparnteèpasots tmnt penhe` ok go`-26>2 wns reverse`.Pme nkkuni jrawtm rnte ac mausemai` nk`kak-coknkdoni darparnte èpasots nddeiernte` nk` rendme` gare tmnk >4% nk` nbaut 3%,respedtoveiy ns ac Teptegber 26>4 (seeJrnpm 5). Nt tme snge toge, tme okterest rnte pno` taèpasotars mns beek ak n sten`y èdiokokj trek`, meipokj bnkhs coknkde tmegseives nt garen`vnktnjeaus dasts. Pme weojmte` nvernje okterest rnte ak kew èpasots èdrense` by nbaut>66 bps nk` 56 bps car retnoi nk` darparnte èpasots, respedtoveiy, crag @edegber 26>2 taLuiy 26>4. Curtmergare, tme sojkocodnkt autciaw ac kak-resoèkt èpasots ac nbaut

EUR >53 boiioak ùrokj 26>2 wns stappe` nk` tme ossunkde ac èbt sedurotoes by bnkhs nisaogprave` (see kext pnrnjrnpm). Kevertmeiess, èspote tme better nddess ta wmaiesnie cukòkj,bnkhs nre reùdokj tmeor reionkde ak tmos saurde ac coknkdokj ok arèr ta dut tmeor okterest


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>2

dasts. Ok pnrniiei, ket barrawokj crag tme Eurasysteg èdioke` ta EUR 20> boiioak nt tmeek` ac Teptegber 26>4 crag n redar` EUR 066 boiioak ok go`-Nujust 26>2. Pme twa inrjestTpnkosm bnkhs pnrtodopnte` ok tme enriy repnygekt ac tme Iakj-Perg Recoknkdokj Aperntoak(IPRA) ok inte Lnkunry 26>4 wotm n sojkocodnkt ngaukt ac nbaut EUR 06 boiioak. Pmeèdioke ok ket barrawokj crag tme Eurasysteg mns siawe` àwk ok redekt gaktms, gnokiy ns

bnkhs try ta baast tmeor pracotnboioty by dnrry-trnè aperntoaks usokj tmos dmenp saurde accukòkj.

Jrnpm 5< Bnkh èpasots Jrnpm 3< Bnkh ianks=

-26

->6

6

>6

26

46

266: 266= 266? 26>6 26>> 26>2 26>4

Patni kak-GCOàgestod epasots

Kak-coknkdonidarparnte epasots

Mausemai` epasots

y-a-y %

-46

-26

->6

6

>6

26

46

06

56

36

:6

=6

266: 266= 266? 26>6 26>> 26>2 26>4

Patni agestod kak-GCO ianksDreòt ta jekerni javerkgektKak-coknkdoni darparnte ianksMausemai` ianks

y-a-y %

Taurde< B E, awk dniduintoaks Taurde< B E, awk dniduintoaks

>=. Pme strudture ac cukòkj by tme Tpnkosm bnkhs mns dmnkje` aver pnst yenr, wotmiess reionkde ak wmaiesnie cukòkj, wmoie Tpnok gnknje` ta rejnok gnrhet nddess cartme ossunkde ac bnkh èbt. Pme dast ac cukòkj èdioke` ùe ta n cnvaurnbie dmnkje okgnrhet sektogekt nk` iawer vaiuges ac ossunkde. Pme nvernje prode Tpnkosm bnkhs mn` ta

pny (swnp + 266 bps) os substnktoniiy iawer tmnk ok go`-26>2 (swnp + 366 bps). KokeTpnkosm bnkhs mn` gnknje` ta rnose cuk`s ok tme gnrhets ok 26>4. @espote n mojmer dast, tap

knges ekjnje ok rejuinr èbt ossunkde aperntoaks (gnokiy davere` bak`s) ok arèr ta regnokpresekt ok tme dnpotni gnrhets. Mawever, ka sokjie bnkh ok Tpnok mns beek nbie ta tnp tmegnrhet wotm smart-terg daggerdoni pnper. Ns rejnr`s tme sevek Ttnte-noè` bnkhs, kake actmeg mnve beek nbie ta ossue nky seduroty type (keotmer davere` bak`s, kar sekoar èbt) buttmey nii daktokue nddessokj exterkni cukòkj tmnkhs ta tmeor maiòkjs ac ETG bak`s. Ok

pnrtoduinr, tmey mnve beek nbie ta repinde pnrt ac tme EDB cukòkj by ekterokj okta repaaperntoaks ak tme okterkntoakni gnrhet. Avernii, ns ac Nujust 26>4, Tpnkosm bnkhs ossueÈUR 04bk wartm ac bak`s tmos yenr, dagpnre` ta EUR 32bk ok tme snge peroa` ac 26>2,wmodm trnksintes okta n 46% èdrense (see Bax >). Pme èdrense ok tme ngaukt ac èbt ossue`

by bnkhs os ùe ta iawer coknkdokj kee`s ns bninkde-smeet èievernjokj n`vnkdes nk` nredavery ok atmer saurdes ac coknkde, sudm ns èpasots. Ns cnr ns types ac sedurotoes ossue`

nre dakderke`, tme gast sojkocodnkt èdioke wns redarè` car davere` bak`s (:6% y-a-y)nk` uksedure` ossues (46% y-a-y).

>?. Tokde tme bejokkokj ac tme prajrngge, tme daktrndtoak ok àgestod provnte dreòtnddeiernte`, nisa `rovek by tme trnkscer ac nssets ta Tnreb nk` tme restrudturokj acbnkh bninkde-smeets. Redekt `ntn paokts ta n battagokj-aut ac tme trek`. Pmedaktrndtoak ok iekòkj èdeiernte` sagemaw ùrokj tme sugger, but resuge` ots trek` okTeptegber 26>4, ns tme èievernjokj pradess nk` tme rebninkdokj ac tme edakagy daktokue.Pme kak-GCO àgestod dreòt èdioke` by nbaut ?% y-a-y nt tme ek` ac Teptegber 26>4,`rovek by tme daktrndtoak ac dreòt ta tme provnte sedtar ac nrauk` >4.4% y-a-y. N`luste` car

= Pme sojkocodnkt èdioke ok ianks ok @edegber 26>2 nk` Cebrunry 26>4 pnrtoniiy reciedts tme nddauktokj eccedt ac tmeextrnaròknry trnkscer ac nssets crag Jraup > nk` 2 bnkhs, respedtoveiy, ta Tnreb.


16/79

>4

tme trnkscer ac nssets ta Tnreb, provnte àgestod dreòt èdioke` by n iawer rnte ac nrauk` ?%y-a-y ns ac Teptegber, wmodm mns siojmtiy èdeiernte` crag tme Luke nk` Luiy ieveis.

Zmerens àgestod dreòt ta mausemai`s èdioke` nt n siawer pnde ac nbaut 5% y-a-y ns acTeptegber 26>4, tme nkkuni daktrndtoak ok dreòt ta kak-coknkdoni darparntes regnoks mojm ntnbaut >>% (see Jrnpm 3). Ok daktrnst ta tme inrje daktrndtoak ok dreòt ta tme provnte sedtar,dreòt ta javerkgekt (okdiuòkj javerkgekt sedurotoes) daktokue` ta n`vnkde nt n quodh

pnde nbaut >6% y-a-y ns ac Teptegber 26>4 accerokj bnkhs nk ogpartnkt saurde acokdage crag dnrry-trnè ndtovotoes. Zmoie ok tme smart-ruk iekòkj ta tme javerkgekt gny besuppartove car tme bnkhs, ok tme iakj-ruk ot gny draw` aut dreòt ta tme provnte sedtar wotm nkejntove ogpndt ak tme edakagod redavery.

26. Pme coknkdokj ac Tpnkosm kak-coknkdoni darparntoaks os bnse` kat akiy akàgestod dreòt, but nisa ak exterkni barrawokj nk` ossunkde ac bak`s, wmodm mnvesagewmnt niievonte` tme èdioke ok àgestod dreòt. Ns ac Teptegber 26>4, tme vaiuge acèbt sedurotoes ossue` by tme kak-coknkdoni darparnte sedtar, okdiuòkj by geòug-sozeèkterproses, okdrense` by nbaut >>% y-a-y, nitmaujm crag n reintoveiy iaw ievei nk` tme

Bax >< Prek`s ok bnkhs' nddess ta cukòkj

Pme nddess ac Tpnkosm coknkdoni sedtar ta cukòkj daktokues ta ogprave. Ok 26>2 Tpnkosmbnkhs ossue` nbaut EUR =4 boiioak wartm ac bak`s, wmoie ok corst eojmt gaktms ac 26>4nbaut EUR 04 boiioak wns ossue`. Zmoie gast ac tme ossunkde wns retnoke` by tme bnkhs nsdaiinterni wotm tme Eurasysteg, sage pnrts were pinde` ta cokni okvestars ok tme gnrhet,espedoniiy ok 26>4.

@urokj 26>2 tme gnrhet car sekoar uksedure` èbt wns akiy nvnoinbie ta Tnktnkèr nk`BBSN. Redektiy, Dnoxnbnkh, nk` Bnkda Vapuinr mnve ossue` EUR >boiioak nk` EUR :56goiioak, respedtoveiy. Ok inte 26>2, akde àubts nbaut tme oktejroty ac tme eura vnkosme`,Tpnkosm bnkhs stnrte` ta rejnok nddess ta tme gnrhet. Car exngpie, BBSN ossue` EUR 2

boiioak ac n 5-yenr davere` bak` ok Kavegber 26>2. Gast redektiy, ok tme sedak` nk`tmor` qunrter ac 26>4, tme gnrhet sektogekt car Tpnkosm bnkh èbt mns okdrense`substnktoniiy, ok pnrniiei wotm gnrhet nppetote car bnkh èbt ossue` nisa ok atmer peropmernidauktroes.

