catalog ALB 2013

Piata Institutiilor Financiare
Nebancare din Romania
2013
The Non-Banking Financial
Institutions’ Market in Romania
2013
Coordonator al editiei:
Coordinator of edition:
Drd Adriana AHCIARLIU – Secretar General, Asociatia
Societatilor Financiare – ALB Romania
Drd Adriana AHCIARLIU - Secretary General, Financial
Companies Association – ALB Romania
Autori:
Authors:
Adriana AHCIARLIU – Secretar General, ALB
Rob HENNEVELD – Director, Global Automotive
Consultancy
Karim KHEIRAT – Director Asociat, Credit Risk Solutions,
KPMG
Mirela KIRKPANTUR - Consultant in Programe de Finantare,
Diplomat Consult
Bogdan MARITA – Presedintele Comitetului Legal al ALB,
Unicredit Leasing Corporation IFN S.A.
Alexandra SMEDOIU – Senior Manager, PWC
Adrian CIURTIN – Managing Partner, Ciurtin si Asociatii
Adriana AHCIARLIU - Secretary General, ALB
Rob HENNEVELD - Managing director, Global Automotive
Consultancy
Karim KHEIRAT - Associate Director, Credit Risk Solutions,
KPMG
Mirela KIRKPANTUR - Financing Programs Consultant,
Diplomat Consult
Bogdan MARITA – President of the Legal Committee of ALB,
Unicredit Leasing Corporation IFN S.A
Alexandra SMEDOIU - Senior manager, PWC
Adrian CIURTIN – Managing Partner, Ciurtin & Associates
Traducere:
Translation:
S.C. Diplomat Consult S.R.L.
Euroverba
S.C. Diplomat Consult L.T.D.
Euroverba
Verificare traducere:
Proofreading:
Adriana AHCIARLIU
Ana FILIP
Adriana AHCIARLIU
Ana FILIP
Tehnoredactare si grafica:
Making-up and graph:
Raluca CATANA - Referent Economist, Diplomat Consult
Bogdan PICIU - Office Assistant & P.R. Officer, Diplomat
Consult
Raluca CATANA - Referent Economist, Diplomat Consult
Bogdan PICIU - Office Assistant & P.R. Officer, Diplomat
Consult
Coperta:
S.C. Copertex S.R.L.
Cover:
S.C. Copertex L.T.D.
Publicatie realizata de
S.C. DIPLOMAT CONSULT S.R.L.
Pentru ASOCIATIA SOCIETATILOR
FINANCIARE - ALB ROMANIA
Adresa: Str. Gaetano Donizetti nr. 3, et. 4, apart. 10,
Bucuresti, sector 2, cod postal 020182,
Romania
Tel: 021/ 230.61.52; 021 230.03.50
Fax: 021/230.61.32
E-mail: office_alb@alb-leasing.ro
Web: www.alb-leasing.ro
Made by
S.C. DIPLOMAT CONSULT L.T.D.
For FINANCIAL COMPANIES
ASSOCIATION – ALB ROMANIA
Address: 3, Gaetano Donizetti Street, 4-th floor, appart. 10,
Bucharest, district 2, postal code 020182,
Romania
Tel: 021/ 230.61.52; 021 230.03.50
Fax: 021/230.61.32
E-mail: office_alb@alb-leasing.ro
Web: www.alb-leasing.ro
ISSN: 2067 – 5232
ISSN-L: 2067 – 5232
ISSN: 2067 – 5232
ISSN-L: 2067 – 5232
Distributie gratuita prin: SC Diplomat Consult SRL
www.office@diplomatconsult.com
Free of charge by: SC Diplomat Consult Ltd
www.office@diplomatconsult.com
Reproducerea continutului acestei publicatii, integrala sau
partiala, in forma originala sau modificata, precum si stocarea
intr-un sistem de regasire sau transmitere sub orice forma si prin
orice mijloace sunt interzise fara autorizarea scrisa a S.C.
Diplomat Consult S.R.L.
Reproducing the content of this publication, completely or
partly, in original or modified, as well as its storage in a
retrieval system, or transmitted, in any form and by any means
are forbidden without written permission of the S.C. Diplomat
Consult L.T.D.
Utilizarea continutului acestei publicatii, cu titlu explicativ sau
justificativ, in articole, studii, carti este autorizata numai cu
indicarea clara si precisa a sursei.
Using the content of this publication with exaplanatory or
justifying title, in articles, studies, books is allowed only clearly
and precisely indicating the source.
Cuprins
Table of contents
Prefata
Foreword
6
I. Institutiile financiare nebancare sub oglinda
supravegherii Bancii Centrale si a cerintelor de
integritate in business
Adriana Ahciarliu, Secretar General ALB
I. Non-banking Financial Institutions Under
The Mirror Of The Central Bank’s
Supervision And Business Integrity Requests
Adriana Ahciarliu, ALB Secretary General
8
II. Interviurile editiei 2013
II. Interviews of 2013 edition
II.1. Prezent si perspective pentru leasingul
financiar, Interviu cu Antoaneta Curteanu
CEO Unicredit Leasing IFN S.A., Presedinte
ALB
II.1. Present and perspectives for financial
leasing, Interview with Antoaneta
Curteanu CEO Unicredit Leasing IFN
S.A., ALB President
23
II.2. Prezent si perspective pentru creditul de
consum,
Interviu
cu
Olivier
Floris
CEO Cetelem IFN S.A., Vice Presedinte ALB
II.2. Present and perspectives for consumer
credit, Interview with Olivier Floris
CEO Cetelem IFN S.A., Vice President
of ALB
26
II.3. Schimbare de paradigma pentru leasingul
financiar, Interviu cu Felix Daniliuc
CEO
Raiffeisen
Leasing
IFN
S.A.,
Membru CD al ALB
II.3. Paradigm Change for Financial Leasing,
Interview
with
Felix
Daniliuc
CEO Raiffeisen Leasing IFN S.A.,
ALB’s BOD member
29
III. Opiniile consultantilor
III. Consultants’ opinions
III.1. Leasingul financiar si alte operatiuni de
creditare in contextul noilor provocari legislative.
Solutii - Bogdan Marita - Presedintele Comitetului
Legal al ALB, Unicredit Leasing Corporation IFN
S.A.
III.1. Financial leasing and other credit
operations in the context of new legal
challenges. Solutions - Bogdan Marita President of the Legal Committee of ALB,
Unicredit Leasing Corporation IFN S.A.
32
III.2. Argumente in favoarea cresterii contributiei
institutiilor financiare nebancare la revigorarea
mediului de afaceri romanesc - Mirela Kirkpantur Consultant in Programe de Finantare, Diplomat
Consult S.R.L.
III.2. Arguments in Favour of Increasing the
Contribution of Non-Banking Financial
Institutions to Revive the Romanian Business
Environment - Mirela Kirkpantur - Financing
Programs Consultant, Diplomat Consult
L.T.D.
43
III.3. „Data analytics” transforma abordarea
traditionala privind administrarea riscului de credit
- Karim Kheirat - Director Asociat, Credit Risk
Solutions, KPMG
III.3. Data Analytics transforms the
traditional approach of Credit Risk
Management - Karim Kheirat - Associate
Director, Credit Risk Solutions, KPMG
55
III.4. Problematica creantelor neincasate – o
perspectiva fiscala - Alexandra Smedoiu - Senior
Manager, PWC
III.4. The outstanding receivables – a tax
perspective - Alexandra Smedoiu - Senior
Manager, PWC
64
III.5. Evolutia Leasingului si nevoia de analiza
numerelor - Rob Henneveld - Director, Global
Automotive Consultancy
III.5. The Evolution of Leasing and its need
for number crunching - Rob Henneveld Managing director, Global Automotive
Consultancy
67
pag/page
III.6 Energia ca sector vital pentru investitii in
Romania – Adrian Ciurtin - Managing Partner,
Ciurtin si Asociatii
III.6 The energy as a vital sector for
investments in Romania – Adrian Ciurtin –
Managing Partner, Ciurtin & Associates
IV. Grafice
IV. Graphics
IV.1. Piata Creditului de consum IFN in Romania
Septembrie 2012 – Septembrie 2013
IV.1. NBFIs Consumer Credit in Romania
September 2012 – September 2013
78
IV.2. Piata Leasingului Financiar in Romania
Septembrie 2012 – Septembrie 2013
IV.2. Financial Leasing Market in Romania
September 2012 – September 2013
93
V. Texte legislative pentru IFN-uri publicate
in perioada iunie 2012 – iunie 2013
(doar versiunea in limba engleza)
V. Legislation for NBFI issued between
June 2011 to June 2012
Regulament nr. 17 din 12.dec.2012. Monitorul
Oficial, Partea I 855 18.dec.2012. Intrare in vigoare
la 18.dec.2012, Regulament privind unele conditii
de creditare.
Regulation No. 17 of 12 December 2012.
Official Gazette of Romania, Part I 855 18
December 2012. Effective as of 18 December
2012, Regulation on Certain Crediting
Conditions.
105
Ordonanta de urgenta a Guvernului nr. 9/2013
privind timbrul de mediu pentru autovehicule,
publicata in Monitorul Oficial, Partea I nr. 119 din
04.03.2013.
Emergency Government Ordinance No.
9/2013 on the environmental stamp duty for
motor vehicles, published in Part I of Official
Gazette of Romania No. 119 of 4 March
2013.
113
Hotararea nr. 480/2013 pentru modificarea si
completarea Regulamentului de aplicare a
Ordonantei de urgenta a Guvernului nr. 195/2002
privind circulatia pe drumurile publice, aprobat prin
Hotararea Guvernului nr. 1.391/2006, Publicat in
Monitorul Oficial, Partea I nr. 454 din 24.07.2013.
Decision No. 480/2013 amending and
supplementing the Regulation governing the
enforcement of Emergency Government
Ordinance No. 195/2002 on the public road
traffic, as approved by Government Decision
No. 1.391/2006.
128
Hotararea Guvernului nr. 84 din 6 martie 2013
pentru modificarea si completarea Normelor
metodologice de aplicare a Legii nr. 571/2003
privind Codul fiscal, aprobate prin Hotararea
Guvernului nr.44/2004 publicata in Monitorul
Oficial nr. 136 din 14 martie 2013.
Government Decision No. 84 of March 6,
2013
for
the
amendment
and
supplementation of the Methodological Rules
of application of Law No. 571/2003
regarding the Fiscal Code, approved by
Government Decision No. 44/2004 published
in the Official Journal No. 136 of March 14,
2013.
132
70
Prefata
Foreword
Here we are at the 9th edition of this yearbook. If I
would have the freedom to convert it into a
freestanding book without a title restraint that offers
continuity in time, I think I would give the following
title:
“Institutiile Financiare Nebancare din Romania – “Non-banking Financial Institutions in Romania –
WHERE TO?”
INCOTRO?”
Iata-ne ajunsi la cea dea IX-a editia a acestui anuar.
Daca as avea libertatea sa il transform intr-o carte de
sine statatoare, fara incorsetarea unui titlu ce ofera
continuitatea sa in timp, cred ca as da urmatorul titlu:
Analizez aceasta piata din pozitia de secretar general
al Asociatiei incepand cu 2004. Au trecut 5 ani de
crestere istorica in domeniul leasingului financiar, de
consolidare si asezare a jucatorilor pe cote de piata ce
induc intotdeauna un spirit de competitie constructiv.
A venit apoi creditul de consum cu “inocenta” unui
produs nou in piata romaneasca si cu apetitul crescut
al unei populatii la fel de “inocenta” in domeniu!
I have been analyzing this market as the Secretary
General of the Association since 2004. It's been five
years of historical growth in the financial leasing
sector, of consolidation and settlement of the players
on the market shares which always induce a
constructive spirit of competition. After that the
Consumer Credit came with "the innocence" of a new
product in the Romanian market and with the growing
appetite of a population just as "innocent" in the field!
Feeria celor 5 ani de crestere a fost absorbita
instantaneu de debutul crizei financiare ce si-a intins
tentaculele pana in Romania. Au urmat apoi 4 ani de
criza in care regulile supraveghetorului au devenit
mult mai stricte, apetitul temeperat pentru cote de
piata pentru majoritatea jucatorilor iar politicile
comerciale au variat de la “wait&see” pana la o cursa
acerba pentru noi cote de piata ale unor actori, nu
foarte neumerosi insa!
The enthusiasm of 5 years of growth was absorbed
instantly by the financial crisis debut that has spread
its tentacles to Romania. Afterwards followed four
years of crisis in which the rules of the supervisor
have become more strict, the tempered appetite for
market shares for the most players, while the trade
policies have varied from "wait & see" up to a fierce
race for new market shares of some actors, not too
many though.
Am incercat sa identific noutati in abordarea pietei.
Cu toate acestea, rezultatele indica pastrarea, cu un
conservatorism bine conturat in cazul majoritatii
jucatorilor din aceasta piata, a acelorasi modele si
linii de business, chiar in contextul dependentei de
sectoare ale economiei care nu sunt intr-o zona de
crestere economica in aceasta perioada.
I have tried to identify new ways to approach the
market.
However, the results indicate the keeping, with a
well-defined conservatism for most players in this
market, of the same patterns and lines of business,
even in the context of sectors’ dependence of the
economy which are not in an area of economic
growth during this period.
I want to thank each time the founding members for
the perspective and vision which they have shown. I
hope that this Association will focus not only on 90%
of the total national NBFIs funding but on over 90%
of the total number of NBFIs registered in the
General Register of the NBR. It is a hope through
which I invite these NBFIs to reconsider their role
and their right to express their opinion in a
professional association recognized both at the
Romanian authorities and at the European
Commission level as the spokesperson of the
institutions and the non-banking financial services in
Romania.
Doresc sa multumesc de fiecare data membrilor
fondatori pentru perspectiva si viziunea de care au
dat dovada. Imi exprim speranta ca aceasta Asociatie
sa concentreze nu doar peste 90% din volumul total
de finantari prin IFN la nivel national ci peste 90%
din numarul total al IFN-urilor inscrise in Registrul
General BNR. Este o speranta prin care invit aceste
IFN-uri sa isi reconsidere rolul si dreptul lor de a-si
exprima opinia in cadrul unei Asociatii profesionale
recunoscuta atat la nivelul autoritatilor romane cat si
la nivelul Comisiei Europene ca fiind portavocea
institutiilor si serviciilor financiare nonbancare din
Romania.
Multumesc partenerilor traditionali si celor care in
acest an ni s-au alaturat pentru prima oara in
proiectul de editare a acestui document de analiza in
dinamica leasingului financiar, a creditului de
consum si a Registrelor IFN la nivelul Bancii
Nationale a Romaniei. Dincolo de o analiza statistica,
va oferim si opinii ale celor mai buni consultanti si
actori in domeniu care semneaza articole de
actualitate in aceasta editie a anuarului “Piata
institutiilor financiare nebancare din Romania –
2013”.
I would also like to thank the traditional partners and
to those who joined us for the first time this year in
the draft project of this analyzing document,
reflecting the dynamics of the financial leasing, of
the consumers credit and NBFIs Registers at the level
of the National Bank of Romania. Beyond a
statistical analysis, we also offer reviews of the best
consultants and players in the field, who sign up-todate articles in this edition of the yearbook "Nonbanking Financial Institutions in Romania - 2013".
DRD. Adriana AHCIARLIU
ALB Secretary General
I. Institutiile financiare nebancare sub oglinda
supravegherii Bancii Centrale si a cerintelor
de integritate in business
I. Nonbanking Financial Institutions Under
The Mirror Of The Central Bank’s
Supervision And Business Integrity Requests
In loc de introducere va invit, inainte de toate, sa
priviti graficul de mai jos:
Instead of an introduction, I invite you, first of all, to
see the chart below:
Acest grafic reprezinta numarul si ponderea
institutiilor financiare nebancare radiate, in functie de
diversele lor categorii de obiecte principale de
activitate, raportate la numarul total al IFN-urilor din
Registrul General BNR. Perioada pe care aceasta
informatie o acopera este 2006 – 2013. Este o
informatie care ofera un diagnostic transparent al
evolutiei pietei financiare reprezentate de aceasta
categorie de institutii autorizate si supravegheate de
BNR.
This chart represents the number and share of nonbanking financial institutions radiated, according to
their various categories of main activity objectives, in
relation to the total number of NBFIs from the NBR
General Register. The period of time that this
information covers is 2006-2013. It is a piece of
information that provides a clear diagnosis of the
financial market’s evolution represented by this
category of institutions authorized and supervised by
the Central Bank.
8
Chiar daca la o prima vedere cifrele transmit un
mesaj cu o tenta pesimista, ele trebuie analizate prin
prisma initierii cadrului legislativ ce a reglementat
aceasta piata si a scopului acestuia.
Although, at first glance, the figures convey a
slightly pessimistic message, they should be analyzed
in terms of initiating the legal framework that
regulated this market and its purpose.
Astfel, in februarie 2006, O.G. nr. 28 privind
reglementarea unor masuri financiar-fiscale oferea o
perioada de tranzitie de 6 luni tuturor acelor agenti
economici care aveau in obiectul lor de activitate
inclus leasingul financiar si orice alte activitati de
creditare pentru a se autoriza in Registrele IFN ale
Bancii Nationale a Romaniei. Procesul de autorizare
impunea o trecere obligatorie de la organizarea de tip
SRL la modelul societatilor pe actiuni cu capital
minim social varsat diferentiat pe tipul de obiect de
activitate, minimul fiind de 200 000 Euro. Cu acea
ocazie, Registrul General BNR dedicat IFN-urilor a
inregistrat si autorizat, doar in domeniul leasingului
financiar, 278 de societati tip IFN. Celelalte domenii
de activitate inscrise in Registrul General si cel de
Evidenta adaugau inca alte sute de IFN-uri autorizate
in baza prevederilor O.G. nr. 28/2006.
Thus, in February 2006, G.O. no. 28/2006 regarding
the regulation of certain financial-fiscal measures
provided a transition period of six months for all
those economic agents that included in their activity
leasing and any other crediting activity in order to get
authorized in the NBFI Registers of the National
Bank of Romania. The authorization process required
a mandatory transition from the LTD-type structure
to the type of joint-stock with minimum social capital
differentially paid by type of activity, the minimum
being 200 000 Euros. On that occasion, the NBR
General Register dedicated to the NBFI registered
and authorized, only in the financial leasing domain,
278 NBFI-type companies. The other fields of
activity entered in the General Register and the
Evidence one added other hundreds of NBFIs
authorized under the provisions of Ordinance No.
28/2006.
Avand in vedere numarul mare al acestor categorii de
institutii ce si-au manifestat cererea de a se autoriza
in domeniul activitatii de creditare, cat si lipsa unor
studii care sa prezinte transparent piata IFN-urilor pe
diversele obiecte de activitate, precum si impactul
social si economic al acestui nou domeniu de interes
financiar, legiuitorul a permis Bancii Nationale a
Romaniei sa aplice standarde duble de supraveghere
IFN-urilor in functie de cifra de afaceri, volumul
creditelor acordate, gradul de indatorare, totalul
activelor si capitalurilor proprii. La acel moment al
deciziei politice, am atras atentia asupra
consecintelor negative ale acceptarii unor standarde
duble de supraveghere care induceau un mediu de
dezvoltare inegal, in detrimentul unei competitii
loiale. In plus, definirea acestor institutii prin
folosirea unei negatii in comparatie cu bancile a fost
un alt motiv de ingrijorare pentru riscul de imagine
pe care il poate induce!
Given the large number of these types of institutions
that expressed their request to get authorized the
lending activity domain, as well as the lack of studies
to transparently present the NBFI market in various
fields of activity, and the social and economic impact
of this new field of financial interest, the legislature
allowed the National Bank of Romania to apply
double standards to the NBFI supervision depending
on the turnover, the volume of granted credits, the
indebtedness ratio, the total of assets and equity. At
the time of that political decision, we drew attention
to the negative consequences of accepting double
standards supervision that were inducing an unequal
development environment to the detriment of fair
competition. In addition to this, the definition of
these institutions by using negations when compared
to banks was another concern for the image risk that
can be induced!
A fost un „botez” neinspirat si care a initiat o
pozitionare incorecta a acestor institutii atat in relatia
cu Banca Nationala, ca supraveghetor, cat si in relatia
cu consumatorul si cu competitia din piata locala si
europeana! Probabil ca o asteptare din partea
legiuitorului a fost aceea de a lasa timpul si economia
insasi sa filtreze pe acei jucatori care nu merita sa se
alature clubului creditorilor si sa-i pastreze pe cei
It was an uninspired ’baptism’ and it initiated an
incorrect positioning of these institutions both in
relation to the National Bank, as a supervisor, as well
as in relation to the consumer and competition from
the local and European market! Perhaps one of the
legislator’s expectations was to let time and the
economy itself to filter those players who do not
deserve to join the creditors’ club and keep the ones
9
care isi pot asuma toate rigorile unui astfel de
domeniu de activitate in care integritatea in business
si prudentialitatea ar trebui sa fie o lege autoimpusa!
Cu toate acestea, textul normelor si regulamentelor
BNR aplicabile institutiilor financiare nebancare din
Registrul special, in comparatie cu cel general, a
impus rigori si exigente foarte diferite, atat de
diferite ca impact incat unele IFN-uri au gasit solutii
de a evita continuu intrarea sub incidenta
supravegherii din Registrul special! Au fost si au
ramas anumite aspecte esentiale care pastreaza un soi
de „razboi rece” intre cele doua Registre:
supravegherea expunerilor, administratea riscurilor,
auditul si controlul intern, norma privind fondurile
proprii ale IFN-urilor. Aceste aspecte reprezinta doar
un inventar minim al criteriilor care fac marea
diferenta dintre cele doua Registre!
who can take on all the rigors of such a field of
activity in which the integrity in business and
prudence should be a self-imposed law! However,
the NBR text of rules and regulations applicable to
NBFIs from the Special Register, compared to the
General one, imposed very different rigors and
demands, with such a different impact that some
NBFIs found solutions to continuously avoid
entering under the incidence surveillance of the
Special Register! Certain essential aspects were and
remained that keep a sort of ‚cold war’ between the
two Registers: monitoring exposures, risk
administration, audit and internal control, the norm
on NBFIs’ own funds. These issues represent only a
minimal inventory of the criteria that make the big
difference between the two Registers!
In contextul asteptarilor induse prin autorizarea si
reglementarea IFN-urilor, numarul celor care au
rezistat in piata trebuia, intr-o economie normala,
planificata si cat de cat predictibila, sa creasca prin
glisare dinspre Registrul General spre cel Special ca
urmare a cresterii volumului creditarii, a cifrei de
afaceri si a expunerii. Toate acestea presupuneau si o
sustinere adecvata a capitalului si fondurilor proprii
din partea actionarilor intr-o piata care in 2006, la
momentul reglementarii, promitea mult!
In the context of expectations induced by the
authorization and regulation of NBFIs, the number of
those who resisted in the market should have, in a
normal economy, planned and somewhat predictable,
grown by shifting from the General Register for the
Special one as a result of the increased lending
volume, turnover and exposure. All this also required
a proper support of capital and of own funds from
shareholders in a market that in 2006, at the moment
of the regulation, promised a lot!
Evolutia pe care am urmarit-o in cifre a fost mai mult
concentrata spre domeniul leasingului financiar, care
a fost de la inceput unul majoritar in ambele Registre.
Au fost ani de varf pentru piata din Romania, ani in
care dinamica cresterii depasea orice alt stat din
Europa! Astfel anul 2007 a fost varful la care
probabil nu se va mai ajunge decat intr-un viitor
indepartat, acel varf care creaza un standard pe care
trebuie sa ne simtim obligati sa il atingem din nou si
sa il depasim – doar leasingul financiar a inregistrat o
rata de penetrare in PIB de 7,5% in 2008 in timp ce
volumul activelor IFN reprezenta cca. 11% din
totalul activelor bancare, la doar doi ani de activitate
sub supravegherea BNR.
The evolution that I watched in numbers was more
than focused on the financial leasing domain, that
represented from the beginning the majority in both
Registers. There were peak years for the market in
Romania, years when the dynamic growth exceeded
any other country in Europe! Thus, 2007 was
probably the peak that will only be reached in the
distant future, then peak that creates a standard that
we should feel obliged to reach again and overcome
–only the financial leasing registered a penetration
rate in GDP of 7.5% in 2008 while the amount of
NBFI assets represent approx. 11% of the total
banking assets in just two years of activity under the
supervision of the NBR.
Evolutia economiei nationale promitea in aceeasi
dinamica iar contextul politic purta inca amprenta
alergatorului castigator la poarta de intrare in
Uniunea Europeana.
The development of the national economy promised
in the same dynamic and political context was still
bearing the print of the winning runner at the gate of
the European Union.
10
Din pacate ceea ce a urmat nu e un secret, dar cu
siguranta nu s-a incadrat in zona asteptarilor: debutul
crizei financiare in 2008 in Romania si lantul de
„solutii fiscale anticriza” ce au actionat mai mult in
sensul adancirii crizei: taxa de prima inmatriculare,
majorarea TVA de la 19% la 24%, nedeductibilitatea
TVA la achizitia de vehicule, tratamentul abuziv al
TVA in cazul bunurilor nereposedate din contractele
de leasing financiar, reducerea cu 25% a veniturilor
bugetarilor, reducerea pensiilor, prevederi in Noul
Cod Civil si in Noul Cod al Insolventei care induc si
sustin prin textul de lege un comportament de plata
nesanatos si nesanctionabil. De asemenea, se mai pot
enumera: aplicari retroactive, neconstitutionale ale
textelor de lege cu impact incalculabil, legea
clauzelor abuzive si armonizarea Directivei
Creditului de Consum cu extinderea prevederilor
acesteia fara a pastra limita superioara de 70 000 de
Euro ca valoare maxima a creditului ce intra sub
incidenta protectiei... si daca toate acestea nu au fost
suficiente, si-au mai lasat amprenta si anii electorali
si referendumurile cu costurile lor adiacente pe
termen lung.
Unfortunately what followed is not a secret, but it
certainly did not meet the expectations: the onset of
the financial crisis in 2008 in Romania and the chain
of anti-crisis tax solutions’ that acted more in the
sense of deepening the crisis: first vehicles’
registration tax, VAT increase from 19% to 24%,
non-deductibility of VAT on vehicles purchase,
abusive treatment of VAT for un-repossessed goods
from finance leasing contracts, the reduction by 25%
of budget revenues, the reduction of pensions,
provision in the New Civil Code and in the New
Insolvency Code that induce and supported through
the legal text an unhealthy and unsanctionable
payment
behavior.
It
can
also
include:
unconstitutional, retroactive application of text laws
with incalculable impact, the unfair terms law and the
harmonization of the Consumer Credit Directive by
extending its provisions without keeping the upper
limit of EUR 70 000 as the maximum value of the
credit to come under the protection... and if all this
were not enough, the election years and referendums
also left a mark with their adjacent long-term costs.
Un cost inestimabil pe care il platim cu totii este
acela al lipsei increderii in ceea ce ar trebui sa existe
neconditionat in orice domeniu de activitate:
integritatea, stabilitatea, valoarea resursei umane,
onestitatea. Continuarea activitatii de creditare intr-o
societate in care coruptia si instabilitatea politica au
devenit o normalitate si-a asumat riscul contaminarii
in reputatie si imagine cu mediul politic de care
cresterea sau descresterea, profitul sau pierderea
An inestimable cost we all pay is the lack of
confidence in what should unconditionally exist in
every field of activity: integrity, stability, human
resource value, honesty. Continuing the crediting
activity in a society where corruption and political
instability have become normal, assumed the risk of
image and reputation contamination in the political
field of which the increase or decrease in profit or
loss so vulnerably depend.
11
depind atat de vulnerabil. Acesta este contextul in
care oglinda Registrelor BNR a ajuns spre o
concentrare mare a creditarii in Registrul Special.
93% din volumul total al creditelor acordate de IFN
in primele trei trimestre ale anului 2013 sunt rezultat
al activitatii IFN-urilor inscrise in Registrul Special.
This is the context in which the mirror of the NBR
Registers came to a high concentration of crediting in
the Special Register. 93% of the total credits volume
granted by NBFIs in the first three quarters of 2013 is
a result of the NBFI registered in the Special Register
activity.
Total credite IFN/Total NBFI credits
7%
2013
Registru Special/Special
Register
Registru General/General
Register
93%
99,8% din totalul societatilor inregistrate in Registrul
Special si supuse rigorilor prudentialitatii acestuia au
ca obiect principal de activitate leasingul financiar
sau desfasoara preponderent activitate de leasing
financiar desi au cod CAEN activitatile multiple de
creditare.
99.8% of all companies registered in the Special
Register and under its prudentially rigors have as
main activity the financial leasing or financial leasing
activities, although they have a NACE code of
multiple lending activities.
Chiar daca unii analisti sustin opinia conform careia
tot ceea ce intra sub incidenta termenului de „shadow
banking” ar trebui reglementat egal cu bancile
comerciale, eu raman la parerea ca leasingul
financiar este un produs care poate oferi o foarte
buna si mai putin costisitoare acoperire a riscurilor
Even though some analysts support the view that
everything covered by the term "shadow banking"
should be regulated equally to commercial banks, I
stick to the opinion that financial leasing is a product
that can provide a very good and less expensive
coverage risks taken by credit. Focusing the large
12
asumate prin creditare. Concentrarea competitiei NBFI competition, registered in the Special Register,
IFN-urilor mari, inscrise in Registrul Special, spre towards the finance lease is an eloquent proof of this.
leasing financiar este o dovada elocventa in acest
sens.
In antiteza cu situatia din Registrul Special, cel
General indica o reorientare a atentiei spre zona
creditului de consum (52%) si in special a celui
negarantat.
As opposed to the situation from the Special
Register, the General one indicates a renewal of
attention towards the consumer credit area (52%) and
especially towards the unsecured one.
Avand in vedere aceasta evolutie am acordat o
atentie speciala institutiilor inscrise in Registrul
Special si General pentru a urmari in detaliu toate
categoriile de obiecte de activitate pe care acestea
sunt autorizate sa le presteze:
Given this development, we paid special attention to
institutions registered in the Special and General
Register in order to minutely follow all types of
activities which they are authorized to develop:
13
Chiar si aceasta detaliere a obiectelor de activitate
indica o concentrare a businessului spre leasing
financiar in Registrul Special si spre creditul de
consum in Registrul General.
Even the detailing of activities indicates a business
concentration towards financial leasing in the Special
Register and towards the consumer credit in the
General Register.
Insist asupra acestei detalieri pentru simplul motiv al
revenirii, pentru o analiza in paralel, a nivelului
diferentiat de reglementare al IFN-urilor inscrise in
cele doua Registre: Special si General. Astfel, in
Registrul Special cea mai mare pondere a riscurilor
asumate este in domeniul leasingului financiar,
contractele de leasing finantand preponderent agentii
economici sub rigorile regulilor de prudentialitate
adecvate acestui Registru. Este bine stiut ca aceste
institutii pot oferi orice tip de creditare dar nu pot
atrage depozite de la populatie. Pe de alta parte,
majoritatea volumului de creditare din Registrul
General – care nu se supune rigorilor prudentialitatii
din cel Special – este orientata catre persoana fizica
in calitatea sa de consumator al serviciilor financiare.
I insist on this detaining for the sole reason of
revival, for a parallel analysis, of the differentiated
levels of regulating the NBFIs registered in the two
Registers: the Special and the General. Thus, in the
Special Register the highest degree of assumed risks
is in the financial leasing field, financial leasing
contracts mainly financing economic agents under
the prudentially rigors appropriate for this Register. It
is well known that these institutions can provide any
type of credit but cannot take deposits from the
public. On the other hand, the majority of credits
volume from the General Registry - which is not
subject to the prudentially rigors of the Special
Register - is targeting the individual as a consumer
of financial services.
Contextul enuntat mai sus ma obliga sa caut un
raspuns la urmatoarea intrebare: pastrarea unui dublu
standard de supraveghere oare cui serveste? In nici
un caz consumatorului persoana fizica ce ramane
expus apetitului de creditare al unor agenti economici
din Registrul General ce oferteaza mult mai putin
constransi un credit de consum in comparatie cu un
IFN din Registrul Special. Iar diferenta cea mare vine
din faptul ca acest consumator nu are garantia unui
IFN auditat, controlat de Banca Centrala! El nu este
protejat adecvat si prin faptul ca, cel mai probabil, nu
are informatia necesara pentru a face diferenta dintre
un IFN inscris in Registrul Special si cel inscris in
Registrul General.
The above-mentioned context forces me to seek an
answer to the following question: keeping a double
standard of supervisions better serves who? In any case
not the individual consumer that is still exposed to
some economic agents’ crediting appetite from the
General Register that much less constrained offer a
consumer credit compared to a NBFI from the Special
Register. And the big difference comes from the fact
that the consumer has no guarantee of an audited NBFI,
controlled by the Central Bank! He is not adequately
protected by the fact that, most likely, he does not have
the information needed to make the difference between
an NBFI registered in the Special Register and the one
registered in the General Register.
14
Si, dincolo de aceste doua Registre, acelasi
consumator trebuie sa fie capabil sa discearna intre o
alta categorie care poarta aceeasi abreviere – IFN dar care se regaseste intr-un al treilea Registru: de
Evidenta!
And beyond these two Registers, the same consumer
must be able to discern between another category that
carries the same abbreviation - NBFI - but which is
found in a third register: the Evidence one!
Pastrarea acestei abordari a legiuitorului, punerea pe
picior de egalitate din punctul de vedere al
terminologiei – IFN - obiecte de activitate multiple,
de la leasing financiar la case de amanet dar cu
asumarea in mod diferit a rolului autoritatii de
supraveghere induce nu doar dezinformare catre
consumator dar si un risc de imagine si reputational
din ce in ce mai vizibil in ultima vreme.
Keeping this legislator approach, considering
multiple activities to be equal from a point of view of
terminology – NBFI, from financial leasing to
pawnshops, but by differently assuming the role of
the supervisory authority induces not only the
consumer misinformation but also an image and
reputational risk even more visible lately.
Intrarea in vigoare a legii clauzelor abuzive este un
subiect care poate crea confuzie atunci cand se va
dovedi ca lipsa unui standard adecvat si unitar de
supraveghere pentru IFN-urile din cele doua Registre
poate fi o sursa de aplicare a incidentei acestei legi
catre IFN-urile din ambele Registre !
The enforcement of the unfair terms law is a subject
that can be confusing when it will turn out that the
lack of adequate and uniform standard for NBFI
surveillance of the two Registers can be a source of
application of this law’s incidence towards the NBFIs
in both Registers!
Este evident faptul ca nu BNR este responsabila
pentru felul in care creditorii isi redacteaza textele
contractelor... dar este la fel de evident faptul ca
supravegherea impune bune obiceiuri spre
conformare cu litera si spiritul legii. Implementarea
legii clauzelor abuzive face mai evident faptul ca in
piata creditarii cei doi actori ai contractului de
creditare nu au evoluat in mod egal in intelegerea
rolului si scopului social si economic al creditarii. In
astfel de situatii este de asteptat ca statul de drept sa
impuna reguli care sa duca la crearea unei situatii de
echilibru in timp si nu prin aplicari cu termene de
urgenta si cu retroactivitate.
It is obvious that the NBR is not responsible for the
way in which the creditors draw up their contracts...
but it is also obvious that surveillance imposes good
habits for complying with the letter and spirit of the
law. The implementation of unfair terms law makes it
more obvious that, on the credit market, the crediting
contract’s two actors have not equally evolved in
understanding the social and economic role and
purpose of crediting. In such situations, it is expected
that the rule of law to impose rules that lead in time
to a balanced situation and not by implementing
emergency terms and retroactivity.
O astfel de abordare adanceste dezechilibrul partilor
prin inducerea unei lipse reciproce de respect si a
unei dorinte de impunere a fortei colective din partea
consumatorului. Insa o actiune colectiva nu poate
echilibra in mod egal toti jucatorii si cu siguranta nu
face decat sa „depersonalizeze” efectele scontate atat
la nivel individual cat si social colectiv. Efectul pe
termen mediu va fi acela de pierdere a increderii atat
in institutia de creditare cat si in sistemul justitiar
Such an approach deepens the parties’ imbalance by
inducing a mutual lack of respect and a desire of the
consumer to impose collective strength. However, a
collective action cannot equally balance all players
and it certainly does nothing more but to
‚depersonalize’ the expected effects at both an
individual and social collective level. The midterm
effect will be the loss of confidence in both the
crediting institution and justice system.
Si pentru ca am ajuns la termenul de incredere voi
trece mai departe cu analiza asupra acelor cifre care
indica pretul unui comportament de plata nesanatos
sau mai simplu spus al lipsei de respect fata de
institutia finantatoare.
And because we reached the confidence term, I will
move on with the analysis to those figures indicating
the price of an unhealthy payment behaviour or
simply put of a lack of respect for the financing
institution.
