Gestiune Bancara Curs Idd

CUPRINS
CAPITOLUL I 7
GESTIUNEA BANCAR 7
1.1. Diversificarea serviciilor bacare 7
1.!. Ti"#ri $e ac%ivi%&'i bacare (
1.!.1. O"era'i#i c#re%e c# clie'ii )Re%ail Ba*i+, (
1.!.!. O"era'i#i c# -ari clie'i )./olesale Ba*i+, (
1.!.0. O"era'i#i co-bia%e )Re%ail1./olesale ba*i+, 2
1.!.3. De4vol%area ##i o# %i" $e ac%ivi%a%e5 asi+#rarea 2
bacar& 2
1.0 Obiec%ivele -aa+e-e%#l#i bacar 10
1.3 Profi%#l bacar 10
TOTAL 16
1.6. Cos%#rile bacare 16
1.7 S%ra%e+ia risc#rilor bacare. Rela'ia risc 8 "rofi% 17
1.7.1 Risc#l $e isolvabili%a%e 17
1.7.! Risc#l li"sei $e lic/i$i%a%e 1(
1.7.0 Risc#l ra%ei $ob94ii 12
1.7.3 Risc#l val#%ar )risc#l ra%ei $e sc/i-b, 12
CAPITOLUL II !:
GESTIUNEA OPERA;IILOR !:
DE CREDITARE BANCAR !:
!.1. Prici"ii ra"or%#rile $e cre$i%are !1
!.1.0 S#biec'ii ra"or%#l#i $e cre$i%e !1
!.1.3. A+a=a-e%#l $e res%i%#ire a cre$i%#l#i !1
Necores"#4&%or !6
Nivel "rovi4ioae !7
!.1.6. Ter-e#l $e ra-b#rsare 0:
!.1.7 Dob9$a 0:
!.1.7. Tra4ac'ia 01
!.1.(. Cose-area <i %rasferabili%a%ea 01
!.!. Ges%i#ea res#rselor $e cre$i%are 01
01
!.!.1. ?o$#rile "ro"rii 01
!.!.!. Res#rsele -oe%are a%rase 00
!.0. Proce$#ri "rivi$ f#$a-e%area $eci4iei $e cre$i%are 07
!.0.1. Aali4a ecoo-ico8fiaciar& a ac%ivi%&'ii clie'ilor 07
R9$ 02
R9$ 02
1
Da%a $e%er-i&rii 01.@II.122A !::A 6(
!.0.!. Eval#area as"ec%elor efiaciare "rivi$ clie'ii b&cii 7!
!.3. Deci4ia $e cre$i%are 73
!.3.1. A"licarea > "rac%ic& a $eci4iei $e cre$i%are 73
!.3.!. A$-iis%rarea cre$i%#l#i 73
CAPITOLUL III 71
BANAGEBENTUL OPERA;IUNILOR BANCARE 71
0.1 Baa+e-e%#l o"era'i#ilor "asive 71
0.1.1 Ca"i%al#l "ro"ri# <i fo$#rile $e re4erv& 71
Ca"i%al#l s#"li-e%ar la #ei b&ci se co-"#e $i5 7!
PROBLEBE RECOLDATE 7!
8Ca"i%al social5 116336!30 -ii UBE 76
0.1.! De"o4i%ele bacare 76
U sis%e- $e +ara%are a $e"o4i%elor a fos% crea% > -#l%e '&riF ca
#r-are a i$ica'iilor b&cilor ce%rale sa# al%or re+#liF $e obicei
i%era'ioale. (:
0.1.!.2.! Pla%a $ob94ii (0
PROBLEBE RECOLDATE (3
0.1.0 Reesco%#l (7
0.! Baa+e-e%#l o"era'i#ilor ac%ive (7
ACTID (7
PASID (7
0.!.! O"era'i#ile $e cre$i%are ((
O al%& carac%eris%ic& a cre$i%#l#i "e%r# loc#i'eF o cos%i%#ie cos%#l
#or as%fel $e cre$i%eF care "oa%e fi $e %rei %i"#ri5 2!
0.!.!.3 Prici"iile +eerale ale ac%ivi%&'ii $e cre$i%are 20
0.!.!.6 ?#$a-e%area $eci4iilor $e cre$i%are 26
I$ica%ori $e ivel <i s%r#c%#r& 27
0.!.!.7 A"lica'ii "rac%ice 1:1
0.!.!.7 Aali4a $e boi%a%e <i re%abili%a%e a fir-ei care solici%& cre$i%e
1:0
0.!.!.( A"lica'ii "rac%ice 1:6
0.!.0 O"era'i#i $e ac/i4i'ii $e valori -obiliare )%i%l#ri fiaciare, 1:(
0.!.3 Ca%e+orii $e %i%l#ri "e "ia'a fiaciar& 11:
0.!.6 O"era'i#i c# %i%l#ri "e "ia'a fiaciar& 11!
)a, Sco%area efec%elor co-erciale 11!
0.!.6.1 A"lica'ii "rac%ice 11!
CAPITOLUL ID 116
BANAGEBENTUL RISCURILOR BANCARE 116
3.1 Coce"%#l $e risc bacar. Evol#'ie 116
116
3.! Baa+e-e%#l risc#l#i bacar 11(
3.!.1 I-"le-e%area ##i -aa+e-e% al risc#l#i eficie% 11(
3.!.! ?#c'ia -aa+e-e%#l#i risc#l#i 112
2
3.!.0 Baa+e-e%#l risc#l#i "e "ia'a bacar& $i Ro-9ia $#"& aii
G2: 1!1
3.!.3. Clasificarea risc#rilor bacare 1!!
3.0. Risc#l $e lic/i$i%a%e 1!3
Ges%ioarea "o4i'iei -oe%are 1!6
Ges%ioarea "o4i'iei lic/i$i%&'ii b&cii 1!7
IL H i$icele lic/i$i%&'ii 1!(
3.0.0. Ra"or%#l $e lic/i$i%a%e 10:
3.0.3. A"lica'ii "rac%ice 10:
3.3. Risc#l $e cre$i%are sa# risc#l $e isolvabili%a%e )$e ca"i%al, 107
3.3.1. Ges%ioarea risc#l#i $e cre$i%are 107
3.3.! A"lica'ii "rac%ice 102
102
3.3.0. Be%o$e $e i$e%ificare a risc#l#i $e fali-e% "e%r# $ebi%orii
b&cii 131
3.3.3. Isolvabili%a%ea 132
3.3.6. Prici"alele c&i $e re$#cere a ifl#e'ei fac%orilor $e risc 132
3.3.7 A$ecvarea ca"i%al#l#i 132
3.6. Risc#l Dal#%ar 173
3.6.1. Co-"oe%e. I$ica%ori ai risc#l#i val#%ar <i +es%ioarea
aces%#ia 173
)I, Co-"oe%ele eI"#erii la risc#l val#%ar 176
)II, I$ica%orii risc#l#i val#%ar 176
)III, Ges%i#ea risc#l#i val#%ar 176
E%a"ele +es%i#ii risc#l#i val#%ar 177
3.6.!. Prici"alele is%r#-e%e $e aco"erire a risc#l#i $e sc/i-b
val#%ar 177
U%ili4area %e/icilor $e /ea$+i+ es%e $e%er-ia%& $e eI"#erile
re4i$#ale care se >re+is%rea4& $#"& corelarea c/eierea ##i
co%rac% $e c#-"&rare8v94are a #ei s#-e $i%r8o val#%& co%ra #ei
a#-i%e s#-e $i%r8o al%& val#%&F la o $a%& > vii%or. Co%rac%#l se
e+ocia4& $i "#c% $e ve$ere al val#%eiF s#-eiF ra%ei $e sc/i-b orice -o-e% > vii%orF >%re 0 4ile <i 6 aiF fa'& $e o"era'iile
s"o%F #$e eIec#'ia co%rac%#l#i are loc $#"& $o#& 4ile l#cr&%oare $e la
ii'ierea %ra4ac'iei. 177
3.6.!.0. A"lica'ii "rac%ice 17!
PROBLEBE RECOLDATE 17!
3.7. Risc#l $e ra%& a $ob94ii 17(
3.7.1. Defiirea risc#l#i $e ra%& a $ob94ii 17(
3.7.!. Ges%i#ea risc#l#i ra%ei $ob94ii 172
Ges%ioarea -ar=ei $ob94ii 172
3
3.7.0. Calc#larea <i aali4a i$ica%orilor risc#l#i $e ra%& a $ob94ii
1(:
3.7.3. Ges%ioarea "o4i'iei b&cii 1(1
3.7.6. Bo$ele $e aali4& a risc#l#i ra%elor $ob94ilor 1(1
?ac%ori care afec%ea4& vei%#l e% $i $ob94i 1(0
B&s#ri $e re$#cere a eI"#erii s%r#c%#rale a b&cii la sc&$erea
ra%elor $ob94ilor 1(6
3.7.7. Ra%ele fiIe vi+oare a co%rac%#l#i5 16 a#+#s%. 1(2
3.7. Risc#l o"era'ioal 127
3.7.!. Risc#l $e fra#$& 12(
3.7.0. Risc#l s%ra%e+ic 122
3.7.3. Risc#l le+isla%iv 122
3.7.6 K%reb&ri $e a#%oeval#are !::
3.( Risc#l $e bac& !:1
3.(.1 I$ica%orii calc#l#l risc#l#i $e bac&.
!:!
3.(.! S%r#c%#ra %ra4ac'iilor. !:!
Observa'ie L Li-i%a $e eI"#ere se s%abile<%e "e fiecare s#b ca%e+orie
> "ar%eF ob'i9$#8se > fial TOTALUL E@PUNERII BNCII "e fiecare
bac& "ar%eer& > ca$r#l li-i%ei %o%ale "e fiecare 'ar&. !:0
3.(.0 Cri%erii $e eval#are a risc#l#i $e bac&5 !:0
3.(.3 Be%o$e $e eval#are a BRI !:0
3.2. Risc#l $e 'ar& !:3
3.2.1 Defii'ie. Or+ais-e $e eval#are. U%ili4area aali4ei. !:3
3.2.! Co-"oe%ele risc#l#i $e 'ar& !:6
3.2.0 Eval#area risc#l#i $e 'ar& $e a+e'iile $e eval#are )ra%i+, !:6
3.2.3. Ti"#ri $e eval#are a risc#l#i $e 'ar& !:7
TOTAL !:(
3.1:. A"e%i%#l fa'& $e risc !1:
3.1:.1. C#rbele i$ifere'ei fa'& $e risc !11
3.1:.!. B&s#rarea risc#l#i !10
!10
3.1:.0. Co%a'ii $e "ia'& ale risc#l#i !16
3.1:.3. Co%a'ii i%era'ioale ale cre$i%#l#i !17
3.1:.6. Cos%#rile +es%io&rii risc#rilor !17
!17
Re4olvare5 !12
PROBLEBE DE RECOLDAT !!:
3.1:.7. K%reb&ri $e a#%oeval#are !!:
CAPITOLUL D !!!
PRODUSE MI SERDICII BANCARE !!!
4
6.1. Re%ail ba*i+ !!!
6.1.1. Al%e "ro$#se <i servicii bacare !!!
6.1.!. De4vol%area %e/olo+iei "e%r# serviciile $e Re%ail Ba*i+ !!6
6.!. Cor"ora%e ba*i+ !!7
6.!.1. E-i%erea scrisorilor $e +ara'ie !!7
6.!.! Car$#ri "e%r# afaceri !!(
6.!.0. Trasfer#l fo$#rilor !!(
6.!.3. Kcasarea crea'elor !!2
6.!.6 Co%#ri "e%r# "la%a salariilor !!2
6.!.7 Tra4ac'ii val#%are !!2
6.!.7 Baa+e-e%#l %re4oreriei !!2
6.!.( D94area $iferi%elor valori !0:
6.!.2. NBaca la biro#O )Office ba*i+, !0:
6.0. Priva%e Ba*i+ )ac%ivi%a%ea bacar& "riva%&, !0:
6.0.1. Carac%eris%icile ac%ivi%&'ii bacare "riva%e !0:
Ac%ivi%a%ea bacar& "riva%& es%e se%#l $e servicii oferi%e $e
$e"ar%a-e%ele $e +es%ioare a #or fo$#ri $e ives%i'ii ale b&cilor
)%r#s% services,F > s"ecial c&%re %rei ca%e+orii -ari $e clie'iF care s#%5
!0:
6.0.!. A$-iis%rarea clie'ilor !01
6.0.0. Baa+e-e%#l ives%i'iilor !0!
6.0.3 A$-iis%rarea #-erar#l#i !00
6.3 Uiversal Ba*i+ )Baca Uiversal&, !03
6.3.1 Ti"#ri $e servicii oferi%e $e B&cile Uiversale !03
6.3.! Sc#r% is%oric al serviciilor $e Uiversal Ba*i+ !06
6.6 Ives%-e% Ba*i+ )ac%ivi%a%e bacar& $e ives%i'ii, !07
6.6.1 Carac%eris%icile serviciilor oferi%e $e Ives%-e% Ba*i+ !07
6.6.! ?#c'iile #ei b&ci $e ives%i'ii !07
6.6.0 Ti"#ri $e servicii oferi%e $e b&cile $e ives%i'ii !07
CAPITOLUL DI !0(
COSTURILE BANCARE !0(
7.1. Co'i#%#l cos%#rilor bacare !0(
7.!. I$ica%ori ai cos%#rilor bacare !02
7.0 Cos%#l -ar+ial !3:
7.3 P#c%#l cri%ic al ac%ivi%&'ii b&cii )"#c%#l -or%, !31
!31
7.6 A"lica'ii "rac%ice !3!
CAPITOLUL DII !32
PER?ORBAN;ELE BANCARE. STRATEGII !32
7.1 Re%abili%a%eaF solvabili%a%ea <i lic/i$i%a%ea #ei b&ci !32
7.1.1 Profi% <i risc !32
7.0 A"lica'ii "rac%ice !67
Ca"i%al 3 7:: ::: !67
5
7.3. Perfor-a'ele bacare <i i-"lica'iile aces%ora as#"ra cos%#rilor
-ar+iale !7:
7.3.1 A"lica'ii "rac%ice !71
PROBLEBE DE RECOLDAT !7!
BIBLIOGRA?IE !73
6
CAPITOLUL I
GESTIUNEA BANCAR
1.1. Diversificarea serviciilor bancare
B&cileF "ri a-"la lor i-"licare > via'a ecoo-ic& via'a socie%&'iiF a c&rei b#& or+ai4are %rea+a via'& ecoo-ic&.
B#a or+ai4are co$i'ii $e >al%& eficie'& >%rea+a l#-eF or-e le+ale sa#
re+le-e%&riF cosi-'i%e $e b&ciF > asa-bl#l lorF care s#"# ac%ivi%a%ea bacar&
#or >+r&$iri fer-e. U%ili%a%ea aces%or re+le-e%&ri > +es%i#ea eficie%& a #ei b&ciF
>i acor$& aces%eia # carac%er $e "ro%ec'ie "rofesioal& se<iF o "re-i4& a >$e"liirii rol#l#i lor socialF i-"lici% a reali4&rii $e "rofi%#ri
>al%e.
De4vol%area serviciilor #ele o"era'i#iF al%& $a%& afla%e > sarcia #or is%i%#'ii
fiaciare <iF "e $e al%& "ar%eF "ri "res%area #or oi servicii afla%e > 4oe $e +rai'&
c# al'i o"era%ori fiaciari.
Diversificarea foar%e -are a serviciilor bacare a av#% $re"% sco"F > "ri-#l
r9$F cre<%erea "rofi%#l#i bacarF iar > al $oilea r9$F s"ri=iirea clie'ilor bacari
"e%r# #<#rarea acces#l#i la servicii #%ileF ra"i$e <i $ori%e.
K aii G7:F b&cile a# $e4vol%a% "ro+ra-e $e $e4vol%are a afacerilorF a#
"erfec'ioa% -aa+e-e%#l bacar <i a# "ro-ova% "e scar& lar+& -ar*e%i+#l bacarF
a+a=9$#8se "e %oa%e la%#rile sale co-"oe%e5 )1, eval#area ecesi%&'ilor "re4e%e
<i vii%oare ale clie'ilorE )!, s%abilirea <i or+ai4area oferirii "ro$#selor )serviciilor
bacareF care s& sa%isfac& aces%e ecesi%&'i,E )0, "ro-ovarea <i orie%area "ro$#selor
)serviciilor, "e%r# a r&s"#$e ceri'elor cosi$era%e ale afacerilor.
Aces%e orie%&ri a# "refi+#ra% ri$icarea ivel#l#i -aa+e-e%#l#i bacar <i
$esf&<#rarea efor%#rilor $e $e4vol%are a re'elei $e servicii.
Ca #r-areF ana!een"#l $!es"i#nea% bancar$&% "oa%e fi $efii% ca fii$
asa-bl#l $e o"era'iiF ac%ivi%&'iF servicii efec%#a%e $e bac& "e%r# reali4area f#c'iilor
saleF >$eosebi $e a%ra+ere $e ac%ive -oe%areF %e-"orar $is"oibile $e la e%i%&'i
=#ri$ice co%#ri c# #-erar sa# %i%l#ri e+ociabile "l&%ibile la ve$ere sa# la
%er-eF > ve$erea "&s%r&rii lorF "rec#- cre$i%eF
$e"o4i%e sa# %i%l#ri.
Baa+e-e%#l #ei b&ci cos%& > coor$oarea <i cocilierea f#c'iilor sa#
ac%ivi%&'ilor $iferi%e $esf&<#ra%eF res"ec%9$ a#-i%e ec/ilibre -ei%e s& asi+#re
"erei%a%ea is%i%#'iei
1,
.
1
,
Dasile De$#F NBaa+e-e%#l bacarOF E$. Sil$aF1223
7
Baa+e-e%#l bacar es%e ese'ial > a$-iis%rarea asi+#rarea soli$i%&'ii cre$erii clie'ilor > baca
res"ec%iv&.
1.'. Ti(#ri )e ac"ivi"&*i bancare
Di%re %i"#rile $e ac%ivi%&'i bacare ale #ei is%i%#'ii care acce"%& $e"o4i%eF
as#"ra c&rora "ro"rie%ar#l > acor$area cre$i%elorF s#% o"era'i#i c#re%e c# clie'ii )Re%ail
ba*i+,F o"era'i#i c# -ari clie'i )./olesale ba*i+, o"era'i#i co-bia%e
)Re%ail1./olesale ba*i+,.
1.'.1. O(era*i#ni c#ren"e c# clien*ii $Re"ail Ban+in!%
Re%ail Ba*i+ se refer& la serviciile oferi%e "ersoaelor fi4ice care is%i%#'iile fiaciare l#crea4& c# # #-&r -are $e %ra4ac'ii $e
vol#- re$#s. Aces% %i" $e ac%ivi%a%e es%e carac%eri4a% "ri%r8o re'ea lar+& $e filiale $e
b&ci <i o i%erac'i#e s%r9s& c# clie'ii. Re%ail ba*i+ es%e a$esea co-bia%& c#
./olesale <i cor"ora%e ba*i+ )servicii fiaciare c&%re b&ciF -ari fir-e $a%orareE
ca"i%al "ro"ri# re$#sF $ebi% -areE
"asiveF > "rici"alF "e%r# fia'area ac%ivelor fiaciare.
Ac%ivele aces%or b&ci s#% carac%eri4a%e "ri5
-#l%e cre$i%e -iciE
cre$i%e care $ifer& -#l% "ri ra%a $ob94ii "l#s fa'& $e ecesar ra"or% c# vei%#rile $i $ob94iE
co-isioae <i %aIe care # aco"er& c/el%#ielile ele+a%e $e
$ob9$&E
cos% -are al for'ei $e -#c&E
-ar=a $ob94ii -ai -are $ec9% ./olesaleE
serviciile $e "la%& re"re4i%& o c/el%#ial& -a=or&.
1.'.'. O(era*i#ni c# ari clien*i $,-olesale Ba+in!%
./olesale ba*i+ "rive<%e ofer%a serviciilor fiaciare c&%re b&ciF -ari
fir-eF vol#-e re$#se.
Ac%ivi%a%ea $e fia'are es%e coce%ra%& "e "ia'a i%erbacar& $i ce%rele fiaciare.
Bai -#l%F eIis%& rela'ii s%r&ie c# b&cile $e acela<i ivel "e "ie'e $e $e"o4i%.
Prici"alele as"ec%e ale ./olesale ba*i+ s#%5
8
"ie'e i%erbacare "e%r# $e"o4i%e care i-"lic& %ra4ac'ii -#l%i L
-oe$&E
$e"o4i%ele "o% fi cer%ifica%e $e $e"o4i% )CD, sa# $e"#eri la %er-e
cove'ioaleE
cre$i%area se reali4ea4& "ri i%er-e$i#l cre$i%elor la %er-e la $iferi%e
ra%e ale $ob94iiF revi4#i%e a$eseaE
cre$i%area se ba4ea4& "e i$eea fia'&rii "ri r#larea $e"o4i%elor.
1.'... O(era*i#ni cobina"e $Re"ail/,-olesale ba+in!%
De4vol%area o"era'i#ilor bacare asa-bl#F face
s& # -ai eIis%e # sis%e- bacar ./olesale co-"le% se"ara% +eeralF o ac%ivi%a%e ./olesale la ac%ivi%&'ile re%ail sa# ivers.
EIis%& beeficii $i co-biarea risc#rilor $e cre$i%are $e $iferi%e %i"#riF $i
co-"esarea risc#rilor $e re%ra+ere a $e"o4i%elor ./olesaleF "ri $e"o4i%e re%ail %re "ie'ele re%ail ve$erea eI"loa%&rii oric&rei
$ifere'e $e beefici# care ar "#%ea s& a"ar&.
1.'.0. De1vol"area #n#i no# "i( )e ac"ivi"a"e2 asi!#rarea
bancar&
Aces% %i" $e ac%ivi%a%eF face "ar%e $i verificarea serviciilor bacare $i a
$o#a =#-&%a%e a secol#l#i al @@ lea. Asi+#rarea bacar& es%e # servici# afla% > 4oa
$e +rai'& c# al'i o"era%ori fiaciari.
1.'.0.1. Evol#*ia asi!#r&rilor bancare
La >ce"#%F asi+#rarea bacar& a re"re4e%a% o i$ee rela%iv si-"l& -br&ca% for-a "ro$#selor $e asi+#rare "e via'&F co%i#9$ #
ele-e% "#%eric $e ecoo-isire. Pro$#sele $e asi+#rare era# v9$#%e clie'ilor #ei
b&ci la +/i<e#. K -ai -#l%e '&riF asi+#rarea bacar& es%e >c& > aces% s%a$i#.
As%&4iF %e$i'a es%e $e a avea o $ifere'iere $e la o 'ar& la al%a 
i%erior#l aceleia ceea ce "rive<%e or+ai4area %9li% es%e ca baca s& fie "ro"rie%ara servici#l#i
$e asi+#rare. EIis%& $e ase-eea # #-&r -are $e socie%&'i $e asi+#rare care
f#c'ioea4& -iI% c# o bac&.
K Norve+iaF eIis%& +r#"#ri care i%e+rea4& serviciile fiaciare care ofer&
"ro$#se bacare %9le<%e "ro"rie%a%ea
co-#& as#"ra ac'i#ilor >%re b&ci <i eval#ea4& clie%ela <i se $eci$e as#"ra ##i se+-e%
$e "ia'&F $is%rib#'ia re4#l%a%& "oa%e fi $e $iferi%e %i"#riF c#- ar fi5 a, Nla +/i<e#OF b, "ri
9
i%er-e$i#l a+e'ilor bacari care se $e"lasea4& "e %ereF c, "ri cos#l%a'ii $i
s#c#rsaleF $, "ri cores"o$e'a $irec%&F e, o co-bia'ie a celorlal%e "a%r# %i"#ri.
I$e"e$e% $e for-a $e or+ai4areF eIis%& $o#& ca%e+orii $e "ro$#se5
cele oferi%e $e for-a $e o socie%a%e $e asi+#rare )> aces% ca4F baca
ac'ioea4& ca i%er-e$iar > #-ele socie%&'ii %ra$i'ioale $e asi+#rare,E
cele crea%e v94area
"ro$#selor $e asi+#rare cos%& > eficie'a caalelor bacare $e $is%rib#'ieF a$ic& >
fa"%#l c& ele $e'i o re'ea +a%a $e f#c'ioare. K "l#s fa'& $e eIis%e'a s#c#rsalelorF
%reb#ie l#a% > cosi$erare <i fa"%#l c& "o%e'ialii clie'i %i$ s& vi& la bac& -#l% -ai
frecve% $ec9% la socie%&'ile $e asi+#rareF ceea ce $#ce la cre<%erea o"or%#i%&'ilor $e
v94are a asi+#r&rilor.
K %i-" ce "e%r# b&ci a fos% $es%#l $e #<or -o$ clar o"or%#i%&'i. As%&4iF
> a#-i%e '&ri ca5 ?ra'a <i S"aiaF socie%&'ile $e asi+#rare bacar& s#% foar%e ac%ive
<i "e "ia'a asi+#r&rilor "e via'& N$e +r#"O.
1.2.4.3. Conexiuni ntre sectorul bancar i industria asigurrilor
La cel -ai +eeral ivelF is%i%#'iile $e asi+#rare s#% ca %i%l#ri
$e valoare "e%r# a ob'ie "rofi% l f#ri4ea4& le face s& "ar& s"eciale. Pe $e al%& "ar%eF b&cile "o% fi "rivi%e ca
$is%rib#i%ori $e servicii %i" asi+#rare.
B#l%e s%#$ii as#"ra evol#'iei vii%oare a sis%e-#l#i bacar afir-& ca%e+oric c&
vor eIis%a $o#& %i"#ri "rici"ale $e coc#re'i "e%r# b&cile co-erciale > ac%ivi%a%ea
bacar& %i" re%ailF > #r-&%oarea $eca$&5 socie%&'ile $e asi+#rare cerca a#-i%e $o-eii "e care
b&cile a# co%a% "9& ac#- "e%r# "ro$#sele lor $e cre$i%are sco"#l
co-"le-e%&rii +a-ei $e "ro$#se $e ives%i'ie. Aceas%& ac%ivi%a%e es%e > $esf&<#rare
> "re4e%. Coc#re'a "ie'ele $e asi+#r&ri for'ea4&
"rici"alele is%i%#'ii $e aces% +e s& +&seasc& $iferi%e s#rse $e "rofi%. Socie%&'ile $e
asi+#rare a# re'ele $e filiale $e aces% +e > -#l%e '&ri e#ro"ee -aa+e-e%#l ives%i'iilor ac%ivi%a%ea "ie'elor i"o%ecare. Pe ba4a
res#rselor se-ifica%ive $e ca"i%al "e care le $e'iF $iversificarea ac%ivi%&'ii s"re
sec%or#l bacar va fi o eI%i$ere a%#ral& "e%r# aces%e is%i%#'ii $e asi+#rare.
K sec%or#l asi+#r&rilor eIis%& care "ro+res#l a fos% -ai le%.
!, Es%e %o% -ai -#l% > co-"e%i'ie c# al%e %i"#ri $e is%i%#'ii fiaciare. K s"ecial
> asi+#r&rile "e via'&F "ro$#sele oferi%e s#% %o% -ai +re# $e $ifere'ia% $e al%e
is%r#-e%e $e ecoo-isire sa# servicii $e ives%i'ie $e fo$#ri oferi%e $e b&ciF
a$-iis%ra%orii $e "or%ofoli# sec%or#l asi+#r&rilor a fos%
$esc/is > i#ie 12((F "ri a$o"%area #ei $irec%ive $e $esc/i$ere a +rai'elor "e%r#
coc#re'a "e "ia'a asi+#r&rilor "e%r# "ro"rie%a%e <i $a#e -a%erialeF "e%r# a<a
#-i%ele Nrisc#ri -ariOF a$ic& "e%r# c#-"&r&%orii i-"or%a'i $e asi+#r&ri o8 via'&F
co-erciali ca$r#l co-#i%&'ii l#-ea
>%rea+& "ri asi+#ra%or#l care8i ofer& %er-eii cei -ai ava%a=o<i.
De ase-eeaF la sf9r<i%#l ailor G(: a fos% "ro"#s& liberali4area "ie'elor $e
asi+#rare "e via'&.
K SUAF > ceea ce "rive<%e eI"asi#ea asi+#r&rilorF #-ai > c9%eva s%a%e
se "er-i%e ##i #-&r li-i%a% $e b&ci s& >c/eie asi+#r&ri. K 122:F %o%#<iF le+isla'ia
s%a%#l#i DelaJare a >ce"#% s& "er-i%& b&cilor s& >c/eie c/eierea $e asi+#r&ri > s%a%ele > care -#l%e $i%re ele avea# s#c#rsale. K
"ar%ic#larF "er-i%e #ei b&ci s&8fii'e4e # $e"ar%a-e% $e asi+#r&riF #-ai $ac&
re4ervele b&cii sa# s#r"l#s#l $e ca"i%al # s#% folosi%e "e%r# fia'area servici#l#i
$e asi+#rare.
De calc#l "e%r#
>$e"liirea ceri'elor $e ca"i%ali4are a b&ciiF a+e'ii $e asi+#rareF care a# >cerca% >
4a$ar s&8%re+ii "roble-e s#% cre<%erea
i%erac'i#ii >%re sec%or#l bacar %re aces%e $o#& sec%oare. CoeIi#ea $i%re sec%or#l bacar $iferi%e ac%ivi%&'i. K "ar%ic#larF eIis%& cel
"#'i "a%r# 4oe > care se "are c& se $e4vol%& o le+&%#r& %o% -ai s%r9s&5
1, D94area $e c&%re b&ci a "ro$#selor $e asi+#rare s"ecial&
"e%r# $e'i&%orii $e ac'i#i bacare %re ace<%i
$oi i%er-e$iari fiaciari. U $o-ei# > care es%e "robabil& cre<%erea coc#re'ei
es%e acela al a$-iis%r&rii fo$#rilor $e "esii.
!, S%r#c%#ra co-"le-e%ar& a fl#I#rilor -oe%are )cas/ floJ, >%re
b&cile i-"lica%e > cre$i%e $irec%e "e %er-e l#+ )$e eI. i"o%ecile, al% $e ac%ivi%a%e >%re cele $o#&F c#- ar fi
o"era'i#i sJa" as#"ra ra%ei $ob94ii. Cre<%erea risc#l#i a#-i%or o"era'i#i bacare
va $#ce %o% -ai -#l% la cre<%erea si+#ra'ei o"era'i#ilor fiaciare ale b&cilorF
reali4a%& $e socie%&'ile $e asi+#rare.
0, EIis%& o cre<%ere a cererii $e servicii $e asi+#rare "ri b&ci.
Aceas%& cre<%ere $e asi+#rare es%e le+a%& > s"ecial $e cre$i%ele > val#%&.
3, B&cile >sele $evi %o% -ai i-"lica%e > v94area asi+#r&rilor o"era'i#i > care si+#r#l servici# "e care >l f#ri4ea4&
es%e o asi+#rare sa# o +ara'ie > ca$r#l #ei %ra4ac'ii fiaciare efec%#a%& $e al%e
"&r'i. Aces% fa"% $evie evi$e%F $e eIe-"l#F "ri cre<%erea foar%e -are a #-&r#l#i
scrisorilor $e cre$i% e-ise $e b&ci ca +ara'ie "e%r# e-isi#ile $e obli+a'i#i ale
is%i%#'iilor "#blice $i SUA.
K "l#sF fa'& $e aces%e for-e $e asi+#rare > care b&cile Ncoc#rea4&O c#
i$#s%ria asi+#r&rilorF sec%or#l bacar f#ri4ea4& %o% -ai -#l% +ara'ii "e%r# "la%a
$ob94ilor #eia $i cele $o#& "&r'i ale #ei o"era'i#i sJa"F a%9% > ca4#l
o"era'i#ilor as#"ra ra%ei $ob94ii )i%eres% ra%e sJa"s,F c9% cele $e val#%&
)c#rrecP sJa",. O al%& for-& $e Nasi+#rareO oferi%& $e b&ci es%e +ara'ia $a%& "e%r#
efec%ele co-erciale e-ise $e cor"ora'ii.
11
K %oa%e aces%e ca4#riF baca es%e cea care ofer& asi+#rareaF fii$ cea care
+ara%ea4& $esf&<#rarea ac%ivi%&'ilor > ca4#l #or evei-e%e eIo+ee )ra%ele
$ob94iiF ra%ele $e sc/i-b val#%arF e%c.,.
K al%e ca4#riF $e eIe-"l# > ?ra'a o"era'i#ile %ra$i'ioale $e asi+#rare "ri v94area #or %i"#ri $e asi+#r&ri
"e via'&F fie $irec% ac'ioarilor lorF fie "ri a#-i%e fo$#ri $e ives%i'ii. Da%ori%& re'elei
co-erciale s#"erioare a b&cilorF aces%a es%e $o-ei#l cel -ai releva% "e%r#
coc#re'a $i%re socie%&'ile $e asi+#rare bac&F eIis%& o cre<%ere
ra"i$& a cererii $e asi+#rare a cre$i%elor > val#%&F a%9% "e%r# cre$i%ele acor$a%e
"o"#la'ieiF c9% "ar%ic#lar asi+#rarea fo$#rilor -#%#ale.
Toa%e ca4#rile e#-era%e L b&ci care asi+#r& socie%&'i co-ercialeF
socie%&'i $e asi+#rare care ofer& asi+#r&ri b&cilorF e%c. L s#% carac%eri4a%e "ri $o#&
%r&s&%#ri co-#e5
i, Aco"erirea risc#l#i es%e oferi%& $e obicei $e c&%re o is%i%#'ie
)asi+#ra%or#l, care $ifer& %o%al $e "ar%ea asi+#ra%&F a%9% $i "#c%#l $e ve$ere al
s%a%#%#l#iF c9% <i $i "#c% $e ve$ere fiaciar. Asi+#ra%#l -"o%riva risc#rilor c9% a%9% socie%a%ea $e asi+#rareF c9% 
asi+#rarea ac%iv#l#i s& "oa%& $eci$e as#"ra e-i%eriiF as#"ra c#-"&r&rii asi+#r&rii $e"lii$ foar%e
bie o a#-i%& sarci&F "oa%e eI"lica asi+#rarea fiaciar&. K "ar%ic#larF $i "#c%#l
$e ve$ere al ofer%eiF socie%&'ile $e asi+#rare %reb#ie s& aib& "osibili%a%ea s& v9$&
varia%a asi+#ra%& a ac%iv#l#i la # "re' care s& # fie -ai -are $ec9% cel al ac%iv#l#i
f&r& riscF $ac& aces%a eIis%&. Di "#c%#l $e ve$ere al cereriiF a- "#%ea avea a#-i'i
ives%i%ori care a$a#+& o valoare -ai -are #ei a#-i%e ives%i'ii $ec9% ceilal'i
"ar%ici"a'i $e "e "ia'&.
K aii care vor #r-aF va eIis%a o coc#re'& %o% -ai -are %re cele $o#& %i"#ri $e i%er-e$iari fiaciari5 b&cile ce"#% s& $#c& la a"ari'ia #ei varie%&'i $e ac%ivi%&'i
"rici"ale5
a) Cre<%erea cererii $e c#-"&rare a co%rac%elor $e asi+#rare $e c&%re b&ciF
> sco"#l aco"eririi risc#l#i le+a% $e #ele ac%ive )> "ar%ic#larF cre$i%ele, <i $e #ele
"asive )$e"o4i%ele,.
b, Cererea $i "ar%ea "o"#la'iei "e%r# a#-i%e is%r#-e%e fiaciare care a#
a%9% as"ec% fiaciar c9% <i $e asi+#rare. Aces%a varia4& $e la asi+#rarea $e"o4i%elor
sa# a ac'i#ilor v9$#%e $e b&ciF la for-e -ai i%eresa%e $e is%r#-e%e fiaciare
$e $ebi% "e %er-e sc#r% %i" revolvi+ c# +ara'ii as#"ra ivel#l#i vii%or al ra%ei
$ob94iiF c#- es%e ca4#l #ei oi e-isi#i.
c, Coc#re'a >%re b&ci $o-ei#l a$-iis%r&rii
fo$#rilor $e ives%i'ii care se "oa%e face $e ase-eea #4
$e #%ili4area eI%esiv& a is%r#-e%elor $e asi+#rare fiaciar& <i $e "or%ofoli#.
12
K sf9r<i%F o aali4& co-"ara%iv& a -o$el#l#i $e a$-iis%rare a ##i ac%iv $e
c&%re o bac& %re sec%or#l bacar fii'a%e $e c&%re b&ci.
Diversificarea > sec%or#l asi+#r&rilorF ba4a%& "e re'ea#a s#"erioar& $e s#c#rsale a
b&cilorF es%e o eI%i$ere foar%e "rofi%abil& a ac%ivi%&'ii aces%ora.
1.2.4.4 Perspectiva asigurrilor bancare
Pori$ $e la reali4&rile >re+is%ra%e "e "ia'a bacar& a asi+#r&rilorF se
"oa%e afir-a c& b&cile a# ob'i#% # s#cces "ri i%rarea lor "e "ia'a asi+#r&rilor. K
s"ecial e-i%erea $e c&%re b&ciF $is%rib#irea 
"erioa$a #r-&%oare la #ele "roble-e cerca al%e c&iQ K ce -&s#r& s#% i%eresa%e b&cile s&8 %oa%e ca4#rile > f#c'ie $e obiec%ivele $e
-aIi-i4are a "rofi%#rilor 'eles c# res"ec%area
s%ric%& a res%ric'iilor > "ar%eF face ca -aa+e-e%#l bacar s& ia for-e $iferi%eF >
ca$r#l "ro"riilor f#c'ioali%&'i. K asa-bl#l aces%a se $esf&<oar& > ca$r#l f#c'iilor
ce le >$e"liesc b&cile.
1.0 Profi"#l bancar
?iecare bac& "ri serviciile <i ac%ivi%&'ile ce le $esf&<oar& "e%r# clie'ii s&iF
#r-&re<%e ca %oa%e c/el%#ielile efec%#a%e "e%r# $ob94ile "l&%i%e la res#rsele
fiaciare a%rase s& fie -ai -ici $ec9% "ro$#sele bacareF cos%i%#i%e $i $ob94ileF
%aIeleF %arifele $eosebiF >
cre$i%e. Difere'a $i%re aces%e )"ro$#s#l bacar e%, %reb#ie s& fie -ai -are $ec9%
c/el%#ielile c# "ersoal#l <i asi-ila%e aces%oraF i-"o4i%eF c/iriiF a-or%is-e%eF "e%r#
ca as%fel s& re4#l%e # "rofi%.
Deci5
Pro)#s#l bancar $PB% 3 c-el"#ielile bancare $CB% 4 Pro)#s#l bancar
ne" $PBN%
iar
Pro)#s#l bancar ne" $PBN% 3 c-el"#ielile )e e5(loa"are $CE% 4 Profi" $P%
Re4#l%& c&F "rofi%#l re"re4i%& sco"#l ese'ial al #ei b&ci "e care aceas%a
>l #r-&re<%e $e8a l#+#l >%re+ii sale ac%ivi%&'i $e -aa+e-e%F ac'io9$ "r#$e'ial "e
liia "roc#r&rii fo$#rilor fiaciare cosi$erare a %#%#ror risc#rilor "osibile.
K fialF "rofi%#l re"re4e%a% $e o s#-& > eI"resie absol#%& )br#% sa# e%F
$e%er-ia% $#"& i-"o4i%are,F %reb#ie s& fie ra"or%a% la "rici"alele l#i $e%er-ia%e
care s& "er-i%& evi$e'ierea i%er$e"e$e'elor > evol#'ia "erfor-a'elor bacare -b#&%&'irea aces%ora.
13
Nivel#l "rofi%#l#i bacar es%e $iferi% $e la o bac& la al%a > f#c'ie $e %i"#rile
$e servicii $is%rib#irea cre$i%elor,F
"rec#- <i $e s%ra%e+ia risc#rilor.
Aces%e carac%eris%ici $e%er-i& vol#-#l afacerilor #ei b&ci <i i-"lici% a
ivel#l#i "rofi%#l#iF f#c'ie $e ra%a beefici#l#i.
Ra%a beefici#l#i es%e $a%& $e $ifere'a $i%re $ob94ile -e$ii la cre$i%ele
acor$a%e $e bac& "e o "erioa$& $a%& <i cele ale $e"#erilor $e fo$#ri colec%a%e.
Darie%a%ea ra%elor $e beeficii es%e $e%er-ia%& 
$eosebi "e sea-a $e"#erilor $e ecoo-ii slab re-#era%eF c# -#l% s#b ivel#l "ie'ei
-oe%are sa# c/iar ere-#era%e.
K %i-" ce b&cile $e cre$i% > s"ecial $e "e
"ia'a -oe%ar&F la cos%#l )$ob94ile, aces%eiaF > sc/i-b a# c/el%#ieli $e eI"loa%are
-ai -ici fa'& $e b&cile $e ecoo-iiF $a%ori%& #ei lo+is%ici )re'ea#a $e a+e'iiF filialeF
s#c#rsale, $i %eri%ori# -ai res%r9s. Ca #r-areF ra%a beefici#l#i $e"i$e $e ivel#l
+eeral al $ob94ilor "rac%ica%e "e "ia'a -oe%ar&F fa'& $e $ob9$a $e ba4& s%abili%&
$e fiecare bac&.
S"re $eosebire $e al%e $o-eii $e ac%ivi%a%e > care vei%#rile a+e%#l#i
ecoo-ic >+lobea4& valoarea ele-e%#l#i care face obiec%#l "rel#cr&rii sa#
co-erciali4&rii )>re+is%ra%& i-"lici% $re"% cos%#ri ale a+e%#l#iF care "ri vei%#ri se
rec#"erea4&,F la b&ci s%r#c%#ra es%e al%a.
K coce"'ia bacar& res#rsele ce cos%i%#ie obiec% al i%er-e$ierii bacareF
c9% <i crea'eleF re"re4e%9$ cre$i%ele acor$a%eF s#% i$e%ifica%e c# "reci4ie. K %o%
%i-"#l ac%ivi%&'ii se -aifes%& o +ri=& $eosebi%& "e%r# "&s%rarea i$e%i%&'ii s#rselor $e
"roveie'& a fo$#rilor )res"ec%iv a cre$i%elor, 'eles a $e'i&%orilor <i
#%ili4a%orilor aces%ora )res"ec%iv a $ebi%elor,.
Ca #r-areF res#rsele care fac obiec%#l i%er-e$ierii bacareF co%abili%a%eF ca fl#I#ri $is%ic%e.
De aici al%e
ra-#ri $e ac%ivi%a%e.
Dei%#rile br#%e )"ro$#s#l bacar, reali4a%e ca #r-are a -o$#l#i $e #%ili4are
a ac%ivelor $i-i#a%e c# s#-ele "l&%i%e "e%r# res#rsele a+a=a%e )c/el%#ieli bacare,F
a# # circ#i% "ro"ri# fialF ca vei%#ri e%e )"ro$#s#l bacar e%,F o
eI"resie a eficie'ei ac%ivelor bacare. Dei%#l e% s%& as%felF > #l%i-& is%a'&F la ba4a
calc#l#l#i $e $e%er-iare <i eI"ri-are a "rofi%#l#i.
S& #r-&ri- # eIe-"l# "e%r# $e%er-iarea "rofi%#l#i br#% <i e% al B&cii
OIO )ve4i %abel#l 1.1 <i 1.!,
Da%e $i bila'#l B&cii NIO
Tabel 1.1
Ac%ive Pasive
Casa
Bo#ri $e %e4a#r )%. sc#r%,
Obli+a'ii $e s%a% )%. l#+,
Cre$i%e acor$a%e )%. sc#r%,
!1.:::
03.:::
6:.:::
11:.:::
De"o4i%e la ve$ere
De"o4i%e "e %er-e
sc#r%
De"o4i%e "e %er-e
11:.:::
126.::
:
1!6.:::
14
Cre$i%e acor$a%e )%. -e$i#,
Cre$i%e acor$a%e )%. l#+,
Cl&$iri <i al%e ac%ive
1!:.:::
10:.:::
06.:::
l#+
K-"r#-#%#ri $e "e
"ia'a -oe%ar&
Ca"i%al "ro"ri#