Ns rejnr`s nsset bndhe` sedurotoes (NBTs), nt tme gagekt very iottie ngaukts nre pinde` tacokni okvestars. Car exngpie, DnlnGnr ossue` ok Gnrdm 26>4 nk NBT ak TGE ianks okngaukt ac EUR 3:5 goiioak ac wmodm akiy EUR >:5 goiioak were pinde` ta cokni

okvestars. Tnktnkèr Coknkde mns ossue` NBTs ak dnr ianks ok 26>2 nk` 26>4 wotm tmengaukts pinde` tatniiokj EUR 566 goiioak nk` EUR 0=6 goiioak, respedtoveiy.

Jrnpm :< Bak` ossunkdes by Tpnkosm bnkhs

6

2

0

3

=

>6

>2

>0

>3

6>/>2 60/>2 6:/>2 >6/>2 6>/>4 60/>4 6:/>4

bk EUR

Davere` bak`s Uksedure` ossues NBT

Taurde< Biaagberj


17/79

>0

exterkni ianks daktrndte` by tme kak-coknkdoni darparntes èdioke` by nrauk` 5.5% y-a-y.Pmerecare, tme rnte ac daktrndtoak ok tatni coknkdokj ta kak-coknkdoni darparntes mnsèdeiernte` ta nrauk` :% y-a-y ns ac Teptegber 26>4. Ns rejnr`s tme iekòkj `ykngods tavnroaus edakagod sedtars, tme bojjest nkkuni daktrndtoak ok iekòkj taah pinde ok tmedakstrudtoak nk` reni estnte sedtars. Iekòkj ta atmer edakagod sedtars daktrndte` nt n

siawer pnde, paoktokj ta tme reniiadntoak ac resaurdes ok tme Tpnkosm edakagy tawnr`s ngare sustnoknbie jrawtm pntterk.

2>. Zmoie bnkhs daksoèr tme wenh saivekt ègnk` ns tme gnok daktrobutar ta tmeakjaokj èdioke ok iekòkj ta tme provnte sedtar, tmere nre nisa suppiy cndtars nccedtokjtmos èdioke, nitmaujm sage stnboiosntoak sojks nre ok sojmt. Pme daktrndtoak ok dreòtreciedts tme èievernjokj kee`s ac batm tme coknkdoni nk` kak-coknkdoni sedtars nk` tmenversoak car iakj-terg okvestgekts wmoie tme edakagod n`lustgekt os stoii ukcaiòkj. Pme

pnrniiei okdrense ok javerkgekt dreòt nk` dnrry-trnè ndtovotoes mns reokcarde` bnkh pracotsbut, nt tme snge toge, mns reùde` bnkhs' okdektoves ta tnhe gare rosh nk` iek` ta tme reniedakagy. Pme gast redekt Bnkh Iekòkj Turvey, daverokj èveiapgekts ok tme sedak`qunrter ac 26>4?, revenie` tmnt stnk`nr`s car nppravokj dreòts mnve regnoke` branìy

ukdmnkje` crag tme prevoaus qunrter, nitmaujm n siojmt okdrense ok tme perdeptoak ac roshrejnròkj tme okùstry ar corg-spedocod autiaah wns katode`. Pmos represekts n katnbie

battagokj-aut ac tme okdrensokj tojmtekokj trek` abserve` sokde tme bejokkokj ac tme drosos.Pme tergs nk` dakòtoaks car ianks ta ekterproses mnve beek gnrjokniiy tojmteke`, èspotetme sojkocodnkt ogpravegekt ok tme cukòkj dast car bnkhs. Bnkhs daktokue` ta repart nèdrense ok tme ègnk` car ianks (tme eojmtm qunrter ok n raw), wmodm dakderks prognroiyiakj-terg ianks nk` inrje ekterproses. Pme gnok daktrobutars ta tme èdioke ok dreòt ègnk`seeg ta be tme smrokhokj coknkdokj kee`s car coxe` okvestgekt (daksostekt wotm tme gndra-edakagod podture) nk` tme okdrensokj use ac okterkni coknkdokj nk` ossunkde ac èbtsedurotoes. N sogoinr podture dnk be okcerre` by iaahokj nt iekòkj trek`s ta mausemai`s. Aknvernje, tmere mns beek ka tojmtekokj ac stnk`nr`s car nppravokj dreòts ta mausemai`s,

wmoie iekòkj dakòtoaks èteroarnte` gnrjokniiy ok tergs ac prodokj car nii types ac ianksnk` iekòkj gnturotoes.

Jrnpm =< TGEs' gast pressokj prabieg5

nkedàtni evoèkde paokt ta okdrense` òccoduity car sage TGEs ta nddess coknkde nsvniunbie okcargntoak nbaut tmeor pnst bnkhokj reintoaksmops mns beek iast wmek bnkhs mnverestrudture` tmeor jeajrnpmodni presekde nk` stncc dagpasotoak ok crakt accodes. Gare tmnk nqunrter ac tme surveye` TGEs nppioe` car exterkni coknkdokj ùrokj tme prevoaus sox gaktmsnk` akiy nbaut >:% were reledte` (see Jrnpm ?) , wmodm wns akiy siojmtiy mojmer tmnk tme

Eura Nren nvernje. Gare Tpnkosm dagpnkoes tmnk tmeor eura nren peers kate tmnt tme tergsnk` dakòtoaks car bnkh coknkdokj, ns rejnr`s tme okterest rnte, atmer coknkdokj dasts, tme sozenk` gnturoty ac ianks nk` tme daiinterni requoregekts, mnve bedage gare akeraus ùrokj tme

prevoaus sox gaktms. Mawever, tmos os daksostekt wotm tme cndt tmnt nbaut mnic ac tme inrjedagpnkoes nk` 36% ac TGEs repart tmnt tmeor okdage jekerntoak dnpndoty èteroarnte` avertme snge peroa`, wmodm os gudm nbave tme eura nren nvernje.

24. Pme redekt reùdtoak ok tme bnkhs' dast ac cukòkj mns kat beek pnsse` ak tadioekts yet, sa tmnt iekòkj rntes ta kak-coknkdoni darparntes (KCDs) mnve beek gare ariess dakstnkt ok kagokni tergs sokde tme bejokkokj ac tme yenr (see Jrnpm >>).Mawever, tmeor spren` ta tme savereojk (seeJrnpm >6)okdrense` sagewmnt, sojkniiokj tmnttme ogpravegekt ok tme rosh perdeptoaks rejnròkj tme savereojk ò` kat extrnpainte ta tme

Tpnkosm darparnte sedtar. Avernii, nk` ok mostarodni perspedtove, tme dast ac kew barrawokjscar tme darparnte sedtar regnoks reintoveiy iaw ok kagokni tergs, ok pnrtoduinr car inrjeianks, nitmaujm tme spren`s nt wmodm Tpnkosm dagpnkoes barraw reintove ta tmeor peers cragtme dare eura nren dauktroes mnve okdrense` ta persostektiy mojm ieveis ok tme drosos.

Jrnpm >6< Tpren` aver tme savereojk car

okterest rntes ak KCD ianks

Jrnpm >>< Dast ac barrawokj car KCDs

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64 60 65 63 6: 6= 6? >6 >> >2 >4

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Tpren` KCD - 5-_enr Tavereojk

Tpren` KCD - 5-_enr Tavereojk (up ta EUR > g)

Tpren` KCD - 5-_enr Tavereojk (nbave EUR > g)

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Up ta nk` okdiuòkjEUR > goiioak

Aver EUR > goiioak

Taurde< EDB, OMT Jiabni Oksojmt nk` awk dn iduintoaks Taurde< EDB

20. Jaokj carwnr`, tme èievernjokj pradess os set ta daktokue wmoie tme èdioke okiekòkj ta tme kak-reni estnte darparnte sedtar os expedte` ta battag-aut ns ac kextyenr. Pme sedak` set ac cukòkj nk` dnpotni pinks (CDVs) subgotte` by tme Tpnkosm bnkhs,wmodm okdiuè ndtuni `ntn car tme corst qunrter ac 26>4, òccer akiy gnrjokniiy crag tme

prevoaus subgossoak ns rejnr`s dreòt èveiapgekts. Ak njjrejnte, n mojmer èdioke okiekòkj ta tme provnte sedtar ok 26>4 os expedte` ok tme durrekt CDVs, ok pnrtoduinr car TGEsnk` ta n sgnii extekt nisa car atmer kak-coknkdoni darparntoaks. Nt tme snge toge, tme provntedreòt evaiutoak praledte` ok tme corst subgossoak ac CDVs wns daksostekt wotm tme ndtuniautdage ok tme corst qunrter ac 26>4, wotm n òccerekde ac niiadntoak. Dreòt ta TGEsukèrpercarge`, but tmos wns dagpeksnte` by mojmer dreòt vaiuges car mausemai`s.Avernii, tme iekòkj trek`s presekte` ok tme CDVs subgotte` ok tme prevoaus qunrter regnokjekerniiy vnio`< dreòt ta dagpnkoes os praledte` ta cnii gare tmnk dreòt ta mausemai`s,`rovek by tme reni estnte sedtar (n gnlar daktrobutar beokj tme trnkscer ac reni estnte nssets taTnreb). Pmereby dreòt ta dagpnkoes atmer tmnk tme reni estnte akes os praledte` ta okdrensesiojmtiy uktoi tme ek` ac 26>5, wotm tme exdeptoak ac TGEs.


