Pravni in finančni vidik izbrisa podrejenih obveznic - primer RS

Levart, Nastja

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Title:	Pravni in finančni vidik izbrisa podrejenih obveznic - primer RS
Authors:	ID Levart, Nastja (Author) ID Primec, Andreja (Mentor) More about this mentor...
Files:	MAG_Levart_Nastja_2018.pdf (1,29 MB) MD5: DA0AED0B41E132939D77AC93E39B20AC PID: 20.500.12556/dkum/ec5406dc-e8fc-40df-8f2c-537b62ca93cc
Language:	Slovenian
Work type:	Master's thesis/paper
Typology:	2.09 - Master's Thesis
Organization:	EPF - Faculty of Business and Economics
Abstract:	Globalna finančna kriza je tako v svetu kot pri nas sprožila vrsto protikriznih ukrepov, s katerimi smo skušali na čim višji ravni ohraniti stabilnost nacionalnih in mednarodnih finančnih sistemov. Na ravni Evropske unije so bile države članice k sprejemanju določenih ukrepov zavezane, nekatere smernice pa so bile podane kot priporočila. Eno od ključnih priporočil Evropske komisije je bilo razporeditev bremen pri reševanju bank, ki pa je le v Sloveniji izmed vseh članic povzročil kaskado izbrisov podrejenih obveznic v šestih bankah. V magistrskem delu na tem primeru raziskujemo pravni in finančni vidik izbrisa in ugotavljamo njegovo finančno in ekonomsko upravičenost ter zakonitost in ustavnost. Pri pregledu obstoječih dokumentov in podatkov o postopku ugotavljamo, da je Slovenija v namen izbrisa podrejenih obveznic spremenila nacionalno zakonodajo, jo uveljavila retroaktivno ter izbris realizirala na osnovi izračunov o kapitalski neustreznosti, ki niso dostopni za evalvacijo. Postopek izbrisa je v slovenski javnosti spodbudil močne odzive in proteste, saj je bilo izbrisanih okoli 1.000 obveznic v skupni vrednosti okoli 441 milijonov evrov. Skozi odzive in ocene glede izbrisa se je glede tega izpostavilo več vprašanj, ki so se v prvih letih osredotočala zlasti na pravni vidik, kasneje pa je postajal vse pomembnejši finančni vidik. Slovenska zakonodaja je namreč ob sami izdaji obveznic njihov izbris predvidevala le v primeru stečaja, ki je bil zaradi večinskega lastniškega deleža države malo verjeten. Izbris brez stečaja so kasneje omogočile šele spremembe v zakonodaji, pri čemer so se začela pojavljati utemeljena vprašanja ustavnosti retroaktivne uporabe, ki je v nasprotju z Ustavo RS. Med pregledom okoliščin in tudi razvoja odziva javnosti na postopek pa se je izkazalo, da vprašanje zakonitosti in ustavnosti ni tako ključno, kot je vprašanje ekonomske upravičenosti ukrepa. Ekonomska upravičenost je namreč v prvi vrsti bistvena tudi za presojo pravnega vidika, v drugi vrsti pa predstavlja odprto vprašanje težavo samo po sebi. Vzorčni podatki in izračuni, ki naj bi pokazali kapitalsko neustreznost slovenskih bank in ki so bili ključni faktor izbrisa, namreč niso na razpolago za evalvacijo.
Keywords:	izbris podrejenih obveznic, finančni vidiki izbrisa obveznic, pravni vidiki izbrisa obveznic.
Place of publishing:	Maribor
Publisher:	[N. Levart]
Year of publishing:	2017
PID:	20.500.12556/DKUM-69467
UDC:	336.76
COBISS.SI-ID:	12992540
NUK URN:	URN:SI:UM:DK:VIWEAWNN
Publication date in DKUM:	09.03.2018
Views:	1509
Downloads:	216
Metadata:
Categories:	EPF
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Licences

License:	CC BY-NC-ND 4.0, Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International

Link:	http://creativecommons.org/licenses/by-nc-nd/4.0/
Description:	The most restrictive Creative Commons license. This only allows people to download and share the work for no commercial gain and for no other purposes.
Licensing start date:	24.01.2018

Secondary language

Language:	English
Title:	Legal and financial aspect of subordinated bonds deletion - case of RS
Abstract:	The global financial crisis has sparked a number of anti-crisis measures in Slovenia and all around the world. The measures tried to preserve the stability of national and international financial systems at the highest level. In the European Union member states were obliged to take certain measures and some guidelines were given as recommendations. One of the key recommendations by the European Commission was the allocation of burdens on bank rescues which in Slovenia alone caused a cascade of subordinated bonds deletion in six banks. In the master's thesis we are researching the legal and financial aspect of deletion and determining its financial and economic justification, legality and constitutionality. When reviewing existing documents and data on the procedure we have determined that Slovenia, for the purpose of subordinated bonds deletion, amended the national legislation, implemented it retroactively and implemented the deletion on the basis of calculations of capital inadequacy which are not accessible for evaluation. The deletion procedure has prompted strong response and protests in the Slovenian public, with about 1,000 bonds deletion worth around € 441 million in total. Through the responses and evaluations regarding the deletion, several issues were raised in this regard, which focused primarily on the legal aspect in the first years, but later became an increasingly important financial aspect. When the bonds were issued the Slovenian legislation anticipated the deletion only in the event of bankruptcy, which was unlikely due to the majority ownership of the state. The deletion without bankruptcy was subsequently made possible only by changes in legislation, which began the emergence of well-founded questions of the constitutionality of retroactive use, which is contrary to the Slovenian constitution. Economic justification is namely of primary importance for judging the legal aspect, and in the second, the open issue is an issue in itself. Sample data and calculations, which are supposed to show the capital inadequacy of Slovenian banks and which were the key factor of the deletion, are not available for evaluation.
Keywords:	subordinated bonds deletion, the financial aspects of subordinated bonds deletion, the legal aspects of subordinated bonds deletion.

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