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V magistrskem delu se ukvarjamo s problemom optimalne kontrole, ki ga nato uporabimo pri reševanju bančne krize. Najprej dobimo splošen pregled nad tipi problema optimalne kontrole. Vidimo, da obstajajo $4$ tipi modelov, ki so deterministični model v diskretnem in zveznem času ter stohastični model v diskretnem in zveznem času. Osredotočimo se na deterministični model v zveznem času in navedemo Pontryaginov princip. Dokažemo eksistenčni izrek z uporabo minimizirajočega zaporedja funkcij stanj. Nato s pomočjo dinamičnega programiranja razvijemo orodje za iskanje optimalne kontrole. Glavni rezultat je bila izpeljava enačbe dinamičnega programiranja. Spoznamo tudi pojem povratne kontrole in rešimo primer s pomočjo Pontryaginovega principa. V zadnjem poglavju se osredotočimo na modeliranje bančne krize kot problem optimalne kontrole s pomočjo modela SIR. Imamo tri različne primere širitve krize. Prva kriza se začne v banki na Portugalskem, druga v Španiji in tretja v Veliki Britaniji. Kriza na Portugalskem in Španiji se začne in konča dokaj hitro, medtem ko je v Veliki Britaniji proces počasnejši in zato tudi daljši, česar se bojimo. Nato vpeljemo kontrolno funkcijo, ki ima nekaj omejitev, s katero se kriza konča hitreje in ne razširi toliko. Te situacije sprogramiramo in rešimo s pomočjo Matlaba. In my master's thesis we deal with the optimal control problem, which we then apply to solving a bank crisis. Firstly, we get a general overview of types of optimal control problems. We learn that there are $4$ types of models, which are discrete time deterministic, continuous time deterministic, discrete time stochastic and continuous time stochastic models. We focus on the continuous time deterministic model and state Pontryagin principle. We prove the existence theorem by using a minimizing sequence of the state functions. Then we develop a tool for finding the optimal control via dynamic programming. The main result there is obtaining the equation of dynamic programming. We get familiar with the notion of feedback control and solve one example with the help of Pontryagin principle. Our last chapter focuses on modelling a bank crisis into optimal control problem by using the SIR model. We have three different examples of crisis propagation. The first crisis starts with a bank in Portugal, the second one with a bank in Spain and the third one starts in Great Britain. The crisis spreads quickly in Portugal and Spain but also ends relatively soon whereas in Great Britain it takes a lot more time for the crisis to spread but it lasts a lot longer, which is what we are afraid of. We then propose a control function with some restrains to end the crisis more quickly and prevent it from spreading. We model and solve these situations in Matlab.

Globalna finančna kriza je leta 2008 zamajala temelje svetovnega bančnega sektorja in gospodarstva nasploh. Zaradi zloma finančnega trga so propadle številne finančne institucije, ki so sodile med največje tovrstne institucije na svetu. Takoj ob nastopu krize so se začeli iskati vzroki in odgovorne osebe. Svetovna kriza se je začela v ZDA, nato se je razširila po vsem svetu, tudi v Slovenijo. Predmetno delo skuša predstaviti celovito analizo bančne krize in iskati vzroke zanjo, pri tem pa ponuditi konkretne odgovore o odgovornosti za bančno krizo. Naloga natančneje obravnava kazensko, odškodninsko in politično odgovornost in zanjo ponudi tudi primere iz prakse v Sloveniji. Poleg tega naloga obravnava t. i. »slabo banko« in Banko Slovenije ter skuša predstaviti njuno vlogo pri nastanku in sanaciji bančne krize. In 2008, global financial crisis rocked the foundations of the global banking sector and economy in general. Due to the financial market breakdown, numerous financial institutions, which were considered the largest global institutions of this kind, failed. Immediately after occurrence of the crisis, reasons and responsible persons began to be searched for. The global crisis began in the USA and was then spread practically all over the world, Slovenia included. The thesis tries to present a comprehensive analysis of the banking crisis and looks for reasons for its occurrence, while offering actual answers regarding the responsibility for the banking crisis itself. The thesis deals with criminal, damage, and political responsibility and also offers practical examples from Slovenia. Further, the thesis also deals with “bad bank” and Bank of Slovenia, and tries to present their role in emergence and rehabilitation of the banking crisis.

