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GSS NEWSLETTER ISSUE 106 January 2010  2 GSS NEWSLETTER ISSUE 106 January 2010 2 CONTENT DEAR CLIENTS 4 AustriA 6 New holding structure for the Stock Exchanges of Budapest, Ljubljana, Prague and Vienna 6 More liquidity and greater international recognition for regional markets 6 The Vienna Stock Exchange in 2010 7 BOSNIA AND HERZEGOVINA 8 Moody’s Annual Report on Bosnia and Herzegovina: Credit Rating Remains Unchanged 8 11-Month FDI: EUR 451 mn 9 Financial Plan of the Privatization Agency of FBiH for 2010 9 BULGARIA 10 Bulgaria’s finance ministry to issue EUR 25 mn T-notes 10 Moody’s changes outlook on Bulgaria’s rating 10 BSE-Sofia approves management reshuffle 11 CROATIA 12 Croatian government adopts measures designed to help business sector 12 World Bank approves EUR 200 mn loan for Croatia 13 CZECH REPUBLIC 14 Key figures of Prague Stock Exchange in 2009 14 EU directive on shareholders rights has been implemented in the Czech Republic 14 HUNGARY 16 Hungarian Telecom Included in CEERIUS Index 16 Analysis see Hungary’s credit rating outlook changing to stable by year-end 16 Budapest Stock Exchange profits plunge as financial gains fall 17 KAZAKHSTAN 18 KYRGYZSTAN 19 POLAND 20 NDS to adapt new system for managing the settlement risk 20 ROMANIA 22 Economy 22 Romanian Parliament Passes 2010 Budget Bill 22 IMF arrives to draw reformist agenda for new government 23 Moody’s adjusts upward projection for GDP growth to 2.3% 23 Issue 106, January 2010 3 RUSSIA 24 FAS and The Ministry of Economic Development and Trade Plan to Amend the Federal Law on “Foreign Investments in Companies Having Strategic Importance for State Securities and Defense” 24 Central Bank Decreased the Refinancing Rate 24 Standard & Poor’s Improved Forecast of Sovereign Rating of Russian Federation 24 FFMS Advises Several Market Reform Suggestions 25 Changes in Tax Code of Russian Federation Have Come Into Effect since the Beginning of 2010 25 SERBIA 26 Vienna Initiative to End in 2010 26 CEE Special Situation Fund Established 26 2010 Letter of Intent Adopted 27 SLOVAK REPUBLIC 28 Bratislava Stock Exchange Trading in December 28 UniCredit Bank Slovakia was the most active player on BSSE in 2009 29 New NBS governor 29 SLOVENIA 30 JAPTI Highlights Slovenian Competitive Advantages 30 Prime Minister Borut Pahor Announces Set of Crisis Measures and Reforms for Year 2010 30 UKRAINE 32 EBRD increased business in Ukraine 32 IMF mission to arrive in Ukraine 32 YOUR CONTACTS 33 DISCLAIMER 36 IMPRINT 37 Issue 106, January 2010 4 Dear Clients DEAR CLIENTS At the beginning of the new year, I am very pleased to be able At the beginning of the year, we usually like to put the line under to wish you all a great year 2010, full of joy and prosperity. the year we left behind. Although generally overshadowed by I sincerely hope you had peaceful and fulfilling holidays, and crisis, it was nevertheless an important year for the Croatian that the year will continue in that tone. market, and also brought many important achievements. By adopting the new Capital Market Law, the Law on Credit Institu- It is a very common custom to make New Year’s resolu- tions and the Settlement Finality Law, we have fully implemented tions. We in Zagrebacˇka banka Group have again made the and adhered to the legal requirements of the European Union in resolution to direct all our efforts towards retaining the posi- the field of banking and investment services. By allowing for a tion of being the number one securities services provider on SWIFT interface with the central register, we have become a full the market. And not only that, our aim is to strengthen our STP market. The border dispute between Slovenia and Croatia, position as a market player with significant influence on the which lasted almost a year, was successfully resolved, allowing Croatian capital market. us to resume EU accession negotiations. With the election of the I would like to use this opportunity to provide you with some first female prime minister, a strong anti-corruption campaign additional information about our Bank, our services, and the has been endorsed which resulted to several investigations, market in general. Zagrebacˇka banka Group is Croatia’s political change, and even the collective dismissal of manage- largest financial group with a dominant position in banking ment boards in state owned companies. services, broad client base and excellent distribution capaci- Furthermore, we have started this year with new amendments ties. We are providing a wide range of corporate, retail and to the VAT Law, according to which local credit institutions investment banking services as well as fund and pension are no longer VAT exempt. Also personal ID numbers (OIB) management and insurance services. In 2002, through the have been introduced as valid tax numbers for all persons and strategic partnership with UniCredit Group and Allianz, we fur- entities conducting business in Croatia. The implementation of ther strengthened