7:.:::
1:.:::
TOTAL 6::.::: TOTAL 6::.:::
Pe%r# eI"ri-area re4#l%a%elor ac%ivi%&'ii b&ciiF se a"elea4& la $a%ele
aali%ice $i co%abili%a%e "e%r# elaborarea si%#a'iei vei%#rilor )%abel 1.!,
Si%#a'ia vei%#rilor B&cii NIO Tabel#l 1.!
La s%abilirea vei%#rilor $i $ob94iF %aIeF %arife ve$ere sol$#rile
bila'iereF l#a%e ca sol$#ri -e$ii a#aleF la care s8a a"lica% fiec&r#ia ivel#l "roce%#al
$e $ob9$& #4#al. I-"o4i%ele a# fos% s%abili%e "ri a"licarea #ei co%e $e 0(R.
1.6. Cos"#rile bancare
S#rs& efec%iv& a cre<%erii "rofi%#l#i bacar o cos%i%#ie o"%i-i4area ra"or%#l#i
>%re vei%#ri asa-bl#l ei co%i#a cre<%ere > "ro$#s#l i%er br#%
al fiec&rei '&riF "ri vol#-#l $e ac%ivi%a%e $e i%er-e$iere a circ#la'iei ca"i%al#rilor care sis%e-#l bacar $i '&rile $e4vol%a%eF $e eIe-"l#F are o
f#c'ioali%a%e $a%&F se "oa%e cosi$era c&F c# c9% c/el%#ielile "rivi$ ac%ivi%a%ea
bacar& vor fi -ai -iciF c# a%9% sis%e-#l bacar va fi -ai eficie%F -ai "erfor-a%. De
aceeaF va fi "o4i%iv& o evol#'ie -ii-& a cos%#rilor bacare.
K acela "ro$#s#l i%er br#%
a fos% $e%er-ia%& ac%ivi%a%ea bacar&E
cre<%erea rol#l#i b&cilor > ecoo-ie rela'iile i%era'ioale. S%r#c%#ra cos%#rilor
bacareF es%eF > "rici"alF #r-&%oarea5
a) Cos"#rile res#rselor financiare a"raseF care re4#l%& $i evol#'ia
$ob94ii $e%er-ia%& > co$i'iile $e "ia'&. Dob9$a $e "ia'&F ca o $ob9$& -e$ieF
are ivel#ri $is%ic%eF "ori$ $e la %aIa sco%#l#i sa# $ob9$a $e valorificare a
$iferi%elor $is"oibili%&'i. Nivel#l +eeral al $ob94ii $e"i$e $e evol#'ia "#%erii $e
c#-"&rare $i fiecare 'ar&F $e +ra$#l $e ero4i#e a ca"i%al#l#i. Bo$ific&rile >

Dei%#ri )$ob94iF %aIe %arifeF co-isioae sa# "ro$#s#l
bacar,
C/el%#ieli "e%r# $ob94i )c/el%#ieli bacare,
Dei%#ri e%e )Pro$#s#l bacar e%,
Al%e c/el%#ieli )c/el%#ieli $e eI"loa%are,
Profi% br#%
I-"o4i%e
Profi% e%
6:.76:
!7.03:
!0.31:
1!.0!:
11.:2:
3.!13
7.(77
15
s%r#c%#ra res#rselor a%raseF reflec%a%e > re$#cerea vol#-#l#i $e"o4i%elor la ve$ereF
co$#ce la cre<%erea cos%#rilor "e%r# b&cile -ici sa# b&cile s"eciali4a%e. Ele
%reb#ie s& a"ele4e la "ia'a -oe%ar& "e%r# "roc#rarea res#rselor fiaciare sa# la
ives%i%orii is%i%#'ioaliF #$e $ob94ile s#% -#l% -ai -ari.
b) Cos"#rile )e f#nc*ionareF care s#% for-a%e $i5
C-el"#ieli c# (ersonal#lF icl#49$ salari4area "ersoal#l#i %o%al#l "o"#la'iei
ac%iveF >%re ! 8 0 R. Desi+#r c&F #-&r#l "ersoal#l#i bacar es%e $e%er-ia% $e o
serie $e fac%oriF c#- ar fi5 cali%&'ile "ersoale ale ##i s"ecialis% bacarF care %reb#ie
s& aib& cali%&'i $eosebi%e $e cos#l%a%F $e colaborareF sf&%#i%or al clie'ilor c# care se
afl& >%r8# $ialo+ "er-ae%E +ra$#l $e i-"le-e%are a sis%e-elor ifor-a%ice %&rirea sec#ri%&'ii casieriilor. C/el%#ieli i-"or%a%e s#% le+a%e <i $e reali4area $e
ives%i'ii <i a-or%i4are "e%r# eI%i$erea <i "erfec'ioarea re'elei ifor-a%ice $e
"rel#crare a $a%elor $e +es%i#eF "l#s "e%r# a#%o-a%e bacareF %er-iale $e "l&'i res#rsele fiaciare "e%r# aco"erirea risc#l#i $ec#r+9$ $i
o"era'i#i $e cre$i%F a crea'elor irec#"erabile. Re4ervele <i "rovi4ioaele se
cos%i%#ie "e sea-a "rofi%#l#i br#% sa# "ri icl#$erea lor $irec% "e c/el%#ieli <i s#%
$e%er-ia%e $e ivel#l "lasa-e%elor e"erfor-a%e ale fiec&rei b&ci.
1.8 S"ra"e!ia risc#rilor bancare. Rela*ia risc 9 (rofi"
Nivel#l "rofi%#l#i ob'i#% $e o bac& es%e -aa+e-e%#l fiec&rei b&ciF > ses#l $e a acce"%a sa#
# risc#rile bacare > ac%ivi%a%ea ce o $esf&<oar&.
Deoarece orice >cercare a #ei b&ci $e a ob'ie "rofi% "res#"#e risc#riF
obiec%iv#l #ei b&ci $evie ievi%abil acela $e a8<i -aIi-i4a "rofi%#lF -e'i9$#8<i
coco-i%e% risc#l la # ivel acce"%abil.
K%r#c9% aali<%ii b&ciiF $e"#&%orii %i-".
S#b for-a si%e%ic& risc#lF $a% $e varia'ia re%abili%&'ii ca"i%al#l#i )ROE,F es%e
re$a% > sc/e-a $e -ai =os )fi+#ra 1.1.,5

Risc (variaia
rentabilitii
capitalului -
RO)
1) !ilan sau
risc "e
p#rt#$#liu
2) Risc "e
re%le&entare
3) Risc te'n#l#%ic
4) Risc "e e$iciena
#perrii
5) Risc strate%ic
6) Risc "e a$iliere
Riscul "e cre"itare
Riscul ratei "#b(n)ii
Risc "e lic'i"itate
Riscul valutar
Riscul eva)iunii
capitalului prin in$laie
?i+#ra 1.1. Sc/e-a risc#l#i $a% $e varia'ia re%abili%&'ii ca"i%al#l#i )ROE,
16
Re'ie- c& %i"#rile $e risc ce le >fr#%& o bac& s#% > #-&r $e <ase5 1,
risc#l $e bila' sa# $e "or%ofoli#E !, risc#l $e re+le-e%areE 0, risc#l le+a% $e
%e/olo+ieE 3, risc#l eficie'ei a"&r&riiE 6, risc#ri s%abili%e > "roces#l $e elaborare a
#or s%ra%e+ii "e%r# cor"ora'ii <i co%rol#l aces%oraE 7, risc#l $e s#bor$oare )c#
evei-e%e caF a"ari'ia $e socie%&'i -iI%e <i eI"asi#i +eo+raficeE aces% risc s8a
a-"lifica%,.
Di "#c% $e ve$ere "rac%icF risc#l $e "or%ofoli# bac& s#%5 risc#l $e isolvabili%a%eF
risc#l li"sei $e lic/i$i%a%eF risc#l ra%ei $ob94iiF risc#l val#%arF risc#l ero4i#ii ca"i%al#l#i
"ri ifla'ie.
!,
1.8.1 Risc#l )e insolvabili"a"e
Risc#l isolvabili%&'ii a"are > -o-e%#l > care clie%#l #8$e"lie<%e
"reve$erile co%rac%#l#i $e cre$i%e "ri e"la%a ra%elor $e ra-b#rsare a cre$i%#l#i $ar is%a'ele =#ri$ice.
O$a%& c# cre<%erea vol#-#l#i cre$i%#l#iF cresc <i ca4#rile $e isolvabili%a%eF
ceea ce face risc#l +lobal al isolvabili%&'ii s& fie o f#c'ie a -asei cre$i%elor acor$a%e.
Mi iversF re$#cerea -asei cre$i%#l#iF "rile= c# care s#% eIcl#<i clie'ii c# solvabili%a%e
re$#s&F sca$e <i #-&r#l ca4#rilor $e isolvabili%a%e.
K sc/i-b cre<%erea ra%ei $ob94ii $e%er-i& cre<%erea ca4#rilor $e
isolvabili%a%e a $ebi%orilor b&ciiF $a%ori%& -a=or&rii obli+a'iilor fiaciare ale $ebi%orilor
fa'& $e bac&.
U risc al insolvabili"&*ii a:ora" "e%r# o bac& o $e%er-i& i-"lici% la o
ofer"& )e cre)i" ic&F i$ifere% $e co$i'iile $e $ob9$& favorabile.
Ase-eea feo-ee a# fos% sesi4a%e > s%#$iile elabora%e $e Saffe <i
Bo$i+liaiF Tes%erF To$+-a <i Co#%iUre.
Es%i-area "robabili%&'ii $e isolvabili%a%e a #ei b&ci se reali4ea4&F "o%rivi%
"rac%icii bacareF c# a=#%or#l ##i i$ica%or $e risc N+O. Aces% i$ica%or "res#"#e c&
vei%#rile s#% $is%rib#i%e or-al <i es%e $escris "ri #r-&%oarea rela'ie5
2
,
C. BasoF N. Dar$acF C. ?loricelF NBoe$aF Cre$i%F B&ciOF E$. Di$ac%ic& $a%orare,
sa# i$ica%or#l ca"i%al ra"or%a% la ac%ive
8 S H aba%erea s%a$ar$ a ROA
Aceas%& rela'ie "oa%e fi eval#a%& $eoarece icl#$e %rei -e%o$e s%a$ar$ $e
-&s#rare a vei%#l#i b&cii5 re%abili%a%ea ac%ivelor )ROA,E si+#ra'a )11EB,E risc#l )S,.
Dalorile -ari ale i$ica%or#l#i $e risc i$ic& o -ic& "robabili%a%e $e
isolvabili%a%e $a%orare
)EB, "ericol $e isolvabili%a%e vor avea "rofi%#ri e+a%iveF valori
-ai -ari ale +ra$#l#i $e >$a%orare )EB, <i varia'ii -ai -ari ale vei%#l#i +eeralF
ob'i9$ # i$ica%or N+O sc&4#%.
Pe%r# "reveirea %re fo$#rile "ro"rii e%e ale b&cii <i cre$i%ele acor$a%eF "o$era%e
$#"& +ra$#l lor $e risc )(R cofor- or-ei Coo*e,E
0, Li-i%area ivel#l#i cre$i%elor acor$a%e ##i clie% sa# afiii lor s#b
for-a #ei ra%e $e $ivi4i#e a risc#rilor )-aIi- !: R $i ca"i%al f#c'ie $e
boi%a%eaF lic/i$i%a%ea f#c'ie $e %i"#l $e cre$i%e <i $e clie%.
1.8.' Risc#l li(sei )e lic-i)i"a"e
Pe%r# b&ci aces% risc re"re4i%& %o% o "roble-& $e cos%#riF $e%er-ia%& $e
cos%#rile bacare f&c#%e "e%r# a%ra+erea res#rselor fiaciare orice -o-e%
"l&'ile solici%a%e $e cre$i%orii s&i )$e"oe'i sa# >-"r#-#%&%ori $e "e "ia'a -oe%ar&,.
Li"sa $e lic/i$i%a%e obli+& baca res"ec%iv& s& a"ele4e la recre$i%area $i
"ar%ea b&cii $e e-isi#e sa# la cre$i%e $e "e "ia'a i%erbacar&. Aces%e cre$i%e vor
18
a+rea "e%r# bac&F cos%#ri ri$ica%eF care vor %reb#i s& fie aco"eri%e $e aceas%a c#
afec%area cores"#4&%oare a ivel#l#i "rofi%#l#i.
Proble-a ce%ral& ce se ri$ic& es%e ca b&cile s&8<i aali4e4e "er-ae%
+ra$#l lor $e lic/i$i%a%e "e%r# a evi%a cre<%erile e=#s%ifica%e $e cos%#ri.
Li"sa $e lic/i$i%a%e $ec#r+e $eci $i o serie $e corela'ii s%r#c%#rale ale
res#rselor -o-e%#l > care ra%a beefici#l#i $evie e+a%iv& ca
#r-are a fa"%#l#i c& baca acor$& # cre$i%F > +eeralF "e %er-e -e$i# sa# l#+F c#
# a#-i% ivel al $ob94iiF care #l%erior cre<%eF fa"% ce obli+& baca $i li"sa $e
lic/i$i%a%eF s& se refia'e4e "e "ia'a -oe%ar& c# o $ob9$& -ai ri$ica%&. Deci
cos%#rile c# $ob94ile "e%r# a%ra+erea res#rselor s#% -ai -ari $ec9% $ob94ile ce le
>casea4& "e%r# cre$i%ele acor$a%e "e sea-a res#rselor res"ec%ive.
Pe%r# a evi%a ase-eea risc#riF b&cile ca#%& s& corele4eF "e c9% "osibil
res#rsele "e %er-e l#+ c# #%ili4area "e %er-e l#+.
1.8.0 Risc#l val#"ar $risc#l ra"ei )e sc-ib%
?l#c%#a'ia c#rs#rilor $e sc/i-b "oa%e s& co$#c& la "reve$eri sa# "rofi%#ri
i-"or%a%e "e%r# o bac&F a%#ci c9$ ele s#% "#%eric a+a=a%e > o"era'i#i c#
$evi4e.
De aceeaF b&cile l#"%& "e%r# a se asi+#ra >-"o%riva aces%#i riscF evi%9$
s& ia N"o4i'ia $e sc/i-bO. Aceas%a >sea-& c&F "e%r# fiecare val#%& <i "e%r# co$i'ii
i$e%iceF b&cile %reb#ie s& aib& %o% a%9%ea crea'e c9%e $a%orii a#. K aces% ca4 varia'ia
c#rs#l#i $e sc/i-b al val#%elor # afec%ea4& re4#l%a%#l.
19
CAPITOLUL II
GESTIUNEA OPERA=IILOR
DE CREDITARE BANCAR
Ra"or%#rile $e cre$i%are c# e%i%&'ile ecoo-ice $eosebiF $e c&%re b&cile co-ercialeF ca veri+& i-"or%a%& a sis%e-#l#i
bacar $i%r8o 'ar&. Ca is%i%#'ii fiaciare s"eciali4a%eF b&cile co-erciale $esf&<oar&
ac%ivi%&'i a%9% $e a%ra+erea $e res#rse -oe%are %e-"orar $is"oibileF $eosebi s#b for-a $e cre$i%e a+e'ilor ecoo-ici %re
%i%#larii $e co%. B&cile co-erciale <i8a# $iversifica% %e/icile $e cre$i%are "e%r# a
r&s"#$e solici%&rilor fir-elor %re "ro$#sele ?n !eneral> re(re1in"& sc-ib#l #nei valori one"are vii"oare.
C# al"e c#vin"e> (riirea #nor res#rse ie)ia"e> ?n sc-ib#l #nei (roisi#ni )e
rab#rsare vii"oare> ?nso*i"& )e (la"a #nei )ob<n1i.
K >%rea+a ac%ivi%a%e $e cre$i%areF b&cile res"ec%& >%oc-ai "reve$erile
le+ale c# "rivire la ac%ivi%a%ea bacar& $o-eiile -oe%arF $e cre$i%F val#%ar
<i $e "l&'i. La ba4a aces%or re+le-e%&ri s%a# o sea-& $e "rici"ii %rea+a ac%ivi%a%e bacar&. Aceas%a "res#"#eF ca
>%rea+a ac%ivi%a%e $e cre$i%are %reb#ie s& se ba4e4eF > "ri-#l r9$F "e aali4a
viabili%&'ii ve$erea i$e%ific&rii <i eval#&rii ca"aci%&'ii $e "la%&
a clie'ilorF res"ec%iv $e a +eera vei%#ri <i lic/i$i%&'i ca "rici"al& s#rs& $e
ra-b#rsare a cre$i%#l#i <i $e "la%& a $ob94ilor <i co-isioaelor. De%er-iarea
ca"aci%&'ii $e "la%& a clie'ilor se face "ri aali4a as"ec%elor fiaciare ve$ereF >
-o$ obli+a%ori#F <i ifl#e'a fac%orilor eI%eri as#"ra "roiec%elor "ro"#se $e clie'iF
res"ec%iv as"ec%ele efiaciare care "o% avea efec%e e"rev&4#%e as#"ra $esf&<#r&rii
afacerilor <i ra-b#rs&rii cre$i%elor.
20
'.1.'. Avan"a:#l (&r*ilor ?n ra(or"#rile )e cre)i"are
Acor$area cre$i%elor %reb#ie s& fie ava%a=oas& a%9% "e%r# bac&F $eoarece
"ri eI%i$erea -"r#-#%#rile ra"or% $e cre$i%F
res"ec%iv cre)i"or#l care acor$& >-"r#-#%#lF $a%orea4&.
Di aali4a a%#rii "ar%ici"a'ilor la "roces#l $e cre$i%areF re'ie- %rei
ca%e+orii "rici"ale5 fir-ele sa# a+e'ii ecoo-iciE s%a%#lE "ersoaele fi4ice.
Pre"o$ere%e > cali%a%e $e $ebi%ori se afir-& fir-ele sa# a+e'ii
ecoo-iciF care a+a=ea4& cea -ai -are "ar%e a cre$i%elor $e la b&ci. Pe%r#
a+a=area $e cre$i%e aces%ea %reb#ie s& >$e"lieasc& c#-#la%ivF > "rici"alF
#r-&%oarele co$i'ii5
a, s#% cos%i%#i%e "o%rivi% le+iiE
b, "ose$& ca"i%al social v&rsa% "o%rivi% s%a%#%#l#i "ro"ri#E
c, $esf&<oar& ac%ivi%&'i le+ale fii'are $e"liesc # ivel o"%i- al i$ica%orilor $e boi%a%eE
e, $i aali4a fl#I#rilor $e lic/i$i%a%e re4#l%& c& eIis%& "osibili%&'i reale $e
ra-b#rsare la sca$e'& a ra%elor $i cre$i% <i "la%a $ob94ilor afere%eE
f, s& "re4i%e +ara'ii -a%eriale <i -orale "e%r# #%ili4area c# eficie'& <i "o%rivi%
$es%ia'ieiF ra-b#rsarea i%e+ral& la sca$e'& a cre$i%#l#i scris#rile $e cre$i% )acor$#riF co%rac%eF e%c.,
K ce "rive<%e "ersoaele fi4iceF co$i'iile ce %reb#ie s& le >$e"lieasc&
"e%r# a "#%ea beeficia $e cre$i%eF s#%5
a, reali4ea4& vei%#ri cer%e <i c# carac%er "er-ae%F "e "erioa$a $e
ob'iere a cre$i%#l#iE
b, cos%i%#ie re+is%rea4& $ebi%e sa# al%e obli+a'ii eac/i%a%e la sca$e'& c&%re
bac& -"r#-#%#l#i.
K '&rile $e4vol%a%e se afir-& ca $ebi%ori -"r#-#%&
>$eosebi "e%r# aco"erirea $efici%#l#i b#+e%ar.
Es%e $e re'i#% c&F s#biec%ele cre$i%#l#i "o% a"are > $#bla "os%#r& > ca$r#l
ra"or%#rilor $e cre$i%F ca $ebi%oriF $ar $eosebi fir-ele sa# a+e'ii ecoo-iciF careF
-aevrea4& i-"or%a%e $is"oibili%&'i -oe%are ce "o% %e-"orar s& fie efolosi%e $e"o4i%e la b&ci sa# al%e is%i%#'ii fiaciare -"r#-#%F ca ele-e% ese'ial al ra"or%#l#i $e cre$i%eF i-"lic& risc#ri #%ili4areaF $ar -ai ales > res"ec%area a+a=a-e%#l#i $e
res%i%#ire a cre$i%#l#i. Baca "oa%e >%rer#"e i-e$ia%F f&r& "reavi4 #%ili4area $e c&%re
clie% a cre$i%#l#i a"roba%F > ca4#l > care aces%a a >c&lca% co$i'iile co%rac%#l#i
)acor$#l#i, $e cre$i% "rivi$ $es%ia'iaF #%ili4areaF +ara'iileF %er-eeleF f#ri4area $e
$a%e ereale e%c.F sa# > ca4#l > care si%#a'ia ecoo-ic& ra"or%#rile $e cre$i% s#%5
risc#l $e cre$i% %9r4ieri
sa# e"l&'i i%e+rale a ra%elor la >-"r#-#%#l a+a=a%F ca #r-are a $ific#l%&'ilor ce le
>%9-"i& $ebi%or#lF "rec#- <i a #or co=#c%#ri sa# $ific#l%&'ilor sec%oriale.
Evi%area aces%#i %i" $e risc obli+& b&cile la aali4e %e-eiice ca4#l #or cre$i%e $e vol#-e -ai -ari sa# clie'i -ai
"#'i c#osc#'iF "ri >-"&r'irea risc#l#i c# al%e b&ci sa# is%i%#'ii fiaciare "rici"alF a
esicroi4&rii $e c&%re bac& a s#-elor cre$i%e.
'.1.0.'. Senifica*ia s"r#c"#rii ca(i"al#l#i ?n eval#area risc#l#i
K aali4a s%r#c%#rii ca"i%al#l#i baca are > ve$ere valoarea e%& a ac%ivelor
#ei afaceriF "e care o s%abile<%e ca $ifere'a $i%re valoarea $e "ia'& a ac%ivelor sale
 cosi$erare valoarea
rela%iv& a ca"i%al#l#i social real "e care # >-"r#-#%a% >l eI"#e risc#l#i -"r#-#%a%or.
Pe -&s#r& ce aces%ea crescF ca "roce% $i $a%oria %o%al& sa# $i ac%ivele
%o%aleF "robabili%a%ea $e era-b#rsare sca$eF $eoarece >-"r#-#%a%or#l are -ai -#l%
$e "ier$#% $ac& #8$e"lie<%e obli+a'ia fa'& $e bac&. Bai -#l%F "e -&s#r& ce
"o4i'ia ca"i%al#l#i social al >-"r#-#%a%or#l#i cre<%eF >-"r#-#%a%orii "o% acce"%a o
cali%a%e -ai sc&4#%& > le+&%#r& c# celelal%e ele-e%e ale "rofi%#l#i >-"r#-#%a%#l#i )$e
eI. >-"r#-#%a%#l ba4a% "e ac%ive $e"i$e -ai -#l% $e ca"aci%a%ea >-"r#-#%a'ilor $e a
vi$e ac%iveF $ec9% $e cosi$ere%e ba4a%e #-ai "e cas/ floJ,. Pe $e al%& "ar%eF
>-"r#-#%a'ii c# "o4i'ii $e ca"i%al social -ai "#%ericeF res"ec%iv c# valori ale ac%ivelor
rela%ive e%e -ai ri$ica%eF s#% cosi$era'i -ai cre$ibili. K -o$ si-ilar c# >-"r#-#%#l
ba4a% "e ac%iveF care se coce%rea4& "e ac%iveF c#- s#% crea'eleF s%oc#ri "rici"alF $e
valoarea $e "ia'& a cola%eral#l#i. To%#<iF valoarea e%& a ac%ivelor ia > cosi$erare
efec%ele ac%ivelor e>re+is%ra%e co%abilF c#- ar fi rela'iile c# clie'ii. Pe o ase-eea
ba4& -ai lar+&F valoarea e%& a ac%ivelor se coce%rea4& "e afacerea > evol#'ieF
s"re $eosebire $e valoarea ei $e lic/i$are.
22
'.1.0... Garan*ii e5"erne ?n )iin#area risc#l#i
K %eorieF rol#l #ei +ara'ii eI%ere $e 1::R >sea-& c& >-"r#-#%a%or#l
acor$& # >-"r#-#% f&r& risc. K%r#c9% >-"r#-#%a%or#l -a$a% # >%9-"i& ici #
risc $e era-b#rsareF cea -ai -are "ar%e $i beefici#l +ara'iei ar %reb#i s& revi&
>-"r#-#%a%#l#iF care "ri-e<%e +ara'ia 1 s#bve'ia. Geerarea #or %aIe $e ii'iere cr#ci<a%e $e servicii,F >i s%i-#lea4& "e >-"r#-#%a%ori s& >c/eie as%fel $e co%rac%e.
Dac& >-"r#-#%a%or#l # efec%#ea4& aali4a $e cre$i% )$e eI. $i -o%ive $e ab#4#ri
i%ere,F a%#ci cel care +ara%ea4& are o "roble-& $e -a$a%.
C9$ +ara'iile s#% "e%r# -ai "#'i $e 1::RF a%#ci a%9% li$er#l -a$a%F
c9% -"ar% risc#l $e e>$e"liire a obli+a'iei cores"#4&%or
-&ri-ii +ara'iei. K aces% ca4F baca ar #r-a s& a$a#+e o "ri-& $e risc $e
era-b#rsare "ro"or'ioal c# eI"#erea la riscF a<a c#- es%e $e%er-ia%& $e
variabilele IF CF C? <i DNF )NIO8 re"re4i%& cali%a%ea ifor-a'ieiF NCO8 carac%er#l
ifor-a'ieiF NC?O8 es%e ivel#l -"r#-#%a%orii "o% acce"%a o cali%a%e -ai sc&4#%& a fl#I#rilor
ifor-a'ioale -"r#-#%a%#l#i.
'.1.0.0. Con)i*ii e5"erne a)verse 7i rela*ia c# clien*ii
?iecare $i%re ele-e%ele -o$el#l#i $e risc $e e"la%a >-"r#-#%#l#i c&%re
bac& es%e > f#c'ie $e s%area ecoo-iei. S%area ecoo-iei icl#$e %e/olo+iaF
coc#re'a "l#s fa'& $e variabilele ecoo-ice s%a$ar$ ca
recesi#eaF ifla'iaF e%c. K-"r#-#%a%orii ar "#%ea s& cos%a%e c& $is"oibili%a%ea
>-"r#-#%a'ilor $e a ra-b#rsa varia4& > f#c'ie $e s%area ecoo-iei. Di-"o%riv&F
Nb#ii ce%&'eiO s#% +a%a s&8-"r#-#%a%ori > le+&%#r& c# efec%ele ecoo-ice
a$verse as#"ra ca"aci%&'ii lor $e a "l&%i.
Rela'ii fer-e c# clie'ii s#% cos%r#i%e "e >cre$ere %re >-"r#-#%a'i -"r#-#%a%ori. K as%fel $e rela'iiF c9$ co$i'iile
ecoo-ice afec%ea4& > -o$ e+a%iv >-"r#-#%a'iiF >-"r#-#%a%orii s#% >clia'i s&
%reac& >%r8o s%are $e eI"ec%a%iv& )a$ic& re>oiri sa# sol#'ii $e re4olvare a #or
cre$i%e e"erfor-a%e,. Dac& >-"r#-#%a%orii s%a# "rea -#l% > eI"ec%a%iv&F a%#ci
ac'ioarii b&cii a# o "roble-& $e -a$a%F >%r#c9% av#'ia lor es%e %rasfera%& c&%re
>-"r#-#%a'i. K "rivi'a efec%elor ecoo-iei as#"ra cas/ floJ8 #l#i -"r#-#%a%#l#iF a-bele varia4& $irec% c# s%area ecoo-iei "e%r# >-"r#-#%a'ii
"rociclici )a$ic& >-"r#-#%a'i a c&ror "robabili%a%e $e ra-b#rsare evol#ea4& $irec%
"ro"or'ioal c# cicl#l ecoo-icF >%r#c9% cas/ floJ8 rile lor evol#ea4& $irec%
"ro"or'ioal c# cicl#l ecoo-ic,. K co%ras% c# aceas%& si%#a'ieF >-"r#-#%a'ii al c&ror
cas/ floJ $irec'ia o"#s cicl#l#i
ecoo-ic,F ofer& >-"r#-#%a%orilor o"or%#i%&'i $e $iversificareF >%r#c9% -a=ori%a%ea
>-"r#-#%a'ilor vor fi "rociclici.
'.1.0.6. A)inis"rarea risc#l#i
K ve$erea a$-iis%r&rii risc#l#i <i aco"eririi eve%#alelor "ier$eri $i cre$i%e
<i $ob94iF b&cile cos%i%#ie re4erva +eeral& "e%r# risc#l $e cre$i%e <i $ob94i
23
e"l&%i%e la sca$e'&. Dac& re4erva +eeral& $e risc se cos%i%#ie "e sea-a "rofi%#l#iF
"rovi4ioaele $e risc se s#"or%& $i c/el%#ielile bacare.
'.1.0.6.1 S"r#c"#ra (rofi"#l#i )e cre)i"e
Pe%r# se"ararea c9<%i+&%orilor $e "er$a'i > i$#s%ria bacar&F "rici"alele
$o#& cri%erii $e eval#are s#% ca"i%al#l "rivi'a cos%#rilorF a "ier$erilor $i >-"r#-#%#ri -"r#-#%#rilor.
K%r8a$ev&rF i-"or%a'a "or%ofoli#l#i $e cre$i%e > aces% ca$r# es%e cr#cial&.
Pe%r# >ce"#%F ca"i%al#l bacar es%e i-"or%a%. S#rsa "rici"al& $e ca"i%al a #ei
b&ci o cos%i%#ie "rofi%#rile sale. Prici"ala sa s#rs& $e c9<%i+#ri es%e re"re4e%a%& $e
vei%#rile $i >-"r#-#%#ri )$ob9$&F s"e4eF co-isioae e%c.,. D#"& cos%#l bailorF
cos%#l $e o"erare -a=or al #ei b&ci es%e acela asocia% c# a$-iis%rarea "or%ofoli#l#i
sa# $e >-"r#-#%#ri )$e eI. salarii -"r#-#%#ri. C9$ a"are o ase-eea si%#a'ieF coco-i%e%
c# co$i'ii eI%ere a$verseF b&cile se cofr#%& c# "roble-e fiaciare $ificile. De
eIe-"l#F > S.U.A. > aii G(: $o-eiile s"ecifice c# $ific#l%&'i era# >-"r#-#%#rile
"e%r# eer+ieF a+ric#l%#r& ac/i4i'ia $e ac'i#i "e%r# a $evei ac'ioar -a=ori%ar # "o%e'ial or e+r# "e
ori4o%#l bacar.
Proble-ele $e cali%a%e a cre$i%elor > i$#s%ria bacar& "o% fi observa%e >
"rac%icile s#"era+resive $e cre$i%are -"re#& c# asi+#rarea +re<i% eval#a%& a $e"o4i%elor.
Re+le-e%&rile bacare obli+& b&cile s& aali4e4e "erio$ic "or%ofoli#l $e
cre$i%e acor$a%e ca$re4e > $iverse ca%e+oriiF $#"& risc#l $e cre$i%
)ra-b#rsare, ce8l "re4i%& fiecare $i aces%ea observa'ieF
s#bs%a$ar$ >$oielicF "ier$ere.
Clasificarea cre$i%elor se face 'i9$ sea-a $e eval#area "erfor-a'elor
fiaciare ale clie%#l#i ve$ere > eval#area "erfor-a'elor fiaciare ale
clie'ilor s#% s%abili%e $e fiecare socie%a%e bacar&.
K #r-a eval#&rii "erfor-a'elor fiaciare ale clie'ilorF cre$i%ele vor fi
icl#se > #a $i #r-&%oarele ca%e+orii5
a) Ca"e!oria @AAF > ca$r#l c&reia cre$i%ele se refer& la clie'i ale c&ror
"erfor-a'e fiaciare s#% foar%e b#e "ers"ec%iv& a "erfor-a'elor fiaciare la # ivel
ri$ica%F a clie'ilor res"ec%ivi.
b) Ca"e!oria @BAF vor c#"ri$e cre$i%ele clie'ilor "e%r# care socie%a%ea
bacar& a s%abili% c& "erfor-a'ele fiaciare s#% b#e sa# foar%e b#eF $ar # "o%
-e'ie aces% ivel >%r8o "ers"ec%iv& -ai >$el#+a%&.
c) Ca"e!oria @CAF icl#$e cre$i%ele clie'ilor la care "erfor-a'ele
fiaciare s#% sa%isf&c&%oareF $ar a# o evi$e%& %e$i'& $e >r&#%&'ire.
") Ca"e!oria @DAF icl#$e cre$i%ele afere%e clie'ilor c# "erfor-a'e
fiaciare sc&4#%e <i c# o evi$e%& ciclici%a%e la i%ervale sc#r%e $e %i-".
24
e) Ca"e!oria @EAF c#"ri$e cre$i%e ale #or clie'i la care "erfor-a'ele
fiaciare ara%& "ier$eri ca$r#l aali4elor ce le efec%#ea4& va s%abili
obli+a%ori# $ac& servici#l $a%oriei fiec&r#i clie% va fi a"recia% ca5
(a) b#n L > si%#a'ia > care ra%ele la cre$i% %9r4iere $e -aIi- 7 4ileE
(b) slab L > ca4#rile care ra%ele la cre$i% %9r4iere $e "9& la 0: $e 4ileE
(c) necores(#n1&"or L > si%#a'ia > care ra%ele la cre$i%e %9r4iere $e "es%e 0: $e 4ile.
Sco"#l %#%#ror aces%or aali4e a "or%ofoli#l#i $e cre$i%e al fiec&rei socie%&'i
bacareF es%e $e a c#oa<%e > orice -o-e% "e $e o "ar%e +ra$#l $e risc $e cre$i% "e
care8l +es%ioea4&F iar "e $e al%& "ar%eF s& $e%er-ie s#-a "rovi4ioaelor s"ecifice $e
riscF ce %reb#ie s& le cos%i%#ie "e%r# cre$i%ele e"erfor-a%e.
La $e%er-iarea "rovi4ioaelor s"ecifice $e riscF eI"#erea $ebi%or#l#i
"oa%e fi -ic<ora%& $oar c# valoarea a+a=a-e%elor a"&r#%e $i5
+ara'ii eco$i'ioa%e $a%e $e +#vere sa# b&cile ce%raleE
+ara'ii eco$i'ioa%e $e la b&cile >cor"ora%e > #a $i '&rile $i
ca%e+oria AF $#"& clasificarea i%era'ioal& <i a#-e5 A#s%raliaF A#s%riaF Bel+iaF
Caa$aF Dae-arcaF Elve'iaF ?ila$aF ?ra'aF Ger-aiaF GreciaF Irla$aF Isla$aF
I%aliaF Sa"oiaF L#Ie-b#r+F Norve+iaF No#a Ceela$&F Ola$aF Por%#+aliaF Re+a%#l
Ui% al Barii Bri%aii s&<iE
cola%erale acce"%a%e $e -aa+e-e%#l b&cii.
Socie%a%ea bacar& va corobora cri%eriile -ai s#s -e'ioa%e #r-a
aces%ei o"era'i#i cre$i%#l va fi clasifica% cofor- -a%ricei "re4e%a%e > %abel#l r. !.1.
Tabel#l r. !.1
Servici#l )a"oriei
Perforan*e
fiaciare
B#n Slab Necores(#n1&"or
A. S%a$ar$ K observa'ie S#bs%a$ar$
B. K observa'ie S#bs%a$ar$ K$oielic
C. S#bs%a$ar$ K$oielic Pier$ere
D. K$oielic Pier$ere Pier$ere
E. Pier$ere Pier$ere Pier$ere
'.1.0.6.'. Cons"i"#irea (rovi1ioanelor s(ecifice )e risc
25
Toa%e aali4ele bacare "rivi$ cali%a%ea cre$i%elorF a# ca fiali%a%e obli+a'ia
socie%&'ilor bacare $e a cos%i%#i "rovi4ioae s"ecifice $e riscF "e%r# a aco"eri
"ier$erile $i era-b#rsarea cre$i%elor e"erfor-a%e. Aces%e "rovi4ioae se
s%abilesc s#b for-a ##i a#-i% "roce%a=F care $ifer& $e la 'ar& la 'ar&. K Ro-9iaF
$e eIe-"l#F "o%rivi% or-elor B&cii Na'ioale a Ro-9iei
1,
ivel#l "rovi4ioaelor
s"ecifice $e risc s#% #r-&%oarele5 cre$i% Ns%a$ar$O L :RE cre$i% N> observareO L 6RE
cre$i% Ns#bs%a$ar$O L !:RE cre$i% N>$oielicO L 6:RE cre$i% N"ier$ereO L 1::R.
De%er-iarea ca%e+oriilor $e cre$i%e "e cele cici for-e se face $e c&%re
fiecare socie%a%e bacar& $e $o#& ori "e aF res"ec%iv la sf9r<i%#l l#ilor i#ie <i
$ece-brie. Socie%&'ile bacare a# obli+a'ia s& ra"or%e4e B&cii Na'ioale a Ro-9ieiF
Direc'iei a#%ori4are %er-e $e 0: $e 4ile $e la $a%a
"e%r# care se >%oc-e<%e ra"or%area <i s%& la ba4a ac%ivi%&'ii $e s#"rave+/ere <i
co%rol a B&cii Na'ioale a Ro-9iei.
Bor#lar#l )e ra(or"are (en"r# clasificarea cre)i"elor
Tabel#l r. !.!
Ca%e+oria
$e cre$i%e
S#-
a
%o%al
&
Gara'ii
<i
Cola%er
ale
S#-a
e%&
)col. 18
!,
Coeficie%
$e
"rovi4ioa
e
Nivel (rovi1ioane
Necesar
)col. 0I3,
EIis%e%
: 1 ! 0 3 6 7
S%a$ar$ :
K
observa'ie
:F:6
S#bs%a$
ar$
:F!
K$oielic :F6
Pier$ere 1
To%al @
K ba4a re+le-e%&rii B&cii Na'ioale a Ro-9ieiF socie%&'ile bacare
or+ai4ea4& aali4a cali%&'ii "or%ofoli#l#i $e cre$i%e s#bor$ieF s%abili$ "rovi4ioaele s"ecifice $e risc. La
$e%er-iarea eI"#erii br#%e aces%ea a# > ve$ereF "e l9+& cre$i%ele %o%ale )c#re%e
 sol$ la 01 $ece-brie casa%e -ai vec/i $e 0: $e 4ile afere%e aces%ora. Aali4a
ce%rali4a%& a si%#a'iei cali%&'ii "or%ofoli#l#i $e cre$i%e s#bor$ie
)%eri%oriale, "e%r# fiecare clie% > "ar%eF se face $e $irec'ia $e s"eciali%a%e )$e re+#l&
Direc'ia $e Poli%ici <i Risc $e Cre$i%e, $i ce%rala socie%&'ii bacare.
Aceas%& eIa-iare es%e $e%aila%& "ri o-iali4area %#%#ror a+e'ilor
ecoo-ici )"ersoae =#ri$ice sa# fi4ice, care la $a%a aali4ei )01 $ec. re+is%ra# >-"r#-#%#ri <i $ob94i e"l&%i%e la sca$e'ele
1
,
Baca Na'ioal& a Ro-9ieiF NNor-ele r. 0 "rivi$ clasificarea cre$i%elor <i
cos%i%#irea "rovi4ioaelor s"ecifice $e riscOF 1223.
26
$i cove'iile $e cre$i%eF -ai vec/i $e 0: $e 4ileF i$ifere% $ac& "e%r# aces%ea se
cos%i%#ie "rovi4ioae s"ecifice $e risc. A+e'ii ecoo-ici s#% clasifica'i "e ra-#ri
)s#bra-#ri, $e ac%ivi%a%e )-iierF -e%al#r+ieF cos%r#c'ii $e -a<iiF c/i-ieF i$#s%ria
le-#l#iF <. a. -. $,. K ca4#l > care # clie% beeficia4& $e $o#& sa# -ai -#l%e
ca%e+orii $e cre$i%e )s%a$ar$F > observa'ieF s#bs%a$ar$F e%c.,F > -oe$a a'ioal&
sa# > val#%&F aces%ea vor fi eIa-ia%e se"ara%.
'.1.0.6... S"ra"e!ia (or"ofoli#l#i )e ?(r##"#ri

