Piata Institutiilor Financiare Nebancare din Romania

2013

The Non-Banking Financial Institutions’ Market in Romania

2013

Coordonator al editiei: Drd Adriana AHCIARLIU – Secretar General, Asociatia Societatilor Financiare – ALB Romania

Autori:

Adriana AHCIARLIU – Secretar General, ALB Rob HENNEVELD – Director, Global Automotive Consultancy Karim KHEIRAT – Director Asociat, Credit Risk Solutions, KPMG Mirela KIRKPANTUR - Consultant in Programe de Finantare, Diplomat Consult Bogdan MARITA – Presedintele Comitetului Legal al ALB, Unicredit Leasing Corporation IFN S.A. Alexandra SMEDOIU – Senior Manager, PWC Adrian CIURTIN – Managing Partner, Ciurtin si Asociatii Traducere:

S.C. Diplomat Consult S.R.L. Euroverba Verificare traducere:

Adriana AHCIARLIU Ana FILIP Tehnoredactare si grafica:

Raluca CATANA - Referent Economist, Diplomat Consult Bogdan PICIU - Office Assistant & P.R. Officer, Diplomat Consult Coperta: S.C. Copertex S.R.L.

Publicatie realizata de S.C. DIPLOMAT CONSULT S.R.L. Pentru ASOCIATIA SOCIETATILOR FINANCIARE - ALB ROMANIA Adresa: Str. Gaetano Donizetti nr. 3, et. 4, apart. 10, Bucuresti, sector 2, cod postal 020182, Romania Tel: 021/ 230.61.52; 021 230.03.50 Fax: 021/230.61.32 E-mail: office_alb@alb-leasing.ro Web: www.alb-leasing.ro

ISSN: 2067 – 5232 ISSN-L: 2067 – 5232

Distributie gratuita prin: SC Diplomat Consult SRL www.office@diplomatconsult.com

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Coordinator of edition: Drd Adriana AHCIARLIU - Secretary General, Financial Companies Association – ALB Romania

Authors:

Adriana AHCIARLIU - Secretary General, ALB Rob HENNEVELD - Managing director, Global Automotive Consultancy Karim KHEIRAT - Associate Director, Credit Risk Solutions, KPMG Mirela KIRKPANTUR - Financing Programs Consultant, Diplomat Consult Bogdan MARITA – President of the Legal Committee of ALB, Unicredit Leasing Corporation IFN S.A Alexandra SMEDOIU - Senior manager, PWC Adrian CIURTIN – Managing Partner, Ciurtin & Associates Translation:

S.C. Diplomat Consult L.T.D. Euroverba Proofreading:

Adriana AHCIARLIU Ana FILIP Making-up and graph:

Raluca CATANA - Referent Economist, Diplomat Consult Bogdan PICIU - Office Assistant & P.R. Officer, Diplomat Consult Cover: S.C. Copertex L.T.D.

Made by S.C. DIPLOMAT CONSULT L.T.D. For FINANCIAL COMPANIES ASSOCIATION – ALB ROMANIA Address: 3, Gaetano Donizetti Street, 4-th floor, appart. 10, Bucharest, district 2, postal code 020182, Romania Tel: 021/ 230.61.52; 021 230.03.50 Fax: 021/230.61.32 E-mail: office_alb@alb-leasing.ro Web: www.alb-leasing.ro

ISSN: 2067 – 5232 ISSN-L: 2067 – 5232

Free of charge by: SC Diplomat Consult Ltd www.office@diplomatconsult.com

Reproducing the content of this publication, completely or partly, in original or modified, as well as its storage in a retrieval system, or transmitted, in any form and by any means are forbidden without written permission of the S.C. Diplomat Consult L.T.D.

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Cuprins Prefata I. Institutiile financiare nebancare sub oglinda supravegherii Bancii Centrale si a cerintelor de integritate in business Adriana Ahciarliu, Secretar General ALB

II. Interviurile editiei 2013

II.1. Prezent si perspective pentru leasingul

financiar, Interviu cu Antoaneta Curteanu CEO Unicredit Leasing IFN S.A., Presedinte ALB

II.2. Prezent si perspective pentru creditul de consum, Interviu cu Olivier Floris CEO Cetelem IFN S.A., Vice Presedinte ALB

II.3. Schimbare de paradigma pentru leasingul

financiar, Interviu cu Felix Daniliuc CEO Raiffeisen Leasing IFN S.A., Membru CD al ALB

III. Opiniile consultantilor III.1. Leasingul financiar si alte operatiuni de creditare in contextul noilor provocari legislative. Solutii - Bogdan Marita - Presedintele Comitetului Legal al ALB, Unicredit Leasing Corporation IFN S.A. III.2. Argumente in favoarea cresterii contributiei institutiilor financiare nebancare la revigorarea mediului de afaceri romanesc - Mirela Kirkpantur - Consultant in Programe de Finantare, Diplomat Consult S.R.L. III.3. „Data analytics” transforma abordarea traditionala privind administrarea riscului de credit - Karim Kheirat - Director Asociat, Credit Risk Solutions, KPMG III.4. Problematica creantelor neincasate – o perspectiva fiscala - Alexandra Smedoiu - Senior Manager, PWC III.5. Evolutia Leasingului si nevoia de analiza numerelor - Rob Henneveld - Director, Global Automotive Consultancy

Table of contents pag/page Foreword I. Non-banking Financial Institutions Under The Mirror Of The Central Bank’s Supervision And Business Integrity Requests Adriana Ahciarliu, ALB Secretary General II. Interviews of 2013 edition

II.1. Present and perspectives for financial

leasing, Interview with Antoaneta Curteanu CEO Unicredit Leasing IFN S.A., ALB President

II.2. Present and perspectives for consumer credit, Interview with Olivier Floris CEO Cetelem IFN S.A., Vice President of ALB

II.3. Paradigm Change for Financial Leasing, Interview with Felix Daniliuc CEO Raiffeisen Leasing IFN S.A., ALB’s BOD member

III. Consultants’ opinions III.1. Financial leasing and other credit operations in the context of new legal challenges. Solutions - Bogdan Marita - President of the Legal Committee of ALB, Unicredit Leasing Corporation IFN S.A. III.2. Arguments in Favour of Increasing the Contribution of Non-Banking Financial Institutions to Revive the Romanian Business Environment - Mirela Kirkpantur - Financing Programs Consultant, Diplomat Consult L.T.D. III.3. Data Analytics transforms the traditional approach of Credit Risk Management - Karim Kheirat - Associate Director, Credit Risk Solutions, KPMG III.4. The outstanding receivables – a tax perspective - Alexandra Smedoiu - Senior Manager, PWC III.5. The Evolution of Leasing and its need for number crunching - Rob Henneveld - Managing director, Global Automotive Consultancy

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III.6 Energia ca sector vital pentru investitii in Romania – Adrian Ciurtin - Managing Partner, Ciurtin si Asociatii IV. Grafice

IV.1. Piata Creditului de consum IFN in Romania Septembrie 2012 – Septembrie 2013

IV.2. Piata Leasingului Financiar in Romania Septembrie 2012 – Septembrie 2013 V. Texte legislative pentru IFN-uri publicate in perioada iunie 2012 – iunie 2013 (doar versiunea in limba engleza) Regulament nr. 17 din 12.dec.2012. Monitorul Oficial, Partea I 855 18.dec.2012. Intrare in vigoare la 18.dec.2012, Regulament privind unele conditii de creditare.

Ordonanta de urgenta a Guvernului nr. 9/2013 privind timbrul de mediu pentru autovehicule, publicata in Monitorul Oficial, Partea I nr. 119 din 04.03.2013.

Hotararea nr. 480/2013 pentru modificarea si completarea Regulamentului de aplicare a Ordonantei de urgenta a Guvernului nr. 195/2002 privind circulatia pe drumurile publice, aprobat prin Hotararea Guvernului nr. 1.391/2006, Publicat in Monitorul Oficial, Partea I nr. 454 din 24.07.2013. Hotararea Guvernului nr. 84 din 6 martie 2013 pentru modificarea si completarea Normelor metodologice de aplicare a Legii nr. 571/2003 privind Codul fiscal, aprobate prin Hotararea Guvernului nr.44/2004 publicata in Monitorul Oficial nr. 136 din 14 martie 2013.

III.6 The energy as a vital sector for investments in Romania – Adrian Ciurtin – Managing Partner, Ciurtin & Associates IV. Graphics

IV.1. NBFIs Consumer Credit in Romania September 2012 – September 2013 IV.2. Financial Leasing Market in Romania September 2012 – September 2013 V. Legislation for NBFI issued between June 2011 to June 2012

Regulation No. 17 of 12 December 2012. Official Gazette of Romania, Part I 855 18 December 2012. Effective as of 18 December 2012, Regulation on Certain Crediting Conditions.

Emergency Government Ordinance No. 9/2013 on the environmental stamp duty for motor vehicles, published in Part I of Official Gazette of Romania No. 119 of 4 March 2013. Decision No. 480/2013 amending and supplementing the Regulation governing the enforcement of Emergency Government Ordinance No. 195/2002 on the public road traffic, as approved by Government Decision No. 1.391/2006.

Government Decision No. 84 of March 6, 2013 for the amendment and supplementation of the Methodological Rules of application of Law No. 571/2003 regarding the Fiscal Code, approved by Government Decision No. 44/2004 published in the Official Journal No. 136 of March 14, 2013.

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Prefata Iata-ne ajunsi la cea dea IX-a editia a acestui anuar. Daca as avea libertatea sa il transform intr-o carte de sine statatoare, fara incorsetarea unui titlu ce ofera continuitatea sa in timp, cred ca as da urmatorul titlu: “Institutiile Financiare Nebancare din Romania – INCOTRO?” Analizez aceasta piata din pozitia de secretar general al Asociatiei incepand cu 2004. Au trecut 5 ani de crestere istorica in domeniul leasingului financiar, de consolidare si asezare a jucatorilor pe cote de piata ce induc intotdeauna un spirit de competitie constructiv. A venit apoi creditul de consum cu “inocenta” unui produs nou in piata romaneasca si cu apetitul crescut al unei populatii la fel de “inocenta” in domeniu! Feeria celor 5 ani de crestere a fost absorbita instantaneu de debutul crizei financiare ce si-a intins tentaculele pana in Romania. Au urmat apoi 4 ani de criza in care regulile supraveghetorului au devenit mult mai stricte, apetitul temeperat pentru cote de piata pentru majoritatea jucatorilor iar politicile comerciale au variat de la “wait&see” pana la o cursa acerba pentru noi cote de piata ale unor actori, nu foarte neumerosi insa! Am incercat sa identific noutati in abordarea pietei. Cu toate acestea, rezultatele indica pastrarea, cu un conservatorism bine conturat in cazul majoritatii jucatorilor din aceasta piata, a acelorasi modele si linii de business, chiar in contextul dependentei de sectoare ale economiei care nu sunt intr-o zona de crestere economica in aceasta perioada. Doresc sa multumesc de fiecare data membrilor fondatori pentru perspectiva si viziunea de care au dat dovada. Imi exprim speranta ca aceasta Asociatie sa concentreze nu doar peste 90% din volumul total de finantari prin IFN la nivel national ci peste 90% din numarul total al IFN-urilor inscrise in Registrul General BNR. Este o speranta prin care invit aceste IFN-uri sa isi reconsidere rolul si dreptul lor de a-si exprima opinia in cadrul unei Asociatii profesionale recunoscuta atat la nivelul autoritatilor romane cat si la nivelul Comisiei Europene ca fiind portavocea institutiilor si serviciilor financiare nonbancare din Romania.

Foreword Here we are at the 9th edition of this yearbook. If I would have the freedom to convert it into a freestanding book without a title restraint that offers continuity in time, I think I would give the following title: “Non-banking Financial Institutions in Romania – WHERE TO?” I have been analyzing this market as the Secretary General of the Association since 2004. It's been five years of historical growth in the financial leasing sector, of consolidation and settlement of the players on the market shares which always induce a constructive spirit of competition. After that the Consumer Credit came with "the innocence" of a new product in the Romanian market and with the growing appetite of a population just as "innocent" in the field! The enthusiasm of 5 years of growth was absorbed instantly by the financial crisis debut that has spread its tentacles to Romania. Afterwards followed four years of crisis in which the rules of the supervisor have become more strict, the tempered appetite for market shares for the most players, while the trade policies have varied from "wait & see" up to a fierce race for new market shares of some actors, not too many though. I have tried to identify new ways to approach the market. However, the results indicate the keeping, with a well-defined conservatism for most players in this market, of the same patterns and lines of business, even in the context of sectors’ dependence of the economy which are not in an area of economic growth during this period. I want to thank each time the founding members for the perspective and vision which they have shown. I hope that this Association will focus not only on 90% of the total national NBFIs funding but on over 90% of the total number of NBFIs registered in the General Register of the NBR. It is a hope through which I invite these NBFIs to reconsider their role and their right to express their opinion in a professional association recognized both at the Romanian authorities and at the European Commission level as the spokesperson of the institutions and the non-banking financial services in Romania.

Multumesc partenerilor traditionali si celor care in acest an ni s-au alaturat pentru prima oara in proiectul de editare a acestui document de analiza in dinamica leasingului financiar, a creditului de consum si a Registrelor IFN la nivelul Bancii Nationale a Romaniei. Dincolo de o analiza statistica, va oferim si opinii ale celor mai buni consultanti si actori in domeniu care semneaza articole de actualitate in aceasta editie a anuarului “Piata institutiilor financiare nebancare din Romania – 2013”.

I would also like to thank the traditional partners and to those who joined us for the first time this year in the draft project of this analyzing document, reflecting the dynamics of the financial leasing, of the consumers credit and NBFIs Registers at the level of the National Bank of Romania. Beyond a statistical analysis, we also offer reviews of the best consultants and players in the field, who sign up-to-date articles in this edition of the yearbook "Non-banking Financial Institutions in Romania - 2013".

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DRD. Adriana AHCIARLIU ALB Secretary General

I. Institutiile financiare nebancare sub oglinda supravegherii Bancii Centrale si a cerintelor

de integritate in business

In loc de introducere va invit, inainte de toate, sa priviti graficul de mai jos:

I. Nonbanking Financial Institutions Under

The Mirror Of The Central Bank’s Supervision And Business Integrity Requests

Instead of an introduction, I invite you, first of all, to see the chart below:

Acest grafic reprezinta numarul si ponderea institutiilor financiare nebancare radiate, in functie de diversele lor categorii de obiecte principale de activitate, raportate la numarul total al IFN-urilor din Registrul General BNR. Perioada pe care aceasta informatie o acopera este 2006 – 2013. Este o informatie care ofera un diagnostic transparent al evolutiei pietei financiare reprezentate de aceasta categorie de institutii autorizate si supravegheate de BNR.

This chart represents the number and share of non-banking financial institutions radiated, according to their various categories of main activity objectives, in relation to the total number of NBFIs from the NBR General Register. The period of time that this information covers is 2006-2013. It is a piece of information that provides a clear diagnosis of the financial market’s evolution represented by this category of institutions authorized and supervised by the Central Bank.

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Chiar daca la o prima vedere cifrele transmit un mesaj cu o tenta pesimista, ele trebuie analizate prin prisma initierii cadrului legislativ ce a reglementat aceasta piata si a scopului acestuia.

Although, at first glance, the figures convey a slightly pessimistic message, they should be analyzed in terms of initiating the legal framework that regulated this market and its purpose.

Astfel, in februarie 2006, O.G. nr. 28 privind reglementarea unor masuri financiar-fiscale oferea o perioada de tranzitie de 6 luni tuturor acelor agenti economici care aveau in obiectul lor de activitate inclus leasingul financiar si orice alte activitati de creditare pentru a se autoriza in Registrele IFN ale Bancii Nationale a Romaniei. Procesul de autorizare impunea o trecere obligatorie de la organizarea de tip SRL la modelul societatilor pe actiuni cu capital minim social varsat diferentiat pe tipul de obiect de activitate, minimul fiind de 200 000 Euro. Cu acea ocazie, Registrul General BNR dedicat IFN-urilor a inregistrat si autorizat, doar in domeniul leasingului financiar, 278 de societati tip IFN. Celelalte domenii de activitate inscrise in Registrul General si cel de Evidenta adaugau inca alte sute de IFN-uri autorizate in baza prevederilor O.G. nr. 28/2006. Avand in vedere numarul mare al acestor categorii de institutii ce si-au manifestat cererea de a se autoriza in domeniul activitatii de creditare, cat si lipsa unor studii care sa prezinte transparent piata IFN-urilor pe diversele obiecte de activitate, precum si impactul social si economic al acestui nou domeniu de interes financiar, legiuitorul a permis Bancii Nationale a Romaniei sa aplice standarde duble de supraveghere IFN-urilor in functie de cifra de afaceri, volumul creditelor acordate, gradul de indatorare, totalul activelor si capitalurilor proprii. La acel moment al deciziei politice, am atras atentia asupra consecintelor negative ale acceptarii unor standarde duble de supraveghere care induceau un mediu de dezvoltare inegal, in detrimentul unei competitii loiale. In plus, definirea acestor institutii prin folosirea unei negatii in comparatie cu bancile a fost un alt motiv de ingrijorare pentru riscul de imagine pe care il poate induce! A fost un „botez” neinspirat si care a initiat o pozitionare incorecta a acestor institutii atat in relatia cu Banca Nationala, ca supraveghetor, cat si in relatia cu consumatorul si cu competitia din piata locala si europeana! Probabil ca o asteptare din partea legiuitorului a fost aceea de a lasa timpul si economia insasi sa filtreze pe acei jucatori care nu merita sa se alature clubului creditorilor si sa-i pastreze pe cei

Thus, in February 2006, G.O. no. 28/2006 regarding the regulation of certain financial-fiscal measures provided a transition period of six months for all those economic agents that included in their activity leasing and any other crediting activity in order to get authorized in the NBFI Registers of the National Bank of Romania. The authorization process required a mandatory transition from the LTD-type structure to the type of joint-stock with minimum social capital differentially paid by type of activity, the minimum being 200 000 Euros. On that occasion, the NBR General Register dedicated to the NBFI registered and authorized, only in the financial leasing domain, 278 NBFI-type companies. The other fields of activity entered in the General Register and the Evidence one added other hundreds of NBFIs authorized under the provisions of Ordinance No. 28/2006. Given the large number of these types of institutions that expressed their request to get authorized the lending activity domain, as well as the lack of studies to transparently present the NBFI market in various fields of activity, and the social and economic impact of this new field of financial interest, the legislature allowed the National Bank of Romania to apply double standards to the NBFI supervision depending on the turnover, the volume of granted credits, the indebtedness ratio, the total of assets and equity. At the time of that political decision, we drew attention to the negative consequences of accepting double standards supervision that were inducing an unequal development environment to the detriment of fair competition. In addition to this, the definition of these institutions by using negations when compared to banks was another concern for the image risk that can be induced! It was an uninspired ’baptism’ and it initiated an incorrect positioning of these institutions both in relation to the National Bank, as a supervisor, as well as in relation to the consumer and competition from the local and European market! Perhaps one of the legislator’s expectations was to let time and the economy itself to filter those players who do not deserve to join the creditors’ club and keep the ones

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care isi pot asuma toate rigorile unui astfel de domeniu de activitate in care integritatea in business si prudentialitatea ar trebui sa fie o lege autoimpusa! Cu toate acestea, textul normelor si regulamentelor BNR aplicabile institutiilor financiare nebancare din Registrul special, in comparatie cu cel general, a impus rigori si exigente foarte diferite, atat de diferite ca impact incat unele IFN-uri au gasit solutii de a evita continuu intrarea sub incidenta supravegherii din Registrul special! Au fost si au ramas anumite aspecte esentiale care pastreaza un soi de „razboi rece” intre cele doua Registre: supravegherea expunerilor, administratea riscurilor, auditul si controlul intern, norma privind fondurile proprii ale IFN-urilor. Aceste aspecte reprezinta doar un inventar minim al criteriilor care fac marea diferenta dintre cele doua Registre! In contextul asteptarilor induse prin autorizarea si reglementarea IFN-urilor, numarul celor care au rezistat in piata trebuia, intr-o economie normala, planificata si cat de cat predictibila, sa creasca prin glisare dinspre Registrul General spre cel Special ca urmare a cresterii volumului creditarii, a cifrei de afaceri si a expunerii. Toate acestea presupuneau si o sustinere adecvata a capitalului si fondurilor proprii din partea actionarilor intr-o piata care in 2006, la momentul reglementarii, promitea mult! Evolutia pe care am urmarit-o in cifre a fost mai mult concentrata spre domeniul leasingului financiar, care a fost de la inceput unul majoritar in ambele Registre. Au fost ani de varf pentru piata din Romania, ani in care dinamica cresterii depasea orice alt stat din Europa! Astfel anul 2007 a fost varful la care probabil nu se va mai ajunge decat intr-un viitor indepartat, acel varf care creaza un standard pe care trebuie sa ne simtim obligati sa il atingem din nou si sa il depasim – doar leasingul financiar a inregistrat o rata de penetrare in PIB de 7,5% in 2008 in timp ce volumul activelor IFN reprezenta cca. 11% din totalul activelor bancare, la doar doi ani de activitate sub supravegherea BNR. Evolutia economiei nationale promitea in aceeasi dinamica iar contextul politic purta inca amprenta alergatorului castigator la poarta de intrare in Uniunea Europeana.

who can take on all the rigors of such a field of activity in which the integrity in business and prudence should be a self-imposed law! However, the NBR text of rules and regulations applicable to NBFIs from the Special Register, compared to the General one, imposed very different rigors and demands, with such a different impact that some NBFIs found solutions to continuously avoid entering under the incidence surveillance of the Special Register! Certain essential aspects were and remained that keep a sort of ‚cold war’ between the two Registers: monitoring exposures, risk administration, audit and internal control, the norm on NBFIs’ own funds. These issues represent only a minimal inventory of the criteria that make the big difference between the two Registers! In the context of expectations induced by the authorization and regulation of NBFIs, the number of those who resisted in the market should have, in a normal economy, planned and somewhat predictable, grown by shifting from the General Register for the Special one as a result of the increased lending volume, turnover and exposure. All this also required a proper support of capital and of own funds from shareholders in a market that in 2006, at the moment of the regulation, promised a lot! The evolution that I watched in numbers was more than focused on the financial leasing domain, that represented from the beginning the majority in both Registers. There were peak years for the market in Romania, years when the dynamic growth exceeded any other country in Europe! Thus, 2007 was probably the peak that will only be reached in the distant future, then peak that creates a standard that we should feel obliged to reach again and overcome –only the financial leasing registered a penetration rate in GDP of 7.5% in 2008 while the amount of NBFI assets represent approx. 11% of the total banking assets in just two years of activity under the supervision of the NBR. The development of the national economy promised in the same dynamic and political context was still bearing the print of the winning runner at the gate of the European Union.

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Din pacate ceea ce a urmat nu e un secret, dar cu siguranta nu s-a incadrat in zona asteptarilor: debutul crizei financiare in 2008 in Romania si lantul de „solutii fiscale anticriza” ce au actionat mai mult in sensul adancirii crizei: taxa de prima inmatriculare, majorarea TVA de la 19% la 24%, nedeductibilitatea TVA la achizitia de vehicule, tratamentul abuziv al TVA in cazul bunurilor nereposedate din contractele de leasing financiar, reducerea cu 25% a veniturilor bugetarilor, reducerea pensiilor, prevederi in Noul Cod Civil si in Noul Cod al Insolventei care induc si sustin prin textul de lege un comportament de plata nesanatos si nesanctionabil. De asemenea, se mai pot enumera: aplicari retroactive, neconstitutionale ale textelor de lege cu impact incalculabil, legea clauzelor abuzive si armonizarea Directivei Creditului de Consum cu extinderea prevederilor acesteia fara a pastra limita superioara de 70 000 de Euro ca valoare maxima a creditului ce intra sub incidenta protectiei... si daca toate acestea nu au fost suficiente, si-au mai lasat amprenta si anii electorali si referendumurile cu costurile lor adiacente pe termen lung. Un cost inestimabil pe care il platim cu totii este acela al lipsei increderii in ceea ce ar trebui sa existe neconditionat in orice domeniu de activitate: integritatea, stabilitatea, valoarea resursei umane, onestitatea. Continuarea activitatii de creditare intr-o societate in care coruptia si instabilitatea politica au devenit o normalitate si-a asumat riscul contaminarii in reputatie si imagine cu mediul politic de care cresterea sau descresterea, profitul sau pierderea

Unfortunately what followed is not a secret, but it certainly did not meet the expectations: the onset of the financial crisis in 2008 in Romania and the chain of anti-crisis tax solutions’ that acted more in the sense of deepening the crisis: first vehicles’ registration tax, VAT increase from 19% to 24%, non-deductibility of VAT on vehicles purchase, abusive treatment of VAT for un-repossessed goods from finance leasing contracts, the reduction by 25% of budget revenues, the reduction of pensions, provision in the New Civil Code and in the New Insolvency Code that induce and supported through the legal text an unhealthy and unsanctionable payment behavior. It can also include: unconstitutional, retroactive application of text laws with incalculable impact, the unfair terms law and the harmonization of the Consumer Credit Directive by extending its provisions without keeping the upper limit of EUR 70 000 as the maximum value of the credit to come under the protection... and if all this were not enough, the election years and referendums also left a mark with their adjacent long-term costs. An inestimable cost we all pay is the lack of confidence in what should unconditionally exist in every field of activity: integrity, stability, human resource value, honesty. Continuing the crediting activity in a society where corruption and political instability have become normal, assumed the risk of image and reputation contamination in the political field of which the increase or decrease in profit or loss so vulnerably depend.

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depind atat de vulnerabil. Acesta este contextul in care oglinda Registrelor BNR a ajuns spre o concentrare mare a creditarii in Registrul Special. 93% din volumul total al creditelor acordate de IFN in primele trei trimestre ale anului 2013 sunt rezultat al activitatii IFN-urilor inscrise in Registrul Special.

This is the context in which the mirror of the NBR Registers came to a high concentration of crediting in the Special Register. 93% of the total credits volume granted by NBFIs in the first three quarters of 2013 is a result of the NBFI registered in the Special Register activity.

Total credite IFN/Total NBFI credits 2013

93%

7%

Registru Special/SpecialRegisterRegistru General/GeneralRegister

99,8% din totalul societatilor inregistrate in Registrul Special si supuse rigorilor prudentialitatii acestuia au ca obiect principal de activitate leasingul financiar sau desfasoara preponderent activitate de leasing financiar desi au cod CAEN activitatile multiple de creditare.

99.8% of all companies registered in the Special Register and under its prudentially rigors have as main activity the financial leasing or financial leasing activities, although they have a NACE code of multiple lending activities.

Chiar daca unii analisti sustin opinia conform careia tot ceea ce intra sub incidenta termenului de „shadow banking” ar trebui reglementat egal cu bancile comerciale, eu raman la parerea ca leasingul financiar este un produs care poate oferi o foarte buna si mai putin costisitoare acoperire a riscurilor

Even though some analysts support the view that everything covered by the term "shadow banking" should be regulated equally to commercial banks, I stick to the opinion that financial leasing is a product that can provide a very good and less expensive coverage risks taken by credit. Focusing the large

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asumate prin creditare. Concentrarea competitiei IFN-urilor mari, inscrise in Registrul Special, spre leasing financiar este o dovada elocventa in acest sens. In antiteza cu situatia din Registrul Special, cel General indica o reorientare a atentiei spre zona creditului de consum (52%) si in special a celui negarantat.

NBFI competition, registered in the Special Register, towards the finance lease is an eloquent proof of this. As opposed to the situation from the Special Register, the General one indicates a renewal of attention towards the consumer credit area (52%) and especially towards the unsecured one.

Avand in vedere aceasta evolutie am acordat o atentie speciala institutiilor inscrise in Registrul Special si General pentru a urmari in detaliu toate categoriile de obiecte de activitate pe care acestea sunt autorizate sa le presteze:

Given this development, we paid special attention to institutions registered in the Special and General Register in order to minutely follow all types of activities which they are authorized to develop:

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Chiar si aceasta detaliere a obiectelor de activitate indica o concentrare a businessului spre leasing financiar in Registrul Special si spre creditul de consum in Registrul General.

Even the detailing of activities indicates a business concentration towards financial leasing in the Special Register and towards the consumer credit in the General Register.

Insist asupra acestei detalieri pentru simplul motiv al revenirii, pentru o analiza in paralel, a nivelului diferentiat de reglementare al IFN-urilor inscrise in cele doua Registre: Special si General. Astfel, in Registrul Special cea mai mare pondere a riscurilor asumate este in domeniul leasingului financiar, contractele de leasing finantand preponderent agentii economici sub rigorile regulilor de prudentialitate adecvate acestui Registru. Este bine stiut ca aceste institutii pot oferi orice tip de creditare dar nu pot atrage depozite de la populatie. Pe de alta parte, majoritatea volumului de creditare din Registrul General – care nu se supune rigorilor prudentialitatii din cel Special – este orientata catre persoana fizica in calitatea sa de consumator al serviciilor financiare. Contextul enuntat mai sus ma obliga sa caut un raspuns la urmatoarea intrebare: pastrarea unui dublu standard de supraveghere oare cui serveste? In nici un caz consumatorului persoana fizica ce ramane expus apetitului de creditare al unor agenti economici din Registrul General ce oferteaza mult mai putin constransi un credit de consum in comparatie cu un IFN din Registrul Special. Iar diferenta cea mare vine din faptul ca acest consumator nu are garantia unui IFN auditat, controlat de Banca Centrala! El nu este protejat adecvat si prin faptul ca, cel mai probabil, nu are informatia necesara pentru a face diferenta dintre un IFN inscris in Registrul Special si cel inscris in Registrul General.

I insist on this detaining for the sole reason of revival, for a parallel analysis, of the differentiated levels of regulating the NBFIs registered in the two Registers: the Special and the General. Thus, in the Special Register the highest degree of assumed risks is in the financial leasing field, financial leasing contracts mainly financing economic agents under the prudentially rigors appropriate for this Register. It is well known that these institutions can provide any type of credit but cannot take deposits from the public. On the other hand, the majority of credits volume from the General Registry - which is not subject to the prudentially rigors of the Special Register - is targeting the individual as a consumer of financial services. The above-mentioned context forces me to seek an answer to the following question: keeping a double standard of supervisions better serves who? In any case not the individual consumer that is still exposed to some economic agents’ crediting appetite from the General Register that much less constrained offer a consumer credit compared to a NBFI from the Special Register. And the big difference comes from the fact that the consumer has no guarantee of an audited NBFI, controlled by the Central Bank! He is not adequately protected by the fact that, most likely, he does not have the information needed to make the difference between an NBFI registered in the Special Register and the one registered in the General Register.

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Si, dincolo de aceste doua Registre, acelasi consumator trebuie sa fie capabil sa discearna intre o alta categorie care poarta aceeasi abreviere – IFN - dar care se regaseste intr-un al treilea Registru: de Evidenta! Pastrarea acestei abordari a legiuitorului, punerea pe picior de egalitate din punctul de vedere al terminologiei – IFN - obiecte de activitate multiple, de la leasing financiar la case de amanet dar cu asumarea in mod diferit a rolului autoritatii de supraveghere induce nu doar dezinformare catre consumator dar si un risc de imagine si reputational din ce in ce mai vizibil in ultima vreme.

And beyond these two Registers, the same consumer must be able to discern between another category that carries the same abbreviation - NBFI - but which is found in a third register: the Evidence one! Keeping this legislator approach, considering multiple activities to be equal from a point of view of terminology – NBFI, from financial leasing to pawnshops, but by differently assuming the role of the supervisory authority induces not only the consumer misinformation but also an image and reputational risk even more visible lately.

Intrarea in vigoare a legii clauzelor abuzive este un subiect care poate crea confuzie atunci cand se va dovedi ca lipsa unui standard adecvat si unitar de supraveghere pentru IFN-urile din cele doua Registre poate fi o sursa de aplicare a incidentei acestei legi catre IFN-urile din ambele Registre ! Este evident faptul ca nu BNR este responsabila pentru felul in care creditorii isi redacteaza textele contractelor... dar este la fel de evident faptul ca supravegherea impune bune obiceiuri spre conformare cu litera si spiritul legii. Implementarea legii clauzelor abuzive face mai evident faptul ca in piata creditarii cei doi actori ai contractului de creditare nu au evoluat in mod egal in intelegerea rolului si scopului social si economic al creditarii. In astfel de situatii este de asteptat ca statul de drept sa impuna reguli care sa duca la crearea unei situatii de echilibru in timp si nu prin aplicari cu termene de urgenta si cu retroactivitate. O astfel de abordare adanceste dezechilibrul partilor prin inducerea unei lipse reciproce de respect si a unei dorinte de impunere a fortei colective din partea consumatorului. Insa o actiune colectiva nu poate echilibra in mod egal toti jucatorii si cu siguranta nu face decat sa „depersonalizeze” efectele scontate atat la nivel individual cat si social colectiv. Efectul pe termen mediu va fi acela de pierdere a increderii atat in institutia de creditare cat si in sistemul justitiar Si pentru ca am ajuns la termenul de incredere voi trece mai departe cu analiza asupra acelor cifre care indica pretul unui comportament de plata nesanatos sau mai simplu spus al lipsei de respect fata de institutia finantatoare.

The enforcement of the unfair terms law is a subject that can be confusing when it will turn out that the lack of adequate and uniform standard for NBFI surveillance of the two Registers can be a source of application of this law’s incidence towards the NBFIs in both Registers! It is obvious that the NBR is not responsible for the way in which the creditors draw up their contracts... but it is also obvious that surveillance imposes good habits for complying with the letter and spirit of the law. The implementation of unfair terms law makes it more obvious that, on the credit market, the crediting contract’s two actors have not equally evolved in understanding the social and economic role and purpose of crediting. In such situations, it is expected that the rule of law to impose rules that lead in time to a balanced situation and not by implementing emergency terms and retroactivity. Such an approach deepens the parties’ imbalance by inducing a mutual lack of respect and a desire of the consumer to impose collective strength. However, a collective action cannot equally balance all players and it certainly does nothing more but to ‚depersonalize’ the expected effects at both an individual and social collective level. The midterm effect will be the loss of confidence in both the crediting institution and justice system. And because we reached the confidence term, I will move on with the analysis to those figures indicating the price of an unhealthy payment behaviour or simply put of a lack of respect for the financing institution.

