Transcript stockholm.trade.gov.pl

Financing your activities in Poland –
and the View on Poland
From a Banker
Gothenburg, 26 November 2012
Egil Rindorf
Head of Nordic & International
Corporate Banking
Poland & the Baltic States
Poland is not an isolated island, but proved to be resilient
Finland
Sweden
Norway
0
0
80
-2
60
60
-4
40
40
-6
80
Poland
100
95
%
90
2002
2003
2004
2005
2006
2007
2008
2009 2010
Source: Eurostat
100
GDP per capita (EU average = 100)
Hungary
Czech Rep.
%
90
Poland
85
80
80
75
75
70
70
65
65
60
60
55
55
50
50
45
45
40
40
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Source: Eurostat
Euro area
Poland
-6
Source: Eurostat
140
Index, 2005=100
95
85
-2
-4
EU
2001
2011
100
2
2010
100
2
2009
120
4
2008
120
4
2007
140
2006
140
2004
160
6
2003
160
%
6
2002
180
8
GDP change
%
180
Denmark
8
%
2005
200
GDP per capita (EU average = 100)
2001
%
2000
200
GDP level
140
Index, 2005=100
130
130
EU average
120
110
120
Euro area
Poland
110
100
100
90
90
80
80
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Source: Eurostat
No 2
No overhang of excessive private sector debt
Source: Eurostat
No 3
Economic activity
Slowdown underway
% y/y
% y/y
20
20
10
10
0
0
Activity momentum weakens notably, but Poland
remains growth outperformer
Oct-11
Jul-11
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
-10
-20
Exports
-30
-30
Imports
-40
-40
Source: GUS, Nordea Markets
30
% y/y
30
% y/y
Economic activity indicators
-20
-30
Jul/12
Apr/12
Jan/12
Oct/11
Jul/11
Apr/11
Jan/11
Jul/10
Oct/10
-10
Apr/10
0
Jan/10
0
Oct/09
10
Jul/09
10
Apr/09
20
Jan/09
20
Oct/08
In mid-2013 a recovery should start amid rebound in the Euro
area, an expected responsese of domestic macroeconomic
policy and gradual beginning of large investments in the energy
sector (conventional power plants, wind farms, nuclear power
plant, exploration of shale gas).
-20
Jul/08
•
Economic slowdown is also driven by weakening in consumption
growth due to elevated inflation, deterioration in labour market
conditions and adjustments in households’ balance sheets (there
is a need to rebuild savings after the savings rate has dropped to
historical lows over the past few years while there is no need to
reduce debt because private sector debt to GDP ratio in Poland
is at one of the lowest levels in the EU being one of the strengths
of the economy).
-10
Apr/08
•
Domestic fiscal consolidation adds to headwinds for the Polish
economy, with the pinch felt particularly strongly in public
investments. Weakening in investment activity is also taking
place as many large infrastructure projects were finished before
UEFA Euro 2012 in June.
Jan/08
•
The key reason for the slowdown is weaker external demand,
although Poland benefits from not being as open economy as its
regional peers and from the fact that its dominant export market
is relatively strong German economy.
40
Apr-12
•
Foreign trade turnover
Jan-12
30
Jul-08
30
Apr-08
40
Jan-08
The Polish economy is slowing down amid negative impact of Euroarea recession and domestic fiscal consolidation, but Poland remains
one of the resilient economies in the EU.
-10
Industrial output
Construction output
Retail sales
-20
Source: GUS, Nordea Markets
4
-30
“The End of the World as We Know It”....
5
Implications
• Banks should have more, not less capital
• Banks should have more liquidity
• Interest rates have been too low
• Reversing the above means higher financial
costs
• This means lower, sustainable, demand for
credits
• The global banking machine is much too
big!
6
How Ratings Adjust Assets
• There is a complex formula (determined by the regulatory authorities) that takes
the rating, the product and collaterals to determine how to translate your nominal
loan to a risk weighted asset (loan)
7
Price Shock
Good customers are used to getting good pricing
and not so good expect higher pricing, but not 2-3
times higher!
8
Why Then Invest in Poland ?
