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Piaa Instituiilor FinanciareNebancare din Romnia - 2012

The Non-Banking FinancialInstitutions Market in Romania - 2012

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Publicaie realizat deDIPLOMAT CONSULT SRL

pentruASOCIAIA SOCIETILOR

FINANCIARE- ALB ROMNIA

Preedinte: Antoaneta CurteanuVicepreedinte: Gilles ZeitounSecretar General: Adriana AhciarliuAdresa: Str. Gaetano Donizetti nr. 3, et. 4,apart. 10,Bucureti, sector 2, cod postal 020182,Romnia

Tel: 021/ 230.61.52; 021 230.03.50Fax: 021/230.61.32E-mail: office_alb@alb -leasing.roWeb: www.alb -leasing.ro

Redactori i tehnoredactare computerizat: Diplomat Consult SRL Adriana AhciarliuGabriela MagheruValeriu Bogdan P ciu

Distribuie gratuit prin: Diplomat Consult SRL

[email protected]

Tiparit de: SC Best Print Services SRL

ISSN: 2067 5232ISSN-L 2067 5232

Acest catalog se distribuie gratuit

Made byDIPLOMAT CONSULT SRL

for FINANCIAL COMPANIES

ASSOCIATION ALBROMANIA

President: Antoaneta CurteanuVicepresident: Gilles ZeitounSecretary General: Adriana AhciarliuAddress: 3, Gaetano Donizetti Street, 4 -thfloor, apart. 10,Bucharest, district 2, postal code 020182,Romania

Tel: 021/ 230.61.52; 021 230.03.50Fax: 021/230.61.32E-mail: office_alb@alb -leasing.roWeb: www.alb -leasing.ro

Editors and DTP: Diplomat Consult SRL Adriana AhciarliuGabriela MagheruValeriu Bogdan Pciu

Distribution free of charge: Diplomat Consult SRL

[email protected]

Printed by: SC Best Print Services SRL

ISSN: 2067 5232ISSN-L 2067 5232

This catalogue is available only free ofcharge


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I. Cuvnt inainte Antoaneta Curteanu I. Foreword Antoaneta Curteanu 7

II. De la istoria leasingului i a credituluide consum napoi la mediul macroeconomicactual Adriana Ahciarliu

II. From history of leasing & consumercredit back to present macroeconomic en-vironment Adriana Ahciarliu

11

III. Criminalitatea de business MagdaLuminia Dnil

III. Criminal Business Law MagdaLuminia Dnil

57

IV. Romnia risc procedura de infringe-ment pentru nerespectarea prevederilor di-rectivei europene n domeniul TVA Daniel

Anghel, Diana Coroab

IV. Romania risks to face infringement procedure for failure to comply with theEuropean VAT Directive Daniel Anghel,

Diana Coroab

62

V. Provocri curente privind aplicarea practic a reglementrilor contabile de ctreinstituiile nanciare nebancare AngelaManolache

V. Current challenges regarding practicalapplication of accounting regulations bynon-banking nancial institutions AngelaManolache

67

VI. Texte legislative pentru IFN-uri publicate n perioada iunie 2011 iunie2012 (doar versiunea in l.englez)

Regulamentul BNR nr. 24/2010 privindcreditele destinate persoanelor zice

Regulamentul BNR nr. 24/2011 pri-

modi cri

Ordinul BNR nr. 25/2011 privind raporta--

tului BNR nr. 11/2011 privind clasi careacreditelor i plasamentelor

Anexa la Ordinul BNR nr. 25/2011

VI. Legislation for NBFI issued be-tween June 2011 to June 2012

Regulation No. 24/2010 of the NationalBank of Romania governing loans extendedto individuals

Regulation No. 24/2011 of the NationalBank of Romania governing loans extendedto individuals amendments

Order No. 25/2011 of the National Bankof Romania governing the status reportson the enforcement of Regulation No.11/2011 of the National Bank of Romaniagoverning the classi cation of credits and placements

Annex to NBR Order no. 25/2011

83

Cuprins Table of Content Pag./Page


rea situaiilor aferente aplicrii Regulamen

vind creditele destinate persoanelor zice

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Ordinul nr. 27 din 27.12.2011 pentru

aprobarea Reglementrilor contabile con-

forme cu directivele europene

Ordinul nr. 4 din 8.03.2012 referitor laraportarea situaiei privind clasi carea ex- punerilor din credite/credite legate de ser -viciile de plat i necesarul de provizioanespeci ce de risc de credit aferent acestora,aplicabil entitilor supravegheate de BNR,altele dect instituiile de credit + Anexa

Regulamentul nr. 5 din 08.03.2012 privindclasi carea creditelor i constituirea, regu-larizarea i utilizarea provizioanelor speci-ce de risc de credit aplicabil entitilor su-

pravegheate de Banca Naional a Romniei,altele dect instituiile de credit + Anexe

Legea nr. 9/2012 privind taxa pentru emisi-ile poluante provenite de la autovehicule +Anexe

Ordonana de urgen nr. 1/2012 pentrususpendarea unor dispozi ii aleLegii nr. 9/2012 privind taxa pentru emisi-ile poluante provenite de la autovehicule, precum i pentru restituirea taxei achitate

(2) din lege.

Ordonana de urgen nr. 24 din 6.06.2012- pentru modi carea i completarea Legiinr. 571/2003 privind Codul scal i regle-mentarea unor msuri nanciar scale

Order No. 27/ 27 December 2010 to approve

the accounting regulations harmonised withthe European directives

Order No. 4 of 8 March 2012 governingthe status reports on the classi cation ofthat are applicable to the entities monitored by the National Bank of Romania, othersthan the credit institutions + Annex

Regulation No. 5/8 March 2012 on creditclassi cation and the establishment, adjust-ment and use of speci c credit risk provi-sions, applicable to the entities supervised by the National Bank of Romania, otherthan credit institutions + Annex

Law 9/2012 on the motor vehicle emissiontax + Annexes

Emergency Ordinance No. 1/2012 to sus- pend the enforcement of certain provi-sions of Law No. 9/2012 governing the taxchargeable on motor-vehicle pollution andto reimburse the tax paid according to Arti-cle 4, paragraph (2) of Law

Emergency ordinance no. 24 of 6 June 2012amending and supplementing Law No.571/2003 governing the Tax Code and regu-lating certain nancial and tax measures


aplicrii

n conformitate cu prevederile art. 4 alin.

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Cuvant inainte

Perioada iulie 2011 iulie 2012, pe care o tratamin acest anuar, va ramane probabil in istoriaAsociatiei ca una dintre cele mai di cile de lanasterea ei in 2004. Au trecut 8 ani de la data lacare membrii fondatori au decis sa creeze acestinstrument de lobby al sinergiei unei industriice se de nea a leasingul si care incepand cu2006 a fost rede nita ca industria institutiilornanciare nebancare.

Mandatul membrilor fondatori a fost unul deconstructie a unui cadru legislativ propice uneiasezari si dezvoltari sanatoase a leasingului -nanciar si operational in Romania, in contextuladerarii tarii la Uniunea Europeana. In doi anide activitate intensa de lobby Asociatia a reusitsa lanseze la apa trei proiecte importante indomeniul legislatiei speciale: legea 287/2006 aleasingului, legea 266/2006 ce de neste cadrullegislativ al autorizarii, monitorizarii si su- pravegherii institutiilor nanciare nebancare siamendarea, in iunie 2006, a articolelor 7, 8 si 25

din Codul scal (cu referire la de nirea scala aleasingului nanciar, operational si a statutuluiscal al locatorului si locatarului in cele doua

produse principale ale leasingului). Cu acest pachet legislativ industria leasingului nanciar precum si cea a creditului de consum au pornit,cu speranta, pe drumul unei dezvoltari concretesi sanatoase. Cu toate acestea criza care bateala usa Europei nu a permis acestui sector de ac-tivitate nanciara sa atinga maturitatea sa.

Antoaneta Curteanu Presedintele ALB

Foreword

The period of time between July 2011 and July2012 treated in this year-book will probablyremain the most dif cult one in the history ofthe Association since its establishment in 2004.Eight years ago the founding members decidedto create this lobby instrument for the synergyof an industry de ned as leasing which was re-de ned as the industry of the non-banking -nancial institutions in 2006.

The mandate of the founding members was based on the building of a proper legal frame-work for setting up the nancial and operationalleasing in Romania on a healthy development basis in the context of the countrys accessionto the European Union. During two years ofintensive activity the Association managed tolaunch three important special legislative pro- jects: law no. 287/2006, i.e. the leasing law,law no. 266/2006, i.e. the law de ning the legalframework meant for the authorisation, moni-toring and supervision of the non-banking nan-

cial institutions and, in June 2006, the amend-ment of articles 7, 8 and 25 of the Fiscal Code(related to the scal de nition of the nancialand operational leasing and of the scal statuteof the lessor and of the lessee in the two main products of the leasing). Based on this legisla-tive kit the start up of the nancial leasing in-dustry and the consumer credit industry reliedon the expectation of a solid and healthy path ofdevelopment. However, the crisis knocking atthe frontiers of Europe did not allow this sectorof nancial activity to reach its maturity.