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Graficele de mai sus indica o reorientare a clientilor in intervalul 2012 – 2013 spre finantatorii din Registrul Special. Chiar daca acest fapt ilustreaza o crestere a volumului nou finantat la nivelul IFN-urilor din Registrul Special aceasta tendinta nu se pastreaza si la nivelul indicatorilor de performanta, nonperformanta fiind in pondere mai mare acolo unde bussinesul este mai mic si mai slab reglementat, adica la nivelul IFN-urilor din Registrul General:

The charts above show a shift of customers between 2012 and 2013, towards the financers from the Special Register. Although this fact shows an increase in the newly financed volume at the level of the NBFIs from the Special Register, this trend is not maintained at the level of the performance indicators, non-performance being higher where business is smaller and poorly regulated, namely at the level of the NBFI from the General Register:

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Scurta prezentare in cifre a rezultatelor la finele lui septembrie 2013 a leasingului financiar si a creditului de consum La 30.09.2013, piata de leasing financiar din Romania a inregistrat un volum total nou finantat in valoare de 832 milioane Euro, in scadere cu 10% fata de aceeasi perioada a anului 2012. Finantarile acordate in primele 9 luni ale anului 2013 s-au indreptat catre diverse domenii, cel al mijloacelor de transport ramanand in continuare cu o pondere majoritara de 70% (580 milioane Euro) in comparatie cu finantarea echipamentelor in pondere de 26% (216 milioane Euro) si a sectorului imobiliar cu o pondere de 4% (36 milioane Euro). In domeniul finantarii mijloacelor de transport se observa pastrarea unui interes relativ constant al pietei in finantarea majoritara a autoturismelor (55%) urmata de finantarea vehiculelor comerciale grele (peste 3,5 tone - 28% ), a vehiculelor comerciale usoare (sub 3,5 tone - 15%) precum si a altor categorii de vehicule (2%). In contextul economic si politic al anului 2013 finantarea echipamentelor agricole este in crestere de la 19% la 24% in trend similar cu finantarea echipamentelor destinate industriei de prelucrare a lemnului (crestere de la 2% la 4%), cu finantarea tehnologiei din domeniul energiei (crestere de la 13% la 14%) si a service-urilor auto (crestere de la 1% al 4%). In acelasi context mentionat, ponderea finantarii altor sectoare industriale este in scadere dupa cum urmeaza: sectorul constructiilor de la 31% la 16%, industria metalurgica de la 12% la 9%,

Short number presentation of the results of financial leasing and consumer credit at the end of September 2013 On 09/30/2013, the financial leasing market in Romania registered a total new financed amount of 832 million Euros, lower with 10% compared to the same period of 2012. The financing granted in the first 9 months of 2013 were directed to different areas, the means of transportation area still having a majority share of 70% (580 million Euros) compared with the equipment financing area’s share of 26% (216 million Euros) and the real estate sector with a share of 4% (36 million Euros). In the area of financing means of public transportation we can observe the preservation of a relatively constant market interest in the major financing of auto (55%) followed by the financing of heavy commercial vehicles (over 3.5 tones - 28%), of light commercial vehicles (under 3.5 t - 15%) as well as of other types of vehicles (2%). In 2013’s economic and political context, the agricultural equipment financing is increasing from 19% to 24% having a similar trend to the financing of equipment for the woodworking industry (up from 2% to 4%), with financing the technology from the energy domain (increase from 13% to 14%) and of car services (up to 1% of 4%). In the same mentioned context, financing other industries’ share is decreasing as follows: the construction sector from 31% to 16%, metallurgy from 12% to 9%, medical equipment from 4% to 3%. Financing economy’s

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echipamente medicale de la 4% la 3%. Finantarea celorlalte sectoare ale economiei pastreaza o pondere relativ constanta (2% industria tipografica , 3% industria IT, 5-6% industria alimentelor si bauturilor), precum si alte domenii. Finantarea sectorului imobiliar a inregistrat pentru prima data in ultimii 2 ani o crestere, chiar daca este vorba despre o crestere mica, iesind astfel din trendul descendent continuu al ultimilor ani. Cu toate acestea, nu pot considera ca aceasta tendinta este una instalata ci doar conjuncturala. Clientii persoane juridice au atras cea mai mare pondere (97%) din totalul finantarilor, urmati de persoanele fizice (3%). Durata de finantare cea mai des intalnita este de 4-5 ani (28%), urmata de 3-4 ani (25%), 2-3 ani (20%), 5-7 ani (10%), 1-2 ani (9%), 1 an (4%) si 7-15 ani (4%). Desi are cea mai mica pondere, aceasta ultima perioada este caracteristica finantarii sectorului imobiliar. Portofoliul total al pietei de leasing la septembrie 2013 este de 2 335 milioane Euro din care companiile membre ALB detin 2 103 milioane Euro (90%), iar companiile neafiliate 232 milioane Euro (10%). Cea mai mare cota de piata este inregistrata de sectorul companiilor subsidiare ale bancilor, cu 65% din total, urmat de sectorul companiilor captive producatorilor cu 19% si de sectorul companiilor independente, cu 16%. In contextul dinamicii in scadere a finantarilor in leasingul financiar, produs ce raspunde in oglinda evolutiei indicatorilor din sectoarele economice pe care le finanteaza, marii jucatori mentin acerba lupta pentru pozitiile din top 7 in cursul acestui an. O analiza a dinamicii cotelor de piata ale IFN-urilor ce constituie top 7 in domeniul leasingului financiar ne indica urmatoarele:

other sectors maintains a relatively constant share (2% printing industry, 3% IT industry, 5-6% food and beverage industry), as well as other areas. Financing the real estate sector has seen for the first time in the last two years increase, even if it's a small increase, thus leaving the continuously downward trend of recent years. However, I cannot believe that this trend is an installed one, but only a conjectural one. Business clients attracted the largest share (97%) of the total funding, followed by individuals (3%). The length of the common grant is 4-5 years (28%), followed by 3-4 years (25%), 2-3 years (20%), 5-7 years (10%) 1-2 years (9%), 1 year (4%) and 7-15 years (4%). Although it has the lowest rate, this last period is characteristic of the real estate financing. The total portfolio of the leasing market in September 2013 is 2 335 million Euros, of which the ALB member companies hold 2.103 billion Euros (90%), and non-affiliated companies 232 million Euros (10%). The largest market share is recorded by the banks’ subsidiary companies sector, with 65% of the total, followed by sector producers’ captive companies sector with 19% and the independent companies, with 16%. In the context of the declining dynamics of financers in the financial leasing, products which responds to the indicators of economic sectors it finances’ mirror, the big players keep fierce fight for the top 7 positions of this year. An analysis of the dynamics of the market shares of NBFI representing the top 7 in the financial leasing indicate the following:

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Finantarea in lei ca decizie de conformare la prevederile Regulamentului BNR nr. 17/2012 privind unele conditii de creditare poate fi una din cauzele cresterii cotelor de piata ale unor finantatori din top 7. In acelasi context, orientarea unor societati de leasing din top spre finantarea vehiculelor de second hand pare sa fie o decizie ce a indus o crestere a cotei de piata la evolutia trimestriala a acestui an. Pastrarea pozitiilor de frunte in evolutia anuala a produs insa competitii puternice intre aceeasi finalisti:

RON financing as a decision to comply with the provisions of the NBR Regulation no. 17/2012 on certain credit conditions may be one of the causes of market shares increase of some top 7 financers. In the same context, the orientation of some top leasing companies towards second-hand vehicles financing appears to be a decision that induced an increase in market share in this year’s quarterly evolution. Keeping top positions in the annual evolution generated but strong competitions between these finalists:

Membrii ALB, reprezentanti ai creditului de consum au acordat credite in valoare de 310 milioane Euro, din care 269 milioane Euro (86%) credite destinate consumului personal, 30 milioane Euro (10%) credite industriale si 11 milioane Euro (4%) credite auto. In domeniul creditelor destinate consumului personal, creditele de tip revolving (inclusiv cardurile de credit) au o pondere de 49%, imprumuturile de tip nevoi personale detin o cota de 41%, iar credite la POS 10%.

The ALB members, representing the consumer credit, granted 310 million Euros worth of credits, of which 269 million Euros (86%) credits for personal usage, 30 million Euros (10%) of industrial credits and 11 million Euros (4%) of auto credits. In the area of personal usage credits, revolving credits (including credit cards) have a share of 49%, personal needs type loans hold a share of 41%, and POS credits 10%.

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Din totalul finantarilor de tip credit auto acordate, 85% au fost destinate achizitiei de vehicule noi, iar 15% achizitiei de vehicule second hand. Din totalul finantarilor acordate in functie de valoarea creditului, 44% au fost credite pana la maxim 1.000 Euro, 39% intre 1.000 si 5.000 Euro, 9% intre 5.000 si 10.000 Euro si 8% mai mult de 10.000 Euro. In ceea ce priveste creditele acordate pe categorii de varsta, 29% au fost acordate persoanelor care au peste 55 de ani, 27% persoanelor cu varste cuprinse intre 35 si 45 de ani, 20% persoanelor cu varste cuprinse intre 45 si 55 de ani, 19% persoanelor cu varste cuprinse intre 25 si 35 de ani si doar 5% persoanelor sub 25 de ani. Din totalul finantarilor acordate in functie de sex si din punct de vedere al situatiei civile a clientilor 52% au fost credite pentru persoane de sex masculin si 48% pentru persoane de sex feminin, din care 66% declara ca sunt casatoriti si 34% necasatoriti. In functie de gradul de educatie 52% au fost credite acordate persoanelor cu studii medii, 34% persoanelor cu studii superioare si 14% persoanelor cu studii elementare. Venitul net al clientului IFN in creditul de consum este cuprins intre 501 si 1.000 RON in proportie de 51%, urmat de venitul cuprins intre 1.001 si 1.500 RON pentru 22% din clienti. 9% dintre acestia au un venit intre 1.501 si 2.000 RON, 5% inregistreaza un venit intre 2.001 si 2.500 RON, iar restul de 6% au declarat venituri nete de peste 2.500 RON. 7% au venituri mai mici de 500 RON. Mi-am permis aceasta analiza a topului celor mai puternici „jucatori” pentru a sustine mai departe un mesaj, o concluzie: IFN-urile din Registrul Special se supun regulilor prudentialitatii si isi asuma implicit costurile acesteia. Cu toate acestea ele se dovedesc a fi castigatoarele topului celor mai puternici intr-un mediu concurential indoielnic indus prin pastrarea standardelor diferentiate pentru cele doua Registre IFN. Cu alte cuvinte o abordare prin prudentialitate a activitatii de creditare prin IFN-uri se dovedeste a fi mai solida, mai puternica si mai rezistenta in fata „intemperiilor” crizei economice si instabilitatii politice de pe scena romaneasca. Din pacate cel care va ramane afectat prin pastrarea acestui dublu standard este consumatorul asupra caruia va dainui

Of the total amount of auto credit type financing granted, 85% were for the purchase of new vehicles, and 15% for the purchase of second hand vehicles Of the total of financing granted depending on the value of the credit, 44% were credits up to 1,000 Euros, 39% between 1,000 and 5,000 Euros, 9% between 5,000 and 10,000 Euros and 8% over 10,000 Euros. Regarding credits granted by age category, 29% were granted to persons over 55, 27% were granted to persons between 35 and 45, 20% to persons between 45 and 55, 19% to persons between 25 and 35 and only 5% to persons under 25. Of the total of financings granted based on the clients’ sex and marital status 52% were credits for males and 48% for females, of which 66% declared to be married and 34% to be unmarried. With reference to the education degree, 52% were credits granted to persons with secondary education, 34% to persons with higher education and 14% to persons with elementary studies. The net income of the NBFIs client in the consumer credit is between 501 and 1.000 RON totalling 51%, followed by the income between 1.001 and 1.500 RON for 22% of the clients. 9% of these have an income between 1.501 and 2.000 RON, 5% record an income between 2.001 and 2.500 RON, and the other 6% declared a net income over 2.500 RON. 7% have an income lower than 500 RON. I allowed myself to make this analysis among the top most powerful “players” to further support a message, a conclusion: NBFIs from the Special Register follow prudentially rules and implicitly assume their costs. However they are the winners of the most powerful tops in a doubtful competitive environment induced by maintaining differentiated standards for the two NBFI Registers. In other words, a prudential approach of crediting activity through NBFIs proves to be more solid, stronger and more resistant to the "weather" of the economic crisis and political instability on the Romanian scene. Unfortunately, the one that will be affected by the preservation of this double standard is the consumer which will endure the uncertainty of some

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nesiguranta accesarii unor servicii de creditare nesupravegheate corespunzator atunci cand va bate la poarta unui IFN. Cu toate ca in Europa, conform Leaseurope si Eurofinas la care ALB este membra, inca nu s-a impus un standard unitar de reglementare a domeniului de activitate al IFN-urilor, valul schimbarilor este spre sustinerea unui nivel de supraveghere unitara pentru acele institutii care se pot regasi in definitia termenului „shadow banking”. Surse ale informatiei:

Banca Nationala a Romaniei Asociatia Societatilor Financiare – ALB

Romania Institutul National de Statistica

improperly supervised crediting services when he/she will knock on the gate of an NBFI. Although in Europe, according to Leaseurope and Eurofinas that ALB is a member of, a uniform standard of regulating activity domain of NBFIs has not yet been imposed, the wave of change is to support a unified supervisory level to those institutions that can fall under the definition of "shadow banking". Sources of information:

National Bank of Romania Financial Companies Association –

ALB Romania National Institute of Statistics

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II.1 Interviu cu doamna Antoaneta Curteanu CEO al Unicredit Leasing Corporation IFN SA Presedinte ALB

II.1 Interview with Mrs. Antoaneta CurteanuCEO of Unicredit Leasing Corporation IFN SA

ALB President

Prezent si perspective in leasingul financiar

Q1: Dna Curteanu, in calitatea Dvs. de Presedinte al ALB, avand si implicarea directa in piata din perspectiva celui mai mare jucator – UniCredit Leasing, companie pe care o conduceti de peste 3 ani - cum priviti evolutia sectorului de leasing in 2013 ? R1: Pentru a analiza piata leasingului in 2013 ar trebui sa plecam de la evolutia din anii anteriori - dupa scaderea masiva de la debutul turbulentelor pe pietele financiare in 2008 am traversat un an de stabilizare in 2011 si am inregistrat prima crestere a volumelor finantate la nivel de industrie in 2012. Astfel, pe baza premiselor unei evolutii macroeconomice pozitive pentru Romania in acest an, cu o crestere a PIB-ului estimata in jur de 1.5-2%, am inceput anul 2013 cu un optimism moderat. Realitatea insa ne-a aratat la jumatatea anului ca trecem printr-o noua contractie a volumelor finantate – aproximativ 15% scadere fata de aceeasi perioada din 2012. Avand in vedere ca majoritatea companiilor din piata si-au pastrat apetitul de finantare si au securizat sursele de lichiditate, cauza este data cu siguranta de scaderea cererii. In principal, finantarile oferite de noi pleaca de la doua categorii de nevoi ale clientilor – nevoi de consum, specifice in special pentru finantarile de autoturisme – si nevoi de investitii – specifice pentru echipamente si autovehicule grele, dar amandoua categoriile au avut evolutii sub asteptari in 2013. Practic, piata auto s-a contractat semnificativ, investitiile in echipamente de constructii au lipsit,

Present and perspectives for Financial Leasing

Q1: Mrs. Curteanu, as President of ALB, and being directly involved in the market as the largest player – UniCredit Leasing, company which you have been running for over 3 years – what is your view on the evolution of the leasing sector in 2013? R1: In order to analyze the leasing market in 2013, we should start from the evolution of the past years – after the massive decrease from the onset of turmoil on the financial markets in 2008; we crossed a year of stabilization in 2011 and recorded the first increase in financed volumes at an industry level in 2012. Thus, based on the premises of a positive macroeconomic evolution for Romania this year, with an estimated GDP growth of around 1.5-2%, we entered 2013 with a moderated optimism. However, after the first six month of the year, reality showed us that we are going through a new contraction of the financed volumes – approximately a decrease of 15% from the same period in 2012. Taking into consideration that the majority of the market companies kept their appetite for financing and secured the liquidity sources, the drop in demand is certainly the cause of this. Mainly, the financing that we offer are based on two types of clients’ needs – consumers need, especially specific for car financing – and investments needs – specific for heavy equipment and cars, but both categories’ evolution was below expectations in 2013. Basically, the car market shrank significantly, investments in construction equipment lacked, those

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cele in echipamente productive au fost temperate sau amanate; piata de leasing imobiliar ramane in asteptarea relansarii sectorului de real estate, fiind marcata mai degraba de tranzactii singulare, atipice, decat de o cerere solida, solvabila. O exceptie a constituit-o poate sectorul transportului, unde previzionatele modificari ale normelor de poluare incepand cu 2014 au determinat o serie de companii sa isi devanseze planurile de reinnoire sau extindere a flotelor – dar aici putem vorbi mai degraba de o cerere anticipata, care va genera un recul implicit in finantarile de anul viitor. Q2: Care a fost reactia companiilor de leasing la acest context ? Si mai specific, cum a reactionat UniCredit Leasing in fata acestei evolutii negative a pietei ? Companiile de leasing au trecut in ultimii ani printr-un test de maturitate, fiind imperativa ajustarea, optimizarea modelelor de operare. Astfel, unele companii s-au specializat pe nise de piata sau pe anumite industrii, altele – in special companiile captive - s-au concentrat pe legatura cu producatorii, incercand sa se repozitioneze ca o unealta suplimentara in sustinerea vanzarilor de masini sau echipamente – iar o alta categorie de companii – in special cele afiliate la grupuri bancare – a incercat sa materializeze avantajul dat de aceasta apartenenta care asigura o prezenta teritoriala importanta a bancilor “mama” ce ar trebui sa actioneze ca principal canal de vanzari. Pentru echipa UniCredit Leasing o prioritate reprezinta si in acest an efortul de potentare a sinergiilor date de prezenta multipla si angajamentul puternic al grupului UniCredit in Romania – banca UniCredit Tiriac este jucator de top, la fel compania de credite de consum – UniCredit Consumer Financing sau entitatea de brokeraj in asigurari – UniCredit Insurance Broker. Astfel, putem oferi clientilor solutii financiare complete sub un singur acoperis, la cele mai inalte standarde. Q3: Credeti ca se poate defini un set de masuri care sa ajute la o relansare a pietei in viitor ? Dincolo de strategiile individuale a fiecarei companii de leasing, cred ca ultimii ani au impus un standard semnificativ mai ridicat in ceea ce priveste grija si orientarea noastra ca industrie fata de client. Acesta

in productive equipment were temperate or delayed; real estate leasing market is still waiting the re-launch of the real estate sector, being rather marked by singular, atypical transactions, than by a solid, solvable demand. Maybe the transportation sector was an exception, where the foreseen amendments of the pollution norms starting 2014 determined a number of companies to bring-forward plans of fleet renewal or extension – but here we can rather speak of an anticipated demand that will generate an implicit setback in next year’s financing. Q2: How did the leasing companies react to this context? And more specifically, how did UniCredit Leasing react when facing this negative market evolution? The leasing companies took, during the last few years, a maturity test, where the adjustment and optimization of operation models was imperative. Thus, some companies specialized in market niches or specific industries, others – especially captive companies – focused on the connections with the producers, trying to reposition themselves as an additional tool in supporting car and equipment sales – and another category of companies – especially those affiliated to banking groups – tried to materialize the advantage given by this membership that ensures a territorial presence of the ‘mother’ banks, which should act as main sales channel. For the UniCredit Leasing team the effort to potentiate synergies given by multiple presence and the powerful commitment of the UniCredit Group in Romania represents a priority – the UniCredit Tiriac Bank is a top player, as well as the consumer credit company – UniCredit Consumer Financing or the insurance brokerage entity - UniCredit Insurance Broker. Thus, we can offer our clients complete financial solutions under one roof, at the highest standards. Q3: Do you think that you can define a set of measures that can help with a future re-launch of the market? Besides the individual strategies of each leasing company, I think that the last past years have imposed a significantly higher standard in terms of care and orientation towards the client as an industry.

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este cel mai mare castig pentru noi, fiindca doar o orientare pe termen lung ne poate face sa depasim momente ca cele din acest an, in care ne confruntam cu scaderea cererii. Leasingul este un barometru sensibil al starii economiei, in special in ceea ce priveste intreprinderile mici si mijlocii, datorita rolului important pe care il jucam – acela de a distribui lichiditatea monetara in economie, intr-un mod rapid, eficient si sustenabil. Astfel, industria noastra resimte rapid schimbarile preferintelor de consum ale clientilor sau increderii antreprenorilor in evolutia economica viitoare, reflectata in intentia de a investi. De aceea consider ca, dincolo de a astepta o relansare economica puternica si sustinuta si la nivelul IMM-urilor, la care putem contribui mai mult ca “spectator” al masurilor politice specifice fiecarei perioade, modul cel mai bun in care putem sa ramanem – ma refer la nivelul intregii industrii - un generator de lichiditate in economia romaneasca este sa fim aproape de clienti. Echipa UniCredit Leasing crede in aceasta abordare si ne uitam cu atentie la evolutiile sectoarelor economice, incercam sa anticipam cresterea si sa oferim solutiile corecte, la momentul oportun – reamintesc rolul nostru de pionierat in domeniul energiei regenerabile, sector in care credem pe termen lung in ciuda recentelor evolutii contradictorii, accentul pe finantarea proiectelor de (re)tehnologizare, continuitatea in finantare pe perioade in care putini investitori mai credeau in piata locala, dezvoltarea produselor de leasing operational, din ce in ce mai solicitate atat in domeniul auto dar si al transporturilor sau echipementelor industriale, Este obligatoriu pentru dezvoltarea noastra ca si companie sa ne intelegem clientii si chiar sa le anticipam nevoile astfel incat sa tratam fiecare solicitare de finantare din postura unui partener de drum pe termen lung.

This is our biggest achievement, because only a long-term orientation can help us overcome moments like this years’, in which we are faced with a decrease in demands. Leasing is a sensitive barometer of the economy state, especially regarding SMEs, due to the major role we play – that of quickly, efficiently and sustainably distributing monetary liquidity in economy. Thus, our industry is rapidly feeling the changes in our clients’ consumer preferences or the entrepreneurs’ faith in the future economic evolution, reflected in the intention to invest. That is why I consider that, besides waiting for powerful and supported economical re-launch at a SMEs’ level at which we can contribute rather as ‘spectators’ of the political measures specific to each period, the best way in which we can stay – I am talking about the level of the whole industry – a liquidity generator in the Romanian economy is to be close to our clients. The UniCredit Leasing team believes in this approach and we carefully observe the evolution of the economic sectors, we try to anticipate the growth and to provide correct solutions at the right moment – I remind our pioneering role in the renewable energy sector, sector in which we have a long-term faith, despite the recent contrary development, focus on financing (re)technologizing projects, the financing continuity in times in which few investors kept their faith in the local market, the development of the operational leasing products, even more demanding for both the automotive field and the transport and industrial equipment fields. It is mandatory for our development as a company to understand our clients and even to anticipate the needs in order to treat each financing request from the point of view of a long-term partner.

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II. 2 Interviu cu domnul Olivier Floris CEO al Cetelem IFN SA Vicepresedinte ALB

II. 2 Interview with Mr. Olivier FlorisCEO of Cetelem IFN SA

ALB Vice-president

Prezent si perspective in creditul de consum

Cetelem IFN - cea mai mare companie de credite de consum de pe piata din Romania, membra a grupului francez BNP Paribas - ofera credite de consum in magazinele partenere, carduri de credit sub sigla Mastercard, credite auto si credite de nevoi personale cu acordare prin telefon sau Internet. Domnul Olivier Floris, Director General al companiei, a prezentat intr-un scurt interviu evolutia companiei in primele 9 luni din 2013 : 1. Cum considerati evolutia companiei Cetelem in primele noua luni din 2013, comparativ cu aceeasi perioada din 2012 si care au fost principalele coordonate ale strategiei sale de dezvoltare in perioada analizata? Primele 9 luni ale anului 2013 au marcat o crestere de aproape 25% a creditelor acordate, fata de aceeasi perioada a anului trecut, ceea ce confirma dinamica din ultimii 2 ani. Factorii de crestere sunt bazati, pe de o parte, pe cresterea consumului la nivel national, si, pe de alta parte pe dezvoltarea parteneriatelor strategice cu piata de retail, pe accesul la domenii noi pentru compania noastra, cum ar fi comertul electronic si finantarea autoturismelor second hand. Strategia noastra este construita in jurul consumatorilor, iar gradul de satisfactie al clientilor nostri reprezinta un obiectiv comercial important, ca si dezvoltarea intregii noastre activitati.

Present and perspectives in consumer credit

Cetelem IFN – the biggest consumer credit company on Romanian market, a member of the BNP Paribas Group – is offering consumer loans in the partner stores, credit cards MasterCard branded, car loans and personal loans with granting via phone or Internet. Mr. Olivier Floris General Manager of the company presented the company evolution in the first 9 months of 2013 in a short interview: 1. How do you see the evolution of Cetelem in in the first 9 months of 2013, in comparison with the same period of 2012 and what were the main criteria of its development strategy during the analyzed period? The first 9 months of 2013 recorded a growth of nearly 25% of granted loans, compared to the same period of the previous year, which confirms the dynamic over the past 2 years. The growth factors are based, on one hand, on the growth of the consumption on national, and, on the other hand on the development of strategic partnerships in retail, on accessing new sector for our company, such as e-commerce and second hand car financing. Our strategy is built around consumers, and the satisfaction degree of our clients represents an important commercial objective, as well as the development of our entire activity.

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2. In materie de produse si servicii noi, care sunt noutatile? Cetelem acorda doar credite in lei cu dobanzi fixe. Noi am adaptat produsele - in special cardul de credit prevazut cu noul sistem Mastercard PayPass - la noile cerinte ale pietei, am venit in intampinarea asteptarilor clientilor intr-o maniera moderna si inovativa, asociind evolutia tehnologica cu creativitatea si flexibilitatea solutiilor de finantare. De asemenea, noul parteneriat cu PayPoint a completat lista solutiilor de incasare a ratelor printr-un sistem rapid si simplu, cresterea permanenta a gradului de satisfactie a clientilor din portofoliu fiind prioritatea noastra numarul unu. 3. Cum a evoluat portofoliul de carduri pentru primele noua luni ale anului in curs, comparativ cu aceeasi perioada a anului trecut? Portofoliul de carduri a ajuns la 356.500 unitati la sfarsitul lunii septembrie, in crestere cu peste 12 % fata de aceeasi perioada a anului trecut. Cetelem este unul dintre primii trei emitenti de carduri de credit de pe piata locala; in acelasi timp, am lansat cel mai mare numar de programe co-branded cu partenerii din retail de pe piata locala (8). Desfasuram permanent campanii promotionale impreuna cu partenerii, consideram ca sunt atragatoare pentru clientii nostri, si costituie un punct de plecare intr-o relatie pe termen lung, bazata pe incredere reciproca. 4. Care a fost trasatura definitorie a creditelor destinate consumului personal, sub raportul cererii in primele noua luni din 2013, comparativ cu 2012? Lucrarile de amenajare raman prima destinatie a creditelor de nevoi personale, cererea fiind in crestere atat ca numar, cat si in valoare. Sunt semnele unei evolutii pozitive a increderii consumatorilor in potentialul propriu de dezvoltare, si in cresterea economica. 5. In conditiile scaderii accentuate a vanzarilor de masini noi si a introducerii timbrului de mediu, cum a evoluat creditul auto? In ceea ce priveste finantarea pentru automobile, am realizat parteneriate noi, cu oferte promotionale

2. In terms of new products and services, what are the novelties? Cetelem offers loans in lei only, with fixed interest rates. We adapted our products – especially the credit card with the new MasterCard Pay-Pass feature – to the new market requirements, we anticipated the expectations of our clients in a modern and innovative way, by associating the evolution of the technology with the creativity and flexibility of the financing solutions. Also, the new partnership with Pay Point completed the list of installment cash-in solutions through a swift and simple system, the permanent growth in the satisfaction degree of the clients in our portfolio being our number one priority. 3. How did the card portfolio evolve during the first 9 months of the current year, compared to the same period of the previous year? The cards portfolio reached 356.500 units at the end of September, up by over 12 % compared to the same period of last year. Cetelem is one of the first 3 credit card issuers on the local market; at the same time, we launched the biggest number of co-branded programs with retail partners on the local market (8). We are permanently holding promotional campaigns together with our partners, which we believe to be attractive for our clients, and it represents a starting point to a long-term relationship, based on mutual trust. 4. What was the defining feature of personal consumption loans, given the demand ratio in the first 9 months of 2013, compared to 2012? Renovation and redecoration remain the primary destination of the personal loans, the demand being on the rise both in number and in value. These are the signs of a positive evolution in the consumer trust in their own development potential and in the economic growth. 5. Given the accentuated decline in new car sales and the introduction of the Environment Tax, what is the evolution of the car loan? Regarding car financing, we closed new partnerships, with promo offers adapted to the need s of each

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adaptate nevoilor fiecarui cumparator. Astfel, putem vorbi despre o crestere a activitatii companiei noastre, finantarile de masini noi fiind depasite ca volum de cele pentru masinile second hand. 6. Ce ne puteti spune despre activitatea companiei in relatia cu clientul pana la finele acestui an? Cetelem este in permanenta preocupat de cresterea gradului de satisfactie al clientilor din portofoliu, acorda o atentie deosebita relatiilor cu fiecare client, isi adapteaza ofertele si produsele in functie de asteptarile si nevoilor acestora. Masuram anual nivelul de satisfactie al clientilor din portofoliu. Am demarat acest proiect in 2008, si il derulam prin intermediul companiei de cercetare IPSOS Loyalty. Conform ultimul raport din acest an, 98% dintre clienti se decalara multumiti de serviciile si produsele de creditare de la Cetelem, iar 68% dintre ei vor recomanda produsele noastre . Pentru atingerea acestor parametri am implementat un plan de actiune permanent. Am continuat si consolidat proiectele de optimizare a proceselor operationale pentru a oferi clientilor o experienta mai simpla, mai transparenta, mai prietenoasa. In acelasi timp, ne concentram asupra dezvoltarii ofertei noastre de produse si servicii, pentru a ne pastra pozitia de lider pe piata creditului de consum din Romania.

buyer. Thus, we can speak of an increase in our company’s business, new car financing being exceeded in volume by those for second hand cars. 6. What can you tell us about the activity of your company in the relation with the client till the end of this year? Cetelem is permanently focused on increasing the satisfaction degree of the clients in our portfolio, grants special attention to the relationship with each client, and adapts its offers and products according to their needs and expectations. We do a yearly measurement of the satisfaction degree of the clients in our portfolio. We started this project in 2008, and we carry it out through the IPSOS Loyalty research company. According to the latest report of 2013, 98% of our clients are satisfied with Cetelem crediting products and services, and 68% of them will recommend our products. To reach these parameters we implemented a permanent action plan. We continued and consolidated the optimization of operational processes in order to offer our clients a simpler, more friendly and transparent experience. At the same time, we concentrate on developing our product and service, in order to maintain the leader position on the consumption credit market in Romania.

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II.3 Interviu cu domnul Felix DANILIUC CEO Raiffeisen Leasing IFN SA Membru in CD al ALB

II.3 Interview with Mr. Felix DANILIUCCEO Raiffeisen Leasing IFN SA

BOD Member of ALB

Schimbare de paradigma pentru leasingul financiar

1. Care sunt, in opinia dumneavoastra, tendintele care isi vor pune amprenta asupra pietei de leasing in perioada urmatoare, dupa inca un an dominat de un context economic dificil? Cea mai la indemana solutie pentru dezvoltarea pietei de leasing este ca aceasta sa continue intr-o maniera mult mai accelerata tendinta de maturizare, pe linia unui model de business adaptat cerintei de a intelege cu adevarat nevoile clientilor, intr-o maniera corecta si responsabila fata de afacerile lor. De asemenea, avand in vedere ca performanta industriei de leasing este direct influentata de performanta economiei, este foarte important sa identificam acele solutii viabile, aplicabile pentru domeniile in care finantarea are cel mai mare impact asupra cresterii economice. La nivelul companiei pe care o conduc, am transpus responsabilitatea despre care va vorbeam intr-o abordare de tip consultativ in relationarea cu clientii. Concret, discutam in detaliu cu fiecare client toate aspectele legate de finantare, pentru a identifica impreuna oportunitatea si necesitatea acesteia pentru afacerea pe care o deruleaza si contextul in care se afla. Principalul nostru obiectiv este construirea unei relatii de incredere cu clientii, in vederea stabilirii unui parteneriat pe termen lung. Rezultatul acestei abordari se reflecta intr-un grad de retentie de peste 60% pe portofoliul actual de clienti ai companiei.

Paradigm Change for Financial Leasing

1. What are in your opinion the trends that shall influence the leasing market within the following period, after one more year dominated by a difficult economic context? The handiest solution for the development of the leasing market is that it should continue in a much more accelerated manner the maturing tendency, according to a business model adapted to the requirement of really understanding the needs of clients, in a correct and responsible manner towards the businesses they manage. Having also regard to the fact that the performance of the leasing industry is directly influenced by the performance of the economy, it is very important to identify those feasible solutions applicable to fields in which financing has the greatest impact upon the economic growth. At the level of the company I manage, we transposed the responsibility I was talking about in an approach of consultative nature in the relation with clients. We concretely discuss in detail with each client all issues related to financing, in order to identify together the opportunity and necessity thereof for the business they carry out and in the context it is undergoing. Our main objective is to build up a trustful relation with clients, in order to establish a long-term partnership. The result of this approach is reflected in a retention degree of over 60% on the current client portfolio of the company.