15
Graficele de mai sus indica o reorientare a clientilor
in intervalul 2012 – 2013 spre finantatorii din
Registrul Special. Chiar daca acest fapt ilustreaza o
crestere a volumului nou finantat la nivelul IFNurilor din Registrul Special aceasta tendinta nu se
pastreaza si la nivelul indicatorilor de performanta,
nonperformanta fiind in pondere mai mare acolo
unde bussinesul este
mai mic si mai slab
reglementat, adica la nivelul IFN-urilor din Registrul
General:
16
The charts above show a shift of customers between
2012 and 2013, towards the financers from the
Special Register. Although this fact shows an
increase in the newly financed volume at the level of
the NBFIs from the Special Register, this trend is not
maintained at the level of the performance indicators,
non-performance being higher where business is
smaller and poorly regulated, namely at the level of
the NBFI from the General Register:
Scurta prezentare in cifre a rezultatelor la finele Short number presentation of the results of
lui septembrie 2013 a leasingului financiar si a financial leasing and consumer credit at the end of
creditului de consum
September 2013
La 30.09.2013, piata de leasing financiar din
Romania a inregistrat un volum total nou finantat in
valoare de 832 milioane Euro, in scadere cu 10%
fata de aceeasi perioada a anului 2012.
Finantarile acordate in primele 9 luni ale anului 2013
s-au indreptat catre diverse domenii, cel al
mijloacelor de transport ramanand in continuare cu o
pondere majoritara de 70% (580 milioane Euro) in
comparatie cu finantarea echipamentelor in pondere
de 26% (216 milioane Euro) si a sectorului imobiliar
cu o pondere de 4% (36 milioane Euro).
In domeniul finantarii mijloacelor de transport se
observa pastrarea unui interes relativ constant al
pietei in finantarea majoritara a autoturismelor
(55%) urmata de finantarea vehiculelor comerciale
grele (peste 3,5 tone - 28% ), a vehiculelor
comerciale usoare (sub 3,5 tone - 15%) precum si a
altor categorii de vehicule (2%).
On 09/30/2013, the financial leasing market in
Romania registered a total new financed amount of
832 million Euros, lower with 10% compared to
the same period of 2012.
The financing granted in the first 9 months of 2013
were directed to different areas, the means of
transportation area still having a majority share of
70% (580 million Euros) compared with the
equipment financing area’s share of 26% (216
million Euros) and the real estate sector with a share
of 4% (36 million Euros).
In the area of financing means of public
transportation we can observe the preservation of
a relatively constant market interest in the major
financing of auto (55%) followed by the financing
of heavy commercial vehicles (over 3.5 tones - 28%),
of light commercial vehicles (under 3.5 t - 15%) as
well as of other types of vehicles (2%).
In contextul economic si politic al anului 2013
finantarea echipamentelor agricole este in crestere
de la 19% la 24% in trend similar cu finantarea
echipamentelor destinate industriei de prelucrare
a lemnului (crestere de la 2% la 4%), cu finantarea
tehnologiei din domeniul energiei (crestere de la
13% la 14%) si a service-urilor auto (crestere de la
1% al 4%). In acelasi context mentionat, ponderea
finantarii altor sectoare industriale este in scadere
dupa cum urmeaza: sectorul constructiilor de la 31%
la 16%, industria metalurgica de la 12% la 9%,
In 2013’s economic and political context, the
agricultural equipment financing is increasing from
19% to 24% having a similar trend to the financing
of equipment for the woodworking industry (up
from 2% to 4%), with financing the technology from
the energy domain (increase from 13% to 14%) and
of car services (up to 1% of 4%). In the same
mentioned context, financing other industries’ share
is decreasing as follows: the construction sector from
31% to 16%, metallurgy from 12% to 9%, medical
equipment from 4% to 3%. Financing economy’s
17
echipamente medicale de la 4% la 3%. Finantarea other sectors maintains a relatively constant share
celorlalte sectoare ale economiei pastreaza o pondere (2% printing industry, 3% IT industry, 5-6% food
relativ constanta (2% industria tipografica , 3% and beverage industry), as well as other areas.
industria IT, 5-6% industria alimentelor si
bauturilor), precum si alte domenii.
Finantarea sectorului imobiliar a inregistrat pentru
prima data in ultimii 2 ani o crestere, chiar daca este
vorba despre o crestere mica, iesind astfel din trendul
descendent continuu al ultimilor ani. Cu toate
acestea, nu pot considera ca aceasta tendinta este una
instalata ci doar conjuncturala.
Financing the real estate sector has seen for the first
time in the last two years increase, even if it's a small
increase, thus leaving the continuously downward
trend of recent years. However, I cannot believe that
this trend is an installed one, but only a conjectural
one.
Clientii persoane juridice au atras cea mai mare
pondere (97%) din totalul finantarilor, urmati de
persoanele fizice (3%). Durata de finantare cea mai
des intalnita este de 4-5 ani (28%), urmata de 3-4 ani
(25%), 2-3 ani (20%), 5-7 ani (10%), 1-2 ani (9%), 1
an (4%) si 7-15 ani (4%). Desi are cea mai mica
pondere, aceasta ultima perioada este caracteristica
finantarii sectorului imobiliar.
Business clients attracted the largest share (97%) of
the total funding, followed by individuals (3%). The
length of the common grant is 4-5 years (28%),
followed by 3-4 years (25%), 2-3 years (20%), 5-7
years (10%) 1-2 years (9%), 1 year (4%) and 7-15
years (4%). Although it has the lowest rate, this last
period is characteristic of the real estate financing.
Portofoliul total al pietei de leasing la septembrie
2013 este de 2 335 milioane Euro din care
companiile membre ALB detin 2 103 milioane Euro
(90%), iar companiile neafiliate 232 milioane Euro
(10%). Cea mai mare cota de piata este inregistrata
de sectorul companiilor subsidiare ale bancilor, cu
65% din total, urmat de sectorul companiilor captive
producatorilor cu 19% si de sectorul companiilor
independente, cu 16%.
In contextul dinamicii in scadere a finantarilor in
leasingul financiar, produs ce raspunde in oglinda
evolutiei indicatorilor din sectoarele economice pe
care le finanteaza, marii jucatori mentin acerba lupta
pentru pozitiile din top 7 in cursul acestui an. O
analiza a dinamicii cotelor de piata ale IFN-urilor ce
constituie top 7 in domeniul leasingului financiar ne
indica urmatoarele:
The total portfolio of the leasing market in
September 2013 is 2 335 million Euros, of which
the ALB member companies hold 2.103 billion Euros
(90%), and non-affiliated companies 232 million
Euros (10%). The largest market share is recorded by
the banks’ subsidiary companies sector, with 65% of
the total, followed by sector producers’ captive
companies sector with 19% and the independent
companies, with 16%.
In the context of the declining dynamics of financers
in the financial leasing, products which responds to
the indicators of economic sectors it finances’ mirror,
the big players keep fierce fight for the top 7
positions of this year. An analysis of the dynamics of
the market shares of NBFI representing the top 7 in
the financial leasing indicate the following:
18
Finantarea in lei ca decizie de conformare la
prevederile Regulamentului BNR nr. 17/2012
privind unele conditii de creditare poate fi una din
cauzele cresterii cotelor de piata ale unor finantatori
din top 7. In acelasi context, orientarea unor societati
de leasing din top spre finantarea vehiculelor de
second hand pare sa fie o decizie ce a indus o crestere
a cotei de piata la evolutia trimestriala a acestui an.
RON financing as a decision to comply with the
provisions of the NBR Regulation no. 17/2012 on
certain credit conditions may be one of the causes of
market shares increase of some top 7 financers. In the
same context, the orientation of some top leasing
companies towards second-hand vehicles financing
appears to be a decision that induced an increase in
market share in this year’s quarterly evolution.
Pastrarea pozitiilor de frunte in evolutia anuala a Keeping top positions in the annual evolution
produs insa competitii puternice intre aceeasi generated but strong competitions between these
finalisti:
finalists:
Membrii ALB, reprezentanti ai creditului de
consum au acordat credite in valoare de 310
milioane Euro, din care 269 milioane Euro (86%)
credite destinate consumului personal, 30 milioane
Euro (10%) credite industriale si 11 milioane Euro
(4%) credite auto.
In domeniul creditelor destinate consumului
personal, creditele de tip revolving (inclusiv
cardurile de credit) au o pondere de 49%,
imprumuturile de tip nevoi personale detin o cota de
41%, iar credite la POS 10%.
The ALB members, representing the consumer
credit, granted 310 million Euros worth of credits, of
which 269 million Euros (86%) credits for personal
usage, 30 million Euros (10%) of industrial credits
and 11 million Euros (4%) of auto credits.
In the area of personal usage credits, revolving
credits (including credit cards) have a share of 49%,
personal needs type loans hold a share of 41%, and
POS credits 10%.
19
Din totalul finantarilor de tip credit auto acordate,
85% au fost destinate achizitiei de vehicule noi, iar
15% achizitiei de vehicule second hand.
Din totalul finantarilor acordate in functie de
valoarea creditului, 44% au fost credite pana la
maxim 1.000 Euro, 39% intre 1.000 si 5.000 Euro,
9% intre 5.000 si 10.000 Euro si 8% mai mult de
10.000 Euro.
Of the total amount of auto credit type financing
granted, 85% were for the purchase of new vehicles,
and 15% for the purchase of second hand vehicles
Of the total of financing granted depending on the
value of the credit, 44% were credits up to 1,000
Euros, 39% between 1,000 and 5,000 Euros, 9%
between 5,000 and 10,000 Euros and 8% over 10,000
Euros.
In ceea ce priveste creditele acordate pe categorii de
varsta, 29% au fost acordate persoanelor care au
peste 55 de ani, 27% persoanelor cu varste cuprinse
intre 35 si 45 de ani, 20% persoanelor cu varste
cuprinse intre 45 si 55 de ani, 19% persoanelor cu
varste cuprinse intre 25 si 35 de ani si doar 5%
persoanelor sub 25 de ani.
Regarding credits granted by age category, 29%
were granted to persons over 55, 27% were granted
to persons between 35 and 45, 20% to persons
between 45 and 55, 19% to persons between 25 and
35 and only 5% to persons under 25.
Din totalul finantarilor acordate in functie de sex si
din punct de vedere al situatiei civile a clientilor
52% au fost credite pentru persoane de sex masculin
si 48% pentru persoane de sex feminin, din care 66%
declara ca sunt casatoriti si 34% necasatoriti.
In functie de gradul de educatie 52% au fost credite
acordate persoanelor cu studii medii, 34%
persoanelor cu studii superioare si 14% persoanelor
cu studii elementare.
Of the total of financings granted based on the
clients’ sex and marital status 52% were credits for
males and 48% for females, of which 66% declared
to be married and 34% to be unmarried.
With reference to the education degree, 52% were
credits granted to persons with secondary education,
34% to persons with higher education and 14% to
persons with elementary studies.
Venitul net al clientului IFN in creditul de consum
este cuprins intre 501 si 1.000 RON in proportie de
51%, urmat de venitul cuprins intre 1.001 si 1.500
RON pentru 22% din clienti. 9% dintre acestia au un
venit intre 1.501 si 2.000 RON, 5% inregistreaza un
venit intre 2.001 si 2.500 RON, iar restul de 6% au
declarat venituri nete de peste 2.500 RON. 7% au
venituri mai mici de 500 RON.
The net income of the NBFIs client in the consumer
credit is between 501 and 1.000 RON totalling 51%,
followed by the income between 1.001 and 1.500
RON for 22% of the clients. 9% of these have an
income between 1.501 and 2.000 RON, 5% record an
income between 2.001 and 2.500 RON, and the other
6% declared a net income over 2.500 RON. 7% have
an income lower than 500 RON.
Mi-am permis aceasta analiza a topului celor mai
puternici „jucatori” pentru a sustine mai departe un
mesaj, o concluzie: IFN-urile din Registrul Special se
supun regulilor prudentialitatii si isi asuma implicit
costurile acesteia. Cu toate acestea ele se dovedesc a
fi castigatoarele topului celor mai puternici intr-un
mediu concurential indoielnic indus prin pastrarea
standardelor diferentiate pentru cele doua Registre
IFN. Cu alte cuvinte o abordare prin prudentialitate a
activitatii de creditare prin IFN-uri se dovedeste a fi
mai solida, mai puternica si mai rezistenta in fata
„intemperiilor” crizei economice si instabilitatii
politice de pe scena romaneasca. Din pacate cel care
va ramane afectat prin pastrarea acestui dublu
standard este consumatorul asupra caruia va dainui
I allowed myself to make this analysis among the top
most powerful “players” to further support a
message, a conclusion: NBFIs from the Special
Register follow prudentially rules and implicitly
assume their costs. However they are the winners of
the most powerful tops in a doubtful competitive
environment induced by maintaining differentiated
standards for the two NBFI Registers. In other words,
a prudential approach of crediting activity through
NBFIs proves to be more solid, stronger and more
resistant to the "weather" of the economic crisis and
political instability on the Romanian scene.
Unfortunately, the one that will be affected by the
preservation of this double standard is the consumer
which will endure the uncertainty of some
20
nesiguranta accesarii unor servicii de creditare improperly supervised crediting services when he/she
nesupravegheate corespunzator atunci cand va bate la will knock on the gate of an NBFI.
poarta unui IFN.
Cu toate ca in Europa, conform Leaseurope si
Eurofinas la care ALB este membra, inca nu s-a
impus un standard unitar de reglementare a
domeniului de activitate al IFN-urilor, valul
schimbarilor este spre sustinerea unui nivel de
supraveghere unitara pentru acele institutii care se
pot regasi in definitia termenului „shadow banking”.
Although in Europe, according to Leaseurope and
Eurofinas that ALB is a member of, a uniform
standard of regulating activity domain of NBFIs has
not yet been imposed, the wave of change is to
support a unified supervisory level to those
institutions that can fall under the definition of
"shadow banking".
Surse ale informatiei:
Sources of information:
x
x
x
Banca Nationala a Romaniei
Asociatia Societatilor Financiare – ALB
Romania
Institutul National de Statistica
x National Bank of Romania
x Financial Companies Association –
ALB Romania
x National Institute of Statistics
21
II.1 Interviu cu doamna Antoaneta Curteanu
CEO al Unicredit Leasing Corporation IFN SA
Presedinte ALB
II.1 Interview with Mrs. Antoaneta Curteanu
CEO of Unicredit Leasing Corporation IFN SA
ALB President
Prezent si perspective in
leasingul financiar
Present and perspectives
for Financial Leasing
Q1: Dna Curteanu, in calitatea Dvs. de Presedinte
al ALB, avand si implicarea directa in piata din
perspectiva celui mai mare jucator – UniCredit
Leasing, companie pe care o conduceti de peste 3
ani - cum priviti evolutia sectorului de leasing in
2013 ?
Q1: Mrs. Curteanu, as President of ALB, and
being directly involved in the market as the
largest player – UniCredit Leasing, company
which you have been running for over 3 years –
what is your view on the evolution of the leasing
sector in 2013?
R1: Pentru a analiza piata leasingului in 2013 ar
trebui sa plecam de la evolutia din anii anteriori dupa scaderea masiva de la debutul turbulentelor pe
pietele financiare in 2008 am traversat un an de
stabilizare in 2011 si am inregistrat prima crestere a
volumelor finantate la nivel de industrie in 2012.
Astfel, pe baza premiselor unei evolutii
macroeconomice pozitive pentru Romania in acest
an, cu o crestere a PIB-ului estimata in jur de 1.5-2%,
am inceput anul 2013 cu un optimism moderat.
Realitatea insa ne-a aratat la jumatatea anului ca
trecem printr-o noua contractie a volumelor finantate
– aproximativ 15% scadere fata de aceeasi perioada
din 2012.
R1: In order to analyze the leasing market in 2013,
we should start from the evolution of the past years –
after the massive decrease from the onset of turmoil
on the financial markets in 2008; we crossed a year
of stabilization in 2011 and recorded the first
increase in financed volumes at an industry level in
2012. Thus, based on the premises of a positive
macroeconomic evolution for Romania this year,
with an estimated GDP growth of around 1.5-2%, we
entered 2013 with a moderated optimism. However,
after the first six month of the year, reality showed us
that we are going through a new contraction of the
financed volumes – approximately a decrease of 15%
from the same period in 2012.
Avand in vedere ca majoritatea companiilor din piata
si-au pastrat apetitul de finantare si au securizat
sursele de lichiditate, cauza este data cu siguranta de
scaderea cererii. In principal, finantarile oferite de
noi pleaca de la doua categorii de nevoi ale clientilor
– nevoi de consum, specifice in special pentru
finantarile de autoturisme – si nevoi de investitii –
specifice pentru echipamente si autovehicule grele,
dar amandoua categoriile au avut evolutii sub
asteptari in 2013.
Taking into consideration that the majority of the
market companies kept their appetite for financing
and secured the liquidity sources, the drop in demand
is certainly the cause of this. Mainly, the financing
that we offer are based on two types of clients’ needs
– consumers need, especially specific for car
financing – and investments needs – specific for
heavy equipment and cars, but both categories’
evolution was below expectations in 2013.
Practic, piata auto s-a contractat semnificativ, Basically, the car market shrank significantly,
investitiile in echipamente de constructii au lipsit, investments in construction equipment lacked, those
23
cele in echipamente productive au fost temperate sau
amanate; piata de leasing imobiliar ramane in
asteptarea relansarii sectorului de real estate, fiind
marcata mai degraba de tranzactii singulare, atipice,
decat de o cerere solida, solvabila. O exceptie a
constituit-o poate sectorul transportului, unde
previzionatele modificari ale normelor de poluare
incepand cu 2014 au determinat o serie de companii
sa isi devanseze planurile de reinnoire sau extindere a
flotelor – dar aici putem vorbi mai degraba de o
cerere anticipata, care va genera un recul implicit in
finantarile de anul viitor.
in productive equipment were temperate or delayed;
real estate leasing market is still waiting the relaunch of the real estate sector, being rather marked
by singular, atypical transactions, than by a solid,
solvable demand. Maybe the transportation sector
was an exception, where the foreseen amendments of
the pollution norms starting 2014 determined a
number of companies to bring-forward plans of fleet
renewal or extension – but here we can rather speak
of an anticipated demand that will generate an
implicit setback in next year’s financing.
Q2: Care a fost reactia companiilor de leasing la
acest context ? Si mai specific, cum a reactionat
UniCredit Leasing in fata acestei evolutii negative
a pietei ?
Q2: How did the leasing companies react to this
context? And more specifically, how did
UniCredit Leasing react when facing this negative
market evolution?
Companiile de leasing au trecut in ultimii ani printrun test de maturitate, fiind imperativa ajustarea,
optimizarea modelelor de operare. Astfel, unele
companii s-au specializat pe nise de piata sau pe
anumite industrii, altele – in special companiile
captive - s-au concentrat pe legatura cu producatorii,
incercand sa se repozitioneze ca o unealta
suplimentara in sustinerea vanzarilor de masini sau
echipamente – iar o alta categorie de companii – in
special cele afiliate la grupuri bancare – a incercat sa
materializeze avantajul dat de aceasta apartenenta
care asigura o prezenta teritoriala importanta a
bancilor “mama” ce ar trebui sa actioneze ca
principal canal de vanzari.
The leasing companies took, during the last few
years, a maturity test, where the adjustment and
optimization of operation models was imperative.
Thus, some companies specialized in market niches
or specific industries, others – especially captive
companies – focused on the connections with the
producers, trying to reposition themselves as an
additional tool in supporting car and equipment sales
– and another category of companies – especially
those affiliated to banking groups – tried to
materialize the advantage given by this membership
that ensures a territorial presence of the ‘mother’
banks, which should act as main sales channel.
Pentru echipa UniCredit Leasing o prioritate
reprezinta si in acest an efortul de potentare a
sinergiilor date de prezenta multipla si angajamentul
puternic al grupului UniCredit in Romania – banca
UniCredit Tiriac este jucator de top, la fel compania
de credite de consum – UniCredit Consumer
Financing sau entitatea de brokeraj in asigurari –
UniCredit Insurance Broker. Astfel, putem oferi
clientilor solutii financiare complete sub un singur
acoperis, la cele mai inalte standarde.
For the UniCredit Leasing team the effort to
potentiate synergies given by multiple presence and
the powerful commitment of the UniCredit Group in
Romania represents a priority – the UniCredit Tiriac
Bank is a top player, as well as the consumer credit
company – UniCredit Consumer Financing or the
insurance brokerage entity - UniCredit Insurance
Broker. Thus, we can offer our clients complete
financial solutions under one roof, at the highest
standards.
Q3: Credeti ca se poate defini un set de masuri Q3: Do you think that you can define a set of
measures that can help with a future re-launch of
care sa ajute la o relansare a pietei in viitor ?
the market?
Dincolo de strategiile individuale a fiecarei companii
de leasing, cred ca ultimii ani au impus un standard
semnificativ mai ridicat in ceea ce priveste grija si
orientarea noastra ca industrie fata de client. Acesta
24
Besides the individual strategies of each leasing
company, I think that the last past years have
imposed a significantly higher standard in terms of
care and orientation towards the client as an industry.
este cel mai mare castig pentru noi, fiindca doar o
orientare pe termen lung ne poate face sa depasim
momente ca cele din acest an, in care ne confruntam
cu scaderea cererii.
Leasingul este un barometru sensibil al starii
economiei, in special in ceea ce priveste
intreprinderile mici si mijlocii, datorita rolului
important pe care il jucam – acela de a distribui
lichiditatea monetara in economie, intr-un mod rapid,
eficient si sustenabil. Astfel, industria noastra resimte
rapid schimbarile preferintelor de consum ale
clientilor sau increderii antreprenorilor in evolutia
economica viitoare, reflectata in intentia de a investi.
This is our biggest achievement, because only a longterm orientation can help us overcome moments like
this years’, in which we are faced with a decrease in
demands.
Leasing is a sensitive barometer of the economy
state, especially regarding SMEs, due to the major
role we play – that of quickly, efficiently and
sustainably distributing monetary liquidity in
economy. Thus, our industry is rapidly feeling the
changes in our clients’ consumer preferences or the
entrepreneurs’ faith in the future economic evolution,
reflected in the intention to invest.
De aceea consider ca, dincolo de a astepta o relansare
economica puternica si sustinuta si la nivelul IMMurilor, la care putem contribui mai mult ca
“spectator” al masurilor politice specifice fiecarei
perioade, modul cel mai bun in care putem sa
ramanem – ma refer la nivelul intregii industrii - un
generator de lichiditate in economia romaneasca este
sa fim aproape de clienti.
That is why I consider that, besides waiting for
powerful and supported economical re-launch at a
SMEs’ level at which we can contribute rather as
‘spectators’ of the political measures specific to each
period, the best way in which we can stay – I am
talking about the level of the whole industry – a
liquidity generator in the Romanian economy is to be
close to our clients.
Echipa UniCredit Leasing crede in aceasta abordare
si ne uitam cu atentie la evolutiile sectoarelor
economice, incercam sa anticipam cresterea si sa
oferim solutiile corecte, la momentul oportun –
reamintesc rolul nostru de pionierat in domeniul
energiei regenerabile, sector in care credem pe
termen lung in ciuda recentelor evolutii
contradictorii, accentul pe finantarea proiectelor de
(re)tehnologizare, continuitatea in finantare pe
perioade in care putini investitori mai credeau in
piata locala, dezvoltarea produselor de leasing
operational, din ce in ce mai solicitate atat in
domeniul auto dar si al transporturilor sau
echipementelor industriale,
The UniCredit Leasing team believes in this
approach and we carefully observe the evolution of
the economic sectors, we try to anticipate the growth
and to provide correct solutions at the right moment –
I remind our pioneering role in the renewable energy
sector, sector in which we have a long-term faith,
despite the recent contrary development, focus on
financing (re)technologizing projects, the financing
continuity in times in which few investors kept their
faith in the local market, the development of the
operational leasing products, even more demanding
for both the automotive field and the transport and
industrial equipment fields.
Este obligatoriu pentru dezvoltarea noastra ca si
companie sa ne intelegem clientii si chiar sa le
anticipam nevoile astfel incat sa tratam fiecare
solicitare de finantare din postura unui partener de
drum pe termen lung.
It is mandatory for our development as a company to
understand our clients and even to anticipate the
needs in order to treat each financing request from
the point of view of a long-term partner.
25
II. 2 Interviu cu domnul Olivier Floris
CEO al Cetelem IFN SA
Vicepresedinte ALB
II. 2 Interview with Mr. Olivier Floris
CEO of Cetelem IFN SA
ALB Vice-president
Prezent si perspective in
creditul de consum
Present and perspectives in
consumer credit
Cetelem IFN - cea mai mare companie de credite de
consum de pe piata din Romania, membra a grupului
francez BNP Paribas - ofera credite de consum in
magazinele partenere, carduri de credit sub sigla
Mastercard, credite auto si credite de nevoi personale
cu acordare prin telefon sau Internet.
Domnul Olivier Floris, Director General al
companiei, a prezentat intr-un scurt interviu evolutia
companiei in primele 9 luni din 2013 :
Cetelem IFN – the biggest consumer credit company
on Romanian market, a member of the BNP Paribas
Group – is offering consumer loans in the partner
stores, credit cards MasterCard branded, car loans
and personal loans with granting via phone or
Internet.
Mr. Olivier Floris General Manager of the company
presented the company evolution in the first 9
months of 2013 in a short interview:
1. Cum considerati evolutia companiei Cetelem in
primele noua luni din 2013, comparativ cu aceeasi
perioada din 2012 si care au fost principalele
coordonate ale strategiei sale de dezvoltare in
perioada analizata?
1. How do you see the evolution of Cetelem in in
the first 9 months of 2013, in comparison with the
same period of 2012 and what were the main
criteria of its development strategy during the
analyzed period?
Primele 9 luni ale anului 2013 au marcat o crestere
de aproape 25% a creditelor acordate, fata de aceeasi
perioada a anului trecut, ceea ce confirma dinamica
din ultimii 2 ani. Factorii de crestere sunt bazati, pe
de o parte, pe cresterea consumului la nivel national,
si, pe de alta parte pe dezvoltarea parteneriatelor
strategice cu piata de retail, pe accesul la domenii noi
pentru compania noastra, cum ar fi comertul
electronic si finantarea autoturismelor second hand.
Strategia noastra este construita in jurul
consumatorilor, iar gradul de satisfactie al clientilor
nostri reprezinta un obiectiv comercial important, ca
si dezvoltarea intregii noastre activitati.
The first 9 months of 2013 recorded a growth of
nearly 25% of granted loans, compared to the same
period of the previous year, which confirms the
dynamic over the past 2 years. The growth factors are
based, on one hand, on the growth of the
consumption on national, and, on the other hand on
the development of strategic partnerships in retail, on
accessing new sector for our company, such as ecommerce and second hand car financing. Our
strategy is built around consumers, and the
satisfaction degree of our clients represents an
important commercial objective, as well as the
development of our entire activity.
26
2. In materie de produse si servicii noi, care sunt 2. In terms of new products and services, what are
the novelties?
noutatile?
Cetelem acorda doar credite in lei cu dobanzi fixe.
Noi am adaptat produsele - in special cardul de credit
prevazut cu noul sistem Mastercard PayPass - la
noile cerinte ale pietei, am venit in intampinarea
asteptarilor clientilor intr-o maniera moderna si
inovativa, asociind evolutia tehnologica cu
creativitatea si flexibilitatea solutiilor de finantare.
De asemenea, noul parteneriat cu PayPoint a
completat lista solutiilor de incasare a ratelor printrun sistem rapid si simplu, cresterea permanenta a
gradului de satisfactie a clientilor din portofoliu fiind
prioritatea noastra numarul unu.
Cetelem offers loans in lei only, with fixed interest
rates. We adapted our products – especially the
credit card with the new MasterCard Pay-Pass
feature – to the new market requirements, we
anticipated the expectations of our clients in a
modern and innovative way, by associating the
evolution of the technology with the creativity and
flexibility of the financing solutions. Also, the new
partnership with Pay Point completed the list of
installment cash-in solutions through a swift and
simple system, the permanent growth in the
satisfaction degree of the clients in our portfolio
being our number one priority.
3. Cum a evoluat portofoliul de carduri pentru 3. How did the card portfolio evolve during the
primele noua luni ale anului in curs, comparativ first 9 months of the current year, compared to
the same period of the previous year?
cu aceeasi perioada a anului trecut?
Portofoliul de carduri a ajuns la 356.500 unitati la
sfarsitul lunii septembrie, in crestere cu peste 12 %
fata de aceeasi perioada a anului trecut. Cetelem este
unul dintre primii trei emitenti de carduri de credit de
pe piata locala; in acelasi timp, am lansat cel mai
mare numar de programe co-branded cu partenerii
din retail de pe piata locala (8).
Desfasuram permanent campanii promotionale
impreuna cu partenerii, consideram ca sunt
atragatoare pentru clientii nostri, si costituie un punct
de plecare intr-o relatie pe termen lung, bazata pe
incredere reciproca.
The cards portfolio reached 356.500 units at the end
of September, up by over 12 % compared to the same
period of last year. Cetelem is one of the first 3 credit
card issuers on the local market; at the same time, we
launched the biggest number of co-branded programs
with retail partners on the local market (8).
We are permanently holding promotional campaigns
together with our partners, which we believe to be
attractive for our clients, and it represents a starting
point to a long-term relationship, based on mutual
trust.
4. Care a fost trasatura definitorie a creditelor 4. What was the defining feature of personal
destinate consumului personal, sub raportul consumption loans, given the demand ratio in the
cererii in primele noua luni din 2013, comparativ first 9 months of 2013, compared to 2012?
cu 2012?
Lucrarile de amenajare raman prima destinatie a
creditelor de nevoi personale, cererea fiind in crestere
atat ca numar, cat si in valoare. Sunt semnele unei
evolutii pozitive a increderii consumatorilor in
potentialul propriu de dezvoltare, si in cresterea
economica.
Renovation and redecoration remain the primary
destination of the personal loans, the demand being
on the rise both in number and in value. These are the
signs of a positive evolution in the consumer trust in
their own development potential and in the economic
growth.
5. In conditiile scaderii accentuate a vanzarilor de 5. Given the accentuated decline in new car sales
masini noi si a introducerii timbrului de mediu, and the introduction of the Environment Tax,
what is the evolution of the car loan?
cum a evoluat creditul auto?
In ceea ce priveste finantarea pentru automobile, am Regarding car financing, we closed new partnerships,
realizat parteneriate noi, cu oferte promotionale with promo offers adapted to the need s of each
27
adaptate nevoilor fiecarui cumparator. Astfel, putem
vorbi despre o crestere a activitatii companiei
noastre, finantarile de masini noi fiind depasite ca
volum de cele pentru masinile second hand.
6. Ce ne puteti spune despre activitatea companiei
in relatia cu clientul pana la finele acestui an?
buyer. Thus, we can speak of an increase in our
company’s business, new car financing being
exceeded in volume by those for second hand cars.
Cetelem este in permanenta preocupat de cresterea
gradului de satisfactie al clientilor din portofoliu,
acorda o atentie deosebita relatiilor cu fiecare client,
isi adapteaza ofertele si produsele in functie de
asteptarile si nevoilor acestora.
Cetelem is permanently focused on increasing the
satisfaction degree of the clients in our portfolio,
grants special attention to the relationship with each
client, and adapts its offers and products according to
their needs and expectations.
Masuram anual nivelul de satisfactie al clientilor din
portofoliu. Am demarat acest proiect in 2008, si il
derulam prin intermediul companiei de cercetare
IPSOS Loyalty. Conform ultimul raport din acest an,
98% dintre clienti se decalara multumiti de serviciile
si produsele de creditare de la Cetelem, iar 68%
dintre ei vor recomanda produsele noastre . Pentru
atingerea acestor parametri am implementat un plan
de actiune permanent.
We do a yearly measurement of the satisfaction
degree of the clients in our portfolio. We started this
project in 2008, and we carry it out through the
IPSOS Loyalty research company. According to the
latest report of 2013, 98% of our clients are satisfied
with Cetelem crediting products and services, and
68% of them will recommend our products. To reach
these parameters we implemented a permanent action
plan.
Am continuat si consolidat proiectele de optimizare a
proceselor operationale pentru a oferi clientilor o
experienta mai simpla, mai transparenta, mai
prietenoasa. In acelasi timp, ne concentram asupra
dezvoltarii ofertei noastre de produse si servicii,
pentru a ne pastra pozitia de lider pe piata creditului
de consum din Romania.
We continued and consolidated the optimization of
operational processes in order to offer our clients a
simpler, more friendly and transparent experience. At
the same time, we concentrate on developing our
product and service, in order to maintain the leader
position on the consumption credit market in
Romania.
28
6. What can you tell us about the activity of your
company in the relation with the client till the end
of this year?
II.3 Interviu cu domnul Felix DANILIUC
CEO Raiffeisen Leasing IFN SA
Membru in CD al ALB
II.3 Interview with Mr. Felix DANILIUC
CEO Raiffeisen Leasing IFN SA
BOD Member of ALB
Schimbare de paradigma pentru leasingul
financiar
Paradigm Change for Financial
Leasing
1. Care sunt, in opinia dumneavoastra, tendintele
care isi vor pune amprenta asupra pietei de
leasing in perioada urmatoare, dupa inca un an
dominat de un context economic dificil?
1. What are in your opinion the trends that shall
influence the leasing market within the following
period, after one more year dominated by a
difficult economic context?
Cea mai la indemana solutie pentru dezvoltarea pietei
de leasing este ca aceasta sa continue intr-o maniera
mult mai accelerata tendinta de maturizare, pe linia
unui model de business adaptat cerintei de a intelege
cu adevarat nevoile clientilor, intr-o maniera corecta
si responsabila fata de afacerile lor.
De asemenea, avand in vedere ca performanta
industriei de leasing este direct influentata de
performanta economiei, este foarte important sa
identificam acele solutii viabile, aplicabile pentru
domeniile in care finantarea are cel mai mare impact
asupra cresterii economice.
The handiest solution for the development of the
leasing market is that it should continue in a much
more accelerated manner the maturing tendency,
according to a business model adapted to the
requirement of really understanding the needs of
clients, in a correct and responsible manner towards
the businesses they manage.
Having also regard to the fact that the performance of
the leasing industry is directly influenced by the
performance of the economy, it is very important to
identify those feasible solutions applicable to fields
in which financing has the greatest impact upon the
economic growth.
La nivelul companiei pe care o conduc, am transpus
responsabilitatea despre care va vorbeam intr-o
abordare de tip consultativ in relationarea cu clientii.
Concret, discutam in detaliu cu fiecare client toate
aspectele legate de finantare, pentru a identifica
impreuna oportunitatea si necesitatea acesteia pentru
afacerea pe care o deruleaza si contextul in care se afla.
Principalul nostru obiectiv este construirea unei
relatii de incredere cu clientii, in vederea stabilirii
unui parteneriat pe termen lung. Rezultatul acestei
abordari se reflecta intr-un grad de retentie de peste
60% pe portofoliul actual de clienti ai companiei.
At the level of the company I manage, we transposed
the responsibility I was talking about in an approach
of consultative nature in the relation with clients. We
concretely discuss in detail with each client all issues
related to financing, in order to identify together the
opportunity and necessity thereof for the business
they carry out and in the context it is undergoing.
Our main objective is to build up a trustful relation
with clients, in order to establish a long-term
partnership. The result of this approach is reflected in
a retention degree of over 60% on the current client
portfolio of the company.
29
2. Cum ati procedat in cadrul companiei pe care o
conduceti pentru a castiga increderea clientilor in
serviciile de leasing, intr-un context in care
sondajele recente arata ca aceasta se afla in continua
scadere si in ce masura produsul de leasing mai are
atractivitate pentru nevoile acestora?
2. How did you proceed in the company you
manage in order to gain the trust of clients in
leasing services, in a context in which recent
surveys show that such is continuously falling and
to what extent is the leasing product still
attractive for their needs?
Ne-am propus o transparenta totala in ceea ce
priveste costul finantarii, activul finantat in leasing
reprezentand solutia pentru o foarte buna
predictibilitate de cash flow pentru clienti.
Credem cu tarie intr-un model de business care pune
in centrul preocuparilor sale nevoile clientului. De
aceea, am transformat produsul de leasing in solutie
pentru nevoile reale ale acestora. In acest sens, am
dezvoltat parteneriate strategice cu importanti dealeri
locali si internationali, pentru a acoperi nevoile
specifice din diverse domenii de activitate:
agricultura,
transporturi,
constructii,
metal
processing, industria lemnului, alimentar, adaptate in
egala masura unui context economic provocator.
We proposed ourselves full transparency in regard to
the financing cost, as the asset financed under leasing
represents a solution for a very good cash-flow
predictability for clients.
We firmly believe in a business model focusing on
client’s needs. Therefore, we changed the leasing
product into a solution for their real needs. For such
purpose, we developed strategic partnerships with
significant local and international dealers, in order to
cover the specific needs from varied fields of
activity: agriculture, transportation, constructions,
metal processing, wood industry, foodstuff, equally
adapted to a challenging economic context.
3. Piata de leasing a inregistrat un declin de 16%
in primul semestru al acestui an fata de aceeasi
perioada a anului trecut. Cum s-a pozitionat
compania pe care o conduceti si in ce masura
rezultatele obtinute se pliaza cu estimarile/
previzionarile dumneavoastra pentru acest an?
3. The leasing market recorded a decline of 16%
in the first quarter of this year versus the same
period of last year. What was the position of the
company you manage and to what extent do the
obtained
results
comply
with
your
estimates/forecasts for this year?