Z empiričnim testiranjem smo sprva raziskovali vpliv obsega dokapitalizacije in tipa investitorja na dobičkonosnost bank. Regresijske ocene so pokazale takojšen negativni vpliv obsega dokapitalizacije na dobičkonosnost bank, ki pa z zamikom enega leta postane pozitiven. Pozitivni vpliv z zamikom je pričakovan, še posebej v času krize, ko višji obseg dokapitalizacije banki omogoča učinkovitejše čiščenje slabega dela portfelja ob hkratnem doseganju kapitalskih zahtev in sposobnosti povečanja obsega poslovanja v prihodnje. Pri tem iz regresijskih ocen ni možno zaznati večje razlike med obsegom dokapitalizacije pri zasebnih investitorjih in državo. Banke, dokapitalizirane z državnim denarjem, so bile pogosto v večjih težavah in niso bile sposobne pritegniti dovolj zanimanja za zasebne investitorje, poleg tega so bile zaradi državne dokapitalizacije zavezane k sprejetju različnih ukrepov (zaveze EK). Vendar so bile državne dokapitalizacije pogosto obsežnejše v primerjavi z zasebnimi, kar je kljub večjim težavam bank povečalo sposobnost učinkovite sanacije in prispevalo k podobnemu vplivu na dobičkonosnost kot pri bankah, dokapitaliziranih z zasebnim kapitalom. S številnimi nepravimi spremenljivkami smo v nadaljevanju testirali še vpliv časa dokapitalizacije bank na dobičkonosnost. Tudi čas dokapitalizacije se je izkazal kot statistično značilen in pomemben pri doseganju dobičkonosnosti, saj je pri bankah, dokapitaliziranih na začetku krize (v prvih dveh letih), vpliv na dobičkonosnost bolj pozitiven v primerjavi z bankami, dokapitaliziranimi kasneje v času krize. Razlika v času dokapitalizacije je prisotna, kadar testiramo vpliv na dobičkonosnost ob koncu raziskovalnega obdobja, v letih 2014 in 2015, ko je večina bank že izšla iz krize. V tem primeru je vpliv na dobičkonosnost pri bankah, dokapitaliziranih na začetku krize, pozitiven, pri bankah, dokapitaliziranih kasneje v času krize pa visoko negativen. S hkratnim testiranjem obsega in časa dokapitalizacije so regresijske ocene pokazale, da je vpliv pri bankah, dokapitaliziranih na začetku krize, naraščajoče pozitiven z obsegom dokapitalizacije. Tovrstni rezultati so pričakovani, saj so banke s hitro in obsežno izvedeno dokapitalizacijo sposobne dosegati kapitalske zahteve in obenem pospešiti razdolževanje z učinkovitim čiščenjem nedonosnega portfelja. Obsežna in hitra dokapitalizacija prav tako poveča sposobnost bank za rast kreditiranja in drugih poslovnih aktivnosti s pozitivnim vplivom na dobičkonosnost. Poznavanje determinant dobičkonosnosti je ključno tako za uprave in lastnike bank kot tudi vlade posameznih držav, ki so in morda še bodo prisiljene dokapitalizirati nacionalne sistemsko pomembne banke. Le z zadovoljivo dobičkonosnostjo bodo banke lahko v daljšem obdobju obstale na konkurenčnem bančnem trgu, prav tako pa bo visoka dobičkonosnost omogočila povrnitev investicije (državne pomoči) in doseganje zahtevanega donosa. Cilj vseh deležnikov bi tako morala biti hitra povrnitev dobičkonosnosti bank in, kot je pokazala empirična raziskava v doktorski disertaciji, sta pomembna dejavnika pri tem obseg in čas dokapitalizacije. Posledično bi v času krize morali hitro in učinkovito oceniti kvaliteto portfelja, prepoznati izgube bank in izvesti ustrezne dokapitalizacijske ukrepe. Kot se je izkazalo v nedavni bančni krizi, je tudi ob razmeroma visoki kapitalski ustreznosti na začetku krize, banka zaradi medsebojne povezanosti finančnih institucij med krizo potrebovala dokapitalizacijo. V času krize sta namreč stabilnost in zaupanje lahko zelo krhka in ju hitro nadomesti panika z izrazitimi negativnimi učinki. Hitro izvedena in dovolj obsežna dokapitalizacija lahko ob tem precej poveča pozitivni vpliv na dobičkonosnost banke, kar je v interesu tako posamezne finančne institucije kot celotne ekonomije. With the empirical estimation, we initially