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Piaa Instituiilor Financiare

Nebancare din Romnia - 2011

The Non-Banking Financial

Institutions Market in Romania

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Publicaie realizat de

DIPLOMAT CONSULT SRL

pentru

ASOCIAIA SOCIETILOR

FINANCIARE - ALB ROMNIA

Preedinte: Antoaneta Curteanu

Vicepreedinte: Gilles Zeitoun

Membru: Bogdan Cernescu

Membru:Bernard Histe

Secretar General: Adriana Ahciarliu

Adresa: str. Gaetano Donizetti nr. 3, et. 4, apart. 10

Bucureti, sector 2, cod potal 020182, Romnia

Tel: 021/ 230.61.52; 021 230.03.50;Fax: 021/[email protected]

Redactarei tehnoredactare computerizat:Diplomat ConsultSRL

Adriana Ahciarliu

Gabriela Magheru

Emilian Vasilescu

Distribuie gratuit prin:

Diplomat Consult SRL

www.diplomatconsult.com

Tiprit la:S.C. Best Print Services SRLwww.bestprint.ro

ISBN: 978-973-0-11693-9

Acest catalog se distribuie gratuit

Made by

DIPLOMAT CONSULT SRL

for

THE ASSOCIATION OF FINANCIAL

COMPANIES ALB ROMANIA

President: Antoaneta Curteanu

Vice-president: Gilles Zeitoun

Member: Bogdan Cernescu

Member: Bernard Histe

Secretary General: Adriana Ahciarliu

Address: 3,Gaetano Donizetti Street, 4thfloor, ap. 10

Bucharest, 2nddistrict, postal code 020182, Romania

Tel: 021/ 230.61.52; 021 230.03.50;Fax: 021/[email protected]

Editorsand DTP:Diplomat Consult SRL

Adriana Ahciarliu

Gabriela Magheru

Emilian Vasilescu

Distribution free of charge:

Diplomat Consult SRL

www.diplomatconsult.com

Printed by:S.C. Best Print Services SRLwww.bestprint.ro

ISBN: 978-973-0-11693-9

This catalogue is available only free of charge


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Cuprins

Cuvnt nainte ......................................... pag. 7

I. Sinteze macroeconomice - Semestrul I 2011.. pag. 11

II. Tendine n piaa instituiilor financiarenebancare ........................................ pag. 34

II.1. Conjunctura local..................... pag.34II.2. Ce presupune procedura de

infringement ................................ pag. 38

II.3. Explicarea procedurii de non-conformitate cu legislaia Uniunii

Europene .................................... pag. 41

II.4. Volum nou finanat n leasing financiar.................................................... pag. 45

II.5. Industria creditului de consum volumnou finanat ............................... pag. 46

III.Grafice .......................................... pag. 49III.1.

Piaa de leasing financiar n Romnia S1 2011 ..................................... pag. 49

III.2.Piaa de credit de consum n Romnia S1 2011 ................................... pag. 65

IV.Educaia financiar o prioritate debusiness pentru companii i pentru

industrie ..................................... pag. 77

V. Impactul prevederilor de TVA asupra pieeide leasing financiar ...................... pag. 81

VI.Proiectul de ordin al Bncii Naionale aRomniei pentru modificarea Ordinului

13/2008 pentru aprobarea Reglementrilor

contabile conforme cu directivele europene

.................................................... pag. 88

VII. Impactul IFRS asupra pieei financiarenebancare ...................................... pag. 96

VIII. Rspunderea ntreprinderii-mampentru fapta filialei n dreptul concurenei

................................................... pag. 121

Table of content

Foreword.......................................... pag. 7

I. A summary report on macroeconomics Semester 1 of 2011.. pag. 11

II. Trends in the non-banking financialinstitutions market............................. pag. 34

II.1.Local conjuncture..................... pag.34II.2.What does the infringement procedure

mean? ........................................ pag. 38

II.3.Explanation of procedure for non-compliance with European Union law

.................................................... pag. 41

II.4.New financed volume in the financialleasing ....................................... pag. 45

II.5.Consumer credit industry newfinanced volume ...................... pag. 46

III.Graphics.......................................... pag. 49III.1.

Financial leasing market in Romania H1 2011............................................ pag. 49

III.2. NBFI consumer credit market inRomania H1 2011......................... pag. 65

IV.Financial education a business priority forcompanies and the industry.............. pag. 77

V. Financial leasing market the impact of thenew VAT provisions ........................ pag. 81

VI.Draft order issued by the National Bank ofRomania amending Order 13/2008 for

approval of accounting regulations

conforming to the European Directives

.................................................... pag. 88

VII. The impact of IFRS on non-bankingfinancial institutions ......................... pag. 96

VIII. Attributing liability to the parentcompany for their subsidiaries in

competition law.............................. pag. 121

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IX.Texte legislative pentru IFN-uri publicaten perioada iunie 2010 iunie 2011 (pentru

versiunea n limba romn verificai

www.alb-leasing.ro) .................. pag. 128

IX.1.Ordin nr. 26/2010 privind modificareai completarea Reglementrilor contabile

conforme cu directivele europene,

aplicabile instituiilor de credit,

instituiilor financiare nebancare iFondului de garantare a depozitelor n

sistemul bancar, aprobate prin Ordinul

Bncii Naionale a Romniei nr. 13/2008

............................................... pag. 129

IX.2.Lege nr. 288/2010 pentru aprobareaOrdonanei de urgen a Guvernului nr.50/2010 privind contractele de credit

pentru consumatori ................. pag. 134

IX.3.Regulament nr. 2 pentru modificareaRegulamentului nr. 3/2007 privind

limitarea riscului de credit la creditele

destinate persoanelor fizice ....... pag. 141

IX.4.Regulament nr. 3 pentru modificarea icompletarea Regulamentului nr. 3/2009

privind clasificarea creditelor i

plasamentelor, precum i constituirea,regularizarea i utilizarea provizioanelor

specifice de risc de credit .......... pag. 142

IX.5.Regulament nr. 4 pentru modificarea icompletarea Regulamentului Bncii

Naionale a Romniei nr. 21/2009

privind instituiile de plat........ pag. 145

IX.6.Regulament nr. 5 privind calitatea depersoane declarante la Centrala

Riscurilor Bancare a instituiilor de plat

............................................... pag. 149

IX.7.Decizie nr. 738/2011 referitoare larespingerea excepiei de

neconstituionalitate a dispoziiilor

Ordonanei de urgen a Guvernului nr.

50/2008 pentru instituirea taxei pe

poluare pentru autovehicule ...... pag. 150

IX.8.Regulament nr. 7 pentru modificarea,completarea i abrogarea unor acte

normative ................................. pag.154

IX. Legislation for NBFI issued during

June 2010 June 2011 .................. pag. 128

IX.1.Order No. 26/2010 regarding theamendment and supplementation of EU-

compliant accounting regulations,

applicable to credit institutions, non-

banking financial institutions and to theDeposit Guarantee Fund in the banking

system, approved through NBR Order

No. 13/2008 .............................. pag. 129

IX.2.Law No. 288/2010 to approveGovernment Emergency Ordinance No.50/2010 on consumer loan agreements

.................................................... pag. 134

IX.3.Regulation No. 2 for amendingRegulation 3/2007 regarding the

limitation of the credit risk to the credits

destined to natural persons ....... pag. 141

IX.4.Regulation No. 3 amending andsupplementing regulation No. 3/2009

on the classification of credits and

investments, regularization and use ofspecific credit risk provisions

. pag. 142

IX.5.Regulation No. 4 to amend andsupplement the regulation of the

National Bank of Romania No. 21/2009

on payment institutions ........ pag. 145

IX.6.Regulation No. 5 regarding the capacityof payment institutions as persons

reporting to the Central Banking Risks

Office ......................................... pag. 149

IX.7.Court decision No. 738/2011 to rejectthe exception of unconstitutionality

related to the provisions of Government

Emergency Ordinance No. 50/2008 on

the pollution tax charged on motor

vehicles ...................................... pag. 150

IX.8.Regulation No. 7 for the amendment,supplementation and abrogation of

normative documents ................ pag.154


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7

Antoaneta Curteanu

Preedinte ALB Romnia

Cuvnt nainte

A trecut ncun an de crizn care am cutatsoluii de redresare sub semnul unei gndiri

pozitive n care aciunile reactive au fost,

credem noi, echilibrate eficient de cele

proactive. Am urmrit cu mare atenie i

profesionalism evoluia indicatorilor

macroeconomici la nivel de ari evident, la

nivel european, avnd n vedere cstatutul de

pia emergent determin o relaionare

puternic cu evoluia acestora i o influen

semnificativasupra industriei leasingului.

Ne-am bucurat s raportm, n 2011, dou

trimestre consecutive cu evoluie n cretere

la nivelul pieei leasingului financiar i a

creditului de consum i am ncercat s

trecem, cu toleran, peste toate con-

strngerile pe care piaa i legiuitorul le-au

impus sub umbrela msurilor anticriz.

La nivelul Asociaiei, prin eforturile tuturor

membrilor, am ncercat spstrm coeziuneaunei industrii aprig lovitde decizii fiscale i

prudeniale i de efectul direct al crizei asupra

agenilor economici din portofoliul existent.

Astfel, am reuit s fim percepui ca un

organism caracterizat de unitate, coeren i,

nu n ultimul rnd, de un nalt grad de

profesionalism. Am acordat sprijinul necesar

acelor clieni care au reuit sse dovedeasc

supravieuitori ai crizei, ai acestor vremuri

tulburi, caracterizate de un mediu de afaceri

volatil, dovedind clar, dincolo de cuvinte, c

Foreword

Another year of crisis already passed, a yearwhen we seek recovery solutions based on a

positive thinking, a year when, in our

opinion, the reactive actions were efficiently

balanced by the pro-active actions. We have

been carefully and professionally watched the

evolution of the macro-economic indicators

at the country level and, of course, at the

European level, taking into consideration that

the status of an emerging market is

determining a strong relationship with their

development and an important influence on

the leasing industry.

We enjoyed reporting in 2011 two semesters

in a row with an increasing evolution at the

level of the financial leasing market and of

the consumer credit and we tried to pass with

tolerance over the constraints imposed by the

market and by the legislator under the

umbrella of anti crisis measures.