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2008 a fost un an de referinta. Anul care a in-registrat cea mai mare crestere si cea mai mare

scadere semestriala. Prapastia dintre crestereasemestrului 1 si scaderea semestrului 2 a fostconstruita atat de impactul crizei economice sinanciare criza ce debuta la acea data si inRomania dar si de necesitatile scale mac-roeconomice identi cate la acea data. Debutulcrizei, cu o scadere de peste 50% semestru lasemestru si cu inregistrarea primei scaderi anu-ale de 3%, a insemnat, de fapt, inceputul uneinoi tendinte pentru industria leasingului, in spe-cial, cat si pentru creditul de consum.

Contextul macroeconomic al scaderii consumu-lui, al cresterii somajului si al reducerii puteriide cumparare, ce a urmat, a dus la o crestererapida a creditului de consum tip IFN. Credi-tarea responsabila, coduri de buna practica,transparenta si prudentialitatea, promovate deBanca Nationala a Romaniei, in scopul alinieriila tendintele europene de limitare a creditariineperformante si diminuarii nivelului de creditcu impact in nivelul de trai al persoanelor zice,au devenit termeni cunoscuti pentru actorii pi-etei nanciar bancare si implicit ai instituti-ilor nanciare nebancare. Directiva Credituluide Consum armonizata in Romania a indus oscadere considerabila, in actualul context al bugetelor de austeritate, a creditului de consummanifestat sub forma leasingului.

Leasingul si creditul - industrial si de consum- au ramas speranta institutiilor nanciare ne-

bancare, in contextul in care austeritatea tinteamai mult zona consumatorului si mai putin pecea a agentilor economici. Cu toate acestea, in-tarzierea alinierii prevederilor scale la Direc-tivele Europene, cu precadere in domeniul TVAsau al taxelor para scale, mentin un nivel ridi-cat de impredictibilitate si nesiguranta, simtitcu precadere in acest interval de referinta.

In acest context rolul Asociatiei este acela dea pastra sinergia membrilor sai, de a gasi so-

2008 has been a reference year. It was the yearregistering the biggest growth and the highest

decrease in a semester. The gap between thegrowth from semester 1 and the decrease insemester 2 was created both by the impact ofthe economic and nancial crisis, a crisis that began at that time in Romania, too, and by thescal macroeconomic necessities identi ed atthat time. The beginning of the crisis, with a de-crease exceeding 50% from semester to semes-ter and with the registration of the rst annualdecrease of 3% meant in fact the beginning ofa new trend especially for the leasing industry,

but also for the consumer credit.The further macroeconomic context involvinga lower consumption, an increased unemploy-ment and a reduced purchasing power led to arapid growth of the consumer credit of a NBFItype. The responsible lending, the codes of best practices, the transparency and the prudentialmeasures promoted by the National Bank ofRomania aiming to reach an alignment to theEuropean trends for limiting the non-perform-ing credits and to diminish the level of creditwith an impact over the living standard of theindividuals became usual words for the playersof the banking nancial market and, implicitly,of the non-banking nancial institutions. TheConsumer Credit Directive harmonised in Ro-mania induced an important decrease in the pre-sent context of the austerity budgets of the con-sumer credit manifested in the form of leasing.

The leasing and the credit industrial and con-sumer ones remained the hope of the non-

banking nancial institutions within the contextof an austerity aimed more at the consumerarea and less at the area of the economic agents. Nevertheless, the alignment delay of the scal provisions to the European Directives, particu-larly in the VAT eld or in the eld of the para-scal taxes still maintain a high level of unpre-dictability and uncertainty, mostly felt in this period of reference.

The role of the Association in this context isto preserve the synergy of its members, to nd


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lutii viabile de rezolvare a con ictelor scale,in sensul deschiderii usii dialogului social. Fara

dialog social tendinta de scadere a volumuluinantarilor in leasing nu poate usor contro-lata si stopata. Anul 2012 indica acea vointa amembrilor Asociatiei de a iesi din curba nega-tiva, de a opri scaderea si a accelera din noumotoarele spre crestere. Chiar si o cresteremodesta, pe care noi o estimam pana la maxim10%, la nele anului 2012, poate un indiciucare sa renasca increderea agentilor economiciintr-o industrie care in 2008 nanta aproape 4%din PIB-ul Romaniei!

viable solutions for solving the scal con ictstowards opening the door of the social dia-

logue. The trend of decreasing the leasing -nanced volume cannot be easily controlledand stopped without a social dialogue. 2012 isa year indicating the will of the Associationsmembers to get out from the negative curve, tostop the decrease and to speed up the enginesagain towards a possible growth. Even a mod-est growth, estimated by us at maximum 10% atthe end of the year 2012 can be a clue to revivethe con dence of the economic agents in ourindustry which in 2008 used to nance about

4% from the Romanian GDP!

Antoaneta CurteanuPresedintele ALB


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www.garantileasing.ro

021 232 17 77 sau 0734 272 684

Garanti Leasing este marca sub care func\ioneaz[ compania Motoractive IFN S.A.

Orice afacere ai avea,noi `\i nan\[m investi\iile


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De la istoria leasingului si a creditului deconsum inapoi la mediul macroeconomic

actual

1. Perspectiva istorica a leasingului sicreditului de consum ca instrumente desustinere a dezvoltarii economice

Este limpede ca produse ca leasingul si creditulde consum au raspuns unei anumite realitatieconomice si macroeconomice ale vremurilorrespective. Poate ca formularea a fost diferita,

insa efectele si functiile creditului de consumsi ale leasingului erau similare cu cele ale produselor nanciare prezente care sunt foarte bine de nite.

Imi asum curajul sa va prezint o scurta istoriea acestor doua produse nanciare, precum siunele exemple care pot arata rolul si putereaunor astfel de produse nanciare nebancare.Am ales aceste exemple deoarece ele reprezintamomente de istorie care au fost marcate de

crize nanciare si razboaie, momente ce augasit ca solutie alternativa a disputelor folosirealeasingului ca acord de razboi intre state saufolosirea creditului de consum ca solutiealternativa pentru consolidarea nivelului de traisi pentru incurajarea asa-numitei indatorari productive!

Pentru curiozitatea cititorilor acestui anuar alAsociatiei care reprezinta leasingul si creditulde consum din Romania am inclus unele

From history of leasing & consumercredit back to present macroeconomic

environment

1. Historical perspective on leasing andconsumer credit as supporting instrumentsfor the economic development

It is obvious that products like consumercredit and leasing have responded to a certaineconomic and macroeconomic reality of certaintimes. Wording may have been different but the

effects and functions of credit and leasing weresimilar to todays very well de ned nancial products.

I take the courage to present you a brief history ofthese two nancial products as well as examplesthat may indicate the role and the power of suchnon-banking nancial products. I choose theseexamples as they represent moments of historythat were marked by nancial crisis and wars,

moments that have found as alternative disputesolution the use of lease as war agreementsamong states or the use of consumer credit asalternative solution for enhancing the lifestyleand encouraging the so named productivedebt!

For the curiosity of the readers of this annual book of the Association that represents leasingand consumer credit in Romania I have included


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informatii interesante care pot vorbi in numelenostru despre rolul acestor doua produse in

dezvoltarea marilor puteri economice, precumsi in schimbarea in bine a stilului de viatain unele tari ca SUA ori in unele economiieuropene occidentale.

Sursele aferente informatiilor de mai jos seregasesc la sfarsitul acestui capitol.

Se stie bine ca prin de nitieCREDITUL reprezinta un mod de plata care intervineatunci cand cel care ia cu imprumut primestenante de la un nantator promitandu-iacestuia inapoierea banilor mai tarziu. Unuldin cele mai timpurii exemple de folosire acreditului este nantarea de care a dispusCristofor Columb pentru calatoriile saledin secoului XV.Dupa primirea fondurilorde la Regina Spaniei, Columb ar platit-o peMaiestatea Sa impartind cu aceasta un procentajdin noile sale bogatii.Din punct de vedereistoric, creditul a fost folosit la inceput pentrubunuri cu scopul de a pune consumatorul inceea ce se numea o indatorare productiva.