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25. Kak-percargokj ianks (KVIs) mnve daktokue` ta okdrense ok redekt gaktms,èspote tme pasotove ogpndt ac tme trnkscer ac RE@ nssets ac Jraup > nk` Jraup 2bnkhs ta Tnreb. Caiiawokj tme trnkscer ac RE@ nssets ta Tnreb, ogpnore` nssets nt systegievei èdioke` ta beiaw >>% nt tme ek` ac Cebrunry 26>4 (dagpnre` wotm >>.:% nt tme ekàc Kavegber 26>2), but tmos trek` mns beek reverse` ok redekt gaktms (seeJrnpm >2). Pme

èteroarntoak ok nsset qunioty mns daktokue` tmraujmaut tme sedak` qunrter ac 26>4, wotmKVIs okdrensokj ta >2.>% nt tme ek` ac Nujust 26>4 dagpnre` wotm >>.5% nt tme ek` acGnrdm. Kak-percargokj ianks ok tme mausemai` sedtar daktokue` ta regnok sojkocodnktiy

beiaw tme systeg ievei, but e`je` up ta 3% nt tme ek` ac Luke 26>4. Pme percargnkde actme resoèktoni gartjnje partcaioa mns nisa èteroarnte` siojmtiy, ns kak-percargokj ianks cargartjnje ianks staa` nt raujmiy 5.=% nt tme ek` ac Luke 26>4 dagpnre` wotm 0.4% nt tmeek` ac @edegber 26>2. N sustnoke` okdrense ok KVIs wns redarè` ok tme darparnte sedtar,wmodm òspinys n reintoveiy mojm nk` jrawokj KVI rntoa evek autsoè ac tme dakstrudtoak nk`reni estnte sedtar (see Bax 2).

Jrnpm >2< Kak-percargokj ianks Jrnpm >4< Bnkh sed tar pracotnboioty

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Patni

Vraùdtove ndtovotoes

Dakstrudtoak

Reni estnte ndtovotoes

Mausemai` ianks

Gartjnje ianks

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Bk EUR

Vracot becare tnx

Patni pravosoakokj

Aperntokj okdage (becare pravosoakokj)

Taurde< B E, awk dniduintoaks Taurde< B E, awk dniduintoaks

23. Nt tme ek` ac Teptegber 26>4, bnkhs subgotte` tme resuits ac tme iank-by-ianknkniysos ac tmeor restrudture`/recoknkde` aperntoaks ta BÈ. Pme ek`-26>2 `ntn akrecoknkde`/restrudture` ianks pubiosme` by dreòt okstotutoaks ak tme bnsos ac tme pravosoaksac Dorduinr 3/26>2 revenie` òccerekdes ngakj bnkhs batm ns rejnr`s tme perdektnje acrestrudture`/recoknkde` ianks ok tme tatni iank partcaioa nk` tme qunioty ac tmese ianks. Pan``ress tmos sotuntoak, BÈ sekt twa ietters ta bnkhs ok Nproi 26>4 ta curtmer dinrocy tmenppiodntoak ac pravosoaks ak restrudture`/recoknkde` ianks okdiuòkj tmeor dinssocodntoak okkargni, substnk`nr` nk` kak-percargokj. Bnkhs percarge` n iank-by-iank nkniysos ac tmerestrudture`/recoknkde` aperntoaks ok arèr ta oèktocy passobie iank redinssocodntoaks nk`n`òtoakni pravosoakokj kee`s. BÈ os durrektiy nssessokj tme resuits ac tme nkniysos

percarge` by bnkhs bnse` ak Gnrdm 26>4 `ntn. Katwotmstnkòkj tme kee` car bnkhs tacurtmer okdrense iank-ianks pravosoaks car restrudture` ianks dinssocoe` ns substnk`nr` nk`kak-percargokj, ka n`òtoakni dnpotni smartcniis nre expedte` ta egerje crag tmos nkniysos.


20/79

>:

2:. Iawer vaiuges ac kew pravosoakokj requoregekts ok dagpnrosak wotm 26>2 nk`tme èdrensokj trek` ac aperntokj expekses mnve returke` tme bnkhokj sedtar tapracotnboioty ok tme corst mnic ac 26>4. @urokj 26>2, tme sozenbie okdrense ok iank-iass

pravosoaks, ùe ta tme twa ake-acc eccedts ac Rayni @edrees 2/26>2 nk` >=/26>2 ie` ta nkejntove percargnkde nt n systeg ievei (seeJrnpm >4). N iass becare tnx ac raujmiy EUR35 boiioak wns redarè` nt tme ek` ac 26>2, ak tme bndh ac tme sojkocodnkt iasses paste` bytme Jraup > nk` Jraup 2 bnkhs, wmodm were kat accset by tme pasotove resuits ac tmeokterkntoakniiy ndtove bnkhs. Nitmaujm pressures crag rosokj KVIs persost, tme mojm

davernje rntoas nk` tme trnkscer ac prabiegntod partcaioas ta Tnreb mnve reùde` kewpravosoakokj requoregekts ùrokj tme corst mnic ac tme yenr, nk` nii bnkhs returke` tapracotnboioty (o.e. okdiuòkj nii Jraup > bnkhs). Ns n resuit ac tmos, sage bnkhs taah tmeappartukoty ta craktian` cuture pravosoakokj requoregekts ak restrudture` ianks ns pnrt actme kedessnry bninkde smeet repnor pradess. Njnokst tmos bndhjrauk`, tme returk ak equoty ntsysteg ievei staa` nt =.?% nt tme ek` ac Luke 26>4 dagpnre` wotm -2>% nt tme ek` ac 26>2.Vracotnboioty ok tme corst qunrter ac 26>4 wns ak nvernje nbave tme praledtoaks ac tme AioverZygnk stress test. Tage bnkhs, mawever, redarè` pracots gnokiy ùe ta tme pasotovedaktrobutoak ac kak-redurrokj pracots.

2=. Nttnokokj sustnoknbie pracotnboioty os stoii n dmniiekje jovek tme ukdertnokedakagod autiaah nk` tme iaw okterest rnte ekvorakgekt nk` ot mns n òredt benrokj aktme dnpotniosntoak ac dreòt okstotutoaks. @urokj tme sedak` qunrter ac 26>4 bnkhs'

pracotnboioty reokcarde` tme pasotove trek` ac tme corst qunrter ac tme yenr nk` regnoke` ak

Bax 2< Zmnt os bemok` tme rosokj KVI rntoa1

Pme okdrense ok tme KVI rntoa nt systeg ievei mns beek `rovek batm by tme èteroarntoak oktme qunioty ac nssets mei` by bnkhs nk` tme daktrndtoak ac tme tatni iank partcaioa(èkagokntar eccedt) ùe ta tme ak-jaokj èievernjokj pradess. Pme stadh ac ogpnore`nssets rendme` EUR >?2 boiioak nt tme ek` ac @edegber 26>2 nk` subsequektiy èdioke` taEUR >32 boiioak nt tme ek` ac Cebrunry 26>4, ùe ta tme trnkscer ac RE@ nssets ac tmeJraup > nk` Jraup 2 bnkhs ta Tnreb. Pme stadh ac ogpnore` nssets wekt up by raujmiyEUR >: boiioak betweek Cebrunry 26>4 nk` Luiy 26>4, wmerens tme reùdtoak ok tme tatniiank partcaioa ngaukte` ta EUR 33 boiioak ùrokj tme snge peroa`. Pme èteroarntoak oknsset qunioty mns beek cueiie` gnokiy by tme okdrense ok ogpnore` nssets ok tme darparntesedtar nk` ta n iesser extekt by tme qunioty ac ianks ta provnte okòvoùnis.

Jrnpm >0< Evaiutoak ac tatni ianks nk` ogpnore` nssets

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64/>2 63/>2 6?/>2 >2/>2 64/>4 63/>4

bk EURbk EUR

Patni ianks (ims)

@aubtcui ianks (rms)

Taurde< BÈ


21/79

>=

nvernje nbave batm tme bnseioke nk` strakjiy nbave tme n`verse sdeknroa praledte` byAiover Zygnk car tme 26>2 stress test. Nt tme snge toge, tme pasotove evaiutoak ac bnkh

pracotnboioty ok tme corst mnic ac 26>4 wns cndoiotnte` ok severni dnses by n sojkocodnktdaktrobutoak crag kak-redurrekt otegs (see Bax 4). Bnkhs' ket okterest okdages mnvejekerniiy experoekde` n àwkwnr` trek` ùe batm ta tme èievernjokj pradess nk` tme iaw

okterest rnte lukdture. Pmos smaui` be diaseiy gakotare` jovek cuture dnpotni kee`s, nisa okvoew ac tme nppiodntoak ac tme kew EU Rejuintoak ak dnpotni requoregekts >> nk` tmedagpremeksove nssessgekt ta be dnrroe` aut by tme EDB ok dakkedtoak wotm tme ektry oktacarde ac tme kew sokjie supervosar ok tme eura-zake ns weii ns tme EBN EU-woè stress test.Iaahokj carwnr`, tme bnkhs' Cukòkj nk` Dnpotni Vinks praledt bnkh pracotnboioty ta redaver.Zmoie ket okterest okdage woii regnok rntmer cint, ns èdrensokj vaiuges accset mojmerokterest gnrjoks, n`gokostrntove dasts (ok pnrtoduinr wotm stncc) nk` ogpnorgekts nre ioheiy taèdioke, baastokj pracots. Pmerecare, tme redekt èdioke ok tme dast ac cukòkj gny kat bereciedte` ok n cnst èdrense ac iekòkj rntes.