our international presence and recognition. the OIB is part of Croatia’s ‘Revenues Administration Moderni- Zagrebacka banka d.d. is the first bank in Croatia to have pro- zation Project’ supported by the World Bank, which aims to vided custody services, and has been successfully doing so improve the functionality of the Tax Authority and to modernize since 1995. We distinguish ourselves from the competition by Croatia’s tax system. Our main goals, as a country in 2010, offering an extensive range of core and value-added services are the completion of accession talks with the EU and to put in line with international standards, by combining long–term the crisis-hit economy back on its feet. With respect to the experience with in-depth knowledge of the domestic market capital market, we are expecting the introduction of Securities and by our flexibility to meet clients’ specific requirements. Lending Services, a project in which we are actively involved. Our market share in custody services (inbound) amounts to Also, market makers were introduced by new regulations, app. 40%, according to assets held with the central register. although they are not yet active on the market. Our Global Securities Services team consists of 12 highly At the end, I would like to thank all of our clients for their con- skilled professionals, whose prominent characteristics are fidence and commitment to our services in the past year. We expertise, long-term experience and personal focus to client in GSS will continue with our dedication and support to clients’ needs. In that light it is an excellent opportunity to intro- interests, irrespective of changes in the business environment duce our new Head of Sales and Relationship Management and will strive to consistently improve our services in line with cli- Ms Snjezana Bruncic. She has more than 10 years experi- ents’ requirements as well as with future market developments. ence in securities services business from which the last five as a relationship manager in GSS and her role is to offer you Until we meet again, yours sincerely, full support in investing in the Croatian market. Valerija Bezak Head of GSS in Croatia Issue 106, January 2010 5 DEAR CLIENTS Júlia Romhányi Snjezana Bruncic Attila Szalay-Berzeviczy Global Head of Global Securities Services We are very pleased to announce the promotion of Ms. Júlia Júlia Romhányi Romhányi to Head of GSS in Hungary, and of Ms. Snjezana Education: economist, MBA Bruncic to Head of Sales and Relationship Management in Responsibilities: sales, relationship, network and product Croatia. management Julia joined UniCredit Bank Hungary as Deputy Head of Please join us in congratulating them, and in wishing them International Custodian Department after Budapest Bank’s good luck in their new positions. Custody & Settlement Services has been taken over in 1999 by HVB Hungary. She was the Deputy Head of Custody & Best regards, Settlement Division at Budapest Bank which she joined in 1996 from the Budapest Stock Exchange where she was responsible for product management. Since 2001 she is Attila Szalay-Berzeviczy responsible for the client service of the Custody & Settlement Managing Director Division of UniCredit Bank Hungary. She was the member of Global Head of Global Securities Services the Board of Directors of KELER between 2005 and 2009. She has over 19 years of experience in securities business and has received professional training from GE Capital and BNP Paribas Global Securities Services. Snjezana Bruncic has been appointed as Head of Sales and Relationship in Croatia. Snjezana has 11 years of experi- ence in custody services in Zagrebacka banka d.d. Snjezana has been involved in major market developments throughout the years and gained experience and knowledge of promot- ing custody business within Croatian securities market. She has participated in various capital transactions focusing on market support and legal perspective. In the last couple of years Snjezana has been focused on clients’ relationship and development of custody solutions in line with regulatory infrastructure and market practice. She has graduated from Faculty of Law in Zagreb. Issue 106, January 2010 6 AustriA New holding structure for the Stock Exchanges of Market Capitalisation EUR 75.8bn Budapest, Ljubljana, Prague and Vienna YTD Dev. of Market Capitalisation 22.3% Since 14 January 2010, the stock exchanges of Budapest, Ljubljana, Prague and Vienna are equal subsidiaries of the Number of SE Transactions p.m. n.a. holding company, CEESEG AG. The holding company is YTD Dev. of SE Transactions n.a. responsible for strategic and financial management and the SE Turnover (Vienna SE) EUR 4.4bn administration of the investments, while the business opera- Monthly Index Performance (ATX/VSE) 5.8% tions are taken care of by the four subsidiaries. Michael Buhl GDP per Capita (2009 in EUR) 32,540 and Heinrich Schaller, who currently sit on the management GDP Real 2009 (Change against prev.
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