Lendol Calder, autorul volumului Financingthe American Dream: A Cultural Historyof Consumer Credit, ( Finantarea visuluiamerican: o istorie culturala a creditului deconsum ) a citat chestorul de recensamantde la 1890 care a spus urmatoarele: motivul principal al datoriilor private a fost acela de aavea garduri mai bune, hambare mai bune, casemai bune si mai mult pamant pentru fermieri.In epocile moderne, scopul creditului este acelade a permite consumatorilor sa aiba teluri maimari pentru care acestia nu dispun de bani.Achizitiile de acest tip sunt deseori consideratedrept articole de lux. Desi nu toate achizitiilede bunuri prin credit ale consumatorilor suntconsiderate drept lux, unele articole nu sunt privite ca ind esentiale.Realitatea poatearata ca saracia poate invinsa prin folosireacreditului de consum ca sursa alternativa de

some interesting information that may speak, onour behalf, about the role of these two productsfor the development of the big economic powersas well as the change in better of lifestyle incountries like USA or some European Westerneconomies.

The sources of the below information are presented at the end of this chapter.

It is well known that, by de nition,CREDITrepresents a way to stipulate the paymentthat occurs when a borrower receivesnances from a lender by means of promisingto pay him back at a later point in time. Oneof the earliest examples of credit usage isthe nancing made available to ChristopherColumbus for his fteenth century voyages. After receiving funds from the Queen of Spain,Columbus would pay Her Majesty back bysharing with her a percentage of his newfoundriches.Historically, credit was used primarilyfor goods that would put a consumer intowhat was called a productive debt.

Lendol Calder, author of Financing theAmerican Dream: A Cultural History ofConsumer Credit, quoted the 1890 censussuperintendent as saying, the prime motive inthe private debt has been better fences, better barns, better homes and more land for thefarmer. In modern times, the purpose of creditis to allow consumers to make larger purposes

for which they might not have the money.Such purchases are often deemed luxury items.Although not all goods consumers purchase oncredit are deemed luxurious, some items arenot deemed as essential.Reality may showthat poorness may be made up by usingconsumer credit as alternative source tonance everyday life of a family with poorresources.


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nantare a vietii cotidiene a unei familii carenu dispune de mari resurse.

Nimeni nu stie data precisa aprimuluiLEASING sau a primiei inchirieri din istoriaomenirii. Cu toate acestea, prima marturie realaa unei astfel de activitati dateaza din jurul anului2000 IC. In timpul sapaturilor care au avut locin anul 1984 in orasul sumerian Ur, arheologiiau descoperit prototipul primului contractde inchiriere. Acestea au fost tablitele de lut pe care par t ile expuneau obligat iile care lereveneau din inchirierea utilajelor agricole, dindreptul de a folosi sursele de apa etc. Tablitelede lut au indicat oamenilor de stiinta faptul ca primii nantatori au fost, ca de obicei, preotiicare au trait in templele din orasul Ur.

Prima companie de inchiriere

Oamenii de stiinta au gasit dovezi ca intre anii400 si 450 IC in sud-estul Babilonului, primacompanie de inchiriere din istoria omenirii afost condusa de familia Murashu din anticuloras Nippur. Murashu era un conducatorremarcabil pe piata serviciilor de inchiriere dinImperiul Persan. Membrii acestei familii erauspecializati in leasingul terenurilor, dar puneautotodata la dispozitie si alte servicii, precuminchirierea bovinelor, echipament agricol isemine de vnzare n rate.

Leasingul in Evul Mediu

In anul 1066 AD, Anglia a fost atacata peneasteptate de regele norvegian si de ducelenormand. La doua saptamani dupa incepereaexpeditiei navele acestora au ajuns pe coasteleAngliei. Nici regele norvegian, nici ducelenormand nu aveau un numar su cient de marede nave si nici timpul or banii necesari pentrua-si construi ota si pentru a plati desfasurareaunei astfel de expeditii. Pentru acele vremuriaceasta era o operatiune militare de anvergura.Britanicii nu puteau gasi o alta explicatie pentru acest fapt neobisnuit decat referirea

Nobody has the evidence of the precise date ofthe rst LEASE or rent deal in the history ofmankind. However, the rst real evidence ofsuch activity dates to about 2000 BC. Duringthe excavations, which took place in 1984 atthe Sumerian city Ur, archaeologists discovereda prototype for the rst rental agreement.These were clay tablets on which the partiesset forth their obligations on rent agriculturalimplements, the right to use water resources etc.Clay tablets told the scientists that, as usual, therst lessees had been the priests who lived inthe temples of Ur.

The rst rental company

Scientists have found evidence that between400 and 450 BC to the South-East of Babylon,the rst known in the history of mankind rentalcampaign was run by the Murashu family inthe ancient city Nippur. The Murashu wasan outstanding leader in the market of rentalservices in the Persian Empire. They specializedin land leasing, but also offered a number of theother services such as rent of cattle, agriculturalequipment and seeds for sale in installments.

Lease in Middle Ages

In 1066 AD, suddenly, England was attacked bythe Norwegian king and the Norman duke. Intwo weeks since the beginning of the campaigntheir ships reached the coast of England. Neitherthe Norwegian king, nor the Norman duke hadowned a suf cient number of ships, and did nothave the money and time to build their eetsand pay for running such a campaign. It was aserious military operation for those times. TheBritish could not nd any other explanation forthe phenomenon, but to refer Gods blessing.Actually, everything was much simpler: the


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la binecuvantarea lui Dumnezeu. De fapt,totul era mult mai simplu: cei doi conducatori

gasisera o sursa de nantare, inchiriasera vasesi arme, angajasera echipajele si isi dusesera la bun sfarsit planul de afaceri.

In Evul Mediu era ceva obisnuit sa e inchiriaticaii, precum si echipamentele si utilajele pentruindustria agricola. Sunt fapte istorice binecunoscute ca unii luau armurile cavalerilor cuchirie, ceea ce era foarte scump. De exemplu,in 1248, Cavalerul Bon ls Manganella Gaeta,care urma sa plece in cea de-a saptea cruciada,

a inchiriat un lot intreg de armuri. Pro tul s-aridicat la circa 25% din costul armurii.

Dezvoltarea relatiilor de leasing in secolulXIX

In secolul XIX se constata o cresteresemni cativa in activitatea de leasing, inspecial datorita cresterii diversitatii de articoleinchiriate, folosite de comunitate. Leasingul

a devenit mai important datorita dezvoltariirapide a tehnologiei in agricultura, in industriesi transport. Spre exemplu, companiile detransport, care fabricau sinele ferate, dadeaualtor companii, celor care asigurau conducereatrenurilor, dreptul de utilizare a sinelor prin inchiriere. Iar aceste companii dadeaucompaniilor de transport, prin leasing, trenurile.

Construirea rapida a cailor ferate a constituit unstimul important pentru dezvoltarea ca ramura

a leasingului in Statele Unite. Concomitentcu construirea cailor ferate, trusturile deechipamente se implicau in strangereafondurilor deponentilor si investeau acestefonduri in achizitionarea de material rulant side diverse utilaje. Aceste trenuri si echipamenteerau inchiriate companiilor de transport maritimsi celor feroviare, transportatorilor, celor demarfa si de pasageri. Investitorii privati au primit certi cate speciale. Prin folosirea lor eiisi primeau inapoi investitia cu dobanda.

two leaders had found a source of funding, theyrented ships and weapon, hired crew and had

completed their business plan successfully

It was popular to rent horses in the MiddleAges, as well as equipment and facilities foragricultural industry. It is well-known historicalfact that some people took on lease knightsarmours, which was very expensive. Forexample, in 1248 Knight Bon ls ManganellaGaeta, who was going to the seventh crusade,

rented a full set of knights armour. Pro tamounted to about 25% of the cost of thearmour.

Development of leasing relations in the XIXcentury

In the nineteenth century there was a signi cantincrease in leasing activity, mainly due to theincreasing diversity of rented items used bythe community. Lease became more important

because of the rapid development of technologyin agriculture, manufacturing and transport.For example, the transport companies, whichwere building railways, gave other companies,that had driven the trains, to use their rails forrent. And these companies offered trains to thetransport companies on lease.

The rapid construction of railways has been agreat stimulus in the development of leasing

as a branch of the United States. Whilst therailways were being built, equipment trustswere involved in raising depositors funds andinvested these funds in the purchase of rollingstock and various equipment. These trains andequipment rented to shipping companies andrail companies, carriers, freight and passengers.Private investors received special certi cates.Using them, they could get their investment back, plus interest.


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Leasingul in prima jumatate a secolului XX

In secolul XX leasingul a capatat o importantasi mai mare. Cresterea interesului in randul producatorilor de echipamente in leasing adevenit acum un stimul nou pentru dezvoltareaacestuia. La inceputul secolului, fabricantiiau realizat ca este foarte greu sa obtinafonduri pentru achizitionarea concomitentade echipamente scumpe si ca in majoritateacazurilor este chiar imposibil. Un mare numarde producatori au de nit leasingul drept unmijloc de a avea nu doar proprietatea, ci si

tehnologia pe care se bazau echipamentele.De exemplu, compania de telefoane Bell a luatdecizia de a da aparatele sale doar prin contractde leasing. Acelasi lucru s-a intamplat si in alteindustrii atata vreme cat legislatia antitrust afost adoptata, iar producatorii au fost fortati savanda aparatele.