O s%ra%e+ie clar $efii%& a "or%ofoli#l#i $e >-"r#-#%#ri co-erciale es%e
ese'ial&. To'i bac/erii >%re risc#l $e era-b#rsare -"r#-#%#ri cos%i%#ie ese'a ##i -aa+e-e% s&&%os al
>-"r#-#%#l#i cearc& s& ec/ilibre4e "or%ofoliile lor $e >-"r#-#%#ri -"r#-#%#rilor > $iverse $o-eii c#
carac%eris%ici $e risc $iferi%e. K aceas%& "rivi'&F b&cile -ai -ari "o% avea # ava%a=
clar fa'& $e cele -ai -iciF >%r#c9% s#% ca"abile s& se $iversifice "e sec%oareF
locali4are +eo+rafic& %r8o -&s#r& -ai -are. To%#<iF #ele
l#cr&ri $e si-#lare coce"%#al& a# i$ica% c& -"r#-#%#ri "o%
re$#ce efec%iv eI"#erea %o%al& a b&cii fa'& $e risc. K aces% sco"F > fiecare bac&
-are a# fos% crea%e $e"ar%a-e%ele $e "laificare s%ra%e+ic& 
$iverse $o-eii <iF $e ase-eeaF $e a cerce%a -i=loacele $e $iversificare a ac%ivelor
b&cii >%r8# -o$ -ai eficie%. Es%eF > +eeralF acce"%a% ca "laificarea ##i
"or%ofoli# $e >-"r#-#% al b&cii es%e # obiec%iv "e %er-e l#+F $e-"r#-#% ale f#c'ioarilor s"eciali4a'iF care ei ><i fiecare ca4 > "ar%e. Pri #r-areF
s%ra%e+ia "or%ofoli#l#i $e >-"r#-#%#ri %reb#ie s& fie > -o$ ecesar o $eci4ie a
co$#cerii s#"erioareF care es%e > -o$ clar le+a%& $e cei res"osabili $e a"licarea ei.
De re+#l&F > ase-eea ca4#ri es%e valabil "rici"i#l %eoriei $iversific&rii "or%ofoli#l#i.
O $ob9$& "rofi%abil& a co%rac%#l#i $e >-"r#-#% %reb#ie s& co-"ese4e baca
"e%r# $o#& %i"#ri $iferi%e $e cos%#ri. K "ri-#l r9$F ra%a $ob94ii >-"r#-#%#l#i %reb#ie
s& aco"ere valoarea > %i-" a fo$#rilor avasa%e. Aceas%& valoare > %i-" 8 ra%a "#r&
a $ob94ii L es%e > +eeral cea -ai -are "ar%e a ra%ei >-"r#-#%#l#i -"r#-#%#l#i ar %reb#i s& icl#$& %r8# -o$ a$ecva% ecesi%& o eval#are sofis%ica%&
a "o4i'iei fiaciare a >-"r#-#%a%#l#i > vii%or. Pri-a c#"ris& > $ob9$a
>-"r#-#%#l#i "oa%e fi s#b$ivi4a%& > co%i#are >%r8o "ri-& $e era-b#rsare -are -&s#r& orie%a%
c&%re "robabili%a%ea ca # a#-i% >-"r#-#% s& # fie ra-b#rsa% i%e+ral. Aceas%&
"ri-& $e era-b#rsare "oa%e fi s%abili%& "ri eIa-iarea carac%eris%icilor ##i
>-"r#-#%a% > -o$ i4ola%F f&r& referire la al%e ac%ive sa# "asive bacare. A $o#a
co-"oe%& a "ri-ei $ob94ii >-"r#-#%#l#i co-"esea4& >-"r#-#%&%or#l > le+&%#r&
c# +ra$#l $e ra-b#rsare a >-"r#-#%#l#i. Doi fac%ori $is%ic'i $e%er-i& "ri-a $e risc
a$ecva%&. Pri-#l es%e !ra)#l )e aversi#ne fa*& )e risc al ?(r##"&"or#l#i5 c# c9%
es%e -ai re'i#% >-"r#-#%&%or#l > a s#"or%a risc#l $e era-b#rsareF c# a%9% -ai
ri$ica%& va %reb#i s& fie aceas%& "ri-&. K al $oilea r9$F "ri-a $e risc cer#%& $e
>-"r#-#%&%or es%e afec%a%& $e co(o1i*ia al"or ac"ive )in (or"ofoli#l )e
?(r##"#ri. S"re $eosebire $e "ri-a $e era-b#rsareF o "ri-& $e risc a$ecva%& #
"oa%e fi s%abili%& fa'& $e # ac%iv i$e"e$e% $e al%e ac%ive $e'i#%e $e >-"r#-#%&%or.
Di-"o%riv&F %eoria -o$er& a "or%ofoli#l#i ara%& c& # NriscO al si+#ra'ei "oa%e fi
27
eval#a% #-ai >-"re#& c# al%e ac%ive $e'i#%e > acela-"r#-#%#ri "o% fi
"revi4ioa%e -ai eIac%F c# c9% es%e -ai -are #-&r#l $e >-"r#-#%#ri se"ara%e $i
"or%ofoli#. Aces% l#cr# es%e valabil $ac& era-b#rs&rile $e c&%re $iver-"r#-#%a'i
# s#% corela%e "erfec% "o4i%iv #ele c# al%ele. NLe+ea #-erelor -ariO +ara%ea4& c&F
$ac& aceea-"r#-#%a%& ##i #-&r -ai -are $e
>-"r#-#%a'i i$e"e$e'iF era-b#rs&rile efec%ive s#% %o% -ai a"ro"ia%e $e
"robabili%a%ea -a%e-a%ic& )c# al%e c#vi%eF varia%a "ier$erilor -er+e c&%re 4ero "e
-&s#r& ce #-&r#l >-"r#-#%a'ilor $evie ifii%,. Es%e i-"or%a% $e s#bliia% c&F
"rici"i#l $iversific&rii # "oa%e re$#ce ra%a -e$ie $e era-b#rsare a "or%ofoli#l#iF ci
#-ai variabili%a%ea "rofi%#rilor b&cii.
K "rivi'a i-"le-e%&riiF aces%e c/es%i#i "rici"ale %reb#ie s& fie a"lica%e
$eci4iilor $e eval#are a >-"r#-#%#rilor > >%rea+a bac&. Ter-eii >-"r#-#%#l#i
%reb#ie s& reflec%e co%rib#'ia >-"r#-#%a%#l#i la risc#l %o%al al b&ciiF care es%e
$e%er-ia% $e -&s#ra > care ac%ivele -"r#-#% al is%i%#'iei.
Con)#cerea "reb#ie s& en#ere risc#rile sis"eice care "reb#ie
s& fie l#a"e ?n consi)erare la asablarea (or"ofoli#l#i b&ncii. O bac&F $e
eIe-"l#F "oa%e cosi$era ca fii$ foar%e i-"or%a%& "osibili%a%ea #ei recesi#i
re+ioaleF > %i-" ce o al%a "oa%e fi -ai >+ri=ora%& $e efec%ele -o$ific&rilor c#rs#l#i $e
sc/i-b as#"ra >-"r#-#%a'ilor. Aici aali4ele ecoo-ice $el#+a%&.
P#c%#l ese'ial cos%& > aceea c&F eI"lici% sa# i-"lici%F orice >-"r#-#% bacar
re"re4i%& # "ari# > "rivi'a c#rs#l#i vii%or al ecoo-iei. Pri i$e%ificarea eI"lici%& a
risc#rilor releva%e %r8o "o4i'ie -#l% -ai b#& $e
a"reciere a$ecva%& a eI"#erii %o%ale <i $e eval#are a risc#l#i.
Banca "reb#ie s& (roiec"e1e 7i s& ins"ale1e #n sis"e )e ra(or"are
c# #n n#&r con"rolabil )e ca"e!orii )e ?(r##"#ri a)ecva"e. U sis%e- o"%i-
va i-"#e aali4e "reli-iare s#bs%a'iale "e%r# a $e%er-ia -o$#l $e +r#"are a
>-"r#-#%#rilor. K-"r#-#%a'ii "o%e'iali "o% fi a"oi +r#"a'i >%r8o serie $e ca%e+orii care
icl#$e -a=ori%a%ea reac'iilor fa'& $e <oc#rile eI%ere )$e eIe-"l#F > %i-" ce
N>-"r#-#%#rile i$#s%riale -o$ si+#r o ca%e+orie
"rea lar+&F o +r#"are foar%e s"ecific& "rec#- N>-"r#-#%#ri c&%re $e%aili<%ii $e
/ar$Jare c# v94&ri a#ale s#b # -ilioO va fi "rea $iversifica%& "e%r# a "er-i%e o
vi4i#e $e -aa+e-e%,. Proiec%area ii'ial& a ca%e+oriilor $e >-"r#-#%#ri ar eval#a
"robabil eI"erie'ele is%orice "rivi$ >-"r#-#%#rile )la #a sa# -ai -#l%e b&ci,
#%ili49$ %e/ici s%a%is%ice "e%r# a s%abili rela'ii %rec#%e >%re %i"#ri $e >-"r#-#%#ri.
Gra$#l $e a$ecvare al ca%e+oriilor $e >-"r#-#%#ri eIis%e%e %reb#ie s& fie $e
ase-eea revi4#i% "erio$icF "e -&s#r& ce baca >-"r#-#% releva%e.
Con)#cerea b&ncii "reb#ie s& s"abileasc& )iverse (rie )e risc
(en"r# "i(#ri )e ?(r##" )es(re care se cre)e c& i(lic& e5(#neri )e risc
)iferi"e. P#r %oa%e co%rac%ele $e >-"r#-#%
>sea-& acce"%area )i-"lici%& sa# eI"lici%&, a eval#&rilor $e risc#ri ale al%or b&ci. O
vi4i#e -ai ac%iv& "rivi$ eval#area >-"r#-#%#l#i cere b&cii s& "roiec%e4e
-a+i%#$iea "osibil& a <oc#rilor releva%e "e%r# fiecare ca%e+orie $e >-"r#-#%F s&
%ras"#& aces%e <oc#ri >%r8o serie $e efec%e as#"ra "rofi%#rilor %o%ale -"r#-#%#l#i care s& +eere4e "rofi%#ri "revi4ioa%e s#ficie% $e
-ari "e%r# a co-"esa risc#rile i-"lica%e.
A=#s%&rile risc#rilor "e%r# $iverse %i"#ri $e >-"r#-#% "o% fi i-"le-e%a%e >
-ai -#l%e -o$#ri5
)i, Pre'#rile $e %rasfer i%er "o% fi -o$ifica%e "e%r# a reflec%a corela'iile
$iverselor ca%e+orii $e >-"r#-#%#ri c# al%e ac%ive ale b&cii.
)ii, Pe%r# >-"r#-#%#rile c# +ra$ ri$ica% $e corelare c# res%#l "or%ofoli#l#iF
%er-eii co%rac%#ali "o% fi s%r#c%#ra'i "e%r# a icl#$e cola%eral#lF cla#4e res%ric%iveF
sca$e%e -ai a"ro"ia%e sa# al%e %r&s&%#ri care re$#c $ifere'ierile.
)iii, Poa%e fi i-"#s& li-i%a $e bai as#"ra a#-i%or ca%e+orii $e >-"r#-#%#ri
)$e -&ri-i s"ecifice ale >-"r#-#%#l#i,
I$ifere% $e %r&s&%#rile s"ecificeF -aa+e-e%#l risc#l#i %o%al ecesi%& o
coce%rare $e ba4& as#"ra i"o%e4elor $e era-b#rsare $efiirea se%#l#i $e evei-e%e releva%eF
i$e%ificarea eI"#erilor -"r#-#%#l#i reflec%& efec%#l e%
as#"ra "rofi%#rilor %o%ale ale b&cii. Aces%e $eci4ii # "o% fi l&sa%e la ivel#l
res"osabil#l#i $e cre$i%F ci %reb#ie s& i-"lice co$#cerea s#"erioar& )si-ilar c#
-o$#l > care risc#l ra%ei $ob94ii es%e a$-iis%ra% "ri%r8# co-i%e% la ivel >al%
"e%r# ac%ive8"asive,.
Cocl#4iile re4#l%a%e $i aali4a cali%&'ii "or%ofoli#l#i $e cre$i%e s#% av#%e >
ve$ere $e c&%re socie%&'ile bacare la acor$area $e oi cre$i%e > "erioa$ele
#r-&%oareF as%fel5
"e%r# clie'ii care > #r-a aali4ei a# fos% >ca$ra'i > ca%e+oria AF
a"robarea cre$i%elor solici%a%e $e aces%ea ic#-b& # risc acce"%abil "e%r# bac&F
"erfor-a'ele ecoo-ico8fiaciare c9% cel -ai
>al% +ra$ co$i'iile "e%r# res%i%#irea cre$i%elor ca4#l clie'ilor $i ca%e+oria B +ri=orareF -ai ales > ce
"rive<%e "ers"ec%iva vii%oare a ac%ivi%&'ii ecoo-ico8fiaciare a aces%oraE
a"robarea #or cre$i%e "e%r# clie'ii $i #l%i-ele $o#& ca%e+orii
ic#-b& risc#ri -a=ore "e%r# bac& > ca4#l >-"r#-#%a'ilor $i ca%e+oria D re+is%rarea $e "ier$eri $a%ori%& i-"osibili%&'ii ra-b#rs&rii ra%elor sca$e%e ca4#l clie'ilor $i ca%e+oria E.
'.1.0.6.0. Cre7"erea (o1i*iei )e cre)i"or a b&ncii (rin !aran*ii
Ges%i#ea ri+#roas& a $is"oibili%&'ilor -oe%are $is"oibileF a%rase $e
b&ci > aco"erirea cre$i%elor ce le acor$&F i-"#e b&cilor o -are res"osabili%a%e la
"lasarea >-"r#-#%#rilorF >%&ri$#8-brac& $o#& for-e5
(a) Garan*ii realeF eI"lici%eF care c#"ri$5 re'iereaF +a=#lF i"o%eca +ara'ia cre$i%#l#i b##l cor"oral ce a f&c#% obiec%#l >-"r#-#%#l#iF "ro"rie%a%e
a $ebi%or#l#iF "e "erioa$a "9& la ac/i%area i%e+ral& a cre$i%#l#iF $eci crea'a es%e
cer%& >scris#l "ri care >-"r#-#%a%#l "#e la $is"o4i'ia
>-"r#-#%a%or#l#i # b# > +ara'ia cre$i%#l#iE !a:area (oa"e fi c# sa# f&r&
)e(ose)are. Ga=#l "res#"#e >re+is%rarea aces%#ia > car%ea f#ciar& $e la %rib#al#l
)=#$ec&%oria, $i locali%a%ea $e re4i$e'& a >-"r#-#%a%#l#i )i%ro$#s& > Ro-9ia
>ce"9$ c# 18 DII 8 1222,. Pe%r# b##rile +a=a%e f&r& $e"ose$areF cre$i%or#l "ri-e<%e
# %i%l# $e rec#oa<%ere a +a=#l#i. Ga=#l $& $re"%#ri cre$i%or#l#i5 $e "referi'& )$e a fi
"l&%i% >ai%ea al%or $ebi%oriF la v94area b##l#i +a=a%,E $e #r-&rire )> ca4#l sc/i-b&rii
"ro"rie%ar#l#i b##l#i +a=a%,E $e v94are )v94area > =#s%i'ie a b##l#i +a=a%,.
I(o"eca es%e >scris#l "ri care >-"r#-#%a%#l acor$& >-"r#-#%a%or#l#i
$re"%#l as#"ra ac%iv#l#i i-obiliarF f&r& $e"ose$are scrierea
i"o%ecii > car%ea f#ciar& $e la =#$ec&%oria $e care a"ar'ie $ebi%or#l. I"o%eca "oa%e fi5
(rev&1#"& )e le!e )le+al&,E conveni"& )acor$& >%re "&r'i "ri%r8# >scris8co%rac%,E
:#)iciar& )acor$a%& $e or+aele =#$ec&%ore<%i,.
Privile!i#l es%e $re"%#l coferi% $e le+e #or cre$i%oriF $e a avea
"riori%&'i > a fi "l&%i%e > ca4#rile > care $is"# $e o +ara'ie as#"ra "a%ri-oi#l#i
)"ar'ial sa# %o%al, $ebi%or#l#i. Privile+i#l "oa%e fi !eneral )-obiliar, ca4#l > care $ebi%or#l es%e > ica"aci%a%e $e "la%&. Aces%ea s#%5
!aran*ii si(le> care $& $re"%#l +ara%#l#i $e a $isc#%a as#"ra >$e"liirii
obli+a'i#ilor saleF $e a cere eIec#%area "ri-or$ial& a $ebi%or#l#iF iar > ca4#l -ai
-#l%or +ara'iiF s& r&s"#$& #-ai "e%r# "ar%ea saE !aran*ii soli)areF > care
+ara%#l "oa%e fi %ras la r&s"#$ere "e%r# a "l&%i coco-i%e% sa# c/iar >ai%ea
$ebi%or#l#i $ac& "re4i%& co$i'ii "referabile $e solvabili%a%e.
'.1.6. Teren#l )e rab#rsare
Ter-e#l $e ra-b#rsare )$#ra%a cre$i%#l#i,F es%e # "rici"i# $e ba4& al
cre$i%#l#i care reflec%& obli+a'ia fial& a >-"r#-#%a'ilor $e res%i%#ire a cre$i%elor
#%ili4a%e. Aces% %er-e $e ra-b#rsare "re4i%& o $iversi%a%e $e %er-ee %re b&ci "e "ia'a -oe%ar&E
"erene sc#r"e L $e "9& la 1! l#iF s"ecifice "e%r# cre$i%ele
acor$a%e fir-elor sa# "e%r# cre$i%ele $e cos#-F ra-b#rsarea aces%ora f&c9$#8se
la sca$e'&E
"eren i:loci# L $e "9& la -aIi- 086 aiE s"ecific aces%or cre$i%e
es%e c& ra-b#rsarea cre$i%elor se face e<aloa%E
"erene l#n!i L $e "es%e 6 ai "9& la !6 sa# 6: aiF folosi%e
>$eosebi "e%r# reali4area $e ives%i'ii "ro$#c%ive sa# cos%r#c'ii $e loc#i'eE
ra-b#rsarea se face > ra%e e<aloa%eF $e re+#l&F c# o "erioa$& $e +ra'ie $e 186 ai >
f#c'ie $e $#ra%a cre$i%#l#iF "erioa$a > care $ebi%or#l "l&%e<%e #-ai $ob94ile -"r#-#%a% )"re'#l cre$i%#l#i,. Aceas%a es%e s%abili%& "ri cove'ia $e cre$i%
"e calea e+ocierii >%re "&r'i.
Dob9$a >-brac& $o#& for-e5 fi5&F res"ec%iv se a"lic& "e >%rea+a
"erioa$& $e acor$are a >-"r#-#%#l#i si%#a'ie > care $ob9$a se -o$ific& "erio$ic )$e re+#l&
%ri-es%rial sa# se-es%rial,F f#c'ie $e ivel#l $ob94ii $e "ia'& )a'ioal& sa#
i%era'ioal&,F a"lica%& $#"& aii G7:F > co$i'iile ifla'iois%e acce%#a%e a "erioa$ei
res"ec%ive.
'.1.C. Tran1ac*ia
Tra4ac'ia reflec%& fa"%#l c& # cre$i% "oa%e fi covei% > ca$r#l #ei
%ra4ac'ii #ice )acor$area ##i cre$i%F e+ocierea #ei obli+a'i#iF a+a=area ##i
$e"o4i%F e%c.,.
Coveirea %ra4ac'ieiF res"ec%iv acor$area ##i >-"r#-#%F i-"lic& "e%r#
bac& asi+#rarea ##i sis%e- "ro"ri# $e ifor-are <i $oc#-e%are as#"ra clie'ilorF
"ar%eeri $e e+ocieriF "e%r# evi%area sa# $i-i#area risc#l#i $e cre$i%.
'.1.D. Consenarea 7i "ransferabili"a"ea
Cose-area 
fa"%#l c&5
Orice cre$i% %ra4ac'ioa% >%re cre$i%or 
is%r#-e%e $e cre$i% s#b for-a >scris#rilorF care vor fi s"ecifice cose-area obli+a'i#ilor cesi#ea crea'eiF
res"ec%iv a $re"%#l#i $e a >casa s#-a >scris& > is%r#-e%#l $e cre$i%F "rec#- ca$r#l rela'iilor $e cre$i%e ce i%ervi >%re b&ci )sco%area
#or %i%l#ri $e cre$i%,E "ri in"ere)i#l (ie*elor financiare )e+ocierea obli+a'iilor
s%a%#l#i,
'.'. Ges"i#nea res#rselor )e cre)i"are
Ges%i#ea res#rselor $e cre$i%are se cocre%i4ea4& > ac%ivi%&'ile $e
%re4orerie ale socie%&'ilor bacareF care i-"lic& a%ra+erea $e $is"oibili%&'i -oe%are
%e-"orar $is"oibileF > co-"le%area res#rselor "ro"riiF care s& aco"ere "lasa-e%ele
> cre$i%e ale b&cii.
Re4#l%& c& res#rsele $e cre$i%are s#% $e $o#& ca%e+orii5 fo$#ri "ro"rii <i
res#rse -oe%are a%rase.
'.'.1. Bon)#rile (ro(rii
31
?o$#rile "ro"rii ale socie%&'ilor bacare s#% for-a%e $i #r-&%oarele
ca%e+orii $e ca"i%al -oe%ar5 ca"i%al#l "ro"ri#E ca"i%al#l s#"li-e%ar.
'.'.1.1. Ca(i"al#l (ro(ri#
Ca(i"al#l (ro(ri# al #ei socie%&'i bacare se co-"#e $i5
ca"i%al#l social al b&ciiF s#bscris <i v&rsa% $e ac'ioari.
"relev&ri $i "rofi%#l b&cilor "e%r#5 fo$#l $e re4erv&E fo$#l
-i=loacelor fiIeE fo$#l $e $e4vol%areE al%e fo$#ri cos%i%#i%e $i "rofi%#l
e%.
Ca"i%al#l "ro"ri# al #ei b&ci # oc#"& o "o4i'ie $o-ia%& > %o%al#l
res#rselor $e cre$i%are. As%fel ca"i%al#l socialF >%r8o "ro"or'ie -ai -ic& sa# -ai -areF
es%e i-obili4a% > ac%ivele fiIe ale b&cii )> cl&$iriF -a<ii <i ec/i"a-e%e ifor-a%iceF
e%c.,. De ase-eeaF celelal%e fo$#ri a# o $es%ia'ie eI"lici%& <i #%ili4area lor ca
res#rs& $e cre$i%are # "oa%e fi f&c#%& $ec9% "e %er-ee foar%e sc#r%e )eI. fo$#l $e
re4erv& sa# sol$#l e#%ili4a% la fo$#l -i=loacelor fiIe sa# "e%r# $e4vol%are,.
De aceeaF la calc#larea fo$#rilor "ro"rii se a# > ve$ere #r-&%oarele5
Di ca"i%al#l "ro"ri# se vor $e$#ce5
)1, c/el%#ieli $e cos%i%#ire )$ac& # a# fos% $e$#se $i
vei%#ri,E
)!, fo$#l $e co-er' )$ac& # a fos% $e$#s $i vei%#ri,E
)0, c/el%#ielile a%ici"a%e efec%#a%e "e%r# ac/i4i'ioarea
-i=loacelor fiIeE
)3, c/el%#ieli "e%r# ives%i'ii > c#rs $e eIec#'ie re+is%ra%e > a#l c#re%E
Ca"i%al#l "ro"ri# va fi ifl#e'a%F > ses#l a$&#+&rii a"recierii sa# sc&$erii
$e"recierii ca"i%al#l#i social v&rsa%F > val#%&F $#"& ca4.
'.'.1.'. Ca(i"al#l s#(lien"ar
Ca"i%al#l s#"li-e%ar icl#$e5
fo$#l $e riscE
re4ervele $i reeval#area le+al& a ac%ivelor cor"oraleE
$a%oria s#bor$oa%&.
Ca"i%al#l s#"li-e%ar es%e l#a% > calc#l fo$#rilor "ro"rii #-ai > "ro"or'ie
$e cel -#l% 1::R $i ivel#l ca"i%al#l#i "ro"ri#.
Da%oria s#bor$oa%& es%e l#a%& > calc#l #-ai > "ro"or'ie $e -aIi-#-
6:R $i ca"i%al#l "ro"ri# $e"lieasc& #r-&%oarele co$i'ii
!,
5
s& fie > >%re+i-e v&rsa%&E
2
,
Baca Na'ioal& a Ro-9ieiF NNor-ele r. 17 "rivi$ fo$#rile "ro"rii ale
socie%&'ilor bacareOF -o$ifica%e "ri NCirc#lar& "rivi$ #ele re+le-e%&ri referi%oare
la $e%er-iarea fo$#rilor "ro"rii $e c&%re socie%&'ile bacareOF B.O. r. 321!1 III 1227
32
%er-e#l $e ra-b#rsare s& fie $e cel "#'i 6 aiE la calc#larea ivel#l#i
fo$#rilor "ro"riiF vol#-#l $a%oriei s#bor$oa%e va fi +ra$#al re$#s c# !:R "e aF >
"erioa$a a%erioar& $e 6 ai sca$e'eiE
co%rac%#l $e cre$i% s& # "reva$& ra-b#rsarea a%ici"a%& a $a%orieiF
c# eIce"'ia ca4#l#i i%r&rii > lic/i$are a socie%&'ii bacareE
> ca4#l fali-e%#l#i sa# lic/i$&rii socie%&'ii bacareF $a%oria
s#bor$oa%& # va fi ra-b#rsa%& "9& c9$ %oa%e celelal%e $a%orii # a# fos% ac/i%a%e.
Ca"i%al#l s#"li-e%ar es%e ifl#e'a%F > ses#l a$&#+&rii a"recierii sa#
sc&$erii $e"recierii fo$#l#i $e risc > val#%&F $#"& ca4.
Di %o%al#l fo$#rilor "ro"rii se vor $e$#ce "ar%ici"a'iile socie%&'ii bacare la
al%e socie%&'i bacare )s#b for-a "ar%ici"a'iilor $irec%e sa# >-"r#-#%#rilor
s#bor$oa%e,.
De%er-iarea fo$#rilor "ro"rii ale #ei socie%&'i bacare > Ro-9ia se
efec%#ea4& l#ar.
'.'.'. Res#rsele one"are a"rase
?o$#rile -oe%are a%rase $e b&ci oc#"& "o$erea cea -ai i-"or%a%& >
vol#-#l %o%al al res#rselor $e cre$i%are. Ele s#% cos%i%#i%e $i sol$#rile cre$i%oare ale
co%#rilor $e $is"oibili%&'i la ve$ereE co%#rile $e +ara'ii -a%erialeE ca"i%al#l -oe%ar
$e >-"r#-#%E reesco%#l %i%l#rilor $e cre$i% la Baca Ce%ral&.
'.'.'.1 Sol)#rile cre)i"oare ale con"#rilor )e )is(onibili"&*i la ve)ere
Dis"oibili%&'ile -oe%are ale clie'ilor b&cii 'i#%e > co%#ri $e
$is"oibili%&'i la ve$ereF e#%ili4a%eF eIis%e%e > sol$ "e o a#-i%& "erioa$&F s#%
folosi%e $e bac& > aco"erirea cre$i%elor ce le acor$&. U%ili4area aces%or $is"oibili%&'i
-oe%are $is"oibile "e %er-ee foar%e sc#r%e sa# sc#r%e s#% #%ili4a%eF > +eeralF
"e%r# aco"erirea cre$i%elor "e %er-ee sc#r%e $e 180 sa# 7 l#iF > "ro"or'ii $iferi%e $e
la o bac& la al%a.
'.'.'.'. Sol)#rile )e !aran*ii a"eriale
Aces%e sol$#ri b&e<%i s#% folosi%e > li-i%a "erioa$elor -e$ii $e cos%i%#ire
a lor $e c&%re fir-ele res"ec%iveF > #-ele "ersoal#l#i "ro"ri#.
'.'.'.. Ca(i"al#l one"ar )e ?(r##"
Aces%a es%e cos%i%#i% $i $is"oibili%&'ile -oe%are %e-"orar $is"oibile ale
"o"#la'iei <i a+e'ilor ecoo-iciF ecos#-a%e <i "e%r# "lasarea c&rora ca#%& o "ia'&
-oe%ar& sa# $e ca"i%al care va re-#era -ai bie s#-ele ecoo-isi%e. A%ra+erea
$e c&%re b&ci a #or $is"oibili%&'i se faceF $e re+#l&F s#b for-a $e $e"o4i%e cali%a%ea $e i%er-e$iar fiaciar
"e "ia'a -oe%ar&.
33
De"o4i%ele bacare cos%i%#ie "ar%ea cea -ai >se-a%& $i res#rsele
fiaciare folosi%e > aco"erirea "lasa-e%elor > cre$i%e. A%ra+erea aces%or $e"o4i%e
se face "e o "ia'& -oe%ar& cre$ereaF boi%a%ea rec#"erarea fo$#rilor.
'.'.'...1. O(era*i#ni (en"r# )e(o1i"ele firelor
O"era'iile ce le efec%#ea4& b&cile > ca$r#l $e"o4i%elor cos%i%#i%e $e fir-eF
s#% > #-&r $e %rei5
1% C&)erea )e acor) as#(ra "erenelor coo(er&rii 7i sen&rii
con"rac"#l#i
Ca #r-are a fa"%#l#i c&F fir-ele # s#% la fel $e #-eroase ca <i
"ersoaele fi4ice <i "e%r# c&F $e obiceiF fo$#rile lor $is"oibile s#% -ai -ariF
b&cile fac efor%#ri "e%r# a a%ra+e $is"oibili%&'ile -oe%are ale fir-elorF fie "e calea
serviciilor bacare oferi%e <i1sa# re-#er&rii ava%a=oase a $is"oibili%&'ilor res"ec%ive.
O$a%& a%rase $is"oibili%&'ile -oe%are ale fir-elorF aces%ea vor l#cra c#
baca 5
rec#oa<%erea1acce"%area clie%#l#iF $ac& se are > ve$ere fa"%#l c& %ra4ac'iile "ri
co%#l $e $e"o4i% al fir-elor a# loc $e -#l%e ori "ri %elefo sa# "ri scrisori $e
a#%ori4are1>-"#%ericireE co-"le%area $oc#-e%elor ecesare cos%i%#irii $e"o4i%#l#iE
%i"&rirea #or #-ere $e co$ corec%eF e%c.
$b% O(era*i#ni ?n bac+ office
O"era'i#ile > bac* officeF si-ilare c# o"era'i#ile efec%#a%e > ca$r#l
ac%ivi%&'ii $e re%ail ba*i+F icl#$5 verificarea <i calc#larea sol$#rilor %#%#ror co%#rilor
clie'ilor )"ri recocilierea sol$#rilor co%#rilor c# re+is%r#l co%abil +eeral care se
ba4ea4& "e $oc#-e%ele #%ili4a%e,E co-"esarea cec#rilor "ri sis%e-#l casei $e
co-"esa'ii )"ri sor%area cec#rilor ca$r#l sis%e-#l#i $e
co-"esare,E calc#larea $ob94ii )a"lic9$ ra%a corec%& a $ob94ii $osarierea $oc#-e%a'iilor %ra4ac'iilorE %ri-i%erea
eI%raselor $e co% clie'ilor ca$r#l $e"o4i%elor cos%i%#i%e
$e fir-eF ca acela
ca$r#l $e"o4i%elor cos%i%#i%e $e fir-eF es%e "roble-a care $e -#l%e ori es%e l#a%& >
cosi$erare $e aces%ea > "roces#l $e ale+ere a b&cii c# care vor s& l#cre4e. Da%a
efec%#&rii o"era'i#ilor )> s"ecial > ca4#l > care cec#rile s#% e-ise $e clie'i
34
fir-elor baca $e c&%re clie%, es%e covei%& a fi l#a%& >
cosi$erare -ai $evre-e $ec9% "e%r# clie'i "ersoae fi4iceF >%r#c9% aceas%a es%e #
-i=loc $e a a%ra+e fir-ele ca ca$r#l $e"o4i%elor cos%i%#i%e $e fir-eF ecesi%&
acelea ca4#l re%ail ba*i+8#l#iF "l#s5 %er-ei clari acor$#l se-a% $e bac& #-ele ei.
'.'.'..... Ca"e!orii )e )e(o1i"e bancare
K "rac%ica bacar& se $is%i+ #r-&%oarele ca%e+orii $e $e"o4i%e bacare5
$a% De(o1i"e la ve)ere
Carac%eris%ic aces%#i %i" $e $e"o4i%F care oc#"& $e al%fel "o$erea cea -ai
-are > %o%al#l $e"o4i%elor bacareF o cos%i%#ie fa"%#l c& $e"oe'ii "o% rec#"era
)re%ra+e, fo$#rile -oe%are $e"#se > orice -o-e% $orescF > "rici"i#F f&r& "reavi4
a$resa% b&cii. EIce"'ie fac ca4#rile $e re%ra+ere a #or s#-e foar%e -ariF care i-"#
# "reavi4 $i "ar%ea $e"oe%#l#iF $ar #-ai $e !3 $e ore >ai%ea rec#"er&rii
s#-elor res"ec%ive.
$b% De(o1i"e c# (reavi1
Ks&scris#l )co%rac% $e $e"o4i%, >c/eia% la cos%i%#irea $e"o4i%#l#i.
Aces% "reavi4 se $& $e re+#l&F c# 681: 4ile >ai%ea re%ra+erii s#-elor
res"ec%ive. Ase-eea %i" $e $e"o4i%e es%e -ai rar #%ili4a%F $e%re "&r'iF la >c/eierea co%rac%#l#i $e
$e"o4i%F la %er-ee fiIe )o s&"%&-9&F o l#&F 0 l#iF 7 l#iF 1! l#i cre$i%eE "e%r# clie'i $eoarece
re-#erarea "lasa-e%#l#i es%e -ai b#a fa'a $e al%e for-e.
$)% Noi "i(#ri )e )e(o1i"e
a, U o# %i" $e $e"o4i% $e#-i% NsJee"OF es%e o iova'ie i%ro$#s& $e
c&%re is%i%#'iile care "reia# $e"o4i%ele. Aces% coce"% es%e a"lica% al%or %i"#ri $e co%#ri
)a$ic& la co%#ri $e %i" NO. H Ne+ociable Or$er or .i%/$raJal Acco#%,F > care
sol$#rile "es%e # a#-i% ivel s#% %rasfor-a%e > fo$ al "ie'ei $e ca"i%al.
Co%#rile NsJee"O s#% oferi%e $e b&ci clie'ilor bo+a'i <i s#% corela%e $e
obicei c# r#larea fo$#rilor -#%#ale.
)a, U co% %i" Ncas/ -aa+e-e%O es%e # "ro$#s $e4vol%a% $e Berril
LPc/F care co-bi& bro*era=#l <i co%#l bacarF oferi$ clie'ilor $ob9$a 4ilic&
35
*inanarea
"o"al& +
necesar
"e%r# sol$#l $i co%F facili%a%e "ri cec#riF car$#ri $e $ebi% Disa f#c'ie $e
ivel#l $ob94ii $e "ia'&F $e %i"#l $e"o4i%#l#i or$ie $e"o4i%ele c# "reavi4 fial
$e"o4i%ele la ve$ere.
Pe%r# evi%area risc#l#i $e lic/i$i%a%e fiecare socie%a%e bacar& %reb#ie s&
asi+#re refia'area cores"#4&%oare a "lasa-e%elor $e cre$i%eF "ri a+a=area $e
oi ca"i%al#ri -oe%are $e >-"r#-#%F $ar -ai ales "e%r# a asi+#ra res%i%#irea la
sca$e'& a $e"o4i%elor eIis%e%e.
'.'.'.0. Reescon"#l "i"l#rilor )e cre)i" la Banca Cen"ral&
B&cile care a# evoie $e lic/i$i%&'ile %i%l#ri $e
cre$i% sco%a%eF a"elea4& la o"era'i#ile $e reesco% la Baca Ce%ral&.
A"elarea la o"era'i#ile $e reesco% se faceF > +eeralF c9$ %aIa oficial& a
sco%#l#i s%abili%& $e Baca Ce%ral& es%e ava%a=oas&. O"era'i#ea $e reesco%
cos%& > rec#"erareaF >ai%e $e sca$e'&F a lic/i$i%&'ilor i-obili4a%e > %i%l#ri $e cre$i%
)%i%l#ri $e crea'&F efec%e $e co-er'F e%c., sco%a%e #or clie'i.
'... Proce)#ri (rivin) f#n)aen"area )eci1iei )e cre)i"are
Aali4a c# "rivire la f#$a-e%area $eci4iei la acor$area cre$i%elor
efec%#a%e $e b&ci es%e #a $i ac%ivi%&'ile -a=ore care i-"lic& o sea-& $e ac%ivi%&'i
c#- ar fi5 "revi4ioarea ceri'elor fiaciareE aali4a ecoo-ico8fiaciar& a ac%ivi%&'ii
clie'ilorE risc#l > ac%ivi%a%ea $e cre$i%areE "roce$#ri co-#e $e f#$a-e%are a
$eci4iei $e cre$i%areE +ara'iile cre$i%#l#iE co%rac%#l $e cre$i%E co%rol#l #%ili4&rii
cre$i%elor -"r#-#% a clie%#l#iF
ofi'er#l $e cre$i%e %reb#ie s& fac& o "revi4ioare a ceri'elor fiaciare. Daloarea
cererii $e >-"r#-#% va avea ca "#c% $e "lecare o eIa-iare a clie%#l#iF >ai%e $e a
acce"%a cererea ca fii$ valabil&. Ca #r-areF se va efec%#a c# asis%e'a a se verifica s%abili%a%ea is%oric& a rela'iilor $i%re v94&ri
<i $iverse co%#riF "ri calc#larea #ei "revi4io&ri a fia'&rii %o%aleF $#"& #r-&%oarea
rela'ie5
[ ] ( ) [ ] ( l a " i " # i ) i v i )e n ) #l i n ) i c e l e " e ( r e v i 1 i o na v a n 1 a r i ( r o f i " ) e a r : a
v a n 1 a r i l o r a " a ( r e v i 1 i o n a if i c a r e a o )
E a n 1 a r i
P a s i v e
v a n 1 a r i l o r a " a ( r e v i 1 i o n a if i c a r e a o )
E a n 1 a r i
A c " i v e