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2. Cum ati procedat in cadrul companiei pe care o conduceti pentru a castiga increderea clientilor in serviciile de leasing, intr-un context in care sondajele recente arata ca aceasta se afla in continua scadere si in ce masura produsul de leasing mai are atractivitate pentru nevoile acestora? Ne-am propus o transparenta totala in ceea ce priveste costul finantarii, activul finantat in leasing reprezentand solutia pentru o foarte buna predictibilitate de cash flow pentru clienti. Credem cu tarie intr-un model de business care pune in centrul preocuparilor sale nevoile clientului. De aceea, am transformat produsul de leasing in solutie pentru nevoile reale ale acestora. In acest sens, am dezvoltat parteneriate strategice cu importanti dealeri locali si internationali, pentru a acoperi nevoile specifice din diverse domenii de activitate: agricultura, transporturi, constructii, metal processing, industria lemnului, alimentar, adaptate in egala masura unui context economic provocator. 3. Piata de leasing a inregistrat un declin de 16% in primul semestru al acestui an fata de aceeasi perioada a anului trecut. Cum s-a pozitionat compania pe care o conduceti si in ce masura rezultatele obtinute se pliaza cu estimarile/ previzionarile dumneavoastra pentru acest an? Suntem multumiti de cifrele primului semestru, in care am inregistrat un volum de finantari noi de peste 35 mil. Euro, cu 10% peste nivelul inregistrat in aceeasi perioada a anului trecut. Cresterile s-au resimtit, de asemenea, pe toate nivelurile relevante de business: cota de piata, numar de clienti activi, profit, intr-un context in care piata, asa cum am vazut, a continuat sa scada. 4. Daca ne referim la anul 2013, care este cea mai notabila tranzactie inregistrata de Raiffeisen Leasing pana in prezent? Una dintre realizarile notabile ale acestui an pentru companie a fost, desigur, semnarea acorduluide preluare a portofoliul de leasing financiar de la ING Lease, primul transfer de portofoliu de leasing de pe piata romaneasca. Realizarea acestui transfer vine in completarea portofoliului nostru actual cu tipurile de active potrivite, mentinand o distributie echilibrata si un nivelul ridicat al calitatii clientilor, in linie cu modelul de business pe care ni l-am asumat.

2. How did you proceed in the company you manage in order to gain the trust of clients in leasing services, in a context in which recent surveys show that such is continuously falling and to what extent is the leasing product still attractive for their needs? We proposed ourselves full transparency in regard to the financing cost, as the asset financed under leasing represents a solution for a very good cash-flow predictability for clients. We firmly believe in a business model focusing on client’s needs. Therefore, we changed the leasing product into a solution for their real needs. For such purpose, we developed strategic partnerships with significant local and international dealers, in order to cover the specific needs from varied fields of activity: agriculture, transportation, constructions, metal processing, wood industry, foodstuff, equally adapted to a challenging economic context. 3. The leasing market recorded a decline of 16% in the first quarter of this year versus the same period of last year. What was the position of the company you manage and to what extent do the obtained results comply with your estimates/forecasts for this year? We are satisfied of the figures for the first quarter, when we recorded a volume of new financing of over Euro 35 mil., by 10% above the level we recorded within the same period of last year. Increases were also felt at all relevant business levels: market share, number of active clients, profit, in a context in which the market continued to drop, as we could see. 4. If we refer to the year 2013, what is the most notable transaction recorded by Raiffeisen Leasing up to now? One of the notable accomplishments of this year for the company was certainly the signing of the agreement to take over the financial leasing portfolio from ING Lease, the first leasing portfolio transfer on the Romanian market. The performance of this transfer supplements our current portfolio with suitable asset types, maintaining a balanced distribution and a high level of client quality, according to the business model that we assumed.

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Raiffeisen Leasing a incheiat primul semestru al anului 2013 cu finantari noi in valoare de 35 milioane de Euro, cu 10% peste nivelul din aceeasi perioada a anului trecut. Distributia pe tipuri de bunuri finantate este urmatoarea: vehicule 67%, echipamente 33%. Raiffeisen Leasing este membra a grupului financiar austriac Raiffeisen si activeaza pe piata romaneasca din anul 2002. Clientii Raiffeisen Leasing sunt, in principal, persoane juridice, de la IMM-uri la corporatii multinationale si municipalitati. Compania are reprezentare nationala, fiind prezenta in 15 mari orase din Romania. Raiffeisen Leasing ofera servicii de finantare complete, acestea fiind accesibile prin toate agentiile Raiffeisen Bank. Raiffeisen Leasing este membra a Asociatiei Societatilor Financiare din Romania (ALB) incepand cu anul 2004.

Raiffeisen Leasing finished the first quarter of the year 2013 with new financing in the amount of Euro 35 million, by 10% above the level from the same period of last year. The distribution on financed asset types is the following: vehicles 67%, equipment 33%. Raiffeisen Leasing is a member of the Austrian financial group Raiffeisen and it has been activating on the Romanian market since 2002. The clients of Raiffeisen Leasing are mainly legal entities, from small and medium-size companies to multinational corporations and municipalities. The company has a national representation, being present in 15 large cities from Romania. Raiffeisen Leasing offers complete funding services, such being accessible through all Raiffeisen Bank agencies. Raiffeisen Leasing has been a member of the Association of Financial Companies from Romania (ALB) as of the year 2004.

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III.1 Bogdan MARITA President of the Legal Committee of ALB, Unicredit Leasing Corporation IFN SA Leasingul financiar si alte operatiuni de creditare in contextul noilor provocari legislative. Solutii Am constatat in decursul ultimilor 3 – 4 ani o presiune normativa semnificativa in domeniul leasingului financiar. O serie de initiative legislative criticate de catre industria de leasing si-au facut loc pe paginile Monitorului Oficial. Unele dintre aceste initiative care au dobandit putere de lege ele efecte maligne asupra produselor de finantare. In acest context, pentru asigurarea coerentei normelor legale aplicabile leasingului, consider ca se impune o re-sistematizare a legislatiei de baza in acest domeniu, respectiv o actualizare a sediului materiei leasingului (Ordonanta Guvernului nr. 51/1997); aceasta concluzie se poate desprinde si in urma lecturarii cazurilor practice analizate in cuprinsul acestui text si a consideratiilor facute pe marginea acestora. Evolutiile legislative recente ne aseaza in fata unei adevarate provocari care pe termen scurt se traduce intr-o graba pentru gasirea de solutii, subterfugii legislative care ar putea sa protejeze interesele societatii de leasing ori stratageme contractuale ce, de buna seama, devin dificil de explicat partenerilor de afaceri ori clientilor institutiilor financiare. Nu araeori, acestia din urma se declara in mod justificat stupefiati de prolificitatea avocatilor companiilor financiare care nascocesc noi si noi clauze contractuale, ori aduc modificari conditiilor generale contractuale de cateva ori intr-un singur an. Pe termen lung constatam ca, in practica, aceste evolutii legislative nu fac decat sa intarzie nivelarea unor bune standarde profesionale care au ca principal scop consolidarea relatiei client – societate de leasing. De ce am tras aceste concluzii?

Financial leasing and other credit operations in the context of new legal challenges. Solutions We found in the last 3-4 years, a significant normative pressure in the financial leasing sector. A number of legislative initiatives criticized by the leasing industry have made their way onto the pages of the Official Journal of Romania. Some of the initiatives that have acquired the force of law had malign effects on financing products. In this context, to ensure consistency with legal norms applicable to leasing, I consider that a re-systematization of the basic legislation in this area is required, namely an updated of the material leasing office (Government Ordinance no. 51/1997); this conclusion can also be drawn after reading the practical cases analyzed in this text and the considerations written about on them. Recent legal evolutions faced us with a real challenge that on the short-term translates with a rush to find solutions, legal loopholes that could protect the leasing society’s interests or the contractual stratagems that, with good reason, become difficult to explain to business partners or to financial industries’ clients. It is not uncommon for the latter to rightly declare themselves stupefied by the prolificacy of the financial companies’ lawyers that come up with new contract clauses or amend the general contractual conditions a few time a year. On the long-term we notice that, in practice, these legal evolutions only postpone the levelling of good professional standards of which the main purpose is the consolidation of the client – leasing company relation. Why did I come up with these conclusions?

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Unul dintre motive se desprinde deja din cele aratate mai sus: clientul de leasing - in special clientul persoana juridica care acceseaza in mod repetat produsele financiare ale aceleiasi institutii financiare - are nevoie ca relatia sa cu finantatorul sa fie bazata pe incredere si predictibilitate (la fel cum finantatorul nu isi doreste sa fie surprins de o evolutie incongruenta a afacerilor conduse de clientul sau). Leasingul in Noul Cod Civil (art. 1757 NCC) In conditiile in care noul Cod Civil, printr-o tehnica legislativa indoielnica, in materia vanzarii (mai precis Vanzarea cu plata pretului in rate si rezerva proprietatii) prevede ca se aplica si contractelor de leasing prevederile alineatului (2) al art.1757, este evident ca, o societate de leasing diligenta isi va lua masuri de protectie prin adaptarea conditiilor contractuale la noile realitati juridice. Nu am dubii ca unii actionari care au infiintat sau au preluat societati de leasing in Romania si-au pus problema - la auzul unei asemenea noutati legislative - daca nu cumva se doreste transformarea societatilor pe care le patroneaza in institutii de caritate. Iata si textul in cauza: “(2) Atunci cand s-a convenit ca sumele incasate cu titlu de rate sa ramana, in tot sau in parte, dobandite de vanzator, instanta va putea totusi reduce aceste sume, aplicandu-se in mod corespunzator dispozitiile referitoare la reducerea de catre instanta a cuantumului clauzei penale.” Consider ca, de lege ferenda, se impune fie abrogarea alineatului (3) al articolului 1757 din Codul Civil, fie stabilirea unei exceptii de la aplicabilitatea acestui alineat in cazul utilizatorilor persoane juridice. Este adevarat ca leasingul este considerat ca fiind o forma de finantare asset based.Aceasta nu inseamna insa ca singura garantie si singurul considerent pentru care finantatorul ia decizia de finantare este reprezentat de existenta dreptului de proprietate asupra bunului (pe toata perioada de leasing) si in posibilitatea finantatorului de a recupera / valorifica bunul in cazul in care contractul inceteaza abrupt. Cu alte cuvinte, in majoritatea cazurilor, prin valorificarea bunului recuperat, finantatorul nu reuseste sa acopere pierderea suferita cu prilejul incetarii platilor de catre utilizator. Atfel supus, numai o structura de finantare nastrusnica si greu de pus in practica zilelor noastre (in care piata echipamentelor, vehiculelor si cladirilor comerciale este volatila), ar asigura finantatorului incasarea unui pret de valorificare mai mare decat

One reason follows directly from the foregoing: the leasing client - especially corporate clients who repeatedly access the financial products of the same financial institutions - needs the relationship with the financier to be based on trust and predictability (as the financier does not want to be surprised by an incongruent evolution of the business by the client). Leasing in the New Civil Code (art. 1757 NCC) Given that the new Civil Code, through a questionable legal technique, in the sales field (more precisely sale by price payment through installments and property reserve) provides that the provisions of paragraph (2) art.1757 also apply to the leasing contracts, it is obvious that a diligent leasing company will take protective measures by adapting the contractual conditions of the new legal realities. I do not doubt that some shareholders who have established or took over leasing companies in Romania have raised the question - on hearing such legislative updates - if the transformation of their societies in charities is not desired. Here is the text in question: "(2) When it was agreed that the amounts received by way of installments remain, in whole or in part, acquired by the seller, the court may still reduce the amounts, by properly applying the provisions regarding the court to reduce the amount of the penalty clause" I believe that, by ferenda law, paragraph (3) of article 1757 of the Civil Code should either be abolished, or an exception to the applicability of this paragraph regarding corporate users should be established. It is true that leasing is considered to be a form of asset based financing. This does not mean that the only guarantee and the only reason for the financier’s financing decision is the existence of ownership of the asset (over the entire lease period of time) and in the financier’s ability to recover / capitalize the asset if the contract is abruptly terminated. In other words, in most cases, by exploiting the recovered asset, the financier fails to cover the loss created by the ending on the user’s payments. Otherwise put, only an ingenious and hard to apply these days financing structure (in which the equipment, vehicles and commercial buildings market is volatile), would provide the financier the collection of a valorisation price higher than the sum

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suma dintre cuantumul restantelor, cuantumul principalului neincasat de catre finantator (capitalul outstanding), costurile de recuperare si costurile generate de incetarea contractului de leasing (spre exemplu, incetarea contractului de leasing si valorificarea bunului genereaza un venit care va fi rambursat anticipat de catre societatea de leasing finantatorului local sau international care i-a acordat linia de credit. Orice rambursare anticipata presupune costuri de rambursare anticipata pe care le percepe finantatorul societatii de leasing). In orice caz, asa cum am aratat mai sus, daca intentia leguitorului ar fi fost sa sanctioneze societatea de leasing intr-o atare situatie putin probabila si sa oblige pe aceasta din urma sa achite fostului utilizator marja/profitul obtinut din valorificare, solutia textului de lege ar fi trebuit sa fie complet diferita (si sa nu se refere la reducerea sumelor deja incasate). Este evident ca de lege lata prevederile art.1757 din Codul Civil pleaca de la premise fundamental eronate, iar formularea textului este ne-adecvata. Potrivit informatiilor pe care le-am cules, viziunea de mai sus este sustinuta de faptul ca, se pare ca prevederi similare celor ale art.1757 (3) nu se regasesc in dreptul statelor europene (din pacate colectia de informatii pe care am reusit sa o realizez nu este exhaustiva). Spre exemplu, legislatia italiana prevede anumite proceduri revocatorii care stau sub titulaturile revocatoria ordinaria si revocatoria fallimentare. Niciuna dintre aceste proceduri nu contine prevederi similare cu cele ale art.1757 NCC. Acesteproceduri prevazute in dreptul italian sunt in mare masura institutii care exista in dreptul romanesc de multi ani, respectiv actiunea revocatorie si actiunile puse la dispozitia creditorilor/practicianului in insolventa pentru revocarea platilor efectuate in dauna creditorilor si, la fel ca in dreptul iatalian, sunt admisibile in contextul in care poate fi retinuta coniventa societatii de leasing. Nu am cunostinta de existenta unor spete derivand din prevederile articolului analizat mai sus. Cu toate acestea, se impun cateva consideratii in legatura cu o speta in care neintelegerea legii, dar mai ales a relatiei de afaceri dintre utilizator si finantator au condus la redactarea unei solutiiinjuste prin care instanta a dispus restituirea de catre finantator a tuturor ratelor de leasing.

of money from the amount of arrears, the amount of the main uncollected by the financer (outstanding capital), recovery costs and the costs generated by the termination of the leasing contract (i.e. the termination of the leasing contract and the capitalization of the asset creates an income that will be repaid early by the leasing company to the local or international financier who granted credit line. Each anticipated repayment implies anticipated repayment costs charged by financer to the leasing company). In any case, as noted above, if the intention of the legislator was to sanction the leasing company in such an unlikely situation and to force the latter to pay to the former user the margin / profit generated from the capitalization, the solution of the text law should have been completely different (and not to refer to the reduction of amounts already collected). It is obvious that the provisions of art.1757 of the Civil Code strand from fundamentally flawed premise, and the letter of the text is inadequate. According to information we have collected, the above vision is supported by the fact that, it appears that provisions similar to those of art.1757 (3) are not found in the European countries’ law (unfortunately the collection of information that I managed to obtain is not exhaustive). For example, the Italian law requires certain procedures that are under the titles of revocatoria ordinaria and revocatoria fallimentare. None of these procedures contain provisions similar to those of art.1757 NCC. These procedures stipulated in the Italian law are largely institutions that exist in the Romanian law for many years now, the action to set aside and actions available to creditors / insolvency practitioner to revoke payments made at the expense of creditors respectively and, as in the Italian Law, they are acceptable in the context in which the convention of the leasing companies can be retained. I do not know of any test cases deriving from the provisions of the article analyzed above. However, some considerations are required in connection with a test case in which the misunderstanding of the law, especially of the business relationship between the user and financer led to the drafting of some unjust solutions based on which the court ordered the return of all leasing instalments to the financier.

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Intr-o cauza inregistrata pe rolul unei instante din municipiul Bucuresti, utilizatorul, nemultumit fiind ca societatea de leasing nu a raspuns afirmativ solicitarii acestuia de a-i pune la dispozitie cartea de identitate a autovehiculului (si alte acte), a cerut instantei sa dispuna rezolutiunea (!) contractului de leasing si restituirea tuturor ratelor de leasing, inclusiv a primei rate (avansul). Instanta a admis cererea reclamantului, cu ignorarea urmatoarelor aspecte: a. cartea de identitate a autovehicului apartine proprietatului autoturismului (societatii de leasing) si reprezinta dovada proprietatii - altfel spus, nu poate fi retinuta culpa contractuala a societatii de leasing in situatia ne-conformarii cu solicitarea utilizatorului, mai ales in lipsa unui argument solid din partea acestuia din urma (spre exemplu, un argument solid al utilizatorul ar fi fost in legatura cu realizarea inspectiei tehnice periodice); b. in contextul in care s-ar retine culpa contractuala a finantatorului, este recunoscut de catre doctrina si practica instantelor ca, in cazul unui contract cu executare succesiva, sanctiunea aplicabila este rezilierea, iar nu rezolutiunea, astfel incat, in genere nu poate fi pusa problema resituirii prestatiilor (de vreme ce utilizatorul s-a bucurat de folosinta bunului, iar bunul a cunoscut o depreciere fizica si morala pe perioada de leasing). Sentinta mentionata mai sus a fost desfiintata si a fost retinuta spre rejudecare de catre o instanta superioara. Operatiunile asimilate (art.2347) Art.2347 a generat un numar mare de dezbateri juridice si framantari in randul avocatilor institutiilor financiare nebancare. In ceea ce priveste operatiunile asimilate, reglementarea anterioara NCC aplicabila in domeniul garantiilor reale mobiliare, respectiv titlul VI al Legii nr.99/1999, avea o abordare specifica, nominalizand cu precizie tipurile de operatiuni care “sunt supuse prevederilor prezentului titlu, in ceea ce priveste ordinea de prioritate, publicitatea si executare”. Printre respectivele tipuri de operatiuni asimilate se enumerau toate formele de inchiriere, inclusiv orice leasing, pe termen mai mare de un an, avand ca obiect bunurile prevazute la art. 6 din prezentul titlu. Facand abstractie de eroarea continuta in textul art.2 lit.c) din vechiul Titlu VI al Legii nr.99/1999 (leasingul nu este o forma de inchiriere), era limpede

In a case recorded before a court in Bucharest, the user, unhappy that the leasing company did not offer a positive response to his request to be provided with the vehicle ID card (and other documents), asked the court to order the Avoidance (!) of the leasing contract and the repayment of all the leasing instalments, including of the first instalment (deposit). The court allowed his application, ignoring the following aspects: a. the vehicle’s identity card belongs to the owner of the car (the leasing company) and represents the evidence of ownership – otherwise said, the contractual fault of the leasing company cannot be retained in the case of non-compliance with the request of the user, especially in the absence of a solid argument of the latter (for example, a solid argument of the user could have been regarding the periodic technical inspection); b in the context that the financer’s contractual fault was retained, it is recognized by the doctrine and practice of the courts that in case of a contract of successive performance, the penalty imposed is the termination, not the resolution, so that in general the restitution of benefits cannot be called (since the user used the good and good experienced physical and moral depreciation during the leasing period). The above-mentioned sentence was abolished and kept for retrial in front of a higher court. Assimilated operations (art.2347) Art.2347 generated a large number of legal debates and turmoil between lawyers of the non-banking financial institutions. Regarding similar operations, the regulation previous to NCC applicable in the pledge domain, Title VI of the Act no.99/1999 respectively, had a specific approach, nominating precisely the types of operations that "are subject to the provisions of this title, regarding the priority order, the publicity and enforcement". Among these types of assimilated operations all forms of rental, including any leasing over one year, covering goods referred to in art. 6 of this title were listed. Barring the error found in the text of Article 2 c) of the former Title VI of the Act no.99/1999 (leasing is not a form of rent), it was clear in the legal

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in cadrul juridic anterior NCC faptul ca operatiunilor de leasing pe durata mai mare de un an le erau aplicabile prevederile Titlului VI al Legii nr.99/1999. Cu alte cuvinte, finantatorul avea la dispozitie posibilitatea de a inregistra in Arhiva de Garantii Reale Mobiliare contractul de leasing, facand astfel opozabile tertilor drepturile sale derivand din existenta unui contract de leasing in derulare avand ca obiect derivat bunul identificat conform clauzelor contractuale. In acest mod finantatorul isi asigura un anumit grad de protectie fata de unele riscuri care s-au evidentiat in special in perioada anilor 2007 - 2011 (cazuri in care dealerul fraudulent a vandut un autoturism atat unei societati de leasing, cat si unui tert, sau cazurile in care utilizatorul de rea credinta instraineaza unui tert autovehicului asupra caruia nu are drept de dispozitie). Odata cu intrarea in vigoare a NCC, Titlul VI al Legii nr.99/1999 a fost abrogat.Cum bine stim, o parte dintre prevederile Titlului VI al Legii nr.99/1999 au fost preluate de NCC. Solutia NCC in privinta operatiunilor asimilate este diferita. In loc sa indice cu exactitate care sunt operatiunile asimilate, art. 2347 confera o definitie a acestor operatiuni si o identificare pe categorii: clauzele de rezerva a proprietatii, pactele de rascumparare ori cesiunile de creanta incheiate in scop de garantie. La o prima privire, putem concluziona ca, in masura in care se stabileste ca leasingul este o operatiune ce contine clauze de rezera a proprietati, atunci leasingul este operatiune asimilata, potrivit NCC, astfel incat societatea de leasing in continuare are la indemana posibilitatea asigurarii opozabilitatii drepturilor sale prin intermediul Arhivei. Insa cum abordam alineatul (3), care da o veste proasta societatilor de leasing? Dispozitiile prezentului capitol privind ordinea de preferinta si executarea ipotecilor se aplica in mod corespunzator contractelor prevazute la alin. (1). Acest alineat final al art.2347 poate fi interpretat in sensul in care recuperarea si vanzarea silita a bunului mobil obiect derivat al contractului de leasing nu poate fi realizata decat potrivit prevederilor NCC care, desi fac dovada unei intentii bune si gandiri fine a redactorilor, sunt anevoioase (in special in ceea ce priveste vanzarea silita) si greu de pus in practica, continand concepte si o terminologie echivoca (ex: vanzarea comercial rezonabila). Este adevarat ca si reglementarea anterioarea

framework previous to the NCC that the leasing operations over one year fell under the provisions of Title VI of the Act no.99/1999. Put differently, the financier could register in the Archive of Security Interests the leasing contract, making opposable to third parties its rights deriving from the existence of an ongoing leasing contract involving as derived object the identified asset according to the contractual terms. In this way the financier was ensured with a degree of protection from some risks that were highlighted especially during the years 2007 - 2011 (cases where fraudulent dealer sold a car to both a leasing company and a third party, or cases in which a bad faith user alienated to a third party the vehicle over which he had no right of disposal). With the enforcement of the NCC, Title VI of ACT no.99/1999 was repealed. As we know, some of the provisions of Title VI of ACT no.99/1999 were taken over by the NCC. The NCC’s solution regarding assimilated operations is different. Instead of accurately indicating which the assimilated operations are, article 2347 provides a definition of these operations and category identification: the property reservation clauses, pacts of repurchase or assignment of receivables ended as warranty. At first glance, we can conclude that, to the extent that it is determined that leasing is a transaction that contains property reservation clauses, then leasing is an assimilated operations, according to the NCC, so that the leasing company still has the possibility to ensure its rights’ opposability through the Archive. But how we approach paragraph (3), which gives bad news to the leasing companies? The provisions of this chapter on the order of preference and mortgage execution shall apply accordingly to contracts referred to in paragraph (1). The final paragraph of art.2347 can be interpreted in the sense that recovery and forced sale of the deriver movable good of the leasing contract can only be accomplished according to the NCC provisions that, although evidence of good intentions and fine thinking the editors are given (especially in terms of forced sale) and difficult to put in practice, containing concepts and equivocal terminology (i.e. reasonable commercial sale). It is true that the previous regulation stipulated that

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prevedea ca operatiunile asimilate sunt supuse prevederilor titlului VI din Legea nr.99/1999, in ceea ce priveste ordinea de prioritate, publicitatea si executare, insa aceeasi reglementare prevedea un drept al creditorului de optiune intre procedura de executare prevazuta de Codul de procedura civila sau a executa garantia reala potrivit prevederilor Legii nr.99/1999. Pe cand, NCC nu pare sa lase la latitudinea creditorului dreptul de a opta intre proceduri1. Rezolvarea acestei serioase incertitudini care pune la grea incercare posibilitatile reale ale societatii de leasing de a-si exercita drepturile asupra garantiei primordiale (bunul obiect derivat al contractului) este mai simpla decat ar parea: Revenind la prevederile alineatului (3) al art.2347 NCC, trebuie remarcat faptul ca, in realitate, textul indica in mod precis ca (numai) dispozitiile capitolului respectiv (capitolul III - Ipoteca) sunt aplicabile operatiunilor asimilate. In acest context, dispozitiile capitolului IV – Executarea ipoteciinu sunt aplicabile operatiunilor asimilate. Or, capitolul III – Ipoteca aplicabil operatiunilor asimilate, nu contine acele proceduri anevoioase despre care aminteam mai sus. De altfel, teza propusa mai sus este intarita si de urmatorul argument de circumstanta: nu cred ca legiuitorul ar fi intentionat sa extinda intr-un mod generos, dar fara discernamant, tuturor categoriilor de operatiuni asimilate (ce pot lua lua nenumarate forme) regula stipulata la art.2341 (din capitolul IV – Executarea ipotecii): “Contractele de ipoteca valabil incheiate sunt, in conditiile legii, titluri executorii.” Daca exista vreo umbra de indoiala in ceea ce priveste incadrarea operatiunii de leasing in notiunea de operatiune asimilata prevazuta la art. 2347, aceasta cred ca este spulberata de prevederile art. 7 punctele 7 si 8 din Codul Fiscal. Potrivit acestora, riscurile si beneficiile dreptului de proprietate asupra bunului care face obiectul leasingului sunt transferate utilizatorului la momentul la care contractul de leasing produce efecte. Altfel spus, majoritatea riscurilor si beneficiilor dreptului de proprietate asupra bunului sunt transferate utilizatorului, societatea de leasing pastrandu-si nuda proprietate (rezerva proprietatii) si alte cateva atribute pe care si le mentine prin contract.

assimilated operations fall under the provisions of Title VI of ACT no.99/1999, regarding priority order, publicity and execution, but the same regulation stipulated a creditor’s option right between the enforcement procedure under the Code of Civil Procedure or to execute the real security according to the ACT no.99/1999. While the NCC does not seem to leave it to the creditor’s decision the right to choose between procedures3. Addressing this serious uncertainty that is testing the real possibilities of leasing companies to exercise their rights over primary security (the good derivative object of the contract) is simpler than it seems: Turning to the provisions of paragraph (3), art.2347 of the NCC, it should be noted that, in reality, the text precisely indicates that (only) the provisions of that chapter (Chapter III - Mortgage) are applicable to assimilated operations. In this context, the provisions of Chapter IV - Foreclosure are not applicable to assimilated operations. Or, Chapter III - Mortgage applicable to assimilated operations, does not include those lengthy procedures mentioned above. Moreover, the thesis proposed above is reinforced by the following circumstance argument: I do not believe the legislator would have intended to extend in a general way, but without judgment, to all assimilated operations categories (which can take many forms) rules stipulated under art.2341 (from Chapter IV - Foreclosure): "valid signed mortgage contracts are, under the law, enforceable." If there is any shadow of doubt regarding the classification of leasing operation in the notion of assimilated operation provided in art. 2347, I think it is shattered by the provisions of art.7, points 7 and 8 of the Tax Code. According to them, the risks and benefits of ownership right over leased asset are transferred to the user at the time the lease takes effect. Otherwise put, most of the risks and rewards of ownership over the asset are passed on to the user, the leasing company keeping its legal ownership (reserve property) and a few other attributes keep under contract.

1A se vedea art. 2429 din NCC3 See art. 2429 of the NCC

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Pentru a intelege aplicabilitatea practica a protectiei conferite societatii de leasing prin inscrierea contractului in arhiva, iata ce retine un tribunal intr-o hotarare ramasa irevocabila (cauza judecata in temeiul Legii nr.99/1999): “(...) rezulta ineficienta tezei propusa de contestatoare, conform careia a fost un cumparator de buna credinta a bunului mobil in cauza. In acest sens, instanta retine ca buna credinta are a fi supusa unui dublu examen: in plan subiectiv, cu notarea calitatii sale de profesionist in raportul juridic in care s-a angajat, iar in plan obiectiv, cu sublinierea obligatiei sale de diligenta in momentul contractarii cu detentorul precar al bunului mobil.” Art.2393. Exceptie prea larga de la regula urmaririi Cat priveste art. 2393, acesta instituie o exceptia de la regula generala potrivit careia ipoteca mobiliara asigura creditorului garantat dreptul de a urmari bunul in mainile oricui s-ar afla, atunci cand acesta este vandut de o intreprindere care se ocupa cu vanzarea de astfel de bunuri. Se impune analiza acestui text de lege in contextul leasingului, in special in lumina relatiei stranse dintre societatiule de leasing si delaerii auto / de echipamente, precum si in considerarea faptului ca produsul de creditare afectat de prevederile acestui articol 2393 poate fi vazut in portofoliul financiar nebancar. Ipoteza avuta probabil in vedere de catre legiuitor la momentul redactarii textului este cea a bunurilor de larg consum (electrocasnice). Se poate imagina urmatoare ipoteza concreta: un distribuitor de produse electrocasnice are nevoie de finantare pe perioada in care bunurile electrocasnice stau in stoc in asteptarea cumparatorului, iar o institutie financiara ii acorda o linie de credit garantata cu bunurile din stocul magazinului. In acest caz, fiecare bun din magazin va fi afectat de ipoteca pana cand distribuitorul vinde bunul si ramburseaza creditul aferent respectivului bun. Atunci cand un consumator decide sa cumpere un televizor din respectivul magazin nu are la indemana instrumente pentru a determina ca dobandeste televizorul grevat de ipoteca si sa se protejeze de o eventuala urmarire silita demarata dupa cumpararea televizorului de catre institutia financiara creditoare. Ratiunea introducerii textului art. 2393 NCC a fost probabil aceea de a nu pune piedici nejustificate consumului si achizitiei de produse electrocasnice

To understand the practical applicability of the protection conferred by the registration of the contract in the archive to the leasing company, this is what a court holds in a judgment which has become irrevocable (case trialled under Law no.99/1999): "(...) resulting inefficiency of the appealed thesis, under which he was a good faith buyer of this mobile asset. In this regard, the court notes that good faith is to be subjected to a double test: subjectively, noting its professional quality in the legal relationship in which he entered and objectively, underlining its duty of care when contracting with the poor user of the movable good.” Art.2393. Too broad exception to the rule pursuit As for art.2393, it established an exception to the general rule that stipulates that the security mortgage ensures the creditor the right to follow the property into the hands of anyone who would be, when it is sold by a company that sells such goods. It is necessary to analyze this law text in the leasing context, especially in light of the close relationship between leasing companies and car/equipment dealers, as well as noting that the credit product affected by the provisions of this Article 2393 can be seen in the nonbank financial portfolio. The hypothesis probably taken into consideration by the legislature at the time of writing the text is that of the large consumer goods (home appliances). One can imagine the following concrete hypothesis: an electronics retailer needs financing during the period of time in which the household goods are in stock waiting for a buyer and a financial institution grants him a line of credit secured by the goods in the shop’s stock. In this case, each item from the store will be affected by mortgage until the retailer sells the property and reimburses the credit for that good. When a consumer decides to buy a TV from that shop does not have tools to determine that he is acquiring a TV burdened by mortgage and to protect himself from a possible foreclosure started after buying the TV by lending financial institution. The reason for introducing the text of article.2393 of the NCC was probably of not hindering the consumption and purchases of appliances for which