tested the effect of the amount of recapitalization and the type of investor to bank profitability. Regression estimations revealed an immediate negative effect in terms of the amount of recapitalization on profitability. However, with a lag of one year, the effect of higher recapitalization amount on profitability becomes positive. Positive effect with a lag is to be expected -- especially during a crisis, when higher recapitalization enables banks to efficiently wipe out toxic assets and at the same time achieve capital adequacy and the ability to increase the volume of business activities in the future. From the regression estimation, it is not possible to assess significant differences between the amount of recapitalization of private investors and the government. Banks recapitalized by the government have often been more distressed and therefore have not been able to attract enough interest from private investors. Besides that, due to government recapitalization they have often pledged to accept different measures (i.e. obligations to the European Commission). However, government recapitalizations have often been more extensive in comparison to private, which has despite bigger problems of the banks increased the ability for efficient bank rehabilitation and contributed to a similar effect on profitability as banks recapitalized by private investors. Next, with numerous dummy variables, we tested the time effect of recapitalization on profitability. The time of recapitalization was shown to be statistically significant and important for achieving profitability, because the effect on profitability is more positive for banks recapitalized early in the crisis (in the first two years) than for banks recapitalized later in the crisis. The difference in the time of recapitalization is present when we tested the effect on profitability at the end of the analyzed period, i.e. in the years 2014 and 2015, when the majority of banks had made it out of the crisis. In that case, the effect on profitability was positive in banks recapitalized at the beginning of the crisis and highly negative in banks recapitalized later in the crisis. With simultaneous testing of the amount and time of recapitalization, the positive effect in banks recapitalized in the beginning of the crisis increases with the amount of recapitalization. These results are expected, because with prompt and extensive recapitalization, banks are able to reach capital adequacy and at the same time, accelerate deleveraging with an efficient cleansing of a non-performing portfolio. Additionally, prompt and efficient recapitalization increases the ability of banks to lend and perform other business activities that have a positive effect on profitability. Profitability determinants expertise is of key importance for management and bank owners, as well as for governments that have been or maybe will be forced to recapitalize systemically important national banks. Only with satisfactory profitability will banks be able to remain in a competitive bank market over a longer period. High profitability will also enable a return of the investment (i.e. government state aid) and also achieve the required return. Therefore, the goal of all participles should be a quick return to bank profitability and, as the empirical research of this doctoral dissertation has shown, two important factors for this are the amount and time of recapitalization. Consequently, we should quickly and efficiently evaluate the quality of the portfolio in times of crisis, recognize the bank’s losses and implement appropriate recapitalization measures. As has been shown in the recent crisis, even if a bank had relatively high capital adequacy at the beginning of the crisis, it needed recapitalization during the crisis because of the high interconnectedness of financial institutions.