1
]
1
1
]
1
V

)1,
36
B#l%e b&ci se a+a=ea4& > si-#l&ri $e a-"loare "rivi$ ra-b#rsarea co$i'ii $iferi%e $e ra%& a $ob94iiF
si%#a'ia +eeral& a ecoo-ieiF ifla'ia %oc-i%e $eci4ia $e acor$are a >-"r#-#%#l#i es%e
ca"aci%a%ea +eeral& $e a co-bia $iverse >-"r#-#%#ri ale b&cii >%r8o s%ra%e+ie $e
"or%ofoli# coere%& <i clar $efii%&.
'...1. Anali1a econoico9financiar& a ac"ivi"&*ii clien*ilor
Aali4a as"ec%elor ecoo-ico8fiaciare are ca obiec%iv s%abilirea ##i
$ia+os%ic al si%#a'iei ecoo-ico8fiaciare i$is"esabil "e%r# $eci4ia $e cre$i%are.
Aceas%& aali4& se ba4ea4& "e $oc#-e%e $e si%e4& co%abil& )bila'#l co%abil <i
ra"or%#l $e +es%i#eF co%#l $e "rofi% <i "ier$ereF ra"or%&ri co%abile "erio$iceF e%c.,F "e
aali4a fl#I#l#i $e fo$#ri ale "erioa$elor eI"ira%eF "rec#- care "res#"#e5
eIa-iarea bila'#rilor "e #l%i-#l a >c/eia% ce"#%#l a#l#i c#re%F co-"ara%iv c# aceea<i "erioa$& a a#l#i
%rec#%. Bila'#rile co%abile c# o a#-i%& cifr& $e afaceri a#al&F %reb#ie s& fie
cer%ifica%e $e co-isia $e ce4oriE
aali4a i-obili4&rilor cor"orale <i ecor"orale <i a s#rselor $e aco"erire a
aces%oraE
aali4a $eco%&rilorF "relev&rilorF v&rs&-i%elorF $a%oriilor a c-el"#ielilor 7i con"#l#i )e (rofi" 7i
(ier)ere> care are > ve$ere5 aali4a re4#l%a%elor ac%ivi%&'ii c/eia% re+is%ra%e care se
ba4ea4& "e -o$#l $e reali4are a "ro$#c'ieiF v94area casarea aces%eiaF
aco"erirea c/el%#ielilor $i vei%#ri <i ob'ierea $e "rofi%F efec%#area la %er-e a "l&'ilor
c&%re "ar%eeriF b#+e%F b&ciF e%c. Aceas%& aali4& se efec%#ea4& a%9% "e%r#
ac%ivi%a%ea $e "ro$#c'ieF c9% "e "erioa$a #r-&%oareF
"res#"#e ca "e ba4a re4#l%a%elor ob'i#%e a%erior vii%or lic/i$i%&'iE
ca"aci%a%ea clie%#l#i $e a8'ele+erea ac%ivi%&'ii clie%#l#i es%e # ele-e% f#$a-e%al
al "r#$e'ei bacare. De aceeaF c#oa<%erea ac%ivi%&'ii $esf&<#ra%& $e clie% >
"erioa$a a%erioar&F "rec#- <i a "reve$erilor "e%r# a#l vii%orF $a# "osibili%a%ea
b&ciiF "e $e o "ar%eF s& ofere aces%#ia serviciile cas&rii $ob94ilor.
Ca a%areF "e%r# "ro%e=area fo$#rilor "ro"rii acor$area cre$i%elor.
Aali4a fiaciar& a ac%ivi%&'ii clie%#l#i are ca "#c% $e "lecare bila'#l
co%abilF ca $oc#-e% oficial $e +es%i#e al clie%#l#i.
El ofer& o i-a+ie co%abil& as#"ra "a%ri-oi#l#iF si%#a'iei fiaciare <i
re4#l%a%elor ob'i#%eF "e ba4a #or ac%e a$-iis%ra%ive e-ise la # -o-e% $a%. K
-o$ si-ilar se va "roce$a <i c# ifor-a'iile f#ri4a%e $e co%#l $e "rofi% <i "ier$ereF
care vor fi re+r#"a%e <i "rel#cra%e "e%r# a oferi o i-a+ie -ai clar& as#"ra
re%abili%&'ii "a%ri-oi#F res"ec%iv la valoarea co%abil&F care "oa%e fi $iferi%& $e valoarea
real&F $e "ia'& a aces%ora.
Pe ba4a bala'ei $e verificare l#ar&F si%#a'iile fiaciar8co%abile "erio$ice
 ve$erea ob'ierii ele-e%elor %re+#l#i
"a%ri-oi# co-"ara'ie c# cel al b&cii.
K sco"#rile aali4ei se efec%#ea4& o re+r#"are a ifor-a'iilor $i bila'#l
co%abil.
'...1.1.1.1. S"r#c"#ra 7i con*in#"#l )a"elor 7i infora*iilor )in bilan*#l
con"abil
La "rel#crarea bila'#l#i co%abil $e c&%re ofi'erii $e cre$i%eF ele-e%ele $e
ac%iv %rei -ari ca"i%oleF as%fel5
ACTID5 I LAc%ive -obili4a%e
II L Ac%ive reali4abile Ac%ive circ#la%e
III L Tre4oreria "o4i%iv&
I. Ac"ivele iobili1abile c#"ri$ i-obili4&rile ecor"orale <i cor"orale <i
fiaciare <i cre$i%ele co-erciale c# sca$e'& 1 a.
II. Ac"ivele reali1abile s#% for-a%e $i s%oc#riF crea'e $e -aIi-#- 1 aF
co%#rile $e re+#lari4are b&ci > lei 
$is"oibili%&'i.
Ac%ivele reali4abileF >-"re#& c# %re4oreria "o4i%iv&F alc&%#iesc ac%ivele
circ#la%e.
PASID5
)a, Pasive "e %er-e l#+
)b, Da%orii c#re%e c# sca$e'a -ai -ic& $e 1 a
)c, Tre4oreria e+a%iv&
Pasivele (e "eren l#n! c#"ri$ acele s#rse $e fia'are c# carac%er
"er-ae% sa# $e l#+& $#ra%&F res"ec%iv5
A1. Ca"i%al#ri "ro"rii > ses lar+
A!. Provi4ioae "e%r# risc#ri <i c/el%#ieli
A0. Da%orii c# sca$e'a -ai -are $e 1 a
A1%. Ca(i"al#ri (ro(rii ?n sens lar! c#"ri$ a%9% ele-e%ele $e ca"i%al
"ro"ri#84isF $ar <i $ifere'ele $i reeval#areF s#bve'iile "e%r# ives%i'ii ses lar+ )CPNSL,
Tabel#l !.3
Pos%#ri
R<n)
Ca"i%al#ri "ro"rii e%e > ses lar+ )r$. 18!808386W7878(8281:, 8
Ca"i%al#ri "ro"rii > ses lar+ )r$. 1( $i bila'#l "rel#cra% 8 ve4i
%abel#l 7.7,
1
I-obili4&ri ecor"orale !
Deco%&ri $i o"era'i#i > c#rs 0
Clie'i icer'i )c%. 317 W clie'i icer'i $e"is%a'i $e bac&, 3
Difere'e $e coversie L ac%iv 6
Difere'e $e coversie L "asiv 7
S%oc#ri evalorificabile L $e"is%a%e $e bac& 7
Pri-e "rivi$ ra-b#rsarea obli+a'i#ilor (
Deco%&ri c# asocia'ii "rivi$ ca"i%al#l 2
Al%e ac%ive icer%eF $e"is%a%e $e bac& 1:
Ca(i"al#rile (ro(rii ?n sens s"ric" se $e%er-i& "ri $e$#cere $i
ca"i%al#rile "ro"rii > ses lar+ a $ifere'elor $i reeval#areF s#bve'iile "e%r# ives%i'ii
 ses s%ric% c# acele ele-e%e $e ac%iv c# valoare icer%&F
$e#-i%e ele-e%e $e ac%iv icer% ses s%ric% )CPNSS,
Tabel#l !.6
Pos%#ri
R<n)
39
Ca"i%al#ri "ro"rii e%e > ses s%ric% )r$. 18!808386W7878(8281:, 8
Ca"i%al#ri "ro"rii > ses s%ric% )r$. 10 $i bila'#l "rel#cra% 8 ve4i
%abel#l 7.7,
1
I-obili4&ri ecor"orale !
Deco%&ri $i o"era'i#i > c#rs 0
Clie'i icer'i )c%. 317 W clie'i icer'i $e"is%a'i $e bac&, 3
Difere'e $e coversie L ac%iv 6
Difere'e $e coversie L "asiv 7
S%oc#ri evalorificabile L $e"is%a%e $e bac& 7
Pri-e "rivi$ ra-b#rsarea obli+a'i#ilor (
Deco%&ri c# asocia'ii "rivi$ ca"i%al#l 2
Al%e ac%ive icer%e L $e"is%a%e $e bac& 1:
Ele-e%e $e ac%iv c# valoare icer%& "o% fi5
- Iobili1&ri necor(orale> care s#% for-a%e $i5
1. C-el"#ielile )e cons"i"#ireF re"re4e%9$ c/el%#ielile oca4ioa%e $e
>fii'area socie%&'ii aii #r-&%ori "ri%r8o co%& a#al& $e
a-or%i4areE
2. C-el"#ieli )e cerce"are9)e1vol"are re"re4i%& cos%#l cerce%&rilor
ac%#ale > ve$erea elabor&rii #or "roiec%e $e vii%or. Av9$ > ve$ere carac%er#l
i-"robabil al re4#l%a%elor cerce%&rii <%ii'ificeF "robabili%a%ea rec#"er&rii aces%or
c/el%#ieli es%e icer%&.
3. Concesi#ni> breve"e 7i al"e )re("#ri 7i valori siilare re"re4i%&
cos%#l $e ac/i4i'ie al aces%or ac%ive i%a+ibile 
"rac%ic& # "o% fi c#osc#%e c# cer%i%#$ie.
4. Bon)#l Coercial es%e # ele-e% $e ac%iv ecor"oral care coc#r&
la -e'ierea <i $e4vol%area "o%e'ial#l#i ecoo-ic c#- ar fi5 va$#lF clie%elaF
$eb#<eeleF re"#%a'iaF co-"e%e'a. Daloarea fo$#l#i co-ercial es%e foar%e +re# $e
a"recia%F $e aceea "oa%e fi cosi$era% # ele-e% $e ac%ivF fic%ivF icer%.
5. Al"e Iobili1&ri Necor(orale> care c#"ri$ > +eeral "ro+ra-ele
ifor-a%ice crea%e $e fir-& sa# ac/i4i'ioa%e $e la %er'i.
- Decon"&ri )in O(era*i#ni ?n C#rs )e clarificare re"re4i%& s#-e
care # "o% fi >re+is%ra%e "e c/el%#ieli re4#l%a%ele fiaciare ale fir-ei
)a-e4iF loca'iiF c/el%#ieli $e =#$eca%&F e%c.,
- Clien*i Incer*i re"re4i%& acele crea'e c# "osibili%&'i i-"robabile $e
rec#"erareF caF $e eIe-"l#5 clie'i r&i "la%iciF $#bio<iF afla%e > li%i+i#. K aceas%&
ca%e+orie a clie'ilor icer'i >re+is%ra'i co%abilF %reb#ie >c/ise verific&rile efec%#a%e.
40
- Priele (rivin) Rab#rsarea Obli!a*i#nilor care re"re4i%&
$ifere'a $i%re valoarea $e e-isi#e lei, sa# $i $a%orii )-a=orarea valorii lor > lei, eI"ri-a%e >
-oe$e s%r&ie. Aces%ea se $e%er-i& ca $ifere'& >%re valoarea $e i%rare > lei a
aces%ora la c#rs#l #l%i-ei 4ile a eIerci'i#l#i.
- S"oc#ri Nevalorificabile re"re4i%& acele s%oc#ri $e -a%erii "ri-eF
-a%erialeF "ro$#se fii%eF e%c. $e+ra$a%e sa# f&r& "ers"ec%iv& cer%& $e $esfacere.
Daloarea aces%or s%oc#ri se $e%er-i& $e c&%re is"ec%or#l b&cii > "roces#l $e
aali4& a cre$i%#l#i.
- Decon"&ri c# asocia*ii (rivin) ca(i"al#l re"re4i%& a"or%#l la ca"i%al#l
s#bscris "erioa$a
#r-&%oare la $a%ele "rev&4#%e > $oc#-e%ele cos%i%#%ive ale socie%&'ii sa# a
a$#&rilor +eerale a ac'ioarilor > ca4#l > care se $eci$e o -a=orare a ca"i%al#rilor.
- Al"e ac"ive incer"e "o% fi ac%ive cor"orale )-a<iiF is%ala'iiF #%ila=e
$e+ra$a%eF sa# #ele c/el%#ieli >re+is%ra%e > co%#l 371 Nc/el%#ieli >re+is%ra%e >
avasOF c#- ar fi5 $ob94i e"l&%i%e afere%e cre$i%elor "e %er-e -e$i# <i l#+F
c/el%#ieli efec%#a%e "e%r# i-obili4&ri cor"orale ac/i4i'ioa%e sa# reali4a%e "e co%
"ro"ri#F "e%r# care # eIis%& s#rse aco"eri%oare $i a-or%i4areF $i re"ar%i4area
"rofi%#l#i sa# $i al%e s#rse,.
Eleen"e )e Pasiv c# valoare c#nosc#"& care -a=orea4& ca"i%al#rile
"ro"rii > ses s%ric%F s#% $e%er-ia%e $e $ifere'ele $e coversie L"asivF care
re"re4i%& "rofi%#ri la%e%e $i sc/i-b#rile val#%are la sf9r<i%#l eIerci'i#l#i. Ele s#%
$ifere'e favorabile $e c#rs val#%ar >%re $a%a $e i%rare a crea'elor $evi4e c/i$erii eIerci'i#l#i fiaciar.
A'%. Provi1ioanele (en"r# risc#ri 7i c-el"#ieli re"re4i%& fo$#ri
cos%i%#i%e fie "e sea-a c/el%#ielilor > sco"#l fia'&rii ele-e%elor "a%ri-oiale a
c&ror reali4are sa# "la%& se va face >%r8o "erioa$& vii%oare.
A.%. Da"oriile c# sca)en*& ai are )e 1 an c#"ri$ a%9% $a%oriile
fiaciare c# sca$e'a -ai -are $e # a )"ar%ea -ai -are $e # a, c9% <i $a%oriile
efiaciare c# sca$e'a -ai -are $e # a )"ar%ea -ai -are $e # a,.
B%. Da"orii c#ren"e c# sca)en*a ai ic& )e 1 an c#"ri$ "ar%ea -ai
-ic& $e # a a $a%oriilor efiaciare c# sca$e'a -ai -are $e # aF $a%oriile
efiaciare c# sca$e'a -ai -ic& $e # aF avas#riF "re-iileF al%e $a%oriiF "rec#- re+is%ra%e > avas <i $i $ifere'ele $e coversie8"asiv.
C%. Tre1oreria ne!a"iv& es%e cos%i%#i%& $i $a%oriile fiaciare c# sca$e'&
-ai -are $e # a )"ar%ea -ai -ic& $e # a, <i $a%oriile fiaciare -ai -ici $e #
a. Da%oriile %o%ale s#% for-a%e $i $a%oriile c# sca$e'& -ai -are $e # aF $a%oriile
c#re%e -ai -ici $e a <i %re4oreria e+a%iv&.
'...1.1.1.0. Con*in#"#l bilan*#l#i con"abil
Pe%r# $e%er-iarea co'i#%#l#i bila'#l#i co%abil "rel#cra%F ofi'erii $e
cre$i%e "roce$ea4& la +r#"area co%#rilor $i bala'a $e verificare l#ar& $e"#s& $e
clie%F > "o4i'ii si%e%iceF "o%rivi% #r-&%or#l#i -o$el )%abel !.7,5
Bilan* con"abil (rel#cra"
41

Tabel#l !.7
ACTIE R9$
Iobili1&ri cor(orale )r$. !W0W386, 1
8 c/el%#ieli $e cos%i%#ire c#rs 3
8 "rovi4ioae "e%r# $e"recierea i-obili4&rilor ecor"orale 6
Iobili1&ri cor(orale )r$. 7W(W2W1:W11W1!W10, 7
8 %ere#ri 7
8 cl&$iri (
8 cos%r#c'ii s"eciale 2
8 -a<ii c#rs 1!
8 "rovi4ioae "e%r# $e"recierea i-obili4&rilor cor"orale 10
Iobili1&ri financiare )r$. 16W17W1781(, 13
8 %i%l#ri $e "ar%ici"are 16
8 al%e %i%l#ri i-obiliare 17
8 crea'e i-obiliare 17
8 "rovi4ioae "e%r# $e"recierea i-obili4&rilor fiaciare 1(
Crean*e coerciale c# sca)en*a F )e 1 an 12
I. Ac"ive iobili1a"e )r$. 1W7W13W12, !:
S%oc#ri )r$. !!W!0W!3W!6W!7W!7, !1
8 -a%erii "ri-eF -a%erialeF obiec%e $e ive%ar !!
8 s%oc#ri afla%e la %er'i !0
8 "ro$#se > c#rs $e eIec#'ie !3
8 "ro$#se !6
8 ai-ale !7
8 -&rf#ri $i care s%oc#ri evalorificabile !7
Crean*e coerciale c# sca)en*a G )e 1 an )r$. !2W01W0!W00, !(
8 clie'i re+is%ra%e > avas 06
8 $ifere'e $e coversie 07
Prie (rivin) rab#rsarea obli!a*i#nilor 07
II. Ac"ive reali1abile )r$. !1W!(W03W07, 0(
8 %i%l#ri $e "lasa-e% 02
8 co%#ri la b&ciF casaF acre$i%ive 3:
III. Tre1oreria (o1i"iv& )r$. 02W3:, 31
Ac"ive circ#lan"e )r$. !1W!(W31, 3!
TOTAL ACTIE )r$. !:W0(W31, 30
42
PASIE
R<n)
Ca"i%al socialF $i care5 1
8 ca"i%al social v&rsa% !
8 "a%ri-oi#l re+iei 0
Co%#l >%re"ri4&%or#l#i i$ivi$#al La"or% $e ca"i%al Lcac/ 3
Co%#l >%re"ri4&%or#l#i i$ivi$#al La"or% $e ca"i%al L > val#%& 6
Pri-e le+a%e $e ca"i%al 7
Re4erve 7
Re4#l%a%#l ra"or%a% L"rofi% )W,F "ier$ere )8, (
Re4#l%a%#l eIerci'i#l#i L"rofi% )W,F "ier$ere )8, 2
Re"ar%i4area "rofi%#l#i 1:
?o$#ri 11
Re"ar%i4&ri la fo$#l $e $e4vol%are 1!
Ca(i"al#ri (ro(rii ?n sens s"ric" )r$. 1W3W6W7W7W18(W18281:W1181!, 10
Ca(i"al#ri (ro(rii ne"e ?n sens s"ric" 13
Difere'e $i reeval#are 16
S#bve'ii "e%r# ives%i'ii 17
Provi4ioae re+le-e%a%e 17
Ca(i"al#ri (ro(rii ?n sens lar! )r$. 10W16W17W17, 1(
Ca(i"al#ri (ro(rii ne"e ?n sens lar! 12
Provi4ioae "e%r# risc#ri !:
Provi4ioae "e%r# c/el%#ieli $e re"ar%i4a% !1
Provi1ioane (en"r# risc#ri 7i c-el"#ieli )r$. !:W!1, !!
Da%orii fiaciare c# sca$e'a X1 a )"ar%ea X 1 a, )r$. !3W!6,F $i
care5
!0
8 la b&ci !3
8 al%e $a%orii !6
Da%orii efiaciare c# sca$e'a X 1 a )"ar%ea X 1 a, )r$. !7W!(,F $i
care5
!7
8 f#ri4ori <i co%#ri asi-ila%e !7
8 avas#ri "ri-i%e !(
Da"orii c# sca)en*a F 1 an )r$. !0W!7, !2
I. Pasive (e "eren l#n! )r$. 1(W!!W!2, 0:
Da"orii nefinanciare c# sca)en*a G 1 a )r$. 0! la r$. 07, 01
8 f#ri4ori %re"ri4&%or#l#i i$ivi$#al L$a%orie > a%#r& 07
Con"#ri )e re!#lari1are 7i asiila"e )r$. 0(W02, 07
8 vei%#ri >re+is%ra%e > avas 0(
8 $ifere'e $e coversie 02
II. Da"orii c#ren"e c# sca)en*a X 1 a )r$. 01W07, 3:
Da%orii fiaciare c# sca$e'a G 1 a )"ar%ea G 1 a,F )r$. 3!,F $i care5 31
8 la b&ci 3!
Da%orii fiaciare c# sca$e'a G 1 a )r$. 33W36W37, 30
8 la b&ci 33
8 al%e $a%orii fiaciare 36
43
8 co%#l >%re"ri4&%or#l#i i$ivi$#al L$a%orie cac/ 37
III. Tre1orerie ne!a"iv& )r$. 31W30, 37
Da%orii c# sca$e'a G 1 a )r$. 3:W37, 3(
Da%orii %o%ale )r$. !2W3(, 32
TOTAL PASIE )r$. 0:W3:W37, 6:
'...1.1.'. Anali1a (rofi"abili"&*ii
Bila'#l co%abil >%oc-i% $e clie% eI"ri-& s%area "a%ri-oial& la care s8a
a=#s la o a#-i%& $a%&F res"ec%iv la >c/eierea eIerci'i#l#iF iar co%#l $e "rofi% <i
"ier$ere eI"ri-& -o$#l c#- s8a a=#s la res"ec%iva s%are "a%ri-oial& fial&F care a#
fos% fl#I#rile $e vei%#ri ce"#%#l <i coce%rea4& a%e'ia as#"ra ac%ivi%&'ilor
care +eerea4& vei%#riF res"ec%iv c/el%#ieli. Ei "rel#crea4& $a%ele <i ifor-a'iile $i
co%#l $e "rofi% <i "ier$ere elabora% $e clie'iF "ri i%ro$#cerea #or i$ica%ori
$e#-i'i sol$#ri i%er-e$iare $e +es%i#e )-ar=a co-ercial&F valoarea a$&#+a%&F
eIce$e%#l 1$efici%#l br#% $i eI"loa%areF eIce$e%#l 1$efici%#l br#% fiaciarF eIce$e%#l
1$efici%#l br#% eIce"'ioalF ca"aci%a%ea $e a#%ofia'areF e%c.,.
Aali4a ve$ere #r-&%oarele5
Co%#l $e "rofi% $iferi%e e%a"eF "er-i'9$ as%fel
$es"ri$erea #or cocl#4ii le+a%e $e ivel#l "erfor-a'elor ecoo-ice ale ac%ivi%&'ii
$esf&<#ra%e $e o fir-& >%r8o a#-i%& "erioa$& $e +es%i#e.
?l#I#rile ecoo-ice s#% +r#"a%e >5
Bl#5#rile )e e5(loa"are> care s#% acele o"era'i#i ecoo-ice c#
carac%er s"ecificF obi<#i% <i res"ec%iv care se refer& la ac%ivi%a%ea or-al& <i c#re%& a
fir-eiF eIcl#49$ orice ifl#e'& c# carac%er fiaciar sa# eIce"'ioal. O"era'i#ile $e
eI"loa%are "er-i% $e%er-iarea re4#l%a%#l#i $e eI"loa%areF care es%e # re4#l%a% realF
$eoarece es%e +eera% $e ac%ivi%a%ea "ro"ri#84is& $e ba4& a fir-ei.
Bl#5#rile financiare> cos%i%#i%e $i acele o"era'i#i ecoo-ice care
se refer& la ac%ivi%a%ea fiaciar& <i care a# # carac%er obi<#i% re"e%i%iv <i s"ecific
c#"ri49$F $e ase-eea <i acele o"era'i#i eIce"'ioale c# carac%er fiaciar.
Aces%e fl#I#ri "er-i% $e%er-iarea re4#l%a%#l#i fiaciar. ?l#I#rile $e eI"loa%are for-a%e $i acele o"era'i#i ecoo-ice care
# a# o le+&%#r& $irec%& c# obiec%#l or-al $e ac%ivi%a%e a fir-ei. Ele a# # carac%er
ere"re4e%a%ivF acci$e%al. ?l#I#rile eIce"'ioale "er-i% $e%er-iarea re4#l%a%#l#i
eIce"'ioal.
Co%#l $e "rofi% corelare #r-&%oarele ivele5
Nivel#l C-el"#ieli Eeni"#ri
I. EI"loa%are
C/el%#ieli $e eI"loa%are Dei%#ri $i eI"loa%&ri
44
II. ?iaciar C/el%#ieli fiaciare Dei%#ri fiaciare
III. EIce"'ioal C/el%#ieli eIce"'ioale Dei%#ri eIce"'ioale
ID. Global I-"o4i%e "e "rofi% 8
'...1.1.'.1. Eval#area (rofi"abili"&*ii la nivel )e e5(loa"are
K aceas%& "ar%e a co%#l#i $e "rofi% i$ica%oriF care "er-i% $e%er-iarea "erfor-a'ei fir-ei la ivel#l
ac%ivi%&'ii $e ba4&F res"ec%iv ac%ivi%a%ea $e eI"loa%are. Ace<%i i$ica%ori s#%5
;ar:a Coercial&F care re"re4i%& valoarea o# crea%& ob'i#%& >
sfera co-er'#l#i e +ros <i e $e%ailF a%9% $e socie%&'ile $e "rofil c9% cos%i%#i%& $i %o%ali%a%ea vei%#rilor ob'i#%e $i
ac%ivi%a%ea $e v94are a "ro$#selorF serviciilor %r8o a#-i%&
"erioa$&. Cifra $e afaceri re"re4i%& vol#-#l $e afaceri reali4a% c# %er'e "ersoae >
ca$r#l ac%ivi%&'ii or-ale carac%eri4area -&ri-ii #ei socie%&'i <i a
si%#a'iei ecoo-ico8fiaciare a aces%eia. Cifra $e afaceri es%e ifl#e'a%& a%9% $e
varia'iile $e "re' c9% %r8o a#-i%& "erioa$&F v9$#%e sa# "&s%ra%e >
s%oc sa# #%ili4a%e $re"% ac%ive fiIe.
Pro). e5erci*i#l#i 4 Pro). v<n)#"& HPro). s"oca"& HPro). iobili1a"& $0%

Eol##l !lobal al ac%ivi%&'ii #ei socie%&'i es%e "ro$#c'ia eIerci'i#l#i W
v94&rile $e -&rf#riF >%r8o a#-i%& "erioa$&. U%ili4area aces%#i i$ica%or es%e
ecesar& "e%r# $e%er-iarea "o$erii ele-e%elor $i co%#l $e "rofi% %rea+a ac%ivi%a%e a clie'ilorF $eoarece a+e'ii ecoo-ici "o% $esf&<#ra > acela<i
%i-" a%9% ac%ivi%a%e $e "ro$#c'ie c9% <i $e co-er'.
Pro). e5erci*i#l#i HE<n1&ri )e &rf#ri 4 Pro). v<n)#"& HPro). s"oca"& H
HPro). iobili1a"& H E<n1&ri )e &rf#ri. $6%
;ar:a In)#s"rial& re"re4i%& valoarea o# crea%& ob'i#%& $i
ac%ivi%a%ea "ro$#c%iv& $esf&<#ra%& $e o socie%a%eF al%a $ec9% cea "#r co-ercial&F >%r8o
a#-i%& "erioa$& $e %i-".
45
;ar:a in). 4 Pro). e5erci*i#l#i 3$c-el"#ieli c# a"erii (rie>
a"eriale> ener!ie Hl#cr&ri 7i servicii e5ec#"a"e la "er*i% $8%
Ealoarea A)&#!a"& es%e valoarea o# crea%& "l#s a-or%i4areaF
ob'i#%& $e socie%a%e $i >%rea+a sa ac%ivi%a%eF a%9% "ro$#c%iv& c9% <i $e co-er'.
Ealoarea a)&#!a"& ne"& es%e valoarea o# crea%&.
Eal. a)&#!a"& 4Pro). e5erci*i#l#i 3c-el"#ieli a"eriale $c-el"#ieli in"ere)iare
)in ac"ivi"a"ea )e coer*%
Eal. a)&#!a"& ne"& 4 ;ar:a Co. H;ar:a In). $C%
sa# Eal. a)&#!a"& ne"& 4 Eal. a)&#!a"& 3Aor"i1area
Daloarea a$&#+a%& re"re4i%& s#rsa $e cos%i%#ire a re4#l%a%#l#i $e
eI"loa%are %r#c9% eI"ri-&
"osibili%a%ea real& a clie%#l#i $e a "l&%i cos%#l cre$i%elor a+a=a%e.
E5ce)en"#l Br#" )in E5(loa"are re"re4i%& re4#l%a%#l ob'i#% $e o
socie%a%e co-ercial& $i eI"loa%areF res"ec%iv $i ac%ivi%&'ile sale c#re%e eifl#e'a%
$e vol#-#l a-or%i4&rilor <i "rovi4ioaelorF "rec#- <i $e al%e vei%#ri <i c/el%#ieli $i
eI"loa%are. Se ob'ie as%fel # re4#l%a% eafec%a% $e ele-e%e $e "oli%ic& ecoo-ic&
i%er& a clie%#l#i "rivi$ cos%i%#irea a-or%i4&rii <i "rovi4ioaelor.
EIcl#$erea al%or vei%#ri care aces% i$ica%or es%e e+a%iv el se #-e<%e Nins#ficien*a
br#"& a e5(loa"&riiO.