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pentru care decizia de cumparare se ia rapid. Apreciez ca prevederile art. 2393 sunt de natura sa destabilizeze circuitul civil, mai ales in ceea ce priveste bunurile identificabile prin serii de sasiu,bunuri in privinta carora orice cumparator (client) final se poate informa in timp real daca exista ipoteci inregistrate in Arhiva. In acelasi timp, consider ca prevederile actuale ale art. 2.393 din Codul Civil sunt in intregime ne-adecvate in ceea ce priveste bunurile inmatriculabile/inregistrabile, din perspectiva faptului ca valoarea economica a acestor echipamente/autovehicule este ridicata (comparativ cu bunurile pe care poate le-a avut in vedere leguitorul la redactarea textului 2.393, respectiv bunurile eletrocasnice si electronice) si, ca urmare, atat dobanditorul ar trebui sa fie reponsabilizat atunci cand achizitioneaza un astfel de bun (si sa efectueze verificari in Arhiva), dar si creditorul garantat ar trebui sa fie protejat, astfel incat, acesta din urma sa nu piarda, fara drept de apel, o garantie cu valoare semnificativa. Cred cu fermitate ca ar trebui instituita o exceptie de la aplicabilitatea prevederile art.2393 in privinta bunurilor identificabile prin serii unice conform practicii economice incetatenite in Romania. Potrivit studiilor efectuate de specialistii in domeniul garantiilor, niciunul dintre statele al caror sistem de drept a constituit sursa de inspiratie pentru redactorii NCC, nu a legiferat intr-un sens atat de rigid precum art.2393 NCC. Altfel spus, in masura in care aceste sisteme de drept prevad o exceptie de la regula urmaririi in materia ipotecii mobiliare, o astfel de exceptie nu se aplica (nu afecteaza) si autovehiculele sau bunurile identificabile prin serii unice. Cu titlu de exemplu, potrivit Codului Civil de la Quebec, ipotecile (sarcinile) inregistrate in fisele descriptive de bunuri se mentin asupra bunurilor in cazul in cazul unei vanzari efectuate de catre constituitorul ipotecii in cursul activitatii sale obisnuite. Codul Insolventei Potrivit initiatorilor proiectului Codului Insolventei2, una dintre premisele de baza ale acestui proiect a fost aceea de a incerca echilibrarea drepturilor creditorului cu cele ale debitorului (este de

the buying decision is taken quickly. I Believe that the provisions of art. 2393 are likely to destabilize the civil circuit, especially in terms of assets identified by the VIN, goods in respect of which any final buyer (client) can get real-time information if there are mortgages recorded in the archive. At the same time, I believe that the current provisions of art. 2393 of the Civil Code are entirely inappropriate regarding goods that can be licensed / registered, in terms of the fact that the economic value of such equipment / vehicles is high (compared with that goods the legislator may have had in mind when drafting the 2,393 text, home and electrical appliances respectively) and therefore both the receiver should be responsible when purchasing such a good (and check out the archive), and the secured creditor should be protected so that the latter should not lose, without appeal, a security of significant value. I firmly believe that there should be an exception from the applicability of the provisions of art.2393 regarding goods identifiable by unique series according to economic practices rooted in Romania. According to studies conducted by specialists in the field of securities, none of the states whose legal system was the inspiration for editors of the NCC has not enacted in a such rigid sense as art.2393 of the NCC. In other words, to the extent that those laws provide an exception to the rule in matters of pursuit of mortgage securities, such an exception does not apply (does not affect) and goods or vehicles identifiable by unique series. As an example, according to the Civil Code of Quebec, mortgages (tasks) recorded in the goods factsheets are maintained on the goods in case of a sale made by the mortgage settlor during his regular activity. The Insolvency Code According to the developers of the Insolvency Code, one of the basic premises of this project was to try to balance the rights of the creditor with those of the debtor (it is well known that based on the Law

2Ordonanta de urgenta nr. 91 din 2 octombrie 2013 privind procedurile de prevenire a insolventei si de insolventa

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notorietate faptul ca, in baza Legii nr.85/2006, intr-o maniera ne-echitabila, in procedura insolventei debitorul are o pozitie favorizata in comparatie cu cea a creditorului). Unele dintre articolele Codului Insolventei pe care le-am analizat rateaza acest deziderat. Am convingerea ca problemele pe care intentionam sa le semnalam nu au la origine o rea intentie din partea redactorilor. Mai degraba, aceste probleme rezida in faptul ca sarcina intocmirii unui astfel de cod care sa deserveasca in mod echitabil interesele unui numar atat de mari de actori ai procedurii este dificila, dacanu chiar imposibila. Pe de alta parte, Codul Insolventei este o solutie de supra-reglementare in domeniul insolventei. Textul codului, in loc de contina o sistematizare si o imbunatatire a normelor existente, pare sa isi propunsa sa fie un fel de norma metodologica in domeniul insolventei. Specific in domeniul leasingului, se impune analiza cu mare atentie a prevederilor articolului 105 alineat (4), precum si ale articolului 123 alineat (11). Potrivit informatiilor ne-exhaustive culese de autor, teza a doua a articolului 105 (4) din Codul Insolventei este o inovatie care nu isi regaseste oglindire ori sursa de inspiratie in dreptul altor state europene. De asemenea, in opinia autorului acestui articol, textul amintit mai sus incalca principiul enuntat la art.44 din Constitutia Romaniei, constituind o forma implicita de expropriere pentru cauza privata (in interesul debitorului insolvent) sau, intr-o alta optica, o forma de novatie ope legis: “Pentru ratele anterioare inscrise in tabel, acestea vor urma regimul juridic al creantelor prevazute la art. 159 alin. (1) pct. 3, iar neachitarea lor nu va putea fi invocata ca temei al refuzului finalizarii contractului si transferului dreptului de proprietate, daca ratele curente si celelalte obligatii curente de dupa deschiderea procedurii au fost respectate.” Schimband putin frazeologia textului, acesta se citeste dupa cum urmeaza: Debitorul (completarea autorului: “aflat in procedura generala”) dobandeste proprietatea bunului pe care il utilizeaza in baza unui contract de leasing prin achitarea ratelor si obligatiilor curente, fara insa a mai fi obligat sa achite ratele scadente inainte de data intrarii in procedura. Se pot trage doua concluzii: 1) legea il iarta pe debitor de obligatia de a plati

no.85/2006, in an inequitable manner equitable, in the insolvency procedure, the debtor has a favoured position in comparison to the creditor’s). Some of the Insolvency Code articles that we have reviewed miss this requirement. I believe that the problems that we intend to signal did not originate from the editors’ bad intention. Rather, the problem is that the task of drawing up such a code to serve the interests of a fairly large number of actors so the procedure is difficult, if not impossible. On the other hand, the Insolvency Code is a solution of over-regulation in the field of insolvency. The text of the code instead of containing a systematization and improvement of the existing norms appears to be a kind of methodological norm in the insolvency field. Specific for the leasing domain, the provisions of Article 105 paragraph (4) and Article 123 paragraph (11) must be carefully analyzed. According to the non-exhaustive information gathered by the author, the second thesis of Article 105 (4) of the Insolvency Code is an innovation which does not find its reflection or inspiration in other European countries’ Law. Also, in this author’s opinion, the text mentioned above violates the principle laid down in Article 44 of the Constitution of Romania, constituting a form of constructive expropriation for private cause (in the interest of the insolvent debtor) or in a different optic, a form of novation ope legis: "For earlier rates listed in the table, they will follow the legal status of the claims referred to in art. 159 paragraph (1), point 3, and their failure to pay shall not be invoked as ground for refusal of contract completion and transfer of ownership right, if the current rates and other current obligations after the start of the contract have been met. " Changing a little the phraseology of the text, it reads as follows: The debtor (author’s completion: "in the general procedure") acquires ownership of the property which he/she uses under a leasing contract by paying the installments and current obligations, without being forced to pay installments due before the entry into the procedure. Two conclusions can be drawn: 1) the law excuses the debtor from the obligation to

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ratele scadente inainte de data intrarii in insolventa, obligatie care este in corelatie cu dobandirea dreptului de proprietate asupra bunului; 2) pentru ratele scadente inainte de data intrarii in insolventa, raportul juridic initial este novat ope legis: astfel, la momentul la care debitorul definitiveaza plata ratelor si obligatiilor curente, se declanseaza urmatorul mecanism:

din detentor al bunului, utilizatorul devine proprietar;

din proprietar al bunului, finantatorul/locatorul devine creditor (preferat?);

in cazul in care debitorul nu achita ratele scadente inainte de data intrarii in procedura (diminuate sau, dupa caz, ramase intregi in urma votarii planului de reorganizare) in locul dreptului de a cere predarea bunului, pe calea executarii silite, finantatorului/locatorului ii este recunoscut de lege un drept indoielnic a participa cu preferinta la distribuirea sumelor obtinute din vanzarea bunurilor respective.

Mai multe intrebari se nasc in legatura cu aceasta inovatie legislativa: a. De ce aceasta serioasa intruziune legislativa in raporturile contractuale dintre parti afecteaza numai leasingul si nu se refera si la alte tipuri de operatiuni? (exemplu: locatiune, arenda) b. Daca au ales aceasta masura care afecteaza drepturile societatilor de leasing, de ce redactorii nu au precizat in clar faptul ca societatea de leasing va avea un drept legal de ipoteca asupra bunurilor care au constituit obiectul derivat al contractului de leasing? c. Daca planul este votat favorabil si debitorul continua incercarea de reorganizare a afacerii, pentru ratele scadente inainte de data intrarii in procedura, ce drepturi, ce garantii concrete ori ce preferinta (si asupra carui obiect) va avea societatea de leasing in demersul justificat al acesteia de a incerca satisfacerea creantei pe care o are fata de debitor? Pentru considerentele aratate mai sus, precum si pentru faptul ca intrebarile de mai sus nu pot primi un raspuns coerent, teza a doua a articolului 105 (4) ar trebui abrogata. Alineatul (11) al articolului 123 pare sa aiba un continut benign; se incearca clarificarea in detaliu a drepturilor creditorului societate de leasing, in cazul

pay the installments due before the start of the insolvency, obligation that correlates with obtaining the ownership right over the good; 2) for installments due before insolvency, the initial legal report is nova tope legis: thus, when the debtor finishes paying the installments and current obligations, the following mechanism is triggered:

The user changes from the holder of the good into the owner of the good;

The financer/lessor changes from the owner of the good into the creditor (preferred?);

If the debtor does not pay the installments due before the starting date of the procedure (diminished or, in some cases, unchanged after voting the reorganization plan) instead of the right to ask for the good through foreclosure, the financer/lessor is given by the law a doubtful right to participate in distributing the sum of money obtained after selling those goods.

More questions arise based on this legal innovation: a. Why this serious legislative intrusion into the contractual relationship of the parties only affects the leasing and does not refer to other types of operations? (i.e. lease, rent) b. If they chose this measure that affects the rights of the leasing companies, why didn’t the editors clearly specify that the leasing company will have a legal right of mortgage over the assets that were the derivative subject of the leasing contracts? c. If the plan is voted in favour and the debtor keeps trying to reorganize the business, what rights, specific securities or preference (and on which object) will the leasing company have in its justified approach to try and satisfy the claim against the debtor to installments due before the start of the procedure? For the reasons discussed above, as well as for the fact that the above questions cannot be answered consistently, the second thesis of Article 105 (4) should be repealed. Paragraph (11) of Article 123 appears to have a benign content, it tries to clarify in detail the leasing company creditor's rights in the event of termination

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rezilierii contractului de leasing dupa intrarea debitorului in procedura, in special faptul ca societatea de leaisng are dreptul sa inregistreze la masa credala (i) sumele restante si accesoriile, la care se adauga (ii) toate sumele care ar fi trebuit achitate de catre debitor pana la finalul contractului. Din totalul acestora, ar urma ca, in cazul in care societatea de leasing recupereaza bunurile/o parte din bunurile care constituie obiectul derivat al contractului, sa deduca contravalorea acestor bunuri recuperate conform pretului stabilit de un evaluator independent. Formularea textului literei b) a alineatului (11) este defectuoasa. Unii ar putea afirma ca, numai daca societatea de leasing reuseste sa recupereze bunurile, are dreptul sa inregistreze la masa credala sumele mai sus mentionate. Astfel incat, se impune clarificarea faptului ca, in cazul in care finantatorul nu opteaza pentru varianta propusa de lege la litera a) a alineatului (11), atunci finantatorul are dreptul sa inregistreze la masa credala sumele mentinate la mai sus la (i) si (ii), din care va deduce, daca reuseste recuperarea bunurilor, pretul obtinut pe bunurile recuperate prin valorificare (care poate lua, spre exemplu, forma unei vanzari sau a unui nou contract de leasing incheiat cu un tert). Aceeasi solutie legislativa ar trebui sa fie prevazuta de lege si in cazul in care contractul de leasing este denuntat de catre administratorul/ lichidatorul judiciar.

of the leasing contract after debtor’s entering in procedure, especially the fact that the leasing company has the right to record in the statement of affairs (i) the outstanding amounts and accessories, plus (ii) all amounts that should have been paid by the debtor by the end of the contract. From this total, it would follow that, if the leasing company recovers the property / part of the property that is the derivate subject of the contract, it should deduct the counter value of such property recovered according to the price determined by an independent appraiser. The wording of text B) of paragraph (11) is faulty. Some might say that, unless the leasing company fails to collect the goods, it has the right to record in the statement of affairs the amounts mentioned above. Thus, it is necessary to clarify that, if the financier does not opt for the version proposed by the law in point a) of paragraph (11), the financier has the right to record in the statement of affairs the amounts mentioned above under (i) and (ii) from which it will deduct, if it will successful recovery the goods, the price obtained for the recovered goods by capitalization (which may come, for example, as a sale or a new leasing contract with a third party). The same legal solution should be prescribed by law if the lease is terminated by the administrator/ legal liquidator also.

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III.2 Mirela KIRKPANTUR Financing Programs Consultant S.C. Diplomat Consult L.T.D.

Argumente in favoarea cresterii contributiei institutiilor financiare nebancare

la revigorarea mediului de afaceri romanesc Importanta si potentialul de dezvoltare a institutiilor financiare nebancare sunt recunoscute la nivel mondial si european, activitatea acestora fiind sustinuta prin programe dedicate de finantare sustenabila, asistenta tehnica si nu in ultimul rand prin sprijin normativ. La nivel european se constata o diminuare semnificativa a ofertei de credit catre sectorul real din partea marilor grupuri bancare precum si continuarea procesului de dezintermediere financiara. Aceasta in conditiile in care structura sectorului financiar romanesc a evoluat in acesti ani de criza economica spre intarirea pozitiei dominante a bancilor si reducerea ponderii IFN. Contributia fondurilor europene la finantarea investitiilor interne ramane redusa, cu unele exceptii, precum sectorul agriculturii si dezvoltarii rurale. Imbunatatirea absorbtiei fondurilor comunitare ramane o provocare si pentru perioada de programare 2014-2020, succesul acestui demers avand efecte favorabile in sensul cresterii competitivitatii economiei romanesti, al ameliorarii presiunilor din directia fluxurilor externe de capital, al cresterii numarului de locuri de munca etc. Cu certitudine finantarea sectorului real poate fi sustinuta prin activitatea IFN in sectoare care devin prioritare nu numai la nivel national ci si mondial cum sunt agricultura, mediul, eficienta energetica si, de ce nu, microafacerile si antreprenoriatul social. In cele ce urmeaza ne vom referi la IFN ca solutii

Arguments in Favour of Increasing the Contribution of Non-Banking Financial

Institutions to Revive the Romanian Business Environment

The importance and development potential of non-banking financial institutions are recognized worldwide as well as in Europe, their work is supported by dedicated sustainable funding programs, technical assistance and last but not least legislative support. At the European level a significant decrease in the credit offer to the real sector by the large banking groups and of the ongoing deleveraging process are revealed. This, given that the Romanian financial sector structure has evolved in these years of economic crisis towards strengthening the dominant position of banks and reducing of the NBFIs. The contribution of EU funds to financing domestic investment remains low, with some exceptions, such as the agriculture and rural development sectors. Improving the absorption of EU funds remains a challenge for the programming period 2014-2020, the success of this approach having positive effects by increasing the competitiveness of the Romanian economy, relieving pressure from foreign capital inflows, increasing the number of jobs etc. Certainly, the real sector financing can be sustained by the activity of NBFI’s in sectors that are of priority not only nationwide but worldwide as well, such as agriculture, environment, energy efficiency and, why not, micro-businesses and social entrepreneurship. In the following section, we will refer to the NBFI as

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alternative viabile pentru sustinerea cresterii economice, imbunatatirea absorbtiei fondurilor comunitare nerambursabile si dezvoltarea sectorului agricol romanesc. Conform datelor furnizate de Ministerul Agriculturii si Dezvoltarii Rurale (MADR), pe parcursul ultimilor doi ani de criza economica, numeroase contracte de finantare din Fondul European pentru Agricultura si Dezvoltare Rurala (FEADR) au fost reziliate din cauza neimplicarii reale a institutiilor de credit in cofinantarea lor, invocand nebancabilitatea acestora. Reprezentantii Agentiei de Plati pentru Dezvoltare Rurala si Pescuit (APDRP) au anuntat in trimestrul al IV-lea 2012 ca aproximativ 500 de proiecte de investitii declarate eligibile si contractate tineau blocate in sistem peste 400 milioane de Euro din cauza lipsei de cofinantare. Acest lucru s-a intamplat dupa ce APDRP a decis sa nu mai accepte scrisorile de confort emise de IFN care se aflau sub supravegherea Bancii Nationale a Romaniei, contrar principiilor unei piete libere, reglementarilor europene privind FEADR, Legii nr. 93/2009 privind institutiile financiare nebancare si nu in ultimul rand legii concurentei. Asociatia Producatorilor si Importatorilor de Masini Agricole din Romania, ALB (prin lobby-ul catre BNR si Consiliul Concurentei) si IFN care finantau sectorul agricol au supus atentiei autoritatilor de resort reconsiderarea acestei decizii, oferind argumente legale si de business in favoarea credibilitatii institutiilor financiare nebancare. La acea data, conform declaratiilor reprezentantilor APIMAR intre 75% si 80% din clientii producatorilor si importatorilor de masini agricole, beneficiari ai proiectelor finantate prin FEADR apelau la IFN pentru ca aveau experienta si oferta de finantare adaptata specificului activitatii din domeniul agricol. Practic, oferta de finantare a IFN pentru perioada de programare 2014-2020 poate completa produsele bancare in zone unde bancile nu sunt interesate decat la nivel declarativ, ceea ce poate avea consecinte pozitive asupra numarului locurilor de munca, valorii investitiilor in modernizarea agriculturii si a spatiului rural romanesc, absorbtia fondurilor europene nerambursabile.

viable alternatives to support economic growth, improve the absorption of EU funds and the development of Romanian agriculture. According to data released by the Ministry of Agriculture and Rural Development (MARD), during the last two years of economic crisis, many financing contracts from the European Agricultural Fund for Rural Development (EAFRD) were canceled because of the real lack of involvement of credit institutions in their co-financing, citing their non-bankability. Representatives of the Payment Agency for Rural Development and Fisheries (PARDF) announced in the fourth quarter of 2012 that about 500 investment projects declared eligible and contracted kept stuck in the system over EUR 400 million due to the lack of co-financing. This happened after PARDF decided not to accept letters of comfort issued by NBFI that were under the supervision of the National Bank of Romania, contrary to the principles of a free market, European regulations regarding EAFRD, the Law No. 93/2009 on non-banking financial institutions and, last but not least, the competition law. The Association of Agricultural Machinery Manufacturers and Importers of Romania, the ALB (through lobbying the NBR and the Competition Council) and NBFI which funded the agricultural sector brought into the attention of relevant authorities the reconsidering of this decision, providing legal and business arguments in favor of the credibility of non-banking financial institutions. At that time, according to the representatives of AAMMIR between 75% and 80% of manufacturers and importers of agricultural machinery’s clients, beneficiaries of projects financed by the EAFRD resorted to NBFIs because of their experience and financing offers tailored to the agricultural domain. Basically, the financing offer of the NBFIs for the programming period 2014-2020 can complete banking products in areas where banks are interested only in words, which can have positive consequences on the number of jobs, the investments’ value in the modernization of agriculture and Romanian countryside, the absorption of non-reimbursable EU funds.

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Argumente in favoarea credibilitatii institutiilor financiare nebancare

IFN sunt autorizate sa desfasoare activitate de

creditare cu titlu profesional prin inscrierea efectuata de BNR in Registul General sau, in cazul depasirii unui anumit prag al finantarilor in sold, in Registrul Special. Activitati de creditare permise:

o acordare de credite, incluzand, fara a se limita la: credite de consum, credite ipotecare, credite imobiliare, finantarea tranzactiilor comerciale, operatiuni de factoring, scontare, forfetare;

o alte forme de finantare de natura creditului;

o emitere de garantii, asumare de angajamente de garantare, asumare de angajamente de finantare etc.

O IFN este obligata sa aplice norme interne pentru realizarea activitatilor de creditare in conformitate cu regulile unei practici prudente. Normele interne privind riscul de credit se refera la intreaga activitate si au in vedere atat creditele la nivel individual cat si intregul portofoliu. In urma aprobarii normelor si procedurilor specifice de credit de catre BNR, o IFN are dreptul legal de a-si asuma angajamente de finantare pentru proprii clienti, asigurand cerintele prudentiale aplicabile.

Administrarea, supravegherea, conducerea si auditarea financiara nu pot fi realizate decat de persoane cu reputatie si experienta adecvata in conformitate cu criterii stricte stabilite de banca centrala a Romaniei. In vederea respectarii acestor cerinte BNR evalueaza experienta profesionala dobandita si reputatia persoanelor implicate.

Calitatea actionarilor semnificativi si

structura grupurilor din care face parte trebuie sa asigure stabilitatea si dezvoltarea IFN si sa permita realizarea de catre BNR a unei supravegheri eficiente.

IFN inscrise in Registrul Special sunt obligate sa respecte in activitatea desfasurata cerintele stabilite de BNR referitoare la: fondurile

Arguments in favour of the credibility of non-bank financial institutions

NBFIs are authorized to carry out a

professional crediting activity by the NBR registration in the General Register or, in case of exceeding a certain threshold of sold financing, in the Special Register. Crediting activities allowed:

o credit granting, including, without limiting to: consumer credits, mortgages, real estate credits, financing of commercial transactions, factoring, discounting, forfeiting;

o other forms of financing related to credit;

o issuing securities, assuming guarantee commitments, assuming financing commitments etc.

An NBFI is required to apply internal rules to

develop crediting activities in accordance with the rules of prudent practices. The internal rules on credit risk refer to the whole business and are considering both the individual loans and the entire portfolio. Following the approval of the norms and specific credit procedures by the NBR, a NBFI has the legal right to assume financing commitments for its own clients, providing applicable prudential requirements.

The administration, supervision, management and financial audit can be performed only by persons with appropriate experience and reputation according to strict criteria set by the Central Bank of Romania. In order to comply with these requirements, the NBR asseses the professional experience gained and the reputation of the individuals involved.

The quality of the significant shareholders

and the structure of groups which belong to must ensure the stability and development of NBFI and allow for effective supervision by the NBR.

The NBFIs registered in the Special Register are forced to respect through the activity done, the requirements set by the NBR

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proprii, expunerea fata de un debitor si expunerea agregata, expunerea fata de persoanele aflate in relatii speciale cu IFN, organizarea, controlul intern, auditul intern si administrarea riscurilor. Astfel, trebuie sa dispuna de:

o Un sistem de control intern pentru identificarea si administrarea riscurilor semnificative, ca parte integranta a activitatilor zilnice, pe fiecare nivel organizatoric;

o Un comitet permanent de administrare a riscurilor, care dezvolta proceduri adecvate pentru identificarea, evaluarea, monitorizarea si controlul riscurilor semnificative de credit, de piata, legale, operationale si reputationale;

o Organizarea auditului intern, ca o componenta a activitatii de monitorizare a sistemului de control intern.

IFN sunt obligate sa prezinte BNR situatiile

lor financiare si toate datele si informatiile cerute (structura portofoliului de credite etc.), la termenele si in forma stabilite prin reglementari. Situatiile financiare anuale ale IFN inscrise in registrul special se auditeaza exclusiv de auditori financiari agreati de BNR, in conformitate cu reglementarile legale in vigoare.

In plus, BNR realizeaza supravegherea prudentiala a fiecarei IFN atat pe baza informatiilor furnizate de acestea prin raportarile transmise periodic, cat si prin inspectii la sediu si la unitatile teritoriale.

Sursele de finantare reprezinta un alt argument in favoarea credibilitatii acestor institutii, intrucat, fiind interzise prin lege atragerea de depozite/fonduri rambursabile de la public, activitatea de creditare se sustine in special din fonduri proprii ale actionarilor (evaluati si agreati de BNR) sau din imprumuturi de la institutii de credit interne/internationale. Liniile de finantare se obtin intotdeauna in urma unui proces riguros de auditare. Astfel, supravegherea modului de utilizare a fondurilor este dublata de procedurile bancilor creditoare interne/internationale.

regarding: own funds, the exposure to a borrower and aggregate exposure, exposure to persons in a special relationship with the NBFI, organization, internal control, internal audit and risk management. Thus, they must have:

o An internal control system for the identification and management of significant risks, as part of their daily activities, on each organizational level;

o A permanent committee for risk management that develops appropriate procedures for identifying, assessing, monitoring and controlling significant credit, market, legal, operational and reputation risks;

o Organizing an internal audit, as a part of their activity of monitoring the internal control system.

The NBFIs are required to submit to the NBR their financial statements and all data and information required (loan portfolio structure etc.), on time and the form established by regulations. The annual financial statements of NBFIs registered in the Special Register are examined exclusively by the financial auditors agreed by the NBR, in accordance with the regulations in force.

In addition to this, the NBR prudential supervises each NBFI based on the information they supplied in the reports submitted periodically and through on-site and territorial units inspections.

Financing sources represent another argument in favour of the credibility of these institutions. Being prohibited by law repayable deposits/ reimbursable funds from the public, the crediting activity is supported especially from shareholders' equity (evaluated and approved by the NBR) or from loans extended by internal / international credit institutions. Funding lines can always be granted following a detailed due-dilligence process. Thus, monitoring the use of funds is backed by internal/international creditor banks’ procedures.

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Prin urmare, IFN-urile au capacitatea de a-si asuma angajamente de garantare (precum Fondul de Garantare a Creditului Rural IFN SA, Fondul National de Garantare a Creditelor pentru Intreprinderi Mici si Mijlocii IFN SA), angajamente de finantare si in final cofinantarea privata a proiectelor de investitie eligibile (cum este cazul FEADR). Spre deosebire de bancile comerciale, unele IFN prezinta avantajul competitiv de a oferi clientilor pachete integrate de servicii de consultanta si finantare, de la momentul ideii de proiect pana la ultima plata efectuata de APDRP si ultima rata de credit sau leasing financiar achitata. Mai mult, pe piata financiara din Romania activeaza IFN ce fac parte din grupuri de companii care au experienta si competente dobandite in elaborarea, implementarea si finantarea proiectelor de investitie in agricultura si dezvoltare rurala, sustinute cu fonduri europene sau internationale. Aceasta orientare se poate constata atat din structura sectoriala a finantarilor acordate clientilor, respectiv caracter preponderent agricol si agroalimentar cat si din caracteristicile liniilor de finantare atrase de la institutii financiare internationale cu scopul creditarii producatorilor agricoli si fermelor mici si mijlocii. Asumarea riscului de cofinantare de catre IFN nu poate decat sa imbunatateasca rata de absorbtie a fondurilor nerambursabile europene, cu atat mai mult cu cat una din masurile de diminuare a acestui risc este asistenta tehnica oferita clientului, atat pe perioada implementarii proiectului de investitie cat si dupa data platii finale: consultanta cu specific agricol, implementare si achizitii publice aferente proiectelor de investitii europene s.a. Raportul asupra stabilitatii financiare 2013 publicat recent de BNR consemneaza schimbarea din ultimii ani in cadrul modelului de activitate al IFN: “caracterizata printr-o reorientare catre alte tipuri de finantari in detrimentul operatiunilor de leasing financiar. In ceea ce priveste finantarile acordate de IFN pe sectoare economice de activitate, in perioada iunie 2012-iunie 2013, se remarca cresterea cu 29 la suta a finantarilor acordate sectorului agricol (12 la suta din total portofoliu)”.

Therefore, the NBFIs have the ability to assume guarantee commitments (such as the Rural Credit Guarantee Fund NBFI SA, National Credit Guarantee Fund for Small and Medium Enterprises IFN SA), financing commitments and finally private co-financing of eligible investment projects (such as EAFRD). Unlike commercial banks, some NBFI present competitive advantages of providing customers with integrated packages of consulting and financing services, from the first stage of the project idea to the last payment made by the PARDF and last credit or financial leasing installment paid. Moreover, on the Romanian financial market activate the NBFIs that are part of the group of companies with experience and expertise gained in the development, implementation and financing of investment projects in agriculture and rural development, supported by European or other international funds. This orientation can be seen both in their sectoral structure of financing granted to customers, mainly predominant agricultural and agribusiness character as well as in the character of the financing lines attracted from international financial institutions with the purpose of onlending to agricultural producers and small and medium-sized farms. Taking the risk of co-financing by the NBFIs can rather improve the absorption rate of EU non-reimbursable funds, all the more as one of the instruments to reduce this risk is technical support provided to the customer, both during the implementation of the investment project and after final payment date: specific agricultural consulting, implementation and public aquisitions for European investment projects, etc. 2013 Financial Stability Report recently published by the NBR records change in the pattern of activity of NBFI in recent years: “characterized by a shift towards other types of financing to the detriment of financial leasing operations. Regarding funding granted by the NBFIs on economic sectors of activity between June 2012 and June 2013, an increase by 29 percent of the financing granted to the agricultural sector (12 percent of total portfolio) is noticed”.

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Exemplificand influenta creditarii asupra cresterii economice in anumite domenii, analiza BNR mentioneaza ca firmele cu credite interne din agricultura contribuie cu aproximativ 52% la valoarea produsa de toate firmele din sectorul agricol. In plus aceste companii au pe ansamblu o capacitate de onorare a serviciului datoriei mai buna decat media (14,9% fata de o medie de 23,4% in august 2013). Avand in vedere argumentele expuse, consideram ca institutiile financiare nebancare reprezinta o oportunitate oferita de piata de credit din Romania care trebuie fructificata in avantajul mediului de afaceri si beneficiarilor de fonduri europene (cum este cazul FEADR).

Microcreditarea – sector cu potential de dezvoltare in Romania

Criza financiara si recesiunea economica au scumpit finantarea datoriilor iar valul de reglementari bancare (in special reforma Basel II) au ingreunat si mai mult accesul la finantare. Ca rezultat al regulamentelor bancare tot mai stricte, bancile se retrag treptat din economia locala. In plus, acestea sunt reticente la acordarea de imprumuturi mici (sub 25.000 Euro) intrucat costurile de acordare si administrare sunt mari in timp ce marjele de profit sunt mici. De asemenea, persoanele auto-angajate si micro-antreprenorii sunt considerati prea riscanti din perspectiva metodelor de evaluare, care se bazeaza pe istoricul creditarii si constituirii garantiilor pentru securizarea imprumutului. Cu toate acestea, conform documentelor publicate de European Microfinance Network, 91,8% dintre afacerile din cadrul Uniunii Europene sunt de nivel micro, cuprinzand peste 2/3 din forta de munca. Desi intreprinderile micro si mici constituie motorul economiei europene, infiintarea si dezvoltarea micro afacerilor in Europa este un proces greoi. Prin urmare, Uniunea Europeana a ridicat la rang de prioritate intreprinderile mici si microcreditarea prin politicile sale interne, regionale si de angajare. Prin Strategia Europa 2020 cu 2008 Small Business Act se urmareste imbunatatirea reglementarii si accesului la finantare pentru firmele mici prin Single Market Act si noile programe cu fonduri europene structurale.

Exemplifying the influence of credit on the economic growth in certain areas, the NBR analysis states that companies with domestic loans in agriculture contribute with about 52% to the produced value by all companies in the agricultural sector. In addition to this, these companies have an overall fullfilment capacity to debt service better than the average (14.9% compared to an average of 23.4% in August 2013). Given the arguments above, we strongly believe that non-banking financial institutions represent an opportunity offered by the credit market in Romania that must be taken advantage of to the benefit of the bussiness and beneficiaries of EU funds (such as EAFRD).

Micro crediting - a sector with potential for

development in Romania The financial crisis and the economic recession marked up the debt financing and the wave of banking regulations (Basel II reform in particular) made it more difficult to access financing. As a result of increasingly stringent banking regulations, banks are gradually retiring from the local economy. In addition, they are reluctant to extending small loans (under EUR 25,000) since the granting and administration costs are high, while profit margins are low. Also, self-employed persons and micro-entrepreneurs are considered too risky in terms of assessment methods, which are based on credit history and setting up collaterals to secure the loan. However, according to documents published by the European Microfinance Network, 91.8% of businesses in the EU are micro, comprising over two thirds of the workforce. Although small and micro enterprises are the engine of the European economy, the establishment and development of micro businesses in Europe is a lengthy process. Therefore, the European Union prioritized small enterprises and micro-crediting through its internal, regional and employment policies. The Europe 2020 Strategy with 2008 Small Business Act aims at improving regulation and access to financing for small businesses in the Single Market Act and the new EU structural funds programs.

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Microcreditul, asa cum este definit de catre Consiliul European, este imprumutul sub 25.000 € acordat pentru sprijinirea dezvoltarii microintreprinderilor (intreprinderi cu mai putin de 10 angajati) si auto-angajabilitatii (persoane care doresc sa se autoangajeze dar nu au acces la servicii bancare traditionale). Acesta are un dublu impact: unul economic, fiind un mijloc de creare de activitati generatoare de venit si unul social, fiind un mijloc de incluziune sociala si, prin urmare, de incluziune financiara. Creditarea microintreprinderilor tinteste clientii aproape bancabili (intreprinderi nou-infiintate sau existente). Adesea acesti clienti au nevoie de consiliere suplimentara si servicii de suport pentru afacerile lor, fiind oportun sprijinul guvernamental pentru subventionarea consilierii pre- si post- creditare. Piata europeana de microfinantare este eterogena, nu exista un model comun de business. Valoarea microimprumuturilor variaza, cele mai mari fiind acordate de banci, institutii nebancare si organizatii guvernamentale. Cea mai presanta problema a institutiilor respective este lipsa surselor de finantare pe termen lung. Microcreditarea se operationalizeaza prin programul de asistenta tehnica 2007 JASMINE, urmat in 2009 de European Progress Microfinance Facility, care furnizeaza 200 de milioane de euro institutiilor de microfinantare europene sub forma de credite, garantii si equity. Recent au fost introduse ingineriile financiare ca strategie preferata pentru utilizarea fondurilor structurale de catre statele membre. Studiile de specialitate remarca o tendinta de profesionalizare, eficientizare si autosustinere a microfinantarii. Un numar in crestere de persoane neangajate devin o sursa de cerere pentru microcredite, dar totusi, fara acces la finantare stabila, perspectivele de crestere sunt limitate. Se asteapta ca in perioada urmatoare bancile comerciale din Europa sa-si reduca in continuare imprumuturile catre persoanele excluse financiar, mici start-up–uri si microintreprinderi. Schemele de microfinantare devin instrumente tot mai importante pentru a combate efectele crizei financiare si a sustine cresterea inclusiva, domeniu spre care se indreapta tot mai multe institutii financiare nebancare.