Bančna kriza je ena izmed različnih finančnih kriz, ki se pojavljajo in je najmanj razumljeni tip kriz. V preteklosti so bile bančne krize manj pogoste ravno zaradi nerazvitega bančnega in finančnega sistema, kar pa se je z leti spremenilo. Globalna finančna kriza, ki se je zgodila leta 2007 ima začetek v ohlapni ameriški zakonodaji, ki je dopuščala tvegane posle in poslovanje bank z vrednostnimi papirji in zavarovalništvom. Članice EU so krizo reševale na različne načine, ravno zaradi različnih bančnih in gospodarskih sistemov nasploh. Pomanjkljivosti javnih financ držav in neenotnega sistema na ravni EU so bile vzrok, da je ameriška kriza pustila tako velik pečat tudi v Evropi. Za lažjo reševanje kriz je EU ustanovila nove organe in poenotila zakonodajo. Vzpostavili so Evropski bančni sistem in Bančno Unijo, s katerima so odpravili so bančne pomanjkljivosti ter ponovno vzpostavili učinkovitost denarne politike. V večini držav so v času krize sprva uporabljali metodo bail-out, katera pa je stroške reševanja nalagala na bremena davkoplačevalcev, kar je povzročilo negodovanje in dodatno oslabljena gospodarstva, zato je EU kasneje uvedla novo metodo bail-in. Oba načina imata pozitivne in negativne vidike, kar pa lahko vidimo na primeru držav Grčije, Irske, Cipra in Italije. The banking crisis is one of the various financial crises that are emerging ant the least understood type of crisis. Banking crises were less frequent in the past due to the underdeveloped banking and financial system, which has changed over the years. The global financial crisis, which took place in 2007, has its origins in loose US legislation that allowed risky operations and the banking operations with securities and insurances. Members of the European Union have dealt with crisis in various ways, precisely because of the different banking and economic systems in general. Shortcomings of public finances and inconsistent system in the European Union were the reason that the American crisis left such a big mark in Europe as well. The European Union has set up new bodies and unified legislation in order to facilitate the crisis resolution. They established the European banking system and Banking Union, which have eliminated bank failures and restored the effectiveness of monetary policy. During the crisis, most countries initially used the bail-out method that put the burden of the resolution costs on taxpayers, which cost resentment and it weakened economies even more, therefore the European Union introduces a new method bail-in later. Both methods have positive and negative aspects, which we can see in the case of the countries Greece, Ireland, Cyprus and Italy.

Brezhibno delovanje bančnega sistema je ključnega pomena za obstoj in nadaljnji razvoj države. Že v sami preventivi je potrebno, da smo pozorni na bančno politiko, ki jo vodi država, ter da nenehno spremljamo zadolženost, likvidnost in kapitalsko ustreznost bank. Kadar se pojavi bančna kriza, le-tej navadno sledi tudi valutna in dolžniška kriza, nemalokrat pa nato celotno nacionalno gospodarstvo pade v gospodarsko recesijo. Iz omenjenih razlogov se je nanjo treba primerno odzvati. Osnovni namen ustanovitve slabe banke je stabilizacija bančnega sistema, povečanje transparentnosti ter povrnitev zaupanja investitorjev in pomoč ter aktivno sodelovanje v procesu prestrukturiranja potencialno dobrih podjetij. Zelo pomembno je, da banke in država delujejo usklajeno. Ključnega pomena je predvsem povrniti zaupanje v bančni sistem in ustrezno zavarovati bančne vloge. Uvedba slabe banke je vsekakor učinkovit proces reševanja bančne krize nacionalnega bančnega sistema, vendar ugoden končen rezultat ni samoumeven. V prvi vrsti je potrebno izbrati najprimernejši model implementacije slabe banke in izbrati ustrezen organizacijski model. Zelo pomembna je tudi zaposlitvena struktura. Zaposleni morajo biti strokovno podkovani in politično neobremenjeni, saj ima političen vpliv močno negativen vpliv na slabo banko. Uporabo mehanizma slabe banke v procesu premostitve bančne krize spremljajo visoki stroški. Konkretnejši prenosi sredstev in tveganj namreč povečujejo stroške, pa vendar obenem prinašajo transparentnost, večajo fleksibilnost bank in boniteto ter povečujejo zaupanje tujih investitorjev in omogočajo lažji dostop do virov financiranja. Za izbiro ustreznega modela je torej potrebno predhodno opraviti vrsto analiz različnih postavk, jih ustrezno ovrednotiti, določiti njihov vpliv na koeficient kapitalske ustreznosti banke in na podlagi pridobljenih rezultatov izbrati ustreznega. Ključnega pomena je predvsem prvo leto delovanja slabe banke, saj mora le-ta razmeroma hitro in jasno določiti, kako bo obravnavala posamezne vrste slabih kreditov ter terjatev. Primeri slabih bank iz tujine so v mnogih primerih pokazali, da so izkušnje uporabe inštrumenta slabe banke v veliki meri pozitivne. Pri tem gre zlasti izpostaviti primere iz Irske, Švedske, Nemčije in Amerike. Proper working order of the banking system represent key