Leasingul a devenit o parte de viata in stateleUnite si in Europa Occidentala in epocamasinilor. Prima tranzactie de achizitie a

vehiculelor prin leasing dateaza din 1918. Cutoate acestea, Frank Zollia, un vanzator devehicule din Chicago, este considerat drept parintele leasingului auto modern. El a fost celcare a propus nu doar inchirierea vehiculelor detransport individual la inceputul anilor 40 aisecolului XX, ci si un leasing pe termen lung pentru un intreg parc auto.

Leasingul ca politica de razboi Conventiadespre imprumut leasing semnata de SUAsi Marea Britaniea fost un instrument care aservit scopului lui Roosevelt in vederea acordariicatre Anglia a tuturor posibilelor ajutoare derazboi. Acest program a fost intitulat o cialUn act suplimentar de promovare a AprriiStatelor Unite. El s-a numit Conventia deImprumut Leasing si a fost semnat ca lege pe 11 martie 1941.

Drepturile & obligatiile nantatorului si aleutilizatorului in cadrul conventiei de imprumutsi leasing din 1941, de nitia valorii reziduale

Lease in the rst half of the twentieth century

In the twentieth century lease has become evenmore important. Now the increasing interestamong producers of leasing equipment has become a new stimulus to its development. Atthe beginning of the century producers realizedthat it is very dif cult to nd the funds to purchase expensive equipment simultaneouslyand in most cases it is really impossible. Agreat number of producers de ned the leaseas a way of possessing not only property butthe technology on which the equipment was

based. For example, Bells telephone companymade a decision to give its appliances only onlease. The same phenomena occurred in otherindustries as long as antitrust legislation was passed and manufacturers were forced to sell it.

Leasing has become a part of life in the UnitedStates and Western Europe in the era of cars.The rst transaction of taking vehicles on lease

was xed in 1918. However, a car salesmanfrom Chicago, Frank Zollia is considered to be the father of modern auto leasing. He wasthe rst who proposed not only to rent theindividual transport vehicles in the early 40s ofXX century, but a long-term lease of a wholecar park.

Lease as war policy - The Lend-Lease Actof 1941 signed by the USA & UK was a toolthat served the purpose of Roosevelt towards providing Britain with all possible aid short ofwar. The Program was of cially titled An Act

Further to Promote the Defence of the UnitedStates . It was named The Lend-Lease Act andsigned into law on March 11, 1941.

Rights & Obligations of the lessor and lesseein Lend Lease Act of 1941, de nition ofresidual value


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Aceasta conventie l-a mandatat pe presedintesa vanda, sa transfere titlul, sa schimbe, sa

nanteze prin leasing, sa imprumute sau, cualte cuvinte, sa dispuna de orice fel de articolde aparare in favoarea altui guvern (a caruiaparare este considerata de Presedinte dreptvitala pentru apararea Statelor Unite).De fapt, ea i-a permis Presedintelui SUAsa autorizeze transferul de echipamentemilitare catre Marea Britanie cu intelegereaca la sfarsit sa e platiti pentru ele sau caechipamentele sa li se inapoieze daca nu aufost distruse.

SPV-ul (Special Purpose Vehicle ) urma saserveasca scopului: pentru administrareaacestui program, Roosevelt a creat Biroul pentruAdministrarea Imprumutului Leasingului,a at sub conducerea fostului director alindustriei siderurgice Edward R. Stettinius.

Relatiile publice ale lui Roosevelt in vedereaobtinerii sprijinului public pentru Conventia

Leasingului Prin vanzarea acestui Programcatre publicul american, Roosevelt l-a comparatcu imprumutarea furtunului unui vecin a caruicasa a luat foc. Ce sa fac intr-o asemeneacriza? a intrebat presedintele presa. Nu spun... Vecine, furtunul meu de gradina ma costa 15$;trebuie sa-mi platesti 15$ pentru el nu vreau15$ - vreau inapoi furtunul meu de gradina dupace focul este stins. Gradul de constientizarecu privire la Conventia Leasingului a fost unul pozitiv si a permis, in aprilie 1941, extinderea

programului prin oferirea de ajutor de imprumut leasing catre China in razboiul lor contra japonezilor. Pro tand rapid de pe urma acestuiProgram, britanicii au primit peste 1 miliard dedolari ca ajutor in octombrie 1941.

Efectele Imprumutului Leasingului:

Imprumutul si Leasingul au continuat dupaintrarea in razboi a SUA in urma atacului dela Pearl Harbor din decembrie 1941. Odata

The act empowered the president to sell,transfer title to, exchange, lease, lend, or

otherwise dispose of, to any such government[whose defence the President deems vital tothe defence of the United States] any defencearticle. In effect, it allowed the President ofthe USA to authorize thetransfer of militarymaterials to Britain with the understandingthat they would ultimately be paid for orreturned if they were not destroyed.

The SPV to serve the scope: to administer the program, Roosevelt created the Of ce of Lend-Lease Administration under the leadershipof former steel industry executive Edward R.Stettinius.

The Public Relations of Roosevelt towardsgetting public support for the Lease Act -In

selling the program to the American public,Roosevelt compared it to loaning a hose toneighbour whose house was on re. What doI do in such a crisis? The president asked the press. I dont say... Neighbour, my gardenhose cost me $15; you have to pay me $15 forit - I dont want $15 I want my garden hose back after the re is over. The awareness ofthe Lease Act was positive and it permitted, inApril 1941, the expansion of the program byoffering lend-lease aid to China for their war

against the Japanese. Taking swift advantageof the program, the British received over $1 billion in aid through October 1941.

Effects of Lend-Lease:

Lend-Lease continued after the US entry intothe war following the attack on Pearl Harbour in December 1941. As the American military


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cu mobilizarea americanilor pentru razboi, bunurile/materialele de imprumut-leasing sub

forma de vehicule, aeronave, arme etc. au fostduse pe cale maritima catre celelalte natiunialiate care luptau activ impotriva puterilorAxei. Odata cu incheierea Aliantei dintre SUAsi Uniunea Sovietica din 1942, programul a fostextins pentru a permite participarea lor cu maricantitati de bunuri care treceau prin convoaielearctice, coridorul persan si ruta aeriana Alaska-Siberia.

Reversul programului Imprumut-Leasing:

Concomitent cu programul Imprumut-Leasing prin care au fost in general livrate bunuricatre Aliati, a existat si o schema inversa deImprumut-Leasing prin care au fost date SUA bunuri si servicii. Odata cu sosirea forteloramericane in Europa, Marea Britanie a oferitasistenta materiala. In plus, natiunile dinCommonwealth au furnizat deseori hrana, baze, aeronave si alt suport logistic. In timpulrazboiului, SUA au primit circa 7,8 miliarde $in baza reversului programului de ajutor prinimprumut-leasing, din care 6,8 $ din MareaBritanie si natiunile din Commonwealth.

Sfarsitul programului de imprumut-leasing /plata valorii reziduale:

Initial creat drept un program decisiv pentru

castigarea razboiului, conventia de imprumut-leasing a ajuns la un nal brusc odata cuincheierea acestuia. Deoarece Marea Britanieavea nevoie sa retina o mare parte dinechipamentul obtinut prin imprumut-leasing pentru utilizare dupa incetarea razboiului, afost semnat Creditul anglo-american prin care britanicii au convenit sa achizitioneze acestearticole cu circa zece centi din valoarea unuidolar. Valoarea totala a creditului a fost de circa1,075 milioane . Plata nala a creditului a fost

mobilized for war, Lend-Lease goods/materialsin the form of vehicles, aircraft, weapons, etc.

were shipped to other Allied nations who wereactively ghting the Axis Powers. With thealliance of the US and Soviet Union in 1942,the program was expanded to allow their participation with large amounts of supplies passing through the Arctic Convoys, PersianCorridor, and the Alaska-Siberia Air Route.

Reverse Lend-Lease:

While Lend-Lease generally saw goods being provided to the Allies, a Reverse Lend-Leasescheme also existed where goods and serviceswere given to the US. As American forces beganarriving in Europe, Britain provided materialassistance. Additionally, Commonwealthnations often provided food, bases, aircrafts andother logistical support. Through the course ofthe war, the US received around $7.8 billion inReverse Lend-Lease aid with $6.8 of it comingfrom Britain and the Commonwealth nations.