2?. Tokde tme bejokkokj ac tme prajrngge dnpotni ieveis ogprave` gnrheìy. Pmeukdertnok edakagod ekvorakgekt dniis, mawever, car dagcartnbie ieveis ac

dnpotniosntoak, batm ok arèr ta dusmoak tme nbsarptoak ac patektoni iasses ak bnkhs'iejndy nssets nk` egbaièk bnkhs ta tnhe gare rosh ok iekòkj ta tme reni edakagy.Pme rednpotniosntoak ac bnkhs wotm n dnpotni smartcnii ns n resuit ac tme stress test percarge`

by Aiover-Zygnk wns dagpiete`. Nt presekt, nii bnkhs dagpiy wotm tme ?% dare toer >EBN saivekdy rntoa, exdept car ake wmodm os ok tme pradess ac beokj tnhek aver by n bnkhwotm n saio` dnpotni pasotoak. Bnkhs, sudm ns Tnbnèii nk` Vapuinr, ossue` dnpotni ok 26>4,smawokj tmnt sage bnkhs retnok nddess ta equoty gnrhets. Pmus, tmey dnk baast tmeorsaivekdy ieveis, curtmer èdrense tmeor cukòkj dasts nk` expnk` iekòkj.

46. Exdiuòkj tmase bnkhs wmodm redeove` Ttnte no`, tme avernii ievei ac saivekdy acTpnkosm bnkhs siojmtiy èdrense` ok 26>2, but redavere` ok tme corst mnic ac 26>4, wmoie

tme qunioty ac dnpotni mns okdrense`. Pme tatni dnpotni rntoa staa` nt >>.2% ok @edegber26>2, ?6 bnsos paokts beiaw tme 26>> ievei ùe ta tme inrje bnkh bninkde smeet dienk-up nk`

pravosoakokj eccart tmnt taah pinde ok 26>2. Pajetmer wotm pracotnboioty, dnpotniosntoakrebaukè` ok tme corst segester ac 26>4 nk` tme tatni dnpotni rntoa okdrense` njnok ta nbaut>2%. Ok pnrniiei, tme dare toer > rntoa okdrense` ta >6.5% ok Luke 26>4 crag ?.0% nt tme ekàc 26>2. Mawever, dagpnre` ta tmeor peers, Tpnkosm bnkhs nre kat ngakjst tme bnkhs wotmtme mojmest dnpotni rntoas, but rnkh cnvaurnbiy ok tergs ac avernii ievernje.

4>. Ns rejnr`s tme qunioty ac dnpotni, nk nren ac dakderk car n kugber ac bnkhs os tmemojm vaiuge ac ècerre` tnx nssets rejostere` ok Tpnkosm bnkhs' bninkde smeets. Pmeseècerre` tnx nssets (@PNs) mnve gnokiy beek ndduguinte` ns n resuit ac tme buoi`-up ac

pravosoaks. Pme inrje ngaukt ac @PNs mei` by sage bnkhs woii mnve ta be èùdte` cragtme dare toer > dnpotni ukèr tme kew EU Rejuintoak ak dnpotni requoregekts tmraujmaut n

pmnse-ok peroa` exdept car tmase tmnt steg crag tegparnry òccerekdes tmnt à kat reiy akcuture pracots. Pme Tpnkosm nutmarotoes nre warhokj ak iejosintove okotontoves ok arèr tastrekjtmek tme iass-nbsarbekdy ac pnrt ac @PNs nk`, tmus, nvao` tme èùdtoak. Ok nky dnse,nky iejosintove okotontove kee`s ta dagpiy wotm tme rejuintoak ak dnpotni requoregekts. Okn`òtoak ta tmos, batm tme cosdni ogpndt nk` tme dagpetotoak nkjie smaui` be dnrecuiiynssesse`.

>> Rejuintoak ka.5:5/26>4, ak pru ektoni requoregekts car dreòt okstotutoaks nk` okvestgekt corgs nk` ngekòkj Rejuintoakka.30=/26>2 (Accodoni Laurkni ac tme Eurapenk Ukoak 2:.63.26>4).


22/79

>?

Bax 4< Redavery ac pracotnboioty èspote smrokhokj bnkh ndtovoty

Gnok cokòkjs

Bnkh pracotnboioty ac tme Tpnkosm busokess ok tme corst mnic ac 26>4 ien` ta n pre-tnx pracotac nbaut EUR 4 boiioak dagpnre` ta n iass ac nrauk` EUR >5 boiioak ok tme snge peroa` ac

26>2. Pme pre-pravosoakokj pracots ac bnkhs nre ak nvernje weii nbave tme n`verse sdeknroa

estognte` ok tme 26>2 Aiover Zygnk stress test nk` nbave tme bnseioke ok tme gnlaroty acdnses.

Pmos redavery wns prognroiy `rovek by tme smnrp reùdtoak ok ogpnorgekt niiawnkdes.Patni pravosoakokj nigast mnive` crag ake peroa` ta tme atmer, but stoii represekte` nbautEUR >5 boiioak ok tme corst segester ac 26>4.

Pme pasotove evaiutoak ac bnkh pracotnboioty ok tme corst mnic ac 26>4 wns cndoiotnte` oksage dnses by sage ogpartnkt kak-redurrekt otegs sudm ns< revekues crag tme burèksmnrokj exerdoses car sage Ttnte-noè` bnkhs, okdages crag tme dnrry trnè ndtovoty nk`snies ac nssets.

Evaiutoak ac gnrjoks

Ake ac tme gnok wenhkesses ac tme pracotnboioty ac bnkhs os èdrensokj ket okterestgnrjoks. Nitmaujm gnrjoks ok tergs ac nvernje nssets regnoke` raujmiy dakstnkt, tmendtuni gnrjok vaiuge èdioke` by nrauk` EUR 4 boiioak crag tme sedak` mnic ac 26>2, ns

batm okterest okdage nk` okterest dasts ògokosme` ak smrokhokj busokess vaiuges.

Ok n`òtoak ta tmos, tme ukpredeèkte` iaw okterest ekvorakgekt mns n kejntove ogpndtespedoniiy ak gartjnjes, ac wmodm n vnst gnlaroty nre ciantokj-rnte.

Nitmaujm tme dast ac kew èpasots mns beek ak n smnrp àwkwnr` trek`, tme nvernjeokterest rnte ak èpasots os stoii mojm ns n daksequekde ac tme dagpetotoak betweek bnkhsùrokj 26>2.

Pme èdiokokj ket okterest okdage wns dagpeksnte` by mojmer cees, atmer kak-okterestokdages nk` iawer n`gokostrntove dasts ùe ta tme bnkhs' restrudturokj eccarts.

Nt tme snge toge, bnkhs mnve ta set nsoè kew ake-acc pravosoakokj requoregektssteggokj crag tme redinssocodntoak ac restrudture` ianks ns n resuit ac tme exerdose dnrroeàut by bnkhs ok nppiodntoak ac tme droteron ossue` by BÈ ak tme dinssocodntoak nk`

pravosoakokj kee`s car tmese nssets. Curtmergare, car sage bnkhs okdage woii bekejntoveiy nccedte` by tme iejni dinogs ak tme indh ac trnkspnrekdy wmoie seiiokj gartjnjeciaar dinuses.

Tage ac tmese kew pravosoakokj requoregekts mnve beek niren`y redarè` ùrokj tme corstmnic ac tme yenr ns sage bnkhs mnve tnhek n`vnktnje ac tme nbave gektoakeèxtrnaròknry pracots ok arèr ta be nbie ta craktian` tme ogpndt ac tmese n`òtoakni

pravosoaks.

42. Ok voew ac tme nbave gektoake` dmniiekjes nk` ngo` wenh edakagod jrawtm,Tpnkosm bnkhs kee` ta caiiaw pruèkt paiodoes ok arèr ta gnoktnok ar okdrense tmeordnpotni rntoas. Ok tmos rejnr`, tme redaggek`ntoak ossue` by BÈ ak n gnxogug 25% ac

pno` ok dnsm òvoèk`s os very weidage. Dreòt okstotutoaks smaui` persost ok dnrryokj autndtoaks ta smare up tmeor dnpotni rntoas nk` ok pnrtoduinr retnokokj tme mojmest passobie partoakac pracots. Ok tmos rejnr`, sage bnkhs mnve niren`y put ok pinde niterkntove òvoèk` paiodoesok arèr ta reùde pny-aut ieveis tmraujm tme sa-dniie` "sdrop òvoèk`s".

44. Pme restrudturokj ac tme bnkhokj sedtar nddeiernte` sokde tme bejokkokj ac tmebnkhokj prajrngge, ie` by tme snvokjs bnkhs sejgekt. Pme kugber ac èpasot tnhokj

okstotutoaks mns èdioke` by nbaut 46 ar >6% ac tme tatni sokde go`-26>2. Pme kugber acbnkh brnkdmes mns nisa èdioke` by gare tmnk 2666 ukots ar 5% ac tme tatni aver tme snge


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peroa` ok pnrniiei wotm tme kugber ac bnkh egpiayees. Pme restrudturokj nk` èievernjokjpradess os n`vnkdokj nt n cnst pnde ok tme snvokjs bnkhs sedtar, ns revenie` by tmeogpiegektntoak ac restrudturokj pinks car tme snvokjs bnkhs tmnt mnve redeove` Ttnte no` (seeTedtoak 4.2). N kugber ac òvestotures taah pinde, sudm ns tme snie ac tme ESA Bnkda, nòvosoak ac Jraup > bnkh Kavn Dnoxn Jniodon, ta n UT provnte equoty jraup, tme snie ac

nssets by Bnkhon, okdiuòkj ots stnhe ok tme norioke jraup ONJ (n Brotosm Norwnys Oberonlaokt vekture) nk` ots U.T.-bnse` Doty Kntoakni Bnkh ac Ciaro`n, ar tme òvestoture ac DnlnVekeès by Bnkda Gnre Kastrug. Kavn Dnoxn Jniodon mns nisa òveste` Bnkda Jniieja nk`Bnkda Etdmeverron nk` sage Nsturonk brnkdmes. Nt tme snge toge, tme Tpnok's twa inrjestokterkntoakni bnkhs daktokue` ta sme` tmeor nssets nbran`, baastokj tmeor pracotnboioty nk`dnpotni buccers. Pme CDVs subgotte` by tme Jraup > nk` 2 bnkhs caresee n curtmer reùdtoakac tmeor stncc nk` n`gokostrntove dasts uktoi tme ek` ac 26>5, sujjestokj tmnt tme kugber acstncc os ioheiy ta daktokue tme àwkwnr` trek`. Ok pnrniiei, tme eccodoekdy rntoa ac tmeseokstotutoaks os expedte` ta ogprave katnbiy.