• Poland is the biggest country in Central and Eastern Europe (population 38,1 mio)
• Poland is in the best fiscal and financial condition among all new EU countries
according to the world bank
• Polish employment costs are among the lowest in EU
• Poland ranks well above EU average in terms of quality of human resources
• There are many academic centers in Poland with 2 mio students
• Polish students have good knowledge of foreign languages (more than 50%
speak fluent English)
Source: 9
KPMG
Key policy areas to consider when entering Poland
• Risk strategy
• Currency strategy
• Non-commercial considerations
• CSR – environmental – ethical
• Investment considerations
• Organization
• Legal obstacles – unknown law system
• Distribution – channels
• Other practises and unknown bureaucracy
• .... and more
10
Be Prepared to Change Your Plan!
11
Why Exactly is Nordea in Poland?
 To follow our clients in a growth market
 We sell individual value generating solutions for each customer
and develop longstanding mutually beneficial cooperation
 Nordea is first choice to a comparatively large proportion of Nordic
companies
 Leading Cash management partner in the Nordic region
 All services are harmonized with Nordea standards
 To capitalize on our strong industry teams
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Can I borrow locally? … and is it the best solution?
• The Nordea concept is: One-point-of-entry for every customer
• This means that main part of negotiation of terms and credit decision is made in
Sweden by your normal contact
• Lending can be booked in Sweden – or locally as you wish
• Most types of banking products are almost as they are in Sweden
• Local borrowing may be the best solution
•
In order to make pledges locally
•
for tax reasons
•
For practical reasons
• It is often more bureaucratic to establish the business locally than in Sweden –
but day-to-day operations are normally smooth
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Cash Pool is Avaiable
(1) The Bank has a credit claim towards Company A
resulting from the used part of overdraft limit granted
Company A
(Negative Account Holder)
• Current account
• Cash pool agreement
• Power of attorney (for Bank)
• Overdraft limit of xxx PLN
(4) Company B
becomes the “real”
lender towards
Company A and thus is
entitled to receive
interest payable on the
credit claim
Bank
Company B
(Positive Account Holder)
(3) … against payment
(2) The Bank sells its
credit claim towards
Company A to
Company B...
• Current account
• Cash pool agreement
• Power of attorney (for Bank)
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Corporate products
Products
• Lending/Deposits
• Cash Management
• EPF
Trade
finance
Cash
management
Markets
Loans,
Deposits
&NF
• DCM
• E-banking
• Trade Finance
• Markets (TIP)
• Nordea Finance
Customer value
proposition
• Cards
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Can I help …….
16
Egil Rindorf
Head of Nordic and International
Corporate Banking,
Central & Eastern Europe
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Appendix
Nordea Products in Poland
Major Products Available for Corporate Clients
Payments
Nordea Client
Monitoring
Nordea
Credit Cards
Funding
Hedging
Trade Finance
Cash Processing
Accounts
Electronic Banking Channels
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Nordea Major Products 1
•
•
•
Accounts
•
Current, Salary, Social, Escrow
•
PLN, EUR, USD, SEK and other major curriencies
•
Deposits
Monitoring
•
Statements in paper form
•
Electronic statements
•
Balance Reporting MT940 / 941/ 942
Payments
•
Domestic: Supplier, Salary, ZUS, TAX
•
International: Nordea Group Payments, Standard, Urgent
•
Mass Payment Reconciliation System
•
Direct Debit
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Nordea Major Products 2
•
•
•
Electronic Banking Channels
•
Solo Corporate – software homebanking solution
•
eFirma Plus – Internet homebanking solution
•
Request for Transfer MT101
Credit Cards
•
VISA Electron
•
VISA Business Debit
•
VISA Business Charge
Cash Processing
•
via branch network
•
via outsourced companies
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Nordea Major Products 3
•
Funding
• Short and Medium Term Loans, incl. overdraft facility
• Investment Loans
• Syndicated Loans
• Leasing
•
Hedging
• Currency / Foreign Exchange (spot, forward, dual currency deposit)
• Interest Rates (forward rate agreement, interest rate swap,
cross currency interest rate swap)
•
Trade Finance
• Guarantees
• L/C etc.