The End of Lend-Lease/ residual valuepayment:

A critical program for winning the war, Lend-

Lease came to an abrupt end with its conclusion.As Britain needed to retain much of the Lend-Lease equipment for post-war use, the Anglo-American Loan was signed through whichthe British agreed to purchase the items forapproximately ten cents on the dollar. The totalvalue of the loan was around 1,075 million.The nal payment on the loan was made in2006. All told, Lend-Lease provided $50.1 billion worth of supplies to the Allies duringthe con ict, with $31.4 billion to Britain, $11.3


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efectuata in 2006. Luand totul in considerare,conventia de imprumut-leasing a furnizat

aliatilor marfuri in valoare de 50,1 miliarde $in timpul con ictului, respectiv 31,4 miliarde$ Marii Britanii, 11,3 miliarde $ UniuniiSovietice, 3,2 miliarde $ Frantei, si 1,6 miliarde$ Chinei.

2. Pietele nanciare nebancare din Romania istoric si prezent

Pe baza lectiilor istoriei in ceea ce privestecreditul de consum si leasingul, piata emergentadin Romania dupa revolutia din 1989 a inceputcu modestie sa foloseasca produse precumleasingul si creditul de consum pe o piatanereglementata. Legea creditului ipotecar silegea leasingului au fost unele din primeletexte legislative care au recunoscut rolulacestor produse pentru economia emergenta dinRomania.

Asa cum am prezentat in anuarele noastreanterioare, Asociatia a avut scopul de a oferisprijinul pentru lobby in favoarea unei mai bune reglementari a unei piete care a prezentato crestere imensa si rapida in privinta cifrelorsi a jucatorilor intre anii 1994 si 2008. In iulie2005 Asociatia a informat in mod o cial, printr-un comunicat de presa, ca membrii sai simtnevoia sa amelioreze legislatia din domeniulleasingului in sensul introducerii unui articoltranzitoriu in textul de lege pentru demarareaunei autoritati de reglementare a leasinguluica parte a pietei nanciare nebancare. Aceastaautoritate ar trebuit sa inceapa sa functionezecat de urgent posibil sub umbrela BNR. Rolulsau ar vizat autorizarea, reglementarea sisupervizarea acestui segment de piata, precumsi pregatirea Romaniei in vederea intrarii inUniunea Europeana.

Acest fapt a exprimat in mod o cial intentia jucatorilor de a ajunge la o reglementare minimaa pietei nanciare nebancare, aratand maturitateaacestora, precum si dorinta de a investi in viitor

billion to the Soviet Union, $3.2 billion toFrance and $1.6 billion to China.

2. Non-banking nancial markets inRomania history and present

Following the lessons to learn from the historyof consumer credit and leasing the emergingmarket of Romania after the 1989 revolutionhas modestly started to use products likeleasing and consumer credit in a non-regulatedmarket. The mortgage credit law and the leasinglaw were some of the rst texts of legislationrecognizing the role of these products for theemerging economy of Romania.

As we have already presented within our previous yearly books the Association has beenaimed to offer the necessary lobby supporttowards better regulation of a market that wasshowing huge and rapid increase in gures and players from 1994 to 2008. In July, 2005 theAssociation was of cially informing, within its press release, that its members feel the needto amending leasing legislation with respect tointroducing a transitory article within the text oflaw towards starting up of a regulatory authorityof leasing as part of non-banking nancialmarket. This authority should start its activitya.s.a.p. and would work under the umbrella of NBR. Its role would be to authorize, regulateand supervise this segment of market as wellas prepare it for Romanias accession intoEuropean Union.

This of cially expressed intention of the players towards minimal regulation of the non- banking nancial market shows the maturityof the players as well as the well intention to


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in aceasta piata locala. Exista nevoia de a aveaun cadru juridic si de a constientiza importanta

acestor produse nanciare pentru dezvoltareaeconomiei. Conjunctura economica era pozitiva, iar piata, inclusiv piata de leasing side credit, cunoastea o intensa crestere. Aceastacrestere trebuia sa e sprijinita de un anumitnivel de reglementare!

Raspunsul legislativ a fost unul pozitiv, iar anul2006, chiar inainte de intrarea Romaniei inUniunea Europeana, a marcat intrarea in vigoarea noii legi a leasingului special ameliorata, a

legii institutiilor nanciare nebancare, precumsi a modi carilor aduse tratamentului scal side nitiei leasingului nanciar si operational.Acest nou set legislativ este inca in vigoaresi reprezinta baza legala pe care se sprijinaaceasta industrie speci ca. Aceasta baza a fostapoi dezvoltata din punct de vedere prudentialde catre Banca Nationala a Romaniei.

Mai exista inca voci care considera ca aceasta piata nu ar trebuit sa e reglementata sau voci

care au opinia ca nivelul pietei leasingului si alcreditului de consum continua sa e interesantdupa acesti ani de criza tocmai datorita faptuluica piata este reglementata, iar acest nivelde reglementare da in continuare incredereinvestitorilor prezenti si viitori.

3. Gradul de constientizare al institutiilornanciare nebancare precum leasingul sicreditul de consum din Romania are o mareimportanta pentru toate partile implicate.Una dintre cele mai importante parti estereprezentata de puterea legislativa. Atentiaindreptata asupra dialogului social ne arata carolul puterii legislative, e ca e vorba de Executivori de Parlament, este acela de a actualizacadrul legislativ la realitatea economica. Aiciapare rolul Asociatiei de zona de tampon intre jucatorii din piata si factorii decizionali, inclusiv presa! Dupa cum puteti vedea in gra cele dinacest capitol, leasingul a avut un rol de mareimportanta in 2008 cand nanta aproape 4% din

further invest in this local market. There wasthe need for a legal framework and for of cialawareness of the importance of these nancial products for the development of the economy.The economic conjuncture was positive and themarket, including leasing and credit market,was growing intensively. This growth had to besupported by a certain level of regulation!

The legislative response was positive and theyear 2006, just before Romanias accessioninto European Union, had marked the enteringinto force of the newly amended special leasing

law, the non-banking nancial institutions lawas well as amendments to the scal treatmentand de nition of leasing, both nancial andoperational. This new legislative kit is stillin force and represents the legal base forsupporting this speci c industry. This base wasfurther developed from the prudential point ofview by the National Bank of Romania.

There are still voices that do consider thatthis market should not have been regulated or

voices that do express the opinion that the levelof leasing and consumer credit market keeps being interesting after these years of crisis just because the market is regulated and suchlevel of regulation keeps the con dence for the present and future investors.

3. The awareness of non-banking nancialinstitutions like leasing and consumer creditin Romania is of great importance for allinvolved parties.One of the most important parties is represented by the legislative power. Afocus on the social dialogue shows that the roleof the legislative power, being it the Executiveor the Parliament, is to upgrade the legislativeframework to the reality of the economy. Herecomes also the Associations role as a bufferzone between the players in the market and thedecision makers, including media! As you maysee in the graphics in this chapter the role ofleasing was of high importance in 2008 whenit was nancing almost 4% of GDP. It became


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consum, in special cele in devize (doritorii suntobligati sa prevada garantii acoperitoare de cel

putin 133 la suta din nantarea totala; duratacreditului nu trebuie sa depaseeasca cinci ani;au fost introduse constrangeri suplimentare pentru debitorii expusi riscului valutar etc.) faraa impiedica insa accesul la creditele ipotecareimobiliare. Aceasta Reglementare includecerinta explicita pentru creditor de a-si informasi avertiza clientii asupra riscurilor asociate cuimprumuturile in devize. In 2012 organismulde reglementare si-a exprimat in mod clarintentia de a extinde aceasta Reglementare laentitatile juridice cu privire la constientizareasi asumarea riscurilor pe care debitorul nule poate intelege ori gestiona. Din punct devedere al reglementarii, anul 2011 a fost marcatde adoptarea Standardelor Internationale deRaportare Financiara (IFRS) care implicaschimbari ale cadrului de reglementare subaspectul capitalizarii, provizionarii, nivelelor delichiditate ale institutiilor de credit fara a includeIFN-urile sub umbrela acestei noi reglementari!Aceste cerinte prudentiale noi legate de IFRS,care au scopul de a acoperi riscurile in modadecvat, sunt extrem de asteptate pentru a implementate si in piata IFN-urilor.