E5ce)en"#l br#" )in e5(loa". $ sa# ins#ficien*a br#"& )in e5(loa". %
4 Eal. a)&#!. Hs#bven*ii )in e5(loa". $I(o1i"e 7i v&rs&in"e
asiila"e% Hc-el". c# (ersonal#l $D%
Eeni"#ri To"ale )in E5(loa"are s#% cos%i%#i%e $i %o%ali%a%ea
vei%#rilor #ei socie%&'i >re+is%ra%e >%r8o "erioa$&.
Eeni"#ri "o"ale 4 Cifra )e afaceri HPro). s"oca"& H Pro). iobili1a"& H S#bven*ii
)in e5(loa"are HAl"e veni"#ri )in e5(loa". HEeni"#ri )in (rovi1ioane
(rivin) ac"ivi". )e e5(loa". $I%
)i, C-el"#ieli "o"ale )in e5(loa"are re"re4i%& %o%ali%a%ea c/el%#ielilor
efec%#a%e $e o socie%a%e >%r8o a#-i%& "erioa$&.
C-el". To"ale 4 C-el". ;a"eriale HL#cr&ri 7i servicii (res"a"e HI(o1i"e 7i "a5e
HC-el". c# (ersonal#l H Al"e c-el". c# aor"i1&ri 7i (rovi1ioane.
$1J%
46
)=, Re1#l"a"#l )in E5(loa"are es%e # i$ica%or "ri care se eval#ea4&
re%abili%a%ea ecoo-ic& a #ei socie%&'i $i ac%ivi%a%ea $e eI"loa%are.
Re4#l%a%#l $i eI"loa%are es%e "o4i%iv a%#ci c9$ se >re+is%rea4& "rofi%F iar
c9$ re4#l%a%#l es%e e+a%iv se >re+is%rea4& "ier$ere. Poa%e fi calc#la% > $o#& fel#ri5
Re1. )in e5(loa". 4Eeni"#ri "o"ale )in E5(loa". 3C-el". To"ale )in
E5(loa".
sa#
Re1. )in E5(loa". 4E5ce)en"#l br#" )in e5(loa". H$al"e veni"#ri )in
e5(loa"% H/9 aor"i1&ri 7i (rovi1ioane. $11%
Re4#l%a%#l $i eI"loa%are eval#ea4& re%abili%a%ea ecoo-ic& a #ei
socie%&'i <i cores"#$e ac%ivi%&'ii or-ale <i c#re%e a aces%eia.
'...1.1.'.'. Eval#area (rofi"abili"&*ii la nivel#l financiar
)*, E5ce)en"#l Br#" Binanciar re"re4i%& re4#l%a%#l ob'i#% $e socie%a%e $i
fl#I#rile fiaciareF eifl#e'a% $e "rovi4ioae <i a-or%i4&ri fiaciare.
E5ce). Br#" Binanciar 4Eeni"#ri financiare $ai (#*in veni"#ri )in
(rovi1ioane% 3C-el". financiare $ai (#*in aor"i1&rile 7i (rovi1ioanele%
$1'%
)l, Eeni"#ri Binanciare To"ale s#% vei%#rile ob'i#%e $i %oa%e fl#I#rile
+eera%e $e aces% ivel ecoo-ic al ac%ivi%&'ii #ei socie%&'i.
)-, C-el"#ieli Binanciare To"ale s#% acele c/el%#ieli afere%e fl#I#rilor
fiaciareF res"ec%iv crea'elor i-obili4a%eF %i%l#rilor $e "lasa-e%F $ifere'elor $e c#rs
val#%ar %r#c9% vol#-#l aces%ora ara%& +ra$#l $e risc "e care <i8l as#-& > rela'iile
c# clie'ii.
), Re1#l"a"#l Binanciar es%e # i$ica%or care -&soar& re%abili%a%ea
socie%&'ii ob'i#%& > ac%ivi%a%ea sa la ivel#l %#%#ror fl#I#rilor fiaciare.
Re1#l"a"#l financiar 4E5ce)en"#l br#" financiar H/9aor"i1&ri 7i
(rovi1ioane financiare $1.%
sa#
Re1#l"a"#l financiar 4Eeni"#ri financiare "o"ale 3C-el"#ieli financiare
"o"ale
)o, E5ce)en"#l Br#" C#ren" es%e # sol$ i%er-e$iar $e +es%i#e care
-&soar& vol#-#l re4#l%a%#l#i ob'i#% > ac%ivi%a%ea c#re%& )$e eI"loa%are <i fiaciar&,
eifl#e'a% $e al%e vei%#ri <i c/el%#ieli $i eI"loa%are "rec#- <i $e a-or%i4&ri <i
"rovi4ioae $i eI"loa%are >%rea+a sa ac%ivi%a%e $e eI"loa%are fiaciar&.
47
Re1#l"a"#l C#ren" 4Re1#l"a"#l )in e5(loa"are HRe1#l"a"#l financiar
$16%
'...1.1.'... Eval#area (rofi"abili"&*ii la nivel e5ce(*ional
)Y, E5ce)en"#l Br#" E5ce(*ional es%e # sol$ i%er-e$iar $e +es%i#e care
ara%& vol#-#l re4#l%a%elor ob'i#%e > ac%ivi%a%ea eIce"'ioal&F eifl#e'a%& $e
a-or%i4&rile <i "rovi4ioaele s"ecifice aces%or fl#I#ri.
E5ce). br#" e5ce(*ional 4Eeni"#ri e5ce(*ionale $ai (#*in veni"#ri )in
(rovi1ioane% 3C-el". e5ce(*ionale $ai (#*in aor"i1&rile 7i (rovi1.%
$18%
)r, Eeni"#rile E5ce(*ionale To"ale s#% vei%#rile ob'i#%e efec%#a%e la
aces% ivel al ac%ivi%&'ii ecoo-ice.
)s, C-el"#ielile E5ce(*ionale To"ale cos%a# > c/el%#ielile efec%#a%e la
aces% ivel al ac%ivi%&'ii ecoo-ice.
)<, Re1#l"a"#l E5ce(*ional es%e # i$ica%or care co-es#rea4&
re%abili%a%ea #ei socie%&'i ob'i#%& la aces% ivel $e fl#I#ri ecoo-iceF res"ec%iv cel
eIce"'ioal.
Re1#l". e5ce(*ion. 4E5ce)en"#l br#" e5ce(*ional H/9Aor"i1&ri 7i
(rovi1ioane e5ce(*ionale $1C%
sa#
Re1#l". e5ce(*ion. 4Eeni"#ri e5ce(*ion. "o"ale 3c-el". e5ce(*ion. "o"ale
'...1.1.'.0. Eval#area (rofi"abili"&*ii la nivel !lobal
)%, E5ce)en"#l Br#" To"al re"re4i%& # sol$ i%er-e$iar $e +es%i#e care
ara%& vol#-#l re4#l%a%elor %#%#ror fl#I#rilor ecoo-iceF -ai "#'i cele cores"#4&%oare
al%or vei%#ri <i c/el%#ieli $i eI"loa%areF a-or%i4&rilor <i "rovi4ioaelor $i eI"loa%areF
fiaciare <i eIce"'ioale.
E5ce).br#" "o"al 4E5ce). br#" )in e5(loa". HE5ce). br#" e5ce(*ional
sa#
E5ce).br#" "o"al 4E5ce).br#" c#ren" HE5ce). br#" e5ce(*ional $1D%
)', Re1#l"a"#l Knain"ea Dob<n1ii 7i I(o1i"#l#i (e Profi" es%e # sol$
i%er-e$iar $e +es%i#e care -&soar& vol#-#l re4#l%a%#l#i ob'i#% $e o socie%a%e
eifl#e'a%& $e c/el%#ielile c# "la%a $ob94ilor <i c# i-"o4i%#l "e "rofi%.
Re1#l"a"#l Knain"ea Dob<n1ii 4 Re1#l". c#ren" HRe1#l". e5ce(*ion. H
7i I(o1i"#l#i (e Profi" HC-el"#ieli c# )ob<n1ile
)#, Eeni"#rile To"ale s#% vei%#rile ob'i#%e $e o socie%a%e $i %oa%e
fl#I#rile ecoo-iceF res"ec%iv $e eI"loa%areF fiaciare %r8o a#-i%&
"erioa$&.
)v, C-el"#ielile To"ale re"re4i%& c/el%#ielile efec%#a%e "e%r# $esf&<#rarea
>%re+ii ac%ivi%&'i a #ei socie%&'i >%r8o a#-i%& "erioa$&.
48
)J, Re1#l"a"#l Br#" al E5erci*i#l#i es%e # sol$ i%er-e$iar $e +es%i#e
care -&soar& re4#l%a%#l ob'i#% $e o socie%a%e > >%rea+a sa ac%ivi%a%e >ai%ea "l&'ii
i-"o4i%#l#i "e "rofi%.
Re1#l". br#" al e5erci*. 4 Re1#l". c#ren" al e5erci*. H Re1#l". e5ce(*ion.
sa#
Re1#l". br#" al e5erci*. 4 Eeni"#ri To"ale 3 C-el". To"ale $1I%
Re4#l%a%#l br#% al eIerci'i#l#i se calc#lea4& la vol#-#l livr&rilor $e -&rf#ri
efec%#a%eF cas&rii co%ravalorii aces%oraF $eci el # es%e # re4#l%a%
fiscal. De aceeaF i-"o4i%#l "e "rofi% # se $e$#ce $irec% $i re4#l%a%#l br#% al
eIerci'i#l#iF ci "ri%r8o -e%o$olo+ie s"ecial& care are > ve$ere vol#-#l >cas&rilor
efec%ive > "erioa$a res"ec%iv&.
)I, Re1#l"a"#l Ne" al E5erci*i#l#i es%e # sol$ i%er-e$iar $e +es%i#e care
co-es#rea4& re4#l%a%#l fial al ac%ivi%&'ii ##i clie% $#"& "la%a i-"o4i%#l#i "e "rofi%.
Re1#l". ne" al e5erci*. 4 Re1#l". br#" al e5erci*. 3 I(. (e (rofi"
$'J%
)P, Ca(aci"a"ea )e A#"ofinan*are re"re4i%& s#r"l#s#l $e -i=loace b&e<%i
re4#l%a% $i eI"loa%are "e "arc#rs#l #ei "erioa$e $e +es%i#e.
Ca"aci%a%ea $e A#%ofia'are se "oa%e calc#la > ! -o$ali%&'i5 $'1%
"ori$ $e la eIce$e%#l br#% $e eI"loa%areF la care se a$a#+&
al%e vei%#ri $i eI"loa%areF vei%#rile fiaciare <i eIce"'ioale )f&r& "rovi4ioae, <i se
sca$ c/el%#ielile $i eI"loa%areF c/el%#ielile fiaciare <i eIce"'ioale )-ai "#'i
a-or%i4&ri <i "rovi4ioae, <i i-"o4i%#l "e "rofi%E
"ori$ $e la re4#l%a%#l e% al eIerci'i#l#iF la care se a$a#+& s#-a
a-or%i4&rilor <i "rovi4ioaelor.
)4, Ca(aci"a"ea )e A#"ofinan*are Ne"& re"re4i%& s#r"l#s#l $e -i=loace
b&e<%iF re4#l%a% $i ac%ivi%a%ea #ei socie%&'i "e "arc#rs#l #ei "erioa$eF $#"&
re"ar%i4area $ivi$e$elor.
Ca(aci"a"ea )e A#"ofin. Ne"& 4 Ca(aci"a"ea )e A#"ofin. 3Divi)en)e
$''%
Pe%r# "rel#crarea co'i#%#l#i co%#l#i $e "rofi% "o4i'ii si%e%iceF "o%rivi% -o$el#l#i "re4e%a% > co%i#are )%abel
!.7,5
Con"#l )e (rofi" 7i (ier)ere (rel#cra"
Tabel#l !.7
D94&ri $e -&rf#ri 1
Cos%#l -&rf#rilor v9$#%e !
;ar:a coercial& )r$. 18!, 0
8 Pro$#c'ia v9$#%& 3
Cifra )e afaceri )r$. 1W3, 6
8 Pro$#c'ia s%oca%& 7
49
8 Pro$#c'ia i-obili4a%& 7
Pro)#c*ia e5erci*i#l#i )r$.3W187W7, (
Pro)#c*ia e5erci*i#l#i HE<n1&ri )e &rf#ri )r$. (W1, 2
8 C/el%#ieli c# -a%erii "ri-eF -a%erialeF eer+ieF co-b#s%ibil 1:
8 L#cr&ri <i servicii eIec#%a%e la %er'i 11
;ar:a in)#s"rial& )r$. (81:811, 1!
Ealoarea a)&#!a"& )r$. 0W1!, 10
8 S#bve'ii $i eI"loa%are 13
8 I-"o4i%e <i v&rs&-i%e asi-ila%e 16
8 C/el%#ieli c# "ersoal#l 17
E5ce)en" $ins#ficien*&% br#" )in e5(loa"are )r$. 10W13816817, 17
8 Al%e vei%#ri $i eI"loa%are 1(
8 Al%e c/el%#ieli $i eI"loa%are 12
8 A-or%i4&ri <i "rovi4ioae $i eI"loa%are !:
Eeni"#ri )in e5(loa"are 3"o"al )r$. 6W7W7W13W1(Wc%. 7(1, !1
C-el"#ieli )in e5(loa"are 3"o"al )r$.!W1:W11W16W17W12Wc%. 7(1, !!
Re1#l"a"#l )in e5(loa"are )r$. 17W1(812W!:, !0
8 Dei%#ri fiaciare f&r& "rovi4ioae !3
8 C/el%#ieli fiaciare f&r& a-or%i4&riF $i care5 !6
8 C/el%#ieli c# $ob94i !7
E5ce)en" br#" financiar )r$. !38!6, !7
8 A-or%i4&ri <i "rovi4ioae fiaciare !(
Eeni"#ri financiare 3"o"al )r$.!3, !2
C-el"#ieli financiare 3"o"al )r$. !6, 0:
Re1#l"a"#l financiar )r$. !7W!(, 01
Re1#l"a"#l c#ren" al e5erci*i#l#i )r$. !0W01, 0!
8 Dei%#ri eIce"'ioale Lf&r& vei%#ri $i "rovi4ioae 00
8 C/el%#ieli eIce"'ioale Lf&r& a-or%i4&ri 03
E5ce)en" br#" e5ce(*ional )r$. 00803, 06
8 A-or%i4&ri ai%ea $ob94ii <i i-"o4i%#l#i "e "rofi% )r$. !0W01W02W!7, 31
8 Dei%#ri %o%ale )r$. !1W!2W07, 3!
8 C/el%#ieli %o%ale )r$. !!W0:W0(, 30
Re1#l"a"#l br#" al e5erci*i#l#i )r$. !0W01W02, 33
8 I-"o4i%#l "e "rofi% 36
Re1#l"a"#l ne" al e5erci*i#l#i )r$. 33836, 37
Ca(aci"a"ea )e a#"ofinan*are )r$. 37, 37
Ca(aci"a"ea )e a#"ofinan*are ne"& )r$. 37, 3(
Ofi'erii $e cre$i%e co%rolea4& corec%i%#$iea sol$#rilor <i i%er"re%ea4&
$a%ele <i i$ica%orii ob'i#'i. I%ro$#cerea aces%ei -e%o$e s%a$ar$ $e aali4&
co-"#%eri4a%& "re4i%& o serie $e ava%a=e5
ifor-a'iile co%abile "re4e%a%e $e clie% s#% a=#s%a%eF "rel#cra%e evol#'ia clie%#l#iF "o% fi sesi4a%e -ai #<or
as"ec%ele e+a%iveF "rec#- <i cele care ecesi%& oi $e%alii <i "reci4&ri $i "ar%ea
aces%#ia av9$ as%fel loc o c#oa<%ere -ai b#& a afacerii clie%#l#iE
se re$#ce s#bs%a'ial $#ra%a elabor&rii i$ica%orilor "rivi$ bila'#l
co%abil <i a co%#l#i $e "rofi% <i "ier$ereF l&s9$ ofi'erilor $e cre$i%e %i-"#l ecesar
"e%r# i%er"re%area si%#a'iei ecoo-ico8fiaciare a clie%#l#iE
se cos%i%#ieF "ri ar/ivare elec%roic&F o ba4& $e $a%e care "oa%e fi
folosi%& la elaborarea $iverselor l#cr&ri.
'...1.'. In)ica"orii )e anali1& a boni"&*ii clien"#l#i
Ofi'erii $e cre$i%eF "e ba4a $a%elor $i bila'#l co%abil <i a co%#l#i $e "rofi%
5
8 I$ica%ori $e ivel <i s%r#c%#r&5 cifra $e afaceriE ca"i%al#ri "ro"riiE re4#l%a%#l
eIerci'i#l#iE fo$#l $e r#l-e%E ecesar#l $e fo$ $e r#l-e%E %re4oreria e%&E
lic/i$i%a%ea )i-e$ia%&F c#re%&F la $a%a vii%oare,E solvabili%a%eaE +ra$#l $e >$a%orare
)+eeral&F fiaciar&,E vi%e4a $e ro%a'ie )ro%a'ia ac%ivelor circ#la%eF ro%a'ia s%oc#rilor $e
-a%erii "ri-eE ro%a'ia s%oc#rilor $e "ro$#se > c#rs $e fabrica'ieF ro%a'ia s%oc#rilor $e
"ro$#se fii%e 1-&rf#riF $#ra%a -e$ie $e >casare a clie'ilorE $#ra%a -e$ie $e "la%& a
f#ri4orilor,.
S#% av#'i > ve$ere <i i$ica%orii $e "erfor-a'& c#- ar fi5 re%abili%a%ea
)$e eI"loa%are5 br#%& <i e%&E ecoo-ic&F fiaciar&,E risc#l fiaciar )+ra$#l $e
aco"erire a $ob94ii,E ra%a valorii a$&#+a%&E "oli%ica $e $ivi$e$e.
La calc#larea ve$ere reflec%area corec%& a selec'iei ecoo-ice <i fiaciare a
aces%eia.
'...1.'.1. In)ica"orii )e nivel 7i s"r#c"#r&
a) Cifra )e afaceri $CA% es%e i$ica%or#l care reflec%& vei%#rile
reali4a%e $e # clie% la fiele #ei "erioa$eF )l#&F %ri-es%r#F a, c# %er'ii. Pe%r# #
clie% viabilF c# "ers"ec%ive cer%e $e $e4vol%areF evol#'ia cifrei $e afaceri %reb#ie s& fie
asce$e%&F orice $ecli cos%i%#i$ # se-al serios "e%r# bac&. La a"recierea
$ia-icii CA se va avea > ve$ere %er-ei o-iali c9% $eosebi "e eIa-iarea
a%9% a ca"i%al#rilor "ro"rii > ses lar+ c9% ses s%ric%F -ai ales a ca"i%al#rilor
"ro"rii e%e > ses s%ric%. Se va "#e acce% "e $e%er-iarea s%oc#rilorF c/el%#ielilor cifre absol#%eF es%e #
i$ica%or si%e%ic care carac%eri4ea4& eficie'a ac%ivi%&'ii $esf&<#ra%eF ifl#e'9$ $irec%
ca"i%al#rile "ro"rii > ses#l -a=or&rii lor c# "rofi%#l afaceri c# clie'ii care >re+is%rea4& "ier$eriF iar
afacerile c# clie'ii care reali4ea4& "rofi% -ic se vor face c# -are "r#$e'&.
") Bon) )e r#len" 4(asive (e "eren l#n! 3ac"ive iobili1a"e $'.%
K ca4#l #ei b#e +es%io&ri fiaciareF ac%ivele i-obili4a%e %reb#ie s& fie
aco"eri%e i%e+ral c# "asivele "e %er-e l#+ <i $eci fo$#l $e r#l-e% %reb#ie s& fie
"o4i%iv. La clie'ii c# fo$ $e r#l-e% e+a%ivF baca #r-&re<%e "reoc#"area aces%ora
"e%r# ec/ilibrarea lor "ri s"orirea ca"i%al#rilor "ro"riiF a re4ervelor <i al%or fo$#ri $i
"rofi%#l reali4a%F ob'ierea $e s#bve'iiF v94area $e ac%ive i-obili4a%eF e%c.F evi%9$#8
se aco"erirea c# cre$i%e "e %er-e sc#r% a s#r"l#s#l#i $e ac%ive i-obili4a%e.
e% Necesar#l )e fon) )e r#len" 4ac"ive reali1abile 3)a"orii
c#ren"e G 1 an $'0%
O a%e'ie $eosebi%& o acor$& fiecare bac& $e%er-i&rii corec%e a
ecesar#l#i $e fo$ $e r#l-e%F c#osc9$ c& a%#ci c9$ ac%ivele reali4abile s#%
-ai -ari $ec9% $a%oriile c#re%e c# sca$e'a -ai -ic& $e # aF <i $eci ecesar#l $e
fo$ $e r#l-e% es%e "o4i%ivF "oa%e i%ervei cre$i%#l bacar "e %er-e sc#r%.
f% Tre1oreria ne"& 4fon) )e r#len" 3necesar#l )e fon) )e r#len"
Sa# Tre1oreria ne"& 4"re1oreria (o1i"iv& 3"re1oreria ne!a"iv& $'6%
Daria'ia %re4oreriei e%e se $a%orea4& # a%9% fo$#l#i $e r#l-e%F care es%e
rela%iv s%abil "e "arc#rs#l ##i eIerci'i#F c9% -ai ales ecesar#l $e fo$ $e r#l-e%F >
f#c'ie $e cicl#l $e eI"loa%areF a+e%#l ecoo-ic av9$ # ecesar $e fo$ $e
r#l-e% "o4i%iv c# a%9% -ai -are c# c9% cicl#l $e fabrica'ie es%e -ai >$el#+a%.
Cre$i%#l "e %er-e sc#r% "oa%e i%ervei #-ai > ca4#l %re4oreriei e%e e+a%ive.
$C% Lic-i)i"a"ea 3 re"re4i%& ca"aci%a%ea ##i clie% $e a face fa'& $a%oriilor
sale "e %er-e sc#r% "ri %rasfor-area ra"i$& a ac%ivelor sale circ#la%e >
$is"oibili%a%e. I$ica%orii calc#la'i > le+&%#r& c# lic/i$i%a%ea s#%5
H
V Z Z
V

a n s c a ) e n " a c # D a " o r i i
i n c e r " i C l i e n " i S " o c # r i c i r c # l a n " e A c " i v e
)!7,

Lic/i$i%a%e
i-e$ia%&
Lic/i$i%a%e
c#re%&
52
H
V Z Z
V

a n s c a ) e n " a c # D a " o r i i
i n c e r " i c l i e n " i c a b i l e n e v a l o r i f i S " o c # r i c i r c # l a n " e A c " i v e

)!7,
Lic/i$i%a%ea la
o $a%& vii%oare H [)Dis"oibili%&'i b&e<%i "ro"rii -"r#-#%a%e W Kcas&ri "ro+o4a%e
"9& la fiele "erioa$ei W Cre$i%e bacare "ro+o4a%e a se ob'ie
"9& la sf9r<i%#l "erioa$ei, 1 Pl&'i eIi+ibile "rev&4#%e "9& la
sf9r<i%#l "erioa$ei\ 1::
)!(,
I, Pri fiele "erioa$ei se >'ele+e ori4o%#l $e %i-" "e%r# care se face
aali4a lic/i$i%&'ii vii%oare )"es%e o l#&F # %ri-es%r#F 7 l#iF 1 aFe%c.,.
I-"or%a% "e%r# o bac& es%e ca"aci%a%ea clie%#l#i $e a8 Ncas/OF "e%r# a8 #-erar la o valoare "res%abili%&.
Aali4a "e ver%ical& %re lic/i$i%a%ea c#re%& sea-& c& ac%ivi%a%ea es%e
"re"o$ere% co-ercial& sa# vi%e4a $e ro%a'ie a s%oc#rilor es%e foar%e -areE $ac&
$ifere'ele s#% -ai -ariF "oa%e fi vorba $e o ac%ivi%a%e "ro$#c%iv& c# cicl#l l#+ $e
fabrica'ieF av9$ o vi%e4& -ic& $e ro%a'ie a s%oc#rilor $e "ro$#c'ie e%er-ia%&,E
Eficie'a co$#cerii socie%&'iiF -o$ali%&'ile ei $e fia'are )eI. o valoare
-are a lic/i$i%&'ii ca #r-are a $a%oriilor re$#se "e %er-e sc#r% "oa%e reflec%a o
fia'are a socie%&'ii $i 4oa "asivelor "e %er-e l#+F $eci "rovei$ $e la fo$#l $e
r#l-e%,.
K ce "rive<%e -o$#l $e i%er"re%are a lic/i$i%&'iiF se are > ve$ere "rac%ica
bacar& <i a#-e5
a, Bai -ic $e 1::R5 lic/i$i%a%e ecores"#4&%oare
b, K%re 1:: L1!:R5 lic/i$i%a%e sa%isf&c&%oare
c, K%re 1!: L16:R5 lic/i$i%a%e b#&
$, Pes%e 16:R5 lic/i$i%a%e foar%e b#&
$D% Solvabili"a"ea reflec%& ca"aci%a%ea +eeral& a socie%&'ii $e a %rasfor-a
%oa%e ac%ivele sale )a=#s%a%e c#- s8a "re4e%a% a%erior, > Ncac/O "e%r# "la%a %#%#ror
$a%oriilor.
Baca #r-&re<%e evi$e'ierea "o$erii co%rib#'iei "ersoale a ac'ioarilor
la fia'area $a%oriilorF co-"ara%& c# "ar%ici"area %er'ilor )icl#siv baca,.
53
Calc#larea solvabili%&'ii fir-ei se face $#"& #r-&%oarea rela'iei5
Solvabili"a"ea 4 V Z Z

( a s i v c o n v e r s i e ) e D i f e r e n " e " o " a l e D a " o r i i
i n c e r " i C l i e n " i c a b i l e n e v a l o r i f i S " o c # r i a c " i v e T o " a l

$'I%
K a"recierea aces%#i i$ica%or baca #r-&re<%e caF "e %o%al el s& fie
s#"ra#i%arF iar "e s%r#c%#r& acea "ar%e $i ac%iv re"re4e%a%& $e i-obili4&rile
cor"orale s& fie aco"eri%&F $e re+#l&F $e s#rse "ro"rii es%e # i$ica%or care eI"ri-& ra"or%#l >%re
$a%orii <i ca"i%al#ri "ro"riiF s#b for-a #r-&%oarelor rela'ii5
H
VZZ
s"ric" sens ?n ne"e (ro(rii Ca(i"al#ri
"o"ale Da"orii
$.J%
H
VZZ
s"ric" sens ?n ne"e (ro(rii Ca(i"al#ri
"o"ale financiare Da"orii
$.1%
Da"orii financiare 4 Da"orii financiare c# sca)en*a G 1 an HDa"orii
financiare "o"ale c# sca)en*a F 1 an $(ar"e G 1 an%
HDa"orii financiare c# sca)en*a F 1 an.
$.'%
K a"recierea aces%#i i$ica%or se va avea > ve$ere c& baca "ar%ici"& ca
"ar%eer la fia'area #ei fir-e al&%#ri $e "ro"rie%ariF $ar # "oa%e risca -ai -#l%
$ec9% ace<%iaF >%r#c9% si+#r#l beefici# "e%r# bac& es%e $ob9$aF iar "e%r#
"ro"rie%ari $ivi$e$ele $a%orare es%e #r-&%oarea5
Gra$ $e >$a%orare
+eeral&
Gra$ $e >$a%orare fiaciar&
B# "9& la 7:R "9& la 0:R
Sa%isf&c&%or >%re 7:81::R K%re 0:87:R
Necores"#4&%or "es%e 1::R "es%e 7:R
Gra$#l $e >$a%orare
+eeral& )Levera+e,
Gra$#l $e >$a%orare
fiaciar& )Geari+,
54
$1J% Ei"e1a )e ro"a*ie
Di%e4a $e ro%a'ie a ac%ivelor circ#la%e ara%& #-&r#l $e cicl#ri efec%#a%e $e
ac%ivele circ#la%e > $ec#rs#l #ei "erioa$e c#rs#l #ei "erioa$e es%e -ai -areF
c# a%9% AC a# fos% folosi%e -ai eficie%. Aces% i$ica%or %reb#ie aali4a% > evol#'ie 
co-"ara'ie c# si%#a'ia $i%re al%e socie%&'i co-erciale $i ra-#ri $e ac%ivi%a%e si-ilare.
DR "oa%e fi calc#la%& c#rs $e fabrica'ieF "ro$#se fii%eF e%c.,.
K aces%e ca4#ri se "oa%e $e%er-ia > $o#& -o$ali%&'i5
N#-&r $e ro%a'ii )NR, efec%#a%e $e s%oc#ri > $ec#rs#l #ei
"erioa$e 
4ile
Ro"a*ia s"oc#rilor )e a"erii (rie "oa%e fi eI"ri-a%& s#b for-a5
1) N#-&r $e ro%a'ii )NR, H
e)i# S"oc#l
&rilor a(rovi1ion Cos"#l

$.0%
2) D#ra%a -e$ie $e s%a'ioare )DC, H
e)i# S"oc ]^Z

$.6%
Ro"a*ia s"oc#rilor )e (ro)#c*ie ?n c#rs )e fabrica*ie se calc#lea4&
$ease-eea ca5
NR H
e)i# S"oc#l
% CA $ afaceri )e Cifra
$.8%
DC H
afaceri )e Cifra
e)i# S"oc#l ]^Z
$.C%
Ro"a*ia s"oc#rilor )e (ro)#se fini"e are o for-& si-ilar&5
- NRH
e)i# S"oc
afaceri )e Cifra
$.D%
55
- DCH
afaceri )e Cifra
e)i# S"oc ]^Z
$.I%
D#ra"a e)ie )e ?ncasare a clien*ilor se eI"ri-& > 4ileF se re"re4i%&
a-9area -e$ie acor$a%& clie'ilor. Ea se calc#lea4& as%fel5
afaceri )e Cifra
e)i# Sol)#l ]^Z
$0J%
Se a# > ve$ere care re"re4i%&
valoarea cre$i%elor co-erciale acor$a%e clie'ilorF i$ica%or care e ara%& $#ra%a -e$ie
a aces%or cre$i%e.
D#ra%a cre$i%#l#i co-ercial acor$a% clie'ilor $e"i$e $e a%#ra ac%ivi%&'iiF $e
for'a fiaciar& a socie%&'ii cre$i%oareF $e ra"or%#rile aces%#ia c# clie'ii s&i.
Co$#cerea fir-ei >i revie sarcia s& re$#c& a-9&rile la "la%& acor$a%e clie'ilorF
f&r& >s& a "re=#$icia "ri aceas%a "ie'ele $e $esfacere.
D#ra"a e)ie )e (la"& a f#rni1orilor> eI"ri-a%& > 4ileF re"re4i%&
a-9area -e$ie a "l&'ii c&%re f#ri4oriiF calc#la%& as%fel5
e)i# Sol)#l ]^Z
$01%
Dac& cos%#l a"rovi4io&rilor es%e $ificil $e $e%er-ia%F baca "oa%e folosi
cifra $e afaceri.
Daloarea f#ri4orilor e"l&%i'i re"re4i%& -&ri-ea cre$i%elor co-erciale
ob'i#%eF iar i$ica%or#l ara%& $#ra%a aces%or cre$i%e. Prel#+irea $#ra%ei cre$i%elor
ob'i#%e $e la f#ri4ori s"ore<%e vol#-#l s#rselor a%raseF $e care socie%a%ea are evoie
"e%r# fia'area ac%ivelor sale circ#la%e. Aces%e s#rse # s#% +ra%#i%e %re cos%#l cre$i%elor8f#ri4or <i cos%#l cre$i%elor bacare.
'...1.'.'. In)ica"ori )e (erforan*&
Ace<%i i$ica%ori reflec%& "erfor-a'ele ecoo-ico8fiaciare a #ei fir-eF
i-"or%a%e "e%r# l#area #or $eci4ii $e cre$i%are $e c&%re o bac&.
)11, Ren"abili"a"ea es%e i$ica%or#l care re"re4i%& ca"aci%a%ea clie%#l#i $e
a ob'ie "rofi% $i ac%ivi%a%ea "ro"rie. D#"& -o$#l $e s%r#c%#rare a co%#l#i $e "rofi% <i
"ier$ere ai%ea oric&ror ifl#e'e ale
ele-e%elor fiaciare <i eIce"'ioale <i "oa%e fi calc#la%& as%fel5
H
VZZ
#i e5erci"i#l o)#c"ia Pr
loa"are e5( )in br#" E5ce)en"#l
$0'%
Re%abili%a%ea br#%& $e
eI"loa%are
56
H
VZZ
afaceri )e Cifra
loa"are e5( )in 1#l"a"#l Re

$0.%
a) Ren"abili"a"ea econoic& $Re% e re$& ca"aci%a%ea #ei socie%&'i
co-erciale $e a ob'ie "rofi% $i >%rea+a sa ac%ivi%a%e ecoo-ico8fiaciar&. Di%re
i$ica%orii care eI"ri-& re%abili%a%ea ecoo-ic&F ar&%&-5
Re H
VZZ
bilan * To"al
c#ren" br#" E5ce)en"

$00%
Re H
VZZ
bilan * To"al
c#ren" 1#l"a"#l Re

$06%
Re H
VZZ
bilan" To"al
are a#"ofinan" )e a Ca(aci"a"e

$08%
Re H
VZZ
bilan" To"al
#i e5erci"i#l al ne" 1#l"a"#l Re

$0C%
C# c9% ace<%i i$ica%ori a# valori -ai -ariF c# a%9% re%abili%a%ea es%e -ai
b#&.
Ren"abili"a"ea financiar& $Rf% eI"ri-& ca"aci%a%ea ca"i%al#l#i ives%i% $e a
"ro$#ce "rofi%. I$ica%orii care reflec%& re%abili%a%ea ca"i%al#l#i s#%5
Rf H
VZZ
s"ric" sens in ne"e (ro(rii Ca(i"al#ri
are a#"ofinan" )e a Ca(aci"a"e

$0D%
Rf H
VZZ
#i e5erci"i#l al br#" 1#l"a"#l Re

$0I%
Rf H
VZZ
#i e5erci"i#l al ne" 1#l"a"#l Re

$6J%
)1!, In)ica"ori ai risc#l#i financiar
Risc#l fiaciar a"are > -o-e%#l > care se a"elea4& la cre$i%e "e%r# a
co-"le%a res#rsele $e fia'are ale #ei ac%ivi%&'i. Pre-isele f#$a-e%ale ca o fir-&
s&8 co$i'iile a"rob&rii $e cre$i%eF es%e ca
Re%abili%a%ea e%& $e
eI"loa%are
57
re%abili%a%ea ecoo-ic& s& fie s#"erioar& ra%ei $ob94ii. K ca4 co%rarF a"elarea la
cre$i%e se face > co$i'iile > care ra%a re%abili%&'ii es%e iferioar& ra%ei $ob94iiF
co$#ce la o $e+ra$are a re%abili%&'ii fiaciare $a%ori%& re$#cerii "rofi%#l#i. Di "#c%
$e ve$ere bacarF ace<%i i$ica%ori a# o i-"or%a'& $eosebi%& >%r#c9% ei "re4i%&
i$icii as#"ra "osibili%&'ii socie%&'ii co-erciale $e a ra-b#rsa >-"r#-#%#rile <i $e a
"l&%i $ob9$a.
Risc#l fiaciar se eI"ri-& "ri i$ica%or#l $e aco"erire a $ob94iiF care
ara%& ca"aci%a%ea socie%&'ii $e a "l&%i $ob9$a la cre$i%ele a+a=a%eF as%fel5
(la"i"e Doban1i
(la"i"e Doban1i br#" ofi" Pr +