Suntem multumiti de cifrele primului semestru, in
care am inregistrat un volum de finantari noi de peste
35 mil. Euro, cu 10% peste nivelul inregistrat in
aceeasi perioada a anului trecut. Cresterile s-au
resimtit, de asemenea, pe toate nivelurile relevante de
business: cota de piata, numar de clienti activi, profit,
intr-un context in care piata, asa cum am vazut, a
continuat sa scada.
We are satisfied of the figures for the first quarter,
when we recorded a volume of new financing of over
Euro 35 mil., by 10% above the level we recorded
within the same period of last year. Increases were
also felt at all relevant business levels: market share,
number of active clients, profit, in a context in which
the market continued to drop, as we could see.
4. Daca ne referim la anul 2013, care este cea mai 4. If we refer to the year 2013, what is the most
notabila tranzactie inregistrata de Raiffeisen notable transaction recorded by Raiffeisen
Leasing up to now?
Leasing pana in prezent?
Una dintre realizarile notabile ale acestui an pentru
companie a fost, desigur, semnarea acorduluide
preluare a portofoliul de leasing financiar de la ING
Lease, primul transfer de portofoliu de leasing de pe
piata romaneasca.
Realizarea acestui transfer vine in completarea
portofoliului nostru actual cu tipurile de active
potrivite, mentinand o distributie echilibrata si un
nivelul ridicat al calitatii clientilor, in linie cu
modelul de business pe care ni l-am asumat.
30
One of the notable accomplishments of this year for
the company was certainly the signing of the
agreement to take over the financial leasing portfolio
from ING Lease, the first leasing portfolio transfer on
the Romanian market.
The performance of this transfer supplements our
current portfolio with suitable asset types,
maintaining a balanced distribution and a high level
of client quality, according to the business model that
we assumed.
Raiffeisen Leasing a incheiat primul semestru al
anului 2013 cu finantari noi in valoare de 35 milioane
de Euro, cu 10% peste nivelul din aceeasi perioada a
anului trecut. Distributia pe tipuri de bunuri finantate
este urmatoarea: vehicule 67%, echipamente 33%.
Raiffeisen Leasing este membra a grupului financiar
austriac Raiffeisen si activeaza pe piata romaneasca
din anul 2002. Clientii Raiffeisen Leasing sunt, in
principal, persoane juridice, de la IMM-uri la
corporatii multinationale si municipalitati. Compania
are reprezentare nationala, fiind prezenta in 15 mari
orase din Romania. Raiffeisen Leasing ofera servicii
de finantare complete, acestea fiind accesibile prin
toate agentiile Raiffeisen Bank.
Raiffeisen Leasing finished the first quarter of the year
2013 with new financing in the amount of Euro 35
million, by 10% above the level from the same period
of last year. The distribution on financed asset types is
the following: vehicles 67%, equipment 33%.
Raiffeisen Leasing is a member of the Austrian
financial group Raiffeisen and it has been activating
on the Romanian market since 2002. The clients of
Raiffeisen Leasing are mainly legal entities, from
small and medium-size companies to multinational
corporations and municipalities. The company has a
national representation, being present in 15 large
cities from Romania. Raiffeisen Leasing offers
complete funding services, such being accessible
through all Raiffeisen Bank agencies.
Raiffeisen Leasing este membra a Asociatiei Raiffeisen Leasing has been a member of the
Societatilor Financiare din Romania (ALB) incepand Association of Financial Companies from Romania
(ALB) as of the year 2004.
cu anul 2004.
31
III.1
Bogdan MARITA
President of the Legal Committee of ALB,
Unicredit Leasing Corporation IFN SA
Leasingul financiar si alte operatiuni de creditare Financial leasing and other credit operations in
in contextul noilor provocari legislative. Solutii
the context of new legal challenges. Solutions
Am constatat in decursul ultimilor 3 – 4 ani o We found in the last 3-4 years, a significant
presiune normativa semnificativa in domeniul normative pressure in the financial leasing sector. A
leasingului financiar. O serie de initiative legislative number of legislative initiatives criticized by the
criticate de catre industria de leasing si-au facut loc leasing industry have made their way onto the pages
pe paginile Monitorului Oficial. Unele dintre aceste of the Official Journal of Romania. Some of the
initiative care au dobandit putere de lege ele efecte initiatives that have acquired the force of law had
maligne asupra produselor de finantare.
malign effects on financing products.
In acest context, pentru asigurarea coerentei normelor
legale aplicabile leasingului, consider ca se impune o
re-sistematizare a legislatiei de baza in acest domeniu,
respectiv o actualizare a sediului materiei leasingului
(Ordonanta Guvernului nr. 51/1997); aceasta concluzie
se poate desprinde si in urma lecturarii cazurilor
practice analizate in cuprinsul acestui text si a
consideratiilor facute pe marginea acestora.
In this context, to ensure consistency with legal
norms applicable to leasing, I consider that a resystematization of the basic legislation in this area is
required, namely an updated of the material leasing
office (Government Ordinance no. 51/1997); this
conclusion can also be drawn after reading the
practical cases analyzed in this text and the
considerations written about on them.
Evolutiile legislative recente ne aseaza in fata unei
adevarate provocari care pe termen scurt se traduce
intr-o graba pentru gasirea de solutii, subterfugii
legislative care ar putea sa protejeze interesele
societatii de leasing ori stratageme contractuale ce,
de buna seama, devin dificil de explicat partenerilor
de afaceri ori clientilor institutiilor financiare. Nu
araeori, acestia din urma se declara in mod justificat
stupefiati de prolificitatea avocatilor companiilor
financiare care nascocesc noi si noi clauze
contractuale, ori aduc modificari conditiilor generale
contractuale de cateva ori intr-un singur an.
Pe termen lung constatam ca, in practica, aceste
evolutii legislative nu fac decat sa intarzie nivelarea
unor bune standarde profesionale care au ca principal
scop consolidarea relatiei client – societate de
leasing.
De ce am tras aceste concluzii?
32
Recent legal evolutions faced us with a real challenge
that on the short-term translates with a rush to find
solutions, legal loopholes that could protect the
leasing society’s interests or the contractual
stratagems that, with good reason, become difficult to
explain to business partners or to financial industries’
clients. It is not uncommon for the latter to rightly
declare themselves stupefied by the prolificacy of the
financial companies’ lawyers that come up with new
contract clauses or amend the general contractual
conditions a few time a year.
On the long-term we notice that, in practice, these
legal evolutions only postpone the levelling of good
professional standards of which the main purpose is
the consolidation of the client – leasing company
relation.
Why did I come up with these conclusions?
Unul dintre motive se desprinde deja din cele aratate
mai sus: clientul de leasing - in special clientul
persoana juridica care acceseaza in mod repetat
produsele financiare ale aceleiasi institutii financiare
- are nevoie ca relatia sa cu finantatorul sa fie bazata
pe incredere si predictibilitate (la fel cum finantatorul
nu isi doreste sa fie surprins de o evolutie
incongruenta a afacerilor conduse de clientul sau).
One reason follows directly from the foregoing: the
leasing client - especially corporate clients who
repeatedly access the financial products of the same
financial institutions - needs the relationship with the
financier to be based on trust and predictability (as
the financier does not want to be surprised by an
incongruent evolution of the business by the client).
Leasingul in Noul Cod Civil (art. 1757 NCC)
Leasing in the New Civil Code (art. 1757 NCC)
In conditiile in care noul Cod Civil, printr-o tehnica
legislativa indoielnica, in materia vanzarii (mai precis
Vanzarea cu plata pretului in rate si rezerva
proprietatii) prevede ca se aplica si contractelor de
leasing prevederile alineatului (2) al art.1757, este
evident ca, o societate de leasing diligenta isi va lua
masuri de protectie prin adaptarea conditiilor
contractuale la noile realitati juridice.
Nu am dubii ca unii actionari care au infiintat sau au
preluat societati de leasing in Romania si-au pus
problema - la auzul unei asemenea noutati legislative
- daca nu cumva se doreste transformarea societatilor
pe care le patroneaza in institutii de caritate. Iata si
textul in cauza: “(2) Atunci cand s-a convenit ca
sumele incasate cu titlu de rate sa ramana, in tot sau
in parte, dobandite de vanzator, instanta va putea
totusi reduce aceste sume, aplicandu-se in mod
corespunzator dispozitiile referitoare la reducerea de
catre instanta a cuantumului clauzei penale.”
Given that the new Civil Code, through a
questionable legal technique, in the sales field (more
precisely sale by price payment through installments
and property reserve) provides that the provisions of
paragraph (2) art.1757 also apply to the leasing
contracts, it is obvious that a diligent leasing
company will take protective measures by adapting
the contractual conditions of the new legal realities.
I do not doubt that some shareholders who have
established or took over leasing companies in
Romania have raised the question - on hearing such
legislative updates - if the transformation of their
societies in charities is not desired. Here is the text in
question: "(2) When it was agreed that the amounts
received by way of installments remain, in whole or
in part, acquired by the seller, the court may still
reduce the amounts, by properly applying the
provisions regarding the court to reduce the amount
of the penalty clause"
Consider ca, de lege ferenda, se impune fie abrogarea
alineatului (3) al articolului 1757 din Codul Civil, fie
stabilirea unei exceptii de la aplicabilitatea acestui
alineat in cazul utilizatorilor persoane juridice.
Este adevarat ca leasingul este considerat ca fiind o
forma de finantare asset based.Aceasta nu inseamna
insa ca singura garantie si singurul considerent pentru
care finantatorul ia decizia de finantare este
reprezentat de existenta dreptului de proprietate
asupra bunului (pe toata perioada de leasing) si in
posibilitatea finantatorului de a recupera / valorifica
bunul in cazul in care contractul inceteaza abrupt.
Cu alte cuvinte, in majoritatea cazurilor, prin
valorificarea bunului recuperat, finantatorul nu
reuseste sa acopere pierderea suferita cu prilejul
incetarii platilor de catre utilizator.
Atfel supus, numai o structura de finantare
nastrusnica si greu de pus in practica zilelor noastre
(in care piata echipamentelor, vehiculelor si cladirilor
comerciale este volatila), ar asigura finantatorului
incasarea unui pret de valorificare mai mare decat
I believe that, by ferenda law, paragraph (3) of article
1757 of the Civil Code should either be abolished, or
an exception to the applicability of this paragraph
regarding corporate users should be established.
It is true that leasing is considered to be a form of
asset based financing. This does not mean that the
only guarantee and the only reason for the financier’s
financing decision is the existence of ownership of
the asset (over the entire lease period of time) and in
the financier’s ability to recover / capitalize the asset
if the contract is abruptly terminated.
In other words, in most cases, by exploiting the
recovered asset, the financier fails to cover the loss
created by the ending on the user’s payments.
Otherwise put, only an ingenious and hard to apply
these days financing structure (in which the
equipment, vehicles and commercial buildings
market is volatile), would provide the financier the
collection of a valorisation price higher than the sum
33
suma dintre cuantumul restantelor, cuantumul
principalului neincasat de catre finantator (capitalul
outstanding), costurile de recuperare si costurile
generate de incetarea contractului de leasing (spre
exemplu, incetarea contractului de leasing si
valorificarea bunului genereaza un venit care va fi
rambursat anticipat de catre societatea de leasing
finantatorului local sau international care i-a acordat
linia de credit. Orice rambursare anticipata presupune
costuri de rambursare anticipata pe care le percepe
finantatorul societatii de leasing).
of money from the amount of arrears, the amount of
the main uncollected by the financer (outstanding
capital), recovery costs and the costs generated by the
termination of the leasing contract (i.e. the
termination of the leasing contract and the
capitalization of the asset creates an income that will
be repaid early by the leasing company to the local or
international financier who granted credit line. Each
anticipated repayment implies anticipated repayment
costs charged by financer to the leasing company).
In orice caz, asa cum am aratat mai sus, daca intentia
leguitorului ar fi fost sa sanctioneze societatea de
leasing intr-o atare situatie putin probabila si sa
oblige pe aceasta din urma sa achite fostului
utilizator marja/profitul obtinut din valorificare,
solutia textului de lege ar fi trebuit sa fie complet
diferita (si sa nu se refere la reducerea sumelor deja
incasate).
Este evident ca de lege lata prevederile art.1757 din
Codul Civil pleaca de la premise fundamental
eronate, iar formularea textului este ne-adecvata.
Potrivit informatiilor pe care le-am cules, viziunea de
mai sus este sustinuta de faptul ca, se pare ca
prevederi similare celor ale art.1757 (3) nu se
regasesc in dreptul statelor europene (din pacate
colectia de informatii pe care am reusit sa o realizez
nu este exhaustiva).
In any case, as noted above, if the intention of the
legislator was to sanction the leasing company in
such an unlikely situation and to force the latter to
pay to the former user the margin / profit generated
from the capitalization, the solution of the text law
should have been completely different (and not to
refer to the reduction of amounts already collected).
It is obvious that the provisions of art.1757 of the
Civil Code strand from fundamentally flawed
premise, and the letter of the text is inadequate.
According to information we have collected, the
above vision is supported by the fact that, it appears
that provisions similar to those of art.1757 (3) are not
found in the European countries’ law (unfortunately
the collection of information that I managed to obtain
is not exhaustive).
Spre exemplu, legislatia italiana prevede anumite
proceduri revocatorii care stau sub titulaturile
revocatoria ordinaria si revocatoria fallimentare.
Niciuna dintre aceste proceduri nu contine prevederi
similare cu cele ale art.1757 NCC.
Acesteproceduri prevazute in dreptul italian sunt in
mare masura institutii care exista in dreptul romanesc
de multi ani, respectiv actiunea revocatorie si
actiunile puse la dispozitia creditorilor/practicianului
in insolventa pentru revocarea platilor efectuate in
dauna creditorilor si, la fel ca in dreptul iatalian, sunt
admisibile in contextul in care poate fi retinuta
coniventa societatii de leasing.
For example, the Italian law requires certain
procedures that are under the titles of revocatoria
ordinaria and revocatoria fallimentare. None of
these procedures contain provisions similar to those
of art.1757 NCC.
These procedures stipulated in the Italian law are
largely institutions that exist in the Romanian law for
many years now, the action to set aside and actions
available to creditors / insolvency practitioner to
revoke payments made at the expense of creditors
respectively and, as in the Italian Law, they are
acceptable in the context in which the convention of
the leasing companies can be retained.
Nu am cunostinta de existenta unor spete derivand
din prevederile articolului analizat mai sus. Cu toate
acestea, se impun cateva consideratii in legatura cu o
speta in care neintelegerea legii, dar mai ales a
relatiei de afaceri dintre utilizator si finantator au
condus la redactarea unei solutiiinjuste prin care
instanta a dispus restituirea de catre finantator a
tuturor ratelor de leasing.
I do not know of any test cases deriving from the
provisions of the article analyzed above. However,
some considerations are required in connection with
a test case in which the misunderstanding of the law,
especially of the business relationship between the
user and financer led to the drafting of some unjust
solutions based on which the court ordered the return
of all leasing instalments to the financier.
34
Intr-o cauza inregistrata pe rolul unei instante din
municipiul Bucuresti, utilizatorul, nemultumit fiind
ca societatea de leasing nu a raspuns afirmativ
solicitarii acestuia de a-i pune la dispozitie cartea de
identitate a autovehiculului (si alte acte), a cerut
instantei sa dispuna rezolutiunea (!) contractului de
leasing si restituirea tuturor ratelor de leasing,
inclusiv a primei rate (avansul).
In a case recorded before a court in Bucharest, the
user, unhappy that the leasing company did not offer
a positive response to his request to be provided with
the vehicle ID card (and other documents), asked the
court to order the Avoidance (!) of the leasing
contract and the repayment of all the leasing
instalments, including of the first instalment
(deposit).
Instanta a admis cererea reclamantului, cu ignorarea
urmatoarelor aspecte:
a. cartea de identitate a autovehicului apartine
proprietatului autoturismului (societatii de leasing) si
reprezinta dovada proprietatii - altfel spus, nu poate fi
retinuta culpa contractuala a societatii de leasing in
situatia ne-conformarii cu solicitarea utilizatorului,
mai ales in lipsa unui argument solid din partea
acestuia din urma (spre exemplu, un argument solid
al utilizatorul ar fi fost in legatura cu realizarea
inspectiei tehnice periodice);
b. in contextul in care s-ar retine culpa contractuala a
finantatorului, este recunoscut de catre doctrina si
practica instantelor ca, in cazul unui contract cu
executare succesiva, sanctiunea aplicabila este
rezilierea, iar nu rezolutiunea, astfel incat, in genere
nu poate fi pusa problema resituirii prestatiilor (de
vreme ce utilizatorul s-a bucurat de folosinta bunului,
iar bunul a cunoscut o depreciere fizica si morala pe
perioada de leasing).
Sentinta mentionata mai sus a fost desfiintata si a fost
retinuta spre rejudecare de catre o instanta
superioara.
The court allowed his application, ignoring the
following aspects:
a. the vehicle’s identity card belongs to the owner of
the car (the leasing company) and represents the
evidence of ownership – otherwise said, the
contractual fault of the leasing company cannot be
retained in the case of non-compliance with the
request of the user, especially in the absence of a
solid argument of the latter (for example, a solid
argument of the user could have been regarding the
periodic technical inspection);
b in the context that the financer’s contractual fault
was retained, it is recognized by the doctrine and
practice of the courts that in case of a contract of
successive performance, the penalty imposed is the
termination, not the resolution, so that in general the
restitution of benefits cannot be called (since the user
used the good and good experienced physical and
moral depreciation during the leasing period).
The above-mentioned sentence was abolished and
kept for retrial in front of a higher court.
Operatiunile asimilate (art.2347)
Assimilated operations (art.2347)
Art.2347 a generat un numar mare de dezbateri
juridice si framantari in randul avocatilor institutiilor
financiare nebancare.
In ceea ce priveste operatiunile asimilate,
reglementarea anterioara NCC aplicabila in domeniul
garantiilor reale mobiliare, respectiv titlul VI al Legii
nr.99/1999, avea o abordare specifica, nominalizand
cu precizie tipurile de operatiuni care “sunt supuse
prevederilor prezentului titlu, in ceea ce priveste
ordinea de prioritate, publicitatea si executare”.
Printre respectivele tipuri de operatiuni asimilate se
enumerau toate formele de inchiriere, inclusiv orice
leasing, pe termen mai mare de un an, avand ca
obiect bunurile prevazute la art. 6 din prezentul titlu.
Facand abstractie de eroarea continuta in textul art.2
lit.c) din vechiul Titlu VI al Legii nr.99/1999
(leasingul nu este o forma de inchiriere), era limpede
Art.2347 generated a large number of legal debates
and turmoil between lawyers of the non-banking
financial institutions.
Regarding similar operations, the regulation previous
to NCC applicable in the pledge domain, Title VI of
the Act no.99/1999 respectively, had a specific
approach, nominating precisely the types of
operations that "are subject to the provisions of this
title, regarding the priority order, the publicity and
enforcement". Among these types of assimilated
operations all forms of rental, including any leasing
over one year, covering goods referred to in art. 6 of
this title were listed.
Barring the error found in the text of Article 2 c) of
the former Title VI of the Act no.99/1999 (leasing is
not a form of rent), it was clear in the legal
35
in cadrul juridic anterior NCC faptul ca operatiunilor framework previous to the NCC that the leasing
de leasing pe durata mai mare de un an le erau operations over one year fell under the provisions of
aplicabile prevederile Titlului VI al Legii nr.99/1999. Title VI of the Act no.99/1999.
Cu alte cuvinte, finantatorul avea la dispozitie
posibilitatea de a inregistra in Arhiva de Garantii
Reale Mobiliare contractul de leasing, facand astfel
opozabile tertilor drepturile sale derivand din
existenta unui contract de leasing in derulare avand
ca obiect derivat bunul identificat conform clauzelor
contractuale. In acest mod finantatorul isi asigura un
anumit grad de protectie fata de unele riscuri care sau evidentiat in special in perioada anilor 2007 2011 (cazuri in care dealerul fraudulent a vandut un
autoturism atat unei societati de leasing, cat si unui
tert, sau cazurile in care utilizatorul de rea credinta
instraineaza unui tert autovehicului asupra caruia nu
are drept de dispozitie).
Odata cu intrarea in vigoare a NCC, Titlul VI al Legii
nr.99/1999 a fost abrogat.Cum bine stim, o parte
dintre prevederile Titlului VI al Legii nr.99/1999 au
fost preluate de NCC.
Put differently, the financier could register in the
Archive of Security Interests the leasing contract,
making opposable to third parties its rights deriving
from the existence of an ongoing leasing contract
involving as derived object the identified asset
according to the contractual terms. In this way the
financier was ensured with a degree of protection
from some risks that were highlighted especially
during the years 2007 - 2011 (cases where fraudulent
dealer sold a car to both a leasing company and a
third party, or cases in which a bad faith user
alienated to a third party the vehicle over which he
had no right of disposal).
With the enforcement of the NCC, Title VI of ACT
no.99/1999 was repealed. As we know, some of the
provisions of Title VI of ACT no.99/1999 were taken
over by the NCC.
Solutia NCC in privinta operatiunilor asimilate este
diferita. In loc sa indice cu exactitate care sunt
operatiunile asimilate, art. 2347 confera o definitie a
acestor operatiuni si o identificare pe categorii:
clauzele de rezerva a proprietatii, pactele de
rascumparare ori cesiunile de creanta incheiate in
scop de garantie.
La o prima privire, putem concluziona ca, in masura in
care se stabileste ca leasingul este o operatiune ce
contine clauze de rezera a proprietati, atunci leasingul
este operatiune asimilata, potrivit NCC, astfel incat
societatea de leasing in continuare are la indemana
posibilitatea asigurarii opozabilitatii drepturilor sale
prin intermediul Arhivei. Insa cum abordam alineatul
(3), care da o veste proasta societatilor de leasing?
Dispozitiile prezentului capitol privind ordinea de
preferinta si executarea ipotecilor se aplica in mod
corespunzator contractelor prevazute la alin. (1).
The NCC’s solution regarding assimilated operations
is different. Instead of accurately indicating which
the assimilated operations are, article 2347 provides a
definition of these operations and category
identification: the property reservation clauses, pacts
of repurchase or assignment of receivables ended as
warranty.
At first glance, we can conclude that, to the extent
that it is determined that leasing is a transaction that
contains property reservation clauses, then leasing is
an assimilated operations, according to the NCC, so
that the leasing company still has the possibility to
ensure its rights’ opposability through the Archive.
But how we approach paragraph (3), which gives bad
news to the leasing companies? The provisions of this
chapter on the order of preference and mortgage
execution shall apply accordingly to contracts
referred to in paragraph (1).
Acest alineat final al art.2347 poate fi interpretat in
sensul in care recuperarea si vanzarea silita a bunului
mobil obiect derivat al contractului de leasing nu
poate fi realizata decat potrivit prevederilor NCC
care, desi fac dovada unei intentii bune si gandiri fine
a redactorilor, sunt anevoioase (in special in ceea ce
priveste vanzarea silita) si greu de pus in practica,
continand concepte si o terminologie echivoca (ex:
vanzarea comercial rezonabila).
Este adevarat ca si reglementarea anterioarea
The final paragraph of art.2347 can be interpreted in
the sense that recovery and forced sale of the deriver
movable good of the leasing contract can only be
accomplished according to the NCC provisions that,
although evidence of good intentions and fine
thinking the editors are given (especially in terms of
forced sale) and difficult to put in practice,
containing concepts and equivocal terminology (i.e.
reasonable commercial sale).
It is true that the previous regulation stipulated that
36
prevedea ca operatiunile asimilate sunt supuse
prevederilor titlului VI din Legea nr.99/1999, in ceea
ce priveste ordinea de prioritate, publicitatea si
executare, insa aceeasi reglementare prevedea un
drept al creditorului de optiune intre procedura de
executare prevazuta de Codul de procedura civila sau
a executa garantia reala potrivit prevederilor Legii
nr.99/1999. Pe cand, NCC nu pare sa lase la
latitudinea creditorului dreptul de a opta intre
proceduri1.
Rezolvarea acestei serioase incertitudini care pune la
grea incercare posibilitatile reale ale societatii de
leasing de a-si exercita drepturile asupra garantiei
primordiale (bunul obiect derivat al contractului) este
mai simpla decat ar parea:
Revenind la prevederile alineatului (3) al art.2347
NCC, trebuie remarcat faptul ca, in realitate, textul
indica in mod precis ca (numai) dispozitiile
capitolului respectiv (capitolul III - Ipoteca) sunt
aplicabile operatiunilor asimilate. In acest context,
dispozitiile capitolului IV – Executarea ipoteciinu
sunt aplicabile operatiunilor asimilate. Or,
capitolul III – Ipoteca aplicabil operatiunilor
asimilate, nu contine acele proceduri anevoioase
despre care aminteam mai sus.
assimilated operations fall under the provisions of
Title VI of ACT no.99/1999, regarding priority order,
publicity and execution, but the same regulation
stipulated a creditor’s option right between the
enforcement procedure under the Code of Civil
Procedure or to execute the real security according to
the ACT no.99/1999. While the NCC does not seem
to leave it to the creditor’s decision the right to
choose between procedures3.
De altfel, teza propusa mai sus este intarita si de
urmatorul argument de circumstanta: nu cred ca
legiuitorul ar fi intentionat sa extinda intr-un mod
generos, dar fara discernamant, tuturor categoriilor
de operatiuni asimilate (ce pot lua lua nenumarate
forme) regula stipulata la art.2341 (din capitolul IV –
Executarea ipotecii): “Contractele de ipoteca valabil
incheiate sunt, in conditiile legii, titluri executorii.”
Moreover, the thesis proposed above is reinforced by
the following circumstance argument: I do not
believe the legislator would have intended to extend
in a general way, but without judgment, to all
assimilated operations categories (which can take
many forms) rules stipulated under art.2341 (from
Chapter IV - Foreclosure): "valid signed mortgage
contracts are, under the law, enforceable."
Daca exista vreo umbra de indoiala in ceea ce
priveste incadrarea operatiunii de leasing in notiunea
de operatiune asimilata prevazuta la art. 2347,
aceasta cred ca este spulberata de prevederile art. 7
punctele 7 si 8 din Codul Fiscal.
Potrivit acestora, riscurile si beneficiile dreptului de
proprietate asupra bunului care face obiectul
leasingului sunt transferate utilizatorului la momentul
la care contractul de leasing produce efecte.
If there is any shadow of doubt regarding the
classification of leasing operation in the notion of
assimilated operation provided in art. 2347, I think it
is shattered by the provisions of art.7, points 7 and 8
of the Tax Code.
According to them, the risks and benefits of
ownership right over leased asset are transferred to
the user at the time the lease takes effect.
Altfel spus, majoritatea riscurilor si beneficiilor
dreptului de proprietate asupra bunului sunt transferate
utilizatorului, societatea de leasing pastrandu-si nuda
proprietate (rezerva proprietatii) si alte cateva atribute
pe care si le mentine prin contract.
Otherwise put, most of the risks and rewards of
ownership over the asset are passed on to the user,
the leasing company keeping its legal ownership
(reserve property) and a few other attributes keep
under contract.
1
3
Addressing this serious uncertainty that is testing the
real possibilities of leasing companies to exercise
their rights over primary security (the good derivative
object of the contract) is simpler than it seems:
Turning to the provisions of paragraph (3), art.2347
of the NCC, it should be noted that, in reality, the
text precisely indicates that (only) the provisions of
that chapter (Chapter III - Mortgage) are applicable
to assimilated operations. In this context, the
provisions of Chapter IV - Foreclosure are not
applicable to assimilated operations. Or, Chapter
III - Mortgage applicable to assimilated operations,
does not include those lengthy procedures mentioned
above.
Asevedeaart.2429dinNCC
Seeart.2429oftheNCC
37
Pentru a intelege aplicabilitatea practica a protectiei
conferite societatii de leasing prin inscrierea
contractului in arhiva, iata ce retine un tribunal intr-o
hotarare ramasa irevocabila (cauza judecata in
temeiul Legii nr.99/1999): “(...) rezulta ineficienta
tezei propusa de contestatoare, conform careia a fost
un cumparator de buna credinta a bunului mobil in
cauza.
In acest sens, instanta retine ca buna credinta are a fi
supusa unui dublu examen: in plan subiectiv, cu
notarea calitatii sale de profesionist in raportul juridic
in care s-a angajat, iar in plan obiectiv, cu sublinierea
obligatiei sale de diligenta in momentul contractarii
cu detentorul precar al bunului mobil.”
To understand the practical applicability of the
protection conferred by the registration of the
contract in the archive to the leasing company, this is
what a court holds in a judgment which has become
irrevocable (case trialled under Law no.99/1999):
"(...) resulting inefficiency of the appealed thesis,
under which he was a good faith buyer of this mobile
asset.
In this regard, the court notes that good faith is to be
subjected to a double test: subjectively, noting its
professional quality in the legal relationship in which
he entered and objectively, underlining its duty of
care when contracting with the poor user of the
movable good.”
Art.2393. Exceptie prea larga de la regula Art.2393. Too broad exception to the rule pursuit
urmaririi
Cat priveste art. 2393, acesta instituie o exceptia de la
regula generala potrivit careia ipoteca mobiliara
asigura creditorului garantat dreptul de a urmari
bunul in mainile oricui s-ar afla, atunci cand acesta
este vandut de o intreprindere care se ocupa cu
vanzarea de astfel de bunuri. Se impune analiza
acestui text de lege in contextul leasingului, in
special in lumina relatiei stranse dintre societatiule de
leasing si delaerii auto / de echipamente, precum si in
considerarea faptului ca produsul de creditare afectat
de prevederile acestui articol 2393 poate fi vazut in
portofoliul financiar nebancar.
Ipoteza avuta probabil in vedere de catre legiuitor la
momentul redactarii textului este cea a bunurilor de
larg consum (electrocasnice). Se poate imagina
urmatoare ipoteza concreta: un distribuitor de
produse electrocasnice are nevoie de finantare pe
perioada in care bunurile electrocasnice stau in stoc
in asteptarea cumparatorului, iar o institutie
financiara ii acorda o linie de credit garantata cu
bunurile din stocul magazinului. In acest caz, fiecare
bun din magazin va fi afectat de ipoteca pana cand
distribuitorul vinde bunul si ramburseaza creditul
aferent respectivului bun. Atunci cand un consumator
decide sa cumpere un televizor din respectivul
magazin nu are la indemana instrumente pentru a
determina ca dobandeste televizorul grevat de ipoteca
si sa se protejeze de o eventuala urmarire silita
demarata dupa cumpararea televizorului de catre
institutia financiara creditoare.
As for art.2393, it established an exception to the
general rule that stipulates that the security mortgage
ensures the creditor the right to follow the property
into the hands of anyone who would be, when it is
sold by a company that sells such goods. It is
necessary to analyze this law text in the leasing
context, especially in light of the close relationship
between leasing companies and car/equipment
dealers, as well as noting that the credit product
affected by the provisions of this Article 2393 can be
seen in the nonbank financial portfolio.
The hypothesis probably taken into consideration by
the legislature at the time of writing the text is that of
the large consumer goods (home appliances). One
can imagine the following concrete hypothesis: an
electronics retailer needs financing during the period
of time in which the household goods are in stock
waiting for a buyer and a financial institution grants
him a line of credit secured by the goods in the
shop’s stock. In this case, each item from the store
will be affected by mortgage until the retailer sells
the property and reimburses the credit for that good.
When a consumer decides to buy a TV from that
shop does not have tools to determine that he is
acquiring a TV burdened by mortgage and to protect
himself from a possible foreclosure started after
buying the TV by lending financial institution.
Ratiunea introducerii textului art. 2393 NCC a fost The reason for introducing the text of article.2393 of
probabil aceea de a nu pune piedici nejustificate the NCC was probably of not hindering the
consumului si achizitiei de produse electrocasnice consumption and purchases of appliances for which
38
pentru care decizia de cumparare se ia rapid.
Apreciez ca prevederile art. 2393 sunt de natura sa
destabilizeze circuitul civil, mai ales in ceea ce
priveste bunurile identificabile prin serii de
sasiu,bunuri in privinta carora orice cumparator
(client) final se poate informa in timp real daca exista
ipoteci inregistrate in Arhiva.
the buying decision is taken quickly.
I Believe that the provisions of art. 2393 are likely to
destabilize the civil circuit, especially in terms of
assets identified by the VIN, goods in respect of
which any final buyer (client) can get real-time
information if there are mortgages recorded in the
archive.
In acelasi timp, consider ca prevederile actuale ale
art. 2.393 din Codul Civil sunt in intregime neadecvate
in
ceea
ce
priveste
bunurile
inmatriculabile/inregistrabile,
din
perspectiva
faptului ca valoarea economica a acestor
echipamente/autovehicule este ridicata (comparativ
cu bunurile pe care poate le-a avut in vedere
leguitorul la redactarea textului 2.393, respectiv
bunurile eletrocasnice si electronice) si, ca urmare,
atat dobanditorul ar trebui sa fie reponsabilizat atunci
cand achizitioneaza un astfel de bun (si sa efectueze
verificari in Arhiva), dar si creditorul garantat ar
trebui sa fie protejat, astfel incat, acesta din urma sa
nu piarda, fara drept de apel, o garantie cu valoare
semnificativa.
At the same time, I believe that the current
provisions of art. 2393 of the Civil Code are entirely
inappropriate regarding goods that can be licensed /
registered, in terms of the fact that the economic
value of such equipment / vehicles is high
(compared with that goods the legislator may have
had in mind when drafting the 2,393 text, home and
electrical appliances respectively) and therefore
both the receiver should be responsible when
purchasing such a good (and check out the archive),
and the secured creditor should be protected so that
the latter should not lose, without appeal, a security
of significant value.
Cred cu fermitate ca ar trebui instituita o exceptie de
la aplicabilitatea prevederile art.2393 in privinta
bunurilor identificabile prin serii unice conform
practicii economice incetatenite in Romania.
Potrivit studiilor efectuate de specialistii in domeniul
garantiilor, niciunul dintre statele al caror sistem de
drept a constituit sursa de inspiratie pentru redactorii
NCC, nu a legiferat intr-un sens atat de rigid precum
art.2393 NCC. Altfel spus, in masura in care aceste
sisteme de drept prevad o exceptie de la regula
urmaririi in materia ipotecii mobiliare, o astfel de
exceptie nu se aplica (nu afecteaza) si autovehiculele
sau bunurile identificabile prin serii unice.
Cu titlu de exemplu, potrivit Codului Civil de la
Quebec, ipotecile (sarcinile) inregistrate in fisele
descriptive de bunuri se mentin asupra bunurilor in
cazul in cazul unei vanzari efectuate de catre
constituitorul ipotecii in cursul activitatii sale
obisnuite.
I firmly believe that there should be an exception
from the applicability of the provisions of art.2393
regarding goods identifiable by unique series
according to economic practices rooted in Romania.
According to studies conducted by specialists in the
field of securities, none of the states whose legal
system was the inspiration for editors of the NCC has
not enacted in a such rigid sense as art.2393 of the
NCC. In other words, to the extent that those laws
provide an exception to the rule in matters of pursuit
of mortgage securities, such an exception does not
apply (does not affect) and goods or vehicles
identifiable by unique series.
As an example, according to the Civil Code of
Quebec, mortgages (tasks) recorded in the goods
factsheets are maintained on the goods in case of a
sale made by the mortgage settlor during his regular
activity.
Codul Insolventei
The Insolvency Code
Potrivit initiatorilor proiectului Codului Insolventei2,
una dintre premisele de baza ale acestui proiect a fost
aceea de a incerca echilibrarea drepturilor
creditorului cu cele ale debitorului (este de
According to the developers of the Insolvency Code,
one of the basic premises of this project was to try to
balance the rights of the creditor with those of the
debtor (it is well known that based on the Law
2
Ordonantadeurgentanr.91din2octombrie2013privindproceduriledeprevenireainsolventeisideinsolventa
39
no.85/2006, in an inequitable manner equitable, in
the insolvency procedure, the debtor has a favoured
position in comparison to the creditor’s).
notorietate faptul ca, in baza Legii nr.85/2006, intr-o
maniera ne-echitabila, in procedura insolventei
debitorul are o pozitie favorizata in comparatie cu
cea a creditorului).
Unele dintre articolele Codului Insolventei pe care leam analizat rateaza acest deziderat. Am convingerea
ca problemele pe care intentionam sa le semnalam nu
au la origine o rea intentie din partea redactorilor.
Mai degraba, aceste probleme rezida in faptul ca
sarcina intocmirii unui astfel de cod care sa
deserveasca in mod echitabil interesele unui numar
atat de mari de actori ai procedurii este dificila,
dacanu chiar imposibila.
Pe de alta parte, Codul Insolventei este o solutie de
supra-reglementare in domeniul insolventei. Textul
codului, in loc de contina o sistematizare si o
imbunatatire a normelor existente, pare sa isi
propunsa sa fie un fel de norma metodologica in
domeniul insolventei.
On the other hand, the Insolvency Code is a solution
of over-regulation in the field of insolvency. The text
of the code instead of containing a systematization
and improvement of the existing norms appears to
be a kind of methodological norm in the
insolvency field.