elements in the existence and further development of a country. The banking policy of a country and constant monitoring of indebtedness, liquidity and capital adequacy of banks should represent an integral part of the preventive measures. Whenever a banking crisis appears, it is usually followed by a monetary and debt crisis. Furthermore, it is not uncommon for the whole national economy to fall into economic recession. Therefore, a banking crisis should be properly addressed. The main purpose of creating a bad bank is to stabilize the banking system, increase transparency and regain trust of investors as well as their help and active involvement in the process of restructuring potentially good companies. It is of the utmost importance that companies and banks work in harmony. Key aim is mainly to rebuild trust in the banking system and to properly secure bank deposits. The implementation of a bad bank represents an efficient process of solving the banking crisis of the national banking system. However, a positive final outcome should not be self-granted. Primarily, the most suitable model for the implementation of a bad bank and a suitable organisation model should be chosen. Secondly, employment structure plays also an important role. Employees need to have proper expertise and should not be subjected to any political influences, as politics can have a strong negative effect on the bad bank. The process of overcoming banking crisis is often accompanied by high costs due to the use of bad bank mechanism. A more substantial transfer of assets and risks increases the costs. However, at the same time it ensures transparency, increases flexibility and credit rating of banks as well as increases foreign investors’ confidence and enables easier access to financial sources. In order to choose a suitable model it is therefore necessary to conduct a series of analysis for various thesis in advance. Moreover, the items must be properly evaluated, their influence on the coefficient of the capital requirement of a bank must be determined and on the basis of the results gained a suitable model should be chosen. The first year of the bad bank practice is of key importance. How individual types of bad loans and claims will be handled must be identified relatively fast and clearly. It has been shown that the use of bad banks abroad has born positive results and the examples from Ireland, Sweden, Germany and the USA clearly prove that.

Problematika diplomskega dela se nanaša na reševanje bank oziroma finančnih institucij, natančneje na novo uveden instrument, ki bi moral v skladu s svojim namenom v prihodnosti prenašati breme dokapitalizacij iz javnih sredstev na zasebna. V okviru Evropske unije je bil podoben sistem poskusno uporabljen leta 2013 na Cipru, ob reševanju njihovega propadlega bančnega sektorja, ki je požel veliko kritik in se izkazal za zelo kontroverznega. Ciper je pokopala velika izpostavljenost grškemu dolgu, katerega del so bili primorani odpisati v okviru reševanja Grčije. Močno preveč napihnjenega finančnega sektorja država ni zmogla reševati z javnimi sredstvi, zato so izgube bili primorani trpeti upniki, vključno z depozitorji. Kljub rigoroznemu reševanju si je država danes opomogla, EU pa je instrument za reševanje s sredstvi upnikov vključila v gradnjo bančne unije v Direktivi 2014/59/EU. Ta direktiva predstavlja enega od treh stebrov bančne unije, ki smiselno zaokroža Ekonomsko in monetarno unijo, saj je v luči vse širše integracije nujna tudi harmonizacija na področju nadzora in reševanja bank. V delu so predstavljene nekatere razlike med reševanji z javnimi in zasebnimi sredstvi, na koncu pa podrobneje še sam instrument, kakor ga ureja direktiva. The main issue of thesis concerns bank and financial institution resolutions, specifically the newly introduced instrument, which should, in accordance with its purpose, shift the burden of recapitalisations from public to private funds in the future. Within the European Union a similar system was experimentally used in 2013 in Cyprus during their bank resolution and has since been a subject of much criticism and controversy. Cyprus banks failed because of a large exposure to Greek debt, part of which they were forced to write off. The country was not able to save their heavily inflated financial sector with public funds, therefore the creditors were forced to suffer losses, including some of the depositors. Despite the rigorous resolution, the country has since recovered and the bail-in instrument was included in the construction of the banking union in Directive 2014/59/EU. This directive constitutes one of the three pillars of the banking union which rounds up the Economic and Monetary Union, because in the light of increasingly wider integration, harmonisation of bank supervision and resolution is also necessary. The thesis presents some of the differences between using public and private funds and in the end, more particularly the instrument itself, as regulated by the Directive.