$61%
Ofi'erii $e cre$i%e a# obli+a'ia s& corobore4e re4#l%a%ele evi$e'& "#c%ele
%ari <i cele slabe ale res"ec%iv#l#i a+e% ecoo-ic "or%ofoli# cel "#'i o$a%& "e %ri-es%r#
sa# ori $e c9%e ori co$#cerea #i%&'ilor b&ciiF cosi$er& ecesar.
Pe%r# #r-&rirea evol#'iei i$ica%orilor $e boi%a%eF ofi'erii $e cre$i%e
>%oc-esc "e%r# %o'i clie'ii c# cre$i%e > "or%ofoli# $ia-ica i$ica%orilor "rivi$
boi%a%ea )%abel !.(,.
Dinaica in)ica"orilor (rivin) boni"a"ea clien"#l#i @5A
Tabel#l !.(
Nr.
cr%.
De#-irea i$ica%orilor $e boi%a%e
Da"a )e"erin&rii .1.LII.1IIM
'JJM
1. Cifra $e afaceri )-il. lei,
!. Ca"i%al#ri "ro"rii )-il. lei,
0. Re4#l%a%#l eIerci'i#l#i )-il. lei,
3. ?o$#l $e r#l-e% )-il. lei,
6. Necesar#l $e fo$ $e r#l-e% )-il.
lei,
7. Tre4oreria e%& )-il. lei,
7. Lic/i$i%a%e )R,
58
a,. lic/i$i%a%e i-e$ia%& )R,
b,. lic/i$i%a%e c#re%& )R,
c,. lic/i$i%a%e la o $a%a vii%oare )R,
(. Solvabili%a%ea )R,
2. Gra$#l $e >$a%orare )R,
1:. Di%e4a $e ro%a'ie )r. $e ro%a'ie,
11. Re%abili%a%ea )R,
a,. Re%abili%a%ea $e eI"loa%are )R,
b,. Re%abili%a%ea ecoo-ic& )R,
c,. Re%abili%a%ea fiaciar& )R,
1!. Aco"erirea $ob94ii )R,
10. Ra%a valorii a$&#+a%& )R,
13. Poli%ica $e $ivi$e$e )R,
K ve$erea asi+#r&rii co-"a%ibili%&'ii $a%elor "rivi$ i$ica%orii $e boi%a%eF
ofi'erii $e cre$i%e eI%ra"olea4& re4#l%a%ele > %ri-es%r#l IF %ri-es%r#l II <.a.-.$.F la ivel#l
##i aF "ri >-#l'irea c# 3F c# !F e%c.
'...1.'... In)ica"ori s(ecifici (rivin) inves"i*iile

Ace<%i i$ica%ori s#% calc#la'i ori $e c9%e ori o fir-& solici%& #ei b&ci
acor$area ##i cre$i% "e %er-e l#+ "e%r# $e4vol%are. Di%re aces%ea re'ie-5
Inves"i*ia "o"al& care re"re4i%& vol#-#l ie<irilor $e lic/i$i%&'i
"e%r# ives%i'ii ale a+e%#l#i ecoo-ic >%r8o "erioa$& $e %i-" )l#&F %ri-es%r#F a,.
Ea es%e $e%er-ia%& $e c/el%#ielile c# ac%ivele circ#la%eF ra-b#rs&rile $e
cre$i%e "e %er-e sc#r%F -e$i# reflec%& vol#-#l ie<irilor $e lic/i$i%&'i "e%r# #i%a%ea $e
ives%i'ie. La $e%er-iarea ives%i'iei %o%ale se "ore<%e $e la ives%i'iile s"ecifice.
)c, D#ra"a e)ie a f#rni1orilor (en"r# inves"i*ii> se s%abile<%e $#"&
rela'ia5
N4f H
i . Ca
Sf ]^Z
$6'%
#$e5 N4f H#-&r#l $e 4ile $#"& care s#% "l&%i'i f#ri4orii
Sf Hsol$ -e$i# 4ilic al co%#rilor $e f#ri4ori "e%r# ives%i'ii
Ca.i Hcos%#l a"rovi4io&rilor "e%r# ives%i'ii
I$ica%or#lF re"re4i%& a-9area -e$ie > 4ile a "l&'ii c&%re f#ri4orii "e%r#
ives%i'ii. Es%e acce"%abil i$ica%or#l $ac& es%e $e "9& la 7: $e 4ile. Dac& "la%a
f#ri4orilor se face c# o >%9r4iere $e "es%e 1(: 4ileF es%e # se-al e+a%iv "rivi$
ca"aci%a%ea $e fia'are a ives%i'iei.
Pra+#l $e re%abili%a%e al ##i "roiec% $e ives%i'ie re"re4i%&
ivel#l -ii- $e >c&rcare a ca"aci%&'ii $e "ro$#c'ieF la care cos%#rile "e%r#
f#c'ioarea "roiec%#l#i s#% e+ale c# vei%#rile +eera%e $e aces%ea.
Aces% "#c%F > care # se "ro$#ce "rofi%F $ar ici "ier$ereF se -ai
#-e<%e care5 PR H"ra+ $e re%abili%a%e
C? Hc/el%#ieli fiIe
CD Hc/el%#ieli variabileF care s#% $irec% "ro"or'ioale c#
ivel#l "ro$#c'iei
P Hvaloarea "ro$#c'iei > "re'#ri $e v94are
Aali4a "#c%#l#i cri%ic es%e o %e/ic& $e s%#$i# al rela'iei >%re vei%#ri -"ar%e >5
Cos%#ri fiIe )cove'ioal cos%a%e,F for-a%e $i5 a-or%i4areF
salariile "ersoal#l#i $e a$-iis%ra'ie %re'iereF c/el%#ieli $e a$-iis%ra'ie <i
+os"o$&re<%iF c/iriiF re%eF %aIeF s"e4eF asi+#r&riF recla-eF co-#ica'iiF "o<%&F
e%c.
C/el%#ieli variabile care c#"ri$ -a%erii "ri-e <i -a%erialeF
-a%eriale a#IiliareF SDD8#riF eer+ie elec%ric&F #%ili%&'iF c/el%#ieli $e %ras"or%
a"rovi4ioareF -ao"er& $irec%& )icl#siv asi+#r&ri sociale,.
C# c9% "ra+#l $e re%abili%a%e es%e -ai sc&4#% c# a%9% si%#a'ia es%e -ai b#&.
Se va co-"ara c# "ra+#l $e re%abili%a%e al al%or "roiec%e $e ives%i'ii $i aceea res#rse a'ioale "e%r# a ob'ie sa# a ecoo-isi o #i%a%e $e
val#%&. Aces% i$ica%or se calc#lea4& > #a $i #r-&%oarele si%#a'ii5
a, c9$ reali4area "roiec%#l#i $e ives%i'ii "ro-ovea4& eI"or%#lF ca4 >
care i$ica%or#l ara%& c9'i lei se c/el%#iesc "e%r# a ob'ie o #i%a%e val#%ar&E
b, c9$ reali4area "roiec%#l#i s#bs%i%#ie i-"or%#lF ca4 > care
i$ica%or#l ara%& c9'i lei se c/el%#iesc "e%r# a ecoo-isi o #i%a%e val#%ar&.
K "rici"i#F c#rs#l $e reveire i%erF ara%& $ac& "roiec%#l +eerea4& sa# #
> -o$ eficie% $evi4e. Dei%#rile $i "roiec% se >-"ar% >5 8 co-erciali4abile
)eI"or%abileF eval#a%e la "re'#ri Lfro%ier& ?OB sa# CI?,F ob'i#%e s#b for-a
vei%#rilor Nbr#%eO > $evi4e c9<%i+a%e sa# ecoo-isi%eE 8 eco-erciali4abile )afere%e
"&r'ii $i "ro$#c'ie ce se "reve$e a se co-erciali4a "e "ia'a i%er&,.
Sc&49$ $i vei%#rile Nbr#%eO > val#%&F c/el%#ielile %o%ale )$e ives%i'ie val#%&F se ob'ie beefici#l e% > val#%&.
De%er-iarea c#rs#l#i $e reveire e% ac%#ali4a% se face "ri ra"or%area
c/el%#ielilor %o%ale > -oe$a a'ioal& "e%r# "ro$#c'ia $e eI"or%F la >cas&rile e%e >
val#%&F $#"& for-#la5
C.R.N.A. H
+
+ +
+
+ +
D
"
"
D
"
% )evi1e I $
% CPv" Cv" Iv" $ Ev"
lei i
El" CP" C" I"
V
V
V
V

$60%
D H$#ra%a ecoo-ic& $e f#c'ioare a "roiec%#l#i
I% Hives%i'ii > lei > a#l N%O
C% Hfo$#ri circ#la%e )> lei, > a#l %5
60
CP% Hc/el%#ieli a#ale $e "ro$#c'ie )> lei, > a#l %5
Dl% Hv94&ri > lei > a#l %5
Dv% Hv94&ri > val#%& > a#l %5
Iv% Hives%i'ii > val#%& > a#l %5
Cv% Hfo$#ri circ#la%e > val#%& > a#l %5
CPv% Hc/el%#ieli $e "ro$#c'ieF > val#%& > a#l %5
I Hfac%or $e ac%#ali4are.
Di rela'ia $e -ai s#sF re4#l%& c& a%9% fl#I#l $e c/el%#ieli > leiF c9% val#%& se ac%#ali4ea4&. ?ac%orii $e ac%#ali4are folosi'i "e%r# fl#I#l $e
c/el%#ieli > -oe$& a'ioal& vor 'ie sea-a $e ra%a ifla'ieiF ra%a $ob94ii lei. Iar fac%orii $e ac%#ali4are "e%r# fl#I#l $e vei%#ri > val#%&
vor avea > ve$ere ra%a $ob94ii ra"or% $e val#%a ob'i#%& <i $ac& c#rs#l $e
reveire e% ac%#ali4a% "e%r# "roiec%#l res"ec%iv es%e -ai -ic $ec9% c#rs#l oficialF
si%#a'ia es%e favorabil& acor$&rii cre$i%#l#i.
Ra"a in"ern& )e ren"abili"a"e a inves"i*iei re$& ca"aci%a%ea #ei
ives%i'ii $e a asi+#ra "rofi% >%r8o a#-i%& "erioa$& $e %i-" fa'& $e %o%ali%a%ea
c/el%#ielilor efec%#a%eF asi+#r9$ > acela<i %i-" <i rec#"erarea si-"l& )a-or%i4area, a
ca"i%al#l#i ives%i%. Ea se calc#lea4& as%fel5
R.I.R H
+
"
n
n
% i $
Cn En
V V
F #$e5
$66%
R.I.R Hra%a i%er& $e re%abili%a%e a ives%i'ieiE
D Hvei%#ri s#"li-e%are ob'i#%e ca #r-are a ives%i'iei > NO aiE
C Hc/el%#ieli %o%ale c# ives%i'ia NO aiE
H#-&r#l $e aiE
% Hori4o%#l $e %i-"E
i Hra%a $e ac%#ali4areF care re"re4i%& # fac%or si%e%ic la a c&r#i
$i-esioare coc#r& ra%a ifla'ieiF ra%a $ob94ii bacareF ra%a $e sc/i-b a le#l#iF ra%a
cre<%erii ecoo-iceF e%c.
La $e%er-iarea R.I.R.F > c/el%#ieli se c#"ri$ ives%i'iile $e ca"i%al "e%r#
ac%ivele i-obili4a%e cor"orale %re'iereF $ob94ile bacareF i-"o4i%ele calc#l#l c/el%#ielilor $e "ro$#c'ieF $eoarece
as%fel s8ar $#bla valoarea ives%i'iei.
La vei%#ri se icl#$e <i cele ob'i#%e $i ac%ivi%&'ile coeIeF ca <i valorile
re4i$#ale ale ac%ivelor i-obili4a%e cor"orale <i ale ac%ivelor circ#la%e r&-ase la fiele
"erioa$ei $e calc#l.
Se a"recia4& c& R.I.R. %reb#ie s& fie -ai -are $ec9% re%abili%a%ea -e$ie a
sec%or#l#i $e ac%ivi%a%e res"ec%ivF sa# a al%or obiec%ive ase-&&%oare. De ase-eeaF
R.I.R. %reb#ie s& fie -ai -are $ec9% ra%a $ob94ii $e referi'& a b&cii ce%rale.
K aali4a R.I.R. ofi'erii $e cre$i%e ia# > cosi$erare > afar& $e ra%a -e$ie
a $ob94ii $e referi'&F ra%a "revi4ibil& a ifla'iei se eI"ri-& > #-&r#l $e ai
> care "rofi%#l s#"li-e%ar ob'i#% ca a"or% al obiec%iv#l#i va e+ala valoarea ives%i'iei
<i c/el%#ielile $e "ro$#c'ie afere%e <i re"re4i%& ca"aci%a%ea ##i obiec%iv $e ives%i'ii
$e a res%i%#i $i vei%#l e% ca"i%al#l ives%i%.
Calc#larea i$ica%or#l#i se face $#"& rela'ia5
D.R.I. H
C( I
Ps
+
F #$e5 $68%
D.R.I H$#ra%a $e rec#"erare a ives%i'ieiE
Ps H"rofi%#l s#"li-e%ar ob'i#% $i a"or%#l ives%i'ieiE
I Hvaloarea ives%i'ieiE
C" Hc/el%#ieli $e "ro$#c'ie s#"li-e%are $e%er-ia%e $e a"or%#l
Ives%i'iei
'...'. Eval#area as(ec"elor nefinanciare (rivin) clien*ii b&ncii
Aali4a efiaciar& vi4ea4& cre$ibili%a%ea clie%#l#i ca ele-e% "si/olo+ic
ese'ial c# "rivire la for-area $e c&%re bac& a covi+erilor referi%oare la cali%&'ile
-orale $e"liire a obli+a'iilor as#-a%e > rela'iile c#
"ar%eerii $e afaceri.
De aceeaF baca efec%#ea4& o eval#are c9% -ai real& a risc#l#i >
ac%ivi%a%ea $e cre$i%areF aali49$ a%9% risc#rile fiaciareF c9% <i cele efiaciare la
care se eI"#e.
?ac%orii efiaciari care ifl#e'ea4& ac%ivi%a%ea clie%#l#i "o% fi5 i%eri sa#
eI%eri.
'...'.1. Bac"orii nefinanciari in"erni
La f#$a-e%area $eci4iei $e acor$are a ##i cre$i%F ofi'erii $e cre$i%e 'i
sea-a s#"li-e%ar ra-#ra sa# sec%or#l $e
ac%ivi%a%eE
b, eI"erie'a > f#c'ii $e co$#cere cele -ai -#l%e ca4#ri co$#cerea > ec/i"& "oa%e avea re4#l%a%e -ai b#e
$ec9% l#area $eci4iilor $e c&%re o si+#r& "ersoa&E
$, asi+#rarea s#ccesi#ii -aa+erialeE
e, +ra$#l $e "ar%ici"are a ec/i"ei $e co$#cere la ca"i%al#l socie%&'iiF fii$ $e
a<%e"%a% ca i-"licarea co$#cerii s& fie c# a%9% -ai ri$ica%& c# c9% +ra$#l $e
"ar%ici"are la ca"i%al es%e -ai -areE
$) s%r#c%#ra co$#ceriiF s"eciali4area > f#c'ie $e a"%i%#$iile > $o-eiile %e/icF
fiaciar8co%abilF -ar*e%i+F e%c.E
+, -orali%a%ea co$#ceriiE
/, cali%a%ea sis%e-#l#i ifor-a'ioal )ifor-a'ii "ri-i%e $e co$#cereF circ#la'ia
aces%ora > i%erior#l socie%&'iiF -o$#l $e ob'iere a ifor-a'iilor "ri #%ili4area
%e/icii -o$ere $e calc#lF e%c.,E
i, ca"aci%a%ea $e a se ac/i%a $e obli+a'iiE
62
=, "erioa$a $e ro%a'ie a "ersoal#l#iF >$eosebi a cel#i $e co$#cere $el#+a%& )1:8!: ai,.
$b% Ac"ivi"a"ea clien"#l#i
,- evol#'ia ac%ivi%&'ii <i "rofil#l aces%#iaE
B. carac%er#l ac%ivi%&'ii5 "er-ae%eF se4oierF ciclicE
C. sfera $e ac%ivi%a%e5 "ro$#c'ieF co-er'F "res%&ri serviciiF e%c.E
.- "ro$#sele <i serviciile s#%5 $e s%ric%& ecesi%a%e1$e l#IF $e serie1#ica%F vec/i1oiF
co-"e%i%ive1-ai "#'i co-"e%i%iveF "rofi%abile sa# e"rofi%abileE
E. i-"or%#lE
?. coc#re'i5 #-&r#l cre<%ere 1$ecliF c#a%ificabil ori ec#a%ificabilE
T. "or%ofoli#l $e clie'i al aces%#ia5 #-&r#lF re"#%a'iaF $e"e$e'a $e a#-i'i
clie'iF -o$ali%a%ea $e v94are5 "e cre$i% co-ercial1c# "la%a i-e$ia%&E
/- rela'ii c# f#ri4orii5 #-&rF $e"e$e'a $e a#-i'i f#ri4oriF -o$ali%a%ea $e "la%&
la ve$ere1la # a#-i% %i-" $e la ve$ereE
S. "oli%ica $e "re'#ri5 ivel fa'& $e coc#re'iF facili%&'iF
_. "#blici%a%e <i recla-&E
0- res#rsele -a%eriale5 cl&$iriF -a<iiF is%ala'iiF -i=loace $e %ras"or% )"ro"rie%a%eF
-e%o$e $e eval#areF $e a-or%i4areF s%are fi4ic&F fiabili%a%eF fia'areF e%c.,E
B. res#rse #-ae5 eval#area a+a=a'ilor $i "#c% $e ve$ere al "re+&%irii
"rofesioaleF "rice"eriiF eficie'eiF cos%#l "ersoal#l#iF $is"oibili%a%e $e >loc#ireF
fl#c%#a'ia "ersoal#l#iF rela'ii co$#cere 8 "ersoal 8 si$ica%F e%c.
$c% S"ra"e!ia
1. eIis%e'a #ei s%ra%e+ii "e #r-&%orii 086 ai. Dac& aceas%a es%e realis%&F
reali4abil& sa# c# orice riscE
!. -o$ali%&'i $e reali4are a s%ra%e+iei "ro"#seE
0. al%era%ive ca4#l ereali4&rii s%ra%e+iei "ro"#seE
3. eIis%e'a sa# # a "la#rilor $e res%r#c%#rare ve$ere > f#$a-e%area
$eci4iei $e cre$i%are. Ei s#%5
)1, Do-ei#l $e ac%ivi%a%e L carac%eris%icile $o-ei#l#i $e ac%ivi%a%e $i "#c% $e
ve$ere al co-"e%i%ivi%&'iiF "rofi%abili%&'iiF %e/olo+i4&riiF c/el%#ielilor $e ca"i%alF
cos%#ri fiIe ri$ica%e sa# re$#seF "rici"alele fir-e care evol#ea4& > res"ec%iv#l
$o-ei# $e ac%ivi%a%eE
)!, Kca$rarea ac%ivi%&'ii clie%#l#i > "oli%ica ecoo-ic& +eeral& %e$i'ele
s%ra%e+iei vii%oare "rivi$ $o-ei#l res"ec%iv $e ac%ivi%a%eE
)0, I-"ac%#l le+isla'iei as#"ra ac%ivi%&'ii clie%#l#iE
)3, I-"ac%#l #or fac%ori -acroecoo-ici as#"ra ac%ivi%&'ii clie%#l#iE
)6, De"e$e'a clia'ia
s"re # a#-i% %i" $e cos#-F reli+ieF e%c.
Aali4a as"ec%elor efiaciare "rivi$ clie'ii b&cii se va efec%#a $e ofi'erii
$e cre$i%e "o%rivi% fi<ei -o$el )%abel !.2,F > si%#a'iile5
)1, c9$ a+e'ii ecoo-ici solici%& s& $evi& clie'ii b&ciiE
63
)!, o $a%& "e a "e%r# %o'i clie'ii afla'i > "or%ofoli#F beeficiari $e cre$i%e afla%e >
"or%ofoli#E
(3) > -o$ obli+a%ori#F la solici%area "ri-#l#i cre$i%.
Re4#l%a%ele aali4ei as"ec%elor efiaciare "rivi$ clie'ii se vor #%ili4a $e
b&ci >5 f#$a-e%area $eci4iilor $e "rel#are a #or oi clie'i sa# $e cre$i%areF >
aali4a si%#a'iei clie'ilor f#c'ie $e a%#ra cre$i%#l#iF obiec%#l -o$ or-alF <i $eci4ia $e cre$i%are. Ea are la ba4& o si%e4& a re4#l%a%elor
aali4elor $e cre$i%areF efec%#a%e $e f#c'ioarii b&cii
'.0.1. A(licarea ?n (rac"ic& a )eci1iei )e cre)i"are
Aali4a $e cre$i% s%ereo%i"& are # Nca$r# CO. cel -ai frecve% #-&r al
variabilei C "are s& fie cici OCO5 carac%erF ca"aci%a%eF ca"i%alF cola%eral#l -"r#-#%a%#l#i $e a ra-b#rsa. Ca"aci%a%ea se refer& la
cas/8floJ -"r#-#%a%#l#i. Cola%eral#l se refer& la valorile care s#s'i >-"r#-#%#l
)ca > >-"r#-#%#l ba4a% "e ac%ive,. Co$i'iile a# > ve$ere sesibili%a%ea
>-"r#-#%a%#l#i fa'& $e for'ele eI%ere c#- ar fi ra%a $ob94iiF cicl#l ecoo-ic -"r#-#%a%#l#i. K -o$ cocre%F se%#l $e co$i'ii eI%ereF $e eIe-"l#F vor afec%a
e+a%iv ca"aci%a%ea >-"r#-#%a%#l#i $e a "l&%i $a%oria. C# eIce"'ia rol#l#i cola%eral#l#iF
cei cici NCO "o% fi icl# -o$el#l risc#l#i $e era-b#rsare care a fos%
$escris a%erior. Ca o -o$ali%a%e $e aali4& $e cre$i%F i-"le-e%area celor cici NCO
>cearc& s& c#a%ifice fiecare NCO > i$eea $e a $e4vol%a # "rofil al cre$ibili%&'ii
)boi%&'ii, >-"r#-#%a%#l#i. C#a%ificarea i-"lic& s%r9+ereaF "rel#crarea -"r#-#%#l#i
co-ercial -"r#-#% co-ercial cos%& >%r8o serie $e ac%ivi%&'i rela%iv $irec%eF i-"lic9$ $o#& "&r'i
"rici"ale a c&ror asociere c#"ri$e ac'i#i $e la cererea ii'ial& $e >-"r#-#%F "9& la
ra-b#rsarea > b#e co$i'ii a >-"r#-#%#l#i. K +eeralF "roces#l $e >-"r#-#% L a<a
c#- s8a ar&%a% > aces% ca"i%ol L i-"lic&F > ese'&F #r-&%oarele e%a"e5 cererea $e
>-"r#-#%F eval#area cre$i%#l#iF revi4#irea >-"r#-#%#l#i oire a cererii $e >-"r#-#%. Bai =os es%e re$a% # -o$el si%e%ic care >-"ar%e
aces% "roces > %rei e%a"e $is%ic%e5 "roces#l $e a"robare a >-"r#-#%#l#iE "roces#l $e
#r-&rireE "roces#l $e re4iliere a >-"r#-#%#l#i.
64
Si%e%i4area "roces#l#i $e >-"r#-#% e "er-i%e s& eval#&- -ai bie
co-"leIi%a%ea revis%& a "roces#l#i $e >-"r#-#% bacarF #%ili49$ coce"%ele
$e Nselec'ie a$vers&O <i Nrisc -oralOF se i-"#e "e%r# a eI"lica co-"or%a-e%#l %i"ic
vii%or.
$1% Selec*ie a)vers&
Cei care a# "roiec%e $e ives%i'ii foar%e risca%e a# cel -ai -#l% $e c9<%i+a%
$ac& "roiec%ele re#<escF as%fel c& s#% foar%e er&b$&%ori s& ob'i& >-"r#-#%#ri. Aceia
care s#% cei -ai s#sce"%ibili $e a "ro$#ce # efec% e+a%iv "re4i%& "robabili%a%ea cea
-ai -are $e a fi selec%a'i.
b, Risc oral
O$a%& ce a# "ri-i% >-"r#-#%#lF >-"r#-#%a'ii s#% s%i-#la'i s& se a+a=e4e >
ac%ivi%&'i e$ori%e )icorec%e, $i "#c%#l $e ve$ere al >-"r#-#%&%or#l#iF c#- ar fiF $e
eIe-"l#5
(1) Plata dividendelor. Dac& o fir-& co%rac%ea4& o $a%orie eval#a%&
"ori$ $e la s%abili%a%ea $eci4iei c# "rivire la $ivi$e$eF valoarea crea'ei es%e re$#s&
"ri -a=orarea ra%ei $ivi$e$#l#i <i fia'area -a=or&rii "ri re$#cerea ives%i'iei.
(2) Diluarea debitelor. Dac& o fir-& co%rac%ea4& o $a%orie eval#a%&
"ori$ $e la s#"o4i'ia c& # va fi a+a=a%& o o#& $a%orieF valoarea crea'ei
$ebi%or#l#i es%e $i-i#a%& "ri%r8o $a%orie s#"li-e%ar& $e aceea "roiec%e c# cos%#ri -ai sc&4#%eF iar $a%oria es%e
eval#a%& c# aces% risc sc&4#%F ca"i%al#l ac'ioar#l#i cre<%e loc#ire c# risc 1 cos%#ri $e c9<%i+ -ai ri$ica%e.
(4) Subveniile. K #ele >-"re=#r&riF "oa%e eIis%a # s%i-#le% "e%r#
o fir-& c# $a%orii $e a res"i+e "roiec%e c# valori e%e "re4e%e "o4i%ive $ac&
beefici#l "roiec%elor revie cre$i%orilor.
(5) Nefurnizarea #or ifor-a'ii "ro-"%e -o$ evi$e% s& -a=ore4e cos%#rile -oi%ori4&rii.
Pri #r-areF a-bele "roble-e )selec'ia a$vers& -"r#-#%#l#i <i %reb#ie s& fie $e"&<i%e $ac& baca vrea s&
fie "rofi%abil&.
Pe%r# sol#'ioarea aces%or "roble-e s#% ecesare #r-&%oarele -&s#ri5
)1, ScaareaF )!, Ur-&rireaF )0, S%abilirea #or rela'ii c# clie'ii <i liiile $e cre$i% "e
%er-e l#+F )3, Ceri'e $e +ara'ie <i "rovi4ioaeF )6, Ra'ioali4area cre$i%#l#i.
'.0.'.'. Scanarea 3 Selec*ia celor ai b#ne al"erna"ive
Selec'ia a$vers& "e "ie'ele $e cre$i% cere ca b&cile s& $ifere'ie4e risc#rile
cre$i%elor b#e $e cele rele. Aceas%a se va reali4a "ri scaareF care "res#"#e5 a,
s%r9+erea ifor-a'iilorF b, aali4a s%a%is%ic&F c,eval#area -"r#-#%&%orii "o%e'iali. Ifor-a'iile "rivi$ %rec#%#l icl#$ ifor-a'ii
65
$es"re co%#riF "rofi% <i "ier$ereF ac%ive <i "asive. Iar ifor-a'iile "rivi$ vii%or#l icl#$
ifor-a'ii $es"re "la#rile #ei fir-e <i -e$i#l s&# coc#re'ial.
Da%ele is%orice <i cele "roiec%a%e vor fi #%ili4a%e $e bac& "e%r# a o a=#%a s&8
<i for-#le4e eval#areaF a$ic&5
1 cocor$area "erfor-a'elor %rec#%e c# "roiec'iileE
!. realis-#l s#"o4i'iilor care s%a# la ba4a a"recierilor
0. ac%ivi%a%ea %rec#%& a -aa+e-e%#l#i )res"ec%iv c#- s8a# reali4a%
"revi4i#ile a%erioare, 
asa-bl#E i$#s%ria > asa-bl#.
Ca s#rse s"ecificeF b&cile a# > ve$ere5 a+e'ii $e cre$i% ra%i+F
coc#re'aF vi4i%ele > loc#rile $e "ro$#c'ieF al'i >-"r#-#%&%oriF 4iare 
rela'iile $e l#+& $#ra%& c# clie'ii. Baca "oa%e s& aali4e4e ac%ivi%a%ea %rec#%& -"r#-#%F co%#rilor c#re%e -o$ se-ifica%iv cos%#rile selec'iei <i
f#$a-e%&rii "roce$#rilor $e -oi%ori4are. Pe $e al%& "ar%eF rela'iile "e %er-e l#+
"o% fi "rofi%abile a%9% "e%r# fir-&F c9% -"r#-#% c# $ob9$&
sc&4#%& >%r#c9% baca va "#%ea s& s%abileasc& -ai #<or risc#rile $e "ers"ec%iv& -"r#-#%a% es%eF $e ase-eeaF i-"or%a%& -"r#-#%a%F aces%a va fi re'i#% > a o "ericli%a "ri ac'i#i care s#% > $e4ava%a=#l
b&ciiF i$ifere% $ac& s#% sa# # aco"eri%e $e cla#4e res%ric%ive c# "rivire la
>-"r#-#%. Bai -#l%F rela'ia "oa%e fi >%&ri%& $e5
"ar%ici"area b&cii la ca"i%al#l fir-ei )#$e es%e "er-isF c#- es%e ca4#l
> Sa"oiaF Ger-aiaF Ro-9ia,E
1. re"re4e%area b&cii > cosili#l $e a$-iis%ra'ie )#$e es%e "er-is,E
i-"licarea b&cii > -aa+e-e% )$9$ b&cii "osibili%a%ea $e a
ifl#e'a fir-a s& ac'ioe4e > i%eres#l b&ciiF eives%i$ > "roiec%e "rea risca%e,E
lasarea #or Nliii $e cre$i%OF a$ic& a+a=a-e%#l b&cii )"e%r# o
a#-i%& "erioa$& $e %i-", $e a acor$a >-"r#-#%#ri "e o a#-i%& valoare la ra%e
le+a%e $e o a#-i%& ra%& a $ob94ii $e "ia'&.
K%r8a$ev&rF cea -ai -are "ar%e a >-"r#-#%#rilor co-erciale ca$r#l #or as%fel $e ara=a-e%e. As%felF fir-a se "oa%e ba4a "e o
s#rs& $e cre$i% -b#&%&'i% $e ob'iere a
ifor-a'iilor. Bai cocre%F ara=a-e%#l va i-"#e fir-ei s& f#ri4e4e b&cii ifor-a'ii
> -o$ co%i## > le+&%#r& c# ac%ivele <i c# "asivele 1 vei%#rile <i ac%ivi%a%ea $e
afaceri.
b, Anali1a s"a"is"ic&
Aali4a s%a%is%ic& a ifor-a'iilor "oa%e s"ri=ii $e%ec%area "ers"ec%ivelor b#e
fa'& $e cele "roas%e. Aali4a i$ica%orilor +eeralF "e%r# a se"ara cre$i%ele b#e $e cele
"roas%e. To%#<iF -o$elele ca%i%a%ive # >sea-& %o%#l.
c, Eval#area
66
Aali4a # "oa%e fi > >%re+i-e -ecaic&. Baca %reb#ieF $e ase-eeaF s&
fac& o eval#are b#&. Bo$el#l $escris a%erior s#+erea4& c& %reb#ie acor$a%& a%e'ie
fac%orilor care icl#$e #r-&%oarele5
)i, Valoarea relaiei cu clienii
K aces% ca4F bacaF > ca$r#l aali4ei ce o efec%#ea4&F va %reb#i s&
i$e%ifice5
(1) ce al%e afaceri $e"i$ $e rela'ia c# clie'iiE
)!, v94area $e servicii N>cr#ci<a%eOE
)0, rela'iile c# fir-e >r#$i%eE
)3, c#- ar fi afec%a%& re"#%a'ia b&cii )-"r#-#%a% sa# re%ra+erea cre$i%#l#i $e la aces% clie%.
)ii, Reperele situaiei financiare
K ca4#l >-"r#-#%#rilor eI%ere acor$a%e $e o bac&F se eIa-iea4& o serie
$e i$ica%ori "e%r# 'ara res"ec%iv&. De eIe-"l#F > ca$r#l ac%ivi%&'ii Re4ervelor
?e$erale ale SUAF $e -oi%ori4are a >-"r#-#%#rilor i%era'ioale ale b&cilor
a-ericaeF Co-i%e%#l i%er$e"ar%a-e%al $e aali4& a eI"#erii $e 'ar& >cearc& s&
i$e%ifice '&rile c# "roble-e le+&%#r& c# '&rile care a#
"roble-e > "re4e% sa# > -o$ "o%e'ial. Co-i%e%#l a"lic& #r-&%orii i$ica%ori s%a%is%ici
fiec&rei '&ri5
1- balan*a )e con" c#ren" "e%r# eI"or%#l $e b##ri <i
serviciiE
2- o)#l )e (la"& a )ob<n1ilor "e sea-a eI"or%#l#i $e
b##ri cosi$erare cas/ LfloJ8#rile "revi4ioa%e ale >-"r#-#%a'ilor
-"r#-#%a'ilor,. Coele care %reb#ie s& fie eIa-ia%e a<a c#- se ara%& > aces%
ca"i%ol s#%5
1- Pro$#c'ia5 -a%erii "ri-eF f#ri4oriF %e/olo+ieF
co-b#s%ibilE
!. Bar*e%i+5 elas%ici%a%ea "re'#rilorF s#bs%i%#e'iE
0. Persoal5 $is"oibili%a%eF cos%F ar-oieE
3. ?ia'e5 v#lerabili%a%e la -a=orarea ra%elor $ob94iiF
co%rol#l cre$i%#l#i fir-ei cas&rii $a%orieiE
6. Coc#re'a5 "o%e'ial#l $e sc/i-bareF res%ric'ii
co-ercialeE
7. Al'i fac%ori $e -e$i#F $e eIe-"l#F "osibile ac'i#i ale
+#ver#l#i.
Beri%& s& -e'io&- $i o# c& es%i-area <i -oi%ori4area cas/ L floJ8#l#i
vii%oare es%e o "ar%e cri%ic& a aali4ei $e cre$i% <i a eval#&rii risc#l#i. K "l#sF fa'& $e
cas/ L floJ8#l $eriva% $i eI%rasele fiaciareF aali4a i$ica%orilor ofer& # al%
is%r#-e% al aali4ei $e cre$i%.
)iv, Reputaia managementului
67
NRe"#%a'iaO es%e o 4o& $e s%#$i# afla%& > s%a$i#l ici"ie%. To%#<iF > -o$
clarF s%i-#le%#l "e%r# o fir-&F $e eIe-"l#F $e a s#bives%i "oa%e fi re$#s $e # ra%i+
cores"#4&%or al obli+a'i#ilor sale "e "ia'&.
)v, Expunerea fa de risc
Risc#l $e cre$i% -"r#-#%a%#l#i -"r#-#%#rilor -"r#-#%a%#l#i5
)1, Cas/ L floJ8#rile vii%oare "revi4ioa%e -"r#-#%a%#l#iE
)0, Carac%er#l a%#rii >-"r#-#%a%#l#i "o%e'ial "roble-ele
-a$a%#l#iE
)!, cali%a%ea ifor-a'iilor $is"oibile )"ro-"%i%#$iea -"r#-#% )icl#siv, -oi%ori4area <i ara=a-e%ele $e
si+#ra'&5 "rive<%e ceri'ele "rivi$ $e"o4i%ele $e co-"esareF si+#ra'aF
+ara'iile -"r#-#%#rilor # "oa%e fi aali4a% co-"le% > i4olare. Ca
a%areF $iversificarea re"re4i%& cea -ai b#& re'ea i%er& $e si+#ra'&. As"ec%ele
care %reb#ie s& fie -oi%ori4a%e s#% #r-&%oarele5 sco"#l 1 %i"#l $e >-"r#-#%E %i"#l $e
+ara'ieE ra%a $ob94ii flo%a%& fa'& $e cea fiI&E cre$i% ra%i+8#lE e%c.
)vii, "li factori
K%re al'i fac%ori re'ie-5 "oli%ica +#vera-e%al&F $is"oibili%a%ea fo$#rilor
)s#ficie'a ca"i%al#l#i, <i "oli%ica is%i%#'ioal&.
$, S(eciali1area
Proble-a selec'iei a$verse "oa%e fi $e"&<i%& $ac& b&cile se s"eciali4ea4&
)+eo+rafic <i 1 sa# "e ra-#ri, "e%r# a avea as%fel -ai -#l%e c#o<%i'e "e ba4a
ac#-#l&rii ifor-a'iilor releva%e care s&8i "er-i%& s& se"are fir-ele b#e $e cele
"roas%e. Es%e $ificil s& se reali4e4e a%9% s"eciali4areaF c9% -"r#-#%#l#i -"r#-#%#l a
fos% acor$a%F b&cile >scri# a$esea cla#4e res%ric%ive > co%rac%ele $e >-"r#-#%.
Aces%e cla#4e s#% -ei%e s& asi+#re c& fir-a # "oa%e risca "rea -#l% "e soco%eala
b&cii. Dac& cove'iile res%ric%ive #r-ea4& s& aib& "#%ere real&F baca %reb#ie s&
#r-&reasc& co-"or%a-e%#l fir-ei. As%felF a#$i%#l s%r9+erii ifor-a'iilor -"r#-#% s#% #r-&%oarele5
)1, Res%ric'ii as#"ra "oli%icii $e ives%i'ie 1 "ro$#c'ie a fir-ei.
)1, res%ric'ii as#"ra ives%i'iilorE
)!, res%ric'ii as#"ra $is"o4i'iei "rivi$ ac%iveleE
)0, %i%#lari4area $a%oriei as#"ra a#-i%or ac%iveE
(4) res%ric'ii as#"ra f#4i#ilorE
68
)6, ceri'e $e -e'iere a a#-i%or ac%ive )$e eIe-"l#F
a#-i%e ivel#ri ale fo$#l#i $e r#l-e%,.
)!, Res%ric'ii "rivi$ "la%a $ivi$e$elor
)0, Res%ric'ii "rivi$ "oli%ica fiaciar& vii%oareF cos%9$ >5
)1, li-i%&ri "rivi$ $a%oria c/irierileF leasi+#lF v94&rile <i lease bac*s8#rileE
)0, "rovi4ioae $e cover%ibili%a%e.
)3, Cla#4e s"ecific9$ al%e ac%ivi%&'i ale fir-ei )$e eIe-"l#F -ei%e s& re$#c&
cos%#rile -oi%ori4&rii,F "rivesc5
)1, ra"oar%ele cer#%eE
(2) s"ecificarea %e/icilor co%abile.
Cos%#rile $irec%e $e"liii aces%or res%ric'ii
co%rac%#ale > cla#4ele "rivi$ $a%oria s#% cosi$erabile. K "l#sF eIis%e'a aces%or
res%ric'ii i$ic& ca"aci%a%ea cla#4elor $e $a%orie $e a re$#ce cos%#rile -a$a%#l#i
asocia%e coflic%#l#i $e i%erese $i%re $e'i&%or#l $a%oriei <i ac'ioari. K%r8a$ev&rF
"ersis%e'a <i i+eio4i%a%ea c# care s#% re$ac%a%e aces%e cla#4e $e $a%orie i$ic&
s%i-#le%ele ecoo-ice "#%erice ale "ro"rie%arilor fir-ei $e a re$#ce cos%#rile
-a$a%#l#i.
'.0.'.0. Cola"erale 7i con"#ri co(ensa"oare
Cola"eral#l> a)ic& valori (roise ?(r##"a"or#l#i )ac& ?(r##"a"#l
n#97i ?n)e(line7"e obli!a*ia> re)#ce consecin*ele selec*iei a)verse> ?n"r#c<"
re)#ce (ier)erea ?(r##"a"or#l#i ?n ca1#l ne?n)e(linirii obli!a*iei )e (la"&.
K #ele ca4#ri baca va cere >-"r#-#%a%#l#i s& -e'i& $e"o4i%e $e
co-"esare ca o for-& $e cola%eral. De eIe-"l#F baca "oa%e s& cear& fir-ei s&
o"ere4e > co%#l s&# c#re% $e cec c# bacaF -e'i9$ co%#l la # a#-i% ivel. K
"l#s fa'& $e f#ri4area ##i a#-i% cola%eralF aceas%a asi+#r& b&cii # bo+a% fl#I
ifor-a'ioal.