Specific in domeniul leasingului, se impune analiza
cu mare atentie a prevederilor articolului 105 alineat
(4), precum si ale articolului 123 alineat (11). Potrivit
informatiilor ne-exhaustive culese de autor, teza a
doua a articolului 105 (4) din Codul Insolventei este
o inovatie care nu isi regaseste oglindire ori sursa de
inspiratie in dreptul altor state europene. De
asemenea, in opinia autorului acestui articol, textul
amintit mai sus incalca principiul enuntat la art.44
din Constitutia Romaniei, constituind o forma
implicita de expropriere pentru cauza privata (in
interesul debitorului insolvent) sau, intr-o alta optica,
o forma de novatie ope legis: “Pentru ratele
anterioare inscrise in tabel, acestea vor urma
regimul juridic al creantelor prevazute la art. 159
alin. (1) pct. 3, iar neachitarea lor nu va putea fi
invocata ca temei al refuzului finalizarii
contractului si transferului dreptului de proprietate,
daca ratele curente si celelalte obligatii curente de
dupa deschiderea procedurii au fost respectate.”
Specific for the leasing domain, the provisions of
Article 105 paragraph (4) and Article 123 paragraph
(11) must be carefully analyzed. According to the
non-exhaustive information gathered by the author,
the second thesis of Article 105 (4) of the Insolvency
Code is an innovation which does not find its
reflection or inspiration in other European countries’
Law. Also, in this author’s opinion, the text
mentioned above violates the principle laid down in
Article 44 of the Constitution of Romania,
constituting a form of constructive expropriation for
private cause (in the interest of the insolvent debtor)
or in a different optic, a form of novation ope legis:
"For earlier rates listed in the table, they will follow
the legal status of the claims referred to in art. 159
paragraph (1), point 3, and their failure to pay shall
not be invoked as ground for refusal of contract
completion and transfer of ownership right, if the
current rates and other current obligations after the
start of the contract have been met. "
Schimband putin frazeologia textului, acesta se
citeste dupa cum urmeaza: Debitorul (completarea
autorului: “aflat in procedura generala”) dobandeste
proprietatea bunului pe care il utilizeaza in baza unui
contract de leasing prin achitarea ratelor si
obligatiilor curente, fara insa a mai fi obligat sa
achite ratele scadente inainte de data intrarii in
procedura.
Changing a little the phraseology of the text, it reads
as follows: The debtor (author’s completion: "in the
general procedure") acquires ownership of the
property which he/she uses under a leasing contract
by paying the installments and current obligations,
without being forced to pay installments due before
the entry into the procedure.
Some of the Insolvency Code articles that we have
reviewed miss this requirement. I believe that the
problems that we intend to signal did not originate
from the editors’ bad intention.
Rather, the problem is that the task of drawing up
such a code to serve the interests of a fairly large
number of actors so the procedure is difficult, if not
impossible.
Two conclusions can be drawn:
Se pot trage doua concluzii:
1) legea il iarta pe debitor de obligatia de a plati 1) the law excuses the debtor from the obligation to
40
ratele scadente inainte de data intrarii in insolventa,
obligatie care este in corelatie cu dobandirea
dreptului de proprietate asupra bunului;
2) pentru ratele scadente inainte de data intrarii in
insolventa, raportul juridic initial este novat ope
legis: astfel, la momentul la care debitorul
definitiveaza plata ratelor si obligatiilor curente, se
declanseaza urmatorul mecanism:
x
x
x
din detentor al bunului, utilizatorul devine
proprietar;
din proprietar al bunului, finantatorul/locatorul
devine creditor (preferat?);
in cazul in care debitorul nu achita ratele scadente
inainte de data intrarii in procedura (diminuate
sau, dupa caz, ramase intregi in urma votarii
planului de reorganizare) in locul dreptului de a
cere predarea bunului, pe calea executarii silite,
finantatorului/locatorului ii este recunoscut de
lege un drept indoielnic a participa cu preferinta
la distribuirea sumelor obtinute din vanzarea
bunurilor respective.
pay the installments due before the start of the
insolvency, obligation that correlates with obtaining
the ownership right over the good;
2) for installments due before insolvency, the
initial legal report is nova tope legis: thus, when
the debtor finishes paying the installments and
current obligations, the following mechanism is
triggered:
x
x
x
The user changes from the holder of the good
into the owner of the good;
The financer/lessor changes from the owner
of the good into the creditor (preferred?);
If the debtor does not pay the installments due
before the starting date of the procedure
(diminished or, in some cases, unchanged
after voting the reorganization plan) instead
of the right to ask for the good through
foreclosure, the financer/lessor is given by the
law a doubtful right to participate in
distributing the sum of money obtained after
selling those goods.
Mai multe intrebari se nasc in legatura cu aceasta
inovatie legislativa:
a. De ce aceasta serioasa intruziune legislativa in
raporturile contractuale dintre parti afecteaza numai
leasingul si nu se refera si la alte tipuri de operatiuni?
(exemplu: locatiune, arenda)
More questions arise based on this legal
innovation:
a. Why this serious legislative intrusion into the
contractual relationship of the parties only affects the
leasing and does not refer to other types of
operations? (i.e. lease, rent)
b. Daca au ales aceasta masura care afecteaza
drepturile societatilor de leasing, de ce redactorii nu
au precizat in clar faptul ca societatea de leasing va
avea un drept legal de ipoteca asupra bunurilor care
au constituit obiectul derivat al contractului de
leasing?
b. If they chose this measure that affects the rights of
the leasing companies, why didn’t the editors clearly
specify that the leasing company will have a legal
right of mortgage over the assets that were the
derivative subject of the leasing contracts?
c. Daca planul este votat favorabil si debitorul
continua incercarea de reorganizare a afacerii, pentru
ratele scadente inainte de data intrarii in procedura,
ce drepturi, ce garantii concrete ori ce preferinta (si
asupra carui obiect) va avea societatea de leasing in
demersul justificat al acesteia de a incerca
satisfacerea creantei pe care o are fata de debitor?
c. If the plan is voted in favour and the debtor keeps
trying to reorganize the business, what rights,
specific securities or preference (and on which
object) will the leasing company have in its justified
approach to try and satisfy the claim against the
debtor to installments due before the start of the
procedure?
Pentru considerentele aratate mai sus, precum si
pentru faptul ca intrebarile de mai sus nu pot
primi un raspuns coerent, teza a doua a
articolului 105 (4) ar trebui abrogata.
For the reasons discussed above, as well as for the
fact that the above questions cannot be answered
consistently, the second thesis of Article 105 (4)
should be repealed.
Alineatul (11) al articolului 123 pare sa aiba un Paragraph (11) of Article 123 appears to have a
continut benign; se incearca clarificarea in detaliu a benign content, it tries to clarify in detail the leasing
drepturilor creditorului societate de leasing, in cazul company creditor's rights in the event of termination
41
rezilierii contractului de leasing dupa intrarea
debitorului in procedura, in special faptul ca
societatea de leaisng are dreptul sa inregistreze la
masa credala (i) sumele restante si accesoriile, la care
se adauga (ii) toate sumele care ar fi trebuit achitate
de catre debitor pana la finalul contractului. Din
totalul acestora, ar urma ca, in cazul in care
societatea de leasing recupereaza bunurile/o parte din
bunurile care constituie obiectul derivat al
contractului, sa deduca contravalorea acestor bunuri
recuperate conform pretului stabilit de un evaluator
independent.
of the leasing contract after debtor’s entering in
procedure, especially the fact that the leasing
company has the right to record in the statement of
affairs (i) the outstanding amounts and accessories,
plus (ii) all amounts that should have been paid by
the debtor by the end of the contract. From this total,
it would follow that, if the leasing company recovers
the property / part of the property that is the derivate
subject of the contract, it should deduct the counter
value of such property recovered according to the
price determined by an independent appraiser.
Formularea textului literei b) a alineatului (11) este
defectuoasa. Unii ar putea afirma ca, numai daca
societatea de leasing reuseste sa recupereze bunurile,
are dreptul sa inregistreze la masa credala sumele
mai sus mentionate.
Astfel incat, se impune clarificarea faptului ca, in
cazul in care finantatorul nu opteaza pentru varianta
propusa de lege la litera a) a alineatului (11), atunci
finantatorul are dreptul sa inregistreze la masa
credala sumele mentinate la mai sus la (i) si (ii), din
care va deduce, daca reuseste recuperarea bunurilor,
pretul obtinut pe bunurile recuperate prin valorificare
(care poate lua, spre exemplu, forma unei vanzari sau
a unui nou contract de leasing incheiat cu un tert).
The wording of text B) of paragraph (11) is faulty.
Some might say that, unless the leasing company
fails to collect the goods, it has the right to record in
the statement of affairs the amounts mentioned
above.
Thus, it is necessary to clarify that, if the financier
does not opt for the version proposed by the law in
point a) of paragraph (11), the financier has the right
to record in the statement of affairs the amounts
mentioned above under (i) and (ii) from which it will
deduct, if it will successful recovery the goods, the
price obtained for the recovered goods by
capitalization (which may come, for example, as a
sale or a new leasing contract with a third party).
Aceeasi solutie legislativa ar trebui sa fie prevazuta The same legal solution should be prescribed by law
de lege si in cazul in care contractul de leasing este if the lease is terminated by the administrator/ legal
denuntat de catre administratorul/ lichidatorul liquidator also.
judiciar.
42
III.2
Mirela KIRKPANTUR
Financing Programs Consultant
S.C. Diplomat Consult L.T.D.
Argumente in favoarea cresterii contributiei
institutiilor financiare nebancare
la revigorarea mediului de afaceri romanesc
Arguments in Favour of Increasing the
Contribution of Non-Banking Financial
Institutions to Revive the Romanian Business
Environment
Importanta si potentialul de dezvoltare a institutiilor
financiare nebancare sunt recunoscute la nivel
mondial si european, activitatea acestora fiind
sustinuta prin programe dedicate de finantare
sustenabila, asistenta tehnica si nu in ultimul rand
prin sprijin normativ.
The importance and development potential of nonbanking financial institutions are recognized
worldwide as well as in Europe, their work is
supported by dedicated sustainable funding
programs, technical assistance and last but not least
legislative support.
La nivel european se constata o diminuare
semnificativa a ofertei de credit catre sectorul real
din partea marilor grupuri bancare precum si
continuarea procesului de dezintermediere financiara.
Aceasta in conditiile in care structura sectorului
financiar romanesc a evoluat in acesti ani de criza
economica spre intarirea pozitiei dominante a
bancilor si reducerea ponderii IFN.
At the European level a significant decrease in the
credit offer to the real sector by the large banking
groups and of the ongoing deleveraging process are
revealed. This, given that the Romanian financial
sector structure has evolved in these years of
economic crisis towards strengthening the dominant
position of banks and reducing of the NBFIs.
Contributia fondurilor europene la finantarea
investitiilor interne ramane redusa, cu unele exceptii,
precum sectorul agriculturii si dezvoltarii rurale.
Imbunatatirea absorbtiei fondurilor comunitare
ramane o provocare si pentru perioada de programare
2014-2020, succesul acestui demers avand efecte
favorabile in sensul cresterii competitivitatii
economiei romanesti, al ameliorarii presiunilor din
directia fluxurilor externe de capital, al cresterii
numarului de locuri de munca etc.
The contribution of EU funds to financing domestic
investment remains low, with some exceptions, such
as the agriculture and rural development sectors.
Improving the absorption of EU funds remains a
challenge for the programming period 2014-2020, the
success of this approach having positive effects by
increasing the competitiveness of the Romanian
economy, relieving pressure from foreign capital
inflows, increasing the number of jobs etc.
Cu certitudine finantarea sectorului real poate fi
sustinuta prin activitatea IFN in sectoare care devin
prioritare nu numai la nivel national ci si mondial
cum sunt agricultura, mediul, eficienta energetica si,
de ce nu, microafacerile si antreprenoriatul social.
Certainly, the real sector financing can be sustained
by the activity of NBFI’s in sectors that are of
priority not only nationwide but worldwide as well,
such as agriculture, environment, energy efficiency
and, why not, micro-businesses and social
entrepreneurship.
In cele ce urmeaza ne vom referi la IFN ca solutii In the following section, we will refer to the NBFI as
43
alternative viabile pentru sustinerea cresterii viable alternatives to support economic growth,
economice, imbunatatirea absorbtiei fondurilor improve the absorption of EU funds and the
comunitare nerambursabile si dezvoltarea sectorului development of Romanian agriculture.
agricol romanesc.
Conform datelor furnizate de Ministerul Agriculturii
si Dezvoltarii Rurale (MADR), pe parcursul ultimilor
doi ani de criza economica, numeroase contracte de
finantare din Fondul European pentru Agricultura si
Dezvoltare Rurala (FEADR) au fost reziliate din
cauza neimplicarii reale a institutiilor de credit in
cofinantarea lor, invocand nebancabilitatea acestora.
Reprezentantii Agentiei de Plati pentru Dezvoltare
Rurala si Pescuit (APDRP) au anuntat in trimestrul
al IV-lea 2012 ca aproximativ 500 de proiecte de
investitii declarate eligibile si contractate tineau
blocate in sistem peste 400 milioane de Euro din
cauza lipsei de cofinantare.
According to data released by the Ministry of
Agriculture and Rural Development (MARD), during
the last two years of economic crisis, many financing
contracts from the European Agricultural Fund for
Rural Development (EAFRD) were canceled because
of the real lack of involvement of credit institutions
in their co-financing, citing their non-bankability.
Representatives of the Payment Agency for Rural
Development and Fisheries (PARDF) announced in
the fourth quarter of 2012 that about 500 investment
projects declared eligible and contracted kept stuck in
the system over EUR 400 million due to the lack of
co-financing.
Acest lucru s-a intamplat dupa ce APDRP a decis sa
nu mai accepte scrisorile de confort emise de IFN
care se aflau sub supravegherea Bancii Nationale a
Romaniei, contrar principiilor unei piete libere,
reglementarilor europene privind FEADR, Legii nr.
93/2009 privind institutiile financiare nebancare si nu
in ultimul rand legii concurentei. Asociatia
Producatorilor si Importatorilor de Masini Agricole
din Romania, ALB (prin lobby-ul catre BNR si
Consiliul Concurentei) si IFN care finantau sectorul
agricol au supus atentiei autoritatilor de resort
reconsiderarea acestei decizii, oferind argumente
legale si de business in favoarea credibilitatii
institutiilor financiare nebancare.
This happened after PARDF decided not to accept
letters of comfort issued by NBFI that were under the
supervision of the National Bank of Romania,
contrary to the principles of a free market, European
regulations regarding EAFRD, the Law No. 93/2009
on non-banking financial institutions and, last but not
least, the competition law. The Association of
Agricultural Machinery Manufacturers and Importers
of Romania, the ALB (through lobbying the NBR
and the Competition Council) and NBFI which
funded the agricultural sector brought into the
attention of relevant authorities the reconsidering of
this decision, providing legal and business arguments
in favor of the credibility of non-banking financial
institutions.
La acea data, conform declaratiilor reprezentantilor
APIMAR intre 75% si 80% din clientii
producatorilor si importatorilor de masini agricole,
beneficiari ai proiectelor finantate prin FEADR
apelau la IFN pentru ca aveau experienta si oferta de
finantare adaptata specificului activitatii din
domeniul agricol.
At that time, according to the representatives of
AAMMIR between 75% and 80% of manufacturers
and importers of agricultural machinery’s clients,
beneficiaries of projects financed by the EAFRD
resorted to NBFIs because of their experience and
financing offers tailored to the agricultural domain.
Practic, oferta de finantare a IFN pentru perioada de
programare 2014-2020 poate completa produsele
bancare in zone unde bancile nu sunt interesate decat
la nivel declarativ, ceea ce poate avea consecinte
pozitive asupra numarului locurilor de munca, valorii
investitiilor in modernizarea agriculturii si a spatiului
rural romanesc, absorbtia fondurilor europene
nerambursabile.
Basically, the financing offer of the NBFIs for the
programming period 2014-2020 can complete
banking products in areas where banks are interested
only in words, which can have positive consequences
on the number of jobs, the investments’ value in the
modernization of agriculture and Romanian
countryside, the absorption of non-reimbursable EU
funds.
44
Argumente in favoarea credibilitatii institutiilor
financiare nebancare
Arguments in favour of the credibility of nonbank financial institutions
x
IFN sunt autorizate sa desfasoare activitate de
creditare cu titlu profesional prin inscrierea
efectuata de BNR in Registul General sau, in
cazul depasirii unui anumit prag al
finantarilor in sold, in Registrul Special.
Activitati de creditare permise:
o acordare de credite, incluzand, fara a
se limita la: credite de consum, credite
ipotecare,
credite
imobiliare,
finantarea tranzactiilor comerciale,
operatiuni de factoring, scontare,
forfetare;
o alte forme de finantare de natura
creditului;
o emitere de garantii, asumare de
angajamente de garantare, asumare de
angajamente de finantare etc.
x
NBFIs are authorized to carry out a
professional crediting activity by the NBR
registration in the General Register or, in case
of exceeding a certain threshold of sold
financing, in the Special Register. Crediting
activities allowed:
o credit granting, including, without
limiting
to:
consumer
credits,
mortgages, real estate credits,
financing of commercial transactions,
factoring, discounting, forfeiting;
o other forms of financing related to
credit;
o issuing securities, assuming guarantee
commitments, assuming financing
commitments etc.
x
O IFN este obligata sa aplice norme interne
pentru realizarea activitatilor de creditare in
conformitate cu regulile unei practici
prudente. Normele interne privind riscul de
credit se refera la intreaga activitate si au in
vedere atat creditele la nivel individual cat si
intregul portofoliu. In urma aprobarii
normelor si procedurilor specifice de credit de
catre BNR, o IFN are dreptul legal de a-si
asuma angajamente de finantare pentru
proprii
clienti,
asigurand
cerintele
prudentiale aplicabile.
x
An NBFI is required to apply internal rules to
develop crediting activities in accordance
with the rules of prudent practices. The
internal rules on credit risk refer to the whole
business and are considering both the
individual loans and the entire portfolio.
Following the approval of the norms and
specific credit procedures by the NBR, a
NBFI has the legal right to assume financing
commitments for its own clients, providing
applicable prudential requirements.
x
Administrarea, supravegherea, conducerea si
auditarea financiara nu pot fi realizate decat
de persoane cu reputatie si experienta
adecvata in conformitate cu criterii stricte
stabilite de banca centrala a Romaniei. In
vederea respectarii acestor cerinte BNR
evalueaza
experienta
profesionala
dobandita
si
reputatia
persoanelor
implicate.
x
The administration, supervision, management
and financial audit can be performed only by
persons with appropriate experience and
reputation according to strict criteria set by
the Central Bank of Romania. In order to
comply with these requirements, the NBR
asseses the professional experience gained
and the reputation of the individuals
involved.
x
Calitatea actionarilor semnificativi si
structura grupurilor din care face parte trebuie
sa asigure stabilitatea si dezvoltarea IFN si
sa permita realizarea de catre BNR a unei
supravegheri eficiente.
x
The quality of the significant shareholders
and the structure of groups which belong to
must ensure the stability and development of
NBFI and allow for effective supervision by
the NBR.
x
IFN inscrise in Registrul Special sunt obligate
sa respecte in activitatea desfasurata cerintele
stabilite de BNR referitoare la: fondurile
x The NBFIs registered in the Special Register
are forced to respect through the activity
done, the requirements set by the NBR
45
46
proprii, expunerea fata de un debitor si
expunerea agregata, expunerea fata de
persoanele aflate in relatii speciale cu IFN,
organizarea, controlul intern, auditul intern si
administrarea riscurilor. Astfel, trebuie sa
dispuna de:
regarding: own funds, the exposure to a
borrower and aggregate exposure, exposure to
persons in a special relationship with the
NBFI, organization, internal control, internal
audit and risk management. Thus, they must
have:
o Un sistem de control intern pentru
identificarea si administrarea riscurilor
semnificative, ca parte integranta a
activitatilor zilnice, pe fiecare nivel
organizatoric;
o Un comitet permanent de administrare a
riscurilor, care dezvolta proceduri adecvate
pentru
identificarea,
evaluarea,
monitorizarea
si
controlul
riscurilor
semnificative de credit, de piata, legale,
operationale si reputationale;
o Organizarea auditului intern, ca o
componenta a activitatii de monitorizare a
sistemului de control intern.
o An internal control system for the
identification
and
management
of
significant risks, as part of their daily
activities, on each organizational level;
o A permanent committee for risk
management that develops appropriate
procedures for identifying, assessing,
monitoring and controlling significant
credit, market, legal, operational and
reputation risks;
o Organizing an internal audit, as a part of
their activity of monitoring the internal
control system.
x
IFN sunt obligate sa prezinte BNR situatiile
lor financiare si toate datele si informatiile
cerute (structura portofoliului de credite etc.),
la termenele si in forma stabilite prin
reglementari. Situatiile financiare anuale ale
IFN inscrise in registrul special se auditeaza
exclusiv de auditori financiari agreati de
BNR, in conformitate cu reglementarile
legale in vigoare.
x
The NBFIs are required to submit to the NBR
their financial statements and all data and
information required (loan portfolio structure
etc.), on time and the form established by
regulations. The annual financial statements
of NBFIs registered in the Special Register
are examined exclusively by the financial
auditors agreed by the NBR, in accordance
with the regulations in force.
x
In plus, BNR realizeaza supravegherea
prudentiala a fiecarei IFN atat pe baza
informatiilor furnizate de acestea prin
raportarile transmise periodic, cat si prin
inspectii la sediu si la unitatile teritoriale.
x
In addition to this, the NBR prudential
supervises each NBFI based on the
information they supplied in the reports
submitted periodically and through on-site
and territorial units inspections.
x
Sursele de finantare reprezinta un alt
argument in favoarea credibilitatii acestor
institutii, intrucat, fiind interzise prin lege
atragerea de depozite/fonduri rambursabile de
la public, activitatea de creditare se sustine in
special din fonduri proprii ale actionarilor
(evaluati si agreati de BNR) sau din
imprumuturi de la institutii de credit
interne/internationale. Liniile de finantare se
obtin intotdeauna in urma unui proces riguros
de auditare. Astfel, supravegherea modului de
utilizare a fondurilor este dublata de
procedurile
bancilor
creditoare
interne/internationale.
x
Financing sources represent another argument
in favour of the credibility of these
institutions. Being prohibited by law
repayable deposits/ reimbursable funds from
the public, the crediting activity is supported
especially
from
shareholders'
equity
(evaluated and approved by the NBR) or from
loans extended by internal / international
credit institutions. Funding lines can always
be granted following a detailed due-dilligence
process. Thus, monitoring the use of funds is
backed by internal/international creditor
banks’ procedures.
Prin urmare, IFN-urile au capacitatea de a-si asuma
angajamente de garantare (precum Fondul de
Garantare a Creditului Rural IFN SA, Fondul National
de Garantare a Creditelor pentru
Intreprinderi Mici
si Mijlocii IFN SA), angajamente de finantare si in
final cofinantarea privata a proiectelor de investitie
eligibile (cum este cazul FEADR).
Therefore, the NBFIs have the ability to assume
guarantee commitments (such as the Rural Credit
Guarantee Fund NBFI SA, National Credit Guarantee
Fund for Small and Medium Enterprises IFN SA),
financing commitments and finally private cofinancing of eligible investment projects (such as
EAFRD).
Spre deosebire de bancile comerciale, unele IFN
prezinta avantajul competitiv de a oferi clientilor
pachete integrate de servicii de consultanta si
finantare, de la momentul ideii de proiect pana la
ultima plata efectuata de APDRP si ultima rata de
credit sau leasing financiar achitata.
Unlike commercial banks, some NBFI present
competitive advantages of providing customers with
integrated packages of consulting and financing
services, from the first stage of the project idea to the
last payment made by the PARDF and last credit or
financial leasing installment paid.
Mai mult, pe piata financiara din Romania activeaza
IFN ce fac parte din grupuri de companii care au
experienta si competente dobandite in elaborarea,
implementarea si finantarea proiectelor de
investitie in agricultura si dezvoltare rurala,
sustinute cu fonduri europene sau internationale.
Aceasta orientare se poate constata atat din structura
sectoriala a finantarilor acordate clientilor, respectiv
caracter preponderent agricol si agroalimentar
cat si din caracteristicile liniilor de finantare atrase
de la institutii financiare internationale cu scopul
creditarii producatorilor agricoli si fermelor mici
si mijlocii.
Moreover, on the Romanian financial market activate
the NBFIs that are part of the group of companies with
experience and expertise gained in the development,
implementation and financing of investment projects
in agriculture and rural development, supported by
European or other international funds. This orientation
can be seen both in their sectoral structure of financing
granted to customers, mainly predominant
agricultural and agribusiness character as well as in
the character of the financing lines attracted from
international financial institutions with the purpose of
onlending to agricultural producers and small and
medium-sized farms.
Asumarea riscului de cofinantare de catre IFN nu
poate decat sa imbunatateasca rata de absorbtie a
fondurilor nerambursabile europene, cu atat mai mult
cu cat una din masurile de diminuare a acestui risc
este asistenta tehnica oferita clientului, atat pe
perioada implementarii proiectului de investitie cat si
dupa data platii finale: consultanta cu specific
agricol, implementare si achizitii publice aferente
proiectelor de investitii europene s.a.
Taking the risk of co-financing by the NBFIs can
rather improve the absorption rate of EU nonreimbursable funds, all the more as one of the
instruments to reduce this risk is technical support
provided to the customer, both during the
implementation of the investment project and after
final payment date: specific agricultural consulting,
implementation and public aquisitions for European
investment projects, etc.
Raportul asupra stabilitatii financiare 2013
publicat recent de BNR consemneaza schimbarea din
ultimii ani in cadrul modelului de activitate al IFN:
“caracterizata printr-o reorientare catre alte tipuri de
finantari in detrimentul operatiunilor de leasing
financiar. In ceea ce priveste finantarile acordate de
IFN pe sectoare economice de activitate, in perioada
iunie 2012-iunie 2013, se remarca cresterea cu 29 la
suta a finantarilor acordate sectorului agricol (12
la suta din total portofoliu)”.
2013 Financial Stability Report recently published
by the NBR records change in the pattern of activity
of NBFI in recent years:
“characterized by a shift towards other types of
financing to the detriment of financial leasing
operations. Regarding funding granted by the NBFIs
on economic sectors of activity between June 2012
and June 2013, an increase by 29 percent of the
financing granted to the agricultural sector (12
percent of total portfolio) is noticed”.
47
Exemplificand influenta creditarii asupra cresterii
economice in anumite domenii, analiza BNR
mentioneaza ca firmele cu credite interne din
agricultura contribuie cu aproximativ 52% la
valoarea produsa de toate firmele din sectorul
agricol. In plus aceste companii au pe ansamblu o
capacitate de onorare a serviciului datoriei mai buna
decat media (14,9% fata de o medie de 23,4% in
august 2013).
Exemplifying the influence of credit on the economic
growth in certain areas, the NBR analysis states that
companies with domestic loans in agriculture
contribute with about 52% to the produced value
by all companies in the agricultural sector. In
addition to this, these companies have an overall
fullfilment capacity to debt service better than the
average (14.9% compared to an average of 23.4% in
August 2013).
Avand in vedere argumentele expuse, consideram ca
institutiile financiare nebancare reprezinta o
oportunitate oferita de piata de credit din
Romania care trebuie fructificata in avantajul
mediului de afaceri si beneficiarilor de fonduri
europene (cum este cazul FEADR).
Given the arguments above, we strongly believe that
non-banking financial institutions represent an
opportunity offered by the credit market in
Romania that must be taken advantage of to the
benefit of the bussiness and beneficiaries of EU
funds (such as EAFRD).
Microcreditarea – sector cu potential de
dezvoltare in Romania
Micro crediting - a sector with potential for
development in Romania
Criza financiara si recesiunea economica au scumpit
finantarea datoriilor iar valul de reglementari bancare
(in special reforma Basel II) au ingreunat si mai mult
accesul la finantare. Ca rezultat al regulamentelor
bancare tot mai stricte, bancile se retrag treptat din
economia locala. In plus, acestea sunt reticente la
acordarea de imprumuturi mici (sub 25.000 Euro)
intrucat costurile de acordare si administrare sunt
mari in timp ce marjele de profit sunt mici. De
asemenea, persoanele auto-angajate si microantreprenorii sunt considerati prea riscanti din
perspectiva metodelor de evaluare, care se bazeaza
pe istoricul creditarii si constituirii garantiilor pentru
securizarea imprumutului.
The financial crisis and the economic recession
marked up the debt financing and the wave of
banking regulations (Basel II reform in particular)
made it more difficult to access financing. As a result
of increasingly stringent banking regulations, banks
are gradually retiring from the local economy. In
addition, they are reluctant to extending small loans
(under EUR 25,000) since the granting and
administration costs are high, while profit margins
are low. Also, self-employed persons and microentrepreneurs are considered too risky in terms of
assessment methods, which are based on credit
history and setting up collaterals to secure the loan.
Cu toate acestea, conform documentelor publicate de
European Microfinance Network, 91,8% dintre
afacerile din cadrul Uniunii Europene sunt de nivel
micro, cuprinzand peste 2/3 din forta de munca.
Desi intreprinderile micro si mici constituie motorul
economiei europene, infiintarea si dezvoltarea micro
afacerilor in Europa este un proces greoi.
However, according to documents published by the
European Microfinance Network, 91.8% of
businesses in the EU are micro, comprising over two
thirds of the workforce. Although small and micro
enterprises are the engine of the European economy,
the establishment and development of micro
businesses in Europe is a lengthy process.
Prin urmare, Uniunea Europeana a ridicat la rang de
prioritate intreprinderile mici si microcreditarea
prin politicile sale interne, regionale si de angajare.
Prin Strategia Europa 2020 cu 2008 Small
Business
Act
se
urmareste
imbunatatirea
reglementarii si accesului la finantare pentru firmele
mici prin Single Market Act si noile programe cu
fonduri europene structurale.
Therefore, the European Union prioritized small
enterprises and micro-crediting through its internal,
regional and employment policies. The Europe 2020
Strategy with 2008 Small Business Act aims at
improving regulation and access to financing for
small businesses in the Single Market Act and the
new EU structural funds programs.
48
Microcreditul, asa cum este definit de catre
Consiliul European, este imprumutul sub 25.000 €
acordat
pentru
sprijinirea
dezvoltarii
microintreprinderilor (intreprinderi cu mai putin de
10 angajati) si auto-angajabilitatii (persoane care
doresc sa se autoangajeze dar nu au acces la servicii
bancare traditionale). Acesta are un dublu impact:
unul economic, fiind un mijloc de creare de activitati
generatoare de venit si unul social, fiind un mijloc
de incluziune sociala si, prin urmare, de incluziune
financiara.
The microcredit, as defined by the European
Council, is the loan under EUR 25,000 granted to
support the development of micro-enterprises
(companies with less than 10 employees) and selfemployability (people who want to be self-employed
but do not have access to traditional banking
services). This has a double impact: an economic
one as a means of creating income generating
activities and a social one as a means of social
inclusion and therefore financial inclusion.
Creditarea microintreprinderilor tinteste clientii
aproape bancabili (intreprinderi nou-infiintate sau
existente). Adesea acesti clienti au nevoie de
consiliere suplimentara si servicii de suport pentru
afacerile lor, fiind oportun sprijinul guvernamental
pentru subventionarea consilierii pre- si postcreditare.
Granting credits to micro-enterprises aims customers
almost bankable (start-up or existing enterprises).
Often, these clients need additional counselling and
support services for their businesses, the appropriate
government support to subsidize counselling pre- and
post-lending being necessary.
Piata europeana de microfinantare este eterogena, nu
exista un model comun de business. Valoarea
microimprumuturilor variaza, cele mai mari fiind
acordate de banci, institutii nebancare si organizatii
guvernamentale. Cea mai presanta problema a
institutiilor respective este lipsa surselor de finantare
pe termen lung.
The European market for micro financing is
heterogeneous; there is no common business model.
The micro-loans value varies, the largest being
granted by banks, non-banking institutions and
government organizations. The most pressing issue
of these institutions is the lack of long-term funding
sources.
Microcreditarea se operationalizeaza prin programul
de asistenta tehnica 2007 JASMINE, urmat in 2009
de European Progress Microfinance Facility, care
furnizeaza 200 de milioane de euro institutiilor de
microfinantare europene sub forma de credite,
garantii si equity. Recent au fost introduse ingineriile
financiare ca strategie preferata pentru utilizarea
fondurilor structurale de catre statele membre.
Microcrediting is operationalized through the
technical assistance program JASMINE 2007,
followed in 2009 by the European Progress
Microfinance Facility, which provides EUR 200
million to European microfinance institutions in the
form of loans, guarantees and equity. Financial
engineering have recently been introduced as the
preferred strategy for the use of structural funds by
Member States.
Studiile de specialitate remarca o tendinta de
profesionalizare, eficientizare si autosustinere a
microfinantarii. Un numar in crestere de persoane
neangajate devin o sursa de cerere pentru
microcredite, dar totusi, fara acces la finantare
stabila, perspectivele de crestere sunt limitate.
Specialized
studies
show
a
trend
of
professionalization, effectiveness and self-sustaining
micro financing. A growing number of unemployed
people are a source of demand for micro-credit, but
without access to stable funding, growth prospects
are limited.
Se asteapta ca in perioada urmatoare bancile comerciale
din Europa sa-si reduca in continuare imprumuturile
catre persoanele excluse financiar, mici start-up–uri si
microintreprinderi. Schemele de microfinantare devin
instrumente tot mai importante pentru a combate
efectele crizei financiare si a sustine cresterea inclusiva,
domeniu spre care se indreapta tot mai multe institutii
financiare nebancare.
It is expected that in the near future European
commercial banks will reduce further loans to
financially excluded individuals, small start-ups and
micro-enterprises. Microfinance schemes are
becoming increasingly important tools to combat the
financial crisis’ effects and sustain inclusive growth,
area towards which more and more non-bank
financial institutions are heading.
49
Sectorul romanesc de microfinantare este
competitiv la nivel european, avand deja experienta
in accesarea de programe descentralizate. Este insa
necesara o coordonare intre programele de formare in
antreprenoriat si programele de acces la
microfinantare.
The Romanian microfinancing sector is competitive
at an European level, having already gained
experience in accessing decentralized programs. But
the coordination between training programs in
entrepreneurship and access to microfinance
programs is needed.
Beneficiarii microcreditelor sunt micro-intreprinderi,
inclusiv persoane fizice autorizate, intreprinderi
individuale, asociatii familiale, intreprinderi mici,
intreprinderi noi (start-up), intreprinderi inovative,
fermieri.
Institutiile implicate sunt: finantatori (UE, Fondul
European pentru Investitii, OPIC etc.), managerul
fondului, IFN, experti, firme de consultanta, fonduri
de garantare.
Microcredit beneficiaries are micro-enterprises,
including authorized individuals, family associations,
small, new companies (start-up) innovative
companies, farmers.
Beneficiile activitatii de microfinantare pentru
Romania constau in principal in: imbunatatirea
accesului la finantare al tuturor beneficiarilor
enumerati mai sus, imbunatatirea calitatii serviciilor
financiare si de asistenta pentru dezvoltarea
afacerilor oferite de institutiile implicate, dezvoltarea
sectorului IMM si crearea/mentinerea de locuri de
munca, cresterea cifrei de afaceri a firmelor
beneficiare,
cresterea
in
timp
a
valorii
microcreditelor acordate. Astfel, microcreditul poate
constitui o pepiniera de clienti solvabili pentru piata
bancara.
The benefits of microfinancing activities for
Romania mainly consist in: improving access to
finance for all beneficiaries listed above, improving
the quality of financial services and business
development assistance provided by the institutions
involved, SME sector development and the creation /
retention of jobs, growth of the beneficiary
companies’ turnover, while increasing the value of
the granted micro-credits. Thus, micro-credit can be a
breeding ground for creditworthy customers for the
banking market.
La nivel mondial si European institutiile de
microfinantare sunt sustinute printr-o gama variata de
instrumente financiare: imprumuturi directe si
indirecte, garantii directe si contra-garantii etc. dar si
asistenta tehnica (inclusiv servicii de rating si de
evaluare gratuite) etc.
At a global and European level, microfinance
institutions are supported by a wide range of
financial instruments: direct and indirect loans, direct
guarantees and counter-guarantees etc., as well as
technical assistance (including free rating and
evaluation services) etc.
Initiative europene in domeniul microfinantarii
European initiatives in the micro financing field
1. Programul PROGRESS (The EU Program for
Employment and Social Solidarity) sustinut de Banca
Europeana de Investitii (BEI) si administrat de
Fondul European de Investitii (FEI) in valoare totala
de 205 milioane Euro.
1. The PROGRESS Program (The EU Program for
Employment and Social Solidarity) supported by the
European Investment Bank (EIB) and managed by
the European Investment Fund (EIF) with a total
value of Euro 205 million.