In Raportul anual al Bancii Nationale aRomaniei din 2011 cu privire la realitateaeconomica se arata ca cele mai afectateau fost IMM-urile, deoarece rata de crediteneperformante a acestora a avut cea mai rapidacrestere si cel mai inalt nivel (20,9 la suta la

sfarsitul lunii martie 2012). A crescut si risculde credit cu privire la imprumuturile legatede bunurile de uz casnic, insa cu un ritm maimic (de 9,0 la suta la sfarsitul lunii martie2012 de la 7,9 la suta la sfarsitul anului 2010),vulnerabilitatile cele mai mari ramanand celede mare indatorare si cele privind devizeleconsiderabile pe termen scurt.Rata creditelor neperformante din sectorulmarilor clienti a ramas la 3,7 la suta la sfarsitullunii martie 2012, cele mai importante riscuri

granting consumer loans, especially foreigncurrency-denominated lending (applicants are

bound to provide collateral covering at least133%of the total nancing; loan term shall notexceed ve years; supplementary constraintsfor unhedged borrowers were introducedetc.) without hampering access to real estatemortgage loans. The Regulation includes theexplicit requirement for the creditor to informand warn its clients about the risks associatedwith foreign currency-denominated lending.In 2012 the regulator has expressed its intentionto extend this Regulation to legal entities withrespect to awareness and assumption of risksthat the debtor cannot understand or manage.Year 2011 was marked from the regulatory pointof view by the adopting of the InternationalFinancial Reporting Standards (IFRS) thatmeant changes to the regulatory frameworkin terms of capitalization, provisioning,liquidity levels of credit institutions withoutincluding the NBFIs under the umbrella ofthis new regulation! This new IFRS prudentialrequirements that are aimed to cover risks inan adequate manner are highly expected by the NBFI market to be implemented, too.

According to the 2011 Annual Report of the National Bank of Romania with respect to theeconomic reality the hardest hit were small-and medium-sized enterprises, as their non- performing loan ratio posted the fastest growthand the highest level (20.9%at end-March

2012). Credit risk attached to household loansalso expanded, albeit at a slower pace (to 9.0%at end-March 2012 from 7.9%at end-2010),with high indebtedness and the substantial shortforeign currency position remaining the majorvulnerabilities.The corporate sectors non-performing loanratio stood at 3.7% at end-March 2012, with themost signi cant risks coming from a relativelylow debt servicing capacity and loose paymentdiscipline among business partners.


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provenind de la un nivel relativ scazut alcapacitatii serviciului datoriei si de la pierderea

disciplinei de plata in randul partenerilor deafaceri.

Clientul tinta al institutiilor nanciare nebancarede leasing nanciar este in principal constituitde IMM-uri. Leasingul nanciar si operationalsunt produse care pot oferi stimulente pentruentitatile juridice, ceea ce depinde bineinteles decadrul scal la nivel local, precum si de costurile prudentiale ale activitatii pentru acele companiide leasing nanciar care se a a in Registrul

Special al Bancii Nationale a Romaniei. Banca Nationala a Romaniei a adus la cunostinta prinRaportul anual din 2011 faptul ca, la fel ca inanii precedenti, anul 2011 a atestat in continuarerestructurarea IFN-urilor, un proces generat denevoia de adaptare la performanta economieiinterne si de conformare cu cerintele juridicesi de reglementare aplicabile in acest domeniu.In consecinta, la sfarsitul anului 2011, un numarde 203 IFN-uri au fost inregistrate in RegistrulGeneral, cu sapte IFN-uri mai putin decat in anul precedent, ca urmare a inregistrarii a patru noicompanii si a deregistrarii a 11 institutii. Sapteinstitutii au fost deregistrate la cererea lor, treiau fost deregistrate ca sanctiune pentru violarea prevederilor legale aplicabile si o institutie afost deregistrata in urma fuziunii prin absorbtiea doua IFN-uri. Dupa tipul de activitate, cele11 deregistrari au fost raportate dupa cumurmeaza: opt la sectiunea Activitati multiplede creditare si trei la leasing nanciar.

Prima jumatate a anului 2012 a inregistrat oevolutie similara. Ca atare, totalul de IFN-uri

The target client of the nancial leasing non- banking nancial institutions is mainly theSMEs. Financial and operational leasing are products that may offer incentives for the legalentities, depending of course, on the scalframework at local level as well as on the prudential costs of activity for those nancialleasing companies that are under the Special

Registry of the National Bank of Romania.The National Bank of Romania has informedwithin its 2011 Annual Report that similarto the prior years, 2011 further witnessed therestructuring of NBFIs, a process generated by the need to adjust to the performance ofdomestic economy and to comply with theapplicable legal and regulatory requirements inthis eld. Accordingly, at end-2011, a numberof 203 NBFIs were listed in the GeneralRegister, seven NBFIs less from the previousyear, as a result of the registration of four newcompanies and the erasure of 11 institutions.Seven institutions were erased upon request,three were erased as a sanction for breaching theapplicable legal provisions, and one institutionwas erased following the merger throughabsorption of two NBFIs. By type of activity,the 11 erasures were reported as follows: eightunder section Multiple lending activities andthree under Financial leases.

The rst half of year 2012 has registered asimilar evolution. Thus, the total number of

i i i i i i


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inregistrate in Registrul General, s-a redus la189 cu urmatoarea distributie in ceea ce privesteobiectul principal de activitate:

Registrul Special pastreaza numarul total de52 de IFN-uri cu urmatoarea componenta in privinta obiectului principal de activitate:

De la inceputul procesului de noti care ainstitutiilor nanciare nebancare din august2006 au fost deregistrate 82 de IFN-uri dinRegistrul General si 20 din Registrul Special.Majoritatea lor erau autorizate pentru activitatemultipla de creditare (32 in Registrul Generalsi 12 in Registrul Special) si pentru leasing (45in Registrul General si 7 in Registrul Special).Diferenta o reprezinta activitatea de credit deconsum (3 in General Registrul General si 1 inRegistrul Special) , activitatea de microcreditare(3 in Registrul General) si nantarea tranzactiilorcomerciale (1 in Registrul General).

5. Piata romaneasca de leasing la sfarsitullunii iunie 2012 in cifre

Piata romaneasca de leasing nanciar ainregistrat o tendinta de stagnare in prima jumatate a anului 2012 in comparatie cuaceeasi perioada din anul precedent. Cu toateacestea putem spune ca aceasta este o tendinta pozitiva in comparatie cu tendinta anului precedent de dinamica negativa!Totalul denantari acordate a insumat 649 milioanede Euro (pe baza valorii bunurilor nantate)acoperind diverse domenii, mai precis 25%

registered NBFIs in the General Registry wentdown to 189 with the following distributionrelated to the main object of activity:

The Special Register keeps the total number of 52 NBFIs having the following composition interms of main object of activity:

From the beginning of the noti cation process ofthe non-banking nancial institutions in August2006, 82 NBFIs were erased from the GeneralRegistry and 20 from the Special Registry. Themajority of them were authorized as multiplecredit activity (32 in General Registry and 12in Special Registry) and nancial leasing (45in General Registry and 7 in Special Registry).The difference is represented by the consumercredit activity (3 in General Registry and 1 inSpecial Registry) , microcredit activity (3 inGeneral Registry) and nancing of commercialtransactions (1 in General Registry).

5. Romanian Leasing Market as of end ofJune, 2012, in gures

The Romanian nancial leasing market hasregistered in the rst half of year 2012 astagnation trend when compared to the same period of the previous year. Yet, we may saythat this is a positive trend when compared tothe last years tendency of negative dynamic!The total granted nancings amounted at649 million Euros (based on the value ofthe nanced assets) covered various elds,namely 25% the industrial equipment, 3%


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echipamente industriale, 3% domeniulimobiliar si 72% cel al transportului.Acestdeclin al ariilor de interes arata ca, chiar dupaanii de criza nanciara in care jucatorii cautaunoi nise de piata pentru o mai buna gestionarea bunurilor, dar si a riscurilor nanciare,nantarea agentilor economici concentrata peariile activitatii de transport ramane una din pietele cele mai de incredere.In privinta nantatorilor, piata romaneasca deleasing nanciar este dominata de societatilede leasing detinute de marile grupuri nanciar- bancare. Ca atare, cea mai mare cota de piataeste cea din sectorul companiilor subsidiare ale bancilor, cu 62% din total, urmata de sectorulcompaniilor captive cu 24% i de sectorulcompaniilor independente, cu 14%.n domeniul transporturilor, evoluiananrilor dupa trimestrul al II-lea din 2012indic pstrarea unei ponderi relativ constante pe categorii de vehicule, dup cum urmeaz:autoturismele dein o cot de 61%, vehiculelecomerciale grele 27% i vehiculele comercialeuoare 12% din total.In domeniul nantarii de echipamente esteinteresant de menionat faptul c pondereasectorului construciilor este n cretere fatrimestrul al II-lea al anului 2011, de la 17%la 33%, ponderea industriei metalurgice estede asemenea n cretere de la 4% la 9%, intimp ce ponderea echipamentului agricol,a echipamentelor medicale i a aparatelorelectrice este n scdere de la 22% la 18%, dela 6% la 4%, respectiv de la 14% la 8%, iarnanarea celorlalte sectoare ale economiei

pstreaz o pondere relativ constant (2-3%industria de prelucrare a lemnului, 3-4% ndomeniul echipamentelor IT i software), precum i alte domenii. Aceasta evolutie indicao intentie sporita a nantatorilor de a investi innoi domenii de interes, alaturi de piata auto careramane cea mai importanta.Finantarea sectorului imobiliar arata intre anii2009 si 2012 o evolutie contrara in comparatiecu criza speci ca din acest domeniu de

the real estate eld and 72% the transporteld. This breakdown of areas of interest proves

that, even after the nancial crisis years whenthe players were looking for new market nichesin order to better manage both the asset and thenancial risks, the nancing of the economicagents focused on transport areas of activityremain ones of the most con dent markets.