At the Association level we tried to keep the

cohesion of an industry hit by fierce tax andprudential decisions and by the direct effect

of the crisis on the economic agents from the

existing portfolio. Therefore we managed to

be perceived as a body characterised by unity,

coherence and, last but not least, by a high

professional degree. We extended a necessary

support to the customers who managed to

prove to be survivors of this crisis, of this

troubled period of time marked by a volatile

business environment proving, beyond any

words, that the partnership relation that we


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relaia de parteneriat pe care trebuie s ostabilim cu clienii nostri este extrem de

important. Totodat, am reprezentat unpartener de dialog i consultare pentru BancaNaionala Romniei, n sensul mbuntiriicadrului specific sprijinirii operaiunilor derestructurare a creditelor tuturor categoriilorde clieni n condiii eficiente, dar i practice,

pstrnd n mod evident, nealterate,principiile prudenialitii pentru unmanagement corespunztor al riscurilor.

Nu putem ns s trecem cu vedereaexperiena pe care procesul de armonizare a

Directivei Creditului de Consum a oferit-olobby-tilor notri. Dei am dovedit, prin

procedurile iniiate, cputem sne ctigmdrepturile, la doar o lun dup intrarea nvigoare a Legii 288/ 2010 care aproba OUG50/2010 a trebuit s ne confruntm cu o altdecizie cu impact direct asupra leasinguluifinanciar. Trebuie s amintesc c aceastdecizie a Ministerului Finanelor Publice aajutat Asociaia s i dovedeascunitatea iconvergena n faa unor msuri legislativeabuzive i cu aplicare retroactiv. Cu toate

acestea, este o realitate faptul c aplicareaacestor msuri va duce la decizii derestrngere a activitii unor societi deleasing, tip IFN n Romnia.

Folosim acest instrument pe care, de 7 ani, lnumim Anuarul ALB Romnia - PiaaInstituiilor Financiare Non-Bancare dinRomnia, pentru a ncerca s fim ct maitranspareni i mai aproape fa de ceiinteresai de problematica industrieileasingului i creditului de consum. n acestmod, ncercm s materializm totodat unadin multiplele aciuni ce au ca scop finalcreterea gradului de cunoatere ainformaiilor i sistemelor specifice industrieinoastre. Dorim s transmitem faptul csuntem un segment al pieei financiare care,n 2008, finana 7% din PIB-ul Romniei, iarn 2010 contribuia acestuia a sczut la 3%.Aceasta este o evoluie ngrijortoare ce nu

poate fi pus doar pe seama crizei. Trebuietransmis ca un mesaj ctre acele autoriticare neleg s exploateze la maximum o

have to establish with our customers is anextremely important one. We also

represented a dialogue and consulting partnerfor the National Bank of Romania aiming toamend the framework specific for therestructuring operations of the credits of allour clients categories based on efficient and

practical conditions, obviously keepingunaltered the prudential principles for anadequate risk management.

However we cannot ignore the experienceoffered to our lobbyists by the harmonization

process of the Consumer Credit Directive.Despite the fact that, by the initiated

procedures, we proved we are able to win ourrights, only a month after the putting intoforce of the Law 288/2010 approving theGEO 50/2010 we had to face anotherdecision with a direct impact on the financialleasing. Please note that this decision of theMinistry of Public Finances helped theAssociation to prove its unity andconvergence against some abusive andretroactively applied legal measures.

Nevertheless, the application of thesemeasures will certainly lead to decisionsrestraining the activity of some NBFI leasingcompanies in Romania.

We are using this instrument called, in thelast 7 years, the year-book of ALB Romania

presently entitled The Non-BankingFinancial Institutions Market in Romania inorder to be as transparent as possible for theinterested people in all the problems faced bythe leasing and the consumer credit industry.Thus we are also trying to substantiate one ofthe numerous actions aiming to finallyincrease the level of knowledge ofinformation and the systems specific to ourindustry. We intend to let you know that werepresent a market segment that used tofinance in 2008 7% of the Romanian GDPand that in 2010 its contribution dropped at3%. This is a worrying development thatcannot be attributed only to the crisis. It must

be sent as a message to those authorities ableto exploit at maximum an industry that used


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industrie ce a fost n cretere i care trebuie

susinuti atunci cnd statisticile dovedesc o

evoluie ngrijortoare. Dei, cu sprijinulacionarilor notri, am dovedit susinerea

unei economii romneti n criz, cunoscnd

i dependena acesteia de capitalul strin,

autoritile au considerat necesar ca prin

msurile fiscale dedicate leasingului financiar

sau prin cele prudeniale dedicate creditului

de consum, s frneze orice intenie de

relansare a creditrii de ctre instituiile

financiare non-bancare n Romnia.

Considerm c, n astfel de momente,

sprijinul entitilor implicate n activitatea de

finanare este unul extrem de important i,mai ales, ateptat de ctre ntreg mediul de

afaceri din Romnia.

Invitm cititorii sciteascarticolele tehnice

dedicate deciziilor fiscale i altor tematici cu

referire la competiie i contabilitatea IFN-

urilor, titluri pe care le amintesc din cuprinsul

acestui anuar. Voferim traducerea n limba

engleza acelor texte de legislaie ce au fost

publicate n intervalul iunie 2010 iunie

2011 i care fac referire directla activitateaIFN-urilor. Mulumim tuturor partenerilor

care i-au adus contribuia financiar n

susinerea editrii acestei ediii a anuarului.

Mulumim tuturor membrilor ALB pentru

ncrederea lor n unitatea i n rolul

Asociaiei.

V invitm, n sperana unui an mai bun, s

citii cu interes i satisfacie paginile acestei

cri.

to increase and that they have to sustain even

when the statistics are proving a worrying

evolution. Despite the fact that with the helpof our shareholders we proved the support of

the Romanian economy in crisis, considering

its dependence on the foreign capital, too, the

authorities considered as necessary to slow

any intention of revival of the credit activity

by the non-banking financial institutions in

Romania through the tax measures dedicated

to the financial leasing or through the

prudential measures dedicated to the

consumer credit. We do estimate that in such

moments the support of the entities involved

in the financing activity is an extremelyimportant one and that is especially expected

by the entire business environment in

Romania.

We invite our readers to read the technical

articles dedicated to the tax decisions and to

the other topics related to the competition and

to the NBFI accounting, titles that you may

find in the table of contents of this year-book.

We put at your disposal the English

translation of the legal texts published from

June 2010 to June 2011, directly related tothe NBFI activity. We thank all our partners

for their financial contribution in supporting

the printing of this edition of the year-book.

We thank all ALB members for trusting the

unity and role of the Association.

Looking forward to seeing a better year, we

invite you to read with interest and

satisfaction the files of this book.


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EurotaxGlasss este liderul european n furnizarea de informaii, soluii software i servicii de

consultan de business pentru domeniul auto din Europa.

Competena de baz a companiei EurotaxGlass's este furnizarea de date obiective despre

autovehiculele noi, evaluarea i previzionarea valorii autovehiculelor rulate i estimarea costurilor

de reparaii.

Eurotax beneficiaz de baza de date la nivel European pentru autoturisme, maini de teren i

autoutilitare pnla 7,49t, produse n ultimii 12 ani.

Baza de date Eurotax conine aproximativ 50.000 de tipuri de autoturisme, maini de teren i

utilitare pn la 7,49t i ofer:

- specificaiile tehnice de baz ale vehiculului i preul de nou;- lista echipamentelor din dotarea standard a modelului i lista echiprilor opionale;- preul de vnzare, respectiv cumprare al vehiculelor rulate.

Evaluarea valorii autovehiculelor rulate se face n funcie de vechimea autovehiculului, data primei

nmatriculri, numrul de kilometri parcuri, echiprile opionale i se corecteazn funcie de starea

tehnica vehiculului (constatatn urma inspeciei fizice).

Baza de date Eurotax se actualizeazlunar conducnd la actualizarea lunar a valorilor vehiculelor.

Caracter neutru i independent n evaluarea autovehiculelor

Previzionarea valorii de pia a autovehiculelor EurotaxForecast - ofer funcionaliti de

prognozare a valorii de piapentru autoturisme i maini de teren, noi i rulate.

Construirea valorilor viitoare de piase face pornind de la preurile de listale autoturismelor noi -acestea sunt actualizate lunar pe baza informaiilor primite de la importatori, istoricul preului de nou

i al preurilor de pia, ciclul de via al mainii, inflaia i contextul economic precum i

dezirabilitatea autoturismului pe pia.

Valoarea de pia - este construitpe baza istoricului modelului care urmeazsfie evaluat, lund

n considerare curbele de depreciere pentru maina respectivsau pentru una similar; sunt luate n

calcul schimbrile trimestriale ale valorii de pia,dar i evoluia preului de nou; de asemenea lum

n calcul numrul mediu de kilometri i echipamentele opionale pentru maina respectiv.

Inflaiai contextul economic rata inflaiei precum i efectul acesteia n valoarea viitoare a mainii

este calculatde Banca Europeani implementatn headquarter EurotaxGlasss Elveia.

Ciclul de viaal mainii factorul principal n msur sdetermine impactul asupra preului nmomentul n care apare modelul nou sau suferfacelift. Fiecare facelift depreciazvaloarea de pia

a mainii nlocuite cu noul model. Cu ct modelul respeciv se apropie de facelift,cu att sufer o

depreciere mai mare. Informaiile privind ciclul de viaal mainii sunt obinute de Eurotax direct de

la constructori; acetia trimit informaiile cu privire la luna i anul lansrii, cu 5 ani nainte ca

modelul sapar.

Dezirabilitatea este un factor de corectie la ndemna utilizatorului,care i oferposibilitatea s

ajusteze valoarea de pian funcie de popularitatea modelului +/-10%.

EurotaxGlasss este singura companie care poate furniza EurotaxForecast n Romnia


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Capitolul I

Sinteze macroeconomiceSemestrul I 2011

Produsul intern brut n Romnia

Creterea economic n anul 2011 s-ar putea

situa la aproximativ 1,5% conform

prognozelor macroeconomice transmise de

Comisia Naionala de Prognoz, acest trend

fiind estimat i de ali analiti din pia.