Este mentionat in Propunerea de Regulament a
Parlamentului European si al Consiliului de instituire
a unui Program al UE pentru schimbari sociale si
inovare sociala, cu trei axe complementare: axa
Progres, axa EURES si axa Microfinantare si
antreprenoriat social. Axa Microfinantare si
antreprenoriat social va facilita accesul la finantare
50
It is mentioned in the Proposal for a Regulation of
the European Parliament and of the Council for
establishing an EU Program for Social Change and
Social Innovation, three complementary axes: the
Progress axis, the EURES axis and Microfinance and
Social Entrepreneurship axis. Microfinance and
Social Entrepreneurship axis shall facilitate access to
The institutions involved are: financers (EU,
European Investment Fund, OPIC, etc.) Fund
managers, NBFI, experts, consulting firms, guarantee
funds.
pentru antreprenori, in special persoane din somaj si
intreprinderi sociale. Pentru perioada 2014-2020, din
bugetul total al Programului acestei axe i se vor aloca
20%, respectiv cca. 192 milioane Euro.
financing for entrepreneurs, especially unemployed
people and social enterprises. For the 2014-2020
period, 20% out of the total budget of the Program
which is approx. EUR 192 million will be allocated
to this axis,
2. Programul JASMINE (Joint Action to Support
Microfinance Institutions in Europe) - Fondul de
asistenta tehnica pentru institutii de microfinantare sustinut de BEI si administrat de FEI. Asistenta tehnica
oferita este menita sa ajute furnizorii europeni de
microcredit sa se alinieze la standardele internationale
si sa faciliteze ulterior accesul acestora la finantare.
2. The JASMINE Program (Joint Action to Support
Microfinance Institutions in Europe) - The fund for
technical assistance for microfinance institutions supported by the EIB and managed by the EIF.
Technical assistance is designed to help European
micro-credit providers to align with international
standards and to facilitate future access to financing.
JASMINE ofera de asemenea workshop-uri pentru
promovarea celor mai bune practici si un helpdesk
disponibil permanent pe portalul de microfinantare al
Comisiei Europene. Beneficiarii
programului
JASMINE in Romania au primit gratuit servicii
rating si de evaluare, au beneficiat de instruire de
specialitate si de programe de consultanta.
JASMINE also offers workshops to promote best
practices and a permanent helpdesk available on the
micro-financing portal of the European Commission.
The JASMINE program beneficiaries in Romania
received free evaluation and rating services,
specialized training and consulting programs.
Conform datelor centralizate de European
Microfinance Network, institutiile de microfinantare
din Romania au fost printre principalii beneficiari ai
programelor JASMINE si PROGRESS.
According to centralized data by the European
Microfinance Network, microfinance institutions in
Romania were among the main beneficiaries of the
JASMINE and PROGRESS programs.
3. Programul JEREMIE (Joint European Resources
for Micro to Medium Enterprises) ofera intermediarilor
financiari (inclusiv institutii de microcredit) instrumente
financiare cu precadere pentru IMM de tipul: garantii,
co-garantii si contra-garantii, garantii de capital,
(micro) imprumuturi, asigurari ale creditelor de export,
de securitizare, capital de risc de tip business angel si
fonduri de investitii pentru transfer de tehnologie. In
2008, FEI si Guvernul Romaniei au semnat un acord de
100 milioane EUR.
3. The JEREMIE Program (Joint European
Resources for Micro to Medium Enterprises) provides
to the financial intermediaries (including micro-finance
institutions) financial instruments especially for SMEs
like: guarantees, co-guarantees and counter-guarantees,
capital guarantees, (micro) loans, export, securitization
credit insurance, business angel type risk capital and
investment funds for technology transfer. In 2008, the
EIF and the Romanian Government signed an
agreement of EUR 100 million.
In completarea inititativelor de mai sus, se poate
disponibiliza sprijin national si regional prin
instrumente de inginerie financiara in cadrul
fondurilor structurale europene, Fondul Social
European (FSE) si Fondul European Dezvoltare
Regionala (FEDR), printr-o contributie directa sau
utilizand initiativa JEREMIE.
In addition to the initiatives mentioned above, the
national and regional support can be dismissed
through financial engineering instruments in the
European Structural Funds, the European Social
Fund (ESF) and European Regional Development
Fund (ERDF) through a direct contribution or using
the JEREMIE initiative.
In timp ce resursele FEDR sunt utilizate in special
pentru sprijinul IMM-urilor, dezvoltare urbana si
regenerare,
eficienta
energetica
si
energii
regenerabile in constructii, FSE este menit sa sprijine
auto-angajarea, start-up-urile si microintreprinderile
prin cresterea angajarii, stimularea antreprenoriatului
si invatarea pe parcursul vietii, in conformitate cu
While the ERDF resources are used especially for
SME support, urban development and regeneration,
energy efficiency and renewable energy in buildings,
ESF is designed to support self-employment, startups and micro-enterprises by increasing employment,
stimulate entrepreneurship and lifelong learning, in
line with the Lisbon Strategy and the Integrated
51
Strategia Lisabona si Liniile directoare integrate Guidelines for growth and jobs.
pentru crestere si locuri de munca.
In cadrul initiativei JEREMIE statele membre si
regiunile au posibilitatea sa creeze un Holding Fund
(HF) care sa actioneze ca un “fond al fondurilor” or
“fond umbrela”, guvernat de un Bord de Investitii,
administrat direct de FEI sau de institutii nationale
selectate prin procedurile de achizitie publica.
Conform Raportului Comisiei Europene COCOF 130093-00-EN asupra stadiului de implementare a
instrumentelor de inginerie financiara la 31
decembrie 2012, Romania a absorbit doar 43,12
milioane Euro din totalul celor 100 milioane Euro,
din care 36,8 milioane Euro reprezinta fonduri
structurale si 6,04 milioane Euro sunt cofinantarea
publica nationala.
Under the JEREMIE initiative, the Member States
and regions can create a Holding Fund (HF) to act as
a "fund of funds" or "umbrella fund" governed by a
Board of Investment, administered directly by the
EIF or national institutions selected through public
procurement procedures.
According to the European Commission Report
COCOF 13-0093-00-EN on the state of
implementation of financial engineering instruments
of 31 December 2012, Romania has absorbed only
EUR 43.12 million of the total 100 million, of which
EUR 36.8 million are structural Funds and EUR 6.04
million are national public co-financing.
4. CIP (Competitiveness and Innovation Framework
Programme) promoveaza crearea de intreprinderi cu
potential de crestere ridicat, incluzand un sprijin
dedicat special institutiilor de microfinantare,
intitulat “Microcredit Guarantee Window”. Initiativa
este administrata de FEI in cooperare cu CE si este
accesibila atat institutiilor publice cat si private.
4. CIP (Competitiveness and Innovation Framework
Programme) promotes the creation of companies
with high growth potential, including a support
special dedicated to micro-financing institutions,
entitled "Micro-credit Guarantee Window". The
initiative is administered by the EIF in collaboration
with the EC and is accessible for both public and
private institutions.
5. RSI (Risk Sharing Instrument for Innovative and
Research oriented SMEs and Small Mid-Caps) este un
sistem de garantare pilot menit sa sprijine finantarea
activitatilor de cercetare si dezvoltare si transferul de
tehnologii catre IMM inovative, dar nu direct, ci prin
intermediarii financiari selectati. Pe baza garantiilor si
contragarantiilor emise, intermediarii financiari
selectati pot acorda mai departe credite, leasing
financiar si garantii pentru imprumuturi. Prin urmare,
IFN cu activitate de leasing financiar sunt de
asemenea eligibile la selectare ca intermediar financiar
in acest program, care va constitui baza pentru
programarea 2014-2020. Primirea aplicatiilor are loc
pana la 31 decembrie 2013.
5. RSI (Risk Sharing Instrument for Innovative and
Research oriented SMEs and Small Mid-Caps) is a
pilot guaranteeing system designed to support funding
of research and development activities and technology
transfer to SMEs innovative, but not directly, but
through selected financial intermediaries. Based on the
issued guarantees and counter-guarantees, the selected
financial intermediaries may grant further loans,
financial leasing and loan guarantees. Therefore, the
NBFI with financial leasing activities is also eligible
to be selected as a financial intermediary in this
program, which will be the basis for the 2014-2020
programming. The applications are received until
December 31, 2013.
In final, putem mentiona de initiativa MADR de a
primi IFN alaturi de institutii de credit la constituirea
unui subgrup de lucru pentru a identifica solutii de
implementare a instrumentelor financiare in cadrul
PNDR 2014-2020, care sa asigure o mai buna
absorbtie a fondurilor disponibile si o dezvoltare
sustenabila a proiectelor de investitii.
Finally, we mention the MARD initiative to accept
NBFIs along with credit institutions to establish a
working subgroup to identify solutions for the
implementation of financial instruments under the
NRDP 2014-2020, which is to ensure a better
absorption of available funds and a sustainable
development of investment projects.
Totodata, prin Ordonanta de urgenta nr. 43 din 2013 Also, through the Emergency Ordinance no. 43 of
privind unele masuri pentru dezvoltarea si sustinerea 2013 regarding some measures for developing and
fermelor de familie si facilitarea accesului la sustaining family farms and farmers' access to
52
finantare al fermierilor, MADR constituie un Fond
pentru acordarea de microcredite in agricultura,
care poate fi accesat, alaturi de banci, si de catre IFN
selectate prin proceduri de achizitie publica.
finance, MARD creates a Fund for micro-credits in
agriculture, which can be accessed, along with
banks, by the NBFIs selected through public
acquisition procedures.
In functie de destinatie, sumele accesate de un
beneficiar final (ferma de familie) pot varia intre
15.000 Euro (pentru investitii care nu sunt eligibile
prin Programul National de Dezvoltare Rurala),
25.000 Euro (pentru realizarea productiei agricole) si
75.000 Euro (pentru cofinantarea proiectelor de
investitii eligibile prin PNDR). Fondul se pune la
dispozitie pe termen lung, perioada maxima de
restituire putand ajunge la 10 ani. Plafonul maxim
pentru fiecare institutie financiara selectata va fi
stabilit prin conventia incheiata cu MADR, in limita
sumelor alocate anual de minister. Printre avantajele
acestui Fond de microcreditare se pot enumera:
crearea unei surse de finantare pe termen lung,
posibilitatea cofinantarii unui proiect de investitie
implementat cu fonduri europene, facilitati la
garantare acordate beneficiarilor.
Depending on the destination, the amounts accessed
by a final beneficiary (family farm) can vary between
EUR 15,000 (for investments that are not eligible
under the National Rural Development Programme),
EUR 25,000 (to achieve agricultural production) and
EUR 75,000 (for co-funding eligible investment
projects in NRDP). The fund is provided on long
term, the maximum refund period can reach 10
years. The maximum amount for each selected
financial institution will be established by the
convention concluded with MARD, respecting the
amounts allocated annually by the Ministry. Among
the advantages of the micro-credit Fund, the
following are included: the creation of a long-term
funding source, the possibility of co-financing an
investment project implemented by EU funds,
facilities to guaranteeing for beneficiaries.
Pentru succesul acestor programe si atragerea
fondurilor interne si internationale in beneficiul
economiei romanesti sunt necesare atat coordonarea
institutionala profesionista cat si identificarea
elementelor de complementaritate si sinergie la
nivelul tuturor actorilor implicati: banci, institutii
financiare nonbancare, retele de consultanti,
comunitati locale etc., care sa promoveze buna
guvernanta si schimbul de bune practici, eventual in
cadrul unor parteneriate strategice.
For the success of these programs and attracting
domestic and international funds for the benefit of
Romanian economy, both institutional professional
coordination and identifying complementarity and
synergy elements among all actors involved are
required: banks, non-banking financial institutions,
networks of consultants, local communities etc.,
which can promote the good governance and sharing
of best practices, possibly in the context of strategic
partnerships.
Surse ale informatiei:
Sources of information:
x
x
x
x
x
x
x
x
x
Banca Nationala a Romaniei
Monitorul Oficial al Romaniei
Ministerul Agriculturii si Dezvoltarii Rurale
Agentia de Plati pentru Dezvoltare Rurala si
Pescuit
Asociatia Producatorilor si Importatorilor de
Masini Agricole
Comisia Europeana
European Microfinance Network
Banca Europeana de Investitii
Fondul European de Investitii
x
x
x
x
x
x
x
x
x
National Bank of Romania
Official Gazette of Romania
Ministry of Agriculture and Rural
Development
Payment Agency for Rural Development and
Fisheries
The Association of Producers and Importers
of Agricultural Machinery
European Commission
European Microfinance Network
European Investment Bank
European Investment Fund
53
78&(ÍĘ,'25(Ĩ7,
'(/$81/($6,1*"
III.3
Karim KHEIRAT
Associate Director
Credit Risk Solutions KPMG
Data analytics transforma abordarea traditionala
privind administrarea riscului de credit
Data Analytics transforms the traditional
approach of Credit Risk Management
Lucrati deja cu un volum mare de date?
Are you already dealing with big data?
Daca intentionati sa stocati si sa gestionati datele
existente in cadrul unei baze de date centralizate,
daca intentionati sa conectati diverse surse de
informatii interne si externe pentru a accelera
procesul decizional si a monitoriza portofoliul
existent de clienti, atunci sunteti in curs de proiectare
a capacitatilor de data analytics.
Potrivit lui Andy Pulkstenis, Director Analytics la
State Farm, “Big Data Analytics devine necesar
atunci cand volumele de date cresc, cand tehnicile
traditionale nu mai functioneaza atat de bine.” Jim
Head, Vice-presedinte Executiv pentru data analytics
in cadrul BBDO, ”Big Data Analytics intervine
atunci cand corelatiile traditionale nu mai sunt
estimate, ci observate”. Acestea sunt declaratii care
prefigureaza schimbari majore in procesul de
evaluare a riscului de credit.
Conceptul de ”data analytics” a fost recent
popularizat prin cartea si filmul Moneyball – Arta de
a invinge. Bazat pe cartea scrisa de Michael Lewis si
avandu-l drept protagonist pe Brad Pitt, filmul
prezinta un antrenor care utilizeaza data analytics
pentru a-si conduce echipa de baseball spre titlul de
campioana.
Companii precum Amazon au implementat cu succes
data analytics, punand sub semnul intrebarii modelele
de afaceri traditionale. In prezent, companii cu o
istorie indelungata, precum Procter and Gamble si
UPS, introduc data analytics pentru a-si crea un
avantaj competitiv.
If you are planning to store and manage your existing
data in one centralized database, if you are planning
to connect internal and external sources of
information to speed the decision process or to
monitor your existing portfolio of clients, then you
are in the process of designing data analytics
abilities.
According to Andy Pulkstenis, Director Analytics at
State Farm, “Big Data Analytics becomes necessary
when data volumes increase, when classic techniques
do not work so well”. Jim Head, EVP Analytics at
BBDO, “Big Data Analytics interferes when
traditional inferences are no longer estimated, but
observed”. These are statements that foreshadow
important changes in the Credit Risk Assessment.
The “Data Analytics” concept was recently made
popular through the book and movie Moneyball.
Based on the book written by Michael Lewis and
starring Brad Pitt, the movie’s plot depicts a coach
using data analytics to try to lead his baseball team to
become a league champion.
Companies like Amazon have successfully
implemented data analytics, challenging the
traditional way business is done. Today, long
established companies, such as Procter & Gamble
and UPS, are introducing data analytics to create a
competitive advantage.
55
Care va fi impactul pe care “Credit Risk
Analytics” il va avea asupra modelelor
traditionale folosite de companii in evaluarea
clientilor?
In relatiile de afaceri, stabilirea conditiilor de plata
reprezinta o componenta esentiala a negocierilor.
Companiile in general, bancile, societatile de leasing
acorda credite clientilor, ceea ce are un impact asupra
profitabilitatii lor si, in lipsa unui proces adecvat de
analiza a riscului de credit, poate conduce la
insolventa sau dificultati financiare.
Procesul de analiza a riscului de credit se bazeaza in
principal pe procesarea datelor despre persoane fizice
si companii pe baza unui model de risc de credit
propriu, rezultand intr-o recomandare cu privire la
probabilitatea de neindeplinire a obligatiilor de plata
– scoringul pentru persoane fizice sau ratingul pentru
companii. Rezultatele sunt cu atat mai precise cu cat
calitatea datelor este mai buna. Calitatea datelor este
determinata de sursa acestora, si de datele
evenimentelor la care se refera. Daca dispune de date
corespunzatoare, departamentul de risc de credit
poate evalua capacitatea reala de plata a clientilor,
dar in cele mai multe cazuri datele externe nu sunt
usor de colectat.
What will the impact of “Credit Risk Analytics”
on traditional models used by companies to assess
their clients be?
In prezent, colectarea datelor este un proces care
consuma timp. Colectarea si analiza datelor
referitoare la clienti poate dura cateva zile. Raspunsul
la o cerere de finantare prin leasing poate veni numai
la un timp dupa depunerea cererii de catre client. In
lipsa unor alternative, majoritatea clientilor accepta
conditiile pietei. Situatia este in curs de schimbare in
unele tari in care institutiile oficiale isi dezvolta siteuri web pe care pot fi verificate informatiile de piata.
Aceste surse online faciliteaza procesul de colectare a
datelor externe digitalizate care pot fi folosite
pentru calculul indicatorilor de baza.
Nowadays, data collection is a time consuming
activity. The collection and analysis of clients’ data
may take several days. The answer to a leasing
request will take additional time after the client’s
request. Lacking alternatives, most clients accept the
market conditions. This situation is changing in
some countries where official institutions are
developing websites where market information can
be checked. These online sources facilitate the
process of collecting digitalized external data that
can be used to calculate basic ratios.
In conditiile in care datele sunt colectate automat din
surse de informatii externe si interne, societatile de
leasing pot oferi mai rapid un raspuns la majoritatea
cererilor de finantare: un accept imediat pentru
clientii cu risc redus, solicitarea unor garantii
suplimentare pentru clientii care prezinta un risc
crescut sau solicitarea de documente suplimentare
pentru o analiza mai amanuntita atunci cand datele
existente nu sunt suficiente pentru un raspuns
automat.
With data automatically collected from external and
internal sources of information, leasing companies
can give an answer faster to most of the financing
requests: an immediate agreement for clients that
have a low risk, additional guarantees for clients that
present high risks or requesting additional documents
for a deeper analysis when existing data is not
enough for an automatic answer.
In business relationships, setting the payment
conditions is an essential component of the
negotiation. Companies, banks, leasing companies
provide credit to their clients, having an impact on
their profitability and possibly leading them to
bankruptcy or difficulties without a proper credit risk
process in place.
The credit risk assessment process relies mainly on
processing company or individual data based on a
personal credit risk model, resulting in a
recommendation regarding the probability of
default/non-payment – the scoring for individuals or
rating for companies. The result has a higher
accuracy depending on the quality of data. The
quality is of data determined by its sources and the
dates of the events to which they refer. With the
appropriate data, the credit risk department can
assess the real capacity of its clients, but in most
cases external data is not easily collectable.
Cu ajutorul unei tehnologii adecvate, managerii de Supported by the right technology, credit risk
risc de credit pot combina fluxurile de date interne si managers can combine internal and external data
56
externe astfel incat sa obtina o intelegere
cuprinzatoare a profilului de risc de credit al
clientilor lor. Ei dezvolta „Credit Risk Analytics”.
Societatile de leasing care vor oferi imediat un
raspuns clientilor vor dezvolta un avantaj competitiv,
o baza larga de clienti de calitate si isi vor reduce
costurile operationale. Pentru a fi in pozitia de a
evalua clientii in cateva minute, societatea trebuie sa
aiba acces la o baza de date vasta si la algoritmi
specializati de evaluare a riscului de credit, integrati
intr-o solutie informatica de administrare a riscului
de credit.
workflows to get a comprehensive understanding of
their clients’ credit risk profile. They develop
‘Credit Risk Analytics’. The leasing companies that
will provide an immediate answer to their clients will
develop a competitive advantage, a large database of
quality clients and will reduce operational costs. To
be in a position to score clients in a few seconds, the
company must have access to a large database and to
specialized credit risk algorithms integrated in a
Credit Risk IT solution.
Cum trebuie implementate solutiile “credit risk How to implement ‘credit risk analytics’ solutions
analytics” pentru a sustine dezvoltarea afacerilor to improve business development
Implementarea solutiilor de data analytics este
provocarea esentiala cu care liderii in afaceri se vor
confrunta in anii urmatori. Intrebarile care se pun
sunt cand si cum ar trebui sa inceapa?
Implementation of data analytics solutions is the key
challenge that business leaders will have to face in
the coming years. The questions are when and how
should they start?
Tehnologiile cloud si business objects au atins etapa
de maturizare si utilizare pe scara larga. Aceste doua
tehnologii incep sa fie integrate in majoritatea
afacerilor. Combinatia dintre aceste doua tehnologii
influenteaza modul de derulare a afacerilor,
accelerand progresul pe calea deschisa de Internet.
Cloud and business object technologies have reached
a mature and industrial phase. They are starting to be
integrated into most businesses. The combination of
these technologies is shaping the business, speeding
the progress along path developed by the internet.
Tehnologia cloud permite administrarea unui volum
tot mai mare de date digitalizate si proiectarea unor
sisteme de calcul virtuale pentru prelucrarea acestor
date si procesarea lor in cadrul unor algoritmi
dezvoltati de manageri si statisticieni.
Clouds technology allows the management of
growing digitalized data volume and the design of
virtual computer systems in order to manipulate these
data and to process them in algorithms developed by
business managers and statisticians.
Tehnologia business objects ii ajuta pe managerii fara
cunostinte IT specializate sa dezvolte algoritmi si
programe informatice care pot fi concepute in cateva
zile si modificate foarte usor.
Business object technology helps business managers
with no IT education to develop algorithms and IT
programs which can be designed in a few days and
easily modified.
Data analytics este un raspuns imediat la noile
cerinte de afaceri, bazat pe modele predictive
proiectate cu date structurate si nestructurate.
Aceste modele sunt in principal folosite de catre
departamentul de marketing pentru a identifica noi
clienti prin managementul datelor digitalizate.
Data analytics is an immediate action to new
business requirements based on predictive models
designed with structured and unstructured data.
These models are mainly used by the marketing
department in order to identify new clients through
the management of digitalized data.
Companiile care cauta informatii despre clientii lor,
despre sectorul in care activeaza si despre tendintele
din economie si integreaza aceste date in algoritmi
pentru a identifica clientii cu performanta financiara
Companies that search for data regarding their
clients, their field of activity and economy’s trends
and integrate these data in algorithms to identify
clients that are financially performing well and those
57
buna si pe cei cu cea mai mare probabilitate de a nu- most likely to default are developing Credit Risk
si indeplini obligatiile de plata, sunt in curs de a Analytics.
dezvolta Credit Risk Analytics.
Volumul extins de date, diversificarea surselor
precum si capacitatea algoritmilor diferentiaza Credit
Risk Analytics de modelele actuale de risc de credit,
care nu au capacitatea de a integra datele noi si
nestructurate.
Data
analytics
imbunatateste
predictibilitatea. Odata cu integrarea profilului de risc
al clientului ca un criteriu suplimentar de selectie,
societatile isi imbunatatesc eficienta.
The extensive data volume, the growing number of
sources and the capacity of the algorithms
differentiate Credit Risk Analytics from current
credit risk models which are not able to integrate new
and unstructured data. Data Analytics enhances
predictability. With the integration of the client’s risk
profile as additional criteria to qualify as a client,
companies are improving their efficiency.
Folosite in
procesul
decizional
Date Nestructurate 90%+
Date
Structurate
Noi consideram ca volumul mare de date disponibile
in Romania si maturizarea instrumentelor utilizate
pentru data analytics creeaza o masa critica ce va
pune in miscare procesul de adoptare a Credit Risk
Analytics. Punctul critic a fost atins. Credem ca
primii utilizatori ai Credit Risk Analytics vor obtine
avantaje imediate prin reducerea costurilor
operationale si comunicarea mai rapida a unor oferte
corespunzatoare catre clienti. Pe termen lung,
societatile care vor adopta fara intarziere acest proces
isi vor asigura un avantaj competitiv durabil.
We consider that the large volume of data available
in Romania and the evolution of data analytics tools
are creating a critical mass that will kick off the
process of adopting Credit Risk Analytics. A tipping
point has been reached. We believe that early
“Credit Risk Analytics” adopters will get immediate
advantages by decreasing operational costs and by
responding faster with the right offer to clients. In the
long term, companies that will adopt as soon as
possible this process will be developing a sustainable
competitive advantage.
Pentru implementarea cu succes a credit risk We consider that 3 steps are critical for a successful
analytics trebuie parcursi, in opinia noastra, trei pasi implementation of credit risk analytics:
critici:
- O strategie de administrare a datelor
- A data administration strategy.
- Capacitati de modelare privind riscul de
- Credit risk modelling capacity.
credit.
- A change in the way the business operates.
- O schimbare a modului de operare a
afacerilor.
58
Strategia de colectare si administrare datelor
The data collection and management strategy
Primul pas pentru o societate este sa identifice clar
datele care sunt necesare pentru evaluarea unui
client. Informatiile digitalizate devin tot mai
numeroase si este nevoie de o strategie de
identificare a informatiilor relevante pentru a calcula
scoringul sau ratingul de risc de credit pentru
companii. Societatile de leasing trebuie sa isi
defineasca strategia cu privire la date si sa inceapa sa
isi dezvolte capacitatea de a gestiona numeroase
surse de date.
The first step is to clearly identify the data that are
necessary to assess a client. Digitalized information
is growing and it becomes necessary to have a
strategy of identifying the relevant one for
calculating the scoring or the credit risk rating for
companies. Leasing companies have to define their
data strategy and start to develop their capacity of
managing numerous sources of data.
Am identificat cinci surse principale de informare:
- Surse oficiale.
- Datele clientului si ale partilor afiliate.
- Informatii de piata.
- Sistemul contabil al societatii.
- Informatii la care au acces societatile din acelasi
grup (numar de zile de intarziere, profil de risc etc.).
We have identified 5 main sources of information:
- Official sources.
- Client’s data and that of affiliated parties
- Market information.
- The company’s accountancy system.
- The information that companies from the same
group (sister companies, same association etc.) can
share (ageing balance, risk profile etc.).
Romania este una dintre cele mai avansate tari din
punct de vedere al accesului la informatii de valoare
puse la dispozitie de institutiile oficiale, un avantaj de
care agentii economici ar trebui sa profite:
Romania is one of the most advanced countries in
terms of the availability of valuable information
offered by official institutions, and each economic
agent should take advantage of this:
Sources
Information
External Data : Official Sources of Information
The Trade Registry
x Company status
x The company’s legal form
x Shareholders and administrators structure
x Addresses of the HQ and premises
x Financial statements for previous years
The Official Journal of Romania
x Same legal information as those from the Trade
Registry
The Ministry of Finance
x Legal form of the company
x Company details
x NACE code from accounting documents (may differ
from the Trade Registry)
x Key financial indicators since the beginning of the
company’s activity
NAFA
x The company status: active or inactive
x Debt to the State
The Insolvency Register
x Insolvent companies
The Courts’ Portal (Ministry of Justice)
x Trials
Electronic Archive / Rom Archive
x Guarantees / Securities
The National Bank of Romania
x CIP / Payment Incidents
59
Cele mai recente situatii financiare ale clientului care
nu sunt disponibile din surse de date publice trebuie
solicitate sistematic. Aceste informatii vor fi
descarcate automat in sistemul societatii. Vizitele la
sediul societatii pot furniza informatii privind
activitatea societatii si activele fizice ale acesteia, in
timp ce o discutie cu conducatorul sau proprietarul
societatii va fi utila pentru a intelege valoarea
societatii si viziunea liderilor sai.
The client’s latest financial statements which are not
available in public sources of data should be
requested systematically. This information will be
automatically downloaded into the company’s
system. Visiting the company’s HQ gives an insight
into the company’s activity and its physical assets,
while a discussion with the manager or the owner of
the company will help with understanding the value
of the company and the business leader’s vision.
“Zvonurile”, semnalele din piata, informatiile din
presa online sunt informatii utile de colectat.
Reprezentantii de vanzari pot, de asemenea, colecta
si raporta informatii valoroase din discutiile cu
clientii.
“Rumours”, signals from the market, information
from online newspapers are useful data to collect.
Vendors will also collect and report valuable insights
through discussions with other clients.
Sistemul contabil al societatii ofera informatii cu The company’s accounting system provides
privire la volumul de vanzari catre un anumit client si information about the volume of sales of the client
comportamentul la plata al acestuia.
and its payment behaviour.
Societatile din acelasi grup ar trebui sa analizeze
posibilitatea de a schimba intre ele date din sistemul
ERP: volumul de vanzari catre un anumit client,
soldurile pe vechime, comportamentul la plata si
profilul de risc.
Companies from the same group should consider
exchanging data from their ERP: the sales volume
with a specific client, ageing balance, payment
behaviour and risk profile.
Capacitatea de modelare a riscului de credit
Credit risk modelling capacity
Cel de al doilea pas consta in dezvoltarea si The second step is to develop and update different
actualizarea a diferite modele de risc de credit pentru credit risk models to manage the available data and
administrarea datelor existente si fluxurilor aferente. their workflows.
In mod normal, modelarea riscului de credit este un
exercitiu dificil, dat ar putea fi realizat cu usurinta
prin popularea unui volum mare de date in
instrumentele de analiza. Totusi, aceasta abordare
poate conduce la rezultate de calitate redusa. In
60
Usually a difficult exercise, the development of
credit risk models can be achieved easily by
populating a large amount of data into analysis tools.
However, this approach may give low quality results.
With the development of digitalized data and analytic
contextul dezvoltarii datelor digitalizate si a
software-ului analitic, dezvoltarea unui Model de
Risc de Credit incepe sa devina mai simpla. Dar,
dupa cum au demonstrat-o bursele de valori, este
deseori contraproductiva elaborarea unui model pe
baza datelor istorice. Intotdeauna exista corelatii cu
datele istorice, dar capacitatea de predictie s-ar putea
sa nu genereze rezultatele asteptate.
software, it becomes simple to develop a Credit Risk
Model. But, as the stocks markets proved it, it is
often counterproductive to develop a model based on
past data. Correlations always exist with historical
data but the prediction capacity may not bring the
expected results.
Cheia succesului o reprezinta combinatia dintre
cunostinte si tehnologie. Un model predictiv
presupune un exercitiu intens de modelare
matematica si statistica destinat a raspunde
intrebarilor ridicate de manageri. Combinarea
cunostintelor pe care le detin managerii si
matematicienii si cooperarea dintre acestia, sustinute
de instrumente analitice, reprezinta abordarea
adecvata pentru a dezvolta modele predictive prin
selectarea datelor in functie de circumstante.
Experienta, know-how-ul, sursele de date si modelele
permit dezvoltarea unor scenarii care sunt activate in
functie de context.
The key to success is a combination of knowledge
and technology. A predictive model is a highly
intensive mathematical and statistical modelling
exercise aimed to answer questions raised by
managers. The combined skills and cooperation of
managers and mathematicians supported by analytics
tools represent the right approach to develop
predictive models by selecting the data according to
the context. Experience, know-how, data sources and
models allow the development of scenarios that are
activated according to the context.
Managerii vor fi informati in legatura cu datele
disponibile si posibila combinatie a acestora pentru a
defini noi procese. Acestia ii vor ghida pe specialisti
in activitatea de modelare (risc si marketing).
Managers will be informed of the available data and
their possible combination to define new processes.
They will guide the specialists in their work of
modelling (risk and marketing).
Principala provocare este de a avea specialisti in
matematica si cunoscatori ai afacerii care sa lucreze
impreuna, pentru a selecta datele critice si pentru a
elabora Modele de Risc de Credit. O astfel de echipa
va proiecta modele de risc de credit diferentiate in
functie de tara, sector, activitate (productie,
distributie, comert) si de dimensiunea societatilor
(mare, medie, mica si micro).
Schimbarea modului de operare a afacerilor
The real challenge is to have skilled people in
mathematics and the business knowledge working
together to select the critical data and to develop
Credit Risk Models. Such a team will design
different credit risk models specialized per country,
industry, activity (production, distribution, trading)
and according to the size of the company (large,
medium, small, micro).
A change in the way the business operates
Pentru a schimba cu succes modul de operare a
afacerilor, liderii acestora va trebui sa isi comunice
viziunea si sa o incorporeze in doua noi sisteme:
- un sistem ERP pentru a structura procesele
operationale si a internaliza know-how-ul
- noi Indicatori cheie de performanta – KPIs – pentru
a evalua si recompensa noile practici de afaceri.
To ensure a successful changing of the way the
business operates, business leaders will need to share
their vision and embed it into two major tools:
- an ERP to structure the business process and
internalize know-how
- new KPIs to measure and reward new business
practices.
De exemplu, o solutie informatica destinata
dezvoltarii afacerilor care combina datele, profilul de
risc si modelele de risc va ajuta departamentele de
marketing ale societatilor de leasing sa identifice
oportunitatile de vanzari prin introducerea unor noi
criterii, ca de exemplu, profilul de risc al potentialilor
clienti si expirarea contractelor de leasing incheiate
de clienti cu alte firme competitoare.
As an example, an IT solution oriented to business
development combining data, risk profile and models
will help marketing departments in leasing
companies to identify sales opportunities by
introducing new criteria, such as the risk profile of
the prospects and the expiring of their leasing
contracts with competitors.
61
Companies with expiring
leasing contracts
Regular
Marketing criteria
Prospects to
target in priority
Risk Profile
Universe of prospects
In functie de situatia clientului (profilul de risc,
contractele de leasing existente etc.), personalul din
vanzari isi va prioritiza actiunile fata de clienti.
Oferta (produse si marja) va fi conceputa in functie
de capacitatea de plata a fiecarui client.
Evenimentele noi vor fi imediat inregistrate si
sistemul va recalcula instantaneu gradul de risc de
credit al fiecarei societati.
According to the client’s situation (risk profile,
existing leasing etc.), vendors prioritize their actions
towards clients. The offer (products and margin) will
be designed according to the payment capacity of
each client.
New events will be immediately recorded and the
system will instantly recalculate the credit risk
worthiness of each company.
Informatiile vor fi raportate persoanelor responsabile
pentru a le permite acestora sa implementeze actiuni
corective imediate, ca de exemplu stoparea livrarilor,
efectuarea unei vizite la fata locului sau solicitarea
unor informatii sau garantii suplimentare.
Information will be reported to the people in charge
so they can take immediate corrective actions, such
as stopping the delivery, making an onsite visit, or
requesting additional information or guarantees.
In final, vor fi generate raportari cu date relevante
care vor fi trimise automat destinatarilor in functie de
nevoile specifice ale acestora.
Alegerea solutiei informatice va fi prima componenta
de succes in schimbarea modului de operare a
afacerilor.
Finally, dashboards will be generated with consistent
data and automatically sent to recipients according to
their specific needs.
The choice of the IT solution will be the first
component of success in changing the business.
Obtii ceea ce masori. La nivelul angajatilor trebuie
definiti noi KPIs - indicatori cheie de performanta pentru a masura eforturile depuse in vederea
realizarii obiectivelor societatii. Societatile mature au
un numar mic de KPIs bine intelesi de toti angajatii.
Acesti indicatori reflecta valorile si obiectivele
societatii si se aplica tuturor angajatilor sai.
Importanta fiecarui KPI difera in functie de pozitia
salariatilor.
You get what you measure. New employees KPIs –
Key Performance Indicators - that measure effort to
achieve the company’s objectives need to be defined.
Mature companies have a small number of KPIs
clearly understood by all employees.
These
indicators represent the company’s values and
objectives and apply to all of the company’s
employees. The importance of each KPI is different
according to employees’ position.
Primii utilizatori vor beneficia de un avantaj
competitiv imediat
Dezvoltarea regulilor de guvernanta corporativa,
urmarirea profitului in locul cotei de piata,
Early adopters will benefit from an immediate
competitive advantage
The development of corporate governance rules, the
search for profit instead of market share, the
62
dezvoltarea internetului si utilizarea data analytics
pentru cresterea vanzarilor conduc la o mai buna
intelegere a profilului de risc al clientului. Intelegerea
profilului de risc va permite companiilor sa vanda
mai mult si mai bine clientilor lor.
Exista tendinta de a privi data analytics ca un aspect
legat de tehnologie dar, asa cum se intampla de multe
ori, succesul depinde de oameni si de viziunea
acestora.
Data analytics este uneori comparata cu dezvoltarea
neurala. Intr-adevar, data analytics implica
administrarea unor date nestructurate, combinate in
functie de evenimente, astfel incat sa poata fi
implementate actiuni imediate. Este un proces de
invatare. Cu cat mai repede este initiat procesul, cu
atat ofera mai multe avantaje.
development of internet and the use of data analytics
to get incremental sales lead to the development of a
better understanding of the client’s risk profile.
Understanding the risk profile will help companies to
sell more and better to their clients.
Data analytics tends to be seen mainly as a
technology issue but, as is often the case, success is a
people challenge and a matter of vision.
Some people compare data analytics to neural
development. Indeed, data analytics involves the
management of unstructured data, combined
according to events so that immediate actions can be
taken. It is a learning process. The sooner this
process starts the more advantages it gives to
adopters.
Data analytics reprezinta o oportunitate pentru liderii
in afaceri de a-si pune intrebari strategice in legatura
cu activitatile pe care le desfasoara si consecintele
digitalizarii datelor. Acesti lideri isi vor contura o
viziune si vor identifica si analiza avantajele de a fi
printre primii utilizatori si de a-si defini cu claritate
procesul de implementare.
Data analytics is an opportunity for many business
leaders to ask themselves valuable questions about
their business and the consequences of digitalizing
the data. They will shape their vision and will
identify and analyse the advantages of being early
adopters and clearly define their implementation
process.