The microcredit, as defined by the European Council, is the loan under EUR 25,000 granted to support the development of micro-enterprises (companies with less than 10 employees) and self-employability (people who want to be self-employed but do not have access to traditional banking services). This has a double impact: an economic one as a means of creating income generating activities and a social one as a means of social inclusion and therefore financial inclusion. Granting credits to micro-enterprises aims customers almost bankable (start-up or existing enterprises). Often, these clients need additional counselling and support services for their businesses, the appropriate government support to subsidize counselling pre- and post-lending being necessary. The European market for micro financing is heterogeneous; there is no common business model. The micro-loans value varies, the largest being granted by banks, non-banking institutions and government organizations. The most pressing issue of these institutions is the lack of long-term funding sources. Microcrediting is operationalized through the technical assistance program JASMINE 2007, followed in 2009 by the European Progress Microfinance Facility, which provides EUR 200 million to European microfinance institutions in the form of loans, guarantees and equity. Financial engineering have recently been introduced as the preferred strategy for the use of structural funds by Member States. Specialized studies show a trend of professionalization, effectiveness and self-sustaining micro financing. A growing number of unemployed people are a source of demand for micro-credit, but without access to stable funding, growth prospects are limited. It is expected that in the near future European commercial banks will reduce further loans to financially excluded individuals, small start-ups and micro-enterprises. Microfinance schemes are becoming increasingly important tools to combat the financial crisis’ effects and sustain inclusive growth, area towards which more and more non-bank financial institutions are heading.

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Sectorul romanesc de microfinantare este competitiv la nivel european, avand deja experienta in accesarea de programe descentralizate. Este insa necesara o coordonare intre programele de formare in antreprenoriat si programele de acces la microfinantare. Beneficiarii microcreditelor sunt micro-intreprinderi, inclusiv persoane fizice autorizate, intreprinderi individuale, asociatii familiale, intreprinderi mici, intreprinderi noi (start-up), intreprinderi inovative, fermieri. Institutiile implicate sunt: finantatori (UE, Fondul European pentru Investitii, OPIC etc.), managerul fondului, IFN, experti, firme de consultanta, fonduri de garantare. Beneficiile activitatii de microfinantare pentru Romania constau in principal in: imbunatatirea accesului la finantare al tuturor beneficiarilor enumerati mai sus, imbunatatirea calitatii serviciilor financiare si de asistenta pentru dezvoltarea afacerilor oferite de institutiile implicate, dezvoltarea sectorului IMM si crearea/mentinerea de locuri de munca, cresterea cifrei de afaceri a firmelor beneficiare, cresterea in timp a valorii microcreditelor acordate. Astfel, microcreditul poate constitui o pepiniera de clienti solvabili pentru piata bancara. La nivel mondial si European institutiile de microfinantare sunt sustinute printr-o gama variata de instrumente financiare: imprumuturi directe si indirecte, garantii directe si contra-garantii etc. dar si asistenta tehnica (inclusiv servicii de rating si de evaluare gratuite) etc.

Initiative europene in domeniul microfinantarii 1. Programul PROGRESS (The EU Program for Employment and Social Solidarity) sustinut de Banca Europeana de Investitii (BEI) si administrat de Fondul European de Investitii (FEI) in valoare totala de 205 milioane Euro. Este mentionat in Propunerea de Regulament a Parlamentului European si al Consiliului de instituire a unui Program al UE pentru schimbari sociale si inovare sociala, cu trei axe complementare: axa Progres, axa EURES si axa Microfinantare si antreprenoriat social. Axa Microfinantare si antreprenoriat social va facilita accesul la finantare

The Romanian microfinancing sector is competitive at an European level, having already gained experience in accessing decentralized programs. But the coordination between training programs in entrepreneurship and access to microfinance programs is needed. Microcredit beneficiaries are micro-enterprises, including authorized individuals, family associations, small, new companies (start-up) innovative companies, farmers. The institutions involved are: financers (EU, European Investment Fund, OPIC, etc.) Fund managers, NBFI, experts, consulting firms, guarantee funds. The benefits of microfinancing activities for Romania mainly consist in: improving access to finance for all beneficiaries listed above, improving the quality of financial services and business development assistance provided by the institutions involved, SME sector development and the creation / retention of jobs, growth of the beneficiary companies’ turnover, while increasing the value of the granted micro-credits. Thus, micro-credit can be a breeding ground for creditworthy customers for the banking market. At a global and European level, microfinance institutions are supported by a wide range of financial instruments: direct and indirect loans, direct guarantees and counter-guarantees etc., as well as technical assistance (including free rating and evaluation services) etc.

European initiatives in the micro financing field 1. The PROGRESS Program (The EU Program for Employment and Social Solidarity) supported by the European Investment Bank (EIB) and managed by the European Investment Fund (EIF) with a total value of Euro 205 million. It is mentioned in the Proposal for a Regulation of the European Parliament and of the Council for establishing an EU Program for Social Change and Social Innovation, three complementary axes: the Progress axis, the EURES axis and Microfinance and Social Entrepreneurship axis. Microfinance and Social Entrepreneurship axis shall facilitate access to

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pentru antreprenori, in special persoane din somaj si intreprinderi sociale. Pentru perioada 2014-2020, din bugetul total al Programului acestei axe i se vor aloca 20%, respectiv cca. 192 milioane Euro.

2. Programul JASMINE (Joint Action to Support Microfinance Institutions in Europe) - Fondul de asistenta tehnica pentru institutii de microfinantare - sustinut de BEI si administrat de FEI. Asistenta tehnica oferita este menita sa ajute furnizorii europeni de microcredit sa se alinieze la standardele internationale si sa faciliteze ulterior accesul acestora la finantare.

JASMINE ofera de asemenea workshop-uri pentru promovarea celor mai bune practici si un helpdesk disponibil permanent pe portalul de microfinantare al Comisiei Europene. Beneficiarii programului JASMINE in Romania au primit gratuit servicii rating si de evaluare, au beneficiat de instruire de specialitate si de programe de consultanta. Conform datelor centralizate de European Microfinance Network, institutiile de microfinantare din Romania au fost printre principalii beneficiari ai programelor JASMINE si PROGRESS.

3. Programul JEREMIE (Joint European Resources for Micro to Medium Enterprises) ofera intermediarilor financiari (inclusiv institutii de microcredit) instrumente financiare cu precadere pentru IMM de tipul: garantii, co-garantii si contra-garantii, garantii de capital, (micro) imprumuturi, asigurari ale creditelor de export, de securitizare, capital de risc de tip business angel si fonduri de investitii pentru transfer de tehnologie. In 2008, FEI si Guvernul Romaniei au semnat un acord de 100 milioane EUR.

In completarea inititativelor de mai sus, se poate disponibiliza sprijin national si regional prin instrumente de inginerie financiara in cadrul fondurilor structurale europene, Fondul Social European (FSE) si Fondul European Dezvoltare Regionala (FEDR), printr-o contributie directa sau utilizand initiativa JEREMIE. In timp ce resursele FEDR sunt utilizate in special pentru sprijinul IMM-urilor, dezvoltare urbana si regenerare, eficienta energetica si energii regenerabile in constructii, FSE este menit sa sprijine auto-angajarea, start-up-urile si microintreprinderile prin cresterea angajarii, stimularea antreprenoriatului si invatarea pe parcursul vietii, in conformitate cu

financing for entrepreneurs, especially unemployed people and social enterprises. For the 2014-2020 period, 20% out of the total budget of the Program which is approx. EUR 192 million will be allocated to this axis,

2. The JASMINE Program (Joint Action to Support Microfinance Institutions in Europe) - The fund for technical assistance for microfinance institutions - supported by the EIB and managed by the EIF. Technical assistance is designed to help European micro-credit providers to align with international standards and to facilitate future access to financing.

JASMINE also offers workshops to promote best practices and a permanent helpdesk available on the micro-financing portal of the European Commission. The JASMINE program beneficiaries in Romania received free evaluation and rating services, specialized training and consulting programs. According to centralized data by the European Microfinance Network, microfinance institutions in Romania were among the main beneficiaries of the JASMINE and PROGRESS programs.

3. The JEREMIE Program (Joint European Resources for Micro to Medium Enterprises) provides to the financial intermediaries (including micro-finance institutions) financial instruments especially for SMEs like: guarantees, co-guarantees and counter-guarantees, capital guarantees, (micro) loans, export, securitization credit insurance, business angel type risk capital and investment funds for technology transfer. In 2008, the EIF and the Romanian Government signed an agreement of EUR 100 million.

In addition to the initiatives mentioned above, the national and regional support can be dismissed through financial engineering instruments in the European Structural Funds, the European Social Fund (ESF) and European Regional Development Fund (ERDF) through a direct contribution or using the JEREMIE initiative. While the ERDF resources are used especially for SME support, urban development and regeneration, energy efficiency and renewable energy in buildings, ESF is designed to support self-employment, start-ups and micro-enterprises by increasing employment, stimulate entrepreneurship and lifelong learning, in line with the Lisbon Strategy and the Integrated

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Strategia Lisabona si Liniile directoare integrate pentru crestere si locuri de munca. In cadrul initiativei JEREMIE statele membre si regiunile au posibilitatea sa creeze un Holding Fund (HF) care sa actioneze ca un “fond al fondurilor” or “fond umbrela”, guvernat de un Bord de Investitii, administrat direct de FEI sau de institutii nationale selectate prin procedurile de achizitie publica. Conform Raportului Comisiei Europene COCOF 13-0093-00-EN asupra stadiului de implementare a instrumentelor de inginerie financiara la 31 decembrie 2012, Romania a absorbit doar 43,12 milioane Euro din totalul celor 100 milioane Euro, din care 36,8 milioane Euro reprezinta fonduri structurale si 6,04 milioane Euro sunt cofinantarea publica nationala. 4. CIP (Competitiveness and Innovation Framework Programme) promoveaza crearea de intreprinderi cu potential de crestere ridicat, incluzand un sprijin dedicat special institutiilor de microfinantare, intitulat “Microcredit Guarantee Window”. Initiativa este administrata de FEI in cooperare cu CE si este accesibila atat institutiilor publice cat si private.

5. RSI (Risk Sharing Instrument for Innovative and Research oriented SMEs and Small Mid-Caps) este un sistem de garantare pilot menit sa sprijine finantarea activitatilor de cercetare si dezvoltare si transferul de tehnologii catre IMM inovative, dar nu direct, ci prin intermediarii financiari selectati. Pe baza garantiilor si contragarantiilor emise, intermediarii financiari selectati pot acorda mai departe credite, leasing financiar si garantii pentru imprumuturi. Prin urmare, IFN cu activitate de leasing financiar sunt de asemenea eligibile la selectare ca intermediar financiar in acest program, care va constitui baza pentru programarea 2014-2020. Primirea aplicatiilor are loc pana la 31 decembrie 2013. In final, putem mentiona de initiativa MADR de a primi IFN alaturi de institutii de credit la constituirea unui subgrup de lucru pentru a identifica solutii de implementare a instrumentelor financiare in cadrul PNDR 2014-2020, care sa asigure o mai buna absorbtie a fondurilor disponibile si o dezvoltare sustenabila a proiectelor de investitii. Totodata, prin Ordonanta de urgenta nr. 43 din 2013 privind unele masuri pentru dezvoltarea si sustinerea fermelor de familie si facilitarea accesului la

Guidelines for growth and jobs. Under the JEREMIE initiative, the Member States and regions can create a Holding Fund (HF) to act as a "fund of funds" or "umbrella fund" governed by a Board of Investment, administered directly by the EIF or national institutions selected through public procurement procedures. According to the European Commission Report COCOF 13-0093-00-EN on the state of implementation of financial engineering instruments of 31 December 2012, Romania has absorbed only EUR 43.12 million of the total 100 million, of which EUR 36.8 million are structural Funds and EUR 6.04 million are national public co-financing. 4. CIP (Competitiveness and Innovation Framework Programme) promotes the creation of companies with high growth potential, including a support special dedicated to micro-financing institutions, entitled "Micro-credit Guarantee Window". The initiative is administered by the EIF in collaboration with the EC and is accessible for both public and private institutions. 5. RSI (Risk Sharing Instrument for Innovative and Research oriented SMEs and Small Mid-Caps) is a pilot guaranteeing system designed to support funding of research and development activities and technology transfer to SMEs innovative, but not directly, but through selected financial intermediaries. Based on the issued guarantees and counter-guarantees, the selected financial intermediaries may grant further loans, financial leasing and loan guarantees. Therefore, the NBFI with financial leasing activities is also eligible to be selected as a financial intermediary in this program, which will be the basis for the 2014-2020 programming. The applications are received until December 31, 2013. Finally, we mention the MARD initiative to accept NBFIs along with credit institutions to establish a working subgroup to identify solutions for the implementation of financial instruments under the NRDP 2014-2020, which is to ensure a better absorption of available funds and a sustainable development of investment projects. Also, through the Emergency Ordinance no. 43 of 2013 regarding some measures for developing and sustaining family farms and farmers' access to

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finantare al fermierilor, MADR constituie un Fond pentru acordarea de microcredite in agricultura, care poate fi accesat, alaturi de banci, si de catre IFN selectate prin proceduri de achizitie publica. In functie de destinatie, sumele accesate de un beneficiar final (ferma de familie) pot varia intre 15.000 Euro (pentru investitii care nu sunt eligibile prin Programul National de Dezvoltare Rurala), 25.000 Euro (pentru realizarea productiei agricole) si 75.000 Euro (pentru cofinantarea proiectelor de investitii eligibile prin PNDR). Fondul se pune la dispozitie pe termen lung, perioada maxima de restituire putand ajunge la 10 ani. Plafonul maxim pentru fiecare institutie financiara selectata va fi stabilit prin conventia incheiata cu MADR, in limita sumelor alocate anual de minister. Printre avantajele acestui Fond de microcreditare se pot enumera: crearea unei surse de finantare pe termen lung, posibilitatea cofinantarii unui proiect de investitie implementat cu fonduri europene, facilitati la garantare acordate beneficiarilor.

Pentru succesul acestor programe si atragerea fondurilor interne si internationale in beneficiul economiei romanesti sunt necesare atat coordonarea institutionala profesionista cat si identificarea elementelor de complementaritate si sinergie la nivelul tuturor actorilor implicati: banci, institutii financiare nonbancare, retele de consultanti, comunitati locale etc., care sa promoveze buna guvernanta si schimbul de bune practici, eventual in cadrul unor parteneriate strategice.

Surse ale informatiei:

Banca Nationala a Romaniei Monitorul Oficial al Romaniei Ministerul Agriculturii si Dezvoltarii Rurale Agentia de Plati pentru Dezvoltare Rurala si

Pescuit Asociatia Producatorilor si Importatorilor de

Masini Agricole Comisia Europeana European Microfinance Network Banca Europeana de Investitii Fondul European de Investitii

finance, MARD creates a Fund for micro-credits in agriculture, which can be accessed, along with banks, by the NBFIs selected through public acquisition procedures. Depending on the destination, the amounts accessed by a final beneficiary (family farm) can vary between EUR 15,000 (for investments that are not eligible under the National Rural Development Programme), EUR 25,000 (to achieve agricultural production) and EUR 75,000 (for co-funding eligible investment projects in NRDP). The fund is provided on long term, the maximum refund period can reach 10 years. The maximum amount for each selected financial institution will be established by the convention concluded with MARD, respecting the amounts allocated annually by the Ministry. Among the advantages of the micro-credit Fund, the following are included: the creation of a long-term funding source, the possibility of co-financing an investment project implemented by EU funds, facilities to guaranteeing for beneficiaries.

For the success of these programs and attracting domestic and international funds for the benefit of Romanian economy, both institutional professional coordination and identifying complementarity and synergy elements among all actors involved are required: banks, non-banking financial institutions, networks of consultants, local communities etc., which can promote the good governance and sharing of best practices, possibly in the context of strategic partnerships.

Sources of information:

National Bank of Romania Official Gazette of Romania Ministry of Agriculture and Rural

Development Payment Agency for Rural Development and

Fisheries The Association of Producers and Importers

of Agricultural Machinery European Commission European Microfinance Network European Investment Bank European Investment Fund

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III.3 Karim KHEIRAT Associate Director Credit Risk Solutions KPMG Data analytics transforma abordarea traditionala

privind administrarea riscului de credit Lucrati deja cu un volum mare de date? Daca intentionati sa stocati si sa gestionati datele existente in cadrul unei baze de date centralizate, daca intentionati sa conectati diverse surse de informatii interne si externe pentru a accelera procesul decizional si a monitoriza portofoliul existent de clienti, atunci sunteti in curs de proiectare a capacitatilor de data analytics. Potrivit lui Andy Pulkstenis, Director Analytics la State Farm, “Big Data Analytics devine necesar atunci cand volumele de date cresc, cand tehnicile traditionale nu mai functioneaza atat de bine.” Jim Head, Vice-presedinte Executiv pentru data analytics in cadrul BBDO, ”Big Data Analytics intervine atunci cand corelatiile traditionale nu mai sunt estimate, ci observate”. Acestea sunt declaratii care prefigureaza schimbari majore in procesul de evaluare a riscului de credit. Conceptul de ”data analytics” a fost recent popularizat prin cartea si filmul Moneyball – Arta de a invinge. Bazat pe cartea scrisa de Michael Lewis si avandu-l drept protagonist pe Brad Pitt, filmul prezinta un antrenor care utilizeaza data analytics pentru a-si conduce echipa de baseball spre titlul de campioana. Companii precum Amazon au implementat cu succes data analytics, punand sub semnul intrebarii modelele de afaceri traditionale. In prezent, companii cu o istorie indelungata, precum Procter and Gamble si UPS, introduc data analytics pentru a-si crea un avantaj competitiv.

Data Analytics transforms the traditional approach of Credit Risk Management

Are you already dealing with big data? If you are planning to store and manage your existing data in one centralized database, if you are planning to connect internal and external sources of information to speed the decision process or to monitor your existing portfolio of clients, then you are in the process of designing data analytics abilities. According to Andy Pulkstenis, Director Analytics at State Farm, “Big Data Analytics becomes necessary when data volumes increase, when classic techniques do not work so well”. Jim Head, EVP Analytics at BBDO, “Big Data Analytics interferes when traditional inferences are no longer estimated, but observed”. These are statements that foreshadow important changes in the Credit Risk Assessment. The “Data Analytics” concept was recently made popular through the book and movie Moneyball. Based on the book written by Michael Lewis and starring Brad Pitt, the movie’s plot depicts a coach using data analytics to try to lead his baseball team to become a league champion. Companies like Amazon have successfully implemented data analytics, challenging the traditional way business is done. Today, long established companies, such as Procter & Gamble and UPS, are introducing data analytics to create a competitive advantage.

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Care va fi impactul pe care “Credit Risk Analytics” il va avea asupra modelelor traditionale folosite de companii in evaluarea clientilor? In relatiile de afaceri, stabilirea conditiilor de plata reprezinta o componenta esentiala a negocierilor. Companiile in general, bancile, societatile de leasing acorda credite clientilor, ceea ce are un impact asupra profitabilitatii lor si, in lipsa unui proces adecvat de analiza a riscului de credit, poate conduce la insolventa sau dificultati financiare. Procesul de analiza a riscului de credit se bazeaza in principal pe procesarea datelor despre persoane fizice si companii pe baza unui model de risc de credit propriu, rezultand intr-o recomandare cu privire la probabilitatea de neindeplinire a obligatiilor de plata – scoringul pentru persoane fizice sau ratingul pentru companii. Rezultatele sunt cu atat mai precise cu cat calitatea datelor este mai buna. Calitatea datelor este determinata de sursa acestora, si de datele evenimentelor la care se refera. Daca dispune de date corespunzatoare, departamentul de risc de credit poate evalua capacitatea reala de plata a clientilor, dar in cele mai multe cazuri datele externe nu sunt usor de colectat. In prezent, colectarea datelor este un proces care consuma timp. Colectarea si analiza datelor referitoare la clienti poate dura cateva zile. Raspunsul la o cerere de finantare prin leasing poate veni numai la un timp dupa depunerea cererii de catre client. In lipsa unor alternative, majoritatea clientilor accepta conditiile pietei. Situatia este in curs de schimbare in unele tari in care institutiile oficiale isi dezvolta site-uri web pe care pot fi verificate informatiile de piata. Aceste surse online faciliteaza procesul de colectare a datelor externe digitalizate care pot fi folosite pentru calculul indicatorilor de baza. In conditiile in care datele sunt colectate automat din surse de informatii externe si interne, societatile de leasing pot oferi mai rapid un raspuns la majoritatea cererilor de finantare: un accept imediat pentru clientii cu risc redus, solicitarea unor garantii suplimentare pentru clientii care prezinta un risc crescut sau solicitarea de documente suplimentare pentru o analiza mai amanuntita atunci cand datele existente nu sunt suficiente pentru un raspuns automat. Cu ajutorul unei tehnologii adecvate, managerii de risc de credit pot combina fluxurile de date interne si

What will the impact of “Credit Risk Analytics” on traditional models used by companies to assess their clients be? In business relationships, setting the payment conditions is an essential component of the negotiation. Companies, banks, leasing companies provide credit to their clients, having an impact on their profitability and possibly leading them to bankruptcy or difficulties without a proper credit risk process in place. The credit risk assessment process relies mainly on processing company or individual data based on a personal credit risk model, resulting in a recommendation regarding the probability of default/non-payment – the scoring for individuals or rating for companies. The result has a higher accuracy depending on the quality of data. The quality is of data determined by its sources and the dates of the events to which they refer. With the appropriate data, the credit risk department can assess the real capacity of its clients, but in most cases external data is not easily collectable. Nowadays, data collection is a time consuming activity. The collection and analysis of clients’ data may take several days. The answer to a leasing request will take additional time after the client’s request. Lacking alternatives, most clients accept the market conditions. This situation is changing in some countries where official institutions are developing websites where market information can be checked. These online sources facilitate the process of collecting digitalized external data that can be used to calculate basic ratios. With data automatically collected from external and internal sources of information, leasing companies can give an answer faster to most of the financing requests: an immediate agreement for clients that have a low risk, additional guarantees for clients that present high risks or requesting additional documents for a deeper analysis when existing data is not enough for an automatic answer. Supported by the right technology, credit risk managers can combine internal and external data

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externe astfel incat sa obtina o intelegere cuprinzatoare a profilului de risc de credit al clientilor lor. Ei dezvolta „Credit Risk Analytics”. Societatile de leasing care vor oferi imediat un raspuns clientilor vor dezvolta un avantaj competitiv, o baza larga de clienti de calitate si isi vor reduce costurile operationale. Pentru a fi in pozitia de a evalua clientii in cateva minute, societatea trebuie sa aiba acces la o baza de date vasta si la algoritmi specializati de evaluare a riscului de credit, integrati intr-o solutie informatica de administrare a riscului de credit.

Cum trebuie implementate solutiile “credit risk analytics” pentru a sustine dezvoltarea afacerilor Implementarea solutiilor de data analytics este provocarea esentiala cu care liderii in afaceri se vor confrunta in anii urmatori. Intrebarile care se pun sunt cand si cum ar trebui sa inceapa? Tehnologiile cloud si business objects au atins etapa de maturizare si utilizare pe scara larga. Aceste doua tehnologii incep sa fie integrate in majoritatea afacerilor. Combinatia dintre aceste doua tehnologii influenteaza modul de derulare a afacerilor, accelerand progresul pe calea deschisa de Internet.

Tehnologia cloud permite administrarea unui volum tot mai mare de date digitalizate si proiectarea unor sisteme de calcul virtuale pentru prelucrarea acestor date si procesarea lor in cadrul unor algoritmi dezvoltati de manageri si statisticieni. Tehnologia business objects ii ajuta pe managerii fara cunostinte IT specializate sa dezvolte algoritmi si programe informatice care pot fi concepute in cateva zile si modificate foarte usor.

Data analytics este un raspuns imediat la noile cerinte de afaceri, bazat pe modele predictive proiectate cu date structurate si nestructurate. Aceste modele sunt in principal folosite de catre departamentul de marketing pentru a identifica noi clienti prin managementul datelor digitalizate. Companiile care cauta informatii despre clientii lor, despre sectorul in care activeaza si despre tendintele din economie si integreaza aceste date in algoritmi pentru a identifica clientii cu performanta financiara

workflows to get a comprehensive understanding of their clients’ credit risk profile. They develop ‘Credit Risk Analytics’. The leasing companies that will provide an immediate answer to their clients will develop a competitive advantage, a large database of quality clients and will reduce operational costs. To be in a position to score clients in a few seconds, the company must have access to a large database and to specialized credit risk algorithms integrated in a Credit Risk IT solution.

How to implement ‘credit risk analytics’ solutions to improve business development Implementation of data analytics solutions is the key challenge that business leaders will have to face in the coming years. The questions are when and how should they start? Cloud and business object technologies have reached a mature and industrial phase. They are starting to be integrated into most businesses. The combination of these technologies is shaping the business, speeding the progress along path developed by the internet.

Clouds technology allows the management of growing digitalized data volume and the design of virtual computer systems in order to manipulate these data and to process them in algorithms developed by business managers and statisticians. Business object technology helps business managers with no IT education to develop algorithms and IT programs which can be designed in a few days and easily modified. Data analytics is an immediate action to new business requirements based on predictive models designed with structured and unstructured data. These models are mainly used by the marketing department in order to identify new clients through the management of digitalized data. Companies that search for data regarding their clients, their field of activity and economy’s trends and integrate these data in algorithms to identify clients that are financially performing well and those

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Date Nestructurate 90%+ Date Structurate

Folosite in procesul

decizional

Noi consideram ca volumul mare de date disponibile in Romania si maturizarea instrumentelor utilizate pentru data analytics creeaza o masa critica ce va pune in miscare procesul de adoptare a Credit Risk Analytics. Punctul critic a fost atins. Credem ca primii utilizatori ai Credit Risk Analytics vor obtine avantaje imediate prin reducerea costurilor operationale si comunicarea mai rapida a unor oferte corespunzatoare catre clienti. Pe termen lung, societatile care vor adopta fara intarziere acest proces isi vor asigura un avantaj competitiv durabil. Pentru implementarea cu succes a credit risk analytics trebuie parcursi, in opinia noastra, trei pasi critici:

- O strategie de administrare a datelor - Capacitati de modelare privind riscul de

credit. - O schimbare a modului de operare a

afacerilor.

We consider that the large volume of data available in Romania and the evolution of data analytics tools are creating a critical mass that will kick off the process of adopting Credit Risk Analytics. A tipping point has been reached. We believe that early “Credit Risk Analytics” adopters will get immediate advantages by decreasing operational costs and by responding faster with the right offer to clients. In the long term, companies that will adopt as soon as possible this process will be developing a sustainable competitive advantage. We consider that 3 steps are critical for a successful implementation of credit risk analytics:

- A data administration strategy. - Credit risk modelling capacity. - A change in the way the business operates.

buna si pe cei cu cea mai mare probabilitate de a nu-si indeplini obligatiile de plata, sunt in curs de a dezvolta Credit Risk Analytics. Volumul extins de date, diversificarea surselor precum si capacitatea algoritmilor diferentiaza Credit Risk Analytics de modelele actuale de risc de credit, care nu au capacitatea de a integra datele noi si nestructurate. Data analytics imbunatateste predictibilitatea. Odata cu integrarea profilului de risc al clientului ca un criteriu suplimentar de selectie, societatile isi imbunatatesc eficienta.

most likely to default are developing Credit Risk Analytics. The extensive data volume, the growing number of sources and the capacity of the algorithms differentiate Credit Risk Analytics from current credit risk models which are not able to integrate new and unstructured data. Data Analytics enhances predictability. With the integration of the client’s risk profile as additional criteria to qualify as a client, companies are improving their efficiency.

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Strategia de colectare si administrare datelor Primul pas pentru o societate este sa identifice clar datele care sunt necesare pentru evaluarea unui client. Informatiile digitalizate devin tot mai numeroase si este nevoie de o strategie de identificare a informatiilor relevante pentru a calcula scoringul sau ratingul de risc de credit pentru companii. Societatile de leasing trebuie sa isi defineasca strategia cu privire la date si sa inceapa sa isi dezvolte capacitatea de a gestiona numeroase surse de date. Am identificat cinci surse principale de informare: - Surse oficiale. - Datele clientului si ale partilor afiliate. - Informatii de piata. - Sistemul contabil al societatii. - Informatii la care au acces societatile din acelasi grup (numar de zile de intarziere, profil de risc etc.). Romania este una dintre cele mai avansate tari din punct de vedere al accesului la informatii de valoare puse la dispozitie de institutiile oficiale, un avantaj de care agentii economici ar trebui sa profite:

The data collection and management strategy The first step is to clearly identify the data that are necessary to assess a client. Digitalized information is growing and it becomes necessary to have a strategy of identifying the relevant one for calculating the scoring or the credit risk rating for companies. Leasing companies have to define their data strategy and start to develop their capacity of managing numerous sources of data. We have identified 5 main sources of information: - Official sources. - Client’s data and that of affiliated parties - Market information. - The company’s accountancy system. - The information that companies from the same group (sister companies, same association etc.) can share (ageing balance, risk profile etc.). Romania is one of the most advanced countries in terms of the availability of valuable information offered by official institutions, and each economic agent should take advantage of this:

Sources Information

External Data : Official Sources of Information The Trade Registry Company status

The company’s legal form Shareholders and administrators structure Addresses of the HQ and premises Financial statements for previous years

The Official Journal of Romania Same legal information as those from the Trade Registry

The Ministry of Finance Legal form of the company Company details NACE code from accounting documents (may differ

from the Trade Registry) Key financial indicators since the beginning of the

company’s activity NAFA The company status: active or inactive

Debt to the State The Insolvency Register Insolvent companies The Courts’ Portal (Ministry of Justice) Trials Electronic Archive / Rom Archive Guarantees / Securities The National Bank of Romania CIP / Payment Incidents

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Cele mai recente situatii financiare ale clientului care nu sunt disponibile din surse de date publice trebuie solicitate sistematic. Aceste informatii vor fi descarcate automat in sistemul societatii. Vizitele la sediul societatii pot furniza informatii privind activitatea societatii si activele fizice ale acesteia, in timp ce o discutie cu conducatorul sau proprietarul societatii va fi utila pentru a intelege valoarea societatii si viziunea liderilor sai. “Zvonurile”, semnalele din piata, informatiile din presa online sunt informatii utile de colectat. Reprezentantii de vanzari pot, de asemenea, colecta si raporta informatii valoroase din discutiile cu clientii. Sistemul contabil al societatii ofera informatii cu privire la volumul de vanzari catre un anumit client si comportamentul la plata al acestuia. Societatile din acelasi grup ar trebui sa analizeze posibilitatea de a schimba intre ele date din sistemul ERP: volumul de vanzari catre un anumit client, soldurile pe vechime, comportamentul la plata si profilul de risc.

The client’s latest financial statements which are not available in public sources of data should be requested systematically. This information will be automatically downloaded into the company’s system. Visiting the company’s HQ gives an insight into the company’s activity and its physical assets, while a discussion with the manager or the owner of the company will help with understanding the value of the company and the business leader’s vision. “Rumours”, signals from the market, information from online newspapers are useful data to collect. Vendors will also collect and report valuable insights through discussions with other clients. The company’s accounting system provides information about the volume of sales of the client and its payment behaviour. Companies from the same group should consider exchanging data from their ERP: the sales volume with a specific client, ageing balance, payment behaviour and risk profile.

Capacitatea de modelare a riscului de credit Cel de al doilea pas consta in dezvoltarea si actualizarea a diferite modele de risc de credit pentru administrarea datelor existente si fluxurilor aferente. In mod normal, modelarea riscului de credit este un exercitiu dificil, dat ar putea fi realizat cu usurinta prin popularea unui volum mare de date in instrumentele de analiza. Totusi, aceasta abordare poate conduce la rezultate de calitate redusa. In

Credit risk modelling capacity The second step is to develop and update different credit risk models to manage the available data and their workflows. Usually a difficult exercise, the development of credit risk models can be achieved easily by populating a large amount of data into analysis tools. However, this approach may give low quality results. With the development of digitalized data and analytic

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contextul dezvoltarii datelor digitalizate si a software-ului analitic, dezvoltarea unui Model de Risc de Credit incepe sa devina mai simpla. Dar, dupa cum au demonstrat-o bursele de valori, este deseori contraproductiva elaborarea unui model pe baza datelor istorice. Intotdeauna exista corelatii cu datele istorice, dar capacitatea de predictie s-ar putea sa nu genereze rezultatele asteptate. Cheia succesului o reprezinta combinatia dintre cunostinte si tehnologie. Un model predictiv presupune un exercitiu intens de modelare matematica si statistica destinat a raspunde intrebarilor ridicate de manageri. Combinarea cunostintelor pe care le detin managerii si matematicienii si cooperarea dintre acestia, sustinute de instrumente analitice, reprezinta abordarea adecvata pentru a dezvolta modele predictive prin selectarea datelor in functie de circumstante. Experienta, know-how-ul, sursele de date si modelele permit dezvoltarea unor scenarii care sunt activate in functie de context. Managerii vor fi informati in legatura cu datele disponibile si posibila combinatie a acestora pentru a defini noi procese. Acestia ii vor ghida pe specialisti in activitatea de modelare (risc si marketing). Principala provocare este de a avea specialisti in matematica si cunoscatori ai afacerii care sa lucreze impreuna, pentru a selecta datele critice si pentru a elabora Modele de Risc de Credit. O astfel de echipa va proiecta modele de risc de credit diferentiate in functie de tara, sector, activitate (productie, distributie, comert) si de dimensiunea societatilor (mare, medie, mica si micro). Schimbarea modului de operare a afacerilor Pentru a schimba cu succes modul de operare a afacerilor, liderii acestora va trebui sa isi comunice viziunea si sa o incorporeze in doua noi sisteme: - un sistem ERP pentru a structura procesele operationale si a internaliza know-how-ul - noi Indicatori cheie de performanta – KPIs – pentru a evalua si recompensa noile practici de afaceri. De exemplu, o solutie informatica destinata dezvoltarii afacerilor care combina datele, profilul de risc si modelele de risc va ajuta departamentele de marketing ale societatilor de leasing sa identifice oportunitatile de vanzari prin introducerea unor noi criterii, ca de exemplu, profilul de risc al potentialilor clienti si expirarea contractelor de leasing incheiate de clienti cu alte firme competitoare.

software, it becomes simple to develop a Credit Risk Model. But, as the stocks markets proved it, it is often counterproductive to develop a model based on past data. Correlations always exist with historical data but the prediction capacity may not bring the expected results. The key to success is a combination of knowledge and technology. A predictive model is a highly intensive mathematical and statistical modelling exercise aimed to answer questions raised by managers. The combined skills and cooperation of managers and mathematicians supported by analytics tools represent the right approach to develop predictive models by selecting the data according to the context. Experience, know-how, data sources and models allow the development of scenarios that are activated according to the context. Managers will be informed of the available data and their possible combination to define new processes. They will guide the specialists in their work of modelling (risk and marketing). The real challenge is to have skilled people in mathematics and the business knowledge working together to select the critical data and to develop Credit Risk Models. Such a team will design different credit risk models specialized per country, industry, activity (production, distribution, trading) and according to the size of the company (large, medium, small, micro). A change in the way the business operates To ensure a successful changing of the way the business operates, business leaders will need to share their vision and embed it into two major tools: - an ERP to structure the business process and internalize know-how - new KPIs to measure and reward new business practices. As an example, an IT solution oriented to business development combining data, risk profile and models will help marketing departments in leasing companies to identify sales opportunities by introducing new criteria, such as the risk profile of the prospects and the expiring of their leasing contracts with competitors.