Aceast evoluie se datoreaz n special

revenirii cererii externe, care va susineexportul. Totui creterea economic a

Romniei va fi sub nivelul creterii UE,

prognozatde 1,8%.

n trimestrul II 2011, Produsul Intern Brut afost de 126.994,7 milioane lei preuri curente,

n cretere n termeni reali cu 1,4% fa

de trimestrul II 2010.

Din punctul de vedere al utilizrii Produsului

Intern Brut, n trimestrul II 2011 cererea

interna crescut cu 2,4 procente, comparativ

cu acelai trimestru din anul 2010. Consumulfinal total s-a redus cu 0,7%, att ca urmare a

diminurii volumului cheltuielilor pentru

consumul final al gospodriilor populaiei, ct

i a volumului cheltuielilor pentru consum

final al administraiilor publice.

Un efect negativ asupra PIB l-a avut evoluia

exportului net ca urmare a creterii mai

accentuate a volumului importurilor de

bunuri i servicii (+7,7%) comparativ cu cea

a volumului exporturilor (+6,3%).

n semestrul I 2011, conform estimrilorInsitutului Naional de Statistic privind

Produsul Intern Brut, PIB-ul a fost de

233.718,2 milioane lei preuri curente, cu o

cretere de n termeni reali 1.6%

comparativ cu Semestrul I 2010.

Creterea a fost determinat n mod

semnificativ de majorarea volumului de

activitate i, n consecin, a valorii adugate

brute din industrie (+7,3%), agricultur,

Chapter I

A summary report on macroeconomicsSemester 1 of 2011

GDP in Romania

Romania's economic growth in 2011 may get

somewhere in the area of 1.5% according to

the macroeconomic forecast expected by the

National Forecast Commission. Other market

analysts are expecting this trend, too. This

evolution is mostly due to the comeback of

the external demand, which will supportexports. Nevertheless, Romania's economic

growth will stay below EU's expected growth

level of 1.8%.

In Q2 (2011), the GDP amounted to126,994.7 mln. Lei worth of current prices,

that translates into a 1.4% growth in real

terms as compared to Q2 of the previous

year.

As far as the utilisation of the GDP is

concerned, in Q2 of 2011 the domestic

demand rose 2.4% as compared to last year'sQ2 figures. The total end consumption fell

0.7% because of lower final consumption

expenses that households were willing to

make and also due to the end consumption

expenditures of the public administration

authorities.

The evolution of net exports, as influenced by

higher imports of goods and services

(+7.7%), compared to exports (+6.3%), also

impacted the GDP negatively.

In the first semester of 2011, according toestimates of the National Statistics Institute,

the GDP amounted to 233,718.2 mln. lei

worth of current prices, which actually meant

a 1.6% growth in real terms as compared to

last year's 1stsemester.

The growth has been significantly influenced

by the larger amount of business and

consequently by the higher added value

generated in industrial businesses (+7.3%),


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vnat i silvicultur, pescuit i piscicultur(+2,5%) i comer, repararea automobilelor

i articolelor casnice; hoteluri irestaurante; transporturi i telecomunicaii(+1,0%).

Consumul final total s-a diminuat cu 1,7% nsemestrul I 2011, comparativ cu perioadacorespunztoare din anul precedent, n special

pe seama reducerii, cu 5,2% a cheltuieliipentru consumul final a administraiilorpublice.

Formarea brut de capital fix a nregistrat o

scdere cu 1,7 puncte procentuale. Aceastscdere a fost determinat de diminuareavolumului investiiilor, component

principal a acestui agregat. Astfel,investiiile n construcii noi au sczut cu8,2%, iar cele n utilaje (inclusiv mijloace detransport) au nregistrat o scdere de 4,8%fade perioada S1 2010.

agriculture, hunting, forest farming, fishingand fish farming (+2.5%) and trade, as well

as in vehicle repairs and white goods; hotelsand restaurants; transportation and telecom(+1.0%).

The total final consumption fell by 1.7% inthe first semester of 2011, as compared to lastyear's similar time interval, especially

because of a 5.2% cut in the expenses for thefinal consumption of the publicadministration authorities.

The gross fixed capital formation also took a

dive 1.7%. This drop was caused by lowerinvestments, which is a major component ofthis aggregate. More specifically, investmentin new buildings fell by 8.2%, whileinvestment in machinery (means of transportincluded) dropped 4.8% as compared to lastyear's first semester

-seria brut- - the gross series --modificarea procentualfaa de anul anterior, %-

- percentage change compared to the previous year, %

2008 2009 2010* 2011* 2012* 2013* 2014*

Produsul Intern Brutpreuri curente /

Gross domesticproduct, current prices

mil. lei /mln. lei 514.654 491.274 513.641 544.426 599.060 659.429 722.918cretere real, %/ real growth 7.3% -7.1% -1.3% 1.5% 3.9% 4.5% 4.7%

Sursa: Institutul National de Statistica / Source: National Statistics Institute

Produsul intern brut n Europa

n Europa, att n spaiul Euro EA161 iEU272, produsul intern brut n trimestrul IIdin 2011 a avut un trend cresctor, EA16 acunoscut o cretere de 0.2% i EU27 tot de

GDP in Europe

In Europa, in both the Euro EA163 spaceEU27 space, 4the GDP in Q2 of 2011 took anup-going trend; EA16 saw an increment of0.2% while EU27 rose 0.2% too, compared to

1Zona Euro (EA16) cuprinde: Belgia, Germania, Estonia, Irlanda, Grecia, Spania, Frana, Italia, Cipru, Luxemburg,

Malta, Olanda, Austria, Portugalia, Slovenia, Slovacia i Finlanda.2Zona EU27 cuprinde: Belgia (BE), Bulgaria (BG), Cehia (CZ), Danemarca (DK), Germania (DE), Estonia (EE),Irlanda (IE), Grecia (EL), Spania (ES), Frana (FR), Italia (IT), Cipru (CY), Letonia (LV), Lituania (LT),Luxemburg (LU), Ungaria (HU), Malta (MT), Olanda (NL), Austria (AT), Polonia (PL), Portugalia (PT), Romnia(RO), Slovenia (SI), Slovacia (SK), Finlanda (FI), Suedia (SE) i Anglia (UK).

3 The Euro (EA16) zone covers the following: Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy,Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

4 The EU27 zone covers: Belgium (BE), Bulgaria (BG), the Czech Republic (CZ), Denmark (DK), Germany (DE),Estonia (EE), Ireland (IE), Greece (EL), Spain (ES), France (FR), Italy (IT), Cyprus (CY), Latvia (LV), Lithuania(LT), Luxembourg (LU), Hungary (HU), Malta (MT), the Netherlands (NL), Austria (AT), Poland (PL), Portugal(PT), Romania (RO), Slovenia (SI), Slovakia (SK), Finland (FI), Sweden (SE) and the United Kingdom (UK).


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0,2% fa de trimestrul I din 2011, conformdatelor EuroStat. n primul trimestru din 2011

produsul intern brut a avut o cretere de 0,8%n zona euro i 0,7% n zona EU27.

Comparat cu acelai trimestru din 2010 n aldoilea trimestru al anului 2011 dateleajustate sezonier au artat o cretere de1,6% a PIB-ului n zona euro i tot cu 1,7% nzona EU27, dupcreteri de +2,4% n ambelezone n trimestrul I 2011.

n al doilea trimestru din 2011, consumulfinal al gospodriilor a sczut cu 0,2% n

zona euro i cu 0,1% n zona EU27 (dup ocretere de 0,2% n zona euro i o stagnare aconsumului n zona EU27).

Formarea brut de capital fix a crescut cu0,2% n zona Euro (dupo cretere de 1,8%)i cu 0,4% n zona EU27 (dupo cretere de1.2%). Exporturile au crescut cu 1% n zonaeuro i cu 0,6% n zona EU27 (dupcreteride 2% i respectiv 2,2%). Importurile aucrescut cu 0,5% respectiv 0,4% n zona euroi EU27 (dupo cretere de 1,5% i 1,4%).

n Statele UnitePIB-ul a cunoscut o creterede 0,2% n al doilea trimestru din 2011comparat cu trimestrul anterior din 2011,dupo cretere de 0,1% n primul trimestru alanului 2011. Comparat cu al doilea trimestrudin 2010, PIB-ul Statelor Unite a crescut cu1,5% (dup o cretere de 2,2% n trimestrulanterior).

n Japonia PIB-ul a cunoscut o scdere de0,3% n Q2 2011 comparat cu Q1 2011, dupo scdere de -0,9% n Q1 2011. Comparat cuQ2 2010 n Q2 2011 PIB-ul Japoniei a sczutcu 0.9% (dup o scdere de 0,7% ntrimestrul anterior).

Q1 in 2011, according to EuroStat. In Q1 of2011, the GDP rose 0.8% in the Euro area

and 0.7% in the EU27 area.

Compared to last year's same quarter, theseasonally adjusted data indicate in Q2 of2011 a 1.6% increase in the GDP in the Euroarea and another raise of 1.7% in the EU27area, following increments of +2.4% in bothareas in Q1 of 2011.

In Q2 of 2011, the final householdconsumption fell by 0.2% in the Euro area

and by 0.1% in the EU27 area (following a0.2% growth in the Euro zone and a flatconsumption rate in the EU27 area).

The gross fixed capital formation rose 0.2%in the Euro zone (following a 1.8% growth)and 0.4% in the EU27 zone (after a 1.2%growth). Exports rose 1% in the Euro zoneand 0.6% in the EU27 zone (followingincrements of 2% and 2.2% respectively).Imports also took an up-going trend, i.e.0.5% in the Euro zone and 0.4% in the EU27

zone (after growing 1.5% and 1.4%respectively).

In the US, the GDP saw a 0.2% boost in Q2of 2011, as compared to the previous quarterof 2011, after a 0.1% growth in Q1 of 2011.Compared to Q2 of 2010, USA's GDP rose1.5% (following a 2.2% growth in the

previous quarter).

In Japan, the GDP fell 0.3% in Q2 2011compared to Q1 in 2011, after a previous -0.9% drop in Q1 of 2011. Compared to Q2 of2010, Japan's GDP dropped 0.9% in Q2/2011(following a 0.7% fall in the previousquarter).


