hibernate v/s stored procedure or functions performance

I am analyzing the options for database layer in my application. I found hibernate a very popular choice however few friends told that better to use stored procedures / function rather than going for hibernate. Hibernate has performance issues compared to these database objects. Is there any other option. My application may have very high volume of transactions so need to select a option which gives a better performance. Can someone put some light on this and help me choose the best option. I am using spring framework as core and richfaces for web layer.