Primii utilizatori vor beneficia de un avantaj
competitiv imediat iar pe termen lung, societatile vor
transforma procesul de administrare a riscului de
credit intr-o arma strategica.
Early adopters will benefit from an immediate
competitive advantage and on the long run,
companies will transform the credit risk process into
a strategic weapon.
63
III.4
Alexandra SMEDOIU
Senior Manager
PriceWaterhouseCoopers
Problematica creantelor neincasate –
o perspectiva fiscala
The issue of unpaid debts –
a tax perspective
In ultima perioada, institutiile financiare nebancare se
confrunta din ce in ce mai mult cu situatii in care
creditele acordate nu mai sunt rambursate de catre
clienti in termenele agreate si conditiile agreate prin
contractele de imprumut. Intarzierea la plata poate fi
generata de incapacitatea financiara a debitorului de a
acoperi ratele scadente, dar si de alte situatii precum
litigii, deces etc.
Lately, non-banking financial institutions (NBFIs)
have been faced ever more frequently with situations
where customers fail to pay back their debts upon the
agreed deadlines and according to the conditions
established in the loan agreements. The default can
be triggered by the debtor's financial incapacity to
pay back the instalments that fall due, but also by
other circumstances, such as legal disputes, death etc.
De regula, un prim pas efectuat de institutiile financiare
nebancare este intreprinderea unor actiuni de recuperare
pe cale amiabila (de exemplu, notificarea clientilor
debitori in vederea medierii litigiului sau esalonarea
creantelor neincasate etc.). In cazul in care aceasta
metoda nu da rezultatele scontate, se trece la
recuperarea sumelor prin intermediul executorilor
judecatoresti sau a instantelor de judecata.
Usually, the first step that NBFIs take is to try to
recover their receivables amiably (for example, they
notify the defaulting customers in order to mediate
the dispute or the reschedule the outstanding
payables etc.). If this method fails, creditors will
attempt to recover their receivables by resorting to
court executors or legal proceedings.
De obicei, decizia de a intenta o astfel de actiune se
bazeaza pe o atenta analiza cost-beneficii, pentru a
determina daca eforturile si costurile de recuperare pe
o astfel de cale sunt justificate prin prisma sumelor
potential recuperabile.
Usually, the decision to start such action relies on a
careful cost-benefit analysis based on which it is
determined whether the recovery efforts and costs
that these proceedings involve could pay off as
against the amounts that could be recovered.
In unele cazuri, din ce in ce mai mult, apare
necesitatea scoaterii din gestiune a acestor creante
neincasate. Atunci apare problema deductibilitatii
pierderilor din creante aferente acestei scoateri din
gestiune. Conform Codului fiscal, aceste pierderi din
creante pot fi considerate deductibile la calculul
profitului impozabil numai in anumite conditii, si
anume:
In some cases, writing off these uncollected
receivables appears as a necessity ever more
frequently. This is how the issue of the deductibility
of losses occurs. According to the Tax Code, these
losses associated to the outstanding receivables may
be considered as deductible when the taxable profit is
calculated, but only in some circumstances:
64
1. procedura de faliment a debitorilor a fost inchisa 1. the debtor's bankruptcy procedure has been
pe baza hotararii judecatoresti;
closed based on the court’s decision;
2. debitorul este dizolvat, in cazul societatii cu 2. the debtor is dissolved - in the case of a singleraspundere limitata cu asociat unic, sau lichidat,
proprietor limited liability company or liquidated,
fara succesor;
without any successor;
3. debitorul a decedat si creanta nu poate fi 3. the debtor has died and the receivables can no
recuperata de la mostenitori;
longer be recovered from the heirs;
4. debitorul inregistreaza dificultati financiare 4. the debtor incurs certain major financial
majore care ii afecteaza intreg patrimoniul (sunt
shortcomings that affect all of its assets and
cele care rezulta din situatii exceptionale,
liabilities (these are the ones resulting from
determinate de calamitati naturale, epidemii,
exceptional situations, generated by acts of God,
epizootii, accidente industriale sau nucleare,
epidemics, epizootic outbreaks, industrial or nuclear
incendii, fenomene sociale sau economice,
accidents, fire, social or economic phenomena,
conjuncturi externe si in caz de razboi).
international developments and wars).
Primele conditii sunt aplicabile doar in cazul
debitorilor persoane juridice. In ceea ce priveste
persoanele fizice, ar putea fi aplicabile una din
urmatoarele doua conditii, daca se poate face dovada
ca sumele nu pot fi recuperate de la mostenitori (ceea
ce presupune un demers juridic) sau dovada privind
situatia patrimoniului debitorului. Din practica rezulta
ca in cazul debitorilor decedati, demersul juridic poate
fi un proces foarte indelungat, iar daca institutia
financiara nebancara decide sa renunte la dreptul de
recuperare (de exemplu sumele de recuperat sunt
mici), pierderea respectiva din creanta ar putea sa nu
fie deductibila la calculul impozitului pe profit.
The first conditions are only applicable in the case of
corporate debtors. In what concerns individuals one
of the next conditions could apply, should it be
proven that the debts cannot be recovered from the
heirs (which involves a certain legal approach) or if
the status of the debtor's assets and liabilities can be
substantiated too. Based on the practical experience,
the conclusion is that - in the case of deceased
debtors - the legal course of action can become quite
lengthy and if the NBFI decides to give up on its
recovery right (e.g. if the receivables are small) then
the respective debt-related loss could not be
deductible from the taxable profit.
O alta prevedere a Codului fiscal care permite
deductibilitatea pierderilor din creante este cea legata
de creantele care au fost acoperite de provizioane
deductibile. Acestea sunt provizioanele specifice,
constituite de institutiile financiare nebancare inscrise
in Registrul general tinut de Banca Nationala a
Romaniei. Conform regulii, daca pentru creanta
respectiva a fost constituit un provizion specific,
pierderea din creanta este deductibila in masura in
care a fost acoperita de provizion.
Another provision of the Tax Code that supports the
deductibility of debt-related losses refers to the
outstanding receivables covered by deductible
provisions. These are specific provisions that are
created by the NBFI registered in the General
Register kept by the National Bank of Romania.
According to the rule, if - for the respective
outstanding receivable - a specific provision has been
created, the debt-related loss is deductible insofar as
it was covered by the provision.
Din punct de vedere contabil, pierderea din creanta From an accounting point of view, the debt-related
este
inregistrata
concomitent
cu loss is registered while the related provision is being
anulareaprovizionului aferent. Aici pot aparea written off. Some practical issues may appear:
urmatoarele probleme practice:
x
In cazul unor provizioane constituite colectiv,
pe tipuri de creante, va fi greu de identificat
acoperirea cu provizion a unui credit in mod
individual;
x
in the case of certain provisions that have
been created collectively, per types of debts,
it will be difficult to identify the extent of a
provision that covers one credit individually;
65
x
Banca Nationala a Romaniei impune prin
reguli prudentiale anumite conditii pentru
reversarea
provizioanelor
(cesionarea
/renuntarea la drepturile asupra creantei sau
epuizarea tuturor mijloacelor legale de
recuperare). Prin urmare, daca provizionul nu
poate fi anulat, pierderea din creanta nu poate
fi deductibila
x
The National Bank of Romania imposes through its prudential rules - certain conditions
based on which to reverse the commissions
(assigning/waiving the rights deriving from the
receivables or exhausting all legal means of
recovery). Therefore, if the provisions cannot
be written off, then the loss associated to the
outstanding debt cannot be deductible.
O solutie in aceste cazuri este cesionarea creantelor
catre o firma specializata de recuperare si colectare.
Astfel, chiar daca pretul obtinut pe o creanta este
mult mai mic decat valoarea sa contabila, institutia
financiara nebancara poate deduce integral cheltuiala
generata de scoaterea din gestiune a creantei,
conform unei prevederi din normele metodologice la
Codul fiscal.
One solution in these situations is to assign the
outstanding receivables to a specialised debt
collector. This is how, although the price obtained in
exchange of a receivable may be lower than its book
value, the non-banking financial institution is able to
fully deduct the cost associated to writing off the
receivables in question, according to one of the tax
Code enforcement guidelines.
In concluzie, problematica creantelor neincasate
trebuie tratata cu atentie si din punct de vedere fiscal,
astfel incat impozitele sa nu constituie un cost
suplimentar pentru institutia financiara nebancara, pe
langa costul comercial al neincasarii creantelor.
As a conclusion, the issue of uncollected receivables
has to be handled carefully in terms of taxation, so
that taxes should not be considered an additional cost
for NBFI, adding to the commercial costs generated
by the defaulted receivables.
ZZZSZFUR
†PSUHXQÅSH
VFHQDJOREDOÅ
&RQVWUXLPFXFOLHQĉLLQRąWULUHODĉLLVROLGHąLGHGXUDWÅED]DWHSHGHYRWDPHQWąLãQFUHGHUHUHFLSURFÅ$FHąWLD
QHVROLFLWÅVHUYLFLLOHSHQWUXDLDMXWDVÅUH]ROYHSUREOHPHFRPSOH[HğHFÅYRUELPGHVHUYLFLLOHGHDXGLWGH
FRQVXOWDQĉÅğVFDOÅVDXGHFRQVXOWDQĉÅSHQWUXDIDFHUL$VWIHOGHSURYRFÅULQHFHVLWÅRãQĉHOHJHUHSURIXQGÅD
DIDFHULORUąLDQHYRLORUFOLHQWXOXL
3ULQXUPDUHãQFHSHPSULQDYÅFXQRDąWH'XPQHDYRDVWUÅYRUELĉLQRLYÅDVFXOWÅP&HHDFHQHVSXQHĉLYD
GHFLGHPRGXOãQFDUHIRORVLPUHĉHDXDQRDVWUÅJOREDOÅGHSHVWHGHRDPHQLGLQãQWUHDJDOXPHSHQWUXD
FUHDYDORDUHDSHFDUHRGRULĉL
© 2013 PwC. Toate drepturile rezervate. „PwC” semnifică reţeaua de firme membre ale PricewaterhouseCoopers International Limited (PwCIL), sau, după cum este cazul firme individuale membre
ale reţelei PwC. Fiecare dintre acestea este persoană juridică cu statut independent şi nu acţionează ca agent al PwCIL sau a oricărei alte firme membre.
III.5
Rob HENNEVELD
Managing Director
Global Automotive Consultancy
Evolutia Leasingului ৢi nevoia de analiza a
numerelor
The Evolution of Leasing and its need for number
crunching
A inceput ca un produs strict finaciar si s-a It started once as a pure financial product and
transformat pe parcursul a 40 de ani intr-un evolved into a full service product in Western
produs cu servicii complete in tarile din Europa European countries over a 40-year lifespan.
de Vest.
O parte din jucatorii din sectorul de leasing se
pregatesc sa ocupe un nou rol, acela de „furnizor
de mobilitate integrata ”, avand ca grup tinta
detinatorii de flote auto. Si, intre timp, in timp ce
vorbim, un nou grup tinta pentru leasing de
servicii operationale totale este descoperit:
consumatorul privat.
Some players in the leasing sector are presently
about to embark on a new role, that of an
“integrated mobility provider” with a prime
target group the fleet owner. And meanwhile, as
we speak, a new target group for full operational
service lease is discovered: the private consumer.
Amandoua sunt evolutii interesante care vor oferi
acel mult asteptat sprijin partii orientate spre servicii
din sectorul de leasing. Cu toate acestea, schimbarile
nu se petrec usor si mai devreme sau mai tarziu sigur
vor aparea unele greseli in domeniul leasingului
operational total.
Both are interesting developments that will give the
long awaited boost to the service orientated part of
the leasing sector. However, changes do not come
easy and some mistakes are prone to occur, sooner or
later, within the domain of full operational lease.
67
Rolul furnizorului de mobilitate nu este atat de
complicat precum pare. Consta in oferirea diferitelor
masini pentru diferite ocazii, fie ca este pentru o
vacanta de familie sau pentru a le conduce zilnic in
oras, sau a unui card de credit pentru mijloacele de
transport in comun cu ajutorul caruia sa se poata plati
toate costurile aferente, inclusiv taxele. Si se poate
extinde la un plan de inchiriere a masinilor in zonele
urbane .
The role of the mobility provider is less complicated
than its sounds. It consists of providing different cars
for different occasions, whether it is the family
vacation trip or daily city driving, or a public
transportation credit card that pays for all including
taxis. And can even extend into a car-sharing scheme
within urban areas.
Prin leasingul privat, companiile de leasing profita de
faptul ca in sfarsit clientii lor au inceput sa inteleaga
costurile reale ale unei masini. Un moment mult
asteptat. Pentru prea mult timp consumatorii privati
nu au fost interesati de costurile totale legate de
detinerea si utilizarea unei masini. Dar, din cauza
crizei financiare continue din Europa, consumatorii
au devenit din ce in ce mai interesati de costurile
reale ale masinilor lor. O evolutie interesanta care
ofera noi oportunitati sectorului de leasing!
With private-lease, the leasing companies make use
of the fact that consumers finally have opened their
eyes to the actual cost of a car. A long awaited
moment. For too long private consumers showed no
interest in the total cost of ownership of their car. But
with the ongoing financial setback throughout
Europe, consumers have become more interested in
their car’s actual cost. An interesting development
with new opportunities for the leasing sector!
Estimarea costurilor operationale viitoare
Estimating future operational cost
Aici se afla miezul afacerii fiecarei companii de
leasing operational. Fie ca este vorba despre
estimarea viitoarei valori reziduale a autoturismului,
costurile masinii la schimb in perioada de service,
componenta legata de asigurare si reparareintretinere, aceste cifre esentiale provin din
experienta, estimare si calcul aproximativ. Pana la
urma, impreuna alcatuiesc veniturile din contracte si
stabilesc profiturile si pierderile. Nimeni nu poate
prevedea viitorul, asadar o sa fie nevoie ca
anticiparea si experienta sa compenseze.
Here lies the core-business of each operational
leasing company. Whether it is the estimation of the
future residual value of the vehicle, the costs of the
replacement car, the insurance and repairmaintenance component, these essential figures come
through experience, some guessing and rough
calculation. After all, together they create the revenue
from contracts and determine the future profit or loss.
Nobody can look into the future, therefore
anticipation and experience will need to compensate.
Cea mai mare greseala facuta in general este de a
compensa costurile operationale periodice actuale ale
flotei cu veniturile din aceeasi perioada. Diferenta, de
obicei una mare cand vine vorba de o flota tanara,
merge direct la profit si pierderi. Gresit!
Automobilele tind sa devina mai costisitoare odata cu
inaintarea in varsta, asadar trebuie sa fie stabilite
unele decizii (financiare) pentru a acoperi costurile
operationale viitoare mai mari. Fara acestea cu
siguranta ca se va inregista o pierdere operationala
spre finalul perioadei de leasing.
The biggest mistake regularly made is to offset the
current periodic operational cost of the fleet against
the revenue over the same period. The difference,
usually a fat plus with a young growing fleet, is
directly going to the profit and loss. Wrong! Vehicles
tend to accumulate higher costs as they age; therefore
some (financial) provision needs to be taken to cover
the higher future operational cost. No provision
means, for sure, an operational loss towards the end
of the leasing period.
Analiza datelor este cheia catre succes
Data crunching is key to success
Pe langa aspectele legate de service a produsului de Besides the service aspects of the Full Operational
Leasing Operational Total si de grija fata de clienti, Leasing product and taking care of the clients, drivers
soferi si diferiti furnizori, in spate totul se invarte in and different suppliers, in the back-office it is all
68
jurul analizei numerelor. Elementul cheie al
succesului in leasingul de servicii complete este
anticiparea si echilibrarea viitoarelor costuri
operationale cu diferite fluxuri de venituri din
contratele de leasing.
Acest lucru necesita de la inceput un ochi atent la cifre
si un mod permanent de analiza a datelor. Acesta, la
randul lui, are nevoie ca persoanele din conducere si
angajatii sa depuna un efort serios pentru a calcula
fiecare aspect si eveniment din cadrul operatiilor, de la
bugetul alocat fiecarei componente a serviciului din
timpul contractului de leasing.
Existenta unei evidente permanenta a costurilor si
veniturilor flotei operationale este vitala pentru
supravietuirea unei companii de leasing. Cele mai de
succes companii de leasing pe care le cunosc merg
pana la a aloca un buget zilnic pentru flota
operationala personalului operational. Acest lucru
asigura faptul ca obiectivele legate de succes sunt
atinse si surprizele legate de costurile operationale
sunt limitate.
about analysing the numbers. Key element to success
in full service leasing is the anticipation and
balancing of future operational cost with different
streams of revenue from the leasing contract.
In final, leasingul operational de succes poate fi
obtinut numai prin examinarea zilnica a numerelor,
anticipare si urmarirea viguroasa a costurilor
operationale.
In the end, successful operational leasing can only be
done by daily scrutinizing the numbers, anticipation
and vigorously keeping track of the running
operational costs.
This requires from the start a keen eye for figures and
a permanent mode of data crunching, which in turn
demands from management and staff a zealous
approach to calculate every aspect and event within
operations back to the allocated budget of each of the
service components during the leasing contract.
Permanently tracking operational fleet cost with
revenues is vital for survival as a leasing company.
The most successful leasing companies I know even
go as far as to put their operational staff on a daily
operational fleet budget. This makes sure that budget
goals are met and surprises in operational cost are
eliminated.
69
III.6
Adrian CIURTIN
Managing Partner
Ciurtin si Asociatii
III.6
Adrian CIURTIN
Managing Partner
Ciurtin & Associates
Energia ca sector vital pentru investitii in
Romania
The energy as a vital sector for investments in
Romania
Institutiile financiare nebancare au datoria, in aceasta
perioada de criza financiara si economica sa devina
mult mai sofisticate si sa renunte la stereotipia in care
sunt inca incorsetate. Prin flexibilitatea oferita de
incadrarea lor legislativa, aceste institutii pot
functiona pe principiul “one stop shop” oferind astfel
aproape orice produs bancar cu exceptii precum cea a
atragerii de depozite si a emiterii de obligatiuni catre
sectorul public.
The non-banking financial institutions have the duty, in
these times of financial and economic crisis, to become
much more sophisticated and to give up the stereotypes
in which they are still constrained. Through the
flexibility provided by their legislative framing, these
institutions can operate on the principle of "one stop
shop" offering thus almost every kind of banking
products with exceptions such as attracting deposits and
bonds issued for the public sector.
Este poate cea mai fericita autorizare in domeniul
creditarii pentru un actionar care poate investi
financiar in Romania fara sa isi asume costurile si
riscurilor induse de atragerea de depozite.
It is perhaps the most successful authorization
regarding the lending activity for a financial
shareholder who can invest in Romania without
assuming the costs and risks induced by the attraction
of bank deposits.
In acest context, sectorul energetic poate fi o directie
de dezvoltare a cifrei de afaceri a acelor IFN-uri care
au acces facil la surse de refinantare si in acelasi timp
si know how-ul necesar pentru a evalua corect
sectorul energetic cu toate dezvoltarile sale recente si
in contextul legislativ actual din Romania. Industria
energetica este vitală pentru sectorul de afaceri in
general si de investitii in special. Romania este o tara
deschisa investitiilor straine, piata energetica este o
piata cu un potential enorm, legea energiei a devenit
clara si transparenta pentru toti jucatorii pietei. Avem
nevoie de investitii care sa sustina implementarea a
ceea ce a decis Romania referitor la piaĠa comună de
energie europeană. Sunt necesare investitii masive în
infrastructură si de aceea e imperios necesar să
reuúim cu adevărat cresterea consumului energetic.
In this context, the energy sector can be a
development direction of the turnover of those NBFIs
that have easy access to refinancing sources and have
at the same time the know-how needed to accurately
assess the energy sector with all its recent
developments and the current legislative context in
Romania. The energy industry is vital to the business
sector in general and to the investment sector in
particular. Romania is a country open to foreign
investments, the energy market is a market with an
enormous potential, the energy law became clear and
transparent for all market players. We need
investments to support the implementation of what
Romania has decided on the common European
energy market. Massive investment in infrastructure
is needed and therefore it is imperative to truly
70
Aceasta
crestere
necesita
reindustrializarea succeed increasing the energy consumption. This
economiei, industria fiind inca un sector care necesita growth requires reindustrialisation of the economy,
the industry still being an area that requires
investitii din partea investitorilor privati.
investments from the private investors.
C&A a asigurat in ultimii 5 ani si continua sa
dezvolte pe aceasta linie consultanĠă juridică. Ne
mandrim cu rezultatul realizat pe linia montarii
tranzactiei si finantarii pentru cel mai mare proiect
fotovoltaic instalat si acreditat pentru 6 certificate
verzi in România până la această dată in cadrul careia
un concern de trei investitori si constructori EPC a
achiziĠionat majoritatea acĠiunilor din parcul
fotovoltaic de 56 MW.
C&A has provided in the past 5 years and continues
developing this line of legal consulting. We are proud
of the result achieved with assembling line transaction
and financing of the largest photovoltaic installed and
accredited project in Romania for 6 green certificates to
the present day in which a conglomerate of three EPC
investors and builders has purchased the majority of the
shares of the 56 MW photovoltaic park.
In Romania sunt multe oportunitati pentru relatii
comerciale si investitii atat mari cat si mici in
domeniul energetic lato sensu. O serie de companii
straine deruleaza momentan investitii in energie pe
piata din Romania de avengura mijlocie si mare.
In Romania, there are a lot of opportunities for trade
relations and investments both large and small in the
energy sector lato sensu. Several foreign companies
are currently running investments in the medium- and
large-sized Romanian energy market.
Eficienta energetica si infrastructura se numără
printre principalele obiective investitionale in viitorul
apropiat in Romania. Sprijinul UE pentru
îmbunătăĠirea eficienĠei energetice si infrastructurii in
Romania se va dovedi un factor decisiv pentru
investitiile in acest sector. Există un potenĠial
semnificativ de investit in urmatoarele concepte:
conceptul green buildings, in productie, infrastructura
úi retele de transport. În vederea atingerii acestor
obiective, mobilizarea investitiilor din sectorul privat
va deveni factor de decizie pentru a stabili standarde
minime de eficienta energetica a produselor,
serviciilor si infrastructurii in Romania. In acest
context Ciurtin & Asociatii sprijina activ asociatii la
nivel de industrie sau la nivelul economiei, precum
Forumul
Investitorilor
Romani,
Consiliul
Investitorilor Romani, Centrul Roman de Energie,
pentru a realiza sinergiile necesare difuzarii corect
dimensionate a investitiilor in eficienta energetica si
infrastructura in ramurile industriale potrivite.
Energy efficiency and infrastructure are among the
main investment objectives in the near future in
Romania. The EU support for improving the energy
efficiency and infrastructure in Romania will be a
decisive factor for investments in this sector. There is
a significant investment potential in the following
concepts: the concept of green buildings, in
production,
infrastructure
and
transportation
networks. In order to reach these objectives, the
mobilization of the investments in the private sector
will become a deciding factor for establishing
minimum standards of energy efficiency for
products, services and infrastructure in Romania. In
this context Ciurtin & Associates actively supports
industry-wide associations or at the economy level,
such as: the Forum of Local Investors, the Council of
Romanian Investors, the Romanian Energy Centre to
achieve the needed synergies for the suitable
diffusion of investments in energy efficiency and
infrastructure in the appropriate industries.
Energia fotovoltaica poate fi produsa si consumata
preponderent local, prin urmare ar trebui incurajati
proprietarii de locuinte si de spatii de productie sa
investeasca in energia regenerabila si sa foloseasca
mai ales acoperisurile acestora. O aplicatie similara o
constituie atasarea unor capacitati de productie in
cogenerare de inalta eficienta unor platforme
industriale sau unor comunitati unde output-ul termic
poate fi valorificat cu anumite variatiuni pe parcursul
anului ultima alternativa permitand o aplicare utila a
The photovoltaic energy can be produced and
consumed mainly locally. Therefore owners of
residences and of manufacturing spaces should be
encouraged to invest in renewable energy and to use,
especially their roofs. A similar implementation is
the attachment of production capacities in high
efficiency cogeneration for industrial platforms or for
communities where the heat output can be exploited
with certain variations during the year; the last
alternative allows a useful application of the public
71
parteneriatului public privat atasat unei finantari de
tip debt – cu convingerea ca Parlamentul va adopta
de urgenta legea parteneriatului public privat care se
afla la momentul redactarii articolului in dezbatere si
care va permite bancabilitatea proiectelor PPP.
private partnership, combined with a type debt
funding – with the belief that the Parliament will
urgently adopt the public private partnership law,
which is at the time of writing this article in debate
and which will allow the bankability of PPP projects.
Activitatile investitorilor in domeniul regenerabil
sunt sensibile si depind nu numai de schema de
suport, ci si de o varietate de factori asupra carora
investitorii din acest domeniu nu au control, si anume
evolutii economice si politice la nivel global si
regional, cererea consumatorilor din industrie,
conditiile climatice, legile si reglementările din
timpul derularii investitiei, tarifele reglementate de
ANRE pentru serviciile de transport si sistem,
certitudinea vanzarii energiei catre off-takeri pe
parcursul operarii centralelor electrice.
The investors’ activities in the renewable field are
susceptible and depend not only on the support
scheme, but also on a variety of factors on which the
investors have no control, namely economic and
political developments globally and regionally,
consumer demand in the industry, climatic
conditions, laws and regulations during the
investment development, tariffs regulated by NAER
for transportation and system services, the reliability
of selling energy to the off-takers, during the
functioning of the power plants.
Modernizarea retelei de transport, a sistemului de
conducere a Sistemului Electroenergetic National, de
creare a infrastructurii necesare functionării pietei de
electricitate reprezinta factori esentiali in dezvoltarea
si consolidarea pietei energetice in Romania.
The modernization of the transport network system
leading the National Power System, creating the
necessary infrastructure needed for the operation of
the electricity market are key factors in the
development and strengthening of the energy market
in Romania.
In directia dezvoltarii modalitatilor de comercializare
a energiei produse – factor esential in securizarea
veniturilor si acordarea finantarilor – vestea buna a
venit in aceasta vara din partea ANRE care a aprobat
prin ordinul 49/2013 Regulamentul din 12 iulie 2013
privind cadrul organizat de tranzactionare pe piata
centralizata cu negociere dubla continua a
contractelor bilaterale de energie electrica Acest
regulament stabileste un cadru organizat pentru
tranzactionarea centralizata in regim concurential a
energiei electrice prin contracte bilaterale negociate
direct intre participantii inscrisi pe piata centralizata
cu negociere dubla continua. Tranzactionarea se
realizeaza in baza contractului standard EFET pentru
energie electrica.
Regarding the development ways of commercializing
the produced energy – an essential factor in securing
revenues and grant funding - good news came this
summer from NAER, which approved through Order
49/2013 Regulation from 12 July 2013, concerning
organized trading framework on the centralized
market with continuous double negotiation of
bilateral electricity contracts. This Regulation
establishes a centralized platform for trading
electricity in competitive system through bilateral
contracts negotiated directly between participants
subscribed to the centralized market with continuous
double negotiation. Trading is performed based on
the EFET standard contract for electricity.
Contractul cadru este disponibil pe site-ul oficial al
Federatiei Europene a Furnizorilor de Energie
(EFET) si este un contract standard la nivel UE,
destinat sa acopere o multitudine de produse de
tranzactionare, intr-un format modular si needitabil
cu posibilitatea alegerii legii aplicabile. Este de
asemenea permisa utilizarea de contracte de alt tip
decât EFET pentru o perioada tranzitorie de 6 luni de
la incheierea primei tranzactii. Pentru o operare cat
mai facila a platformei OTC tranzactiile se incheie
prin confirmari de tranzactie simplificate
The framework agreement is available on the official
website of the European Federation of Energy
Suppliers (EFET) and is a standard agreement at EU
level, intended to cover a multitude of trading
products in a modular and not editable format with
the option of choosing the applicable law. For a
transitional period of six months after the first
transaction, it is also allowed to use other than EFET
contracts. For a very easy operation of the OTC,
transactions close by simplified transaction
confirmations.
72
Anul 2013 va ramane in istorie pentru sectorul
energetic din Romania. Pe data de 4
septembrie energia produsa din surse regenerabile a
atins pentru prima data in istoria Romaniei, un prag
record. Mai exact, peste 2.000 de MW provin din
surse de energie regenerabila, iar energia eoliana a
reprezentat principala sursa de productie, cu 27% din
totalul produs si cu o medie zilnica de aproape 1.900
de MW urmata de cea solara, cu putin peste 100 de
MW.
The year 2013 will go down in history for the energy
sector in Romania. On the 4th of
September the energy produced from renewable
sources reached for the first time in Romania’s
history a threshold record. Specifically, over 2.000
MW come from renewable energy and wind energy
has been the main source of production, with 27% of
the total produced, with a daily average of about
1.900 MW, followed by the sun energy, with a little
over 100 MW.
In aceasta situatie favorabila tranzactiile efectuate de
la inceputul anului de Ciurtin & Asociatii pe finantari
in domeniul energetic au depasit 130 de milioane de
Euro deja acordati, fiind in lucru finantari si
refinantari pentru centrale electrice cu o capacitate de
peste 400MW.
In this favourable situation, transactions from early
2013 made by Ciurtin & Associates regarding
financings in the energy sector, exceeded EUR 130
million already granted, financing and refinancing
being in work for power plants with a capacity of
over 400MW.
Contextul bineinteles se schimba constant intrucat in The context, of course, constantly changes because in
orice industrie care ajunge la maturitate, incepe o every industry that reaches maturity, market
stabilizare a pietei si a entuziasmului de a investi.
stabilization and enthusiasm to invest begins.
Maturizarea industriei energetice, in general,
genereaza suprapunerea surselor externe private de
finantare peste cele interne, confirmand astfel
increderea in investitiile din zona pietei energetice si
nascand un moment de cumpana in evaluarea si
cresterea competitivitatii IFN-urilor pe aceasta piata
dominata pana in prezent de creditul bancar sau
asigurat de institutii financiare publice europene si
mondiale.
The growth of the energy industry generally
generates the overlapping of private external
financing sources over internal ones, confirming thus
the confidence in investments in the energy market
and giving birth to a watershed moment in evaluating
and increasing the competitiveness of NBFIs on this
market, currently dominated by bank loans or
provided by the global and European public financial
institutions.
Conditiile atractive oferite de institutiile financiare
private externe (institutii bancare si banci de
investitii), precum valori disponibile aproape
nelimitate LTV pana la 95% (cu sau fara balloon)
durata finantarii de pana la 15 ani cu posibilitatea
refinantarii la finalul perioadei (valabila pentru
investitii in infrastructura elemente de comunicatii de
smart grid precum si in capacitati de productie altele
decat eoliene si fotovoltaice) vor remodela si crea
trenduri de piata in zona finantarilor locale.
The attractive terms offered by foreign private
financial institutions (banking institutions and
investment banks), as well as values available almost
unlimited LTV up to 95% (with or without balloon)
the financing period of up to 15 years with the
possibility of refinancing at the end of the period
(available for investments in infrastructure, smart
grid communication elements and in production
facilities other than wind and solar) will reshape and
create market trends in the local financing area.
Aceste produse de finantare din surse externe – ma
refer aici preponderent la finantarile de tip debt – sunt
extrem de flexibile si acceseaza conditii de garantare de
cele mai diverse dintre care mentionez functionalitatea
creditului de export configurat impreuna cu ECA-urile
din diverse state interesate in promovarea facila a
exporturilor tehnologiilor nationale catre Romania sau a
garantiilor non-cash puse la dispozitie de bancile de
export ale acelorasi state dinamice in aceasta directie.
These external sources of financing products - I refer
here mainly to debt type financing - are extremely
flexible and guarantee diverse access conditions
among which I mention the functionality of the
export credit configured with ECAs from different
countries interested in promoting very easy the
export of national technology to Romania or noncash warranties provided by the Export Banks of the
same dynamic states active in the same direction.
73
Intre bancile de export – import extrem de active la
nivel mondial se distinge US Exim Bank ale carei
proceduri de lucru si politici de garantare si finantare
le exploram in prezent in cadrul unor proiecte atat din
domeniul energiei cat si din cel medical.
Intrucat vorbim in acest context in special de
exportul catre Romania a echipamentelor si nu in
mod necesar de garantarea unor credite de constructie
– project finance disponibil de asemenea in
colaborare cu astfel de institutii – consider ca
produsele de finantare a echipamentelor de catre
companiile de leasing se pot adapta cu succes pentru
a beneficia de aceste scheme de garantare.
Among the Export - Import Banks that are extremely
active worldwide distinguishes itself U.S. Exim Bank
whose work procedures and insurance and funding
policies we are presently exploring in projects from
both the energy and the medical sector.
Since we are talking in this context mainly about the
export to Romania of equipment and not necessarily
about guaranteeing construction loans - project
finance also available in collaboration with such
institutions – I believe that the products of financing
equipment by the leasing companies can adapt
successfully in order to benefit from this guarantee
scheme.
Toate aceste resurse si metode originate din
exteriorul Romaniei cu aplicabilitate concreta aici pot
fi adoptate in politicile de finantare ale IFN-urilor pe
diverse piete si segmente cum ar fi cea energetica
rezultand variate mixuri de finantare accesibile din
punct de vedere legislativ si oportunist acestora in
care concurenta sa devina cooperare sub diverse
forme de sindicalizare team-up sau clubbing.
All these resources and methods originated from
outside Romania with concrete application inside the
country can be enacted in the NBFIs funding policies
on different markets and segments such as the energy
market resulting various financing mixes available in
terms of their legal and opportunistic character,
where competition should become cooperation in
various forms of syndication, team-up or clubbing.
In aceasta perioada de puternica inovatie la nivel
functional si prudential in cadrul politicilor de finantare
mixul de finantare capata alte valente decat formula
clasica care alatura finantarea de tip debt unui capital
propriu corect dimensionat. Mixul inovativ de finantare
genereaza potential de afaceri pentru IFN-uri inclusiv in
directia fondurilor nerambursabile UE ( programele cu
aplicabilitate directa in finantarea proiectelor energetice
precum cele privind eficienta energetica, certificatele
gratuite de emisii poluante, conversia catre cladiri
pasive sau chiar pozitive incluse in proiecte energetice
complexe etc).
In this period of great innovation at the functional
and prudential level of the financing policies, mix
funding gets other connotations than the classic
formula which joins debt type financing to a
correctly sized equity. It generates business potential
for NBFIs including grants for EU non refunding
programs (where programs with direct applicability
in financing energy projects such as energy
efficiency, free certificates of emissions, conversion
towards passive or positive buildings included in
complex energy projects etc.)
Pentru a da o orientare exacta asupra valorilor
disponibile doar pe linia eficientei energetice, datele
publice de la Organismul Intermediar de Energie
(OIE) ne spun ca, pentru exercitiul financiar 20142020, fondul pentru eficienta energetica inseamna
238 de milioane de Euro.
To give an accurate guideline on values available
only on energy efficiency line, the published data
from the Energy Agent (OIE) tell us that, for the year
2014-2020 the Fund for Energy Efficiency means
EUR 238 million.
In acest context, cu acest know how si cu aceste
resurse IFN-urile pot si trebuie sa joace un rol
important in sustinerea necesarului investitional
pentru un sector al economiei romanesti care a pornit
pe un drum ascendent de la care nu se mai poate
intoarce inapoi.
In this context, with the given know how and the
resources, NBFIs can and should play an important
role in supporting the needed investments for a sector
of the Romanian economy which started on a path of
upward and from which one cannot go back.