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Ratele de cretere a volumului PIB-ului (date ajustate sezonier)

GDP growth rates (seasonally adjusted data)

Sursa: http://epp.eurostat.ec.europa.eu / Source: http://epp.eurostat.ec.europa.eu

Variaie procentual n comparaie

cu trimestrul precedentVariaie procentualn

comparaie cu anul precedent


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Producia industrial:

Seria brut a indicilor, n perioada S1 2011,comparativ cu perioada corespunztoare aanului precedent, indic faptul c produciaindustriala fost mai mare cu 7,5% datoritcreterilor nregistrate n industria

prelucrtoare (+7,8%), n industria extractiv(+7,6%), la producia i furnizarea de energieelectrici termic, gaze, apcaldi aer.

Industrial production:

When compared to last year's same period,the gross index series as recorded over thefirst quarter in 2011 indicates that theindustrial production was 7.5% higher

because of the growth in the processingindustry (+7.8%), extractive industry(+7.6%), and in the production anddistribution of electricity and heating power,gas, hot water and air.


Construcii:

n luna iunie 2011, lucrrile de construcii au

Building industry:

In June 2011, the building industry took an


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nregistrat o scdere cu 11,4% fa de lunaiunie 2010, scdere constatat, pe elemente

de structur, la lucrri de reparaii capitale (-30,1%), la lucrri de construcii noi (-13,7%).La lucrri de ntreinere i reparaii curentes-a nregistrat o cretere de 10,7%. Pe tipuride construcii s-au nregistrat scderi lacldiri reizdeniale (-45,4%) i la construciiinginereti (-6,1%). La cldiri nerezideniales-a nregistrat o cretere de 8,7%.

n semestrul I 2011, comparativ cu semestrulI 2010, volumul lucrrilor de construcii a

sczut ca serie brut cu 5,0%, iar ca serieajustat n funcie de numrul de zilelucrtoare i de sezonalitate cu 4,7%.

Pe elemente de structur s-au nregistratscderi la lucrrile de construcii noi (-8,2%)i la lucrrile de ntreinere i reparaiicurente (-2,2%). La lucrrile de reparaiicapitale, volumul lucrrilor de construcii acrescut cu 6,1%. Pe obiecte de construcii,volumul lucrrilor de construcii a crescut la

cldirile nerezideniale cu 4,7%. La cldirilerezideniale i la construciile inginereti,volumul lucrrilor de construcii a sczut cu26,5%, respectiv cu 1,4%.

n semestrul I 2011, comparativ cu semestrulI 2010, volumul lucrrilor de construcii, serieajustat n funcie de numrul de zilelucrtoare i de sezonalitate, a sczut cu4,7%, scdere evideniat la lucrrile deconstrucii noi (-8,1%) i la lucrrile dentreinere i reparaii curente (-1,4%). Lalucrrile de reparaii capitale s-a nregistrat ocretere cu 6,0%. Pe obiecte de construcii afost o cretere la cldirile nerezideniale(+6,2%). La cldirile rezideniale i laconstruciile inginereti s-au nregistratscderi cu 20,9%, respectiv cu 1,9%.

11.4% dive as compared to last June. Instructural terms, this decrease was found in

terms of overhauls (-30.1%) and newbuildings (-13.7%).In terms of maintenance operations and

current repair works, this industry surged10.7%. According to the types of buildings,the fall was seen in residential buildings(-45.4%) and engineering works (-6.1%). Innon-residential buildings, the growth was8.7%.

In the first semester of 2011, as compared tothe first semester in 2010, the amount of

works dropped as a gross series by 5.0% butrose as an adjusted series depending on thenumber of business days and seasonality by4.7%.

In terms of structural elements, we saw dropsin the new constructions business (-8.2%),and maintenance and current repairs (-2.2%).Overhauls surged 6.1% in the buildingindustry. In terms of business areas, the non-residential buildings business rose 4.7%. Forthe residential buildings and the engineering

works, the amount of building worksplummeted by 26.5% and by 1.4%respectively.

In the first semester of 2011, as compared tothe first semester in 2010, the amount ofconstruction works (the figures were adjustedagainst the number of business days andseasonality) fell by 4.7%, a drop which is alsoto be found in the new building business (-8.1%) and the maintenance and current repairworks (-1.4%). The overhauls operations sawa 6.0% increase. In terms of building

businesses, the non-residential segmentclimbed 6.2%. For the residential buildingsand engineering works, the amount of

building works plummeted by -20.9% and -1.9% respectively.


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Agricultura:

La data de 27 iulie 2011, comparativ cu

aceeai dat a anului 2010, randamentele aufost superioare la toate culturile: orzoaicdetoamn(+1053 kg), orz de toamn(+885 kg),gru, secari triticale (+771 kg), orzoaicde

primvar(+493 kg), ovz (+439 kg) i rapipentru ulei (+388 kg).

Comerul cu amnuntul:

n perioada 01 ianuarie - 30 iunie 2011,comparativ cu perioada corespunztoare dinanul precedent, volumul cifrei de afaceri a

ntreprinderilor cu activitate principalde comercu amnuntul cu excepia autovehiculelor imotocicletelor a nregistrat o scdere de 5,8%.Comercializarea produselor prin intermediulcaselor de comenzi sau prin internet, sistem

preferat de segmentul de populaie cu veniturimari i cu puin timp la dispoziie, anregistrat o cretere de 17,4%. Volumulcifrei de afaceri pentru comerul cuamnuntul al carburanilor pentruautovehicule a sczut cu 4,2%.

Agriculture:

As at July 27th, 2011, as compared to the

same date in 2010, the outputs were higher inall farming sectors: autumn two-row barley(+1053 kg), autumn barley (+885 kg), wheat,rye and triticale (+771 kg), spring two-row

barley (+493 kg), oat (+439 kg) and oil beet(+388 kg).

Retail sales:

Over January 01 - June 30 2011, compared tothe same period of the previous year, theturnover of companies mainly dealing in

retail businesses (auto and moto not included)fell by 5.8%.

Selling products through home-deliverysuppliers or via Internet, which is preferred

by the busy high-income buyers, surged17.4%. The turnover earned on retailing carfuels dropped 4.2%.


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Exporturile i importurile

Exporturile FOB realizate n semestrul I

2011 au fost de 92.033,1 milioane lei

(22.011,2 milioane euro), iar importurile CIF

Exports and imports

FOB exports made in the first semester of

2011 accounted for 92,033.1 mln. Lei (i.e.

22,011.2 mln.), whereas CIF imports


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au fost de 110.926,7 milioane lei (26.554,6milioane euro). Comparativ cu semestrul I

2010, exporturile au crescut cu 29,2% lavalori exprimate n lei (28,2% la valoriexprimate n euro), iar importurile au crescutcu 21,3% la valori exprimate n lei (20,4% lavalori exprimate n euro)

n structura exporturilor, trei din cele zeceseciuni de bunuri din Clasificarea Standardde ComerInternaional (CSCI Rev. 4) deinmpreun75,4% din totalul exporturilor, dupcum urmeaz: maini i echipamente detransport (42,1%), produse prelucrate,clasificate n principal dup materia prim(18,0%) i articole manufacturate diverse(15,3%).

Importurile CIF n semestrul I au nsumat110.926,7 milioane lei (26.554,6 milioaneeuro), valoarea acestora fiind mai mare fade perioada corespunztoare din 2010 cu21,3% la valori exprimate n lei, respectiv cu20,4% la valori exprimate n euro.n structura importurilor, patru din cele zece

sec

iuni de bunuri din Clasificarea Standardde ComerInternaional (CSCI Rev. 4) deinmpreun 81,2% din totalul importurilor,dupcum urmeaz: maini i echipamente detransport (33,8%), produse prelucrate,clasificate n principal dup materia prim(22,3%), produse chimice i produse conexenespecificate n alt parte (13,4%) icombustibili minerali, lubrifiani i materialeconexe (11,7%).Deficitul comercial n perioada analizat afost de 18.893,6 milioane lei (4.543,4

milioane euro) n preuri FOB/CIF, cu1.366,4 milioane lei (340,9 milioane euro)mai mic dect n perioada similara anului2010. Valoarea schimburilor intracomunitarede bunuri n semestrul I 2011 a fost de65.789,6 milioane lei (15.742,8 milioaneeuro) la expedieri i de 78.999,5 milioane lei(18.922,8 milioane euro) la introduceri,reprezentnd 71,5% din total exporturi i71,2% din total importuri.

reached 110,926.7 mln. Lei (i.e. 26,554.6mln.). Compared to the first semester of

2010, exports rose by 29.2% against valuesexpressed in lei (28.2% against valuesexpressed in Euros), whereas imports rose by21.3% against the values expressed in lei(20.4% against values expressed in Euros).

In the structure of exports, three out of the tensections of goods in the StandardInternational Trade Classification (SITC Rev.4) hold together as much as 75.4% of theoverall exports, as follows: machinery andtransportation equipment (42.1%), processed

products, mainly classified according to theraw material (18.0%) and variousmanufactured goods (15.3%).

In the first semester, CIF imports totalled110,926.7 mln. Lei (i.e. 26.554,6 mln.),therefore their value was 21.3% highercompared to the same period of 2010, whencalculated against lei, and 20.4% againstEuros.In the structure of imports, four out of the ten

sections of goods in the StandardInternational Trade Classification (SITC Rev.4) hold together as much as 81.2% of theoverall imports, as follows: machinery andtransportation equipment (33.8%), processed

products, mainly classified according to theraw materials (22.3%), chemical products andancillary products not specified elsewhere(13.4%) and mineral fuels, lubricants andancillary materials (11.7%).The trade deficit over the period underscrutiny amounted to 18,893.6 mln. Lei (i.e.

4,543.4 mln.) worth of FOB/CIF prices,meaning 1,366.4 mln. Lei (i.e. 340.9 mln.)more than in the similar period of 2010. Theintra-community trade of goods in the firstsemester of 2011 amounted to 65,789.6 mln.Lei (i.e. 15,742.8 mln.) for the outgoing

products, and 78,999.5 mln. Lei (i.e.18,922.8 mln.) for the incoming goods,meaning 71.5% of the total exports and71.2% of the total imports.