2.2 GNDRAEDAKAGOD NK@ COTDNI @ESEIAVGEKPT40. Edakagod ndtovoty os battagokj aut (seeJrnpm >5).Pme Tpnkosm edakagy ektereòk n àubie-òp redessoak ok tme sedak` qunrter ac 26>> ns coknkdoni sedtar stress, provntesedtar èievernjokj nk` tme kee` car cosdni daksaio`ntoak taah tmeor taii ak edakagodndtovoty. Ncter cniiokj car koke qunrters, J@V mns turke` gnrjokniiy pasotove ok tme tmor`qunrter ac 26>4 (6.>%), nddaròkj ta preiogoknry `ntn. Ukegpiaygekt ceii crag n penh ac2:.2% ok tme corst qunrter ac tmos yenr ta 23% ok tme tmor` qunrter. Pme èdioke wns inrjeiyùe ta sensakni cndtars nk` n daktrndtoak ac tme inbaur carde, but nisa ta n siawer èdioke okegpiaygekt ieveis (seeJrnpm >3). Nddaròkj ta tme Daggossoak servodes' nutugk carednst,J@V os expedte` ta jraw by 6.5% ok 26>0 ncter daktrndtokj by >.4% ok 26>4.

45. Zmoie tme rebninkdokj ac tme edakagy tawnr`s expart-ie` jrawtm mns daktokue`,tme daktrndtoak ac àgestod ègnk` nppenrs ta stnrt ensokj. Ok ^2 26>4 àgestoddaksugptoak nk` equopgekt okvestgekt smawe` sojks ac stnboiosntoak. Mekde, àgestodègnk` mns reùde` ots kejntove daktrobutoak ta J@V jrawtm, wmoie tme pasotovedaktrobutoak ac ket exterkni ègnk` èdioke` ak tme bndh ac nddeierntokj ogparts,katwotmstnkòkj n stoii rabust expart percargnkde. Pmese trek`s nre expedte` ta daktokueaver tme dagokj qunrters, wotm tme dagpasotoak ac jrawtm jrnùniiy bedagokj gare

bninkde` ns àgestod ègnk` os exertokj iess ac n `rnj. Pme dektrni expedtntoak regnoks akeac gaèrnte expnksoak, ns mojm ukegpiaygekt, bninkde-smeet n`lustgekt nk` stoii reintoveiytojmt bnkh dreòt dakòtoaks woii daktokue ta put n io` ak jrawtm.

Jrnpm >5< Reni J@V jrawtm nk` daktrobutoaks Jrnpm >3< Evaiutoak ac pergnkekt nk`tegparnry daktrnd ts nkùkegpiaygekt rnte

->6

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0

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63^> 6:^> 6=^> 6?^> >6^> >>^> >2^> >4^> >0^> >5^>

pps.

Ket exterkni egnk`@agestod egnk` okdi. okvektaroesJ@V (y-ay%)

carednst

6

5

>6

>5

26

25

46

->.5

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-6.5

6.6

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>.6

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%Goiioaks

Pegparnry daktrndts

Vergnkekt daktrndtsUkegpiaygekt rnte, sensakkniiy n`luste` (rms)

Taurde< Eurapenk Daggossoak servodes Taurde< OKE, Eurastnt


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43. Pme durrekt nddaukt redarè` n surpius ac 6.:% ac J@V ok ^2 26>4 (caurqunrters gavokj nvernje), ùe ta nk okdrensokj surpius ok tme trnè wotm jaa`s nk`servodes.Pme okdrense ok tme trnè bninkde os expinoke` by batm tme `ykngosg ac Tpnkosmexparts nk` tme drosos-okùde` daktrndtoak ac ogparts. Vrode nk` dast-dagpetotovekess mnveogprave` curtmer, ùe ta n dagbokntoak ac extekè` praùdtovoty ogpravegekts okotoniiy

inrjeiy `rovek by inbaur sme`òkj nk`, gare redektiy, gaèrntokj wnje èveiapgekts (seeJrnpm >:). Zmoie praùdtovoty jrawtm os expedte` ta èdeiernte, wnje gaèrntoak woii stoiiniiaw car curtmer ogpravegekts ok kagokni ukot inbaur dasts. Pme bninkde ac trnksndtoakswotm tme rest ac tme wari` redarè` n surpius ac >.5% ac J@V ok ^2 26>4 (caur qunrtersgavokj nvernje). Mawever, tme Ket Okterkntoakni Okvestgekt Vasotoak (KOOV) mns siojmtiyèteroarnte` ns n rntoa ta J@V, ùe ta kejntove vniuntoak eccedts>2nk` tme J@V daktrndtoak(see Jrnpm >=). Batm tme trnè surpius nk` tme durrekt nddaukt surpius nre expedte` taokdrense curtmer aver tme carednst marozak, nitmaujm nt n siawer pnde tmnk ok redekt qunrters.

Jrnpm >:< @eveiapgektsok REER Jrnpm >=< @edagpasotoak ac Ket OOV

-=

-3

-0

-2

6

2

0

3

?= ?? 66 6> 62 64 60 65 63 6: 6= 6? >6 >> >2 >4

y-a-y %

KEER Reintove MODV (-) REER (MODV) REER (UID)

->66

-=6

-36

-06

-26

6

?5 ?3 ?: ?= ?? 66 6> 62 64 60 65 63 6: 6= 6? >6 >> >2 >4

% ac J@V

Ket partcaioa okvestgekt

Atmer okvestgekt (ket)

Reserve dmnkjes (ket)

Ket oredt okvestgekt

Ket okterkntoakni okvestgekt pasotoak Taurde< Ngeda Taurde< Eurastnt, awk dniduintoaks

4:. Okcintoak mns cniiek sojkocodnktiy. MODV okcintoak `rappe` ta 6.5% ok Teptegber nk`ta n iawer-tmnk-expedte` 6.>% ok Adtaber, ns tme eccedts ac inst yenr's roses ok n`gokostere`prodes nk` SNP rntes cnii aut crag yenr-ak-yenr jrawtm rntes. Okcintoak os expedte` taregnok iaw, ns tme ogpndt ac cosdni gensures tnhek ok 26>2 òsnppenrs, àgestod ègnk`regnoks wenh nk` wnjes à kat pusm up praùdtoak dasts. Pmos iawer okcintoak daktrobutesta wnje gaèrntoak nk` dagpetotovekess, nk` supparts reni okdages ac mausemai`s.

4=. Bu`jetnry `ntn ok 26>4 presekts n goxe` podture sa cnr. Cosdni daksaio`ntoakn`vnkde` curtmer ok tme corst mnic ac tme yenr. _et, redekt ogpravegekts nppenr iogote`daksoèrokj tmnt sozenbie daksaio`ntoak gensures taah eccedt ok tme sedak` mnic ac 26>2 nk`were pnrtiy ac n ake-acc knture. Redektiy nkkaukde` kew tnx gensures woii mnve akiy nsgnii ogpndt tmos yenr nk` tme jekerni javerkgekt ècodot os durrektiy expedte` ta knrraw ta

3.5% ac J@V car tme cuii yenr (ket ac bnkh rednpotniosntoak dasts ac nbaut 6.4% ac J@V),evek tmaujm daksoèrnbie àwksoè roshs regnok. Pme 26>0 `rnct Bu`jet Boii dakcorge`

prevoausiy nkkaukde` expekòture nk` revekue gensures, nk` njnokst tme bndhjrauk` acpasotove, nibeot wenh, reni J@V jrawtm, tme jekerni javerkgekt ècodot os expedte` ta smrokhta 5.?% ac J@V ok 26>0.

4?. Jekerni javerkgekt èbt os mojm nk` stoii rosokj. Pme èbt-ta-J@V rntoa lugpe`crag nbaut =3% ac J@V nt tme ek` ac 26>2 ta nrauk` ?4% ok Luiy 26>4. Pme okdrense wnsùe ta tme stoii mojm ècodot nk` ta craktianòkj ac ossunkde by tme Prensury. Pme nvernje dastac ossunkde mns beek cniiokj, ok ioke wotm trek`s ok sedak`nry gnrhet rntes, nk` tme nvernjegnturoty ac ossunkde iekjtmeke`. Ak durrekt trek`s, tme èbt-ta-J@V rntoa woii exdee` >66%

>2 pnrtiy ue ta tme redavery ok Tpnkosm coknkdoni nsset prodes.


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by 26>5. Ok nbsaiute tergs, jekerni javerkgekt èbt gare tmnk àubie` ok tme peroa` 266=-26>2.