Finančna kriza, ki se je leta 2008 iz ZDA razširila v Evropo, je močno prizadela bančne sisteme številnih držav. Zaradi pokov nepremičninskih in borznih balonov se je v bilancah bank povečal delež slabih terjatev, kar je zmanjšalo njihovo kapitalsko ustreznost ter ogrozilo likvidnost in solventnost bank, s tem pa stabilnost bančnih sistemov. Eden izmed načinov reševanja bančnega sistema, ki so se ga v času globalne finančne krize poslužile številne države, je uporaba koncepta slabe banke. Slovenija je s tem namenom ustanovila Družbo za upravljanje terjatev bank. Naloga podrobneje opisuje pojme, povezane s slabo banko, ter sam koncept in različne oblike slabe banke. Koncept je bil v preteklosti že večkrat uporabljen. V času aktualne krize številne države, med njimi tudi ZDA, Nemčija, Irska, Španija in Slovenija, na ta način rešujejo svoje banke. Slovenska slaba banka je bila ustanovljena pet let po začetku krize in zaenkrat uspešno dosega kratkoročno zastavljene cilje. S svojim delovanjem je v prvem letu pripomogla k izboljšanju kapitalske ustreznosti in likvidnosti bank ter k izboljšanju zaupanja v bančni sistem. O njeni učinkovitosti ter doseganju glavnega namena in cilja bo lažje presojati po nekaj letih njenega delovanja. In 2008, financial crisis, which started in the US, spread over to Europe, affected banking systems of many countries. Because of the housing and the stock market bubbles' pops, there was an increase of non-performing loans ratio in banks. This reduced banks’ capital adequacy and endangered their solvency and stability of banking systems. One way of solving a banking system is the concept of bad bank. Many countries used this concept for rescuing their banks in the current crisis. For this purpose, Slovenia established the Bank Asset Management Company. This paper defines terms connected with bad bank, the concept of bad bank and different forms of it. The concept has already been used several times in the past. In the current crisis, many countries are rescuing their banks this way, including US, Germany, Ireland, Spain and Slovenia. Slovenian bad bank was established five years after the crisis began and it has successfully fulfilled its short-term goals up to now. During the first year of its operation, the slovenian bad bank contributed to the improvement of banks’ capital adequacy and solvency, and to the improvement of trust in the banking sector. It will be easier to judge its effectiveness after a few years of its operation.