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Sursa: Institutul Naional de Statistic/ Source: National Statistics Institute

Sursa: Institutul Naional de Statistic/ Source: National Statistics Institute

Indicele ncrederii n economia Romniei a

sczut n august pentru a treia lunla rnd i

a ajuns la 92.3. Atitudinea pesimist fa de

Romnia este n ton cu evoluia indicilor

pentru toate rile din regiune. Luna august a

adus pentru Zona Euro scderi ale ncrederii

n economie la un nivel de 97.3 cel mai

sczut nivel n ultimul an (calculat ca medii

The index that expresses the confidence in

the Romanian economy fell in August for the

third month running and reached 92.3. The

pessimism towards Romania actually matches

the evolution of indexes for all of the

countries in this area. August brought a lower

confidence in Euro zone economies, down to

97.3, which was this year's bottom level (this

STRUCTURA COMERULUI INTERNAIONAL PE GRUPE DE PRODUSE, N SEMESTRUL I 2011STRUCTURE OF THE INTERNATIONAL TRADE PER GROUPS OF PRODUCTS, IN THE 1ST

SEMESTER OF 2011

TOTAL exporturi FOB / TOTAL FOB exports92,033 mln. lei

TOTAL importuri CIF / TOTAL CIF imports92,033 mln. lei

Alte produsemanufactu rate / Other

manufactured goods

33.5%

Maini iechipamente de

transport / Machinery

and transportation

equipment42.1%

Materii prime imateriale / Raw

materials and

consumables6.6%

Produseagroalimentare,

buturi i tutun /

Food and farmingproducts, beverage

and tobacco5.0%

Produse chimice iproduse conexe /

Chemicals and

ancillary produ cts6.2%

Combustibiliminerali, lubrifiani /

Mineral fuels,lubricants , etc.

6.5%

Alte produsemanufacturate / Other

manufactured goods

30.5%

Maini i

echipamente detrans port / Machinery

and transportationequipment

33.8%

Materii prime i

materiale / Rawmaterials andconsumables

3.7%

Produse

agroalimentare,buturi i tutun /Food and farming

produc ts, beverageand tobacco

6.9%

Produse chimice iproduse conexe /

Chemicals andancillary produc ts

13.4%

Combustibiliminerali, lubrifiani /

Mineral fuels,lubricants, etc.

11.7%


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ale evoluiilor din domeniul industrial, al

serviciilor consumului construciilor i

comerului cu amnuntul).

figure is calculated as an average of the

evolutions of industrial businesses, services,

consumption, construction businesses andretail).

Indicatorul de ncredere n economia Romniei

The index reflecting the confidence in the Romanian economy

RO.INDU RO.SERV RO.CONS RO.RETA RO.BUIL RO.ESI

Apr-11 / Apr-11 0.1 6.5 -44.5 2.2 -27.4 94.0

Mai-11 / May-11 -1.8 4.7 -42.6 1 -23.8 93.1

Iun-11 / Jun-11 -2 4.2 -40.7 3.3 -23.1 93.7

Iul-11 / Jul-11 -2.4 6.7 -44.8 4.2 -18.8 93.6

Aug-11 / Aug-11 -3.1 -1.2 -40 2.8 -21.7 92.3

Sursa/Source: http://epp.eurostat.ec.europa.eu

Indicatorul de ncredere n economia UE

The index reflecting the confidence in the EU economy

EU.INDU EU.SERV EU.CONS EU.RETA EU.BUIL EU.ESI

Apr-11 / Apr-11 5.2 7.3 -13.9 -3.5 -26.2 105.1

Mai-11 / May-11 3.5 7.8 -10.7 -2.6 -25.9 105.4

Iun-11 / Jun-11 2.9 6.6 -10.9 -2.4 -26.1 104.6

Iul-11 / Jul-11 0.1 6.3 -12.4 -5.1 -25 102.3

Aug-11 / Aug-11 -2.5 -1.2 -16.8 -10.9 -26 97.3

Sursa/Source: http://epp.eurostat.ec.europa.eu

INDU - Indicele de ncredere n industrie

SERV - Indicele de ncredere n servicii

CONS - Indicele de ncredere n consumatori

RETA - Indicele de ncredere n comerul cu amnuntul

BUIL - Indicele de ncredere n construcii

ESI - Indicele de ncredere n economie

INDU - Industry confidence index

SERV - Services confidence index

CONS - Consumers' confidence index

RETA - Retail confidence index

BUIL - Building confidence index

ESI - Economy confidence index

Inflaia n Q2 2011

La sfrsitul trimestrului II 2011, rata anuala

inflaiei IPC, conform datelor BNR, s-a situat

la nivelul de 7,93 la sut, cu 0,08 puncte

procentuale sub cel atins la sfritul

Inflation in Q2 of 2011

At the end of Q2 of 2011, the annual CIP

(consumer index price) inflation rate

according to the National Bank of Romania

was of 7.93%, i.e. by 0.08% below the rate


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trimestrului I i cu 0,8 puncte procentuale subnivelul prognozat n Raportul asupra

inflaiei din luna mai. Dinamica maifavorabil dect cea anticipat a inflaiei afost n principal rezultatul evoluiei recente aunor factori care au redus presiunile asupra

preurilor alimentare volatile, conducnd nfinal la scderea semnificativ a acestora nluna iunie.

Proiecia actualizat prevede revenirea rateianuale a inflaiei n interiorul intervalului devariaie din jurul intei centrale de 3 la sutlanceputul anului 2012, n urma disiprii

treptate a efectelor ocurilor adverse denatura ofertei produse pe plan internaional iintern n 2010 i la nceputul anului curent.

Inflaia n Zona Euro a fost 2,7% n iunie2011 potrivit Eurostat, neschimbat fa deluna mai. n iunie 2010 rata anuala inflaieia fost 1,5%.

calculated at the end of Q1 and 0.8% belowthe rate forecast on the Inflation Report

covering the month of May. The more-favourable-than-expected dynamics of theinflation was primarily triggered by the recentevolution of certain drivers that eased the

pressure on the volatile food prices, finallyleading to their significant drop back in June.

According to the updated projection, theannual inflation rate is to return inside thevariation range that surrounds the centraltarget of 3% in early 2012, because of thegradual dispersion of the effects of the

adverse shocks, such the internal andinternational demand of 2010 and early 2011.

The inflation rate in the Euro Zone was of2.7% in June 2011 according to Eurostat,which was unchanged as compared to May.In June 2010, the annual inflation rate was of1.5%.

Proiecia inflaiei anuale a preurilor IPC i intervalul de incertitudine asociat n Romnia

The projection of the annual inflation of CPI prices and the related uncertainty interval inRomania

Sursa: Banca Naionala Romniei/Source: National Bank of Romania


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Sursa: Banca Naionala Romniei/Source: National Bank of Romania

Balana de pli i datoria extern

semestrul 1 2011

n semestrul I 2011 contul curent al balaneide pli a nregistrat un deficit de 2.601milioane euro, n scdere cu 28,6 la sutfa

de aceeai perioad din anul precedent, nprincipal datoritreducerii deficitului balaneicomerciale cu 21,6 la sut i majorriiexcedentului transferurilor curente cu 63,2 lasut (pe seama transferurilor nete aleadministraiei publice).

Deficitul contului curentn semestrul I 2011a fost finanat n proporie de 39 la sutprininvestiii directe ale nerezidenilor nRomnia, care au nregistrat 1.015 milioaneeuro (n scdere cu 17,3% fade semestrul I2010), din care creditele intra-grup aunsumat 696 milioane euro, iar participaiilela capital consolidate cu pierderea netestimat au fost de 319 milioane euro.Datoria externpe termen mediui lung afost 75.665 milioane euro la 30 iunie 2011(77,9 la sut din total datorie extern), ncretere cu 4 la sut fa de 31 decembrie2010.Datoria extern pe termen scurt anregistrat la 30 iunie 2011 nivelul de 21 456

The balance of payments and the external

debt 1stsemester of 2011

In the 1st semester of 2011, the currentaccount of the balance of payments saw adeficit of 2,601 mln., down by 28.6% from

the figure calculated for the same period ofthe previous year, primarily because of thedeficit in the balance of trade that went down21.6% and because of the higher surplus incurrent transfers that were 63.2% higher(owing to the net transfers of the publicadministration).39% of the current account deficitin the 1stsemester of 2011 was financed by means ofinvestments made by non-residents ofRomania that totalled 1,015 mln. (17.3%lower than the figures in the 1st semester of2010), of which corporate intra-grouptransfers totalled 696 mln. whereas thecontributions to the equity weighted againstthe net estimated loss amounted to 319 mln.The long-term and medium-term externaldebtamounted to 75,665 mln. as at 30 June2011 (i.e. 77.9% of the total external debt),up by 4% compared to the figures calculatedon 31 December 2010.The short-term external debt reached

21,456 mln. (i.e. 22.1% of the total external


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milioane euro (22,1 la sut din total datorie

extern), mai mare cu 18,4 la sutfade 31

decembrie 2010.

debt) on 30 June 2011, which is 18.4% higher

than the figures found as of 31 December

2010.

Banca central menine dobnda de politic

monetar la nivelul de 6,25% la edina

consiliului de administraie din August 2011.

The Central Bank maintained the monetary

policy interest to 6.25% in its August 2011

Board meeting.

procente pe an / % per annumValabildin

Valid as of

Politica monetar

Monetary policy

Facilitatea de creditare

Credit facility

Facilitatea de depozit

Deposit facility

August 2011 6.25 10.25 2.25

Iunie 2011 6.25 10.25 2.25

05 Mai 2010 6.25 10.25 2.25

30 Martie 2010 6.50 10.50 2.50

04 Feb. 2010 7.00 11.00 3.00

06 Ian.2010 7,50 11,50 3,50

30 Sep.2009 8,00 12,00 4,00

5 Aug.2009 8,50 12,50 4,50

1 Iul.2009 9,00 13,00 5,00

7 Mai 2009 9,50 13,50 5,50

5 Feb.2009 10,00 14,00 6,00

1 Aug.2008 10,25 14,25 6,25

27 Iun.2008 10,00 14,00 6,007 Mai 2008 9,75 13,75 5,75

26 Mar.2008 9,50 12,00 2,00

4 Feb.2008 9,00 12,00 2,00

8 Ian.2008 8,00 12,00 2,00

Sursa: BNR / Source: National Bank of Romania

omajul n Europa i Romnia

n zona euro (EA16)rata omajului n iunie2011 a fost de 9,9% neschimbatfade luna

Unemployment in Europe and Romania

In the Euro zone (EA16),the unemploymentrate in June 2011 amounted to 9.9%, i.e. it


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mai 2011 i cu 0,3 puncte procentuale maipuin ca n iunie 2010.

n zona EU27 rata omajului n iunie 2011s-a situat n jurul valorii de 9,4%, cu 0,3

puncte procentuale mai mic comparativ cuiunie 2010 cnd a fost 9.7%.Aceast rat se bazeaz pe estimarea

preliminar a Eurostat a 22.473 milioane deomeri n EU27, din care 15,640 milioane deomeri sunt n zona euro.