The Romanian nancial leasing market, interms of lessors is dominated by the leasingcompanies owned by the big nancial & banking groups. Thus, the biggest marketquota is registered by the sector of the bankssubsidiaries, with 62% out of the total, followed by the captive companies sector with 24% and by the independent companies sector with 14%.In the transport eld the evolution of thenancings after the second quarter of 2012indicates a constant weight related to the vehiclecategories, namely: the passenger cars have aquota of 61%, the heavy commercial vehicles27% and the light commercial vehicles cover12% out of the total.In terms ofequipment nancingit is interestingto mention that compared to the same periodof 2011 the weight of the construction eldis increasing from 17% to 33%, the metal processing segment from 4% to 9% while theshares of agricultural eld, medical equipmentand electrical devices dropped from 22% to18%, from 6% to 4% and from 14% to 8%respectively, whereas the nancing of the othereconomic sectors have still a weight relativelyconstant (2-3% wood processing industry,3-4% IT and software equipment) as well asother sectors. This evolution shows an intensiveintention of the lessors to invest in new eldsof interest, besides the vehicles market thatremains the most important one.

The nancing of the real estate sector shows between 2009 and 2012 an antagonist evolutionwhen compared to the speci c crisis of this


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activitate. In timp ce dezvoltarea imobiliaracunoaste o evolutie negativa, contractele de

sale & lease back dedicate zonei imobiliareau reprezentat o sursa alternativa pentru aceinantatori care au avut incredere si know-howin a supravietui in aceste vremuri di cile din punct de vedere macroeconomic. In consecinta,dinamica acestui sector ar trebui sa e analizatamai mult caz cu caz si nu din perspectiva uneianalize de nisa.In acest sens, cifrele de la H1 2012 comparatecu cele de la H1 2011, arata o crestere dela 1% la 57% in privinta ponderii nantariihotelurilor, in timp ce ponderea nantariicladirilor rezidentiale a crescut de la 5% la 6%.In contrast cu aceasta, s-au nregistrat scderiin pondere ale nanrilor cladirilor industrialede la 40% la 5%, ale terenurilor de la 31% la16%, a categoriei retail-outlet de la 5% la 1% ia nanrii cldirilor de birouri clasa A, B i Cde la 18% la 15%.Datorita stimulentelor scale oferite delegislatia romaneasca in principal nantatorilorcare sunt organizati ca agenti economici,clienii persoane juridice au atras cea mai mare pondere (90%) din totalul nanrilor, urmaide persoanele zice (10%) i de sectorul public(0%). Este interesant de mentionat faptul casectorul public nu are inca experienta utilizariileasingului ca sursa de nantare, chiar dacalegislatia parteneriatului public privat a fostarmonizata cu respectiva Directiva europeana.Penetrarea leasingului in PIB-ul Romanieiindica o tendinta pozitiva in timpul perioadei premergatoare crizei si una negativa dupacriza nanciara. Astfel, daca in 2008, primulan de declin pentru aceasta piata, indicele de penetrare este de 3,52%, in 2011 acelasi indicea atins nivelul de 0,99%. Cauza este una foartetransparenta si nu constituie un secret: crizananciara atat la nivel european, cat si la nivellocal. Acest indice indica faptul ca piata deleasing din Romania este una emergenta carea supravietuit mediului macroeconomic foartedi cil la nivel european si acest fapt ne da

eld of activity. While the development of thereal estate is on a negative evolution, the sale

and lease back contracts dedicated to the realestate area, represented an alternative sourceof nancing for those lessors that have provencon dence and know-how in surviving thesedif cult macroeconomic times. Consequently,the dynamics of this sector should be analysedmuch more on a case by case basis and not as aniche analysis.Thus, the gures of H12012 compared to H12011, show an increasing from 1% to 57%related to the nancing of the hotels in termsof weight, while the nancing of the residential buildings weight increased from 5% to 6%.On the contrary, the nancing of the industrial buildings decreased from 40% to 5%, landnancing from 31% to 16%, retail-outlet from5% to 1% and the nancing of the of ces areasclass A, B and C from 18% to 15%.

Due to scal incentives offered by the Romanianlegislation mainly to lessors that are organizedas economic agents, thelegal clientsattractedthe largest part (90%) of the total nancings,followed by the individuals (10%). It isinteresting to mention that thepublic sectorhas no experience yet in using leasing as asource of nancing, even if the public private partnership legislation has been harmonizedwith the respective European Directive.

The leasing penetration into Romanian GDPshows a positive trend during the pre-crisis period and a negative one after the nancialcrisis. Thus, if in 2008, the rst year of declinefor this market, the penetration index is at3.52% in 2011 this index has reached the levelof 0.99%. The cause is very transparent and nota secret: the nancial crisis both at the Europeanand local level. This index indicates that theRomanian leasing market is an emergingone that has survived over the very dif cultmacroeconomic environment at the Europeanlevel and that promises con dence in future


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incredere in viitoarea sa evolutie. Este importantde mentionat faptul ca pentru moment principalii

jucatori reprezinta capitalul european investitin piata nanciara din Romania in timpulultimelor doua decade si ca acest capital a fostdirect afectat de evolutia monetar- nanciara lanivel global si continental.

6. Piata creditului de consum a ALB in cifrela sfarsitul lunii iunie 2012Membrii ALB, reprezentani ai creditului deconsum au acordat credite n valoare de 225,8milioane Euro, din care 206,5 milioane Euro(91,4%) credite destinate consumului personal,14,6 milioane Euro (6,5%) credite industriale si4,7 milioane Euro (2,1%) credite auto, astfel:n domeniul creditelor destinate consumului personal, imprumuturile de tip nevoi personaledetin o cota de 52%, creditele de tip revolving(inclusiv cardurile de credit) au o pondere de34%, iar credite la POS 14%.

Din totalul nantarilor de tip credit autoacordate, 95% au fost destinate achizitiei devehicule noi si doar 5% achizitiei de vehiculesecond hand.Din totalul nantarilor acordate in functie devaloarea creditului, 59% au fost credite intre 0si 1000 Euro, 24% intre 1000 si 5000 Euro, 9%intre 5000 si 10 000 Euro si 8% mai mult de 10000 Euro. In ceea ce priveste creditele acordate pe categorii de varsta, 29% au fost acordate persoanelor cu varste cuprinse intre 35 si 45 deani, 26% persoanelor care au peste 55 de ani,20% persoanelor cu varste cuprinse intre 25 i35 de ani, 20% persoanelor cu varste cuprinseintre 45 i 55 de ani, si doar 5% persoanelor sub25 de ani.Din totalul nantarilor acordate in functie desex si din punct de vedere al situatiei civile aclientilor 50% au fost credite pentru persoanede sex feminin si 50% pentru persoane de sexmasculin, din care 70% declara ca sunt casatoritii 30% necasatoriti.In funcie de gradul de educare 52% au fost

development. It is important to mention thatfor the time being the main players represent

the European capital invested in the nancialmarket in Romania during the last two decadesand this capital has directly been affected by themonetary and nancial evolution at the globaland continental level.

6. ALBs market of consumer credit ingures as of end of June 2012The ALB members representing the consumercredit granted credits amounting 225.8 millionEuros, out of which 206.5 million Euros (91.4%)consumer credits for personal consumption,14.6 million Euros (6.5%) industrial credits and4.7 million Euros (2.1%) credits for vehicles,namely:In the eld of consumer credits for personalconsumption, the personal loans have a quotaof 52%, the revolving credits 34% and creditsat the point of sale 14%.