74
IV. Grafice reprezentand:
IV. 1. Piata Creditului de Consum IFN in Romania
Septembrie 2012 – estimare la Septembrie 2013
IV. 2. Piata Leasingului Financiar in Romania
Septembrie 2012 – estimare la Septembrie 2013
IV. Graphics representing:
IV. 1. NBFIs Consumer Credit Market in Romania
September 2012 – Estimated at September 2013
IV.2. Financial Leasing Market in Romania
September 2012 – Estimated at September 2013
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
,9 3LDWD FUHGLWXOXL GH FRQVXP ,)1 LQ 5RPDQLD
1%),V &RQVXPHU &UHGLW 0DUNHW LQ 5RPDQLD
HVWLPDUL SHQWUX HVWLPDWHG IRU 79
1RQ$IILOLDWHG
$/%2XWVWDQGLQJ
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
¼ PLOOLRQ
3RUWRIROLXOWRWDODOFUHGLWXOXLGHFRQVXP,)1LQ5RPDQLD
7RWDO&RQVXPHU&UHGLW2XWVWDQGLQJE\1%),VLQ5RPDQLD
80
¼ PLOOLRQ
¼ PLOOLRQ
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
1RQDILOLDWHG
7RWDO$/%
3LDWDFUHGLWXOXLGHFRQVXP,)1GLQ5RPDQLDVHSWHPEULHYVVHSWHPEULH
5RPDQLDQ1%),V&RQVXPHU&UHGLW0DUNHW6HSWHPEHUYV6HSWHPEHU
81
&RQVXPHUFUHGLWIRUSHUVRQDO
FRQVXPSWLRQ&UHGLWHGHVWLQDWH
FRQVXPXOXLSHUVRQDO
,QGXVWULDO&UHGLW&UHGLWH
,QGXVWULDOHOHDVLQJ
PLOO¼
PLOO¼
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
&UHGLWVIRU9HKLFOHV&UHGLWH
DXWR
3RUWRIROLXO $/%GXSDWLSXOGHFUHGLW
$/%2XWVWDQGLQJE\/RDQ7\SH
82
&RQVXPHUFUHGLWIRUSHUVRQDO
FRQVXPSWLRQ&UHGLWHGHVWLQDWH
FRQVXPXOXLSHUVRQDO
,QGXVWULDO&UHGLW&UHGLWH,QGXVWULDOH
OHDVLQJ
PLOO¼
PLOO¼
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
&UHGLWVIRU9HKLFOHV&UHGLWHDXWR
&UHGLWH$/%QRX DFRUGDWHGXSDWLSXOGHFUHGLW
$/%1HZ&UHGLW*UDQWHGE\/RDQ7\SH
83
3HUVRQDO/RDQV
&UHGLWDWWKHSRLQWRIVDOH
PLOO¼
PLOO¼
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
5HYROYLQJFUHGLWLQFOXGLQJFUHGLW
FDUGV
&UHGLWH$/%QRXDFRUGDWH SHQWUXFRQVXPSHUVRQDO
$/%1HZ&UHGLWIRU3HUVRQDO&RQVXPSWLRQ
84
¼ PLOOLRQ
¼ PLOOLRQ
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
!(XUR
(XUR
(XUR
(XUR
&UHGLWH$/%QRX DFRUGDWHGXSDYDORDUH
$/%1HZ&UHGLW*UDQWHGE\9DOXH
85
¼ PLOOLRQ
¼ PLOOLRQ
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
!\HDUVROG
\HDUVROG
\HDUVROG
\HDUVROG
\HDUVROG
&UHGLWH$/%QRX DFRUGDWHGXSDYDUVWDFOLHQWLORU
$/%1HZ&UHGLW*UDQWHGE\&OLHQWV¶$JH
86
¼ PLOOLRQ
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
8UEDQ
5XUDO
¼ PLOOLRQ
&UHGLWH$/%QRX DFRUGDWHGXSD]RQDGHUHVHGLQWDDFOLHQWLORU
$/%1HZ&UHGLW*UDQWHGE\&OLHQWV¶5HVLGHQWLDO$UHDV
87
¼ PLOOLRQ
¼ PLOOLRQ
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
9HVW
6XG9HVW
%XFXUHVWL,OIRY
6XG0XQWHQLD
6XG(VW
1RUG(VW
&HQWUX
1RUG9HVW
&UHGLWH$/%QRX DFRUGDWHGXSD]RQDGHPDFURUHJLXQHDFOLHQWLORU
$/%1HZ&UHGLW*UDQWHGE\&OLHQWV¶0DFUR5HJLRQV$UHDV
88
¼ PLOOLRQ
¼ PLOOLRQ
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
0
)
&UHGLWH$/%QRX DFRUGDWHGXSDVH[XOFOLHQWLORU
$/%1HZ&UHGLW*UDQWHGE\&OLHQWV¶*HQGHU
89
¼ PLOOLRQ
¼ PLOOLRQ
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
8QPDUULHG1HFDVDWRULWL
0DUULHG&DVDWRULWL
&UHGLWH$/%QRX DFRUGDWHGXSDVWDUHDFLYLOD DFOLHQWLORU
$/%1HZ&UHGLW*UDQWHGE\&OLHQWV¶0DULWDO6WDWXV
90
¼ PLOOLRQ
¼ PLOOLRQ
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
6XSHULRU
0HGLXP
/LFHXSURIHVLRQDOD
(OHPHQWDU\
FODVH
&UHGLWH$/%QRX DFRUGDWHGXSDJUDGXOGHHGXFDWLH DOFOLHQWLORU
$/%1HZ&UHGLW*UDQWHGE\&OLHQWV¶/HYHORI(GXFDWLRQ
91
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
!
&UHGLWH$/%QRXDFRUGDWHGXSDYHQLWXOQHWDOVROLFLWDQWLORU
$/%1HZ&UHGLW*UDQWHGE\1HW,QFRPHRIWKH$SSOLFDQWV
PENTRU COMPANII DE LEASING SI ADMINISTRARE FLOTE
str. Frumoasa nr. 30, parter
sector 1, Bucuresti
021.232.99.20
eurotax@eurotax.ro
www.eurotax.ro
• Expertiza profesionista si independenta pe toata durata procesului de creditare
• Gestionati riscul actual si cel viitor prin monitorizarea permanenta a evolutiei valorii reziduale
• Urmariti si ajustati periodic valoarea portofoliului dvs.
• Aplicatii online pentru evaluarea autovehiculelor si previzionarea valorilor reziduale
SOLUTII
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
,9 3LDĠD GH OHDVLQJ ILQDQFLDU LQ 5RPDQLD
)LQDQFLDO /HDVLQJ 0DUNHW LQ 5RPDQLD
HVWLPDUL SHQWUX HVWLPDWHG IRU 94
121$)),/,$7('
$/%727$/
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
7RWDO2XWVWDQGLQJ± PLOO¼
3RUWRIROLXO WRWDODOSLHWHLGHOHDVLQJGLQ5RPDQLD$/%YVQRQDILOLDWH
7RWDO2XWVWDQGLQJRIWKH5RPDQLDQ/HDVLQJ0DUNHW$/%YV1RQ$IILOLDWHG
95
,QGHSHQGHQW1%),V,)1XULLQGHSHQGHQWH
1%),V&DSWLYHWR3URGXFHUV,)1XULFDSWLYH
SURGXFDWRULORU
1%),V%DQNV
6XEVLGLHV,)1XULVXEVLGLDUH
DOHEDQFLORU
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
3LDWDOHDVLQJXOXLGLQ5RPDQLDGXSDWLSXOGHFRPSDQLH
5RPDQLDQ/HDVLQJ0DUNHWE\&RPSDQ\7\SH
96
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
(YROXWLDSLHWHLGHOHDVLQJILQDQFLDU7± 7
)LQDQFLDO/HDVLQJ0DUNHW(YROXWLRQ4WR4
97
9HKLFOHV9HKLFXOH
5HDO(VWDWH,PRELOLDU
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
(TXLSPHQW(FKLSDPHQWH
3LDWDGH/HDVLQJ)LQDQFLDULQ5RPDQLD SRQGHUHDVHJHPHQWHORULQWRWDOILQDQWDUL
5RPDQLDQ)LQDQFLDO/HDVLQJ0DUNHW :HLJKWSHU*RRGV¶6HJPHQW
98
&25325$7(
&203$1,,
38%/,&
38%/,&
727$/$/%
5(7$,/
5(7$,/
5(7$,/
5(7$,/
5(7$,/
5(7$,/
5HDO(VWDWH,PRELOLDUH
&25325$7(
&203$1,,
V
9HKLFOH9HKLFXOH
38%/,&
38%/,&
38%/,&
38%/,&
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
(TXLSPHQW(FKLSDPHQWH
&25325$7(
&203$1,,
3LDWDGHOHDVLQJILQDQFLDUGLQ5RPDQLDGXSDFDWHJRULDXWLOL]DWRUXOXL
5RPDQLDQ)LQDQFLDO/HDVLQJ0DUNHW6WUXFWXUHE\&XVWRPHU7\SH
99
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
3LDWDGHOHDVLQJGLQ5RPDQLDHFKLSDPHQWHVLYHKLFXOHGXSDWLSXODFKL]LWLHL
5RPDQLDQ/HDVLQJ0DUNHW(TXLSPHQWDQG9HKLFOHV6WUXFWXUHE\$FTXLVLWLRQ7\SH
100
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
3LDWDGH/HDVLQJ)LQDQFLDUGLQ5RPDQLDGXSDGXUDWDFRQWUDFWXOXL
5RPDQLDQ)LQDQFLDO/HDVLQJ0DUNHW6WUXFWXUHE\'XUDWLRQRI&RQWUDFW
101
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
3LDWDGHOHDVLQJILQDQFLDUGLQ5RPDQLD ILQDQWDUHDYHKLFXOHORU
5RPDQLDQ)LQDQFLDO/HDVLQJ0DUNHW± 9HKLFOHV¶)LQDQFLQJ
102
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
3LDWDGHOHDVLQJGLQ5RPDQLD ILQDQWDUHDHFKLSDPHQWHORU
5RPDQLDQ/HDVLQJ0DUNHW (TXLSPHQW)LQDQFLQJ
YV
103
,VVXHGE\'LSORPDW&RQVXOWIRU$/%5RPDQLD
6RXUFH6XUVD$62&,$7,$62&,(7$7,/25),1$1&,$5(± $/%520$1,$
3LDWDGHOHDVLQJGLQ5RPDQLDGXSDUHVWDQWHDOHFRQWUDFWHORUWHUPLQDWHDQWLFLSDWFX
EXQXULQHUHFXSHUDWH5RPDQLDQ/HDVLQJ0DUNHWE\2XWVWDQGLQJRI(DUO\
7HUPLQDWHGDQG1RW5HSRVVHVVHG/HDVHG$VVHWV(XUR
^ƚƌ͘^ĨĂŶƚĂsŝŶĞƌŝ͕Eƌ͘Ϯϵ͕ŽƌƉ͕ƚĂũϭͲϬϯϬϮϬϯ
^ĞĐƚŽƌϯ͕ƵĐƵƌĞƐƚŝ͕ZŽŵĂŶŝĂ
dĞů͗нϰϬϮϭϯϭϵϰϵϱϰ
&Ădž͗нϰϬϮϭϯϭϵϰϵϱϯ
ŽĨĨŝĐĞΛƌŽ͘ŐƌĞĐŽ͘ĞƵ
ǁǁǁ͘ŐƌĞĐŽ͘ĞƵͬƌŽ
'ƌŽ:>dZŽŵĂŶŝĂ'ŵď,sŝĞŶĂ
^ƵĐƵƌƐĂůĂƵĐƵƌĞƐƚŝ
Consultanta de risc si brokeraj in asigurari
V. Texte legislative pentru IFN-uri
publicate in perioada iunie 2012 – iunie 2013
V. Legislation for NBFI
issued between June 2012 to June 2013
Regulation No. 17 of December 12, 2012
The Official Journal of Romania, Part I 855 December 18, 2012
Effective as of December 18, 2012
Regulation on Certain Crediting Conditions
Considering the provisions of Article 4, paragraph (1), Article 45, paragraph (1), Article 61, Article 1734,
letter b) and Article 235 of the Government Emergency Ordinance No. 99/2006 on credit institutions and
capital adequacy, approved as amended and supplemented by Law No. 227/2007, as subsequently amended
and supplemented, of Article 1 paragraph (1) and of Articles 43 and 44 of Law No. 93/2009 on non-banking
financial institutions, as subsequently amended and supplemented, Article 62, paragraph (1) of the
Government Emergency Ordinance No. 113/2009 on payment services, approved as amended by Law No.
197/2010, as subsequently amended and supplemented, and of Article 61 paragraph (1) of Law No. 127/2011
on issuing electronic currency, as subsequently amended, as well as the Recommendations of the European
Systemic Risk Board (ESRB) on foreign currency crediting (ESRB/2011/1),under the provisions of Article
420 paragraph (1) of the Government Emergency Ordinance No. 99/2006, approved as amended and
supplemented by Law No. 227/2007, as subsequently amended and supplemented, of Law No. 93/2009, as
subsequently amended and supplemented, of Article 186 paragraph (1) of Emergency Government Ordinance
No. 113/2009, approved as amended by Law No. 197/2010, as subsequently amended and supplemented, of
Law No. 127/2011, as subsequently amended, and of Article 48 of Law No. 312/2004 on the By-Laws of the
National Bank of Romania,
The National Bank of Romania hereby issues this regulation.
CHAPTER I
The scope
Article 1. - (1) This regulation shall apply to:
a) Romanian legal entities that are credit institutions, and to the branches of credit institutions, foreign legal
entities;
b) Romanian legal entities that are non-banking financial institutions, and to the branches of foreign financial
institutions, registered in the Special Registry;
c) Romanian legal entities that are payment institutions achieving a significant level of crediting activity, in
accordance with NBR Regulation No. 21/2009 on payment institutions, as subsequently amended and
supplemented; as well as to
d) Romanian legal entities that are electronic currency issuing institutions achieving a significant level of the
crediting activity, in accordance with NBR Regulation No. 8/2011 on electronic currency issuing
institutions, herein after referred to as creditors, and regulating, for the purpose of preserving the financial
stability, certain conditions for granting and developing credits intended for individuals and non-financial
entities in the Romanian territory.
(2) The provisions of Articles 7-9, the relevant provisions of Article 24 and Article 26 paragraph (1) shall
also apply to the following creditor categories:
a) Romanian legal entities that are non-banking financial institutions and to the branches of foreign financial
institutions, registered solely in the General Registry;
b) Romanian legal entities that are payment institutions and to the Romanian legal entities that are electronic
currency issuing institutions, other than those stipulated in paragraph (1).
(3) The provisions of Article 2 and the relevant provisions of Article 24 shall apply to Romanian legal
entities that are credit institutions and to Romanian legal entities that are financial institutions stipulated in
Article 89 of the Government Emergency Ordinance No. 99/2006 on credit institution and capital adequacy,
approved as amended and supplemented by Law No. 227/2007, as subsequently amended and supplemented,
for the crediting activity performed in other Member States.
106
Article 2. - (1) The institutions stipulated in Article 1, paragraph (3) that carry out, in other Member States,
crediting activities in foreign currency for debtors exposed to currency exchange risk, with their domicile or
headquarters in those Member States, shall follow, in relation to such activities, the relevant requirements
imposed by the competent authorities in those Member States, in accordance with the provisions
communicated by the National Bank of Romania.
(2) In view of enforcing the provisions of paragraph (1), the National Bank of Romania shall publish on its
website the requirements communicated by the competent authorities in those Member States.
Article 3. – For the purpose of this regulation, the terms and expressions below shall have the following
meanings:
a) credit for real estate investments – any credit granted to a natural person cumulatively fulfilling the
following conditions: (i) it is guaranteed by a real estate mortgage and (ii) it is granted for the purpose of
acquiring or maintaining ownership rights over a land plot and/or a building, already constructed or to be
constructed, or in order to rehabilitate, renew, consolidate or extend a building or in order to increase the
viability of a land plot or solely in order to repay a credit for real estate investments. For the purpose of this
regulation, real estate financial leasing type financing granted to natural persons are assimilated to the credit
for real estate investments;
b) consumer credit – a credit granted to individual, other than the one stipulated in letter a);
c) credit – the amount posted in balance sheet accounts or in off-balance sheet accounts, made available or
which the crediting institution undertook to make available to an individual or to a non-financial entity, in
exchange for that debtor’s obligation to repay the relevant amount, as well as to pay interest or other
expenses related to that amount; financial leasing type financing are assimilated to the credit;
d) a person not naturally covered in the foreign exchange risk – an individual not earning eligible revenues
for credit repayment, a non-financial entity, respectively, which does not benefit from credit repayment
sources, denominated or indexed in the currency in which the credit is requested/granted;
e) non-financial entities – legal entities, individuals acting for purposes related to their business or
professional activity and any other categories of entities, whose main activity falls outside the activities
included in the financial brokerage and insurance sector, in accordance with the Classification of activities in
the national economy.
Article 4. - (1) The following may be excepted from the applicability of the provisions in chapter III, or
chapter IV, respectively, as the case may be:
a) credits granted to individuals, intended to finance education, cover medical-related expenses or deathrelated expenses;
b) credits guaranteed throughout the entire period of time with collateral deposit guarantee created by the
crediting institution, for the amounts actually covered by such guarantee;
c) operations performed exclusively for restructuring purposes with the same creditor, due to reasons relating
to the debtor’s financial distress, the credit/credits granted to individuals in sold at the time when the
restructuring operation is performed in view of adjusting the repayment conditions to the new capabilities of
the debtor;
d) credits repaid from subsidies to which the debtor is entitled in accordance with the applicable laws, within
the limit of such subsidies.
(2) Creditors shall establish through own crediting rules the conditions for granting and guaranteeing the
credits stipulated in paragraph (1).
Article 5. – The provisions of Articles 16, 17 and 18 shall not apply in the case of credits granted exclusively
for the purpose of repaying the debts relating to credits granted in accordance with the creditors’ regulations
applicable on the effective date of NBR Regulation No. 24/2011 on credits intended for individuals, as
subsequently amended.
CHAPTER II
Common Provisions
Article 6. - (1) Creditors shall extend credits to natural persons and non-financial entities in accordance with
their own regulations, as approved by the competent statutory bodies.
107
(2) In order to prove the compliance with the applicable requirements stipulated in the regulation, creditors
shall deliver to the National Bank of Romania – Supervision Division their own regulations, in Romanian,
both in soft copy and in hard copy, together with the decision of the competent statutory body which
approved them and with a substantiation thereof.
Article 7. - (1) Creditors, as well as the institutions stipulated in Article 1 paragraph (2) shall inform the
persons not naturally covered in the foreign exchange risk requesting to be granted a credit in foreign
currency or indexed at the exchange rate of a foreign currency on the impact of a potential severe
depreciation of the domestic currency on the level of their regular payment obligations.
(2) In addition to the information note referred to in paragraph (1), in the case of credits without fixed
interest, creditors and the institutions stipulated in Article 1 paragraph (2) shall also present on a separate
basis the level which could be reached by such regular payment obligations as a result of a potential severe
depreciation of the domestic currency as a result of interest increase.
Article 8. - Creditors, as well as the institutions stipulated in Article 1 paragraph (2) shall conduct the
notification stipulated in Article 7 paragraph (1) and paragraph (2), as the case may be, tailored per each
credit request, so that it allows to compare the level of the regular payment obligation corresponding to the
requested financing calculated with taking into account the foreign exchange rate and the interest rate as of
the notification date with the level of the regular payment obligation adjusted by the values indicated in
Article 12 paragraph (2) for the exchange rate shock and the interest rate shock, as the case may be.
Article 9. - (1) Creditors, as well as the institutions stipulated in Article 1, paragraph (2) shall deliver the
information indicated in Article 7 in hard copy or another resistant form, at least 15 calendar days prior to the
conclusion of the credit agreement.
(2) The period of 15 calendar days stipulated in paragraph (1) may be reduced, upon the written request of
the credit applicant.
(3) In applying paragraph (1), resistant form shall mean any instrument allowing the credit applicant to store
the information addressed to it in person, so that the information is accessible for future consultation for a
period of time suitable for the purpose of the information, and allowing the true reproduction of the
information stored on it.
Article 10. – Creditors need to organize their crediting activity so that they ensure the clear and actual
separation of the function of promoting and selling the credit products from the function of risk analysis and
exposure monitoring.
Article 11. - (1) Creditors need to make sure that third parties involved in the preliminary analysis of the
client’s repayment capacity, such as credit brokers, apply the same procedures as the creditors for this
purpose.
(2) Creditors shall analyze the quality of the credit portfolio corresponding to the clients enticed by each
third party stipulated in paragraph (1), as compared to the one of the credit portfolio corresponding to the
clients enticed directly by creditors.
(3) The analysis conducted in accordance with paragraph (2) shall form the basis for the creditor’s decision to
carry on the business relationship with each of the third parties stipulated in paragraph (1).
CHAPTER III
Provisions on Lending to Individuals
Article 12. - (1) For the purpose hereof, creditors shall establish, within their own regulations, in accordance
with their profile and risk strategy, at least the following items:
a) the method of organizing the activity of extending credits to individuals and, when applicable, the
guarantee conditions imposed per each credit type, including the maximum limit admitted for the financing
value as compared to the guarantee value;
b) the client categories eligible for financing;
c)the classification procedure for the targeted clients, per categories of non-repayment risk, substantiated on
the creditor’s general risk profile;
108
d) the income categories deemed eligible by the creditor, differentiated per client categories, as well as the
corresponding adjustment coefficients depending on the degree of certainty and their permanence
characteristic;
e) expense categories deducted from eligible income for the purpose of determining the overall level of
indebtedness, including at least subsistence expenses and payment obligations, other than those creditrelated;
f) maximum levels admitted for the total level of indebtedness, including their substantiation, differentiated
per client categories, per credit destination (for instance, consumer credit, real estate investment credit), per
credit type (differentiated depending on the denomination or indexing currency, as the case may be, on the
interest type, fix or floating, respectively, on the credit granting period and the client’s behavior in relation to
repaying the debt service determined by the quality of the guarantee), in the case of consumer credits, the
maximum levels admitted for the total level of indebtedness are determined inclusively by taking into
consideration the exchange rate risk, the interest rate risk and the risk of eligible income available throughout
the credit performance period being diminished;
g) methodology for the periodical reconsideration of adjustment coefficients for eligible income and the
maximum levels admitted for the level of indebtedness, in view of ensuring their accuracy on a continuous
basis.
(2) In substantiating the maximum levels admitted for the total level of indebtedness in the case of consumer
credits, the following values shall be used:
a) for the exchange rate shock – 35.5% EUR, 52.6% CHF, 40.9% USD. In the case of the other foreign
currencies, the value corresponding to CHF shall be used. If the applicant’s income and the requested credit
are expressed in two different foreign currencies, the maximum value between the shocks corresponding to
the two foreign currencies, as compared to the domestic currency, shall be used for the foreign exchange
shock;
b) for the interest rate shock – 0.6 percentage points for all currencies;
c) for the income shock: in the case of salary-related income - 6%; for the other income categories, creditors
shall use the adjustment coefficients stipulated in letters d) and g) of paragraph 1).
(3) The provisions of this article regarding the foreign exchange risk shall only apply to the financing part for
which clients fail to prove that they benefit from income in the currency of the credit or indexed at the credit
currency. The provisions referring to the interest rate risk shall not apply to fixed interest credits.
Article 13. – The overall level of indebtedness shall be calculated as weight of the total payment obligations
deriving from credits or other repayable financings against eligible income from which the expenses
stipulated in Article 12 paragraph (1) letter e) have been deducted.
Article 14. – In granting the credit, creditors need to insure that the documents and information submitted
reveal that throughout the credit granting period the applicant’s overall level of indebtedness complies with
the maximum admissible level applicable to such applicant.
Article 15. - (1) Creditors shall analyze the client’s repayment capacity based on a level of income deemed
eligible by the creditors, which shall not exceed by more than 20% the one corresponding to the previous
year.
(2) Creditors shall determine the income corresponding to the previous year based on documents certifying
the income declared to the fiscal authorities.
(3) If there are no legal obligations to declare the income to the fiscal authorities, creditors shall determine
the income corresponding to the previous year based on other supporting documents.
(4) As an exception from the provisions of paragraph (1), creditors may also take into account the income
exceeding the established level, only after having received from the client the supporting documents proving
their continuity in the future. The supporting documents need to attest to the amendments occurred in relation
to the client’s income status, such as a change in its job position, the change of job or changes bearing a
significant impact on the increase in the business volume in relation to the individuals’ earning income from
self-employment.
Article 16. - (1) In granting consumers credits denominated in foreign currency or indexed at the exchange
rate of a foreign currency, the applicant must benefit from real and/or personal guarantees at a level of
minimum 133% of the the credit’s value.
109
(2) For the purpose hereof, insurance policies having as their object the coverage of the payment failure risk
shall be assimilated to personal guarantees.
(3) There may be exempted from the guarantee obligation crediting facilities by overdraft drawings, as well
as credits granted by means of credit cards, whose value does not exceed by more than three times the level
of net monthly income, however, without exceeding a limit determined through the creditor’s internal
regulations.
Article 17. - (1) The duration of consumptier credits cannot exceed 5 years.
(2) The provisions of paragraph (1) do not apply to consumer credits intended for real estate, within the
meaning of Article 3 letter a) item (ii), granted in RON and in relation to which the debtor proved to hold an
advance payment of minimum 40%.
(3) Notwithstanding the provisions of paragraph (1), it is allowed to extend revolving type credit facilities
granted by means of cards over the 5-year period, only provided that creditors reevaluate the debtor’s
repayment capacity at least at the end of each 5-year period after the granting date. The debtor’s repayment
capacity shall be reevaluated in accordance with the creditor’s own methodology, specific for these crediting
products.
Article 18. - (1) The value of a credit for real estate investments cannot exceed 85% of the value of the
mortgage guarantee, in the case of credits granted in RON.
(2) In the case of credits denominated in a foreign currency or indexed at the exchange rate of a foreign
currency, if the debtor earns eligible income denominated or indexed in the credit currency, the value of a
credit for real estate investments shall be limited to 80% of the value of the mortgage guarantee.
(3) In the case of the credit for real estate investments granted to an individual not naturally covered from the
foreign exchange risk, the value of the financing cannot exceed 75% of the value of the mortgage guarantee
in the case of credits denominated in EURO or indexed in the EURO exchange rate and 60% in the case of
credits denominated in other foreign currencies or indexed at the exchange rate of other foreign currencies.
(4) In order to enforce paragraphs (1)-(3) in the case of real estate financial leasing financing, the limits shall
be applied in relation to the value of the financed asset.
(5) The provisions of paragraphs (1)-(3) do not apply in the case of credits intended for real estate
investments fully or partially guaranteed by the State.
Article 19. – Creditors may use in their activity of crediting individuals the levels of the overall indebtness
degree calculated and substantiated within their own regulations, only to the extent that they comply with the
provisions of Article 12, paragraph (1), letters f) and g) and paragraph (2).
Article 20. – Regarding the creditors which do not enforce the provisions of Article 12 paragraph (1), letters
f) and g) and paragraph (2), the maximum level of the overall indebtedness degree shall be limited to 35%,
while the maximum level of the indebtedness degree corresponding to the consumption credit denominated in
foreign currency or indexed at the exchange rate of a foreign currency, other than the one in which the debtor
earns eligible income, shall not exceed 10%.
CHAPTER IV
Provisions referring to Foreign Currency Financing of Non-Financial Entities
Article 21. - (1) Creditors shall establish, within their own regulations, in accordance with their profile and
risk strategy, the method for organizing the activity of granting and guaranteeing the foreign currency credits
intended for non-financial entities, requesting more stringent conditions for granting and guaranteeing
foreign currency credits than the ones applicable to similar credits in the domestic currency.
(2) The creditors’ own regulations regarding foreign currency financing for non-financial entities, referred to
in this chapter, shall constitute only one internal regulation.
Article 22. - (1) Creditors may only grant foreign exchange credits or credits indexed at the exchange rate of
a foreign currency to non-financial entities insofar as, in accordance with the criteria set forth by the creditor
in its own regulations, such entities prove that they have the capacity to repay such financing in the foreign
currency even if the currency in which repayment amounts are denominated or indexed is subject to severe
depreciation and the interest increases, as the case may be.
110
(2) In applying the provisions of paragraph (1), creditors shall use, when determining the repayment
capacities, the values stipulated in Article 12, paragraph (2) for the exchange rate shock and the interest rate
shock.
Article 23. - (1) The provisions of this chapter shall only apply for the financing part for which debtors fail to
prove that they benefit from natural or financial coverage against the foreign currency risk.
(2) For the purpose of paragraph (1), financial coverage against the foreign currency risk means the
protection obtained by the debtor in accordance with a contract signed with a financial institution that
transfers the foreign currency risk from the buyer of the protection.
(3) The provisions referring to the interest rate risk shall not be applied in the case of fixed interest credits.
CHAPTER V
Sanctions, Transitory and Final Provisions
Article 24. – Failure to comply with the provisions of the present regulation shall entail the enforceability of
the measures and/or sanctions stipulated in Articles 225, 226 and 229 of the Government Emergency
Ordinance No. 99/2006, approved as amended and supplemented by Law No. 227/2007, as subsequently
amended and supplemented or in Article 58 and 59 of Law No. 93/2009 on non-banking financial
institutions, as subsequently amended and supplemented, or in Articles 66 and 68 of the Government
Emergency Ordinance No. 113/2009 on payment services, approved as amended by Law No. 197/2010, as
subsequently amended and supplemented, respectively in Articles 69 and 71 of Law No. 127/2011 on issuing
electronic currency, as subsequently amended, as the case may be.
Article 25. – Central houses supervise the compliance, , with the requirements stipulated in this regulation by
the affiliated credit cooperatives.
Article 26. - (1) Within 90 days after the effective date of the present regulation, the creditors, as well as the
institutions referred to in Article 1 paragraph (2) shall comply with the obligations incumbent upon them in
accordance with cap. II. Within the same period of time, creditors shall deliver to the National Bank of
Romania - the Supervision Division the amendments of the internal regulations performed in order to prove
the fulfillment of the obligations stipulated in chapter II.
(2) Within 90 days after the effective date hereof, creditors shall comply with the obligations incumbent upon
them in accordance with chapter III and shall deliver to the National Bank of Romania – the Supervision
Division the amendments of the internal regulations performed for this purpose.
(3) Within 90 days after the effective date hereof, creditors shall comply with the obligations incumbent upon
them in accordance with chapter IV and shall deliver to the National Bank of Romania – the Supervision
Division the amendments of the internal regulations in order to prove the fulfillment of such obligations.
(4) Until the fulfillment of the conditions stipulated in the above paragraphs, creditors shall use their own
regulations applicable starting with the effective date hereof.
(5) Regarding the creditors which, on the effective date hereof, have their own regulations validated for the
performance of crediting individuals, the requirements stipulated in Article 19 shall be deemed fulfilled.
Article 27. – This regulation shall be published in Part I of the Official Journal of Romania.
Article 28. – On the effective date hereof, Regulation No. 24/2011 of the National Bank of Romania on
credits intended for individuals, published in Part I of the Official Journal of Romania No. 767 of 31 October
2011, as subsequently amended, shall be repealed.
Chairman of the Board of Directors of the National Bank of Romania,
Mugur Constantin Isărescu
Bucharest, December 12, 2012.
No. 17
111
112
Government Emergency Ordinance No. 9/2013 on the environmental stamp for motor vehicles,
published in Part I of the Official Journal of Romania No. 119 of
March 4, 2013
The extraordinary situation mentioned in Article 115, paragraph (4) of the Constitution of Romania,
republished, is motivated by the need to ensure the required framework in order to develop certain programs
and projects in the field of environmental protection, in order to improve air quality and to comply with the
limit values stipulated in the relevant European regulations applicable in this area.
Furthermore, the enactment of this legislative act ensures the compliance with the recommendations of the
European Commission listed in the Communication issued on the 14th of December 2012, according to which
motor vehicles should not be taxed based on specific engineering criteria, but on objective performance data,
easily available and relevant from the policies’ standpoint, such as CO2 emissions.
At the same time, when preparing this legislative act, the need to adopt measures in order to ensure
compliance with the applicable Community Law regulations was taken into consideration, given the fact that
such measures need to be adopted urgently in order to avoid any negative legal consequences of the current
situation.
Thus, it is mandatory to promote this legislative act urgently, taking into account the negative social and
environmental impact noted as a consequence of enforcing the tax on polluting emissions of motor vehicles,
in regard of its value, which led to a semi-paralysis of transactions with motor vehicles existing in the
national fleet market, as well as in view of regulating for clarifying the enforceability of the environmental
stamp on motor vehicles gained through inheritance.
Failure to adopt this legislative act urgently will severely restrict the transactions with motor vehicles existing
in the national fleet, bearing a direct impact on the population, as well as on the financing of certain programs
and projects in the environmental protection field.
Considering the fact that these elements refer to public interest and form extraordinary and emergency
situations, whose regulation cannot be further deferred, in accordance with Article 115, paragraph (4) of the
Constitution of Romania, republished,
The Government of Romania hereby enacts this emergency ordinance.
Article 1. (1) This emergency ordinance shall set forth the legal framework referring to the creation of the
environmental stamp, herein after referred to as the stamp .
(2) The stamp shall be collected into the Environmental Fund budget as an income and shall be used by the
Environmental Fund Administration in order to finance environmental protection programs and projects.
Article 2. For the purpose of this emergency ordinance, the terms and expressions below shall have the
following meaning:
a) new motor vehicle – any motor vehicle not previously registered;
b) used motor vehicle – motor vehicle previously registered;
c) RNTR 2 – Regulations on type approval and the release of identification cards for road motor vehicles, as
well as type approval for the products used for the latter - RNTR 2, as approved by Order of the Minister of
Public Works, Transport and Housing No. 211/2003, as subsequently amended and supplemented;
113
d) RNTR 7 – Regulations on individual approval, the release of identification cards and the certification of
road motor vehicles authenticity - RNTR 7, as approved by Order of the Minister of Transport, Constructions
and Tourism No. 2.132/2005, as subsequently amended and supplemented;
e) removal from the national car fleet – any action leading to the deregistration of the registered motor
vehicle, save for scrapping and dismantling;
f) re-insertion in the national car fleet – any action leading to the first registration of a motor vehicle in
Romania, after it was removed from the national car fleet;
g) competent fiscal body – the National Agency for Tax Administration and its subordinated entities in
whose records a tax payer is registered as payer of taxes and levies;
h) tax-payer – any individual or legal person who does not fall under one of the cases stipulated in Article 4;
i) registration – administrative operation consisting in filling up the records of competent authorities, in
accordance with the law, with the acquisition by the first owner in Romania of the ownership right over a
motor vehicle and assignment of a registration certificate, as well as of the license plates;
j) special tax for automobiles and motor vehicles – the tax stipulated in Article 214^1 – 214^3 of Law No.
571/2003 on the Tax Code, as subsequently amended and supplemented, in force until July 1, 2008;
k)pollution tax for motor vehicles – the tax, as stipulated by the Government Emergency Ordinance No.
50/2008 setting forth the pollution tax on motor vehicles, as approved by Law No. 140/2011;
l) polluting emissions tax from motor vehicles – the tax, as stipulated under Law No. 9/2012 on polluting
emissions tax from motor vehicles, as subsequently amended;
m) environmental stamp – is the amount payable by the tax-payer for the emissions from the motor vehicles
in the M1, M2, M3 and N1, N2, N3 categories.
Article 3. (1) The stamp shall apply to motor vehicles of the M1, M2, M3 and N1, N2, N3 categories, as
defined under RNTR 2, save for:
a) motor vehicles belonging to diplomatic missions, consular offices and their members, as well as to other
foreign organizations and individuals with diplomatic statute, carrying out their activity in Romania;
b) motor vehicles specially adjusted in order to be driven by disabled individuals, as well as in order to take
over and transport individuals with severe or pronounced disabilities, as these individuals are defined under
Law No. 448/2006 on the protection and promotion of disabled individuals’ rights, republished, as
subsequently amended and supplemented;
c) motor vehicles intended to be used by the armed forces, the State’s security forces, police, gendarmerie,
border police and firemen;
d) motor vehicles defied in accordance with RNTR 2 intended for ambulance and health care services, motor
vehicles specially equipped to provide first aid, as well as motor vehicles specially intended for rescue and
fire fighting services.
(2) The exception referred to in paragraph (1) letter b) shall only apply to one motor vehicle purchased within
a 5-year period and when the motor vehicle is under the ownership of a disabled person.
(3) Special changes operated on motor vehicles shall be registered by the Autonomous Public Service
Undertaking — Romanian Auto Register in the motor vehicle’s identification card.
(4) The list of special changes operated on motor vehicles shall be as stipulated in RNTR 7.
114
(5) Motor vehicles equipped with a gear box which may operate automatically, owned by disabled persons,
in accordance with paragraph (1) letter b), shall be included in the category of motor vehicles exempted from
tax payment, provided that the provisions in paragraph (3) are followed.
(6) In the category of motor vehicles stipulated in paragraph (1) letter d) only the motor vehicles fitted with
special equipment necessary for carrying out ambulance, health care, rescue or fire fighting services,
registered in the records of ambulance services, mobile emergency and resuscitation services, as well as
emergency inspectorates shall be included. In the same category motor vehicles fitted with special equipment
necessary for carrying out ambulance, health care or rescue, fire fighting services, owned by business
operators shall also be included.
Article 4. The obligation to pay the stamp shall arise only once, as follows:
a) when registering in the competent authorities’ records, in accordance with the law, obtaining the ownership
right over a motor vehicle by its first owner in Romania and assigning a registration certificate and
registration plates;
b) when reintroducing a motor vehicle in the national car fleet, if, upon its removal from the national car fleet,
the owner received the residual value of the stamp, in accordance with the provisions of Article 7;
c) when transcribing the ownership right over a used motor vehicle and for which the special tax for
automobiles and motor vehicles, the pollution tax for motor vehicles or the tax on polluting emissions from
motor vehicles was not paid, in accordance with the applicable legal regulations in force upon the registration
time;
d) when transcribing the ownership right over a used motor vehicle, in the case of motor vehicles in relation
to which a court of law ordered the reimbursement or registration exempted from the payment of the special
tax for automobiles and motor vehicles, of the pollution tax on motor vehicles or of the tax on polluting
emissions from motor vehicles.
Article 5. (1) The competent tax authority shall calculate the amount of the stamp, based on documents
attesting to the attainment of the ownership right over a motor vehicle and the stamp calculation elements,
submitted by the tax-payer in order to perform the registration or transcription of the ownership right over the
used motor vehicle. The list of documents is stipulated in the for the enforcement of this emergency
ordinance.
(2) The value of the stamp, expressed in RON, shall be calculated based on the exchange rate of the euro
currency of the first business day of October in the preceding year and published in the Official Journal of the
European Union.
(3) The stamp shall be paid by the tax-payer in a separate account opened at the State Treasury units, under
the name of the Environmental Fund Administration, and the proof of the payment shall be submitted upon
registration or transcription of the ownership right over a used motor vehicle, subject to one of the cases
stipulated in Article 4.