Ratele omajului n zona euro au fost ntre4.0% in Austria, 4.1% n Olanda, 4.5% n

Luxemburg i 21,0% n Spania, 16,3%Lituania i 16.2% n Letonia.

n comparaie cu anul trecut rata omajului asczut n 19 ri, a rmas stabil ntr-o ar(Luxemburg) i n 7 ri a crescut. Cele maimari scderi (H1 2010 comparativ cu H12011) au fost n Estonia (de la 18.8% la13.8%), Letonia (19.9% la 16.2%) i Ungariade la (11.3% la 9.9%). Cele mai mari creteriale ratei omajului au fost n Grecia (de la

11.0% la 15%), Bulgaria (10.1% la 11.4%),Cipru (6.5% la 7.6%) i Slovenia (7.3% la8.4%).

was unchanged as compared to May 2011,but it was still 0.3% lower than the figures in

June 2010.

In the EU27 zone,the unemployment rate inJune 2011 was of about 9.4%, i.e. 0.3% lowerthan the figures in June 2010 (9.7%).This rate relies on Eurostat's preliminaryestimate of 22.473 mln. people being joblessin EU27 of which 15.640 mln. in the Eurozone.

The unemployment in the Euro zone variedfrom low rates such as 4.0% in Austria, 4.1%

in the Netherlands, and 4.5% in Luxembourgto higher rates such as 21.0% in Spain, 16.3%in Lithuania and 16.2% n Latvia.

Compared to last year's figures, theunemployment rate fell in 19 countries,stayed flat in one country (Luxembourg) and

picked up in 7 other countries. The mostsignificant decreases (H1 2010 compared toH1 2011) were found in Estonia (from 18.8%to 13.8%), in Latvia (from 19.9% to 16.2%)and in Hungary (from 11.3% to 9.9%).

Unemployment rates picked up in Greece(from 11.0% to 15%), Bulgaria (from 10.1%to 11.4%), Cypress (from 6.5% to 7.6%) andSlovenia (from 7.3% to 8.4%).

Figura 1: Rata omajului n UE n Iunie 2011/ EU unemployment rate in June 2011

n Romnia

n trimestrul II rata omajului BIM a fostde 7,2%, n scdere fade trimestrul anterior(7,6%), dar n cretere fa de trimestrul

In Romania

In Q2, the unemployment rate according tothe International Labour Bureau was of 7.2%down from 7.6% in the previous quarter, but

Ratele omajului n iunie 2011, date ajustate sezonierUnemployment rates in June 2011, seasonally adjusted data


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corespunztor din anul precedent (cu o rataomajului de 6,8%).

n trimestru II al anului 2011, populaia activa Romniei era de 9.921 mii persoane, dincare, 9.210 mii persoane erau ocupate i 711mii persoane erau omeri BIM.

Rata omajuluinregistrat n luna iunie 2011a fost de 4,8% n raport cu populaia activcivil total (7,5% n luna iunie 2010). Rataomajului pentru femei a fost cu 0,7 puncte

procentuale mai mic dect cea nregistrat

pentru brbai (4,4% fade 5,1%).

Numrul omerilor nregistrai n luna iunie2011 a fost de 436,0 mii persoane, din care43,2% au fost femei. Comparativ cu lunaiunie din anul 2010, numrul omerilornregistrai la ageniile pentru ocuparea foreide munca a fost mai mic cu 224.8 mii

persoane.

higher than the one found in last year's samequarter (when the unemployment rate was of

6.8%).In Q2 of 2011, Romania's activitiespopulation was of 9,921 thousand people, ofwhich 9,210 thousand people were employedand 711 thousand persons were unemployedas per the International Labour Bureau.

The unemployment rate in June 2011 wasof 4.8% as against the total active civilian

population (7.5% in June 2010). Theunemployment rate among women was 0.7%lower than the men's rate (4.4% vs. 5.1%).

The number of jobless personsregistered inJune 2011was of 436.0 thousand persons, ofwhich 43.2% were women. Compared to June2010 figures, the number of jobless personsregistered with the unemployment agencieswas smaller by 224.8 thousand people.

Sursa: Institutul Naional de Statistic/ Source: National Statistics InstituteRate ridicate ale omajului s-au nregistratn judeele: Vaslui (9,4%), Teleorman (8,6%),Mehedini (8,5%), Dolj (8,2%), Covasna(8,0%), Buzu (7,7%), Alba (6,9%), Galai iIalomia (6,6% fiecare), Gorj (6,5%), Olt(6,1%), Iai (5,9%), Bacu, Brila i Mure(5,8% fiecare), Dmbovia (5,7%), Giurgiu,

High unemployment rateswere found in thefollowing counties in Romania: Vaslui(9.4%), Teleorman (8.6%), Mehedini (8.5%),Dolj (8.2%), Covasna (8.0%), Buzu (7.7%),Alba (6.9%), Galai and Ialomia (6.6%each), Gorj (6.5%), Olt (6.1%), Iai (5.9%),Bacu, Brila and Mure (5.8% each),


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Harghita, Slaj i Vrancea (5,6% fiecare),Clrai (5,4%), Neam(5,3%), Hunedoara i

Prahova (5,2% fiecare) Argei Tulcea (5,0%fiecare).

Cele mai sczute rate ale omajuluiau fostn judeele: Ilfov (2,0%), MunicipiulBucureti (2,0%) i Timi(1,8%).

Dmbovia (5.7%), Giurgiu, Harghita, Slajand Vrancea (5.6% each), Clrai (5.4%),

Neam(5.3%), Hunedoara and Prahova (5.2%each) Argeand Tulcea (5.0% each).

The lowest unemployment rateswere foundin the following counties: Ilfov (2.0%),Bucharest (2.0%) and Timi(1.8%).


Piaa forei de munca n Romnia

n luna iunie 2011, efectivul salariailor a fostde 4185,0 mii persoane, cu 30,0 mii persoanemai mare dect n luna mai 2011.

Rata locurilor de muncvacante n trimestrulII 2011 (luna de mijloc a trimestrului) a fost

The labour market in Romania

In June 2011, 4,185.0 thousand employeeswere reported, i.e. 30.0 thousand people morethan in May 2011.

The vacancy rate in Q2 of 2011 (the mid-quarter month) was of 0.68%, down from


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de 0,68%, n scdere fade trimestrul I 2011

(0,69%) i mai mare fa de trimestrul II

2010 (0,59%), conform Institutului Naionalde Statistic.

Pe activiti economice, cele mai mari rate ale

locurilor de munc vacante, n trimestrul II

2011, s-au nregistrat la administraie publici aprare; asigurri sociale din sistemul

public (1,14%), la informaii i comunicaii

(1,12%), sntate i asisten social

(1,07%), distribuia apei; salubritate,

gestionarea deeurilor, activiti de

decontaminare (0,93%), industria

prelucrtoare (0,91%). Pe grupe majore deocupaii, cele mai ridicate rate s-au nregistrat

pentru muncitori necalificai (0,90%),

operatori la instalaii i maini; asamblori de

maini i echipamente (0,86%), specialiti n

diverse domenii de activitate (0,72%).

Rata de ocupare a populaiei n vrst de

munc(15-64 ani) de 58,8% a sczut fade

cea nregistrat n trimestrul corespunztor

din anul precedent (-1,3 puncte procentuale)i a crescut fa de cea nregistrat n

trimestrul anterior (+0,8 puncte procentuale).Gradul de ocupare era mai mare pentru

brbai (65,1%, fade 52,5% pentru femei)

i pentru persoanele rezidente n mediul rural

(59,1% fade 58,6% n mediul urban). Rata

de ocupare a tinerilor (15-24 ani) a fost de

24,3%

0.69% in Q1, but higher than Q2 in 2010

(0.59%), according to the National Statistics

Institute.

Breaking the records down into business

activities, in Q2 the most numerous vacancies

were found in the public administration and

defence; social security of the public system

(1.14%), IT&C (1.12%), healthcare and

social assistance (1.07%), water distribution;

sanitation, waste management,

decontamination activities (0.93%), the

processing industry (0.91%). Speaking of

major groups of professions, the highest rateswere seen in unskilled labour (0.90%),

installation workers and machine operators;

machine and equipment assembly workers

(0.86%), specialists in various areas (0.72%).

The occupancy rate of the working age

population (aged 15-64 years) was of 58.8%

which was lower than the rates calculated

during the same quarter of the previous year

(i.e. -1.3% lower) but grew if compared to

the rate of the previous quarter (+0.8%).Men's employment rate was higher (65.1%,

compared to 52.5% for women) and for the

persons who are residents in the rural

environment (59.1% compared to 58.6% in

the urban environment). The employment rate

of the young (15-24 years of age) was 24.3%.


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n trimestrul II 2011 rata de ocupare apopulaiei n vrst de munc (15-64 ani) a

fost de 58,8%. Rata omajului BIM a fost de7,2%.

Rata de ocupare a populaiei n vrstde 20-64 ani a fost de 63,1%, la o distande 6,9

puncte procentuale fade inta naionalde70% stabilit n contextul Strategiei Europa2020.

In Q2 of 2011, the employment rate of peopleof the working age (15-64 years) was of

58.8%. The unemployment rate according tothe International Labour Bureau was 7.2%.

The employment rate of people aged 20-64was 63.1%, meaning 6.9% compared to thenational target of 70% established in thecontext of the Europe 2020 Strategy.