Banke imajo pomembno vlogo v ekonomijah številnih držav. Njihova temeljna funkcija je funkcija finančnega posrednika med ponudbo in povpraševanjem po denarju. Na ta način vnašajo v preostale segmente ekonomije dodatno likvidnost in tako spodbujajo rast in razvoj narodnih gospodarstev. Motnje v delovanju bančnega sistema povzročajo škodo različnim segmentom države (posameznikom, gospodarstvu, fiskalnemu in monetarnemu sistemu). S tega vidika zato ne čudi močna angažiranost vlad, da so pripravljene reševati bančni sektor skorajda za vsako ceno. Vlade v ta namen sprejemajo različne ukrepe, s katerimi poskušajo stabilizirati svoj bančni sistem, ob tem pa so lahko bolj ali manj uspešne. Kako in katere ukrepe bo vlada uporabila v procesu reševanja bančnih kriz, je v večji meri odvisno od: vzrokov krize, ekonomske in fiskalne situacije v državi, pravnih in institucionalnih možnosti in zmožnosti političnega konsenza vsake države. Zaradi tega ne obstaja univerzalni model v procesu stabiliziranja bančnih kriz, ampak mora biti ta prilagojen značilnostim in posebnostim vsake države posebej. Težišče tega diplomskega dela predstavlja analiza ukrepov pri procesu stabiliziranja bančnih kriz. Zaradi aktualnosti in vsesplošnih debat okoli ustanavljanja slabih bank pa je področju ustanovitve slabe banke namenjena še prav posebna pozornost. Če povzamemo, je diplomsko delo strukturirano na naslednji način: Prvi del je namenjen opredelitvi bančne krize, njenim značilnostim, opredelitvi vzrokov in stroškov bančnih kriz. V osrednjem delu nato podrobneje predstavljamo in analiziramo ukrepe in njihovo problematiko v procesu stabiliziranja bančnih kriz. Nadaljujemo s predstavitvijo modela reševanja bančnega sistema na primeru Švedske v devetdesetih letih prejšnjega stoletja, katerega mnogi še danes navajajo kot vzorčen primer reševanja krize. Slednjemu poglavju je dodana še analiza uporabnosti švedskega modela pri razreševanju sodobnih bančnih kriz. Diplomsko delo nato zaključuje s predstavitvijo ukrepov držav in njihovih stroškov pri reševanju bančnih sistemov po izbruhu globalne finančne krize leta 2007 ter podaja ključne smernice in ugotovitve za uspešnost v procesu stabilizacije bančnih kriz. Banks have an important role in the economy of numerous countries. Their main function is to act as a financial intermediary between supply and demand for money. In this way, they provide additional liquidity to other economic segments, therefore encouraging growth and development of the national economy. Disturbances in the operation of the banking system lead to losses in different segments of the state – including individuals, the economy, and the fiscal and monetary system. In this context, it is easy to understand the strong commitment of governments to save the banking sector at any cost. For this purpose, the governments take different measures to try to stabilize their banking systems, with more or less success. The governmental decision about which measures to use and how to use them in the process of resolving the banking crisis depends mostly on the causes of the crisis, the economic and fiscal situation in the state, the legal and institutional frameworks, as well as the opportunity for political consensus in the state. Therefore, there is no universal model in the process of stabilizing the banking crisis, but it has to be adjusted to the special characteristics of each state. The most important part of this thesis represents the analysis of the measures taken in the process of stabilizing the banking crises. Due to recent events and general debates about the establishment of bad banks, special attention is dedicated to this subject in particular. In short, this thesis is structured as follows: the first part defines the banking crisis, its characteristics, causes, and the costs derived from it. The main body contains the thorough presentation and analysis of the measures taken in the process of stabilizing the banking crisis. It also describes the main features of the Swedish approach for resolving the banking crisis in the 1990s, which is by many people still considered to be a model for what should be done to solve the economic crisis. In addition, it also analyzes the usability of the Swedish model for resolving the modern banking crisis. The thesis concludes with the presentation of the measures taken by the states and the costs they had for saving the banking systems after the outbreak of the global financial crisis in 2007. Additionally, it summarizes the key guidelines and findings needed for the successful stabilization of the banking crisis.