Jrnpm >?< Okèbte`kess ac provnte sed tar Jrnpm 26< @ykngods ac mausokj nk` gartjnje

gnrhets ogbninkdes

6

26

06

36

=6

>66

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MM

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y-a-y%

GCO ianks car mause purdmnse

Resoèktoni okvestgekt, kagokni tergs

Vrode per squnre geter

Taurde< BÈ, Taurde< Eurastnt, Gokosteroa è Cagekta, awk dniduintoaks

06. @eievernjokj os jrnùniiy n`vnkdokj (see Jrnpm >?). Mausemai` èbt mns cniiekcrag =:.0% ac J@V ok ^2 26>6 ta :?.?% ok tme ^2 26>4, o.e. by :.5 perdektnje paokts.Zmoie dreòt ciaws mnve beek strakjiy kejntove, tme reùdtoak ac tme stadh ac èbt os siaw,ak nddaukt ac tme iakj peroa` ac gnturoty ac gartjnjes (nrauk` 26 yenrs ak nvernje). Pmereùdtoak ac tme èbt ievei ac KCDs mns beek gare oktekse. Crag n penh ac >04.?% ac J@Vok ^4 26>6, KCDs' èbt mns cniiek ta >2?.0%, o.e. n reùdtoak ac >0.4 perdektnje paokts.Tmarter gnturotoes nk` mojmer redaurse ta oksaivekdy pradeùres expinok tme cnster n`vnkdetmnk car mausemai`s. Zmoie iekòkj ta mausemai`s èdioke` by 5% ok Teptegber (y-a-y),dreòt ta KCDs èdioke` by >>% (n`luste` car tme trnkscer ac nssets ta Tnreb).

0>. Pme n`lustgekt ok tme mausokj gnrhet os stoii ak-jaokj èspote tme severoty ac tmedarredtoak rejostere` sa cnr (seeJrnpm 26).Vergots car kew mause buoiòkj nre nrauk` nievei ac 46,666 `weiiokjs ok 26>4, dagpnre` ta gare tmnk 366,666 `weiiokjs ok tme yenrs

becare 266=. Ns n daksequekde, tme weojmt ac tme dakstrudtoak sedtar ak J@V os nt n mostarodgokogug nk` stoii cniiokj (crag >2.2% ac J@V ok 266: ta :.:% ok 26>2). Pme stadh acuksai` kew `weiiokjs regnoks muje - betweek :66,666 nk` ake goiioak `weiiokjsèpekòkj ak tme estogntes - ns ègnk` mns regnoke` iaw. Mause prodes mnve n`luste`smnrpiy nk` were stoii cniiokj nt n >2% yenr-ak-yenr rnte ok ^2 26>4. Pme duguintove cniisokde ^4 266: mns rendme` 4:% ok kagokni tergs nk` 00% ok reni tergs. Ttnk`nr` vniuntoakgetrods sujjest tmnt tme n`lustgekt gojmt mnve curtmer ta ruk, nitmaujm tmere os nisa gudmòccerektontoak ndrass iadntoaks. Pme nddeierntoak ac busokess ndtovotoes ac Tnreb (tme nssetgnknjegekt dagpnky) daui` daktrobute ta n cnster prode n`lustgekt.

02. Avernii, tme n`lustgekt pradess os prajressokj but dmniiekjes nk`vuikernboiotoes regnok sojkocodnkt. Pme turknrauk` ok ciaws ogpndts stadh vnronbies akiyjrnùniiy. N``ressokj regnokokj strudturni smartdagokjs, buoiòkj ak tme redekt recarg

prajress autioke` inter ok tmos repart, os essektoni ta suppart batm jrawtm nk` tme rebninkdokjpradess.


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4 BNKH REDNVOPNIOTNPOAK NK@ RETPRUDPUROKJ

4.> O@EKPOC_OKJ OGVNORE@ NTTEPT NK@ BNKH DNVOPNI TMARPCNIIT04. Pme oèktocodntoak ac iasses nk` dnpotni kee`s wns àke tmraujm n dagpremeksovensset qunioty revoew nk` n rojaraus bnkh-by-bnkh stress test, reveniokj n dnpotnismartcnii ac nbaut EUR 5: boiioak car tme ektore bnkhokj sedtar. Pme ùe òiojekde

pradess stnrte` wotm n tap-àwk stress test ok Luke 26>2 nk` cokosme` nt tme ek` acTeptegber 26>2 wotm tme pubiodntoak ac tme resuits ac n gare jrnkuinr bnkh-by-bnkh(battag-up) stress test. Pme intter wns dnrroe` aut by nk okèpekèkt expert, Aiover Zygnk(AZ). Ok n`òtoak, caur nuòtars (VwD, @eiaotte, Erkst &_aukj nk` HVGJ) dakùdte` nkokèpekèkt revoew ac nddaukts nk` aperntoaks use` car sngpiokj purpases wmoie reni estntenpprnosers revoewe` nbaut >.: goiioak reni estnte npprnosnis nk` = 666 dagpiex reni estntensset vniuntoaks ta okcarg tme nsset vniuntoak pradess.

00. Pme caiiawokj gnok dakdiusoaks daui` be `rnwk crag tme exerdose).

Jraup 6dagprose` tmase bnkhs car wmodm ka dnpotni smartcnii wns oèktocoe` nk` kacurtmer ndtoak crag tme pubiod soè wns requore`< Tnktnkèr, BBSN, Dnoxnbnkh,Tnbnèii-DNG, Bnkhokter, Hutxnbnkh nk` Ukodnln.

Jraup > wns pre-ècoke` ns bnkhs niren`y awke` by tme CRAB< BCN-Bnkhon,Dntniukyn Bnkd, KDJ Bnkda>4nk`Bnkda è Sniekdon.

Jraup 2daksoste` ac bnkhs wotm dnpotni smartcniis oèktocoe` by tme battag-up stresstest ns uknbie ta geet tmase dnpotni smartcniis provnteiy wotmaut mnvokj redaurse taTtnte no`< Bnkda Gnre Kastrug, DEOTT, Ioberbnkh nk` Dnln 4.

Jraup 4 okdiuè` bnkhs wotm dnpotni smartcnii oèktocoe` by tme stress test wotmdreòbie rednpotniosntoak pinks nk` nbie ta geet dnpotni smartcniis crag provnte saurdeswotmaut redaurse ta Ttnte no`.Bnkda Vapuinrnk` Oberdnlnpresekte` dreòbie pinksta reùde tmeor dnpotni smartcnii ta zera by tme ek` ac 26>2 nk` were evektuniiyokdiuè` ok Jraup 6.

>4 KDJ Bnkda mns ots raats ok Jniodon nk` aperntes tmere ukèr Kavnjniodon Bnkda.


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Jrnpm 2>< Dnpotni surpius/smartcnii ncter tnxes (EUR bk)

25.4

>>.2

5.:2.2 6.? 6.5 6.0 6.>

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26

Taurde< BÈ

03. Pme tek bnkhs oèktocoe` wotm n dnpotni smartcnii ukèr tme n`verse sdeknroa actme stress test mn` ta presekt rednpotniosntoak pinks ak tme bnsos ac wmodm ot wnsètergoke` wmetmer tmey daui` daver tme oèktocoe` dnpotni smartcnii by tmeor awkgenks ar tmey keeè` ta resart ta Ttnte no` . Pme intter aptoak okvaive` batm dnpotniokledtoaks nk` tme trnkscer ac tme bnkhs' reni estnte reinte` carediase` nssets nk` reni estnteèveiapgekt (RE@) nssets ta Tnreb (see Tedtoak 4.2). Pme nsset trnkscer wns dagpiete` ok@edegber 26>2 car Jraup > bnkhs nk` ok Cebrunry 26>4 car Jraup 2 bnkhs nk` n tatningaukt ac EUR 4=.= boiioak wns okledte` ok tme bnkhs by tme Cakà è ReestrudturndokArèkn`n Bnkdnron (CRAB). Pme rest ac tme dnpotni smartcnii wns jekernte` tmraujm tmesubaròknte` ionboioty exerdoses (diase ta EUR >4 boiioak), snie ac nssets, provnte dnpotniokdrenses nk` dnpotni reioec ùe ta tme trnkscer ac nssets ta Tnreb. Pme dnpotni smartcniioèktocoe` car tme bnkhokj sedtar mns tmus beek davere`.

0:. Ok arèr ta nssess wmetmer tme nssugptoaks ac tme stress-test nre stoii vnio`, okNproi 26>4 tme BÈ bndh-teste` tme battag-up stress test dnrroe` aut by AZ ok iojmtac gare redekt edakagod nk` coknkdoni èveiapgekts nk` gare up`nte` edakagodpraledtoaks. Pme BÈ dagpnre` tme resuits ac tme AZ exerdose wotm èveiapgektseccedtoveiy abserve` ok 26>2 (retraspedtove exerdose) nk` up`nte` tme sdeknroas use` by AZta estognte tme prabnboiotoes ac ècnuit ac tme partcaioas daksoère` (carwnr`-iaahokjexerdose). Pme BÈ retraspedtove exerdose dakdiuè` tmnt ok 26>2 ndtuni ècnuits were, aktme njjrejnte ievei, sojkocodnktiy beiaw tme prabnboiotoes ac ècnuit estognte` by AZ ukèrtme n`verse sdeknroa ok nii dnses nk` evek beiaw tme bnseioke sdeknroa ok gast dnses.Curtmergare, pre-pravosoakokj pracots were, ak tme njjrejnte ievei, nbave batm tme bnseiokenk` tme n`verse sdeknroas nk` tme gndraedakagod vnronbies turke` aut better tmnk expedte`

evek wmek dagpnre` ta tme bnseioke sdeknroa, exdept ok tme dnse ac tme ukegpiaygekt rntenk` mausokj prodes, wmodm were diase ta tme ieveis nssuge` ok tme n`verse sdeknroa. Pmecarwnr` iaahokj exerdose smawe` tmnt ècnuit prabnboiotoes nk` dare Poer > saivekdy rntoasregnoke`, nt njjrejnte ievei, ok ioke wotm tme AZ cokòkjs wmek tme gndraedakagodsdeknroas were up`nte`.