Article 6. (1) The stamp shall be calculated based on the elements listed in the addendums No. 1 to 6, as
follows:
a)
for motor vehicles of the M1 category falling under the scope of Euro 5 pollution class, the
environmental stamp shall be calculated based on the formula:
payment amount = [A x B x (100 - C)]/100, where:
A = level of CO2 emissions, expressed in grams/km as specified in the motor vehicle’s identification card;
115
B = value of CO2 emissions, expressed in euro/1 gram km, as listed in addendum No. 1;
C = stamp discount, as listed in column 2 of addendum No. 3;
b)
for motor vehicles of the M1 category falling under the scope of the euro 4 and euro 3 pollution
classes, the environmental stamp shall be calculated based on the formula:
Payment amount = [A x B x (100 - C)]/100, where:
A = level of CO2 emissions, expressed in grams/km as specified in the motor vehicle’s identification card;
B = value of CO2 emissions, expressed in euro/1 gram km, as listed in addendum No. 1 for motor vehicles
equipped with spark ignition engine and as stipulated in addendum No. 2 for motor vehicles equipped with
compression equipped engine;
C = stamp discount, as listed in column 2 of addendum No. 3;
c)
for motor vehicles of the M1 category falling under the non-Euro, Euro 1 or Euro 2 pollution class,
based on the formula:
Payment amount = [E x D x (100 - C)]/100, where:
C = stamp discount, as listed in column No. 2 of addendum No. 3;
D = cylinder capacity, expressed in cubic centimeters, as specified in the registration certificate of the motor
vehicle or in the identification card of the motor vehicle;
E = the value stipulated in column 3 of addendum No. 4 for motor vehicles equipped with spark ignition
engine and the value stipulated in column 4 of addendum No. 4 for motor vehicles equipped with
compression ignition engine;
d) the formula provided under letter c) shall also apply to motor vehicles of the M2, M3, N1, N2 and N3
categories, for which the level of the environmental stamp is listed in column 2 of addendum No. 5.
(2) The Euro pollution class and the level of CO2 emission, referred to in paragraph (1), are as stipulated by
the Autonomous Public Service Undertaking — Romanian Auto Register in the motor vehicle’s identification
card, in accordance with the provisions of the for the enforcement of this emergency ordinance.
(3) The stamp for motor vehicles falling under the Euro 6 pollution class shall be calculated based on the
formula stipulated in paragraph (1) letter a), upon the enforcement of the Euro 6 class for the registration,
sale and entry into service of new motor vehicles, according to the Regulation (EC) No. 715/2007 of the
European Parliament and of the Council of June 20, 2007 on type approval of motor vehicles regarding
emissions from light passenger and commercial vehicles (Euro 5 and Euro 6) and regarding access to vehicle
repair and maintenance information.
(4) Related to motor vehicles falling under the category of hybrid and electricity cars, the environmental
stamp shall not be paid .
(5) The stamp discount, as listed in addendum No. 3, shall be determined depending on the motor vehicle’s
age.
(6) When calculating the stamp , further discounts may be granted in addition to the discount stipulated in
addendum No. 3, depending on the deviations from the standard situation of the element/elements that led to
the calculation of the fixed share, if the person requesting the registration or transcription, as the case may be,
of the ownership right over a used motor vehicles declares on his own liability that the actual average annual
mileage of the motor vehicle at issue is higher than the average annual mileage deemed as standard for that
116
category of motor vehicles, in accordance with the for the enforcement of this emergency ordinance. In this
case, the stamp shall be calculated based on the discount resulting from the share listed in addendum No. 3,
increased by the additional discount listed in addendum No. 6. When the new discount exceeds 90%, the
discount of 90% shall apply.
(7) The amount representing the stamp to be paid, calculated based on the provisions of paragraph (1), may
also be adjusted when the person requesting the registration or transcription, as the case may be, of the
ownership right over a used motor vehicle proves, based on the technical expert appraisal conducted by the
Autonomous Public Service Undertaking — Romanian Auto Register, that the depreciation of the used motor
vehicle is higher, according to the for the enforcement of this emergency ordinance.
(8) The age of the motor vehicle shall be calculated depending on the date of its first registration.
(9) When the person requesting the registration or transcription of the ownership right over a used motor
vehicle cannot prove the motor vehicle’s registration date, the stamp shall be calculated depending on its
manufacturing year.
Article 7. (1) If, for a motor vehicle, the pollution tax for motor vehicles, the tax on polluting emissions from
motor vehicles or the stamp stipulated in this emergency ordinance and whose reimbursement was not
ordered by a court of law was paid, that motor vehicle is subsequently removed from the national car fleet
and the residual value of the stamp is reimbursed to the last owner.
(2) The residual value of the stamp is the amount of money that would be paid for that motor vehicle if it
were to be registered upon its removal from the national car fleet, calculated according to the laws based on
which the amount of the tax payable upon registration was calculated, in RON at the exchange rate at the
time of registration or transcription of the ownership right over a used motor vehicle, using the age of the
motor vehicle as at the time of its removal from the national car fleet.
(3) The residual value of the stamp shall be reimbursed at the request of the last owner, based on the
following documents:
a) the document attesting that the applicant was the last owner of the motor vehicle removed from the
national car fleet;
b) proof that the motor vehicle was radiated.
(4) The reimbursement request shall be submitted to the competent tax authority.
(5) If the residual value of the stamp, calculated acording to this article, is higher than the amount paid upon
the registration or transcription of the ownership right over a used motor vehicle, in Romania, the residual
value of the stamp shall be returned within the limit of the amount paid.
Article 8. The stamp shall not be paid when the motor vehicles are:
a) falling in the category of historical vehicles, as defined by the provisions of Article 3 item 50 of the
Government Ordinance No. 27/2011 on road transportation;
b)granted to learning, health care and culture institutions, to ministries, other public administration
authorities, owners’ and trade union structures representative at a national level, public utility associations
and foundations, by foreign governments, international bodies and non-profit and charity and organizations,
through donations or financed directly by non-reimbursable loans, as well as from scientific and technical
cooperation programs;
117
c) confiscated or that became, according to the law, the private property of the State and granted free of
charge, in accordance with the legal provisions in force;
d)intended for sports competitions, as defined in accordance with the legal provisions in force;
e) obtained by inheritance, if it occurred within the 2-year period after the initiation of the succession
procedures;
f) obtained through partition following a divorce.
Article 9. (1) The amount of money representing the stamp can be disputed when the person about to register
or transcribe the ownership right over a used motor vehicle can prove that his motor vehicle depreciated to a
larger extent than the one indicated in the grid stipulated in addendum No. 3.
(2) The depreciation value shall be assessed based on the elements taken into account when determining the
discount stipulated in Article 6 paragraph (6).
(3) If disputed, the features of the used motor vehicle stipulated in paragraph (2) shall be determined, upon
the tax-payers request, by technical expertise conducted by the Autonomous Public Service Undertaking —
Romanian Auto Register, based on the procedure provided in the for the enforcement of this emergency
ordinance.
(4) The charge for conducting the technical expertise shall be calculated by the Autonomous Public Service
Undertaking — Romanian Auto Register, depending on the operations corresponding to the technical
expertise and cannot exceed their cost.
(5) The result of the technical expertise shall be recorded in a document issued by the Autonomous Public
Service Undertaking — Romanian Auto Register, containing the information corresponding to each of the
elements stipulated in paragraph (2) and the discount deriving from it.
(6) The document referring to the result of the technical expertise appraisal issued by the Autonomous Public
Service Undertaking — Romanian Auto Register shall be submitted by the payer of the tax to the competent
tax authority.
(7) Upon receiving the document stipulated in paragraph (6), the competent tax authority shall proceed to
recalculate the payment amount standing for the stamp, which may lead to the reimbursement of the
outstanding amount of the stamp, as compared to the one paid upon the registration or transcription of the
ownership right over a used motor vehicle.
(8) In duly justified cases, the competent tax authority may request that a counter-expertise be conducted.
Article 10. Determining, checking and collecting, including settling challenges in respect of regarding the
stamp payable by tax-payers, shall be performed by the competent tax authority, according to the provisions
of the Government Ordinance No. 92/2003 on the Fiscal Procedure Code, republished, as subsequently
amended and supplemented.
Article 11. The person dissatisfied with the reply received to his challenge may refer to the litigation courts,
competent in accordance with the law.
Article 12. (1) If the special tax for automobiles and motor vehicles, the pollution tax for motor vehicles and
the tax on polluting emissions from motor vehicles, already paid, is larger than the stamp resulting from the
enforcement of these provisions on the environmental stamp, calculated in RON at the exchange rate
applicable on the time of registration or transcription of the ownership right over a used motor vehicle, the
amounts of money representing the outstanding amount paid may only be reimbursed to the holder of the
118
payment obligation, in accordance with the procedure set forth in the Methodological Norms for the
enforcement of this Emergency Ordinance. The outstanding amount of money to be reimbursed shall be
calculated according to the calculation formula stipulated in this Emergency Ordinance, using the elements
taken into account on the time of registration or transcription of the ownership right over a used motor
vehicle.
(2) The amount of money resulting as outstanding amount between the money paid by the tax-payer as
special tax for automobiles and motor vehicles, as pollution tax for motor vehicles or as tax on polluting
emissions from motor vehicles and the amount resulting from the application of the stamp shall be
reimbursed within the statutory limitation period specified in the Government Ordinance No. 92/2003,
republished, as subsequently amended and supplemented, according to the procedure set forth in the
Methodological Norms for the enforcement of this emergency ordinance.
Article 13. The expenses ruled by the courts of law by means of final and irrevocable court decisions in
charge of the State, as well as any other expenses incurred during forced execution, in relation to the
pollution tax for motor vehicles, the tax on polluting emissions from motor vehicles and the environmental
stamp, shall be covered from the collected amounts of money, as stamp, into the accounts of the competent
tax authority or from the budget of the Environmental Fund, as the case may be.
Article 14. (1) The Ministry of Public Finance, through the National Agency for Fiscal Administration, the
Ministry of Internal Affairs, through the community public services, drivers’ licenses and motor vehicle
registration departments, and the Ministry of Environment and Climate Changes, through the Environmental
Fund Administration shall keep digital records of the motor vehicles registered or transcribed falling under
the scope of this emergency ordinance, in accordance with the collections performed by the State Treasury
units, standing for taxes/stamp.
(2) The managed information and the procedures referring to the implementation of the digital system
stipulated in paragraph (1) shall be set forth through joint order of the Minister of Public Finance, of the
Minister of Internal Affairs and of the Minister of Environment and Climate Changes, within 60 days after
the effective date of this emergency ordinance.
Article 15. (1) In order to stimulate new, pollution-free and energy-efficient vehicles, individuals,
administrative-territorial units and public institutions purchasing new electric motor vehicles shall benefit
from a vouchers with nominal value, for each new motor vehicle purchased, herein after referred to as the
eco-voucher.
(2) The eco-voucher shall have a nominal value of RON 12,000 bore from the Environmental Fund budget.
(3) The template of the eco-voucher referred to in paragraph (1) and its usage shall be laid down by order of
the Minister of Environment and Climate Changes, within 15 days of the publication of this emergency
ordinance.
Article 16. Within 15 days of the publication of this emergency ordinance in the Official Journal of
Romania, Part I, the Ministry of Environment and Climate Changes, together with the Ministry of Internal
Affairs, the Ministry of Public Finance and the Ministry of Transport, shall prepare for the enforcement of
this emergency ordinance to be approved by Government decision.
Article 17. This emergency ordinance shall be enforced on M,arch 15 2013.
Article 18. Addendums No. 1-6 shall form an integral part of this emergency ordinance.
Article 19. On the effective date of this emergency ordinance, the following shall be repealed:
119
a) Law No. 9/2012 on the tax on polluting emissions from motor vehicles, published in Part I of the Official
Journal of Romania No. 17 of January 10, 2012, as subsequently amended;
b) Government Decision No. 9/2012 approving the for the enforcement of Law No. 9/2012 on the tax on
polluting emissions from motor vehicles, published in the Official GJournal of Romania, Part I. No. 29 of
January 13, 2012;
c) the provisions of Article 10 of the Government Emergency Ordinance No. 40/2011 on promoting nonpolluting and energy-efficient road transport vehicles, published in Part I of the Official Journal of Romania
No. 307 of May 4, 2011.
PRIME-MINISTER VICTOR-VIOREL PONTA
Countersigned by:
Minister of the Environment and Climate Changes,
Rovana Plumb
Vice-Prime-Minister, Minister of Public Finance,
Daniel ChiĠoiu
Delegated Minister of Budget,
Liviu Voinea
Minister of Transport,
Relu Fenechiu
Minister of Internal Affairs,
Radu Stroe
Minister of Foreign Affairs,
Titus CorlăĠean
120
ADDENDUM No. 1
The level of the environmental stamp depending on the carbon dioxide emission and the pollution class
– expressed in Euro/1 gram km -
EURO 5 POLLUTION CLASS*
Cylinder capacity - cubic centimeters
Carbon
dioxide
emission
CO2 grams
/km
<110
111-120
121-130
131-140
141-150
151-165
166-180
181-195
196-210
>210
<1,000
0.30
0.42
0.54
0.66
0.78
0.96
1.26
1.44
1.62
2.04
1,001-1,200
0.36
0.50
0.65
0.79
0.94
1.15
1.51
1.73
1.94
2.45
1,201-1,400
0.45
0.63
0.81
0.99
1.17
1.44
1.89
2.16
2.43
3.06
1,401-1,600
0.51
0.71
0.92
1.12
1.33
1.63
2.14
2.45
2.75
3.47
1,601-2,000
0.60
0.84
1.08
1.32
1.56
1.92
2.52
2.88
3.24
4.08
2,001-3,000
0.81
1.13
1.46
1.78
2.11
2.59
3.40
3.89
4.37
5.51
=>3,001
0.99
1.39
1.78
2.18
2.57
3.17
4.16
4.75
5.35
6.73
EURO 4 POLLUTION CLASS*
Cylinder capacity - cubic centimeters
Carbon
dioxide
emission
CO2 grams
/km
<110
111-125
126-140
141-155
156-170
171-185
186-200
201-215
>216
<1,000
1.80
2.52
3.24
3.96
4.68
5.76
7.56
8.64
9.72
1,001-1,200
2.16
3.02
3.89
4.75
5.62
6.91
9.07
10.37
11.66
1,201-1,400
2.70
3.78
4.86
5.94
7.02
8.64
11.34
12.96
14.58
1,401-1,600
3.06
4.28
5.51
6.73
7.96
9.79
12.85
14.69
16.52
1,601-2,000
3.60
5.04
6.48
7.92
9.36
11.52
15.12
17.28
19.44
2,001-3,000
4.86
6.80
8.75
10.69
12.64
15.55
20.41
23.33
26.24
=>3,001
5.94
8.32
10.69
13.07
15.44
19.01
24.95
28.51
32.08
121
EURO 3 POLLUTION CLASS*
Cylinder capacity - cubic centimeters
Carbon
dioxide
emission
CO2 grams
/km
<110
111-125
126-140
141-155
156-170
171-185
186-200
201-215
>216
<1,000
5.40
7.56
9.72
11.88
14.04
17.28
22.68
25.92
29.16
1,001-1,200
6.48
9.07
11.66
14.26
16.85
20.74
27.22
31.10
34.99
1,201-1,400
8.10
11.34
14.58
17.82
21.06
25.92
34.02
38.88
43.74
1,401-1,600
9.18
12.85
16.52
20.20
23.87
29.38
38.56
44.06
49.57
1,601-2,000
10.80
15.12
19.44
23.76
28.08
34.56
45.36
51.84
58.32
2,001-3,000
14.58
20.41
26.24
32.08
37.91
46.66
61.24
69.98
78.73
=>3,001
17.82
24.95
32.08
39.20
46.33
57.02
74.84
85.54
96.23
* The pollution class is as set forth in Regulation (EC) No. 715/2007 of the European Parliament and of the
Council of June 20, 2007 on type approval of motor vehicles with respect to emissions from light passenger
and commercial vehicles (Euro 5 and Euro 6) and on access to vehicle repair and maintenance information.
122
ADDENDUM No. 2
The level of the environmental stamp depending on the carbon dioxide emission and the pollution class
– expressed in Euro/1 gram km -
EURO 4 POLLUTION CLASS
Carbon dioxide
emission CO2
grams /km
<110
111-125
126-140
141-155
156-170
171-185
186-200
201-215
>216
<1,000
1,0011,200
Cylinder capacity - cubic centimeters
1,2011,4011,601-2,000 2,001-3,000 =>3,001
1,400
1,600
3.15
4.41
5.67
6.93
8.19
10.08
13.23
15.12
17.01
3.78
5.29
6.80
8.32
9.83
12.10
15.88
18.14
20.41
4.73
6.62
8.51
10.40
12.29
15.12
19.85
22.68
25.52
5.36
7.50
9.64
11.78
13.92
17.14
22.49
25.70
28.92
6.30
8.82
11.34
13.86
16.38
20.16
26.46
30.24
34.02
8.51
11.91
15.31
18.71
22.11
27.22
35.72
40.82
45.93
10.40
14.55
18.71
22.87
27.03
33.26
43.66
49.90
56.13
EURO 3 POLLUTION CLASS
Carbon dioxide
emission CO2
grams /km
<110
111-125
126-140
141-155
156-170
171-185
186-200
201-215
>216
<1,000
1,0011,200
Cylinder capacity - cubic centimeters
1,2011,4011,601-2,000 2,001-3,000 =>3,001
1,400
1,600
9.45
13.23
17.01
20.79
24.57
30.24
39.69
45.36
51.03
11.34
15.88
20.41
24.95
29.48
36.29
47.63
54.43
61.24
14.18
19.85
25.52
31.19
36.86
45.36
59.54
68.04
76.55
16.07
22.49
28.92
35.34
41.77
51.41
67.47
77.11
86.75
18.90
26.46
34.02
41.58
49.14
60.48
79.38
90.72
102.06
25.52
35.72
45.93
56.13
66.34
81.65
107.16
122.47
137.78
31.19
43.66
56.13
68.61
81.08
99.79
130.98
149.69
168.40
123
ADDENDUM No. 3
Discount ratio of the environmental stamp
Motor vehicle age
New
< one month
> one month – 3 months inclusively
>3 months – 6 months inclusively
>6 months – 9 months inclusively
>9 months – 1 year inclusively
> 1 year – 2 years inclusively
> 2 years – 3 years inclusively
> 3 years – 4 years inclusively
> 4 years – 5 years inclusively
> 5 years – 6 years inclusively
> 6 years – 7 years inclusively
> 7 years – 8 years inclusively
> 8 years – 9 years inclusively
> 9 years – 10 years inclusively
> 10 years – 11 years inclusively
> 11 years – 12 years inclusively
> 12 years – 13 years inclusively
> 13 years – 14 years inclusively
over 14 years
124
Discount %
0
3
5
8
10
13
21
28
33
38
43
49
55
61
66
73
79
84
89
90
ADDENDUM No. 4
Level of the environmental stamp for
pollution classes Euro 2, Euro 1 and non-Euro
Pollution
class*
Cylinder capacity –
cubic centimeters -
E2
< 1,200
1,201-1,400
1,401-1,600
1,601-2,000
2,001-3,000
> 3,000
” 1,200
1,201-1,400
1,401-1,600
1,601-2,000
2,001-3,000
> 3,000
” 1,200
1,201-1,400
1,401-1,600
1,601-2,000
2,001-3,000
> 3,000
E1
E0
Euro/1 cmc for motor vehicles
equipped with spark ignition engine
3.00
3.50
4.00
4.30
4.60
4.90
2.90
3.30
3.80
4.20
4.40
4.50
2.80
3.20
3.70
4.00
4.20
4.30
Euro/1 cmc for motor vehicles
equipped with compression
ignition engine
5.25
6.13
7.00
7.53
8.05
8.58
5.08
5.78
6.65
7.35
7.70
7.88
4.90
5.60
6.48
7.00
7.35
7.53
* The pollution class is as set forth in Regulation (EC) No. 715/2007 of the European Parliament and of the
Council ofJune 20, 2007 on type approval of motor vehicles with respect to emissions from light passenger
and commercial vehicles (Euro 5 and Euro 6) and on access to vehicle repair and maintenance information.
125
ADDENDUM No. 5
Level of the environmental stamp for motor vehicles of
The N1, N2, N3, M2 and M3 categories
Pollution class1)
Euro 6/VI2)
Euro 5/V
Euro 4/IV
Euro 3/III
Euro 2/II
Euro 1/I
Non-Euro
Level of the environmental stamp
euro/1 cmc
0
0.05
0.25
0.5
2
4
9
1) The pollution class is as set forth in Regulation (EC) No. 715/2007 of the European Parliament and of the
Council of June 20, 2007 on type approval of motor vehicles with respect to emissions from light passenger
and commercial vehicles (Euro 5 and Euro 6) and on access to vehicle repair and maintenance information.
2) The level of the tax on polluting emissions (euro/1 cmc) shall be calculated upon the enforcing of Class
Euro 6 for the registration, sale and introduction into circulation of new motor vehicles, in accordance with
Regulation (EC) No. 715/2007.
ADDENDUM No. 6
GRID
referring to the additional discounts depending on the actual average annual mileage of the motor
vehicle
Difference between the actual
Category of motor average annual mileage and the
Additional discount %
vehicle
standard average annual mileage
(km)
M1
<5,000
0
5,001-10,000
0.5
10,001-15,000
0.75
15,001-20,000
1.0
20,001-25,000
1.25
25,001-30,000
1.5
>30,001
1.75
N1
<10,000
0
10,001-20,000
0.5
20,001-30,000
0.75
30,001-40,000
1.0
40,001-50,000
1.25
>50,001
1.5
M2 and N2
<15,000
0
15,001-30,000
0.5
30,001-45,000
0.75
45,001-60,000
1.0
60,001-75,000
1.25
>75,001
1.5
M3 and N3
<25,000
0
25,001-50,000
0.5
50,001-100,000
0.75
100,001-150,000
1.0
150,001-200,000
1.25
>200,001
1.5
127
Decision No. 480/2013 amending and supplementing the Regulation governing the enforcement of the
Government Emergency Ordinance No. 195/2002 regarding traffic on public roads, as approved by
Government Decision No. 1.391/2006
Published in Part I of the Official Journal of Romania No. 454 of July 24, 2013.
In accordance with Article 108 of the Constitution of Romania, as republished,
The Government of Romania hereby enacts this decision.
Article I. – The implementing regulation of the Government Emergency Ordinance No. 195/2002 regarding
traffic on public roads , as approved by the Government Decision No. 1.391/2006, published in the Official
Journal of Romania, Part I, No. 876 of October 26, 2006, as subsequently amended, is hereby amended and
supplemented as follows:
1. Paragraph (1) of Article 21 shall be amended and shall read as follows:
“Article 21. - (1) The motor vehicle, tramway or trailer which cannot be identified due to lack, alteration or
destruction of the identification elements embossed or engraved by the producer, as well as the motor vehicle
or trailer assembled from parts which cannot be identified or for which the identity of one or more successive
owners or holders cannot be established cannot be homologated in order to being allowed in traffic on public
roads. The motor vehicle and trailer whose legal origin can be determined by the police officers shall be
accepted.”
2. Paragraph (3) of Article 29 shall be repealed.
3. Article 30 shall be repealed.
4. Paragraph (2) of Article 32 shall be repealed.
5. Article 33 shall be amended and shall read as follows:
“Article 33. – Anyone requesting to be examined in order to receive their driver’s license, herein after
referred to as applicant, shall meet the following conditions:
a) to have the minimum age stipulated under Article 20 paragraph (4) of the Government Emergenc
Ordinance No. 195/2002 regarding traffic on public roads , republished, as subsequently amended and
supplemented;
b) to be medically able to drive motor vehicles of the category for which they request to be examined;
c) not to fall under the scope of the provisions of Article 24 paragraph (6) of the Government Emergency
Ordinance No. 195/2002, republished, as subsequently amended and supplemented, save for the cases in
which applicants are able to prove that they fulfill the conditions stipulated under Article 116 of the same
legislative enactment;”.
6. Articles 34 and 35 shall be repealed.
7. Article 36 shall be amended and shall read as follows:
“Article 36. – The theoretical and practical training course that precedes the driver’s license examination is
valid for one year after the graduation date.”
128
8. Article 37 shall be repealed.
9. Paragraph (1) of Article 38 shall be repealed.
10. Paragraph (3) of Article 38 shall be amended and shall read as follows:
“(3) The holders of driver’s licenses valid for one of the B, BE, C or CE categories shall also be entitled to
drive other motor vehicles of the “Tr” category, as follows:
a) the holder of a driver’s license valid for the “B” category shall have the right to drive a road tractor of a
maximum authorized weight of up to 3,500 kg, to which a trailer whose maximum authorized weight shall be
lower than 750 kg may be attached;
b) the holder of a driver’s license valid for category BE shall have the right to drive a road tractor, with a
maximum authorized weight of up to 3.500 kg, to which a trailer whose maximum authorized weight shall be
lower than 3,500 kg may be attached;
c) the holder of a driver’s license valid for category C shall have the right to drive a road tractor, with a
maximum authorized weight higher than 3,500 kg, to which a trailer whose maximum authorized weight
shall be lower than 750 kg may be attached;
d) the holder of a driver’s license valid for the “CE” shall have the right to drive a road tractor of a maximum
authorized weight higher than 3,500 kg to which a trailer whose maximum authorized weight shall not
exceed the maximum weight of the tractor may be attached.”
11. Articles 39 and 40 shall be repealed.
12. Paragraph (1) of Article 41 shall be amended and shall read as follows:
“Article 41. - (1) Motor vehicles that are to be used by driving schools for practice purposes and the vehicles
that are used for practical tests that students take in order to receive their driver’s licenses shall belong to the
category of vehicles for which the driver’s license is applied for, shall be provided with a double command
system, at least for the clutch and brake pedals, except for the motor vehicles with automatic gearbox and
motorcycles, which shall be equipped with double command at least for the brake pedal, and shall meet all
the other conditions stipulated by the regulations in force.”
13. Articles 42-44 shall be repealed.
14. Article 100 shall be amended and shall read as follows:
“Article 100. - (1) Vehicles shall only be driven on roads, carriageways, lanes or tracks established for the
category to which they belong. If special lanes or tracks are not arranged on public roads for bicycles and
other motor-free vehicles, they may also be driven on the road shoulder in the driving direction, provided that
traffic can occur without any danger.
(2) Vehicles from categories AM, A1, A2 and A, when circulating on public roads, shall be driven only in
one row.”
15. The introductory part of paragraph (1) and paragraph (6) of Article 114 shall be amended and shall read
as follows:
“Article 114. - (1) Drivers of motor vehicles and tramways shall have the obligation to use the lighting and/or
signaling installations thereof, as follows:
129
(6) In the cases provided under paragraph (5), the drivers of motor vehicles and tramways shall activate
emergency stop signals, successively, in the order in which they stop and if this operation is required by
traffic jams in the driving direction.”
16. Paragraphs (2) and (3) of Article 116 shall be amended and shall read as follows:
“(2) The motor vehicles and tramways drivers’ intention to change their driving direction, to exit a row of
stopped motor vehicles or to enter such a row, to move to another driving lane or make a turn to the right or
to the left or to make a U-turn, to pass or stop shall be signaled by activating the turning lights at least 50 m
in advance inside localities and 100 m in advance outside localities, before starting to perform such
maneuvers.
(3) The slowing down of the driving speed or stopping the motor vehicles and tramways on the carriageways
shall be signaled with the red rear light.”
17. Item 3 of Article 148 shall be amended and shall read as follows:
“3. to carry intoxicated persons on motor vehicles of categories AM, A1, A2 and A or inside the cabin or the
car body of the motor vehicle intended for freight transportation.”
18. A new item, i.e. item 22 shall be inserted in Article 148, after item 21, reading as follows:
“22. to cross public roads, on the crossings intended for pedestrians, while riding vehicles from categories
AM, A1, A2 and A.”
19. Article 149, paragraph (1), letters a) and b) shall be amended and shall read as follows:
“a) for motor vehicles of categories AM, A1, A2 and A, in the rear, next to the license or registration plate, as
the case may be;
b) for the other motor vehicles, on the windshield, in the bottom right part and on the back glass, in the
bottom left part;”.
20. In chapter V “Traffic rules”, section 4, the heading of paragraph 1 shall be amended and shall read as
follows:
“§ 1. Bicycles traffic”.
21. Paragraph (1) of Article 160 shall be amended and shall read as follows:
“Article 160. - (1) Bicycle riders, while on public roads, shall only ride in one row.”
22. Paragraph (2) of Article 160 shall be repealed.
23. The introductory part of paragraph (1), as well as letters b) and o) of Article 161 shall be amended and
shall read as follows:
“Article 161. - (1) It is prohibited for bicycle riders to:
. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..
b) learn how to ride the bicycle on crowded roads;
. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..
o) to cross public roads, on the crossings intended for pedestrians, while riding the bicycle;”.
24. Paragraph (2) of Article 161 shall be amended and shall read as follows:
130
“(2) While driving on public roads, bicycle users shall be compelled to have their identity documents on
them.”
25. Paragraph (1) of Article 189 shall be amended and shall read as follows:
“Article 189 - (1) Whenever inspecting the documents of a motor vehicle or tramway driver, traffic police
officers shall check whether the data written in the identification document and those in the driver’s license
match. Should different names, given names or expired validity periods be found, the traffic police officer
shall seize the driver’s license and issue a certification entitling the driver to drive legally for another 15
days.”
26. Paragraph (2) of Article 203 shall be amended and shall read as follows:
“(2) The driver’s license of the deceased person shall be cancelled by the head of the traffic police
department having jurisdiction over the residence of the holder, based on the death certificate.”
Article II.
(1) Applicants who have passed the theoretical test before this Government Decision took effect but did not
take the practical examination shall take the practical test in accordance with the regulations that are
applicable on the date when they passed the theoretical test.
(2) Until January 19, 2014, the theoretical and practical training sessions organised by companies shall be
deemed to be “completed” for persons who wish to get their “AM” driver’s license and who are able to prove
that they graduated the road traffic legislation course organised by an entity that is authorized to train motor
vehicle drivers, prior to January 19, 2013.
Article III. – Government Decision No. 1391/2006 that approves the Regulation governing the enforcement
of the Government Emergency Ordinance No. 195/2002 regarding traffic on public roads, published in Part I
of the Official Journal of Romania No. 876 of October 26, 2006, as subsequently amended, and also as
amended and supplemented by this decision, shall be republished in Part I of the Official Journal of Romania
and the texts shall be re-numbered.
Article IV. - This decision shall become effective within 15 days after its publication in the Official Journal
of Romania, Part I.
PRIME-MINISTER
VICTOR-VIOREL PONTA
Countersigned by:
Minister of Internal Affairs,
Radu Stroe
On behalf of the Ministry of Transport,
Cristian Ghibu,
State Secretary
Bucharest, July 10, 2013.
No. 480
131
Government Decision No. 84 of March 6, 2013 for the amendment and supplementation
of the Methodological Rules of application of
Law No. 571/2003 regarding the Fiscal Code, approved by Government Decision No.
44/2004 published in the Official Journal No. 136
of March 14, 2013
21. Under item 53, after paragraph (6) a new paragraph shall be introduced, paragraph (61), which shall read
as follows:
„(61) In the case of financial leasing agreements having as their object movable tangible goods, other than
capital assets, that are terminated, and the goods are not returned by the user within the term provided in the
agreement, such goods shall not be deemed as missing from the inventory of the lessor/financing party, and
the latter shall not have the obligation to operate adjustments of the deducted tax, if it proves that it initiated
and took measures to recover the good, regardless of whether further to such measures the good is or not
recovered by the leasing company.”
22. Under item 53, paragraph (9) shall be amended and shall read as follows:
„(9) In accordance with the provisions of Art. 148 paragraph (2) letter a) of the Fiscal Code, the initial
deduction of the tax in the case of goods destroyed or lost due to natural disasters or force majeure events
shall not be adjusted if such situations are evidenced or confirmed accordingly.”
23. Under item 54, after paragraph (3) a new paragraph shall be introduced, paragraph (31), which shall read
as follows:
„(31) In the case of financial leasing agreements having as their object capital assets, that are terminated, and
the assets are not returned by the user within the term provided in the agreement, such assets shall not be
deemed as missing from the inventory of the lessor/financing party, and the latter shall not have the
obligation to operate adjustments of the deducted tax, if it proves that it initiated and took measures to
recover the asset, regardless of whether further to such measures the asset is or not recovered by the leasing
company.”
24. Under item 54, paragraph (9), the first paragraph shall me amended and shall read as follows:
„(9) In the case provided under Art. 149 paragraph(4) letter b) of the Fiscal Code, the adjustment shall be
performed within the adjustment period provided under Art. 149 paragraph(2) of the Fiscal Code, for one
fifth or one twentieth of the initially deducted/not deducted tax, depending on the final pro rata at the end of
each year, in accordance with the procedure described under Art. 147 paragraph(13) of the Fiscal Code. Such
adjustment shall be applied for the assets upon whose purchase, manufacture, construction, transformation or
modernization the provisions of Art. 147 paragraph (5) of the Fiscal Code are applied, as well as for the
capital assets upon whose purchase, manufacture, construction, transformation or modernization the tax was
fully deducted or the right to deduct the tax was not exercised and which, during the adjustment period are
assigned to activities for which the proportion in which they are used for operations with deduction right and
without deduction right cannot be determined. If the tax related to the acquisition of the capital asset was
fully deducted, it shall be deemed that the tax was deducted based on a pro rata of 100%, and if the deduction
right was not exercised, the pro rata shall be deemed to be 0%.
As opposed to the adjustment provided under Art. 149, paragraph(4) letter a) of the Fiscal Code, which is
performed whenever an event leading to the adjustment arises, in the cases provided in this paragraph, the
adjustment shall be performed annually, throughout the entire adjustment period, so long as the capital asset
is assigned to an activity for which the proportion in which they are used for operations with deduction right
132
and without deduction right cannot be determined. If, during the adjustment period of the capital asset to
which the adjustment period provided by this paragraph is applicable, one of the following events occurs: the
capital asset is used for other purposes than the economic activity, is assigned to a sector of activity that does
not provide a deduction right, forms the object of an operation for which the tax is fully deductible or ceases
to exist, the tax shall be adjusted in accordance with the provisions of paragraphs(8), (11) or (12).
[…]”
55
25. Under item 54, paragraph (10) shall be amended and shall read as follows:
„(10) The adjustment provided under Art. 149 paragraphs(4) and (5) of the Fiscal Code shall not be
performed if the provisions of Art. 128 paragraphs (4) letters a) and b) of the Fiscal Code regarding the selfdelivery are applicable, as well as if there is no delivery of assets in accordance with the provisions of Art.
128 paragraph (8) of the Fiscal Code, except for the discarding of tangible fixed assets that are capital assets
in accordance with the provisions of Art. 149 paragraph (1) letter a) of the Fiscal Code. If the discarding of
the tangible fixed assets that are capital assets in accordance with the provisions Art. 149 paragraph (1) letter
a) of the Fiscal Code is performed in accordance with the provisions of a normative act that requires the
discarding of such assets, the adjustment provided under Art. 149 paragraph (4) and (5) of the Fiscal Code
shall not be performed. The demolition of constructions, purchased together with the plot of land on which
they were erected constructed shall not determine the obligation to adjust the initial deduction of the value
added tax related to the purchase of constructions that were demolished, if the taxable person proves its
intention, confirmed by objective elements, that the plot of land on which the constructions were built
continues to be used for the purpose of its taxable operations, such as the building of other constructions
destined to taxable operations, as ruled by the Decision of the European Court of Justice in Case C-257/11
Gran Via Moineúti.”
133
în domeniul creditelor de consum
acordate persoanelor fizice
Cetelem este multi-specialistul creditelor de consum, ale cărui
produse de creditare, de la credite de nevoi personale cu acordare prin
telefon sau internet, până la credite auto, credite în magazin și carduri de
credit, pot fi accesate fie în spaţiile de vânzare – magazine, showroomuri auto, fie prin intermediul altor parteneri afiliaţi sau prin Internet.
Cetelem România aplică permanent principiul “creditului bine
înțeles” în derularea operațiunilor curente, asigurând accesibilitatea,
simplitatea și transparența procesului de acordare a creditelor, deopotrivă
pentru clienții și pentru partenerii săi. Oferirea de servicii de calitate clienților
constituie prioritatea numărul 1 a Grupului BNP Paribas și a BNP
Personal Finance, divizia de credite de consum a Grupului.
ISSN: 2067 – 5232
principalul promotor al
creditului responsabil®
The Non-Banking Financial Institutions’ Market in Romania
“Când vorbim de satisfacția clienților, aplicăm un principiu
simplu: un client ne recomandă pentru că ne este loial și ne
este loial pentru că este mulțumit.”
Piata Institutiilor Financiare Nebancare din Romania
Lider european
peste 29 000 de angajaţi
în 30 de ţări pe 4 continente
98% clienți satisfăcuți și
68% dintre clienți recomandă
serviciile și produsele Cetelem*
*Conform studiului IPSOS Customer Satisfaction Survey S1 2013.
2013