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Regular Marketing criteria Risk Profile

Companies with expiring leasing contracts

Prospects to target in priority

Universe of prospects

In functie de situatia clientului (profilul de risc, contractele de leasing existente etc.), personalul din vanzari isi va prioritiza actiunile fata de clienti. Oferta (produse si marja) va fi conceputa in functie de capacitatea de plata a fiecarui client. Evenimentele noi vor fi imediat inregistrate si sistemul va recalcula instantaneu gradul de risc de credit al fiecarei societati. Informatiile vor fi raportate persoanelor responsabile pentru a le permite acestora sa implementeze actiuni corective imediate, ca de exemplu stoparea livrarilor, efectuarea unei vizite la fata locului sau solicitarea unor informatii sau garantii suplimentare. In final, vor fi generate raportari cu date relevante care vor fi trimise automat destinatarilor in functie de nevoile specifice ale acestora. Alegerea solutiei informatice va fi prima componenta de succes in schimbarea modului de operare a afacerilor. Obtii ceea ce masori. La nivelul angajatilor trebuie definiti noi KPIs - indicatori cheie de performanta - pentru a masura eforturile depuse in vederea realizarii obiectivelor societatii. Societatile mature au un numar mic de KPIs bine intelesi de toti angajatii. Acesti indicatori reflecta valorile si obiectivele societatii si se aplica tuturor angajatilor sai. Importanta fiecarui KPI difera in functie de pozitia salariatilor. Primii utilizatori vor beneficia de un avantaj competitiv imediat Dezvoltarea regulilor de guvernanta corporativa, urmarirea profitului in locul cotei de piata,

According to the client’s situation (risk profile, existing leasing etc.), vendors prioritize their actions towards clients. The offer (products and margin) will be designed according to the payment capacity of each client. New events will be immediately recorded and the system will instantly recalculate the credit risk worthiness of each company. Information will be reported to the people in charge so they can take immediate corrective actions, such as stopping the delivery, making an onsite visit, or requesting additional information or guarantees. Finally, dashboards will be generated with consistent data and automatically sent to recipients according to their specific needs. The choice of the IT solution will be the first component of success in changing the business. You get what you measure. New employees KPIs – Key Performance Indicators - that measure effort to achieve the company’s objectives need to be defined. Mature companies have a small number of KPIs clearly understood by all employees. These indicators represent the company’s values and objectives and apply to all of the company’s employees. The importance of each KPI is different according to employees’ position. Early adopters will benefit from an immediate competitive advantage The development of corporate governance rules, the search for profit instead of market share, the

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dezvoltarea internetului si utilizarea data analytics pentru cresterea vanzarilor conduc la o mai buna intelegere a profilului de risc al clientului. Intelegerea profilului de risc va permite companiilor sa vanda mai mult si mai bine clientilor lor. Exista tendinta de a privi data analytics ca un aspect legat de tehnologie dar, asa cum se intampla de multe ori, succesul depinde de oameni si de viziunea acestora. Data analytics este uneori comparata cu dezvoltarea neurala. Intr-adevar, data analytics implica administrarea unor date nestructurate, combinate in functie de evenimente, astfel incat sa poata fi implementate actiuni imediate. Este un proces de invatare. Cu cat mai repede este initiat procesul, cu atat ofera mai multe avantaje. Data analytics reprezinta o oportunitate pentru liderii in afaceri de a-si pune intrebari strategice in legatura cu activitatile pe care le desfasoara si consecintele digitalizarii datelor. Acesti lideri isi vor contura o viziune si vor identifica si analiza avantajele de a fi printre primii utilizatori si de a-si defini cu claritate procesul de implementare. Primii utilizatori vor beneficia de un avantaj competitiv imediat iar pe termen lung, societatile vor transforma procesul de administrare a riscului de credit intr-o arma strategica.

development of internet and the use of data analytics to get incremental sales lead to the development of a better understanding of the client’s risk profile. Understanding the risk profile will help companies to sell more and better to their clients. Data analytics tends to be seen mainly as a technology issue but, as is often the case, success is a people challenge and a matter of vision. Some people compare data analytics to neural development. Indeed, data analytics involves the management of unstructured data, combined according to events so that immediate actions can be taken. It is a learning process. The sooner this process starts the more advantages it gives to adopters. Data analytics is an opportunity for many business leaders to ask themselves valuable questions about their business and the consequences of digitalizing the data. They will shape their vision and will identify and analyse the advantages of being early adopters and clearly define their implementation process. Early adopters will benefit from an immediate competitive advantage and on the long run, companies will transform the credit risk process into a strategic weapon.

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III.4 Alexandra SMEDOIU Senior Manager PriceWaterhouseCoopers

Problematica creantelor neincasate – o perspectiva fiscala

In ultima perioada, institutiile financiare nebancare se confrunta din ce in ce mai mult cu situatii in care creditele acordate nu mai sunt rambursate de catre clienti in termenele agreate si conditiile agreate prin contractele de imprumut. Intarzierea la plata poate fi generata de incapacitatea financiara a debitorului de a acoperi ratele scadente, dar si de alte situatii precum litigii, deces etc. De regula, un prim pas efectuat de institutiile financiare nebancare este intreprinderea unor actiuni de recuperare pe cale amiabila (de exemplu, notificarea clientilor debitori in vederea medierii litigiului sau esalonarea creantelor neincasate etc.). In cazul in care aceasta metoda nu da rezultatele scontate, se trece la recuperarea sumelor prin intermediul executorilor judecatoresti sau a instantelor de judecata. De obicei, decizia de a intenta o astfel de actiune se bazeaza pe o atenta analiza cost-beneficii, pentru a determina daca eforturile si costurile de recuperare pe o astfel de cale sunt justificate prin prisma sumelor potential recuperabile. In unele cazuri, din ce in ce mai mult, apare necesitatea scoaterii din gestiune a acestor creante neincasate. Atunci apare problema deductibilitatii pierderilor din creante aferente acestei scoateri din gestiune. Conform Codului fiscal, aceste pierderi din creante pot fi considerate deductibile la calculul profitului impozabil numai in anumite conditii, si anume:

The issue of unpaid debts – a tax perspective

Lately, non-banking financial institutions (NBFIs) have been faced ever more frequently with situations where customers fail to pay back their debts upon the agreed deadlines and according to the conditions established in the loan agreements. The default can be triggered by the debtor's financial incapacity to pay back the instalments that fall due, but also by other circumstances, such as legal disputes, death etc. Usually, the first step that NBFIs take is to try to recover their receivables amiably (for example, they notify the defaulting customers in order to mediate the dispute or the reschedule the outstanding payables etc.). If this method fails, creditors will attempt to recover their receivables by resorting to court executors or legal proceedings. Usually, the decision to start such action relies on a careful cost-benefit analysis based on which it is determined whether the recovery efforts and costs that these proceedings involve could pay off as against the amounts that could be recovered. In some cases, writing off these uncollected receivables appears as a necessity ever more frequently. This is how the issue of the deductibility of losses occurs. According to the Tax Code, these losses associated to the outstanding receivables may be considered as deductible when the taxable profit is calculated, but only in some circumstances:

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1. procedura de faliment a debitorilor a fost inchisa pe baza hotararii judecatoresti;

2. debitorul este dizolvat, in cazul societatii cu

raspundere limitata cu asociat unic, sau lichidat, fara succesor;

3. debitorul a decedat si creanta nu poate fi

recuperata de la mostenitori; 4. debitorul inregistreaza dificultati financiare

majore care ii afecteaza intreg patrimoniul (sunt cele care rezulta din situatii exceptionale, determinate de calamitati naturale, epidemii, epizootii, accidente industriale sau nucleare, incendii, fenomene sociale sau economice, conjuncturi externe si in caz de razboi).

Primele conditii sunt aplicabile doar in cazul debitorilor persoane juridice. In ceea ce priveste persoanele fizice, ar putea fi aplicabile una din urmatoarele doua conditii, daca se poate face dovada ca sumele nu pot fi recuperate de la mostenitori (ceea ce presupune un demers juridic) sau dovada privind situatia patrimoniului debitorului. Din practica rezulta ca in cazul debitorilor decedati, demersul juridic poate fi un proces foarte indelungat, iar daca institutia financiara nebancara decide sa renunte la dreptul de recuperare (de exemplu sumele de recuperat sunt mici), pierderea respectiva din creanta ar putea sa nu fie deductibila la calculul impozitului pe profit. O alta prevedere a Codului fiscal care permite deductibilitatea pierderilor din creante este cea legata de creantele care au fost acoperite de provizioane deductibile. Acestea sunt provizioanele specifice, constituite de institutiile financiare nebancare inscrise in Registrul general tinut de Banca Nationala a Romaniei. Conform regulii, daca pentru creanta respectiva a fost constituit un provizion specific, pierderea din creanta este deductibila in masura in care a fost acoperita de provizion. Din punct de vedere contabil, pierderea din creanta este inregistrata concomitent cu anulareaprovizionului aferent. Aici pot aparea urmatoarele probleme practice:

In cazul unor provizioane constituite colectiv, pe tipuri de creante, va fi greu de identificat acoperirea cu provizion a unui credit in mod individual;

1. the debtor's bankruptcy procedure has been closed based on the court’s decision;

2. the debtor is dissolved - in the case of a single-

proprietor limited liability company or liquidated, without any successor;

3. the debtor has died and the receivables can no

longer be recovered from the heirs; 4. the debtor incurs certain major financial

shortcomings that affect all of its assets and liabilities (these are the ones resulting from exceptional situations, generated by acts of God, epidemics, epizootic outbreaks, industrial or nuclear accidents, fire, social or economic phenomena, international developments and wars).

The first conditions are only applicable in the case of corporate debtors. In what concerns individuals one of the next conditions could apply, should it be proven that the debts cannot be recovered from the heirs (which involves a certain legal approach) or if the status of the debtor's assets and liabilities can be substantiated too. Based on the practical experience, the conclusion is that - in the case of deceased debtors - the legal course of action can become quite lengthy and if the NBFI decides to give up on its recovery right (e.g. if the receivables are small) then the respective debt-related loss could not be deductible from the taxable profit. Another provision of the Tax Code that supports the deductibility of debt-related losses refers to the outstanding receivables covered by deductible provisions. These are specific provisions that are created by the NBFI registered in the General Register kept by the National Bank of Romania. According to the rule, if - for the respective outstanding receivable - a specific provision has been created, the debt-related loss is deductible insofar as it was covered by the provision. From an accounting point of view, the debt-related loss is registered while the related provision is being written off. Some practical issues may appear:

in the case of certain provisions that have been created collectively, per types of debts, it will be difficult to identify the extent of a provision that covers one credit individually;

Banca Nationala a Romaniei impune prin reguli prudentiale anumite conditii pentru reversarea provizioanelor (cesionarea /renuntarea la drepturile asupra creantei sau epuizarea tuturor mijloacelor legale de recuperare). Prin urmare, daca provizionul nu poate fi anulat, pierderea din creanta nu poate fi deductibila

O solutie in aceste cazuri este cesionarea creantelor catre o firma specializata de recuperare si colectare. Astfel, chiar daca pretul obtinut pe o creanta este mult mai mic decat valoarea sa contabila, institutia financiara nebancara poate deduce integral cheltuiala generata de scoaterea din gestiune a creantei, conform unei prevederi din normele metodologice la Codul fiscal. In concluzie, problematica creantelor neincasate trebuie tratata cu atentie si din punct de vedere fiscal, astfel incat impozitele sa nu constituie un cost suplimentar pentru institutia financiara nebancara, pe langa costul comercial al neincasarii creantelor.

The National Bank of Romania imposes - through its prudential rules - certain conditions based on which to reverse the commissions (assigning/waiving the rights deriving from the receivables or exhausting all legal means of recovery). Therefore, if the provisions cannot be written off, then the loss associated to the outstanding debt cannot be deductible.

One solution in these situations is to assign the outstanding receivables to a specialised debt collector. This is how, although the price obtained in exchange of a receivable may be lower than its book value, the non-banking financial institution is able to fully deduct the cost associated to writing off the receivables in question, according to one of the tax Code enforcement guidelines. As a conclusion, the issue of uncollected receivables has to be handled carefully in terms of taxation, so that taxes should not be considered an additional cost for NBFI, adding to the commercial costs generated by the defaulted receivables.

© 2013 PwC. Toate drepturile rezervate. „PwC” semnifică reţeaua de firme membre ale PricewaterhouseCoopers International Limited (PwCIL), sau, după cum este cazul firme individuale membre ale reţelei PwC. Fiecare dintre acestea este persoană juridică cu statut independent şi nu acţionează ca agent al PwCIL sau a oricărei alte firme membre.

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III.5 Rob HENNEVELD Managing Director Global Automotive Consultancy

Evolutia Leasingului i nevoia de analiza a numerelor

A inceput ca un produs strict finaciar si s-a transformat pe parcursul a 40 de ani intr-un produs cu servicii complete in tarile din Europa de Vest. O parte din jucatorii din sectorul de leasing se pregatesc sa ocupe un nou rol, acela de „furnizor de mobilitate integrata ”, avand ca grup tinta detinatorii de flote auto. Si, intre timp, in timp ce vorbim, un nou grup tinta pentru leasing de servicii operationale totale este descoperit: consumatorul privat. Amandoua sunt evolutii interesante care vor oferi acel mult asteptat sprijin partii orientate spre servicii din sectorul de leasing. Cu toate acestea, schimbarile nu se petrec usor si mai devreme sau mai tarziu sigur vor aparea unele greseli in domeniul leasingului operational total.

The Evolution of Leasing and its need for number crunching

It started once as a pure financial product and evolved into a full service product in Western European countries over a 40-year lifespan. Some players in the leasing sector are presently about to embark on a new role, that of an “integrated mobility provider” with a prime target group the fleet owner. And meanwhile, as we speak, a new target group for full operational service lease is discovered: the private consumer. Both are interesting developments that will give the long awaited boost to the service orientated part of the leasing sector. However, changes do not come easy and some mistakes are prone to occur, sooner or later, within the domain of full operational lease.

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Rolul furnizorului de mobilitate nu este atat de complicat precum pare. Consta in oferirea diferitelor masini pentru diferite ocazii, fie ca este pentru o vacanta de familie sau pentru a le conduce zilnic in oras, sau a unui card de credit pentru mijloacele de transport in comun cu ajutorul caruia sa se poata plati toate costurile aferente, inclusiv taxele. Si se poate extinde la un plan de inchiriere a masinilor in zonele urbane . Prin leasingul privat, companiile de leasing profita de faptul ca in sfarsit clientii lor au inceput sa inteleaga costurile reale ale unei masini. Un moment mult asteptat. Pentru prea mult timp consumatorii privati nu au fost interesati de costurile totale legate de detinerea si utilizarea unei masini. Dar, din cauza crizei financiare continue din Europa, consumatorii au devenit din ce in ce mai interesati de costurile reale ale masinilor lor. O evolutie interesanta care ofera noi oportunitati sectorului de leasing! Estimarea costurilor operationale viitoare Aici se afla miezul afacerii fiecarei companii de leasing operational. Fie ca este vorba despre estimarea viitoarei valori reziduale a autoturismului, costurile masinii la schimb in perioada de service, componenta legata de asigurare si reparare-intretinere, aceste cifre esentiale provin din experienta, estimare si calcul aproximativ. Pana la urma, impreuna alcatuiesc veniturile din contracte si stabilesc profiturile si pierderile. Nimeni nu poate prevedea viitorul, asadar o sa fie nevoie ca anticiparea si experienta sa compenseze. Cea mai mare greseala facuta in general este de a compensa costurile operationale periodice actuale ale flotei cu veniturile din aceeasi perioada. Diferenta, de obicei una mare cand vine vorba de o flota tanara, merge direct la profit si pierderi. Gresit! Automobilele tind sa devina mai costisitoare odata cu inaintarea in varsta, asadar trebuie sa fie stabilite unele decizii (financiare) pentru a acoperi costurile operationale viitoare mai mari. Fara acestea cu siguranta ca se va inregista o pierdere operationala spre finalul perioadei de leasing. Analiza datelor este cheia catre succes Pe langa aspectele legate de service a produsului de Leasing Operational Total si de grija fata de clienti, soferi si diferiti furnizori, in spate totul se invarte in

The role of the mobility provider is less complicated than its sounds. It consists of providing different cars for different occasions, whether it is the family vacation trip or daily city driving, or a public transportation credit card that pays for all including taxis. And can even extend into a car-sharing scheme within urban areas. With private-lease, the leasing companies make use of the fact that consumers finally have opened their eyes to the actual cost of a car. A long awaited moment. For too long private consumers showed no interest in the total cost of ownership of their car. But with the ongoing financial setback throughout Europe, consumers have become more interested in their car’s actual cost. An interesting development with new opportunities for the leasing sector! Estimating future operational cost Here lies the core-business of each operational leasing company. Whether it is the estimation of the future residual value of the vehicle, the costs of the replacement car, the insurance and repair-maintenance component, these essential figures come through experience, some guessing and rough calculation. After all, together they create the revenue from contracts and determine the future profit or loss. Nobody can look into the future, therefore anticipation and experience will need to compensate. The biggest mistake regularly made is to offset the current periodic operational cost of the fleet against the revenue over the same period. The difference, usually a fat plus with a young growing fleet, is directly going to the profit and loss. Wrong! Vehicles tend to accumulate higher costs as they age; therefore some (financial) provision needs to be taken to cover the higher future operational cost. No provision means, for sure, an operational loss towards the end of the leasing period. Data crunching is key to success Besides the service aspects of the Full Operational Leasing product and taking care of the clients, drivers and different suppliers, in the back-office it is all

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jurul analizei numerelor. Elementul cheie al succesului in leasingul de servicii complete este anticiparea si echilibrarea viitoarelor costuri operationale cu diferite fluxuri de venituri din contratele de leasing. Acest lucru necesita de la inceput un ochi atent la cifre si un mod permanent de analiza a datelor. Acesta, la randul lui, are nevoie ca persoanele din conducere si angajatii sa depuna un efort serios pentru a calcula fiecare aspect si eveniment din cadrul operatiilor, de la bugetul alocat fiecarei componente a serviciului din timpul contractului de leasing. Existenta unei evidente permanenta a costurilor si veniturilor flotei operationale este vitala pentru supravietuirea unei companii de leasing. Cele mai de succes companii de leasing pe care le cunosc merg pana la a aloca un buget zilnic pentru flota operationala personalului operational. Acest lucru asigura faptul ca obiectivele legate de succes sunt atinse si surprizele legate de costurile operationale sunt limitate. In final, leasingul operational de succes poate fi obtinut numai prin examinarea zilnica a numerelor, anticipare si urmarirea viguroasa a costurilor operationale.

about analysing the numbers. Key element to success in full service leasing is the anticipation and balancing of future operational cost with different streams of revenue from the leasing contract. This requires from the start a keen eye for figures and a permanent mode of data crunching, which in turn demands from management and staff a zealous approach to calculate every aspect and event within operations back to the allocated budget of each of the service components during the leasing contract. Permanently tracking operational fleet cost with revenues is vital for survival as a leasing company. The most successful leasing companies I know even go as far as to put their operational staff on a daily operational fleet budget. This makes sure that budget goals are met and surprises in operational cost are eliminated. In the end, successful operational leasing can only be done by daily scrutinizing the numbers, anticipation and vigorously keeping track of the running operational costs.

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III.6 Adrian CIURTIN Managing Partner Ciurtin si Asociatii

Energia ca sector vital pentru investitii in Romania

Institutiile financiare nebancare au datoria, in aceasta perioada de criza financiara si economica sa devina mult mai sofisticate si sa renunte la stereotipia in care sunt inca incorsetate. Prin flexibilitatea oferita de incadrarea lor legislativa, aceste institutii pot functiona pe principiul “one stop shop” oferind astfel aproape orice produs bancar cu exceptii precum cea a atragerii de depozite si a emiterii de obligatiuni catre sectorul public. Este poate cea mai fericita autorizare in domeniul creditarii pentru un actionar care poate investi financiar in Romania fara sa isi asume costurile si riscurilor induse de atragerea de depozite. In acest context, sectorul energetic poate fi o directie de dezvoltare a cifrei de afaceri a acelor IFN-uri care au acces facil la surse de refinantare si in acelasi timp si know how-ul necesar pentru a evalua corect sectorul energetic cu toate dezvoltarile sale recente si in contextul legislativ actual din Romania. Industria energetica este vital pentru sectorul de afaceri in general si de investitii in special. Romania este o tara deschisa investitiilor straine, piata energetica este o piata cu un potential enorm, legea energiei a devenit clara si transparenta pentru toti jucatorii pietei. Avem nevoie de investitii care sa sustina implementarea a ceea ce a decis Romania referitor la pia a comun de energie european . Sunt necesare investitii masive în infrastructur si de aceea e imperios necesar s reu im cu adev rat cresterea consumului energetic.

III.6Adrian CIURTIN

Managing PartnerCiurtin & Associates

The energy as a vital sector for investments in Romania

The non-banking financial institutions have the duty, in these times of financial and economic crisis, to become much more sophisticated and to give up the stereotypes in which they are still constrained. Through the flexibility provided by their legislative framing, these institutions can operate on the principle of "one stop shop" offering thus almost every kind of banking products with exceptions such as attracting deposits and bonds issued for the public sector. It is perhaps the most successful authorization regarding the lending activity for a financial shareholder who can invest in Romania without assuming the costs and risks induced by the attraction of bank deposits. In this context, the energy sector can be a development direction of the turnover of those NBFIs that have easy access to refinancing sources and have at the same time the know-how needed to accurately assess the energy sector with all its recent developments and the current legislative context in Romania. The energy industry is vital to the business sector in general and to the investment sector in particular. Romania is a country open to foreign investments, the energy market is a market with an enormous potential, the energy law became clear and transparent for all market players. We need investments to support the implementation of what Romania has decided on the common European energy market. Massive investment in infrastructure is needed and therefore it is imperative to truly

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Aceasta crestere necesita reindustrializarea economiei, industria fiind inca un sector care necesita investitii din partea investitorilor privati. C&A a asigurat in ultimii 5 ani si continua sa dezvolte pe aceasta linie consultan juridic . Ne mandrim cu rezultatul realizat pe linia montarii tranzactiei si finantarii pentru cel mai mare proiect fotovoltaic instalat si acreditat pentru 6 certificate verzi in România pân la aceast dat in cadrul careia un concern de trei investitori si constructori EPC a achizi ionat majoritatea ac iunilor din parcul fotovoltaic de 56 MW. In Romania sunt multe oportunitati pentru relatii comerciale si investitii atat mari cat si mici in domeniul energetic lato sensu. O serie de companii straine deruleaza momentan investitii in energie pe piata din Romania de avengura mijlocie si mare. Eficienta energetica si infrastructura se num r printre principalele obiective investitionale in viitorul apropiat in Romania. Sprijinul UE pentru îmbun t irea eficien ei energetice si infrastructurii in Romania se va dovedi un factor decisiv pentru investitiile in acest sector. Exist un poten ial semnificativ de investit in urmatoarele concepte: conceptul green buildings, in productie, infrastructura i retele de transport. În vederea atingerii acestor

obiective, mobilizarea investitiilor din sectorul privat va deveni factor de decizie pentru a stabili standarde minime de eficienta energetica a produselor, serviciilor si infrastructurii in Romania. In acest context Ciurtin & Asociatii sprijina activ asociatii la nivel de industrie sau la nivelul economiei, precum Forumul Investitorilor Romani, Consiliul Investitorilor Romani, Centrul Roman de Energie, pentru a realiza sinergiile necesare difuzarii corect dimensionate a investitiilor in eficienta energetica si infrastructura in ramurile industriale potrivite. Energia fotovoltaica poate fi produsa si consumata preponderent local, prin urmare ar trebui incurajati proprietarii de locuinte si de spatii de productie sa investeasca in energia regenerabila si sa foloseasca mai ales acoperisurile acestora. O aplicatie similara o constituie atasarea unor capacitati de productie in cogenerare de inalta eficienta unor platforme industriale sau unor comunitati unde output-ul termic poate fi valorificat cu anumite variatiuni pe parcursul anului ultima alternativa permitand o aplicare utila a

succeed increasing the energy consumption. This growth requires reindustrialisation of the economy, the industry still being an area that requires investments from the private investors. C&A has provided in the past 5 years and continues developing this line of legal consulting. We are proud of the result achieved with assembling line transaction and financing of the largest photovoltaic installed and accredited project in Romania for 6 green certificates to the present day in which a conglomerate of three EPC investors and builders has purchased the majority of the shares of the 56 MW photovoltaic park. In Romania, there are a lot of opportunities for trade relations and investments both large and small in the energy sector lato sensu. Several foreign companies are currently running investments in the medium- and large-sized Romanian energy market. Energy efficiency and infrastructure are among the main investment objectives in the near future in Romania. The EU support for improving the energy efficiency and infrastructure in Romania will be a decisive factor for investments in this sector. There is a significant investment potential in the following concepts: the concept of green buildings, in production, infrastructure and transportation networks. In order to reach these objectives, the mobilization of the investments in the private sector will become a deciding factor for establishing minimum standards of energy efficiency for products, services and infrastructure in Romania. In this context Ciurtin & Associates actively supports industry-wide associations or at the economy level, such as: the Forum of Local Investors, the Council of Romanian Investors, the Romanian Energy Centre to achieve the needed synergies for the suitable diffusion of investments in energy efficiency and infrastructure in the appropriate industries. The photovoltaic energy can be produced and consumed mainly locally. Therefore owners of residences and of manufacturing spaces should be encouraged to invest in renewable energy and to use, especially their roofs. A similar implementation is the attachment of production capacities in high efficiency cogeneration for industrial platforms or for communities where the heat output can be exploited with certain variations during the year; the last alternative allows a useful application of the public

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parteneriatului public privat atasat unei finantari de tip debt – cu convingerea ca Parlamentul va adopta de urgenta legea parteneriatului public privat care se afla la momentul redactarii articolului in dezbatere si care va permite bancabilitatea proiectelor PPP. Activitatile investitorilor in domeniul regenerabil sunt sensibile si depind nu numai de schema de suport, ci si de o varietate de factori asupra carora investitorii din acest domeniu nu au control, si anume evolutii economice si politice la nivel global si regional, cererea consumatorilor din industrie, conditiile climatice, legile si reglement rile din timpul derularii investitiei, tarifele reglementate de ANRE pentru serviciile de transport si sistem, certitudinea vanzarii energiei catre off-takeri pe parcursul operarii centralelor electrice. Modernizarea retelei de transport, a sistemului de conducere a Sistemului Electroenergetic National, de creare a infrastructurii necesare function rii pietei de electricitate reprezinta factori esentiali in dezvoltarea si consolidarea pietei energetice in Romania. In directia dezvoltarii modalitatilor de comercializare a energiei produse – factor esential in securizarea veniturilor si acordarea finantarilor – vestea buna a venit in aceasta vara din partea ANRE care a aprobat prin ordinul 49/2013 Regulamentul din 12 iulie 2013 privind cadrul organizat de tranzactionare pe piata centralizata cu negociere dubla continua a contractelor bilaterale de energie electrica Acest regulament stabileste un cadru organizat pentru tranzactionarea centralizata in regim concurential a energiei electrice prin contracte bilaterale negociate direct intre participantii inscrisi pe piata centralizata cu negociere dubla continua. Tranzactionarea se realizeaza in baza contractului standard EFET pentru energie electrica. Contractul cadru este disponibil pe site-ul oficial al Federatiei Europene a Furnizorilor de Energie (EFET) si este un contract standard la nivel UE, destinat sa acopere o multitudine de produse de tranzactionare, intr-un format modular si needitabil cu posibilitatea alegerii legii aplicabile. Este de asemenea permisa utilizarea de contracte de alt tip decât EFET pentru o perioada tranzitorie de 6 luni de la incheierea primei tranzactii. Pentru o operare cat mai facila a platformei OTC tranzactiile se incheie prin confirmari de tranzactie simplificate

private partnership, combined with a type debt funding – with the belief that the Parliament will urgently adopt the public private partnership law, which is at the time of writing this article in debate and which will allow the bankability of PPP projects. The investors’ activities in the renewable field are susceptible and depend not only on the support scheme, but also on a variety of factors on which the investors have no control, namely economic and political developments globally and regionally, consumer demand in the industry, climatic conditions, laws and regulations during the investment development, tariffs regulated by NAER for transportation and system services, the reliability of selling energy to the off-takers, during the functioning of the power plants. The modernization of the transport network system leading the National Power System, creating the necessary infrastructure needed for the operation of the electricity market are key factors in the development and strengthening of the energy market in Romania. Regarding the development ways of commercializing the produced energy – an essential factor in securing revenues and grant funding - good news came this summer from NAER, which approved through Order 49/2013 Regulation from 12 July 2013, concerning organized trading framework on the centralized market with continuous double negotiation of bilateral electricity contracts. This Regulation establishes a centralized platform for trading electricity in competitive system through bilateral contracts negotiated directly between participants subscribed to the centralized market with continuous double negotiation. Trading is performed based on the EFET standard contract for electricity. The framework agreement is available on the official website of the European Federation of Energy Suppliers (EFET) and is a standard agreement at EU level, intended to cover a multitude of trading products in a modular and not editable format with the option of choosing the applicable law. For a transitional period of six months after the first transaction, it is also allowed to use other than EFET contracts. For a very easy operation of the OTC, transactions close by simplified transaction confirmations.

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Anul 2013 va ramane in istorie pentru sectorul energetic din Romania. Pe data de 4 septembrie energia produsa din surse regenerabile a atins pentru prima data in istoria Romaniei, un prag record. Mai exact, peste 2.000 de MW provin din surse de energie regenerabila, iar energia eoliana a reprezentat principala sursa de productie, cu 27% din totalul produs si cu o medie zilnica de aproape 1.900 de MW urmata de cea solara, cu putin peste 100 de MW. In aceasta situatie favorabila tranzactiile efectuate de la inceputul anului de Ciurtin & Asociatii pe finantari in domeniul energetic au depasit 130 de milioane de Euro deja acordati, fiind in lucru finantari si refinantari pentru centrale electrice cu o capacitate de peste 400MW. Contextul bineinteles se schimba constant intrucat in orice industrie care ajunge la maturitate, incepe o stabilizare a pietei si a entuziasmului de a investi. Maturizarea industriei energetice, in general, genereaza suprapunerea surselor externe private de finantare peste cele interne, confirmand astfel increderea in investitiile din zona pietei energetice si nascand un moment de cumpana in evaluarea si cresterea competitivitatii IFN-urilor pe aceasta piata dominata pana in prezent de creditul bancar sau asigurat de institutii financiare publice europene si mondiale. Conditiile atractive oferite de institutiile financiare private externe (institutii bancare si banci de investitii), precum valori disponibile aproape nelimitate LTV pana la 95% (cu sau fara balloon) durata finantarii de pana la 15 ani cu posibilitatea refinantarii la finalul perioadei (valabila pentru investitii in infrastructura elemente de comunicatii de smart grid precum si in capacitati de productie altele decat eoliene si fotovoltaice) vor remodela si crea trenduri de piata in zona finantarilor locale. Aceste produse de finantare din surse externe – ma refer aici preponderent la finantarile de tip debt – sunt extrem de flexibile si acceseaza conditii de garantare de cele mai diverse dintre care mentionez functionalitatea creditului de export configurat impreuna cu ECA-urile din diverse state interesate in promovarea facila a exporturilor tehnologiilor nationale catre Romania sau a garantiilor non-cash puse la dispozitie de bancile de export ale acelorasi state dinamice in aceasta directie.