0=. Pme gast redekt `ntn nisa paokt ta tme cndt tmnt tme nssugptoaks ac tme AZstress-test regnok branìy vnio`. Pme daktrndtoak ok autput os gare persostekt tmnknssuge` ok tme bnse sdeknroa okdiuè` ok tme Aiover Zygnk stress test, but autput ieveisregnok weii nbave tme n`verse sdeknroa. Pme ndtuni èdioke ac reni J@V ok 26>2 turke` autta be iess severe tmnk nssuge` ok tme bnse sdeknroa wmoie ot os expedte` ta be gare kejntove

ok 26>4. Pnhokj okta daksoèrntoak tme expedte` duguinte` ogpndt ak autput, batm reni nk`kagokni J@V regnok diaser ta tme bnse sdeknroa nk` weii nbave tme n`verse sdeknroa (see


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Jrnpms 22 nk` 24). Mawever, tme rose ok ukegpiaygekt (see Jrnpm 20) nk` èdioke ok mauseprodes mnve beek gare ok ioke wotm tme n`verse sdeknroa (see Jrnpm 25).

Jrnpm 22< Reni J@V praledtoaks Jrnpm 24< Kagokni J@V praledtoaks

?6

?2

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?=

>66

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26>> 26>2 26>4 26>0

Bnseioke sdeknroa N`verse sdeknroa

Mostarodni ntn Daggossoak carednst

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26>> 26>2 26>4 26>0


Mostarodni ntn Daggossoak carednstTaurde< OGC, Nged a, Daggossoak carednsts nutugk 26>4 Taurde< OGC, Nged a, Daggossoak carednsts nutugk 26>4

Jrnpm 20< Ukegpiaygekt rnte praledtoaks Jrnpm 25< Mausokj prode praledtoaks

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>46

26>> 26>2 26>4 26>0


Mostarodni ntn Daggossoak carednst

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26>> 26>2 26>4 26>0


Mostarodni ntn Taurde< OGC, Nged a, Daggossoak carednsts nutugk 26>4 Taurde< OGC, Eurastnt

0?. Ns pnrt ac ots supervosary taaihot, tme BÈ os daggotte` ta nssess tme strekjtm actme bnkhs ak n rejuinr bnsos tmraujm carwnr`-iaahokj exerdoses. Redajkozokj tmeusecuikess ac n pergnkekt gakotarokj ac tme bnkhs' qunioty ac nssets nk` nèqundy ac dnpotniieveis tajetmer wotm ots ogpartnkde car gnoktnokokj n pasotove gnrhet sektogekt, tme BÈ osok tme pradess ac expnkòkj ots rnkje ac pruèktoni supervosary taais. Pme resoioekde ac tme

bnkhokj sedtar woii be teste` ak n rejuinr bnsos nk` tme BÈ mns lust cokniose` ots corst

Carwnr`-Iaahokj Exerdose ak Tpnkosm Bnkhs (CIETB), tme getmaàiajy nk` resuits acwmodm were pubiosme` ok tme Kavegber 26>4 Coknkdoni Ttnboioty Repart>0. Pme exerdose wnspercarge` ak tme snge set ac >5 okstotutoaks davere` by tme AZ stress test ukèr tmreegndraedakagod sdeknroas. Nt njjrejnte ievei, tme DEP> dnpotni rntoa (Bnsei OOO ècokotoak)car tme okstotutoaks daksoère` waui` be >>.4% ok tme bnseioke sdeknroa, >6.=% ok tmeukcnvaurnbie sdeknroa nk` >6.2% ok tme n`verse sdeknroa ok 26>5. Evek ok tme intter, tmewarst, sdeknroa, iass-nbsarptoak dnpndoty exdee`s expedte` iasses by EUR 2=.3 boiioak ntsysteg ievei. @espote usokj quote jrnkuinr okcargntoak nt tme ievei ac endm bnkh, tme use`getmaàiajy wns kat daksoère` nt tmos stnje nddurnte ekaujm ta estognte predoseiy tme

praspedtove saivekdy pasotoak ac endm bnkh.

>0 Tee tme repart nt

mttp4/OECQOkjQKavoegbre26>4.p`c
http://www.bde.es/f/webbde/Secciones/Publicaciones/InformesBoletinesRevistas/InformesEstabilidadFinancera/13/IEF_Ing_Noviembre2013.pdfhttp://www.bde.es/f/webbde/Secciones/Publicaciones/InformesBoletinesRevistas/InformesEstabilidadFinancera/13/IEF_Ing_Noviembre2013.pdfhttp://www.bde.es/f/webbde/Secciones/Publicaciones/InformesBoletinesRevistas/InformesEstabilidadFinancera/13/IEF_Ing_Noviembre2013.pdfhttp://www.bde.es/f/webbde/Secciones/Publicaciones/InformesBoletinesRevistas/InformesEstabilidadFinancera/13/IEF_Ing_Noviembre2013.pdfhttp://www.bde.es/f/webbde/Secciones/Publicaciones/InformesBoletinesRevistas/InformesEstabilidadFinancera/13/IEF_Ing_Noviembre2013.pdf


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4.2 TEJREJNPOKJ PME BNKHT' IEJND_ NTTEPT56. Ake ac tme gnlar wenhkesses ac tme Tpnkosm bnkhokj sedtar wns ots sozenbieexpasure ta tme dakstrudtoak nk` reni-estnte èveiapgekt sedtar. Nddaròkj ta tme BÈ,tme tatni expasure ac tme Tpnkosm bnkhs ta tmos sedtar ngaukte` ta EUR 46= boiioak nt tme

ek` ac @edegber 26>>. Pmerecare, tme hey dagpakekt ac tme avernii strntejy ac tmecoknkdoni nssostnkde prajrngge mns beek ta eccedtoveiy èni wotm tme ogpnore` nssets bytrnkscerrokj tmeg okta n sepnrnte vemodie, o.e. nsset gnknjegekt dagpnky (dniie` Tnreb). Byogpravokj tme qunioty nk` trnkspnrekdy ac bnkhs' bninkde smeets ok tmos gnkker, tme

prajrngge mns noge` ta cndoiotnte nk arèriy àwksozokj ac bnkh expasures ta tme reniestnte sedtar nk` tmus daktrobutokj ta revovokj dakcoèkde ok tme sedtar. By tme ek`-26>2, tmeexpasure ac Tpnkosm bnkhs ta tme dakstrudtoak nk` reni-estnte èveiapgekt sedtar èdrense`

by nrauk` 56% ac tme tatni (ket ac pravosoaks). Tagewmnt gare tmnk mnic ac tme reùdtoak osexpinoke` by tme trnkscers ta tme Tnreb, wmoie 06% ac tme reùdtoak èroves crag tme

pravosoaks gnè by okstotutoaks ns n daksequekde ac R@I 2/26>2 nk` R@I >=/26>2.>5

5>. Njnokst tme bndhjrauk` ac n kedessnroiy ègnkòkj togeioke, tme Tpnkosmnutmarotoes mnve suddeeè` ok èsojkokj, ogpiegektokj nk` aperntoakniozokj tme nssetgnknjegekt dagpnky.>3 Ots gnok abledtove os ta gnknje nk` òsokvest tme partcaioa acnssets trnkscerre` by Ttnte-noè` bnkhs ok nk arèriy gnkker, servodokj ots èbt, aptogozokjieveis ac redavery nk` vniue preservntoak, nk` gokogozokj tme dast car tme tnxpnyer nk`gnrhet òstartoaks, wotmok n gnxogug togecrnge ac >5 yenrs. Pme hey prokdopieukèrpokkokj tme sepnrntoak ac RE@ nssets wns tmeor trnkscer ta Tnreb nt n dakservntoveiy settrnkscer prode. Pmos trnkscer prode wns estnbiosme` ak tme bnsos ac n tmaraujm nsset quniotyrevoew pradess, `rnwokj ak tme okòvoùni vniuntoaks use` ok tme Ttress test. Pme nvernjemnordut nppioe` ta tme nssets trnkscerre` ta Tnreb wns 52.:% reintove ta jrass baah vniue.

52. Pme corst cew gaktms ac Tnreb mnve pravek aperntoakniiy dmniiekjokj, resuitokjok sage okotoni èinys ok stnrtokj ots daggerdoni ndtovoty.Pme Tnreb gnknjegekt tengcnde` tme `nuktokj tnsh ac quodhiy aperntoakniozokj tme ekterprose. Pmos okvaive` morokjinrje kugbers ac stncc, estnbiosmokj paiodoes nk` pradeùres, èveiapokj n busokess pink nkàrjnkozokj snies nk` servodokj nrrnkjegekts. Ok n`òtoak, n daksoèrnbie eccart wnskedessnry ok reintoak ta tme ùe òiojekde nk` vniuntoak exerdose daverokj n sojkocodnkt pnrtac Tnreb's partcaioa ok arèr ta pravoè gnknjegekt wotm ogpartnkt òsnjjrejnteòkcargntoak nk` ta prepnre nssets car snie. Pmese òccoduitoes dagboke` wotm passobiy nkokotoniiy exdessoveiy rojo` prodokj paiody crag Tnreb èinye` nsset snies tmraujm tme retnoidmnkkei (von trnkscerrokj bnkhs).

54. @ue òiojekde ak n sojkocodnkt pnrt ac Tnreb's partcaioa mns beek dagpiete`. Pmeaverrendmokj abledtove ac tmos exerdose wns ta mnve n paai ac nssets ren`y car snie wotmup`nte` vniuntoak nk` darredt `ntn coie. Avernii, tme resuits okòdnte tmnt tme nssets trnkscer

pradess wns weii èsojke` nk` exedute` ns tmere were akiy iogote` kugber ac okstnkdesresuitokj ok tme n`lustgekt ac tme trnkscer prode (see Bax 0 car curtmer ètnois).