'.0.'.6. Ra*ionali1area cre)i"elor
Pe%r# ra'ioali4area cre$i%#l#i "o% fi #%ili4a%e $o#& -o$ali%&'i5
)1, C9$ o bac& ref#4& s& ofere # >-"r#-#% $e orice valoare ##i
>-"r#-#%a%F c/iar $ac& aces%a es%e +a%a s& "l&%easc& o $ob9$& -ai -are.
K aceas%& si%#a'ieF >%rebarea "er%ie%& es%e5 $e ce s& # se acor$e
>-"r#-#%#l la o ra%& a $ob94ii -ai -are $ac& >-"r#-#%a%#l "o%e'ial "re4i%& # risc
$e cre$i% ri$ica%Q R&s"#s#l $eriv& $i coce"%#l $e selec'ie a$vers&. Selec'ia
a$vers& >sea-& c& fir-ele c# cele -ai risca%e "roiec%e $e ives%i'ii s#% eIac% cele
care vor s& "l&%easc& cele -ai ri$ica%e ra%e ale $ob94ii. Pre%i$erea #ei ra%e a
$ob94ii -ai ri$ica%e "#r -"r#-#%e c# # risc $e cre$i% ri$ica%. Baca ar "#%ea
a%#ci s& "refere s& # acor$e >-"r#-#%#l la o ra%& a $ob94ii -ai -areF ci s& se
a+a=e4e >%r8o ra'ioali4are a cre$i%#l#i -"r#-#%#rile.
)!, C9$ baca acor$& # >-"r#-#%F $ar res%ric'ioea4& -&ri-ea
>-"r#-#%#l#i la $i-esi#i -ai re$#se $ec9% ar $ori >-"r#-#%a%#l.
Aces% %i" $e ra'ioali4are a cre$i%#l#i es%e #%ili4a%F >%r#c9% "roble-a risc#l#i
-oral $evie -ai +rav& > ca4#l >-"r#-#%#rilor -ai -ari. C# c9% es%e -ai -are
>-"r#-#%#lF c# a%9% es%e -ai -are s%i-#le%#l $e a+a=are > ac%ivi%&'i care fac -ai
"#'i "robabil& ra-b#rsarea >-"r#-#%#l#i.
69
'.0.'.8. S"r#c"#ra ?(r##"#l#i
O$a%& c# l#area $eci4iei $e acor$are a >-"r#-#%#l#i %reb#ie s%abili'i %er-eii
cocre'iF icl#49$5
)1, Ter-e#lF "re'#l -"r#-#%#l#i.
Cofor- +9$irii %ra$i'ioaleF cos%#l ##i >-"r#-#% se ba4ea4& "e carac%eris%icile
risc#l#iF clie'ii c# boi%a%ea -ai -are beeficii$ $e o ra%& a $ob94ii -ai sc&4#%&.
Aceas%& ra%& N"ri-ar&O ar %reb#iF $esi+#rF s& aco"ere cos%#rile fo$#rilor b&cii )$e
eIe-"l# cos%#l "o$era% al ca"i%al#rilor,F cos%#l a$-iis%r&rii cre$i%#l#i cosi$erare carac%eris%ici i$ivi$#ale clie%#l#iF "rec#- $e4vol%area
##i o# "ro$#sF -&ri-ea fir-eiF sol$#rile -e$iiF frecve'a >-"r#-#%#rilor %r8o -aier& $iferi%& $e re4#l%a%ele -e%o$ei cre$i% scori+.
)!, Co%#rile $e co-"esareF %aIa $e a+a=a-e%F $ac& eIis%&.
Aces%e co%#ri "er-i% b&cii s& reali4e4e # "rofi% -ai -are as#"ra fo$#rilor "erioa$a $e cri4&F a%9% "e%r# bac& c9%
-"r#-#%#rilor se $i-i#ea4& $a%ori%&
>-"r#-#%#rilor c# $ob9$a variabil& %r8o
-&s#r& -ai re$#s&F a%#ci va fi >c#ra=a%& %e$i'a c&%re ac%ivi%&'i $i afara bila'#l#i -"r#-#%#rilor "e %er-e
l#+ -"r#-#%#ri $e la b&ci -ici s#% asi+#ra%e. K%r8# >-"r#-#% asi+#ra%F
clie%#l acor$& b&cii $re"%#l $e a vi$e cola%eral#l cas&rile "e%r#
res%i%#irea >-"r#-#%#l#i $ac& >-"r#-#%a%#l # "oa%e s& ra-b#rse4e.
)3, Ca#4e $e >-"r#-#%. C# c9% es%e -ai >$e"&r%a%& sca$e'a
cre$i%#l#iF c# a%9% -ai -are va fi #-&r#l cla#4elor icl#se $e bac&. Cla#4ele
afir-a%ive s%i"#lea4& res"osabili%&'i ale clie%#l#i $e a "re4e%a $eclara'ii fiaciareF
$e a -e'ie o asi+#rare a$ecva%&F $e a "l&%i $ob9$a -"r#-#%#l#i.
'.0.'.C. Revi1#irea ?(r##"#l#i> clasificarea> s"orn&ri 7i ac"ivi"&*i )e
sol#*ionare
Na%#ra as#-&rii risc#rilor >sea-& c& o a#-i%& "ro"or'ie $i "or%ofoli#l $e
>-"r#-#%#ri # va fi rec#"era%& aces% sco". ?#c'ia $e revi4#ire a >-"r#-#%#l#i $#"& acor$are l#iF es%e #
"roces cri%ic "e%r# re$#cerea aces%or "ier$eri -oi%ori4area +eeral& a cali%&'ii
>%re+#l#i "or%ofoli# $e >-"r#-#%#ri. Persoal#l s"eciali4a% > revi4#irea >-"r#-#%#l#i
%reb#ie s& se i-"lice > ac%ivi%a%ea $e sol#'ioare -"r#-#%#l#i cos%& > a#$i%#l "erio$ic al "or%ofoli#l#i $e >-"r#-#%#ri eIis%e%. K "l#sF
fa'& $e obiec%iv#l re$#cerii "ier$erilor $i >-"r#-#%#riF "roce$#rile $e revi4#ire
>cearc& s& $e%ec%e4e >-"r#-#%#rile c# "roble-e c9% -ai $evre-e "osibilF s&
f#$a-e%e4e "oli%ica $e >-"r#-#%#ri s%abili%& le+&%#r& c# co$i'iile +eerale ale
>-"r#-#%#rilor -"r#-#%. O$a%& c# cre<%erea
rece%& a e<ec#rilor > afaceriF > s"ecial > cele $e -are aver+#r&F rol#l s"eciali<%ilor
> revi4#irea >-"r#-#%#rilor $eci4ia $e acce"%are8res"i+ere s#% a"licabile revi4#irea >-"r#-#%#l#i.
K%r#c9% -a=ori%a%ea b&cilor # "o% s& revi4#iasc& %oa%e cre$i%ele >%r8o "erioa$&
sc#r%& $e %i-"F ##l $i%re as"ec%ele cri%ice ale f#c'iei $e revi4#ire a >-"r#-#%#l#iF >
s"ecial la o bac& -areF cos%& > alocarea eficie%& a res#rselor #-ae )"ersoal#l,
> 4oele cele -ai cri%ice. De aiciF o -o$ali%a%e $e aver%i4are "ro-"%& aceas%& fa4&.
CAPITOLUL III
;ANAGE;ENTUL OPERA=IUNILOR BANCARE
..1 ;ana!een"#l o(era*i#nilor (asive
O"era'i#ile bacare "asive re"re4i%& o"era'iile $e cos%i%#ire a res#rselor
fiaciare ecesare for-&rii res#rselor $e cre$i%are.
Bo$ali%&'ile $e cos%i%#ire a res#rselor fiaciare ale #ei b&ci s#%5
1. ca"i%al#l "ro"ri# <i fo$#rile $e re4erv&E
!. $e"o4i%ele bacareE
0. reesco%#lE
3. al%e for-e $e a%ra+erea $e res#rse fiaciare.
..1.1 Ca(i"al#l (ro(ri# 7i fon)#rile )e re1erv&
?o$#rile "ro"rii ale #ei socie%&'i bacare s#% for-a%e $i #r-&%oarele
ca%e+orii $e ca"i%al5
- ca"i%al "ro"ri#E
- ca"i%al s#"li-e%ar.
Ca(i"al#l (ro(ri# are > co-"oe'a sa5
- ca"i%al#l social v&rsa%E
- fo$#l $e re4erv&E
- al%e fo$#ri cos%i%#i%e $i "rofi%#l e%.
Ca"i%al#l "ro"ri# al #ei b&ciF careF $e re+#l&F s#% socie%&'i "e ac'i#iF se
for-ea4& "ri e-isi#ea <i s#bscrierea $e ac'i#i. Al&%#ri $e ca"i%al#l "ro"ri# fo$#rile
$e re4erv& "ar%ici"& la for-area res#rselor "ro"rii ale b&cii <i ele se cos%i%#ie %re"%a%F
"ri re"ar%i4area #ei "&r'i re+le-e%a%e $e baca ce%ral& $i "rofi%#rile a#ale.
Nivel#l $e cos%i%#ire al aces%or fo$#ri $e re4erv&F es%eF $e re+#l&F "9& la ivel#l
ca"i%al#l#i "ro"ri#. Ca"i%al#l "ro"ri# s& o "o$ere rela%iv
re$#s& > %o%al res#rselor fiaciare "e%r# cre$i%are.
Ca(i"al#l social se cos%i%#ie "ri e-isi#ea $e ac'i#iF > co$i'iile le+ii <i
valorificarea aces%ora. E-isi#ea $e ac'i#i se "oa%e face a%#ci c9$ es%e ca4#l c# o
"ri-& $e e-isi#e.
Aceas%a se-ific& fa"%#l c& "re'#l $e e-isi#e es%e -ai -are $ec9%
valoarea o-ial&. Pe%r# socie%a%ea bacar&F $i "#c% $e ve$ere fiaciarF "ri-a $e
e-isi#e se >+lobea4& la re4erveF care #l%erior "o% fi folosi%e "e%r# -a=orarea
ca"i%al#l#i socialF $ar # -ai $evre-e $e # a $e la cos%i%#irea lor.
71
De ase-eeaF ca"i%al#l social se "oa%e -o$ifica cor"orarea $e re4erve > ca"i%al#l social <i
$is%rib#irea +ra%#i%& $e ac'i#i.
E-isi#ea $e oi ac'i#i $#ce la a"ari'ia efec%#l#i $e $il#a'ieF a$ic& la
sc&$erea valorii ac'i#ilor ca #r-are a cre<%erii #-&r#l#i $e %i%l#ri eIis%e%e.
?o$#rile $e re4erv& se cos%i%#ie $e c&%re b&ci $i "rofi%#l br#%F as%fel5
- !:R $i "rofi%#l br#% "9& c9$ fo$#l $e re4erv& es%e e+al c# ca"i%al#l
socialE
- 1:R $i "rofi%#l br#% "9& c9$ fo$#l $e re4erv& es%e e+al c# $#bl#l
ca"i%al#l#i social.
D#"& aceas%& li-i%&F fo$#l $e re4erv& es%e ali-e%a% $i "rofi%#l e% >%r8#
"roce% s%abili% $e Cosili#l $e A$-iis%ra'ie al b&cii.
La calc#l#l fo$#rilor "ro"rii se vor avea > ve$ere #r-&%oarele5
8 $i ca"i%al#l "ro"ri# se vor $e$#ce5
8 c/el%#ielile $e cos%i%#ire )$ac& # a# fos% $e$#se $i vei%#ri,E
8 c/el%#ielile a%ici"a%e efec%#a%e "e%r# ac/i4i'ioarea -i=loacelor
fiIeE
8 c/el%#ielile "e%r# ives%i'ii > c#rs $e eIec#'ie re+is%ra%e > a#l c#re%.
Ca(i"al#l s#(lien"ar la #ei b&ci se co-"#e $i5
- fo$#l $e riscE
- re4erve $i reeval#are le+al& a ac%ivelor cor"oraleE
- $a%oria s#bor$oa%&.
Bon)#l )e risc L se cos%i%#ie "e%r# aco"erirea eve%#alelor cre$i%e
erec#"erabile. El se cos%i%#ie $i "rofi%#l br#% "e%r# o valoare $e !R $i sol$#l
cre$i%elor acor$a%e. ?o$#l $e risc "oa%e fi ali-e%a% %r8# "roce%
s%abili% $e Cosili#l $e A$-iis%ra'ie al b&cii.
Ca"i%al#l s#"li-e%ar va fi l#a% > calc#l #-ai > "ro"or'ie $e cel -#l% 1::R
$i ivel#l ca"i%al#l#i "ro"ri#.
Da%oria s#bor$oa%& va fi l#a%& > calc#l >%r8o "ro"or'ie -aIi-& $e 6:R $i
ca"i%al#l "ro"ri# $e"lieasc& #r-&%oarele co$i'ii5
s& fie > >%re+i-e v&rsa%&E
%er-e#l $e ra-b#rsare s& fie $e cel -#l% 6 aiE
La calc#l#l ivel#l#i fo$#rilor "ro"riiF vol#-#l $a%oriei s#bor$oa%e va fi
+ra$#al re$#s& c# !:R "e aF > "erioa$a $e 6 ai a%erioar& sca$e'ei.
co%rac%#l $e cre$i% s& # "reva$& ra-b#rsarea a%ici"a%& a
$a%orieiF c# eIce"'ia ca4#l#i i%r&rii > lic/i$are a socie%&'ii bacareE
> ca4#l fali-e%#l#i sa# lic/i$&rii socie%&'ii bacareF $a%oria
s#bor$oa%& va fi ra-b#rsa%& "9& c9$ %oa%e celelal%e $a%orii # a# fos% ac/i%a%e.
De ase-eeaF ca"i%al#l s#"li-e%ar va fi ifl#e'a% > ses#l a$&#+&riiF
a"recierii sa# sc&$eriiF $e"recierii fo$#l#i $e risc > val#%&F $#"& ca4.
Treb#ie s"ecifica% fa"%#l c&F $i %o%al#l fo$#rilor "ro"rii se vor $e$#ce
"ar%ici"a'iile socie%&'ii bacare la al%e socie%&'i.
A(lica*ii (rac"ice
PROBLE;E RENOLEATE
Problea 12 Socie%a%ea bacar& NGABAO a /o%&r9% s& e-i%& oi ac'i#iF
<%ii$ c& ea es%e co%a%& "e "ia'a RASDA`. Se c#oa<%e c&5 c#rs#l #ei ac'i#i es%e $e
1!::: UBE valoarea o-ial& a #ei ac'i#i es%e $e 1:::: UBE r. $e ac'i#i vec/i H
72
1:::: b#cE r. $e ac'i#i oi e-ise s#% 1::: b#c.E"re'#l $e e-isi#e es%e $e 1!1::
b#c. Se cere5
a, s& se $e%er-ie valoarea "ri-ei $e e-isi#eE
b, -o$ificarea s#rvei%& > ca"i%al#l b&ciiE
c, c#rs#l #ei ac'i#i $#"& e-isi#e.
Re1olvare2
a, Pri-a $e e-isi#e H "re'#l $e e-isi#e L valoarea o-ial&
Pri-a $e e-isi#e H 1!1:: L 1:::: H !1:: UB
b, Bo$ificarea s#rvei%& > ca"i%al#l b&cii5
1!::: H 1:::: 8 ca"i%al social <i !1:: fo$ re4erv&
Ca"i%al social H )1:::: I 1::::, W )1:::: I 1:::, H 11::::::: UB
?o$#l $e re4erv& cre<%e c# !1::::: UB
c, C#rs#l ac'i#ii $#"& e-isi#e
H
( ) +
+
+
+
+
n
e
1 2
r
3
2 n
4
2 n
n
e
1
n 2
2
r
3
H
44555
4
)1:::: I 1!::: W 1::: I 1!1::, H 1!::2F:2 UB
Problea '2 Socie%a%ea bacar& NAL?AO "re4i%& #r-&%or#l bila' la $a%a $e
01 @II a#l N5
8-ii UB 8
D Bilan* C
Dis"oibil la BC (3::
N#-erar !!::
Dis". la al%e b&ci 23::
Cre$i%e acor$a%e 12:::
Al%e ac%ive 0:::
Ca"i%al 1::::
Re4erve !:::
De"o4i%e ale clie'ilor !(:::
8 la ve$ere 1!:::
8 la %er-e -i=loci# 17:::
Al%e "asive !:::
TOTAL A2 0'JJJ TOTAL P2 0'JJJ
Dac& c#oa<%e- fa"%#l c& valoarea o-ial& a #ei ac'i#i es%e $e 1: UBF
 #-&r $e 1::F se cere s& se calc#le4e5
a, Daloarea real& a ac'i#ii
b) Pre'#l $e e-isi#e "e%r# ca s& fie o "ri-& $e e-isi#e $e 1:: UB
c, C#rs#l ac'i#ii $#"& e-isi#e
Re1olvare2
D
real&
H
2r-ac
pr#prii *#n"uri
ac 4555
45
45555
ac
32
6apital
2r-act-
?o$#ri "ro"rii H Ca"i%al W Re4erve
?o$#ri "ro"rii H 1:::: W !::: H 1!::: UB
73
D
real&
H 78 49
4555
49555
Pri-a $e e-isi#e H Pre'#l $e e-isi#e L Daloarea o-ial&

Pre'#l $e e-isi#e H Pri-a $e e-isi#e W Daloarea o-ial&
Pri-a #i%ar& H
e&ise n#i ac "e 2r-
t#tal 1ri&a
Pri-a #i%ar& H 78 4
455
455
Pre'#l $e e-isi#e H 1: W 1 H 11 UB
C#rs#l ac'i#ii $#"& e-isi#e5
( )
( ) 78 44:; 455 44 4555 49
4455
4
n
e
1 2
r
3
2 n
4
2 n
n
e
1
n 2
2
r
3
e
6
+
+
+
+
+
+

Problea .2 Socie%a%ea bacar& a@OF co%a%& la b#rs& c# o valoare a
c#rs#l#i b#rsier $e 16.::: UBF efec%#ea4& o e-isi#e $e oi ac'i#i5 ra"or%#l es%e $e
o ac'i#e o#& la 0 vec/iF la "re'#l $e 13.6:: UB. Se cere s& se s%abileasc&5
- valoarea c#rs#l#i %eore%ic $#"& e-isi#ea %eore%ic&E
- efec%#l $e $il#'ie ?78
<
4<?55 4 4?555 @
n 2
e
1 n
5
6t 2
4
6t
+
+
+
b, Efec%#l $e $il#'ie se refer& la "ier$erea $e valoare ca #r-are a

e-isi#ii $e ac'i#i oi.
Ds H C%
1
8C%
:
H16:::813(76H1!6 UB
$, # ives%i%or ce $ore<%e s& ac/i4i'ioe4e 1:::: ac'i#i %reb#ie s&
"l&%easc&5
Daloarea %o%al& H )PeW0DS,F #$e valoarea unei aciuni H
Pe W0DS.
Daloarea #ei ac'i#i H 136::W0I1!6H13(76 UB
Daloarea %o%al& H13(76 I 1::::H13(.76:.::: UB.
PROBLE;E DE RENOLEAT
Problea 12 ?ie o socie%a%e bacar& c# #r-&%oarele $a%e5
- Ca"i%al social5 61330::: -ii UBE
- Re4erve5 !!!3::: -ii UBE
- Nr. $e ac'i#i5 1::::: b#c.E
- Nr. $e ac'i#i oi e-ise5 1:::: b#c.
Se cere s& se calc#le4e5
a, valoarea o-ial& a #ei ac'i#iE
74
b, valoarea real& a ac'i#iiE
c, "re'#l $e e-isi#e al ac'i#iiF as%fel >c9% e-isi#ea s& se fi f&c#% c# o
"ri-& #i%ar& $e 1:::: UB.
Problea '2 Baca a@O are #r-&%oarele $a%e eI%rase $i bila'#l co%abil5
8Ca"i%al social5 116336!30 -ii UBE
8Re4erve5 6336!30 -ii UBE
8Nr. $e ac'i#i5 111!333 b#c.
Dac& se $ore<%e >cor"orarea a !336!30 -ii UB > ca"i%al#l social $i
fo$#l $e re4erv&F s& se calc#le4e5
a, valoarea o-ial& a #ei ac'i#iE
b, r. $e ac'i#i oi e-iseE
c, "ier$erea $e valoare a #ei ac'i#i.
Problea .5 Socie%a%ea bacar& a@O $ore<%e s& efec%#e4e o
-a=orare $e ca"i%alF folosi$ $o#& -e%o$e5
- e-isi#ea $e 11.::: ac'i#i oiE Pe )"re'#l $e e-isi#e, H!6.:::UBE
- >cor"orare $e re4erve > valoare $e (::.:::.::: UB.
M%ii$ c& $a%ele ii'iale era# #r-&%oarele5
- ca"i%al social5 6F1 -iliar$eE
- fo$ $e re4erv&5 1 -iliar$E
- r. ac'i#i vec/i5 !!!.:::.
Se cere5
a, S& se $e%er-ie valoarea $#bl#l#i $re"% $e a%rib#ire ecoo-ie.
Cos%i%#irea $e"o4i%elor bacare es%e #a $i%re cele -ai i-"or%a%e liii $e
afaceri "e%r# b&ciF $a%ori%& fa"%#l#i c& $e"o4i%ele s#% #%ili4a%e "e%r# fia'area
cre$i%elor sco"#l a%ra+erii fo$#rilor $is"oibile $e la "ersoaele fi4iceF fir-e o"era'ii "rofi%abile. A%ra+erea $e $e"o4i%e $e la o
socie%a%e co-ercial& es%e foar%e $iferi%& $e aceea<i o"era'i#e eIec#%a%& "e%r#
"ersoae fi4ice $e"o4i%ele $e #-erar o
s#-& e+al& c# cea es%i-a%& ecesar& "e%r# a le aco"eri ecesi%&'ile fo$#l#i $e
r#l-e%. Dac& ivel#l #-erar#l#i afla% la $is"o4i'ia #ei socie%&'i es%e -ai -are $ec9%
s#-a ecesar& "e%r# aco"erirea evoilor fo$#l#i $e r#l-e%F socie%a%ea "robabil
c&F fie >-"r#-#%#rile sca$e%e sa# al%e obli+a'ii fiaciareF fie c& va
co%i#a s& ives%easc& sa# c/iar s& "l&%easc& $ivi$e$e.
75
O al%& $ifere'& >%re socie%&'ile co-erciale <i "ersoaele fi4ice es%e
fa"%#l c&F socie%&'ile a# "ersoal s"eciali4a% L co%abil cearc& s& ob'i& beefici#l -aIi- $i
#-erar#l care es%e $is"oibilF "e c9$ $e"#&%orii "ar%ic#lari $i ca$r#l re%ail
ba*i+8#l#i cer si+#ra'& <i $e -#l%e ori # s#% a%9% $e -#l% i%eresa'i $e ra%a
"rofi%#l#i.
..1.'.1 Ti(#ri )e )e(o1i"e bancare
EIis%& -#l%e -o$#ri $e clasificare a $e"o4i%elor bacare )cele ale
"ersoaelor fi4ice fa'& $e cele ale fir-elorE $e"o4i%ele > -oe$& a'ioal& fa'& $e
$e"o4i%ele > val#%&F e%c., . To%#<iF cel -ai #4#al -o$ $e clasificare a $e"o4i%elor es%e
> ra"or% c# sca$e'a care5
baca care cos%i%#ie $e"o4i%#l se a+a=ea4& s&5
"l&%easc& cec#rile e-ise $e $e"#&%or "e%r# co%#l s&#E
-e'i& sol$#l e% la $is"o4i'ia clie%#l#i > orice -o-e%E
cre$i%e4e > co% $ob9$a covei%& le+&%#r& c# aces%a.
clie%#l se a+a=ea4& s&5
)a, evi%e efec%#area oric&rei o"era'i#i care ar crea # sol$ is#ficie% >
co%E
)b, #%ili4e4e co%#l cofor- %er-eilor acor$#l#i >c/eia%.
K ca4#l #ei fir-eF $e obicei se ca$e $e acor$ >%re bac& co%#l c#re%
s#-a ecesar& $i%r8# co% $e over$raf% "e%r# a -e'ie "o4i%iv sol$#l co%#l#iF
$ac& # as%fel $e co% eIis%&.
Co%#rile c#re%e ofer& $e obicei o ra%& -ic& a $ob94ii sa# s#% f&r&
$ob9$& <i re"re4i%& o s#rs& $e fo$#ri c# co% re$#s "e%r# bac&. Bo%iv#l $ob94ii
-ici sa# a li"sei aces%eia es%e sa%isfac'ia oferi%& clie'ilor "ri efec%#area #or servicii
"e%r# ace<%ia "ri bac&F c#- ar fi5 "ri-irea c/i%a'elorF ac/i%area fac%#rilorF e%c.
Da%ori%& coc#re'ei $i%re b&ciF >s& > #l%i-a vre-eF co%#rile $e cec#ri ofer& ra%e
ale $ob94ii $es%#l $e -ari "e%r# aces% %i" $e co%.
Con"#ri )e econoii $con"#ri la ve)ere%
Co%#rile $e ecoo-ii s#% co%#ri la ve$ereF ca -o$ $iferi%. S#-ele $i co%#rile $e ecoo-iiF
es%e %i"#l $e $e"o4i% la ve$ere. Co%#rile $e ecoo-ii a# o se-ifica'ie ecoo-ic&
$iferi%& "e%r# b&ciF $eoarece ele re"re4i%& $e"o4i%e "e %er-e -e$i# sa# l#+
)s"re $eosebire $e co%#rile c#re%eF care s#% cosi$era%e $e obicei $e"o4i%e "e
%er-e sc#r%,.
K ca4#l fer-elorF co%#rile $e ecoo-ii s#% folosi%e > -#l%e sco"#riF ca $e
eIe-"l#5 )a, $e"o4i%e $e la o 4i la al%a )over i+/%, co%#ri
$e ecoo-ii s#%5
si+#ra'a )fii$ asi+#ra%e $e obicei "ri le+i <i res%ric'ii
+#vera-e%ale,E
lic/i$i%a%ea )baii s#% livra'i la cerere "ri #%ili4area ##i care% $e
co%,E
accesibili%a%ea )"ri "osibili%a%ea #%ili4&rii oric&r#i a#%o-a% "e%r#
#-erar LATB L eIis%e%,E
vei%#l )care es%e sacrifica% > favoarea ava%a=elor -e'ioa%e -ai
s#s,.
P9& $e c#r9$F b&cile # a# oferi% -#l%e servicii "ro"rie%arilor $e co%#ri
$e ecoo-ii. To%#<iF $a%ori%& coc#re'eiF #l%erior b&cile a# >ce"#% s& ofere -#l%e
servicii $e'i&%orilor $e co%#ri $e ecoo-iiF c#- ar fi5
eI"e$ierea ##i eI%ras l#ar $e co%F f#ri49$ o "re4e%are aali%ic&
a -o$ific&rilor care a# av#% loc > co%E
ca"aci%a%ea $e a "l&%i a#-i%e obli+a'ii ale "ro"rie%ar#l#i "e ba4a
aces%#i co% )co-isioae "e%r# car$#riF c/el%#ieli $e >%re'iereF ra%e la cre$i%eF e%c.,E
servicii bacare "ri %elefo )"/oe ba*i+,F e%c.
U%ili4area $e c&%re b&ci a s#-elor "rovei%e $i $e"o4i%ele la ve$ere
ecesi%& -#l%& "r#$e'&F $eoarece a+rearea res#rselor $i aces%e $e"o4i%e >
"ro"or'ii -ari ar "#%ea crea $ific#l%&'i $e lic/i$i%a%e b&cilorF > ca4#l > care ar solici%a
re%ra+erea s#-elor > vol#-e i-"or%a%eF "es%e cele "rev&4#%e.
Con"#ri c# "eren fi5
Co%#rile c# %er-e fiI s#% acele $e"o4i%e la %er-e care # se "o% "l&%i
>ai%e $e sc#r+erea ##i a#-i% i%erval $e %i-". Da%ori%& fa"%#l#i c& ele # se "o%
"l&%i > orice -o-e% > care ar $ori $e'i&%or#lF aces%e co%#ri a$#c # vei% -ai -are
"ri ra%a $ob94ii > co-"ara'ie c# co%#rile $e ecoo-ii.
Pe%r# $e"#&%ori aces% %i" $e co% are ava%a=#l c& le a$#ce # vei% -ai
-are "e "erioa$a "e care ei "res#"# c& # vor #%ili4a ace<%i baiF iar "e%r# bac& el
re"re4i%& o s#rs& si+#r& $e fia'are "e %er-e -e$i# aces% sco".
Cer"ifica"e )e )e(o1i" $CD%

Cer%ifica%ele $e $e"o4i% ecesi%& o s#-& -ii-& $e bai ce %reb#ie $e"#s&
"e o a#-i%& "erioa$& $e %i-"F care es%e $e obicei -ai l#+& $ec9% cea cer#%& "e%r#
$e"o4i%ele c# %er-e fiI. Prici"alele carac%eris%ici ale CD s#%5
ele s#% foar%e lic/i$e )"o% fi %rasfor-a%e > #-erar la orice -o-e% $e
%i-" L "ier49$ o "ar%e $i $ob9$aF ca "eali4are,E
$re"%#l $e "ro"rie%a%e "oa%e fi %rasfera% )o#l "ro"rie%ar es%e >$re"%&'i%
s& "ri-easc& >%rea+a s#-& la sf9r<i%#l "erioa$ei care a fos% covei%& ii'ial
>%re bac& %re o
socie%a%e co-ercial& care )a, socie%a%ea co-ercial& se a+a=ea4& s& $ea
#-erar b&cii >%r8o a#-e 4i "e%r# a ac/i4i'ioa %i%l#ri $e valoare la # a#-e "re'F
iar )b, a-bele "&r'i s#% $e acor$ ca aces%e %i%l#ri $e valoare vor fi rev9$#%e $e c&%re
socie%a%ea co-ercial&F b&cii la o $a%& #l%erioar&F la # "re' "res%abili%.
Aces% acor$ sea-&& c# # co% $e $e"o4i%F $eoarece ese'a aces%ei
%ra4ac'ii cos%& > fa"%#l caF socie%a%ea co-ercial& se obli+& s&8<i $e"#& baii la
baca "e%r# o a#-i%& "erioa$& $e %i-" c# # "rofi% fiI. Aces%e acor$#ri re"o s#%
-ai co-#e socie%&'ilor co-erciale $ec9% "ersoaelor fi4iceF )c&ci es%e evoie $e
s#-e -ii-e $e $e"o4i%,F iar ele s#% $e"o4i%e "e %er-e sc#r% )overi+/% sa# $e
c9%eva 4ile,F care a# evoie $e o -oi%ori4are s%ric%& $i "ar%ea $e"#&%or#l#i.
Al"e "i(#ri )e con"#ri