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Piaa auto i leasingul financiar n

Romnia

n semestrul I 2011, nmatriculrile noi devehicule rutiere pentru transportul

pasagerilor au nregistrat o scdere cu 32,1%

fa de semestrul I 2010, iar nmatriculrilenoi de vehicule pentru transportul mrfurilorau crescut cu 50,8%, conform datelor INS.

n trimestrul II 2011, nmatriculrile noide vehicule rutiere pentru transportul

pasagerilor au sczut cu 47,7% comparativ cutrimestrul II 2010. La categoria autoturismes-a nregistrat o scdere cu 49,1%, scderinregistrndu-se i la categoriile mopede imotociclete, respectiv autobuze imicrobuze cu 10,4% i 1,1% fa de

trimestrul II 2010.n ceea ce privete nmatriculrile noi devehicule rutiere pentru transportul mrfurilor,acestea au fost superioare cu 45,4% fa detrimestrul II 2010, cea mai semnificativvaloare a creterii nregistrndu-se lacategoria autocamioane, cu 66,8%.

Livrrile de autoturisme autohtone nsemestrul I 2011 au cunoscut un trenddescendent n perioada analizat, astfelnmnatriculrile de vehicule autohtone au

The car market and financial leasing in

Romania

32.1% less road passenger vehicles wereregistered in Q1 of 2011compared to the Q1of 2010, but 50.8% more new freight vehicles

were registered in exchange, as per the dataof the National Statistics Institute.

In Q2 of 2011, there were 47,7% less newvehicles registered as compared to Q2 of2010. In the car category, we found a drop by49.1%, the mopeds and motorcycles fell by10.4% and the buses and micro-buses

purchases fell by 1.1% as compared to the Q2of 2010.45.4% more new freight vehicles were

registered officially as compared to Q2 of2010. Trucks saw the highest growth(66.8%).

The deliveries of Romanian vehicles in thefirst semester of 2011 fell over the periodunder scrutiny, more specifically by 29%according to the data provided by APIA (the

OMERI BIM /UNEMPLOYED ACC. TO INTERNATIONAL

LABOUR BUREAU (711)

- Mii persoane / Thousand persons -

POPULAIA DE 15 ANI I PESTE / POPULATION OF 15+ YEARS (18175)Sub 15 ani /

Below 15 y.

(3239)

Populaia inactivde 15 ani i pestenactive population 15+ y. (8254)

POPULAIA TOTAL / TOTAL POPULATION*) (21414)

POPULAIA ACTIV / ACTIVE POPULATION (9921)

EMPLOYED POPULATION **) (9210)

SALARIAI/ EMPLOYEES **)

(6187)

Alte categorii/

Other categ. (3023)

*) Populaia total i ceilali indicatori derivai nu sunt ajustai cu soldul migraiei externe

Total population and the other derived indicators are not adjusted against the balance of the external migration

**) Inclusiv forele armatei asimilai armateii persoane care lucreaz n mediul informal la negru

Including the army and the employees assimilated to the army and the people working in the informal sector and on

the black market.


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sczut cu aproximativ 29% conform datelorAPIA. Comparativ cu acestea, livrarea

vehiculelor din import a avut un trendasemntor autoturismelor autohtone, astfeln primul semestru din 2011 au fostnmatriculate cu 12.9% mai puineautoturisme fade perioada similara anuluitrecut

Association of Automotive Producers andImporters). Compared to the figures above,

the imported vehicles followed a trend similarto the one of domestic vehicles: morespecifically in the 1stsemester of 2011 12.9%less new imported vehicles were registeredthan in last year's similar period.

Figure 2: Livrri de autoturisme autohtone (APIA) /Domestic vehicles delivered (APIA)

Figure 3: Livrri de autoturisme import (APIA) /

Imported vehicles delivered (APIA)

n semestrul I 2011, volumul nou finanat nleasing financiar (vehicule, echipamente iimobiliare) la nivelul rii a fost de 663,3milioane de euro, o cretere de 22%comparativ cu perioada similar a anuluitrecut i cu 33% peste volumul finanat n

primul trimestru al anului 2011.Finanrile acordate s-au ndreptat ctrediverse domenii, astfel c 27.8% (184,2milioane euro) din total au vizatechipamentele, 12.2% (81,3 milioane euro)sectorul imobiliar i 60% (397,8 milioaneeuro) sectorul transporturilor.

Piaa de leasing din Romnia a avut un trendcontrar investiiilor n economie din primulsemestru, investiiile n economia naional

au sczut cu 6.3% fade semestrul I 2010,scdere nregistrat la elementele destructur: lucrri de construcii noi cu 8.2%,i la utilaje (inclusiv mijloace de transport) cu4,8%.

Investiiile concretizate n lucrri deconstrucii noi, n semestrul I 2011, aunsumat 11658,7 milioane lei, reprezentnd51,3 % din total, fade 50,6 % n semestrul I2010. Investiiile n utilaje i mijloace de

In the first quarter of 2011, the new dealsfinanced under financial leasing contracts(vehicles, equipment and real estate)throughout the whole country was worth

663.3 mln. which accounted for a 22%growth compared to last year's similar periodand for a 33% growth on top of the dealsfinanced in Q1/2011.The financing involved diverse areas, morespecifically 27.8% (i.e.184.2 mln.) coveredequipments, 12.2% (i.e. 81.3 mln.) coveredreal estate and 60% (i.e. 397.8 mln.)covered transportation.

The trend of the leasing market in Romaniadid not go with the flow of the investmentsmade in the first semester: the investments in

the national economy dropped by 6.3% ascompared to the first semester of 2010. Thisdrop was associated to structural elementssuch as new construction building operations(8.2%) and machinery (means of transportincluded) by 4.8%.

The investment in new construction buildingprojects (1st semester of 2011) totalled11,658.7 mln. Lei, i.e. 51.3 % of the total,compared to 50.6 % in the 1st semester of2010. The investment in new construction


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transport au nsumat 9080,4 milioane lei,

reprezentnd 40,0 % din total, fade 39,9 %

n semestrul I 2010.

building projects (1st semester of 2011)

totalled 9,080.4 mln. Lei, i.e. 40.0 % of the

total, compared to 39.9 % in the 1st

semesterof 2010.


Sursa datelor:

1) Institutul Naional de Statistic: www.insse.ro

2) Banca Naionala Romniei: www.bnro.ro

3) Comisia Naionalde prognoz: www.cnp.ro/

4) Fondul Monetar Internaional:

www.imf.org/external

5) Comisia European:

epp.eurostat.ec.europa.eu/portal/page/portal/eurostat/home

6) Standard & Poor's:

www.standardandpoors.com/home/en/us

7) Agenia Naionalpentru Ocuparea Forei de

Munc: www.anofm.ro

8) Asociaia Productorilor i Importatorilor de

Automobile: www.apia.ro

Sources:

1) National Statistics Institute: www.insse.ro

2) The National Bank of Romania: www.bnro.ro

3) The National Forecast Commission: www.cnp.ro/

4) International Monetary Fund: www.imf.org/external

5) European Commission:

epp.eurostat.ec.europa.eu/portal/page/portal/eurostat/ho

me6) Standard & Poor's:

www.standardandpoors.com/home/en/us

7) National Agency for the Occupation of the Labour

Force: www.anofm.ro

8) The Association of Automotive Producers and

Importers: www.apia.ro

Emilian Vasilescu

Statistician

Diplomat Consult S.R.L.

Str. Gaetano Donizetti nr. 3, parter, ap. 2, sector 2

Bucureti 020182

Tel.: +40 37.278.31.73 / +40 21.231.70.28

Fax: +40 21.231.70.29

Comer/servicii

Trade/services

Alte ramuri

Other industries Agricultura

Agriculture

Industrie

Industrial business

Construcii

Construction business

STRUCTURA INVESTIIILOR PE ACTIVITI ALE ECONOMIEI NAIONALE, N SEMESTRUL I 2011 /STRUCTURE OF INVESTMENTS PER ACTIVITIES OF THE NATIONAL ECONOMY, IN THE FIRST SEMESTER OF 2011


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Adriana Ahciarliu

Secretar General

ALB Romnia

Capitolul II

Tendine n piaa instituiilor

financiare nebancare

II.1. Conjunctura local

Au trecut aproape 5 ani de cnd Romnia

a devenit membru cu drepturi depline al

Uniunii Europene. Au trecut de

asemenea, exact 5 ani de cnd piaa

instituiilor financiare nebancare n

Romnia este una reglementat i

autorizat prin norme prudeniale, sub

umbrela Bncii Naionale a Romniei. iau trecut doi ani de cnd ncercm s

nelegem cum anume criza

macroeconomic poate fi ocolit de o

piade ni, i anume, cea a leasingului

financiar i a creditului de consum.

Sunt multe idei ce au fost dezbtute n

cadrul comitetelor tehnice ale Asociaiei.

Sunt multe probleme care i-au gsit,

mai mult sau mai puin, calea spre

soluionare prin dialogul profesionitilor

din cadrul Asociaiei cu experi aidiverselor autoriti i ai Bncii

Naionale a Romniei. E greu s la

inventariez aici, n cteva rnduri pe

toate... dar putem face un inventar al

cuvintelor cheie care s-au regsit n

cadrul acestor dezbateri: conformitate,

competitivitate, concuren,

reglementare fiscal, prudenial,

contabil, proceduri judiciare,

ncredere, managementul riscului,

profit, pierdere, piade second hand,

Chapter II

Trends in the non-banking

financial institutions market

II.1. Local conjuncture

Almost 5 years passed since Romania

became a full member state of the

European Union. 5 years passed since the

market of the non-banking financial

institutions in Romania became a market

regulated and authorised by prudential

norms under the umbrella of the National

Bank of Romania, too. Two years passedsince we try to understand how exactly a

niche market can avoid the macro-

economic crisis, i.e. the leasing and

consumer credit market.

Many ideas have been debated in the

technical committees of the Association.

Many problems found, more or less, a

way to be solved through the dialogue of

the competent people of the Association

with the experts of the variousauthorities of the National Bank of

Romania. It is difficult for me to draw

up their inventory here, in some lines but

we may do an inventory of the key

words that were re-found within these

debates: conformity, competitiveness,

competition, tax regulation,

prudential, accounting, judicial

procedures, trust, risk management,

profit, loss, second-hand market,

reference costs, evaluation, anticipated


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depreciere anticipat, resurse umane,

taxe fiscale i parafiscale i iar taxe.