The year 2013 will go down in history for the energy sector in Romania. On the 4th of September the energy produced from renewable sources reached for the first time in Romania’s history a threshold record. Specifically, over 2.000 MW come from renewable energy and wind energy has been the main source of production, with 27% of the total produced, with a daily average of about 1.900 MW, followed by the sun energy, with a little over 100 MW. In this favourable situation, transactions from early 2013 made by Ciurtin & Associates regarding financings in the energy sector, exceeded EUR 130 million already granted, financing and refinancing being in work for power plants with a capacity of over 400MW. The context, of course, constantly changes because in every industry that reaches maturity, market stabilization and enthusiasm to invest begins. The growth of the energy industry generally generates the overlapping of private external financing sources over internal ones, confirming thus the confidence in investments in the energy market and giving birth to a watershed moment in evaluating and increasing the competitiveness of NBFIs on this market, currently dominated by bank loans or provided by the global and European public financial institutions. The attractive terms offered by foreign private financial institutions (banking institutions and investment banks), as well as values available almost unlimited LTV up to 95% (with or without balloon) the financing period of up to 15 years with the possibility of refinancing at the end of the period (available for investments in infrastructure, smart grid communication elements and in production facilities other than wind and solar) will reshape and create market trends in the local financing area. These external sources of financing products - I refer here mainly to debt type financing - are extremely flexible and guarantee diverse access conditions among which I mention the functionality of the export credit configured with ECAs from different countries interested in promoting very easy the export of national technology to Romania or non-cash warranties provided by the Export Banks of the same dynamic states active in the same direction.

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Intre bancile de export – import extrem de active la nivel mondial se distinge US Exim Bank ale carei proceduri de lucru si politici de garantare si finantare le exploram in prezent in cadrul unor proiecte atat din domeniul energiei cat si din cel medical. Intrucat vorbim in acest context in special de exportul catre Romania a echipamentelor si nu in mod necesar de garantarea unor credite de constructie – project finance disponibil de asemenea in colaborare cu astfel de institutii – consider ca produsele de finantare a echipamentelor de catre companiile de leasing se pot adapta cu succes pentru a beneficia de aceste scheme de garantare. Toate aceste resurse si metode originate din exteriorul Romaniei cu aplicabilitate concreta aici pot fi adoptate in politicile de finantare ale IFN-urilor pe diverse piete si segmente cum ar fi cea energetica rezultand variate mixuri de finantare accesibile din punct de vedere legislativ si oportunist acestora in care concurenta sa devina cooperare sub diverse forme de sindicalizare team-up sau clubbing. In aceasta perioada de puternica inovatie la nivel functional si prudential in cadrul politicilor de finantare mixul de finantare capata alte valente decat formula clasica care alatura finantarea de tip debt unui capital propriu corect dimensionat. Mixul inovativ de finantare genereaza potential de afaceri pentru IFN-uri inclusiv in directia fondurilor nerambursabile UE ( programele cu aplicabilitate directa in finantarea proiectelor energetice precum cele privind eficienta energetica, certificatele gratuite de emisii poluante, conversia catre cladiri pasive sau chiar pozitive incluse in proiecte energetice complexe etc). Pentru a da o orientare exacta asupra valorilor disponibile doar pe linia eficientei energetice, datele publice de la Organismul Intermediar de Energie (OIE) ne spun ca, pentru exercitiul financiar 2014-2020, fondul pentru eficienta energetica inseamna 238 de milioane de Euro. In acest context, cu acest know how si cu aceste resurse IFN-urile pot si trebuie sa joace un rol important in sustinerea necesarului investitional pentru un sector al economiei romanesti care a pornit pe un drum ascendent de la care nu se mai poate intoarce inapoi.

Among the Export - Import Banks that are extremely active worldwide distinguishes itself U.S. Exim Bank whose work procedures and insurance and funding policies we are presently exploring in projects from both the energy and the medical sector. Since we are talking in this context mainly about the export to Romania of equipment and not necessarily about guaranteeing construction loans - project finance also available in collaboration with such institutions – I believe that the products of financing equipment by the leasing companies can adapt successfully in order to benefit from this guarantee scheme. All these resources and methods originated from outside Romania with concrete application inside the country can be enacted in the NBFIs funding policies on different markets and segments such as the energy market resulting various financing mixes available in terms of their legal and opportunistic character, where competition should become cooperation in various forms of syndication, team-up or clubbing. In this period of great innovation at the functional and prudential level of the financing policies, mix funding gets other connotations than the classic formula which joins debt type financing to a correctly sized equity. It generates business potential for NBFIs including grants for EU non refunding programs (where programs with direct applicability in financing energy projects such as energy efficiency, free certificates of emissions, conversion towards passive or positive buildings included in complex energy projects etc.) To give an accurate guideline on values available only on energy efficiency line, the published data from the Energy Agent (OIE) tell us that, for the year 2014-2020 the Fund for Energy Efficiency means EUR 238 million. In this context, with the given know how and the resources, NBFIs can and should play an important role in supporting the needed investments for a sector of the Romanian economy which started on a path of upward and from which one cannot go back.

IV. Grafice reprezentand:

IV. 1. Piata Creditului de Consum IFN in Romania Septembrie 2012 – estimare la Septembrie 2013

IV. 2. Piata Leasingului Financiar in Romania Septembrie 2012 – estimare la Septembrie 2013

IV. Graphics representing:

IV. 1. NBFIs Consumer Credit Market in Romania September 2012 – Estimated at September 2013

IV.2. Financial Leasing Market in Romania September 2012 – Estimated at September 2013

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V. Texte legislative pentru IFN-uri publicate in perioada iunie 2012 – iunie 2013 V. Legislation for NBFI issued between June 2012 to June 2013

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Regulation No. 17 of December 12, 2012 The Official Journal of Romania, Part I 855 December 18, 2012

Effective as of December 18, 2012 Regulation on Certain Crediting Conditions

Considering the provisions of Article 4, paragraph (1), Article 45, paragraph (1), Article 61, Article 1734, letter b) and Article 235 of the Government Emergency Ordinance No. 99/2006 on credit institutions and capital adequacy, approved as amended and supplemented by Law No. 227/2007, as subsequently amended and supplemented, of Article 1 paragraph (1) and of Articles 43 and 44 of Law No. 93/2009 on non-banking financial institutions, as subsequently amended and supplemented, Article 62, paragraph (1) of the Government Emergency Ordinance No. 113/2009 on payment services, approved as amended by Law No. 197/2010, as subsequently amended and supplemented, and of Article 61 paragraph (1) of Law No. 127/2011 on issuing electronic currency, as subsequently amended, as well as the Recommendations of the European Systemic Risk Board (ESRB) on foreign currency crediting (ESRB/2011/1),under the provisions of Article 420 paragraph (1) of the Government Emergency Ordinance No. 99/2006, approved as amended and supplemented by Law No. 227/2007, as subsequently amended and supplemented, of Law No. 93/2009, as subsequently amended and supplemented, of Article 186 paragraph (1) of Emergency Government Ordinance No. 113/2009, approved as amended by Law No. 197/2010, as subsequently amended and supplemented, of Law No. 127/2011, as subsequently amended, and of Article 48 of Law No. 312/2004 on the By-Laws of the National Bank of Romania,

The National Bank of Romania hereby issues this regulation.

CHAPTER I

The scope

Article 1. - (1) This regulation shall apply to: a) Romanian legal entities that are credit institutions, and to the branches of credit institutions, foreign legal entities; b) Romanian legal entities that are non-banking financial institutions, and to the branches of foreign financial institutions, registered in the Special Registry; c) Romanian legal entities that are payment institutions achieving a significant level of crediting activity, in accordance with NBR Regulation No. 21/2009 on payment institutions, as subsequently amended and supplemented; as well as to d) Romanian legal entities that are electronic currency issuing institutions achieving a significant level of the crediting activity, in accordance with NBR Regulation No. 8/2011 on electronic currency issuing institutions, herein after referred to as creditors, and regulating, for the purpose of preserving the financial stability, certain conditions for granting and developing credits intended for individuals and non-financial entities in the Romanian territory. (2) The provisions of Articles 7-9, the relevant provisions of Article 24 and Article 26 paragraph (1) shall also apply to the following creditor categories: a) Romanian legal entities that are non-banking financial institutions and to the branches of foreign financial institutions, registered solely in the General Registry; b) Romanian legal entities that are payment institutions and to the Romanian legal entities that are electronic currency issuing institutions, other than those stipulated in paragraph (1). (3) The provisions of Article 2 and the relevant provisions of Article 24 shall apply to Romanian legal entities that are credit institutions and to Romanian legal entities that are financial institutions stipulated in Article 89 of the Government Emergency Ordinance No. 99/2006 on credit institution and capital adequacy, approved as amended and supplemented by Law No. 227/2007, as subsequently amended and supplemented, for the crediting activity performed in other Member States.

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Article 2. - (1) The institutions stipulated in Article 1, paragraph (3) that carry out, in other Member States, crediting activities in foreign currency for debtors exposed to currency exchange risk, with their domicile or headquarters in those Member States, shall follow, in relation to such activities, the relevant requirements imposed by the competent authorities in those Member States, in accordance with the provisions communicated by the National Bank of Romania. (2) In view of enforcing the provisions of paragraph (1), the National Bank of Romania shall publish on its website the requirements communicated by the competent authorities in those Member States. Article 3. – For the purpose of this regulation, the terms and expressions below shall have the following meanings: a) credit for real estate investments – any credit granted to a natural person cumulatively fulfilling the following conditions: (i) it is guaranteed by a real estate mortgage and (ii) it is granted for the purpose of acquiring or maintaining ownership rights over a land plot and/or a building, already constructed or to be constructed, or in order to rehabilitate, renew, consolidate or extend a building or in order to increase the viability of a land plot or solely in order to repay a credit for real estate investments. For the purpose of this regulation, real estate financial leasing type financing granted to natural persons are assimilated to the credit for real estate investments; b) consumer credit – a credit granted to individual, other than the one stipulated in letter a); c) credit – the amount posted in balance sheet accounts or in off-balance sheet accounts, made available or which the crediting institution undertook to make available to an individual or to a non-financial entity, in exchange for that debtor’s obligation to repay the relevant amount, as well as to pay interest or other expenses related to that amount; financial leasing type financing are assimilated to the credit; d) a person not naturally covered in the foreign exchange risk – an individual not earning eligible revenues for credit repayment, a non-financial entity, respectively, which does not benefit from credit repayment sources, denominated or indexed in the currency in which the credit is requested/granted; e) non-financial entities – legal entities, individuals acting for purposes related to their business or professional activity and any other categories of entities, whose main activity falls outside the activities included in the financial brokerage and insurance sector, in accordance with the Classification of activities in the national economy. Article 4. - (1) The following may be excepted from the applicability of the provisions in chapter III, or chapter IV, respectively, as the case may be: a) credits granted to individuals, intended to finance education, cover medical-related expenses or death-related expenses; b) credits guaranteed throughout the entire period of time with collateral deposit guarantee created by the crediting institution, for the amounts actually covered by such guarantee; c) operations performed exclusively for restructuring purposes with the same creditor, due to reasons relating to the debtor’s financial distress, the credit/credits granted to individuals in sold at the time when the restructuring operation is performed in view of adjusting the repayment conditions to the new capabilities of the debtor; d) credits repaid from subsidies to which the debtor is entitled in accordance with the applicable laws, within the limit of such subsidies. (2) Creditors shall establish through own crediting rules the conditions for granting and guaranteeing the credits stipulated in paragraph (1). Article 5. – The provisions of Articles 16, 17 and 18 shall not apply in the case of credits granted exclusively for the purpose of repaying the debts relating to credits granted in accordance with the creditors’ regulations applicable on the effective date of NBR Regulation No. 24/2011 on credits intended for individuals, as subsequently amended.

CHAPTER II Common Provisions

Article 6. - (1) Creditors shall extend credits to natural persons and non-financial entities in accordance with their own regulations, as approved by the competent statutory bodies.

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(2) In order to prove the compliance with the applicable requirements stipulated in the regulation, creditors shall deliver to the National Bank of Romania – Supervision Division their own regulations, in Romanian, both in soft copy and in hard copy, together with the decision of the competent statutory body which approved them and with a substantiation thereof. Article 7. - (1) Creditors, as well as the institutions stipulated in Article 1 paragraph (2) shall inform the persons not naturally covered in the foreign exchange risk requesting to be granted a credit in foreign currency or indexed at the exchange rate of a foreign currency on the impact of a potential severe depreciation of the domestic currency on the level of their regular payment obligations. (2) In addition to the information note referred to in paragraph (1), in the case of credits without fixed interest, creditors and the institutions stipulated in Article 1 paragraph (2) shall also present on a separate basis the level which could be reached by such regular payment obligations as a result of a potential severe depreciation of the domestic currency as a result of interest increase. Article 8. - Creditors, as well as the institutions stipulated in Article 1 paragraph (2) shall conduct the notification stipulated in Article 7 paragraph (1) and paragraph (2), as the case may be, tailored per each credit request, so that it allows to compare the level of the regular payment obligation corresponding to the requested financing calculated with taking into account the foreign exchange rate and the interest rate as of the notification date with the level of the regular payment obligation adjusted by the values indicated in Article 12 paragraph (2) for the exchange rate shock and the interest rate shock, as the case may be. Article 9. - (1) Creditors, as well as the institutions stipulated in Article 1, paragraph (2) shall deliver the information indicated in Article 7 in hard copy or another resistant form, at least 15 calendar days prior to the conclusion of the credit agreement. (2) The period of 15 calendar days stipulated in paragraph (1) may be reduced, upon the written request of the credit applicant. (3) In applying paragraph (1), resistant form shall mean any instrument allowing the credit applicant to store the information addressed to it in person, so that the information is accessible for future consultation for a period of time suitable for the purpose of the information, and allowing the true reproduction of the information stored on it. Article 10. – Creditors need to organize their crediting activity so that they ensure the clear and actual separation of the function of promoting and selling the credit products from the function of risk analysis and exposure monitoring. Article 11. - (1) Creditors need to make sure that third parties involved in the preliminary analysis of the client’s repayment capacity, such as credit brokers, apply the same procedures as the creditors for this purpose. (2) Creditors shall analyze the quality of the credit portfolio corresponding to the clients enticed by each third party stipulated in paragraph (1), as compared to the one of the credit portfolio corresponding to the clients enticed directly by creditors. (3) The analysis conducted in accordance with paragraph (2) shall form the basis for the creditor’s decision to carry on the business relationship with each of the third parties stipulated in paragraph (1).

CHAPTER III

Provisions on Lending to Individuals

Article 12. - (1) For the purpose hereof, creditors shall establish, within their own regulations, in accordance with their profile and risk strategy, at least the following items: a) the method of organizing the activity of extending credits to individuals and, when applicable, the guarantee conditions imposed per each credit type, including the maximum limit admitted for the financing value as compared to the guarantee value; b) the client categories eligible for financing; c)the classification procedure for the targeted clients, per categories of non-repayment risk, substantiated on the creditor’s general risk profile;

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d) the income categories deemed eligible by the creditor, differentiated per client categories, as well as the corresponding adjustment coefficients depending on the degree of certainty and their permanence characteristic; e) expense categories deducted from eligible income for the purpose of determining the overall level of indebtedness, including at least subsistence expenses and payment obligations, other than those credit-related; f) maximum levels admitted for the total level of indebtedness, including their substantiation, differentiated per client categories, per credit destination (for instance, consumer credit, real estate investment credit), per credit type (differentiated depending on the denomination or indexing currency, as the case may be, on the interest type, fix or floating, respectively, on the credit granting period and the client’s behavior in relation to repaying the debt service determined by the quality of the guarantee), in the case of consumer credits, the maximum levels admitted for the total level of indebtedness are determined inclusively by taking into consideration the exchange rate risk, the interest rate risk and the risk of eligible income available throughout the credit performance period being diminished; g) methodology for the periodical reconsideration of adjustment coefficients for eligible income and the maximum levels admitted for the level of indebtedness, in view of ensuring their accuracy on a continuous basis. (2) In substantiating the maximum levels admitted for the total level of indebtedness in the case of consumer credits, the following values shall be used: a) for the exchange rate shock – 35.5% EUR, 52.6% CHF, 40.9% USD. In the case of the other foreign currencies, the value corresponding to CHF shall be used. If the applicant’s income and the requested credit are expressed in two different foreign currencies, the maximum value between the shocks corresponding to the two foreign currencies, as compared to the domestic currency, shall be used for the foreign exchange shock; b) for the interest rate shock – 0.6 percentage points for all currencies; c) for the income shock: in the case of salary-related income - 6%; for the other income categories, creditors shall use the adjustment coefficients stipulated in letters d) and g) of paragraph 1). (3) The provisions of this article regarding the foreign exchange risk shall only apply to the financing part for which clients fail to prove that they benefit from income in the currency of the credit or indexed at the credit currency. The provisions referring to the interest rate risk shall not apply to fixed interest credits. Article 13. – The overall level of indebtedness shall be calculated as weight of the total payment obligations deriving from credits or other repayable financings against eligible income from which the expenses stipulated in Article 12 paragraph (1) letter e) have been deducted. Article 14. – In granting the credit, creditors need to insure that the documents and information submitted reveal that throughout the credit granting period the applicant’s overall level of indebtedness complies with the maximum admissible level applicable to such applicant. Article 15. - (1) Creditors shall analyze the client’s repayment capacity based on a level of income deemed eligible by the creditors, which shall not exceed by more than 20% the one corresponding to the previous year. (2) Creditors shall determine the income corresponding to the previous year based on documents certifying the income declared to the fiscal authorities. (3) If there are no legal obligations to declare the income to the fiscal authorities, creditors shall determine the income corresponding to the previous year based on other supporting documents. (4) As an exception from the provisions of paragraph (1), creditors may also take into account the income exceeding the established level, only after having received from the client the supporting documents proving their continuity in the future. The supporting documents need to attest to the amendments occurred in relation to the client’s income status, such as a change in its job position, the change of job or changes bearing a significant impact on the increase in the business volume in relation to the individuals’ earning income from self-employment. Article 16. - (1) In granting consumers credits denominated in foreign currency or indexed at the exchange rate of a foreign currency, the applicant must benefit from real and/or personal guarantees at a level of minimum 133% of the the credit’s value.

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(2) For the purpose hereof, insurance policies having as their object the coverage of the payment failure risk shall be assimilated to personal guarantees. (3) There may be exempted from the guarantee obligation crediting facilities by overdraft drawings, as well as credits granted by means of credit cards, whose value does not exceed by more than three times the level of net monthly income, however, without exceeding a limit determined through the creditor’s internal regulations. Article 17. - (1) The duration of consumptier credits cannot exceed 5 years. (2) The provisions of paragraph (1) do not apply to consumer credits intended for real estate, within the meaning of Article 3 letter a) item (ii), granted in RON and in relation to which the debtor proved to hold an advance payment of minimum 40%. (3) Notwithstanding the provisions of paragraph (1), it is allowed to extend revolving type credit facilities granted by means of cards over the 5-year period, only provided that creditors reevaluate the debtor’s repayment capacity at least at the end of each 5-year period after the granting date. The debtor’s repayment capacity shall be reevaluated in accordance with the creditor’s own methodology, specific for these crediting products. Article 18. - (1) The value of a credit for real estate investments cannot exceed 85% of the value of the mortgage guarantee, in the case of credits granted in RON. (2) In the case of credits denominated in a foreign currency or indexed at the exchange rate of a foreign currency, if the debtor earns eligible income denominated or indexed in the credit currency, the value of a credit for real estate investments shall be limited to 80% of the value of the mortgage guarantee. (3) In the case of the credit for real estate investments granted to an individual not naturally covered from the foreign exchange risk, the value of the financing cannot exceed 75% of the value of the mortgage guarantee in the case of credits denominated in EURO or indexed in the EURO exchange rate and 60% in the case of credits denominated in other foreign currencies or indexed at the exchange rate of other foreign currencies. (4) In order to enforce paragraphs (1)-(3) in the case of real estate financial leasing financing, the limits shall be applied in relation to the value of the financed asset. (5) The provisions of paragraphs (1)-(3) do not apply in the case of credits intended for real estate investments fully or partially guaranteed by the State. Article 19. – Creditors may use in their activity of crediting individuals the levels of the overall indebtness degree calculated and substantiated within their own regulations, only to the extent that they comply with the provisions of Article 12, paragraph (1), letters f) and g) and paragraph (2). Article 20. – Regarding the creditors which do not enforce the provisions of Article 12 paragraph (1), letters f) and g) and paragraph (2), the maximum level of the overall indebtedness degree shall be limited to 35%, while the maximum level of the indebtedness degree corresponding to the consumption credit denominated in foreign currency or indexed at the exchange rate of a foreign currency, other than the one in which the debtor earns eligible income, shall not exceed 10%.

CHAPTER IV

Provisions referring to Foreign Currency Financing of Non-Financial Entities

Article 21. - (1) Creditors shall establish, within their own regulations, in accordance with their profile and risk strategy, the method for organizing the activity of granting and guaranteeing the foreign currency credits intended for non-financial entities, requesting more stringent conditions for granting and guaranteeing foreign currency credits than the ones applicable to similar credits in the domestic currency. (2) The creditors’ own regulations regarding foreign currency financing for non-financial entities, referred to in this chapter, shall constitute only one internal regulation. Article 22. - (1) Creditors may only grant foreign exchange credits or credits indexed at the exchange rate of a foreign currency to non-financial entities insofar as, in accordance with the criteria set forth by the creditor in its own regulations, such entities prove that they have the capacity to repay such financing in the foreign currency even if the currency in which repayment amounts are denominated or indexed is subject to severe depreciation and the interest increases, as the case may be.

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(2) In applying the provisions of paragraph (1), creditors shall use, when determining the repayment capacities, the values stipulated in Article 12, paragraph (2) for the exchange rate shock and the interest rate shock. Article 23. - (1) The provisions of this chapter shall only apply for the financing part for which debtors fail to prove that they benefit from natural or financial coverage against the foreign currency risk. (2) For the purpose of paragraph (1), financial coverage against the foreign currency risk means the protection obtained by the debtor in accordance with a contract signed with a financial institution that transfers the foreign currency risk from the buyer of the protection. (3) The provisions referring to the interest rate risk shall not be applied in the case of fixed interest credits.

CHAPTER V

Sanctions, Transitory and Final Provisions

Article 24. – Failure to comply with the provisions of the present regulation shall entail the enforceability of the measures and/or sanctions stipulated in Articles 225, 226 and 229 of the Government Emergency Ordinance No. 99/2006, approved as amended and supplemented by Law No. 227/2007, as subsequently amended and supplemented or in Article 58 and 59 of Law No. 93/2009 on non-banking financial institutions, as subsequently amended and supplemented, or in Articles 66 and 68 of the Government Emergency Ordinance No. 113/2009 on payment services, approved as amended by Law No. 197/2010, as subsequently amended and supplemented, respectively in Articles 69 and 71 of Law No. 127/2011 on issuing electronic currency, as subsequently amended, as the case may be. Article 25. – Central houses supervise the compliance, , with the requirements stipulated in this regulation by the affiliated credit cooperatives. Article 26. - (1) Within 90 days after the effective date of the present regulation, the creditors, as well as the institutions referred to in Article 1 paragraph (2) shall comply with the obligations incumbent upon them in accordance with cap. II. Within the same period of time, creditors shall deliver to the National Bank of Romania - the Supervision Division the amendments of the internal regulations performed in order to prove the fulfillment of the obligations stipulated in chapter II. (2) Within 90 days after the effective date hereof, creditors shall comply with the obligations incumbent upon them in accordance with chapter III and shall deliver to the National Bank of Romania – the Supervision Division the amendments of the internal regulations performed for this purpose. (3) Within 90 days after the effective date hereof, creditors shall comply with the obligations incumbent upon them in accordance with chapter IV and shall deliver to the National Bank of Romania – the Supervision Division the amendments of the internal regulations in order to prove the fulfillment of such obligations. (4) Until the fulfillment of the conditions stipulated in the above paragraphs, creditors shall use their own regulations applicable starting with the effective date hereof. (5) Regarding the creditors which, on the effective date hereof, have their own regulations validated for the performance of crediting individuals, the requirements stipulated in Article 19 shall be deemed fulfilled. Article 27. – This regulation shall be published in Part I of the Official Journal of Romania. Article 28. – On the effective date hereof, Regulation No. 24/2011 of the National Bank of Romania on credits intended for individuals, published in Part I of the Official Journal of Romania No. 767 of 31 October 2011, as subsequently amended, shall be repealed.

Chairman of the Board of Directors of the National Bank of Romania, Mugur Constantin Is rescu

Bucharest, December 12, 2012.

No. 17

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Government Emergency Ordinance No. 9/2013 on the environmental stamp for motor vehicles, published in Part I of the Official Journal of Romania No. 119 of

March 4, 2013

The extraordinary situation mentioned in Article 115, paragraph (4) of the Constitution of Romania, republished, is motivated by the need to ensure the required framework in order to develop certain programs and projects in the field of environmental protection, in order to improve air quality and to comply with the limit values stipulated in the relevant European regulations applicable in this area.

Furthermore, the enactment of this legislative act ensures the compliance with the recommendations of the European Commission listed in the Communication issued on the 14th of December 2012, according to which motor vehicles should not be taxed based on specific engineering criteria, but on objective performance data, easily available and relevant from the policies’ standpoint, such as CO2 emissions.

At the same time, when preparing this legislative act, the need to adopt measures in order to ensure compliance with the applicable Community Law regulations was taken into consideration, given the fact that such measures need to be adopted urgently in order to avoid any negative legal consequences of the current situation.

Thus, it is mandatory to promote this legislative act urgently, taking into account the negative social and environmental impact noted as a consequence of enforcing the tax on polluting emissions of motor vehicles, in regard of its value, which led to a semi-paralysis of transactions with motor vehicles existing in the national fleet market, as well as in view of regulating for clarifying the enforceability of the environmental stamp on motor vehicles gained through inheritance.

Failure to adopt this legislative act urgently will severely restrict the transactions with motor vehicles existing in the national fleet, bearing a direct impact on the population, as well as on the financing of certain programs and projects in the environmental protection field.

Considering the fact that these elements refer to public interest and form extraordinary and emergency situations, whose regulation cannot be further deferred, in accordance with Article 115, paragraph (4) of the Constitution of Romania, republished,

The Government of Romania hereby enacts this emergency ordinance.

Article 1. (1) This emergency ordinance shall set forth the legal framework referring to the creation of the environmental stamp, herein after referred to as the stamp .

(2) The stamp shall be collected into the Environmental Fund budget as an income and shall be used by the Environmental Fund Administration in order to finance environmental protection programs and projects.

Article 2. For the purpose of this emergency ordinance, the terms and expressions below shall have the following meaning:

a) new motor vehicle – any motor vehicle not previously registered;

b) used motor vehicle – motor vehicle previously registered;

c) RNTR 2 – Regulations on type approval and the release of identification cards for road motor vehicles, as well as type approval for the products used for the latter - RNTR 2, as approved by Order of the Minister of Public Works, Transport and Housing No. 211/2003, as subsequently amended and supplemented;

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d) RNTR 7 – Regulations on individual approval, the release of identification cards and the certification of road motor vehicles authenticity - RNTR 7, as approved by Order of the Minister of Transport, Constructions and Tourism No. 2.132/2005, as subsequently amended and supplemented;

e) removal from the national car fleet – any action leading to the deregistration of the registered motor vehicle, save for scrapping and dismantling;

f) re-insertion in the national car fleet – any action leading to the first registration of a motor vehicle in Romania, after it was removed from the national car fleet;

g) competent fiscal body – the National Agency for Tax Administration and its subordinated entities in whose records a tax payer is registered as payer of taxes and levies;

h) tax-payer – any individual or legal person who does not fall under one of the cases stipulated in Article 4;

i) registration – administrative operation consisting in filling up the records of competent authorities, in accordance with the law, with the acquisition by the first owner in Romania of the ownership right over a motor vehicle and assignment of a registration certificate, as well as of the license plates;

j) special tax for automobiles and motor vehicles – the tax stipulated in Article 214^1 – 214^3 of Law No. 571/2003 on the Tax Code, as subsequently amended and supplemented, in force until July 1, 2008;

k)pollution tax for motor vehicles – the tax, as stipulated by the Government Emergency Ordinance No. 50/2008 setting forth the pollution tax on motor vehicles, as approved by Law No. 140/2011;

l) polluting emissions tax from motor vehicles – the tax, as stipulated under Law No. 9/2012 on polluting emissions tax from motor vehicles, as subsequently amended;

m) environmental stamp – is the amount payable by the tax-payer for the emissions from the motor vehicles in the M1, M2, M3 and N1, N2, N3 categories.

Article 3. (1) The stamp shall apply to motor vehicles of the M1, M2, M3 and N1, N2, N3 categories, as defined under RNTR 2, save for:

a) motor vehicles belonging to diplomatic missions, consular offices and their members, as well as to other foreign organizations and individuals with diplomatic statute, carrying out their activity in Romania;

b) motor vehicles specially adjusted in order to be driven by disabled individuals, as well as in order to take over and transport individuals with severe or pronounced disabilities, as these individuals are defined under Law No. 448/2006 on the protection and promotion of disabled individuals’ rights, republished, as subsequently amended and supplemented;

c) motor vehicles intended to be used by the armed forces, the State’s security forces, police, gendarmerie, border police and firemen;

d) motor vehicles defied in accordance with RNTR 2 intended for ambulance and health care services, motor vehicles specially equipped to provide first aid, as well as motor vehicles specially intended for rescue and fire fighting services.

(2) The exception referred to in paragraph (1) letter b) shall only apply to one motor vehicle purchased within a 5-year period and when the motor vehicle is under the ownership of a disabled person.

(3) Special changes operated on motor vehicles shall be registered by the Autonomous Public Service Undertaking — Romanian Auto Register in the motor vehicle’s identification card.

(4) The list of special changes operated on motor vehicles shall be as stipulated in RNTR 7.

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(5) Motor vehicles equipped with a gear box which may operate automatically, owned by disabled persons, in accordance with paragraph (1) letter b), shall be included in the category of motor vehicles exempted from tax payment, provided that the provisions in paragraph (3) are followed.

(6) In the category of motor vehicles stipulated in paragraph (1) letter d) only the motor vehicles fitted with special equipment necessary for carrying out ambulance, health care, rescue or fire fighting services, registered in the records of ambulance services, mobile emergency and resuscitation services, as well as emergency inspectorates shall be included. In the same category motor vehicles fitted with special equipment necessary for carrying out ambulance, health care or rescue, fire fighting services, owned by business operators shall also be included.

Article 4. The obligation to pay the stamp shall arise only once, as follows:

a) when registering in the competent authorities’ records, in accordance with the law, obtaining the ownership right over a motor vehicle by its first owner in Romania and assigning a registration certificate and registration plates;

b) when reintroducing a motor vehicle in the national car fleet, if, upon its removal from the national car fleet, the owner received the residual value of the stamp, in accordance with the provisions of Article 7;

c) when transcribing the ownership right over a used motor vehicle and for which the special tax for automobiles and motor vehicles, the pollution tax for motor vehicles or the tax on polluting emissions from motor vehicles was not paid, in accordance with the applicable legal regulations in force upon the registration time;

d) when transcribing the ownership right over a used motor vehicle, in the case of motor vehicles in relation to which a court of law ordered the reimbursement or registration exempted from the payment of the special tax for automobiles and motor vehicles, of the pollution tax on motor vehicles or of the tax on polluting emissions from motor vehicles.

Article 5. (1) The competent tax authority shall calculate the amount of the stamp, based on documents attesting to the attainment of the ownership right over a motor vehicle and the stamp calculation elements, submitted by the tax-payer in order to perform the registration or transcription of the ownership right over the used motor vehicle. The list of documents is stipulated in the for the enforcement of this emergency ordinance.

(2) The value of the stamp, expressed in RON, shall be calculated based on the exchange rate of the euro currency of the first business day of October in the preceding year and published in the Official Journal of the European Union.

(3) The stamp shall be paid by the tax-payer in a separate account opened at the State Treasury units, under the name of the Environmental Fund Administration, and the proof of the payment shall be submitted upon registration or transcription of the ownership right over a used motor vehicle, subject to one of the cases stipulated in Article 4.

Article 6. (1) The stamp shall be calculated based on the elements listed in the addendums No. 1 to 6, as follows:

a) for motor vehicles of the M1 category falling under the scope of Euro 5 pollution class, the environmental stamp shall be calculated based on the formula:

payment amount = [A x B x (100 - C)]/100, where:

A = level of CO2 emissions, expressed in grams/km as specified in the motor vehicle’s identification card;

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B = value of CO2 emissions, expressed in euro/1 gram km, as listed in addendum No. 1;

C = stamp discount, as listed in column 2 of addendum No. 3;

b) for motor vehicles of the M1 category falling under the scope of the euro 4 and euro 3 pollution classes, the environmental stamp shall be calculated based on the formula:

Payment amount = [A x B x (100 - C)]/100, where:

A = level of CO2 emissions, expressed in grams/km as specified in the motor vehicle’s identification card;

B = value of CO2 emissions, expressed in euro/1 gram km, as listed in addendum No. 1 for motor vehicles equipped with spark ignition engine and as stipulated in addendum No. 2 for motor vehicles equipped with compression equipped engine;

C = stamp discount, as listed in column 2 of addendum No. 3;

c) for motor vehicles of the M1 category falling under the non-Euro, Euro 1 or Euro 2 pollution class, based on the formula:

Payment amount = [E x D x (100 - C)]/100, where:

C = stamp discount, as listed in column No. 2 of addendum No. 3;

D = cylinder capacity, expressed in cubic centimeters, as specified in the registration certificate of the motor vehicle or in the identification card of the motor vehicle;

E = the value stipulated in column 3 of addendum No. 4 for motor vehicles equipped with spark ignition engine and the value stipulated in column 4 of addendum No. 4 for motor vehicles equipped with compression ignition engine;

d) the formula provided under letter c) shall also apply to motor vehicles of the M2, M3, N1, N2 and N3

categories, for which the level of the environmental stamp is listed in column 2 of addendum No. 5.

(2) The Euro pollution class and the level of CO2 emission, referred to in paragraph (1), are as stipulated by the Autonomous Public Service Undertaking — Romanian Auto Register in the motor vehicle’s identification card, in accordance with the provisions of the for the enforcement of this emergency ordinance.