50. Ncter sage okotoni èinys, Tnreb's daggerdoni ndtovoty os kaw nddeierntokj.Tniestmraujm tme retnoi dmnkkei mnve sojkocodnktiy podhe` up ok tme redekt gaktms nk` snies

>5 Nddaròkj ta tme BÈ's Coknkdoni Ttnboioty Repart (Gny 26>4).>3 N dagpremeksove NGD biueprokt wns prepnre` by tme Tpnkosm nutmarotoes by ek`-Nujust 26>2. Vrognry iejosintoak ak NGD

wns okdiuè` ok tme R@I 20/26>2, wmodm wns nàpte` ak 4> Nujust. Tedak`nry iejosintoak, okdiuòkj hey eiegekts ac tmeèsojk ac Tnreb, wns nàpte` ak >3 Kavegber ns n Rayni @edree. Ncter tme twa trnkscers ac nssets crag Jraup > (ek`-@edegber 26>2) nk` Jraup 2 bnkhs (Cebrunry 26>4) ta Tnreb, tatni reni estnte reinte` nssets ngaukte` ta EUR 56.3 boiioak. Aut

ac tmos ngaukt, EUR >>.45 boiioak were carediase` reni estnte nssets, EUR >4.5 boiioak were percargokj reni-estnte èveiapers(RE@) ianks nk` EUR 25.:2 boiioak were kak-percargokj ianks.


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tmraujm tme wmaiesnie dmnkkei mnve bejuk. Tnreb mns njree` ak weehiy tnrjets ok tergs acsnies car endm trnkscerrokj bnkh nk` ot pravoès n rejuinr cee`bndh ak endm bnkh's

percargnkde ok reintoak ta tme tnrjet nk` ta tme percargnkde ac atmer bnkhs. Ok n`òtoak,tmere os n Tnreb represektntove nppaokte` nt endm servoder (more` nk` pno` by Tnreb) ta niiawcar nk n`òtoakni inyer ac sdrutoky. Pmos kew strntejy seegs ta mnve warhe` weii nk` tmere

mnve beek katodenbie ogpravegekts ok tergs ac nsset snies, wmodm mnve vosobiy nddeiernte`crag Gnrdm. @espote strakjer snies ok redekt gaktms, Tnreb woii gast ioheiy kat be nbie tarenioze ots snie praledtoaks car 26>4 okdiuè` ok tme busokess pink ùe ta iawer vaiuges oktme corst cew gaktms ac tme yenr.

Bax 0< Gnok resuits ac tme ùe òiojekde ak tme trnkscer ac nssets ta Tnreb

Tdape

Pme exerdose davere` >66% ac tme reni-estnte carediase` nssets (REAs) (456 666 nssets)nk` 26% ac tme ianks ngauktokj ta aver =6% ac tme trnkscer vniue. Pme sdape ac tmeexerdose wns okdrense` ta okdiuè coie repnorokj ak tme `ntnbnse car daiinternis ns ot wnsòsdavere` tmnt n sojkocodnkt partoak ac daiinterni wns gossokj crag tme systeg ar tmeàdugektntoak wns okdagpiete. Pmos exerdose okdiuè` caur warh strengs< (o) nssessgektac tme iejni àdugektntoak suppartokj tme ndquore` nssets8 (oo) vniuntoak ac reni estntenssets nk` iank daiinterni8 (ooo) revoew ac trnkscer prodes bnse` ak nsset dinssocodntoak8 nk`(ov) estnbiosmgekt ac `ntn- nk` àdugektntoak-gnknjegekt taais.

Gnok resuits

Pme nsset trnkscer pradess wns weii exedute` ns tmere wns akiy n iogote` kugber acokstnkdes resuitokj ok tme n`lustgekt ac tme trnkscer prode, nii ok cnvaur ac Tnreb (>.::%car REAs nk` 4.5>% car ianks)8

Pme trnkscer prode wns dakservntove nk` nddaròkj ta tme durrekt vniuntoak ac Tnreb'spartcaioa tmere os stoii n pasotove buccer èspote n daktokue` èdioke ok reni estnte prodes8

Pmere os inrje òspersoak nrauk` tme genk ok tme vniuntoak ac REA nk` ianks, wmodm osdaksostekt wotm tme knture ac tme trnkscer, wmodm wns bnse` ak nvernje òsdaukts car endmdntejary8

N inrje pnrt ac bninkde smeet ac Tnreb os dagpase` ac gastiy ioquo` nssets, okdiuòkjdaiinterni, wmodm pravoès sage dagcart car tme snie pradess jaokj carwnr`.

55. Tnreb mns sojke` coknkdokj njreegekts wotm gast ac tme Jraup 6 bnkhs @edegber 26>4 nk`car tme kext ? yenrs, Tnreb woii substotute tme 4-gaktm Eurobar ciantokj pny ak ots sekoar

bak` partcaioa car n coxe` pny.

5?. @espote sojkocodnkt prajress, Tnreb woii be cnde` wotm n kugber ac dmniiekjes oktme dagokj gaktms, wmodm kee` ta be dnrecuiiy gakotare`, okdiuòkj4. Okn`òtoak, okvestgekt ok dakstrudtoak daktokues daktrndtokj nk` tmere nre curtmer cniisok kew resoèktoni praledts nk` mause snies. Zotm ka sojk ac tme stnboiozntoak ok tmemausokj gnrhet, ok daktrnst ta preòdtoaks okdiuè` ok tme durrekt busokess pink (bnse`ta n inrje extekt ak AZ nssugptoaks), tmere os n rosh tmnt tme okotoni busokess pinkexpedtntoaks gny be taa aptogostod. Ok tmos daktext, Tnreb gny kee` ta revose ots

busokess pink ta tnhe okta nddaukt tmese redekt èveiapgekts (Tnreb os iejniiyrequore` ta revose ots busokess pink nt ienst akde n yenr, o.e. ok Lnkunry ac endm yenr)nk` ta èvose strntejoes ta respak` ta tme kew gnrhet dakòtoaks.

Pme dmnkjokj ink`sdnpe ac tme gnrhet car reni estnte nssets nk` reni estnte iankservodokj dnk be tme saurde ac ukdertnoktoes nk` aperntoakni rosh car Tnreb, nt

ienst ok tme smart-terg.Tage J> nk` J2 bnkhs nre niren`y ok tme pradess ac seiiokjtmeor partcaioas ac reni estnte nssets nk` ianks nk`/ar servodokj pintcargs ta

pracessoakni okvestars nk` atmers nre rugaure` ta à sa ok tme kenr cuture. Ok tmeiakjer-ruk, tmos pradess os expedte` ta mnve n pasotove ogpndt ak Tnreb nk` os ok iokewotm ots geòug-terg strntejy ac gavokj nwny crag tme durrekt ? servode pravoèrs(trnkscerrokj bnkhs) ta n gare spedonioze` strudture, wotm endm servode pravoèrspedoniosokj ok ake pnrtoduinr type ac nssets, o.e. servodokj ac rekte` resoèktoni

prapertoes. Ok tme smart-ruk, mawever, tmos pradess gny kejntoveiy ogpndt Tnreb'sdaggerdoni ndtovoty tmraujm èinys dnuse` by trnksotoak ta tme kew pravoèrs nkòkdrense` ukdertnokty. Pmere nre nisa roshs wotm respedt ta passobie dakciodt ac okterestsoc tme kew servode pravoèrs nre nisa ndtoveiy okvaive` ok ioquo`ntoak ac tmeor awk reni

estnte nssets ok Tpnok.


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Tnreb os dagpetokj wotm atmer àgestod bnkhs tmnt nre nisa èievernjokj inrjereni estnte-reinte` partcaioas. Tage bnkhs nre nppiyokj njjressove daggerdonistrntejoes, wotm steep mnorduts ak tme prode ac nssets, ta baast snies.

4.4

BNKH REDNVOPNIOTNPOAK NK@ RETPRUDPUROKJ

36. Pme ED nàpte` tme restrudturokj pinks car Jraup > bnkhs ak 2= Kavegber26>2 nk` car Jraup 2 bnkhs ak 26 @edegber 26>2. Pme ED npprave` tme restrudturokj

pinks car nii Jraup > nk` Jraup 2 bnkhs nk` ok tme dnse ac Bnkda è Sniekdon npprave` tmeTtnte no` requore` car tme arèriy resaiutoak ac tme bnkh tmraujm ots tnheaver by DnoxnBnkh.Ok tme nbsekde ac tme tnheaver, Bnkda è Sniekdon waui` mnve beek wauk` àwk, ns ot wnskat passobie ta ekvosnje n vonbie busokess gaèi car tme bnkh ak n stnk`-niake bnsos.

3>. Ak >4 Gny 26>4, tme ED npprave` n gaòcoe` restrudturokj pink car BnkdaDEOTTapekokj tme àar car tme ndquosotoak ac tme bnkh by Ukodnln Bnkda. Pme kew

pink os sogoinr ta tme pink npprave` ok @edegber 26>2 ok aperntoakni tergs. Pme gnokòccerekde os tmnt Bnkda DEOTT wns rednpotniose` wotm EUR 360 goiioak ok tme carg acdakvertobie sedurotoes (DaDas) subsdrobe` by tme CRAB rntmer tmnk von nk ok

Financial Assistance Program for the Recapitalization of Financial Institutions in Spain. Fourth...

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Transcript of Financial Assistance Program for the Recapitalization of Financial Institutions in Spain. Fourth...