Piaa de leasing financiar i cea acreditului de consum este una foarteaproape de ritmul realitii economice. nconsecin, dependena acestei piee de

politicile prudeniale i fiscale este foarteputernic. n dorina acionarilor prezenin Romnia n acest domeniu deactivitate de a trece dincolo de impactul

psihologic al crizei, primul semestru alanului 2011 induce un sentiment pozitiv

de ncredere n pia. E o contientizare afaptului c aceastactivitate de creditareare nevoie, nainte de toate, pentru a creaeficien, sreconstruiascsentimentul dencredere sub climatul uneicompetitiviti bazate pe tradiie i istorie.Vorbesc acum de tradiia i istoria acelorfinanatori care este importat din rile-mam, cu un pachet ntreg de know how n managementul riscului, att n

procesul de cretere economic, ct i nmijlocul unei crize globale. Concentrarea

a 30% din cota de piadin volumul noufinanat sub numele a trei mari juctorieste un mesaj concret al implementrii istaionrii crizei n piaa instituiilorfinanciare nebancare din Romnia. Dar ceofer politicile fiscale din Romniaacestor acionari care fac eforturideosebite de a trece peste turbulenelecrizei cu eficieni succes? Constatm oconcentrare a logicii fiscale n acea zonn care deciziile de austeritate se ntlnesci merg mnn mncu cele de reducerea deficitului bugetar, fr a consideradecizii politice fiscale care snu frneze,ci s accelereze sectorul economic!Constatm o lips total a unui dialogdeschis cu patronatele din sectorulfinanciar bancar pe fondul mimrii unei

practici continue a legii transparenei.Constatm o polarizare contradictorie a

politicilor fiscale n comparaie cu celecontabile i cu cele din sectorul judiciar.Constatm o stare de fapt n care

instituiile statului funcioneaz i

and parafiscal taxes and again taxes.

The financial leasing and consumer creditmarket is a very close one near therhythm of the economic reality.Consequently, the dependence of thismarket on the prudential and fiscal

policies is very strong. Based on theintention of the shareholders present inRomania, the first semester of 2011 isinducing a positive trust feeling in thismarket. It represents the awareness of thefact that this crediting activity needs

above all to rebuild the feeling ofconfidence under the climate of acompetition based on tradition andhistory. We are speaking now about thefinancers tradition and history importedfrom their mother-countries with a whole

package of know-how in riskmanagement, both in the process ofeconomic growth and in the middle of aglobal crisis. Concentrating 30% fromthe market quota of the new financedvolume under the name of three big

players is a real message of theimplementation and remaining of thecrisis in the market of the non-bankingfinancial institutions in Romania. Whatare offering the fiscal policies in Romaniato these shareholders who are doing their

best to get over the crisis turbulences,efficiently and successfully? We candiscover a concentration of the fiscallogic in an area where the decisions ofausterity are meeting and are going handin hand with the decisions of decreasingthe budgetary deficit without taking intoconsideration the decisions of fiscal

policy that will not slow down but willaccelerate the economic sector! We cansee a total lack of an open dialogue withthe employers from the financial bankingsystem imitating a continuous practice ofthe transparency law. We can discover acontradictory polarization of the fiscal

policies in comparison with theaccounting ones and with the policies

from the judicial system. We find a state


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acioneaz n deplin divergen iservesc diverse strategii care, e clar, nu

construiesc o strategie unic, naional. nfine, mai constatm un comportament, pefundalul instabilitii fiscale, de inducerea unei politici n care competiia nuconstruiete, ci distruge o pia aa-zisliber!

Sunt adepta convins a ideii c, dacpiaa instituiilor financare nebancare nuar fi fost reglementatacum 5 ani, ea ar fiartat altfel astzi, dup2 ani de criz. Iar

acest altfelnu ar fi fost unul mai fericit.Cred cu trie faptul c impunerea unorreguli de prudenialitate, cu costurile pecare le-a indus, a adus ncredere, a iniiato tradiie i a construit un zid de protecieal societilor de leasing financiar icredit de consum n faa valurilor crizeifinancar economice. Reglementarea a

protejat, n cazul acelor juctori care aualturat lcomia i profitul cu oricemijloace, noiunii de conformitate icompetitivitate. Cu toate acestea,

reglementarea nu a putut induce nproporie total adecvarea la un niveleuropean al pieei financiare. Suntem ncn situaia n care funcionm n baza unorstandarde contabile relativ departe deIFRS. Suntem nc expui total n faaunui aparat fiscal care funcioneaznestandardizat la nivel naional. i amnvat sacceptm impredictibilitatea ndomeniul deciziilor fiscale, fr ns aaccepta decizii care sfideaz cu totalconvingere Directivele UE i practicainternaional! Tocmai de aceea suntem oAsociaie care a avut dorina de a aflacare este practica sntoasn cazul unordecizii fiscale cu impact negativ asupraindustriei i ne-am adresat ComisieiEuropene pentru a afla rspunsul corect.Metodologia pe care am folosit-o odescriem, pe scurt, sub titlul Ce

presupune procedura de infringement?din cadrul acestui capitol.

of things where the state institutions areoperating and serving in full divergence

various strategies that are not building aunique national strategy in fact. Finally,we do see a behaviour that, based on thefiscal instability, is inducing a policywhere the competition is not building butis destroying a so-called free market!

We truly believe that if the market of thenon-banking financial institutions was notregulated 5 years ago, then it would havelooked differently now, after two years ofcrisis. And this differently would not

mean a happier way. We strongly believethat imposing prudential rules initiated atradition and that we are building a

protection wall of the financial leasingand consumer credit companies in frontof the economic financial crisis waves.The regulation was a protection in case ofthe players who put together greed and

profit by all means and the concept ofconformity and competition.

Nevertheless, the regulation did nottotally induce the financial market

adequacy to an European level. We arestill functioning based on accountingstandards far away from the IFRS. Weare still totally exposed in front of a fiscalapparatus performing in a nonstandardised way at the national level.And we learned to accept theunpredictability in the field of fiscaldecisions but without accepting decisionsthat are fully defying the EU Directivesand the international practice! That iswhy we represent an Association whointended to discover which is the healthy

practice in case of the fiscal decisions thatare having a negative impact over theindustry by appealing to the EuropeanCommission in order to find the correctanswer. Our methodology is shortlydescribed under the title What does theinfringement procedure mean? in thischapter.


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II.2. Ce presupune procedura de

infringement?

Din pcate, n ultimii ani, termenul

infringement a devenit un titlu jurnalistic

de succes. Probabil c muli experi care

urmresc evoluia proceselor de infringement

se ntreabde ce Romnia este una din rile

care acumuleaz dosare de infringement n

relaia cu Uniunea European? Rspunsurile

se pot regsi sub multe motivaii, care ns

rmn sub titlul de presupuneri: lipsa deinformaie, lipsa de profesionalism la nivelul

funcionarilor responsabili n sftuirea

factorului decizional politic, lipsa de voin

politici/sau lipsa de interes politic.

Mergnd n sensul unei analize simpliste i

fcnd analogie cu paii tehnici ai procedurii

de infringement am putea spune cmulte din

motivele care au iniiat procedura, frnsa

se ajunge la sancionarea propriuzis,

dovedesc poate o lips de profesionalism

i/sau de experienn aplicarea procesului dearmonizare n acquis-ul comunitar. Nu este o

situaie care s supere n mod special, atta

vreme ct ea nu creeazprejudicii domeniului

economic la care face referire. Din pcate,

ns, n marea majoritate a cazurilor,

blbiala birocratic se cuantific n bani pe

care cei din sectorul privat i regsesc n

situaiile financiare pe care le raporteazctre

firma mam investitorul real n Romnia.

i, evident, apare ntrebarea fireasc din

partea acestuia: de ce s pltim noi,

investitori de bun credin n Romnia,aceastblbial? Dacnsse dovedete din

practica autoritii de resort c, dei de jurese

recunoate existena unui motiv de

sancionare, autoritatea continucu insisten

n aplicarea deciziei, atunci diagnosticul nu

poate fi altul dect lipsa de interes politic i

lipsa de voin politic. Pornind de la acest

rezultat apare o enigm pe care, dei am

ncercat sa o dezleg n dialogul direct cu

reprezentani ai mediului de afaceri, nu am

reuit: n ce msurinteresul politic coincide

II.2. What does the infringement

procedure mean?

Unfortunately, during the last years, the word

infringement became a successful

journalistic title. Perhaps a lot of the experts

who are following the evolution of the

infringement processes are wondering why

Romania is one of the countries accumulating

many infringement files in its relationship

with the European Union. Answers may be

found under various motivations, namelypurely assumptions: lack of information, lack

of professionalism at the level of the advisers

of the political decision-makers, lack of

political will and/or lack of political interest.

Going towards a simplistic analysis and

making an analogy with the technical steps of

the infringement procedure one could say that

many of the reasons that have initiated the

procedure, but without reaching the so-called

sanctioning, are perhaps proving a lack of

professionalism and/or a lack of experience inapplying the harmonisation process in the

community acquis. This is not an especially

upsetting situation provided that it is not

creating damages for the related economic

field. But, unfortunately, in the majority of

cases the bureaucratic stuttering equals a

money quantification found by the private

sector players in the financial situations

included in the reports sent to the mother

company the real investor in Romania.

And, obviously, we naturally wonder why

should we, bona fides investors in Romania,pay this stuttering? But if the practice of the

resort authority is proving that, even if de

jurea sanction reason is recognised, and the

authority is going on to insist to apply such a

decision, then the only diagnosis is the lack

of political interest and the lack of political

will. Going on from this result, we face an

enigma that we vainly try to solve in the

direct dialogue with the representatives of the

business environment: to what extent political

interest coincides with the interest in building


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cu interesul pentru construirea i meninerea

unui mediu de afaceri sntos, care screeze

locuri de munc i care s aduc la bugetcontribuiile ateptate? Experiena pe care am

avut-o n ultimii ani a dovedit c interesul

politic nu este convergent ntotdeauna cu cel

catalog alb 2011

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