(3) The stamp for motor vehicles falling under the Euro 6 pollution class shall be calculated based on the formula stipulated in paragraph (1) letter a), upon the enforcement of the Euro 6 class for the registration, sale and entry into service of new motor vehicles, according to the Regulation (EC) No. 715/2007 of the European Parliament and of the Council of June 20, 2007 on type approval of motor vehicles regarding emissions from light passenger and commercial vehicles (Euro 5 and Euro 6) and regarding access to vehicle repair and maintenance information.

(4) Related to motor vehicles falling under the category of hybrid and electricity cars, the environmental stamp shall not be paid .

(5) The stamp discount, as listed in addendum No. 3, shall be determined depending on the motor vehicle’s age.

(6) When calculating the stamp , further discounts may be granted in addition to the discount stipulated in addendum No. 3, depending on the deviations from the standard situation of the element/elements that led to the calculation of the fixed share, if the person requesting the registration or transcription, as the case may be, of the ownership right over a used motor vehicles declares on his own liability that the actual average annual mileage of the motor vehicle at issue is higher than the average annual mileage deemed as standard for that

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category of motor vehicles, in accordance with the for the enforcement of this emergency ordinance. In this case, the stamp shall be calculated based on the discount resulting from the share listed in addendum No. 3, increased by the additional discount listed in addendum No. 6. When the new discount exceeds 90%, the discount of 90% shall apply.

(7) The amount representing the stamp to be paid, calculated based on the provisions of paragraph (1), may also be adjusted when the person requesting the registration or transcription, as the case may be, of the ownership right over a used motor vehicle proves, based on the technical expert appraisal conducted by the Autonomous Public Service Undertaking — Romanian Auto Register, that the depreciation of the used motor vehicle is higher, according to the for the enforcement of this emergency ordinance.

(8) The age of the motor vehicle shall be calculated depending on the date of its first registration.

(9) When the person requesting the registration or transcription of the ownership right over a used motor vehicle cannot prove the motor vehicle’s registration date, the stamp shall be calculated depending on its manufacturing year.

Article 7. (1) If, for a motor vehicle, the pollution tax for motor vehicles, the tax on polluting emissions from motor vehicles or the stamp stipulated in this emergency ordinance and whose reimbursement was not ordered by a court of law was paid, that motor vehicle is subsequently removed from the national car fleet and the residual value of the stamp is reimbursed to the last owner.

(2) The residual value of the stamp is the amount of money that would be paid for that motor vehicle if it were to be registered upon its removal from the national car fleet, calculated according to the laws based on which the amount of the tax payable upon registration was calculated, in RON at the exchange rate at the time of registration or transcription of the ownership right over a used motor vehicle, using the age of the motor vehicle as at the time of its removal from the national car fleet.

(3) The residual value of the stamp shall be reimbursed at the request of the last owner, based on the following documents:

a) the document attesting that the applicant was the last owner of the motor vehicle removed from the national car fleet;

b) proof that the motor vehicle was radiated.

(4) The reimbursement request shall be submitted to the competent tax authority.

(5) If the residual value of the stamp, calculated acording to this article, is higher than the amount paid upon the registration or transcription of the ownership right over a used motor vehicle, in Romania, the residual value of the stamp shall be returned within the limit of the amount paid.

Article 8. The stamp shall not be paid when the motor vehicles are:

a) falling in the category of historical vehicles, as defined by the provisions of Article 3 item 50 of the Government Ordinance No. 27/2011 on road transportation;

b) granted to learning, health care and culture institutions, to ministries, other public administration authorities, owners’ and trade union structures representative at a national level, public utility associations and foundations, by foreign governments, international bodies and non-profit and charity and organizations, through donations or financed directly by non-reimbursable loans, as well as from scientific and technical cooperation programs;

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c) confiscated or that became, according to the law, the private property of the State and granted free of charge, in accordance with the legal provisions in force;

d) intended for sports competitions, as defined in accordance with the legal provisions in force;

e) obtained by inheritance, if it occurred within the 2-year period after the initiation of the succession procedures;

f) obtained through partition following a divorce.

Article 9. (1) The amount of money representing the stamp can be disputed when the person about to register or transcribe the ownership right over a used motor vehicle can prove that his motor vehicle depreciated to a larger extent than the one indicated in the grid stipulated in addendum No. 3.

(2) The depreciation value shall be assessed based on the elements taken into account when determining the discount stipulated in Article 6 paragraph (6).

(3) If disputed, the features of the used motor vehicle stipulated in paragraph (2) shall be determined, upon the tax-payers request, by technical expertise conducted by the Autonomous Public Service Undertaking — Romanian Auto Register, based on the procedure provided in the for the enforcement of this emergency ordinance.

(4) The charge for conducting the technical expertise shall be calculated by the Autonomous Public Service Undertaking — Romanian Auto Register, depending on the operations corresponding to the technical expertise and cannot exceed their cost.

(5) The result of the technical expertise shall be recorded in a document issued by the Autonomous Public Service Undertaking — Romanian Auto Register, containing the information corresponding to each of the elements stipulated in paragraph (2) and the discount deriving from it.

(6) The document referring to the result of the technical expertise appraisal issued by the Autonomous Public Service Undertaking — Romanian Auto Register shall be submitted by the payer of the tax to the competent tax authority.

(7) Upon receiving the document stipulated in paragraph (6), the competent tax authority shall proceed to recalculate the payment amount standing for the stamp, which may lead to the reimbursement of the outstanding amount of the stamp, as compared to the one paid upon the registration or transcription of the ownership right over a used motor vehicle.

(8) In duly justified cases, the competent tax authority may request that a counter-expertise be conducted.

Article 10. Determining, checking and collecting, including settling challenges in respect of regarding the stamp payable by tax-payers, shall be performed by the competent tax authority, according to the provisions of the Government Ordinance No. 92/2003 on the Fiscal Procedure Code, republished, as subsequently amended and supplemented.

Article 11. The person dissatisfied with the reply received to his challenge may refer to the litigation courts, competent in accordance with the law.

Article 12. (1) If the special tax for automobiles and motor vehicles, the pollution tax for motor vehicles and the tax on polluting emissions from motor vehicles, already paid, is larger than the stamp resulting from the enforcement of these provisions on the environmental stamp, calculated in RON at the exchange rate applicable on the time of registration or transcription of the ownership right over a used motor vehicle, the amounts of money representing the outstanding amount paid may only be reimbursed to the holder of the

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payment obligation, in accordance with the procedure set forth in the Methodological Norms for the enforcement of this Emergency Ordinance. The outstanding amount of money to be reimbursed shall be calculated according to the calculation formula stipulated in this Emergency Ordinance, using the elements taken into account on the time of registration or transcription of the ownership right over a used motor vehicle.

(2) The amount of money resulting as outstanding amount between the money paid by the tax-payer as special tax for automobiles and motor vehicles, as pollution tax for motor vehicles or as tax on polluting emissions from motor vehicles and the amount resulting from the application of the stamp shall be reimbursed within the statutory limitation period specified in the Government Ordinance No. 92/2003, republished, as subsequently amended and supplemented, according to the procedure set forth in the Methodological Norms for the enforcement of this emergency ordinance.

Article 13. The expenses ruled by the courts of law by means of final and irrevocable court decisions in charge of the State, as well as any other expenses incurred during forced execution, in relation to the pollution tax for motor vehicles, the tax on polluting emissions from motor vehicles and the environmental stamp, shall be covered from the collected amounts of money, as stamp, into the accounts of the competent tax authority or from the budget of the Environmental Fund, as the case may be.

Article 14. (1) The Ministry of Public Finance, through the National Agency for Fiscal Administration, the Ministry of Internal Affairs, through the community public services, drivers’ licenses and motor vehicle registration departments, and the Ministry of Environment and Climate Changes, through the Environmental Fund Administration shall keep digital records of the motor vehicles registered or transcribed falling under the scope of this emergency ordinance, in accordance with the collections performed by the State Treasury units, standing for taxes/stamp.

(2) The managed information and the procedures referring to the implementation of the digital system stipulated in paragraph (1) shall be set forth through joint order of the Minister of Public Finance, of the Minister of Internal Affairs and of the Minister of Environment and Climate Changes, within 60 days after the effective date of this emergency ordinance.

Article 15. (1) In order to stimulate new, pollution-free and energy-efficient vehicles, individuals, administrative-territorial units and public institutions purchasing new electric motor vehicles shall benefit from a vouchers with nominal value, for each new motor vehicle purchased, herein after referred to as the eco-voucher.

(2) The eco-voucher shall have a nominal value of RON 12,000 bore from the Environmental Fund budget.

(3) The template of the eco-voucher referred to in paragraph (1) and its usage shall be laid down by order of the Minister of Environment and Climate Changes, within 15 days of the publication of this emergency ordinance.

Article 16. Within 15 days of the publication of this emergency ordinance in the Official Journal of Romania, Part I, the Ministry of Environment and Climate Changes, together with the Ministry of Internal Affairs, the Ministry of Public Finance and the Ministry of Transport, shall prepare for the enforcement of this emergency ordinance to be approved by Government decision.

Article 17. This emergency ordinance shall be enforced on M,arch 15 2013.

Article 18. Addendums No. 1-6 shall form an integral part of this emergency ordinance.

Article 19. On the effective date of this emergency ordinance, the following shall be repealed:

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a) Law No. 9/2012 on the tax on polluting emissions from motor vehicles, published in Part I of the Official Journal of Romania No. 17 of January 10, 2012, as subsequently amended;

b) Government Decision No. 9/2012 approving the for the enforcement of Law No. 9/2012 on the tax on polluting emissions from motor vehicles, published in the Official GJournal of Romania, Part I. No. 29 of January 13, 2012;

c) the provisions of Article 10 of the Government Emergency Ordinance No. 40/2011 on promoting non-polluting and energy-efficient road transport vehicles, published in Part I of the Official Journal of Romania No. 307 of May 4, 2011.

PRIME-MINISTER VICTOR-VIOREL PONTA

Countersigned by: Minister of the Environment and Climate Changes,

Rovana Plumb Vice-Prime-Minister, Minister of Public Finance,

Daniel Chi oiu Delegated Minister of Budget,

Liviu Voinea Minister of Transport,

Relu Fenechiu Minister of Internal Affairs,

Radu Stroe Minister of Foreign Affairs,

Titus Corl ean

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ADDENDUM No. 1

The level of the environmental stamp depending on the carbon dioxide emission and the pollution class – expressed in Euro/1 gram km -

EURO 5 POLLUTION CLASS*

Cylinder capacity - cubic centimeters Carbon dioxide

emission CO2 grams

/km

<1,000 1,001-1,200 1,201-1,400 1,401-1,600 1,601-2,000 2,001-3,000 =>3,001

<110 0.30 0.36 0.45 0.51 0.60 0.81 0.99 111-120 0.42 0.50 0.63 0.71 0.84 1.13 1.39 121-130 0.54 0.65 0.81 0.92 1.08 1.46 1.78 131-140 0.66 0.79 0.99 1.12 1.32 1.78 2.18 141-150 0.78 0.94 1.17 1.33 1.56 2.11 2.57 151-165 0.96 1.15 1.44 1.63 1.92 2.59 3.17 166-180 1.26 1.51 1.89 2.14 2.52 3.40 4.16 181-195 1.44 1.73 2.16 2.45 2.88 3.89 4.75 196-210 1.62 1.94 2.43 2.75 3.24 4.37 5.35 >210 2.04 2.45 3.06 3.47 4.08 5.51 6.73

EURO 4 POLLUTION CLASS*

Cylinder capacity - cubic centimeters Carbon dioxide

emission CO2 grams

/km

<1,000 1,001-1,200 1,201-1,400 1,401-1,600 1,601-2,000 2,001-3,000 =>3,001

<110 1.80 2.16 2.70 3.06 3.60 4.86 5.94 111-125 2.52 3.02 3.78 4.28 5.04 6.80 8.32 126-140 3.24 3.89 4.86 5.51 6.48 8.75 10.69 141-155 3.96 4.75 5.94 6.73 7.92 10.69 13.07 156-170 4.68 5.62 7.02 7.96 9.36 12.64 15.44 171-185 5.76 6.91 8.64 9.79 11.52 15.55 19.01 186-200 7.56 9.07 11.34 12.85 15.12 20.41 24.95 201-215 8.64 10.37 12.96 14.69 17.28 23.33 28.51 >216 9.72 11.66 14.58 16.52 19.44 26.24 32.08

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EURO 3 POLLUTION CLASS*

Cylinder capacity - cubic centimeters Carbon dioxide

emission CO2 grams

/km

<1,000 1,001-1,200 1,201-1,400 1,401-1,600 1,601-2,000 2,001-3,000 =>3,001

<110 5.40 6.48 8.10 9.18 10.80 14.58 17.82 111-125 7.56 9.07 11.34 12.85 15.12 20.41 24.95 126-140 9.72 11.66 14.58 16.52 19.44 26.24 32.08 141-155 11.88 14.26 17.82 20.20 23.76 32.08 39.20 156-170 14.04 16.85 21.06 23.87 28.08 37.91 46.33 171-185 17.28 20.74 25.92 29.38 34.56 46.66 57.02 186-200 22.68 27.22 34.02 38.56 45.36 61.24 74.84 201-215 25.92 31.10 38.88 44.06 51.84 69.98 85.54 >216 29.16 34.99 43.74 49.57 58.32 78.73 96.23

* The pollution class is as set forth in Regulation (EC) No. 715/2007 of the European Parliament and of the Council of June 20, 2007 on type approval of motor vehicles with respect to emissions from light passenger and commercial vehicles (Euro 5 and Euro 6) and on access to vehicle repair and maintenance information.

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ADDENDUM No. 2

The level of the environmental stamp depending on the carbon dioxide emission and the pollution class – expressed in Euro/1 gram km -

EURO 4 POLLUTION CLASS

Cylinder capacity - cubic centimeters Carbon dioxide emission CO2 grams /km

<1,000 1,001-1,200

1,201-1,400

1,401-1,600

1,601-2,000 2,001-3,000 =>3,001

<110 3.15 3.78 4.73 5.36 6.30 8.51 10.40 111-125 4.41 5.29 6.62 7.50 8.82 11.91 14.55 126-140 5.67 6.80 8.51 9.64 11.34 15.31 18.71 141-155 6.93 8.32 10.40 11.78 13.86 18.71 22.87 156-170 8.19 9.83 12.29 13.92 16.38 22.11 27.03 171-185 10.08 12.10 15.12 17.14 20.16 27.22 33.26 186-200 13.23 15.88 19.85 22.49 26.46 35.72 43.66 201-215 15.12 18.14 22.68 25.70 30.24 40.82 49.90 >216 17.01 20.41 25.52 28.92 34.02 45.93 56.13

EURO 3 POLLUTION CLASS

Cylinder capacity - cubic centimeters Carbon dioxide emission CO2 grams /km

<1,000 1,001-1,200

1,201-1,400

1,401-1,600

1,601-2,000 2,001-3,000 =>3,001

<110 9.45 11.34 14.18 16.07 18.90 25.52 31.19 111-125 13.23 15.88 19.85 22.49 26.46 35.72 43.66 126-140 17.01 20.41 25.52 28.92 34.02 45.93 56.13 141-155 20.79 24.95 31.19 35.34 41.58 56.13 68.61 156-170 24.57 29.48 36.86 41.77 49.14 66.34 81.08 171-185 30.24 36.29 45.36 51.41 60.48 81.65 99.79 186-200 39.69 47.63 59.54 67.47 79.38 107.16 130.98 201-215 45.36 54.43 68.04 77.11 90.72 122.47 149.69 >216 51.03 61.24 76.55 86.75 102.06 137.78 168.40

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ADDENDUM No. 3

Discount ratio of the environmental stamp

Motor vehicle age Discount % New 0 < one month 3 > one month – 3 months inclusively 5 >3 months – 6 months inclusively 8 >6 months – 9 months inclusively 10 >9 months – 1 year inclusively 13 > 1 year – 2 years inclusively 21 > 2 years – 3 years inclusively 28 > 3 years – 4 years inclusively 33 > 4 years – 5 years inclusively 38 > 5 years – 6 years inclusively 43 > 6 years – 7 years inclusively 49 > 7 years – 8 years inclusively 55 > 8 years – 9 years inclusively 61 > 9 years – 10 years inclusively 66 > 10 years – 11 years inclusively 73 > 11 years – 12 years inclusively 79 > 12 years – 13 years inclusively 84 > 13 years – 14 years inclusively 89 over 14 years 90

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ADDENDUM No. 4

Level of the environmental stamp for pollution classes Euro 2, Euro 1 and non-Euro

Pollution class*

Cylinder capacity – cubic centimeters -

Euro/1 cmc for motor vehicles equipped with spark ignition engine

Euro/1 cmc for motor vehicles equipped with compression

ignition engine E2 < 1,200 3.00 5.25 1,201-1,400 3.50 6.13 1,401-1,600 4.00 7.00 1,601-2,000 4.30 7.53 2,001-3,000 4.60 8.05 > 3,000 4.90 8.58 E1 1,200 2.90 5.08 1,201-1,400 3.30 5.78 1,401-1,600 3.80 6.65 1,601-2,000 4.20 7.35 2,001-3,000 4.40 7.70 > 3,000 4.50 7.88 E0 1,200 2.80 4.90 1,201-1,400 3.20 5.60 1,401-1,600 3.70 6.48 1,601-2,000 4.00 7.00 2,001-3,000 4.20 7.35 > 3,000 4.30 7.53

* The pollution class is as set forth in Regulation (EC) No. 715/2007 of the European Parliament and of the Council ofJune 20, 2007 on type approval of motor vehicles with respect to emissions from light passenger and commercial vehicles (Euro 5 and Euro 6) and on access to vehicle repair and maintenance information.

ADDENDUM No. 5

Level of the environmental stamp for motor vehicles of

The N1, N2, N3, M2 and M3 categories

Pollution class1) Level of the environmental stamp euro/1 cmc

Euro 6/VI2) 0 Euro 5/V 0.05 Euro 4/IV 0.25 Euro 3/III 0.5 Euro 2/II 2 Euro 1/I 4

Non-Euro 9

1) The pollution class is as set forth in Regulation (EC) No. 715/2007 of the European Parliament and of the Council of June 20, 2007 on type approval of motor vehicles with respect to emissions from light passenger and commercial vehicles (Euro 5 and Euro 6) and on access to vehicle repair and maintenance information.

2) The level of the tax on polluting emissions (euro/1 cmc) shall be calculated upon the enforcing of Class Euro 6 for the registration, sale and introduction into circulation of new motor vehicles, in accordance with Regulation (EC) No. 715/2007.

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ADDENDUM No. 6

GRID

referring to the additional discounts depending on the actual average annual mileage of the motor vehicle

Category of motor vehicle

Difference between the actual average annual mileage and the standard average annual mileage

(km)

Additional discount %

M1 <5,000 0 5,001-10,000 0.5 10,001-15,000 0.75 15,001-20,000 1.0 20,001-25,000 1.25 25,001-30,000 1.5 >30,001 1.75

N1 <10,000 0 10,001-20,000 0.5 20,001-30,000 0.75 30,001-40,000 1.0 40,001-50,000 1.25 >50,001 1.5

M2 and N2 <15,000 0 15,001-30,000 0.5 30,001-45,000 0.75 45,001-60,000 1.0 60,001-75,000 1.25 >75,001 1.5

M3 and N3 <25,000 0 25,001-50,000 0.5 50,001-100,000 0.75 100,001-150,000 1.0 150,001-200,000 1.25 >200,001 1.5

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Decision No. 480/2013 amending and supplementing the Regulation governing the enforcement of the Government Emergency Ordinance No. 195/2002 regarding traffic on public roads, as approved by

Government Decision No. 1.391/2006

Published in Part I of the Official Journal of Romania No. 454 of July 24, 2013.

In accordance with Article 108 of the Constitution of Romania, as republished, The Government of Romania hereby enacts this decision.

Article I. – The implementing regulation of the Government Emergency Ordinance No. 195/2002 regarding traffic on public roads , as approved by the Government Decision No. 1.391/2006, published in the Official Journal of Romania, Part I, No. 876 of October 26, 2006, as subsequently amended, is hereby amended and supplemented as follows: 1. Paragraph (1) of Article 21 shall be amended and shall read as follows: “Article 21. - (1) The motor vehicle, tramway or trailer which cannot be identified due to lack, alteration or destruction of the identification elements embossed or engraved by the producer, as well as the motor vehicle or trailer assembled from parts which cannot be identified or for which the identity of one or more successive owners or holders cannot be established cannot be homologated in order to being allowed in traffic on public roads. The motor vehicle and trailer whose legal origin can be determined by the police officers shall be accepted.” 2. Paragraph (3) of Article 29 shall be repealed. 3. Article 30 shall be repealed. 4. Paragraph (2) of Article 32 shall be repealed. 5. Article 33 shall be amended and shall read as follows: “Article 33. – Anyone requesting to be examined in order to receive their driver’s license, herein after referred to as applicant, shall meet the following conditions: a) to have the minimum age stipulated under Article 20 paragraph (4) of the Government Emergenc Ordinance No. 195/2002 regarding traffic on public roads , republished, as subsequently amended and supplemented; b) to be medically able to drive motor vehicles of the category for which they request to be examined; c) not to fall under the scope of the provisions of Article 24 paragraph (6) of the Government Emergency Ordinance No. 195/2002, republished, as subsequently amended and supplemented, save for the cases in which applicants are able to prove that they fulfill the conditions stipulated under Article 116 of the same legislative enactment;”. 6. Articles 34 and 35 shall be repealed. 7. Article 36 shall be amended and shall read as follows: “Article 36. – The theoretical and practical training course that precedes the driver’s license examination is valid for one year after the graduation date.”

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8. Article 37 shall be repealed. 9. Paragraph (1) of Article 38 shall be repealed. 10. Paragraph (3) of Article 38 shall be amended and shall read as follows: “(3) The holders of driver’s licenses valid for one of the B, BE, C or CE categories shall also be entitled to drive other motor vehicles of the “Tr” category, as follows: a) the holder of a driver’s license valid for the “B” category shall have the right to drive a road tractor of a maximum authorized weight of up to 3,500 kg, to which a trailer whose maximum authorized weight shall be lower than 750 kg may be attached; b) the holder of a driver’s license valid for category BE shall have the right to drive a road tractor, with a maximum authorized weight of up to 3.500 kg, to which a trailer whose maximum authorized weight shall be lower than 3,500 kg may be attached; c) the holder of a driver’s license valid for category C shall have the right to drive a road tractor, with a maximum authorized weight higher than 3,500 kg, to which a trailer whose maximum authorized weight shall be lower than 750 kg may be attached; d) the holder of a driver’s license valid for the “CE” shall have the right to drive a road tractor of a maximum authorized weight higher than 3,500 kg to which a trailer whose maximum authorized weight shall not exceed the maximum weight of the tractor may be attached.” 11. Articles 39 and 40 shall be repealed. 12. Paragraph (1) of Article 41 shall be amended and shall read as follows: “Article 41. - (1) Motor vehicles that are to be used by driving schools for practice purposes and the vehicles that are used for practical tests that students take in order to receive their driver’s licenses shall belong to the category of vehicles for which the driver’s license is applied for, shall be provided with a double command system, at least for the clutch and brake pedals, except for the motor vehicles with automatic gearbox and motorcycles, which shall be equipped with double command at least for the brake pedal, and shall meet all the other conditions stipulated by the regulations in force.” 13. Articles 42-44 shall be repealed. 14. Article 100 shall be amended and shall read as follows: “Article 100. - (1) Vehicles shall only be driven on roads, carriageways, lanes or tracks established for the category to which they belong. If special lanes or tracks are not arranged on public roads for bicycles and other motor-free vehicles, they may also be driven on the road shoulder in the driving direction, provided that traffic can occur without any danger. (2) Vehicles from categories AM, A1, A2 and A, when circulating on public roads, shall be driven only in one row.” 15. The introductory part of paragraph (1) and paragraph (6) of Article 114 shall be amended and shall read as follows: “Article 114. - (1) Drivers of motor vehicles and tramways shall have the obligation to use the lighting and/or signaling installations thereof, as follows:

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(6) In the cases provided under paragraph (5), the drivers of motor vehicles and tramways shall activate emergency stop signals, successively, in the order in which they stop and if this operation is required by traffic jams in the driving direction.” 16. Paragraphs (2) and (3) of Article 116 shall be amended and shall read as follows: “(2) The motor vehicles and tramways drivers’ intention to change their driving direction, to exit a row of stopped motor vehicles or to enter such a row, to move to another driving lane or make a turn to the right or to the left or to make a U-turn, to pass or stop shall be signaled by activating the turning lights at least 50 m in advance inside localities and 100 m in advance outside localities, before starting to perform such maneuvers. (3) The slowing down of the driving speed or stopping the motor vehicles and tramways on the carriageways shall be signaled with the red rear light.” 17. Item 3 of Article 148 shall be amended and shall read as follows: “3. to carry intoxicated persons on motor vehicles of categories AM, A1, A2 and A or inside the cabin or the car body of the motor vehicle intended for freight transportation.” 18. A new item, i.e. item 22 shall be inserted in Article 148, after item 21, reading as follows: “22. to cross public roads, on the crossings intended for pedestrians, while riding vehicles from categories AM, A1, A2 and A.” 19. Article 149, paragraph (1), letters a) and b) shall be amended and shall read as follows: “a) for motor vehicles of categories AM, A1, A2 and A, in the rear, next to the license or registration plate, as the case may be; b) for the other motor vehicles, on the windshield, in the bottom right part and on the back glass, in the bottom left part;”. 20. In chapter V “Traffic rules”, section 4, the heading of paragraph 1 shall be amended and shall read as follows: “§ 1. Bicycles traffic”. 21. Paragraph (1) of Article 160 shall be amended and shall read as follows: “Article 160. - (1) Bicycle riders, while on public roads, shall only ride in one row.” 22. Paragraph (2) of Article 160 shall be repealed. 23. The introductory part of paragraph (1), as well as letters b) and o) of Article 161 shall be amended and shall read as follows: “Article 161. - (1) It is prohibited for bicycle riders to: . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. b) learn how to ride the bicycle on crowded roads; . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. o) to cross public roads, on the crossings intended for pedestrians, while riding the bicycle;”. 24. Paragraph (2) of Article 161 shall be amended and shall read as follows:

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“(2) While driving on public roads, bicycle users shall be compelled to have their identity documents on them.” 25. Paragraph (1) of Article 189 shall be amended and shall read as follows: “Article 189 - (1) Whenever inspecting the documents of a motor vehicle or tramway driver, traffic police officers shall check whether the data written in the identification document and those in the driver’s license match. Should different names, given names or expired validity periods be found, the traffic police officer shall seize the driver’s license and issue a certification entitling the driver to drive legally for another 15 days.” 26. Paragraph (2) of Article 203 shall be amended and shall read as follows: “(2) The driver’s license of the deceased person shall be cancelled by the head of the traffic police department having jurisdiction over the residence of the holder, based on the death certificate.” Article II. (1) Applicants who have passed the theoretical test before this Government Decision took effect but did not take the practical examination shall take the practical test in accordance with the regulations that are applicable on the date when they passed the theoretical test. (2) Until January 19, 2014, the theoretical and practical training sessions organised by companies shall be deemed to be “completed” for persons who wish to get their “AM” driver’s license and who are able to prove that they graduated the road traffic legislation course organised by an entity that is authorized to train motor vehicle drivers, prior to January 19, 2013. Article III. – Government Decision No. 1391/2006 that approves the Regulation governing the enforcement of the Government Emergency Ordinance No. 195/2002 regarding traffic on public roads, published in Part I of the Official Journal of Romania No. 876 of October 26, 2006, as subsequently amended, and also as amended and supplemented by this decision, shall be republished in Part I of the Official Journal of Romania and the texts shall be re-numbered. Article IV. - This decision shall become effective within 15 days after its publication in the Official Journal of Romania, Part I.

PRIME-MINISTER VICTOR-VIOREL PONTA

Countersigned by: Minister of Internal Affairs,

Radu Stroe On behalf of the Ministry of Transport,

Cristian Ghibu, State Secretary

Bucharest, July 10, 2013.

No. 480

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Government Decision No. 84 of March 6, 2013 for the amendment and supplementation of the Methodological Rules of application of

Law No. 571/2003 regarding the Fiscal Code, approved by Government Decision No.

44/2004 published in the Official Journal No. 136 of March 14, 2013

21. Under item 53, after paragraph (6) a new paragraph shall be introduced, paragraph (61), which shall read as follows: „(61) In the case of financial leasing agreements having as their object movable tangible goods, other than capital assets, that are terminated, and the goods are not returned by the user within the term provided in the agreement, such goods shall not be deemed as missing from the inventory of the lessor/financing party, and the latter shall not have the obligation to operate adjustments of the deducted tax, if it proves that it initiated and took measures to recover the good, regardless of whether further to such measures the good is or not recovered by the leasing company.” 22. Under item 53, paragraph (9) shall be amended and shall read as follows: „(9) In accordance with the provisions of Art. 148 paragraph (2) letter a) of the Fiscal Code, the initial deduction of the tax in the case of goods destroyed or lost due to natural disasters or force majeure events shall not be adjusted if such situations are evidenced or confirmed accordingly.” 23. Under item 54, after paragraph (3) a new paragraph shall be introduced, paragraph (31), which shall read as follows: „(31) In the case of financial leasing agreements having as their object capital assets, that are terminated, and the assets are not returned by the user within the term provided in the agreement, such assets shall not be deemed as missing from the inventory of the lessor/financing party, and the latter shall not have the obligation to operate adjustments of the deducted tax, if it proves that it initiated and took measures to recover the asset, regardless of whether further to such measures the asset is or not recovered by the leasing company.” 24. Under item 54, paragraph (9), the first paragraph shall me amended and shall read as follows: „(9) In the case provided under Art. 149 paragraph(4) letter b) of the Fiscal Code, the adjustment shall be performed within the adjustment period provided under Art. 149 paragraph(2) of the Fiscal Code, for one fifth or one twentieth of the initially deducted/not deducted tax, depending on the final pro rata at the end of each year, in accordance with the procedure described under Art. 147 paragraph(13) of the Fiscal Code. Such adjustment shall be applied for the assets upon whose purchase, manufacture, construction, transformation or modernization the provisions of Art. 147 paragraph (5) of the Fiscal Code are applied, as well as for the capital assets upon whose purchase, manufacture, construction, transformation or modernization the tax was fully deducted or the right to deduct the tax was not exercised and which, during the adjustment period are assigned to activities for which the proportion in which they are used for operations with deduction right and without deduction right cannot be determined. If the tax related to the acquisition of the capital asset was fully deducted, it shall be deemed that the tax was deducted based on a pro rata of 100%, and if the deduction right was not exercised, the pro rata shall be deemed to be 0%. As opposed to the adjustment provided under Art. 149, paragraph(4) letter a) of the Fiscal Code, which is performed whenever an event leading to the adjustment arises, in the cases provided in this paragraph, the adjustment shall be performed annually, throughout the entire adjustment period, so long as the capital asset is assigned to an activity for which the proportion in which they are used for operations with deduction right

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and without deduction right cannot be determined. If, during the adjustment period of the capital asset to which the adjustment period provided by this paragraph is applicable, one of the following events occurs: the capital asset is used for other purposes than the economic activity, is assigned to a sector of activity that does not provide a deduction right, forms the object of an operation for which the tax is fully deductible or ceases to exist, the tax shall be adjusted in accordance with the provisions of paragraphs(8), (11) or (12). […]” 55 25. Under item 54, paragraph (10) shall be amended and shall read as follows: „(10) The adjustment provided under Art. 149 paragraphs(4) and (5) of the Fiscal Code shall not be performed if the provisions of Art. 128 paragraphs (4) letters a) and b) of the Fiscal Code regarding the self-delivery are applicable, as well as if there is no delivery of assets in accordance with the provisions of Art. 128 paragraph (8) of the Fiscal Code, except for the discarding of tangible fixed assets that are capital assets in accordance with the provisions of Art. 149 paragraph (1) letter a) of the Fiscal Code. If the discarding of the tangible fixed assets that are capital assets in accordance with the provisions Art. 149 paragraph (1) letter a) of the Fiscal Code is performed in accordance with the provisions of a normative act that requires the discarding of such assets, the adjustment provided under Art. 149 paragraph (4) and (5) of the Fiscal Code shall not be performed. The demolition of constructions, purchased together with the plot of land on which they were erected constructed shall not determine the obligation to adjust the initial deduction of the value added tax related to the purchase of constructions that were demolished, if the taxable person proves its intention, confirmed by objective elements, that the plot of land on which the constructions were built continues to be used for the purpose of its taxable operations, such as the building of other constructions destined to taxable operations, as ruled by the Decision of the European Court of Justice in Case C-257/11 Gran Via Moine ti.”

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peste 29 000 de angajaţiîn 30 de ţări pe 4 continente

Cetelem este multi-specialistul creditelor de consum, ale cărui produse de creditare, de la credite de nevoi personale cu acordare prin telefon sau internet, până la credite auto, credite în magazin și carduri de credit, pot fi accesate fie în spaţiile de vânzare – magazine, showroom-uri auto, fie prin intermediul altor parteneri afiliaţi sau prin Internet.

Cetelem România aplică permanent principiul “creditului bine înțeles” în derularea operațiunilor curente, asigurând accesibilitatea, simplitatea și transparența procesului de acordare a creditelor, deopotrivă pentru clienții și pentru partenerii săi. Oferirea de servicii de calitate clienților constituie prioritatea numărul 1 a Grupului BNP Paribas și a BNP Personal Finance, divizia de credite de consum a Grupului.

Lider europeanîn domeniul creditelor de consumacordate persoanelor fizice

98% clienți satisfăcuți și68% dintre clienți recomandăserviciile și produsele Cetelem*

*Conform studiului IPSOS Customer Satisfaction Survey S1 2013.

“Când vorbim de satisfacția clienților, aplicăm un principiu simplu: un client ne recomandă pentru că ne este loial și ne este loial pentru că este mulțumit.”

ISSN: 2067 – 5232

The Non-Banking Financial Institutions’ Market in RomaniaPiata Institutiilor Financiare Nebancare din Romania

2013