Španijo je finančna kriza prizadejala močneje kot večino ostalih članic Evropske unije. Problem je predvsem v bančnem sektorju, poku nepremičninskega balončka in pa v zadolženosti privatnega sektorja. Z uporabo makroekonomskih kazalnikov lahko prikažemo trenutno situacijo, ki bi naj napovedovala svetlo prihodnost. Predvsem po zaslugi predlogov »trojke« bi naj, sploh bančno krizo, rešili hitreje in bolj učinkovito. Tudi države, ki so se v preteklosti soočale s podobno krizo in ki so jo uspešno rešile, so dober znak k izboljšanju razmer. Financial crisis has affected Spain more than other countries of European union. The problem is specially banking sector, the bang of the real estate bubble and indebtedness of the private sector. Using macroeconomics indicators we can show current situation, which should predict bright future. Mainly thanks to the proposals of »troika« they should save banking crisis faster and more efficiently. Countries that was also facing similar crisis in the past and that have overcame it are good sign to improve the situation.

Potem ko so Slovenijo pred izbruhom finančne krize pogosto omenjali kot uspešno novo državo članico EU, se v zadnjem času vse pogosteje omenja skupaj z državami, ki so Evropsko unijo že – ali pa še bodo – zaprosile za finančno pomoč. Med njimi niso več samo tiste države, ki so si v preteklih letih zaradi neučinkovite javnofinančne politike nakopičile občutne dolgove. Finančna kriza je namreč pokazala tudi druga tveganja, ki so se v času konjunkturnih gibanj nakopičila v gospodarstvu držav članic EU. Tako je poleg javnofinančnih razmer bolj izpostavljeno tudi stanje v finančnem sistemu, katerega osnovna naloga je učinkovito zagotavljanje finančnih sredstev gospodarstvu. Rezultati klastrske analize in modelov ANOVA, ki sem jih uporabil v magistrski nalogi, kažejo, da razmere v finančnem sistemu močno vplivajo na učinke finančne krize na posamezne države članice EU. Tako je tudi Slovenija v primerjavi z drugimi državami članicami beležila podpovprečne stopnje rasti in s tem začela gospodarsko relativno zaostajati. Before the financial turmoil Slovenia was usually mentioned as an example of a successful new EU Member State, recently it has been increasingly mentioned in the context of countries that have already or will apply for EU financial assistance. This group no longer includes only countries with inefficient fiscal policy and consequently considerable debts. The financial crisis has also shown some risks which were accumulated during the economic prosperity in the EU Member States. In addition to the fiscal situation the situation in the financial system, whose main task is efficiently providing financial assets to the economy, has become more exposed. The results of the cluster analysis and ANOVA models, which I used to prove my master`s thesis, show that the situation in the financial system is strongly influenced on the effects of the financial crisis on the individual EU Member States. Therefore Slovenia recorded lower growth rates of GDP compared to the average of the EU Member States and started widening the development gap.

V letu 2007 je svetovne finančne trge prizadela kriza. Posledica dogajanj na svetovnih finančnih trgih je kreditni krč, ki je prizadel banke po v svetu. Države so z raznimi ukrepi, tudi s pomočjo spodbujevalnih razvojnih bank, skušale omejiti negativne posledice kreditnega krča. Pri tem pa se je izkazalo, da so bili v drugih članicah evroobmočja uspešnejši kot v Sloveniji. Kreditni krč podaljšuje slabo gospodarsko aktivnost zato je potrebno čim prej vzpostaviti normalno pogoje financiranja preko bank. In the year 2007 the global financial markets fell into a crisis. The consequence of the events that occurred on the global financial markets was a credit crunch that affected banks all over the world. Countries tried to limit the negative effects of the credit crunch, with the help of institutions like the stimulative development banks. While the measures were being put into place, it became obvious that other countries in the Euro-zone were more successful than Slovenian at this task. The credit crunch extends low economic activity, so it is necessary to establish normal financing conditions (through banks) as soon as possible.

Both of the banking sectors in Latvia and Estonia are presented, as well as the main causes and consequences of the banking crises occured in the mid nineties. Special attention is paid to the legislation and reform of the banking sector in order to solve the crisis and the further development of the banking systems in these transitional countries.

Both of the banking sectors in Latvia and Estonia are presented, as well as the main causes and consequences of the banking crises occured in the mid nineties. Special attention is paid to the legislation and reform of the banking sector in order to solve the crisis and the further development of the banking systems in these transitional countries.