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Electronic Banking Channels 1
•
Solo Corporate
- Off-line system
- Accounts and reporting
- All kinds of payments
- Unlimited number of users
- Unlimited number of workstations
- Communication via modem
or fixed line
- Possible integration with ERP
system (file transmission)
- Both English and Polish version
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Electronic Banking Channels 2
•
Solo eFirma Plus
- On-line system (based
on Internet)
- Accounts and reporting
- All kinds of payments
- Unlimited number of users
- Well-suited for small
and medium companies
- Both English and Polish
version
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Other Nordea Products
 Direct Debit
DD is an instruction given to the Bank by the Creditor for debiting the Debtor’s account with a
specified amount and crediting the Creditor’s account with the same amount simultaneously. The
Debtor has a right to withdraw from a DD at any time.
DD enables more efficient realization of periodical payments. It may be applied for regular
payments made by individuals as well as for fixed payments between business entities.
 Mass Payments Reconciliation System (MPRS)
MPRS is based on the coded information about the payer in the Bank account number. A different
virtual account number, including a unique personalizing identifier, is assigned to each payer.
Payments are transfered to this virtual account. The Customer’s current account is credited with
one aggregated amount of all the payments.
MPRS enables quick and unequivocal identification of the payment made by the payer and
automatic booking of the received payments as well as its identification in the Customer’s
accounting system.
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NORDIC CORPORATE BANKING DEPARTMENT
fax: +48 22 581 33 51
Maciej Czerwonogrodzki
Head of NCBD
tel. +48 22 581 33 55
Magdalena Winiarska
Senior Relationship Manager
tel. +48 91 432 01 28
Marzena Pietruczuk
Senior Relationship Manager
tel. +48 22 581 33 57
Hubert Dziedzic
Senior Relationship Manager
tel. +48 22 581 33 56
Jolanta Jakubiec
Relationship Manager
tel. +48 22 581 33 52
Cezary Jeżewski
Relationship Manager
tel. +48 22 581 33 68
Tomasz Błahut
Relationship Manager
tel. +48 22 581 3358
Magdalena Rutkowska
Senior Relationship Manager
tel. +48 22 581 33 60
Kinga Gerchard
Relationship Manager
tel. +48 22 581 33 45
Krzysztof Bujnowski
Junior Relationship Manager
tel. +48 22 581 33 54
Sylwia Czyż
Head of Cash Management Unit
tel. +48 22 581 33 61
Joanna Hońdo
Cash Management Advisor (Danish customers) tel. +48 22 581 33 23
Aleksandra Bara
Cash Management Advisor (Sw edish customers )tel. +48 22 581 33 59
Radosław Rogalski
Cash Management Advisor ( Finnish customers) tel. +48 22 581 33 22
Danish/Swedish/International Desk
Finnish/Norwegian Desk
Cash Management
E-mails: first [email protected]
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CORPORATE CUSTOMERS' SERVICE TEAM
fax: +48 22 581 33 67
Agnieszka Owczarek
Head of Customer Service Team
tel. +48 22 581 32 57
Piotr Wodzyński
Customer Manager
tel. +48 22 581 33 64
Małgorzata Chmielewska
Customer Manager
tel. +48 22 581 33 65
Marzena Szarek
Customer Manager
tel. +48 22 581 33 63
Dariusz Drzewiecki
Customer Manager
tel. +48 22 581 33 62
Mariola Ardej
Customer Manager
tel. +48 22 581 32 52
Krzysztof Płoucha
Customer Manager
tel. +48 22 581 31 48
MARKETS
fax: +48 22 521 36 35
Piotr Kurowski
Head of Markets
tel. +48 22 521 36 40
Dorota Olender
Deputy Head of Markets
tel. +48 22 521 36 43
Anna Solarz
Sales Manager
tel. +48 22 521 36 55
Dariusz Grzyb
Senior Sales Manager
tel. +48 22 521 36 41
Filip Moryl
Junior Sales Manager
Katarzyna Wierzch
Senior Sales Manager
tel. +48 22 521 36 42
Tomasz Bartkowski
Senior Sales Manager
tel. +48 22 521 36 54
E-mails: first [email protected]
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