Out of the granted nancing for the vehiclecredits, 95% were dedicated to the acquisitionof new vehicles and only 5% to the acquisitionof second-hand vehicles.Out of the total granted nancing dependingon the loan amount, 59% wereloans between 0 and 1000 Euros , 24% between 1000 and 5000 Euros , 9% between 5000 and 10 000 Euros and8% for more than 10 000 Euros .In terms of loans based on age , 29% weregranted to people between ages of 35 and 45years old, 26% to people who are over 55 yearsold , 20% to people aged between 25 and 35years old, 20% to people aged between 45 and 55 years old and only 5% to people under 25years old.Out of the total granted nancing, taking intoconsideration the clients sex and marital status,50% wereloans granted to women and 50%to men, out of which 70% declared they are married and 30% unmarried.Considering the level of education 52% wereloans granted to people with medium studies,


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credite acordate persoanelor cu studii medii,30% persoanelor cu studii superioare si 18%

persoanelor cu studii elementare.ALB reprezinta conform statisticilor ALB si BNR93% din totalul pietei creditului de consum IFNdin Romania.

7. Participarea ALB la diverse organismenationale si internationale

In conformitate cu politicile membrilor si cureprezentarea, Asociatia este membra a FederatieiEuropene de Leasing Leaseurope si a FederatieiEuropene de Credit de Consum Euro nas. Caurmare, ea este parte a dialogului cu anumiteorganisme si directii europene precum AutoritateaBancara Europeana, DGTAXUD, DGSANCO,si DGMARKT in privinta activitatii de lobbyreferitoare la schimbarile directivelor europene cu privire la aria de interes si activitatea industriei.In ceea ce priveste principiile statutare de buna practica, ALB a semnat protocoale decooperare sau s-a angajat in programe comunecu urmatoarele autoritati romanesti: InspectoratulGeneral al Politiei Romane, Autoritatea Nationala pentru Protectia Consumatorului, ConsiliulConcurentei; echipa de experti ALB este parteactiva a comisiilor de dialog social la nivelulMinisterului de Finante Publice si al Bancii Nationale a Romaniei. ALB este totodatamembru activ al Comisiei Nationale de FormareProfesionala a Adultilor care functioneazasub auspiciile Ministerului Muncii si care estegazduita de Institutul Bancar Roman. Asociatiasi membrii ei au aratat un mare interes pentru programele de educatie destinate consumatoruluide servicii nanciare, ind un membru activ alechipei pentru Strategia de Educatie Nationala cuscopul de a semna protocoale cu inspectoratelescolare locale in vederea inceperii programelor deeducatie in licee.Asociatia este membra a Uniunii Nationale aPatronatelor cu Capital Privat din Romania UNPCPR si din 2010 Secretarul General alAsociatiei este vicepresedinte al acestei uniuni a

patronatelor.

30% to people with superior studies and 18%to people with elementary studies .

Based on the ALB and NBR statistics, ALB isrepresenting 93% of the NBFI consumer credit& leasing total market in Romania.

7. ALBs participation in various national andinternational bodies

In line with its members policies andrepresentation the Association is member ofthe European Leasing Federation Leaseuropeand European Consumer Credit Federation Euro nas. Consequently it is part of the dialoguewith certain European bodies and directorateslike European Banking Authority, DGTAXUD,DGSANCO, and DGMARKT in lobbyingchanges to the European Directives with respectto industrys area of interest and activity.With respect to its statutory principles of best practice ALB has signed protocols of cooperationor engaged in common programs with thefollowing Romanian authorities: RomanianGeneral Inspectorate of Police, NationalAuthority for Consumer Protection, CompetitionCouncil; the ALBs team of experts is actively part of the social dialogue commissions at thelevel of Ministry of Public Finance and NationalBank of Romania. ALB is also active memberof the National Commission for ProfessionalTraining of Adults that functions under theauspices of the Ministry of Labour and ishosted by the Romanian Banking Institute. TheAssociation and its members have shown a highinterest in educational programs for nancialservices consumer being an active member of the National Educational Strategy Team and aimingto sign protocols with the local educationalinspectorates for starting dedicated educational programs in high schools.The Association is member of the National Union of Employers of Private Equity in Romania -UNPCPR and functions through its SecretaryGeneral as vice president of the Employers since2010.


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8. Creditare responsabila in mai a intrat invigoare Codul de Bune Practici semnat si asumat

de industria creditului de consum. Textulacestui cod de autoreglementare a fost revizuitsi aprobat de Autoritatea Nationala pentruProtectia Consumatorului si produce efecte juridice pentru semnatari si clientii acestora.Acest Cod impune ALB sa monitorizezerespectarea principiilor de creditare care suntde nite de Codul de Bune Practici.Adunarea Generala Anuala din 2012 a decisca industria leasingului ar trebui sa inceapasi ea sa elaboreze Codul de bune practici alacestei industrii cu scopul ca nantatorii satransparentizeze si sa respecte principiilede buna practica in relatiile contractuale cuutilizatorii, e ca acestia sunt persoane ziceori juridice.

Concluzie: Piata nanciara nebancaradin Romania este inca la inceputuri incomparatie cu istoria acestor produse in alteeconomii! Unii ar putea spune c mediulactual nanciar nu ar trebui s sprijinedezvoltarea n continuare a acestor produse. Altii ar putea spune ca in principal acestedoua servicii nanciare speciale ar putea o solutie alternativa pentru rezolvareaproblemelor nanciare ale economiilor.Creditul de consum ar putea inlesnimentinerea increderii populatiei intr-un stilde viata care nu este in mod necesar de nitprin consum, ci prin ideea de indatorareproductiva! Leasingul ar putea servi, inlipsa lichiditatilor, ca sursa alternativapentru rezolvarea situatiilor economicesi conjuncturale di cile ... realitateaeconomica romaneasca a aratat faptul caagentii economici au inceput sa inteleagarolul leasingului in astfel de vremuri di ciledin punct de vedere nanciar atunci candau cerut sale & lease back! Istoria aaratat ca leasingul poate sprijini de-alungul secolelor marile bugete de razboi!El are bineinteles nevoie de doua elementeimportante: sprijinul statului si increderea

8. Responsible lending in May 2012 theCode of Best Practice signed and assumed by

the Consumer Credit industry has entered intoforce. The text of this self-regulatory code has been revised and approved by the NationalAuthority of Consumer Protection and produceslegally effects towards its signatories and theircustomers. The Code enforces ALB to monitorthe respect of the responsible lending principlesthat are de ned by the Code of Best Practice.The Annual General Assembly in 2012 hasdecided that the leasing industry should alsostart working on the text of industrys Codeof best practice aimed to better transparencyand best practice principles respect by lessorsin their contractual relationship with lessees, being those individuals or legal entities.

Conclusion: Non-banking nancial marketin Romania is yet at its beginnings whencompared with the history of these productsin other economies! Some may say thatthe present nancial environment shouldnot support further development of theseproducts. Other may say that mainly thesetwo special nancial services may be analternative solution to solving the nancialproblems of the economies. Consumer creditmay help the maintenance of the populationcon dence in a life style that is not necessarilyde ned by consumption but by the idea ofproductive debt! Leasing may serve, whenlack of liquidities, as alternative source forsolving con ict situations.the Romanianeconomic reality has shown that theeconomic agents have started understandingthe role of leasing in such dif cult nancialtimes when asking for sale & lease back!History has proved that leasing can support,through centuries, big war budgets! It needs,of course, two important elements: statesupport and con dence in its power andeconomic role. Personally, I trust that thedecision makers in Romania will understandthe role leasing and consumer credit may


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acestuia in puterea si in rolul sau economic.In ceea ce ma priveste, eu sunt convinsa ca

factorii decizionali din Romania vor intelegerolul pe care leasingul si creditul de consuml-ar putea juca in viitoarea dezvoltare aeconomiei romanesti si in principal rolulacestor produse in punerea la dispozitie aunui cadru economic reglementat acolo undesunt mai putine lichiditati. Asadar, leasingulpoate un produs clasic care nu rivalizeaza,ci este o solutie alternativa creditului pentrua oferi sursele naciare adecvate de exemplupentru viitoarele parteneriate public privatein construirea infrastructurii atat denecesara in Romania.

Surse bibliogra ce selectate

US Navy: Lend-Lease Act Text U-boat.net: The Lend-Lease Act Library of Congress: Lend-Lease & the

Soviet Union British War Economy: Lend-Lease Microcredit site WBK eHow.com Brief history of consumer

credit BNR: Raport anual 2011

9. Gra ce

play in the near future development of theRomanian economy and mainly the role

of these products in offering an economicframework agreement where is less liquidity.Thus, leasing may be a classic product thatdoes not compete but alternates with creditin offering the adequate nancial sourcesfor instance for the future public privatepartnerships in building the so much neededinfrastructure in Romania.

Selected Sources

US Navy: Lend-Lease Act Text U-boat.net: The Lend-Lease Act Library of Congress: Lend-Lease & the

Soviet Union British War Economy: Lend-Lease Microcredit site WBK eHow.com Brief history of consumer

credit NBR 2011 Annual Report

9. Graphics

Adriana AhciarliuSecretar General ALB Romnia


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S o u r c e

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catalog alb 2012

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