K ci#$a fa"%#l#i c& -#l%e %i"#ri $e co%#ri $e"i$ > -are -&s#r& $e ca$r#l
le+al crea% $e baca ce%ral& a fiec&rei '&riF #r-&%oarele %i"#ri $e co%#ri s#%
"re4e%e $e obicei > orice 'ar&5
- co%#ri c# res%ric'ie $e >c/i$ere )la care $e"#&%or#l # are
$re"%#l $e re%ra+ere a bailor "9& la eI"irarea ##i a#-i%
%er-e,E
- $e"o4i%e "e%r# %ieri )la care ra%a $ob94ii oferi%e es%e #
s%i-#le% "e%r# "ro-ovarea $e"o4i%elor > r9$#l %ierilor, val#%& )la care ar %reb#i #r-a'i a#-i'i
"a<i "e%r# s%abilirea s#rsei $e val#%&F e%c.,.
Noi "i(#ri )e )e(o1i"e
(a) U con" "i( sOee( es%e o iova'ie i%ro$#s& $e c#r9$ $e c&%re
is%i%#'iile care "reia# $e"o4i%e. Aces% coce"% es%e a"lica% al%or %i"#ri $e co%#ri )a$ic&
la co%#ri %i" NO. H Ne+ociable Or$er or .i%/$raJal Acco#%, > care sol$#rile "es%e
# a#-i% ivel s#% %rasfor-a%e > fo$ al "ie'ei $e ca"i%al. Co%#rile sJee" s#%
oferi%e $e b&ci clie'ilor bo+a'i <i s#% corela%e $e obicei c# r#larea fo$#rilor
-#%#ale.
(b) U con" "i( cas- ana!een" es%e # "ro$#s $e4vol%a% $e Berril
LPc/F care co-bia bro*era=#l <i co%#l bacarF oferi$ clie'ilor $ob9$a 4ilic&
"e%r# sol$#l $i co%F facili%&'i "ri cec#riF car$#ri $e $ebi% Disa f#c'ia $e cos%i%#ire a $e"o4i%elor $i%r8o bac& a# loc >
$o#& 4oe "rici"ale5
a, la +/i<e#F > fro% officeF #$e a# loc %oa%e i%erac'i#ile c# clie%#lE
)b, > s"a%ele +/i<eelorF > bac* officeF #$e are loc >%oc-irea
$oc#-e%a'iei bacare.
O(era*i#nile )e !-i7e# 3 fron" office 3 incl#)5
78
oi $esc/i$eri $e co%#ri )"ri #%ili4area ##i for-#lar $e cerere
a$ecva%F "ri cererea ifor-a'iilor $e $esc/i$ereF "ri i%ro$#cerea $a%elor > ba4a $e
$a%eF "ri e-i%erea car$#rilor %oc-irea $oc#-e%elor a$ecva%e sa#
%as%area #-erelor $e co$ cores"#4&%oareF %rasfer#l bailorF e%c.,.
O(era*i#nile )in s(a"ele !-i7eelor 3 bac- office 3 incl#)5
a#%e%ificarea re+is%rele co%abile +eeraleF "e ba4a
$oc#-e%elor #%ili4a%e,E
co-"esarea cec#rilor "ri sis%e-#l casei $e co-"esa'ii )"ri
sor%area cec#rilor sis%e-#l $e co-"esare,E
calc#larea $ob94ii )"ri a"licarea ra%elor cores"#4&%oare ale
$ob94ii <i a sca$e'elor covei%e,E
co-"le%area $oc#-e%elor "e%r# %oa%e %ra4ac'iileF e%c.
..1.'.. Calc#larea )ob<n1ii 7i #r&rirea con"#rilor
Calc#larea )ob<n1ii es%e # "roces a$eseori $es%#l $e co-"lica% $i
#r-&%oarele ca#4e5
vol#-#l#i %ra4ac'iilor i-"lica%eE
ra%ele $ob94ii s#% ra"i$ cresc&%oareF c9$ as%fel $e ra%e s#%
a"lica%eE
a"licarea $a%ei >re+is%r&rii %ra4ac'iei.
Pla%a $ob94ii "e%r# co%#rile "ri cec es%e i%er4is& > a#-i%e '&ri. K al%e
'&riF #$e # era i%er4is& )$ar era foar%e $es e"l&%i%& $ob9$a "e%r# aces%e
co%#ri,F $a%ori%& coc#re'eiF b&cile a# >ce"#% #l%erior s& "l&%easc& $ob9$a <i
"e%r# aces%e co%#riF care es%e $e obicei -ai -ic& $ec9% $ob9$a "e%r# co%#rile $e
ecoo-ii.
De re'i#% es%e fa"%#l c&F b&cile ofer& "er-ae% clie'ilor oi %i"#ri $e
co%#ri $e $e"o4i%F c# %er-ei -ai b#i c9%5
s& facili%e4e ceri'ele $e ifor-are ale $e"#&%orilor cre$ere > baca "e%r# $e"#&%ori.
Es%e %o% -ai co-# "e%r# b&ci s& %ri-i%& clie'ilor eI%rase $e co% > care
s& le "re4i%e %oa%e %ra4ac'iile care a# av#% loc > ca$r#l #ei a#-i%e "erioa$e $e
%i-" )$e obicei l#ar sa# se-i8a#al, ca #rare
a in)ica*iilor b&ncilor cen"rale sa# al"or re!#li> )e obicei in"erna*ionale.
Cofor- aces%#i sis%e-F %oa%e b&cile co-erciale co%rib#ie la # fo$
co-# "ro"or'ioal c# vol#-#l $e"o4i%elor "e care le $e'i. Sco"#l aces%#i fo$ es%e
$e a aco"eri orice "ier$ere $e $e"o4i% care ar "#%ea a"&rea > vii%or > oricare $i
b&cile ce fac "ar%e $i aces% acor$F ca re4#l%a% al a#-i%or ac'i#i sa# si%#a'ii.
Mi > Ro-9ia s8a cos%i%#i% N?o$#l $e +ara%are a $e"o4i%elor > sis%e-#l
bacarOF a"roba% > a#+#s% 1227.
?o$#l $e +ara%are a $e"o4i%elor > sis%e-#l bacar are ca sco"
+ara%area ra-b#rs&rii $e"o4i%elor cos%i%#i%e la socie%&'ile bacare $e c&%re
$e"oe'iF "ersoae fi4iceF > co$i'iile %r8# co%
bacar $e orice %i"F $esc/is "e #-ele #eia sa# al -ai -#l%or "ersoae fi4iceF
s#"#se ra-b#rs&rii c&%re $e"oe'i $e c&%re socie%a%ea bacar&F "o%rivi% le+ii li-i%ele s%abili%e L "la%a c&%re $e"oe'i a fo$#rilor
$e"o4i%a%eF > ca4#l > care o socie%a%e bacar& # es%e > -&s#r& s&8<i oore4e
obli+a'iile fa'& $e ace<%ia.
N# s#% +ara%a%e "ri N?o$O #r-&%oarele $e"o4i%e5
$e"o4i%ele cos%i%#i%e $re"% +ara'ie "e%r# o"era'i#ile $esf&<#ra%e $e
$e"oe'i c# socie%a%ea bacar& res"ec%iv&E
$e"o4i%ele -e-brilor cosiliilor $e a$-iis%ra'ieF ai co-i%e%#l#i $e
$irec'ie s&rcia'i c# cer%ificarea bila'#l#i
co%abil al socie%&'ii bacareE
$e"o4i%ele "ersoaelor fi4ice care $e'i ac'i#i ce re"re4i%& -ai -#l%
$e 6R $i ca"i%al#l socie%&'ii bacareE
$e"o4i%e ale so'ilorF r#$elor co%#l #or
"ersoaeE
$e"o4i%e ale "ersoaelor fi4ice care a# ob'i#%F > -o$ s"ecialF $e la
aceea co$i'ii
"refere'iale.
..1.'.6 Sis"e#l )e con"rol in"ern la cons"i"#irea )e(o1i"elor
Sis%e-#l $e co%rol i%er la cos%i%#irea $e"o4i%elor es%e foar%e i-"or%a%
$i $iferi%e -o%iveF "ri%re care )a, vol#-#l -are $e %ra4ac'iiF $e cele -ai -#l%e ori $e
a%#ra re"e%i%iv& 
ve$ere #r-&%oarele5
80
f#c'ioarii $e la +/i<e# care l#crea4& c# co%#ri > #-erar a#
obli+a'ia s& "#& $e acor$ sol$#rile eIis%e%e c# cele $i re+is%r#l co%abilE
acces#l la sis%e-#l $e evi$e'& a $e"o4i%elor <i la res"ec%iva ba4& $e
$a%e es%e "er-is #-ai "e%r# "ersoal#l a#%ori4a%E
co%#rile iac%ive s#% se"ara%e $e celelal%e co%#ri <i co%rola%eE
co%#rile "ersoal#l#i b&cii s#% $e ase-eea se"ara%e <i #r-&ri%e
se"ara%E
si%#a'iile )eI%rasele, b&cii s#% %ri-ise "erio$ic clie'ilorE
%ra4ac'iile "ri a#%o-a%e $e "la%& L ATB L s#% revi4#i%eF %rascrise <i
$oc#-e%a%e corec%E
a#$i%8#l i%er al b&cii face co%roale "erio$ice "e%r# verificarea
res"ec%&rii "oli%icilor -are -&s#r& $e cre<%erea
co-"e%i'iei > re%ail ba*i+ <i $e "ro+res#l %e/olo+iei.. C# cre<%erea +ra$#l#i $e
a#%o-a%i4areF cos%#l r#l&rii $e"o4i%elor va sc&$ea s#bs%a'ial.
C9%eva $i %r&s&%#rile "ro+o4a%e s#%5
a#-i%e %i"#ri $e co%#ri vor fi #iversal valabile )a$ic& acele co%#ri
co-"a%ibile c# ra%ele fl#c%#a%e ale $ob94ii %r8o si+#r& bac&.
..1.'.C Con"abili"a"ea 7i (roblee )e i(o1i" ?n cons"i"#irea
)e(o1i"elor
Pla#l $e co%#ri co%abile $i -#l%e '&ri cere >re+is%rarea %r8o for-& > care sol$#rile $e"o4i%elor $e $iferi%e %i"#ri s& fie
icl#se > co%#ri se"ara%e.
U#l $i%re cele -ai i-"or%a%e ele-e%e $e co%abili%a%e "rivi$ $e"o4i%eleF
es%e calc#l#l $ob94iiF > s"ecial c9$ eIis%& ceri'a $e calc#lare a ca"i%ali4&rii la
sf9r<i%#l "erioa$elor co%abile.
Dei%#l $i $ob94i es%e sc#%i% $e i-"o4i% "e%r# $e"#&%orii $i -#l%e '&ri.
To%#<iF > a#-i%e '&riF vei%#l $i $ob94i es%e i-"o4i%a% la o ra%& Nfla%O )fiIa, "e%r#
$e"#&%or. Baca are obli+a'ia $e a re%ra+e as%fel $e %aIe $i $e"o4i%e c9$
calc#lea4& vei%#l a$#s $e $ob9$& ca$r#l #ei
a#-i%e "erioa$e $e %i-". K Ro-9ia %aIa s8a is%i%#i% $i a#l 122(F la # ivel $e
1R $i vei%#rile $i $ob94i.
..1.'.D Al"e (roblee le!a"e )e cons"i"#irea )e(o1i"elor
81
A#-i%e res%ric'ii > le+&%#r& c# $e"o4i%ele s#% i-"#se $e Banca cen"ral&
a fiec&rei '&ri care afec%ea4& $irec% sa# i$irec% ac%ivi%a%ea $e cos%i%#ire a $e"o4i%elor.
Ase-eea res%ric'ii cos%a# >5
s%abilirea $e ra%e ale $ob94ii -ii-e sa# -aIi-e "e%r# a#-i%e
%i"#ri $e $e"o4i%eE
s%abilirea #or a#-i%e ceri'e "e%r# $esc/i$erea ##i co% > val#%&E
obli+a'ia b&cilor $e a re$e"#e o "ar%e $i $e"o4i%e la baca ce%ral&
s#b for-a re4ervei -ii-e.
O -are i-"or%a'& o are )a"a ?nre!is"r&rii "ran1ac*iei $val#e )a"e% care
es%e $a%a la care o s#-& $e"#s& >ce"e sa# >ce%ea4& s& a$#c& vei% "ri $ob9$&.
U $e"o4i% > #-erar are $e obicei ca $a%& $e >re+is%rare a %ra4ac'iei #r-&%oarea 4i
l#cr&%oare a 4ilei > care a fos% f&c#% $e"o4i%#l. U $e"o4i% > cec are $e obicei ca $a%&
$e >re+is%rare a %ra4ac'ieiF #a "9& la o"% 4ile l#cr&%oare $#"& 4i#a > care are loc
$esc/i$erea $e"o4i%#l#i )> f#c'ie $e bacaF ora<#l care a fos% e-is cec#l,.
O al%& "roble-& > $isc#'ie o cos%i%#ie confi)en*iali"a"ea )e(o1i"elor.
Cofor- cofi$e'iali%&'iiF b&cilor # li se "er-i%e s& f#ri4e4e ifor-a'ii
as#"ra $e"o4i%elor al%or "ersoae $ec9% $e'i&%orilor. C/iar al% sco" $ec9% cel le+a% $e a#$i%.
C# %oa%e aces%eaF o serie $e '&riF "e%r# $e"is%area Nbailor -#r$ariOF a#
>fii'a% or+ais-e +#vera-e%ale care s#% >$re"%&'i%e s& "ri-easc& $a%e $e la
b&ci as#"ra $e"o4i%elor cos%i%#i%e "es%e o a#-i%& s#-&F "e%r# a aali4a
"roveie'a lor. U ase-eea or+ais- a fos% cos%i%#i% > a#l 122( Ro-9iaF f#c'i#e > 1222. Po%rivi% a%rib#'iilor or+ais-#l#iF s#bor$oa%
+#ver#l#iF orice $e"o4i% cos%i%#i% la o bac& co-ercial& "es%e 1:.::: EUROF va fi
co-#ica% $e baca co-ercial& res"ec%iv& la aces%a.
..1.'.I Dob<n)a la )e(o1i"ele bancare
K%r8# sesF $ob9$a "oa%e fi cosi$era%& ca o re-#erare "e care
ca"i%alis%#l o "ri-e<%e "e%r# folosirea ca"i%al#l#i "ro"ri# )$ob9$a ori+iar& a
ca"i%al#l#i, sa# "e%r# ca"i%al#l >cre$i'a% s"re #%ili4are al%or "ersoae )$ob9$a
>-"r#-#%#l#i, "e o $#ra%& $a%&F "e%r# o folosire oarecare.
K ses res%r9sF $ob9$a es%e s#-a ce revie "ro"rie%ar#l#i la
ra-b#rsarea s#-ei >-"r#-#%a%e sa# "re'#l folosirii ca"i%al#l#i l i-"lica >-"r#-#%#l res"ec%iv.
Dob9$a "res#"#e "re'#l "e%r# $re"%#l $e folosire a ca"i%al#l#i b&esc
>-"r#-#%a%.
Dob9$a i-"lic& "re4e'a #or ra"or%#ri co%rac%#ale >%re $o#& ca%e+orii
$e "ersoaeF av9$ rol#ri bie $eli-i%a%e5 creditorii L care $a# baii s#b for-a $e
>-"r#-#% %rea+a $#ra%& $e "lasare a #ei
s#-e $e baiF valoarea cosi$era%& > calc#l a s#-ei # se -o$ific&F vo- s"#e c&
ave- # "roces $e $ob9$& si-"l& sa# c& "lasarea s#-ei res"ec%ive s8a efec%#a% >
re+i- $e $ob9$& si-"l&.
Dob<n)a co(#s&. S"#e- c& o s#-& a fos% "lasa%& >
82
re+i- $e $ob9$& co-"#s& $ac& valoarea l#a%& > calc#l a s#-ei res"ec%ive se
-o$ific& "erio$ic "e $#ra%a $e %i-" "e care a fos% "lasa%&F $#"& o a#-i%& re+#l&F iar
>%re $o#& -o$ific&ri cosec#%ive s#-ei -o$ifica%e i se a"lica o $ob9$& si-"l&.
..1.'.I.1 Ra"a )ob<n1ii
Ra"a )ob<n1ii es%e -&ri-ea rela%iv& a $ob94ii )s#-a "l&%i%& > -e$ie "e
a "e%r# fiecare 1:: #i%&'i -oe%are,.
Ra%ele $ob94ii L "e%r# $e"o4i%ele la %er-e F $e"i$ $e "erioa$a "e%r#
care s8a f&c#% $e"o4i%#l f#c'ie ra%a $e referi'& a b&cii ce%raleF $e ivel#l ifla'ieiF $e evol#'ia $e
asa-bl# a $ob94ilor "e "ia'& sa# a $ob94ilor "rac%ica%e $e al%e b&ci. Ra%a
$ob94ii s%abili%& > -o-e%#l $esc/i$erii ##i co% $e $e"o4i% se -e'ie
esc/i-ba%& "e %oa%& "erioa$a "e%r# care s8a cos%i%#i% $e"o4i%#l. Ra%a $ob94ii
"oa%e fi $iferi%&F > f#c'ie $e clie% )"ersoaa fi4ic& sa# =#ri$ic&,.
Dob9$a se calc#lea4& "e%r# o l#& $e 0: $e 4ileF l#9$#8se >
cosi$erare ra%a $ob94ii "e%r# # a $e 07: $e 4ile.
Calc#l#l se face l#arF l#9$#8se > cosi$erare ra%a a#al& a $ob94ii
s%abili%& $e bac& "e%r# %i"#l res"ec%iv $e $e"o4i% )-ai -ic sa# -ai -are,. L#a es%e
cosi$era%& $e 0: $e 4ileF iar a#l $e 07: $e 4ile co%rac%#l $e $esc/i$ere a co%#l#i -o-e%#l $esc/i$erii co%#l#i.
..1.'.I.' Pla"a )ob<n1ii
Dob9$a "e%r# co%#rile $e $e"o4i% se "l&%e<%e la sf9r<i%#l l#ii %r8# co% c#re%.
Re%ra+erile $i co%#l c#re% as%fel cos%i%#i% se "o% face l#ar. K ca4#l >
care clie%#l >ai%e $e %er-e#l "e%r# care a cos%i%#i% $e"o4i%#l
> co%F $ob9$aF "e%r# %oa%& "erioa$a "9& > -o-e%#l re%ra+eriiF se calc#lea4&
a"lic9$#8se ra%a $ob94ii "e%r# co%#rile c#re%e.
De re+#l&F ra%a $ob94ii la co%#rile $e $e"o4i% )la %er-e, es%e -ai -are
$ec9% ra%a $ob94ii oferi%& la co%#rile c#re%e. Difere'a >%re cele $o#& ra%e ale
$ob94ilor >c#ra=ea4& ives%i%orii s&8<i "&s%re4e baii s#b for-a $e $e"o4i%e la
%er-e.
..1.'. 1J Bacili"&*i (eranen"e
Pe%r# a ob'ie lic/i$i%a%e "e %er-e foar%e sc#r% b&cile "o% a"ela la Baca
Ce%ral&. ?acili%a%ea "er-ae%& $e cre$i%are acor$a%& $e aceas%a es%e cre)i"#l
lobar).
B&cile "o% a"ela la cre$i%#l lo-bar$ > ba4a #ei cereri >re+is%ra%eF care
c#"ri$e > -o$ obli+a%ori# #r-&%oarele ele-e%e5
- ele-e%e $e i$e%ificare a b&ciiE
- s#-a solici%a%&E
- %i"#l <i valoarea +ara'iei.
Perioa$a $e acor$are a cre)i"#l#i lobar) es%e overni!-". Nivel#l ra%ei
lo-bar$ )ra%a $ob94ii la cre$i%ele lo-bar$, es%e s%abili% $e c&%re Cosili#l $e
83
A$-iis%ra'ie al BNR sis%e-#l bacar.
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Dob9$a la cre$i%#l lo-bar$ se "l&%e<%e o$a%& c# ra-b#rsarea cre$i%#l#iF iar
acor$area cre$i%#l#i lo-bar$ es%e co$i'ioa%& $e cola%erali4area aces%#ia c# ac%ive
eli+ibile "e%r# +ara'ie.
Daloarea +ara'iilor a$#se %reb#ie s& aco"ere > "ro"or'ie $e 1::R
valoarea cre$i%elor care sca$e'a cre$i%#l#i bacar es%e o 4i el#cr&%oareF
ra-b#rsarea are loc > #r-&%oarea 4i l#cr&%oare bacar&.
A(lica*ii (rac"ice
PROBLE;E RENOLEATE
Problea 12 U a+e% ecoo-ic are "osibili%a%ea $e a8 valoare $e 6::::::: leiF $e"#9$#8i la o bac& >%r8# co%
$e $e"o4i%F "e %er-e $e5 1 l#&F 0 l#iF 7 l#iF 1! l#iF boifica%e c# o $ob9$&F care
varia4& > f#c'ie $e %er-e#l "e%r# care se cos%i%#ie $e"o4i%#l5
- "e%r# $e"o4i%ele "e 1 l#& L 6(R "e aE
- "e%r# $e"o4i%ele "e 0 l#i L 7!R "e aE
- "e%r# $e"o4i%ele "e 7 l#i L 7(R "e aE
- "e%r# $e"o4i%ele "e 1! l#i L 70R "e a.
a, Calc#la'i $ob9$a la s#-a $e"#s& "e%r# %oa%e %i"#rile $e $e"o4i% <%ii$
c& for-#la $e calc#l es%e cea a $ob94ii si-"le.
b, I%er"re%a'i re4#l%a%ele.
Re1olvare2
)a,
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8Tabel 0.18
Teren Ealoarea ini*ial&
)e(#s& $lei%
Procen" )ob<n)&
$P/an%
To"al )ob<n)&
$lei%
1 l#& 6::::::: 6( !317777
0 l#i 6::::::: 7! 776::::
7 l#i 6::::::: 7( 17::::::
1! l#i 6::::::: 70 076:::::
84
)b, Se "oa%e observa fa"%#l c& socie%a%ea bacar& acor$& cel -ai -are
"roce% al $ob94ii "e%r# $e"o4i%#l c# $#ra%a $e via'& cea -ai -are. De al%felF > -o$
or-alF $ob9$a es%e cresc&%oare > f#c'ie $e "erioa$a $e %i-" "e%r# care se
cos%i%#ie $e"o4i%#l.
Problea '2 O "ersoa& fi4ic& a $e"#s >%r8# co% c# "la%a l#ar& a
$ob94ii la %er-e $e 0 l#iF s#-a $e 0:::::: UB la $a%a $e 6 -ai a#l NF c# o ra%&
a $ob94ii $e 03R "e a. Se cere s&5
a, Calc#la'i $ob9$a "e care o va >casa "ersoaa fi4ic& "9& la $a%a $e 0:
a#+#s% a#l N > s#-& br#%&.
b, De%er-ia'i valoarea e%& a $ob94ii >casa%e.
Re1olvare2
)a, P9& la $a%a $e 0: a#+#s% s#% 117 4ileF $ar $ob9$a se "l&%e<%e $oar la
0 l#i $eci la 6 a#+#s%. As%fel5
U; > . ^^ ^^^ b^Z
+ +
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)b, Pe%r# a se $e%er-ia valoarea e%& a $ob94ii se sca$e i-"o4i%#l "e
vei%#rile $i $ob9$a $e 1R.
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Problea 12 S& se calc#le4e $ob9$a "e care o va >casa %i%#lar#l ##i
co% $e $e"o4i% c# carac%eris%icile $e -ai =os5
- %er-e#l 0 l#iE
- ra%a $ob94ii la %er-e 3:RE
- ra%a $ob94ii la ve$ere 1(RE
- valoarea $e"o4i%#l#i 1:::::: UB.
> #r-&%oarele si%#a'ii5
a, cla#4& $e re>oire a co%rac%#l#i a#%o-a% > ca4 $e ere%ra+ere a s#-ei
$#"& 0 4ile $e la sca$e'&E
b,s#-a <i $ob9$a se re%ra+e $#"& cele 0 l#iE
c,s#-a <i $ob9$a se re%ra+e $#"& ! l#i <i 16 4ileE
$,s#-a <i $ob9$a se re%ra+e $#"& 0 l#i <i 1: 4ile.
Problea '2 ?ie #r-&%oarele %i"#ri $e $e"o4i%e oferi%e $e socie%a%ea
bacar&5
8Tabel 0.!8
Nr. cr". Ti( Ra"a )ob<n1ii / an
85
1. De"o4i%e la ve$ere 16R
!. De"o4i%e la %er-e 1 l#& 0(R
0. De"o4i%e la %er-e 0 l#i 30R
3. De"o4i%e la %er-e 7 l#i 33R
6. De"o4i%e la %er-e 1! l#i 37R
S%abili'i arbi%ra=#l $e"#erii f&c#%& $e # ives%i%or care $ore<%e s& "lase4e o
s#-& $e 3 :::::: UBF "e o "erioa$& $e -aIi- 3 l#i.
Problea .5 Baca co-ercial& acO are ac%ive eli+ibile > valoare $e 1F6
-iliar$e UB. S%abili'i > ce co$i'ii baca "oa%e beeficia $e # cre$i% lo-bar$ >
valoare $e 1F7 -iliar$e UB <i care es%e $ob9$a ce se "l&%e<%e "e%r# aces% cre$i%F
<%ii$ c& ra%a $ob94ii es%e $e 71R.
..1.. Reescon"#l
O al%& cale $e creare $e lic/i$i%&'i -oe%are $e c&%re o bac&F o cos%i%#ie
reesco%#l #or %i%l#ri co-erciale eIis%e%e > "or%ofoli#l aces%eia ob'i#%e $i
sco%areaF care le ce$ea4& b&cii ce%rale )$e e-isi#e, sa# #ei al%e b&ciF res"ec%iv
b&cilor $e sco%.
Pe aceas%& cale baca "oa%e ob'ie "e l9+& $is"oibili%&'ile -oe%are $e
care are evoie -"r#-#% "e +ara'ii c# efec%e "#blice )obli+a'i#iF cer%ifica%e $e
$e"o4i%F bo#ri $e %e4a#r,F $e#-i%e o(era*i#ni )e lobar)are.
Aces% %i" $e o"era'i#i cos%& > fa"%#l c& baca $e $e"o4i% ob'ie $e la
baca ce%ral& )$e e-isi#e, res#rse fiaciare "e %er-e sc#r%F "e sea-a %i%l#rilor $e
valoare ce le $e'ie > "or%ofoli#.
K %oa%e ca4#rileF se a# > ve$ere carac%eris%icile %i%l#rilor $e valoare care
s#% valorifica%eF > ses#l $ac& ele s#% e+ociabile <i "o% fi v9$#%eF res"ec%iv
acce"%a%e la c#-"&rare $e c&%re b&ci )a+rea%e la sco%are,. Crea'ele care # s#%
e+ociabileF $eci # "o% fi recre$i%abileF r&-9 la baca ce a acor$a% cre$i%#l "9& la
%er-e#l s%abili% $e ra-b#rsare.
..' ;ana!een"#l o(era*i#nilor ac"ive
Ac%ivele bacare re"re4i%& %o%ali%a%ea "lasa-e%elorF aco"eri%e > ba4a
res#rselor fiaciare )"asivelor bacare, folosi%e > sco"#l ob'ierii $e "rofi%. Ele se
evi$e'ia4& > ac%iv#l bila'ierF s#b for-& $e "os%#ri bila'iere care se "o% +r#"a "e
#r-&%oarele ca%e+orii5
#-erar bila' 'ie sea-a $e lic/i$i%a%ea ac%ivelorF eIis%9$ la ora
ac%#al& $o#& coce"%e la ivel e#ro"ea5
a, o)el#l an!lo 3 sa5on HX ac%ivele s#% a<e4a%e > bila' > or$iea
$escresc&%oare a lic/i$i%&'ilor lor )fi+. 0.1,.
86
Bila' >c/eia% lad.
ACTID PASID
Casa
De"o4i% la B.C.
Ti%l#ri $e valoare
Cre$i%e
Ac%ive cor"orale
SCADE
LICTIDITATEA
Fig. #.$. !onceptul bilanului dup modelul anglo%saxon
b, o)el#l france1 HX ac%ivele s#% a<e4a%e > bila' > or$iea
$escresc&%oare a lic/i$i%&'ii )fi+. 0.!,.
Bila' >c/eia% lad.
ACTID PASID
Ac%ive cor"orale
!redite
Ti%l#ri $e valoare
De"o4i%e la B.C.
Casa
CREMTE
LICTIDITATEA
Fig. #.& !onceptul bilanului dup modelul francez
3.2.1 N#erar#l 7i )e(o1i"ele la Banca Cen"ral&
Es%e # ac%iv c# lic/i$i%a%e -aIi-& co$i'ii o"%i-e.
De"o4i%ele cos%i%#i%e la Baca Ce%ral& a# > co-"oe'a lorF > s"ecialF
$e"o4i%ele obli+a%orii "e care baca %reb#ie s& cofor-i%a%e c#
or-ele bacare > vi+oareF a'ioale <i i%era'ioale. As%felF baca $e e-isi#e
re+le-e%ea4& "ri ra%a re4ervelor -ii-e obli+a%oriiF s#-ele ecesare ce "o% fi
$e"o4i%a%e $e celelal%e b&ci ale sis%e-#l#i bacar. Dob9$a care se "ri-e<%e "e%r#
cos%i%#irea $e"o4i%#l#i es%e si-bolic& sa# # eIis%&.
N#-erar#l es%e ac%iv#l as#"ra c&r#ia baca ia $eci4ii $e re#'are la # c9<%i+
$i "lasa-e% > favoarea asi+#r&rii #ei b#e lic/i$i%&'i.
EIis%& o $ile-& > arbi%ra=#l "e care >l efec%#ea4& baca -o$ ecesar la $i-i#area "rofi%#l#i
aces%oraF rela'ia "&s%r9$#8 ca4#l sc&$erii lic/i$i%&'iiF l#cr# ce va
$#ce la cre<%erea "rofi%abili%&'ii b&cii.
Pe $e8o "ar%e lic/i$i%a%ea "er-i%e asi+#rarea #ei s%abili%&'i ecoo-ice a
b&cii -"ie$ic& cri4ele $e isolvabili%a%eF "e $e cealal%& "ar%e afec%ea4& "rofi%#l
socie%&'ii bacare "ri i-obili4area $e res#rse "lasa%e c# re-#era'ie re$#s&.
Po4i'ia "e care %reb#ie s& o a$o"%e co$#c&%or#l socie%&'ii bacare %reb#ie
s& fie o "o4i'ie ec/ilibra%&F > care va 'ie co% $e si%#a'ia b&cii 'ele+e ac%#l "ri care baca "#e sa# se
obli+& s& "#& la $is"o4i'ia clie'ilor fo$#rile solici%a%e sa# >8si ia # a+a=a-e% "ri
se-&%#r&F $e a%#ra aval#l#iF ca#'i#ii sa# +ara'iei > favoarea aces%ora.
Ac%ivi%a%ea $e cre$i%are se ba4ea4&F > "ri-#l r9$F "e aali4a viabili%&'ii ve$erea i$e%ific&rii sa# eval#&rii ca"aci%&'ii $e "la%& a clie'ilor.
De%er-iarea ca"aci%&'ii $e "la%& a clie'ilor se face "ri aali4a as"ec%elor
fiaciare <i efiaciare ale afacerilor a%9% $i "erioa$ele %rec#%eF c9% <i $i cele
vii%oare )"ro+o4a%e,.
Ac%ivi%a%ea $e cre$i%are %reb#ie s& "er-i%& b&cii ob'ierea $e "rofi% <i
eve%#alilor clie'iF s& le ofere o viabil& <i accesibil& s#rs& $e fia'are.
Baca %reb#ie s& aali4e4e <i s& verifice si%#a'ia cocre%& a solici%a%#l#i $e
cre$i%F iar aces%a %reb#ie s& "#& la $is"o4i'ia b&cii $oc#-e%ele ecesareF "e%r# a
se s%abili si%#a'ia real&.
Cre$i%ele %reb#ie s& fie +ara%a%eF eIis%9$ # ivel -ii- al +ara'iei
acce"%a%e. De obiceiF > "rac%ica bacar& $e la oi $i 'ar& +ara'ia %reb#ie s& aco"ere
$a%oria -aIi-& c&%re bac& for-a%& $i cre$i% %i-".
K ca$r#l -aa+e-e%#l#i bacarF o"era'i#ile ac%ive ale b&cilor
co-erciale oc#"& # loc ce%ral "lasa-e%#l res#rselor
fiaciare $e care $is"#e > sco"#l ob'ierii $e "rofi%.
Aces%e o"era'i#i r&s"#$ -"r#-#%#ri "e%r# reali4area obiec%ivelor lor.
O fir-& are %rei "osibili%&'i $e a +&si fia'are eI%er& "e%r# o"era'i#ile
sale5
o "ri-& cale es%e $e a +&si ca"i%al fie $i "lasa-e%e "riva%eF fie $i
"ar%ici"area "e "ia'a $e ca"i%al b#rsier& sa# eI%rab#rsier&E
a $o#a cale o cos%i%#ie "osibili%a%ea ob'ierii $e >-"r#-#%#ri $e la
bac&E
 aces% ca4 fir-a
coo"erea4& c# baca,
Prici"ala s#rs& o cos%i%#ie >-"r#-#%#l.
O"era'i#ile ac%ive ale #ei b&ci s#%5
o"era'i#ile $e cre$i%areE
o"era'i#ile $e ac/i4i'ii $e %i%l#ri fiaciare
..'.' O(era*i#nile )e cre)i"are
O"era'i#ile $e cre$i%are ale b&cilor co-erciale a# c#osc#% > #l%i-ele
$eceii o $iversificare a %i"#rilor cocor$a'& c# ceri'ele
solici%a%orilor $e cre$i%e.
Re'ie- $o#& -ari ca%e+orii $e o"era'i#i $e cre$i%are5
cre$i%area socie%&'ilor co-erciale
cre$i%area "ersoaelor fi4ice
..'.'.1 O(era*i#ni )e cre)i"are a socie"&*ilor
88
Cre$i%ele acor$a%e socie%&'ilor co-erciale le re+&si- s#b for-a a $o#&
-ari ca%e+orii5
cre$i%ele "e%r# fo$#l $e r#l-e%E <i
cre$i%ele "e%r# fia'area ac%ivelor fiIe.
$a% Cre)i"ele (en"r# fon)#l )e r#len"
Nevoile socie%&'ilor "e%r# aco"erirea c/el%#ielilor $e eI"loa%are le
$e%er-i& "e ace<%ia s& a"ele4e $es la cre$i%e bacare.
Prici"alele ca%e+orii $e cre$i%e "e%r# fo$#l $e r#l-e% s#%5
$i% Bacili"a"ea )e over)raf"
K ca$r#l aces%ei facili%&'i socie%&'ile "o% #%ili4a aces% cre$i% a%9% c9% $oresc c9% # %reb#ie s& "l&%easc& $ob9$a "e%r#
s#-a -aIi-& oferi%&. Ori $e c9%e ori socie%&'ile co-erciale a# cas/ > eIces %9-"la ca sol$#l co%#l#i $e over$raf% s& se -o$ifice > ses iversF $e la sol$
$ebi%or la sol$ cre$i%or. K aces% ca4F el f#c'ioea4& ase-ei ##i co% $e $e"o4i%F iar
$ob9$a se "l&%e<%e cofor- >'ele+erii "realabile c# socie%a%ea co-ercial&.
$ii% Binan*area e5(or"#l#i
K ca$r#l aces%ei facili%&'iF baca >i acor$& eI"or%a%or#l#i # cre$i% "e %er-e
sc#r% "9& c9$ aces%a "ri-e<%e baii $e la i-"or%a%or. Cre$i%#l se acor$& > a#-i%e
co$i'ii care s& +ara%e4e b&cii fa"%#l c&8<i va "#%ea rec#"era baii.
$iii% Cre)i"#l (e !a: )e efec"e (#blice 7i ac*i#ni )o"era'i#i lo-bar$,
Aces% %i" $e cre$i% es%e o -o$ali%a%e "refera%& "e%r# ob'ierea $e res#rse
fiaciare "e%r# fia'area s"ec#la'iilor $e "e "ia'a $e ca"i%al b#rsier& <i
eI%rab#rsier&.
$b% Cre)i"ele (en"r# finan*area ac"ivelor fi5e
Nevoile fiaciare "e%r# "roc#rarea $e ac%ive fiIe ale fir-elor s#%
aco"eri%eF $e re+#l&F $e "e "ia'a fiaciar& sec#$ar& "ri lasarea $e e-isi#i $e
%i%l#ri $e valoare )obli+a'i#iF ac'i#iF e%c.,. A"elarea fir-elor la cre$i%e "e%r#
ac/i4i'ioarea $e ac%ive fiIe )-a<iiF #%ila=eF ec/i"a-e%eF is%ala'ii %e/olo+iceF e%c.,
se face $e obicei la b&cile $e cre$i%are "e %er-e -e$i# -"ar% > $iferi%e ca%e+orii5
)1, > f#c'ie $e sca$e'a lor )"e %er-e sc#r% $ac& es%e "9& la ! aiF "e
%er-e -e$i# $ac& es%e >%re ! f#c'ie $e +ara'iile "ri-i%e )eaco"eri%eF aco"eri%e c# # ec/ivale%
> #-erarF aco"eri%e c# +ara'ii "ersoaleF aco"eri%e c# i"o%eci,E
)0, > f#c'ie $e %i"#l $e ra-b#rsare )a-or%i4are e+al& c# ca"i%al#lF ra%e
e+aleF %er-ei s"ecificiF $ob9$& fiI& sa# flo%a%&F e%c.,
De -e'ioa% c&F $e cele -ai -#l%e oriF co-"aia are "la#ri $e ives%i'ii >
care co-bi& cre$i%ele acor$a%e $e baca c# al%e vei%#riF fie $i i-"o4i%eF fie $i
facili%&'i acor$a%e ca #r-are a "oli%icii +#ver#l#i "rivi$ $e4vol%area $iferi%elor
sec%oare ale ecoo-iei sa# a#-i%e 4oe +eo+rafice. K aces% ca4F risc#l $i "#c%#l
$e ve$ere al b&cii es%e -ai -are $ec9% $e obiceiF a$ic& "9& c9$ co%rib#'ia
+#ver#l#i se -a%eriali4ea4& > fo$#ri acor$a%e socie%&'ii.
Bai %reb#ie s& observ&- c&F $e cele -ai -#l%e oriF socie%&'ile cer cre$i%e >
val#%&F s"er9$ c& vor ob'ie # "rofi% val#%&F b&cile
> care fir-ele $oresc # cre$i% >%r8o s#-& -are <i1sa# "e o
"erioa$& $e acor$are $e !86 ai sa# -ai -#l%F a%#ci se a"elea4& la cre)i"e
sin)icali1a"e )cosor'iale,
Cre$i%#l si$icali4a% es%e o cove'ie "ri care $o#& sa# -ai -#l%e b&ci
acce"%& s& >-"r#-#%e $irec% acel#ia-"r#-#%a% sa# >-"r#-#%a'iF cofor-
%er-eilor acor$#l#i cre$i%#l#i. Ua $i%re b&ci ia rol#l b&cii a+e%F iar celelal%e
"ar%ici"a c# "ar%ea lorF # ea"&ra% e+al&F la si$ica%.
De obiceiF $ac& #a $i b&cile $i si$ica% # "oa%e acor$a "ar%ea ei $i
>-"r#-#%F celelal%e b&ci $i si$ica% # %reb#ie s& "#& ele s#-a li"s&. To%#<iF >
f#c'ie $e "#%erea $e e+ociere a >-"r#-#%a%#l#iF baca a+e% sa# celelal%e b&ci $i
si$ica% "o% acce"%a res"osabili%a%ea $e a "#e s#-a care li"se<%eF "e care baca
care s8a a+a=a% s& o acor$eF # a acor$a%8o.
Cre$i%#l si$icali4a% $ifer& $e @acor)#l )e (ar"ici(a*ieO > ca$r#l ##i
co%rac% $e cre$i%F cofor- c&r#ia o bac&F )baca lea$er, acor$& ##i >-"r#-#%a% #
cre$i%F iar a"oi vi$e -ai %9r4i# o "ar%e sa# %o% cre$i%#l #eia sa# -ai -#l%or b&ci
$iferi%eF $e#-i%e "ar%ici"a'i. K ca$r#l cre$i%#l#i si$icali4a%F >-"r#-#%a%#l acor$#l $e cre$i% c# "re4#-'ia ca >-"r#-#%a%#l#i i se va acor$a %o%
cre$i%#l.
Prici"alele -o%ive $e #%ili4are a cre$i%elor si$icali4a%e s#% #r-&%oarele5
a, >-"&r'irea risc#l#i cre$i%#l#i acor$a% "e -ai -#l%e b&ciE
b, $e"&<irea li-i%elor ivel#l#i $e cre$i% al fiec&rei b&ci )care #
sa%isface ecesi%&'ile clie%#l#i,.
K le+&%#r& c# acor$area ##i cre$i% si$icali4a% se ri$ic& $o#& "roble-e
-a=ore <i a#-e5
i, s%abilirea "re'#l#i risc#l#iF a$ic& risc#l fiec&rei b&ci $e
a # ob'ie ra%a sa $e ba4& a $ob94ii )$ac& $e eIe-"l# ra%a $e ba4& a $ob94ii
a"lica%& $e baca a+e% es%e -ai -ic&,E
ii, risc#l $e rela'ieF a$ic&F risc#l "e care >l are fiecare
bac& referi%or la fa"%#l c& >-"r#-#%a%#l "oa%e avea o rela'ie -ai b#& c# o al%& bac&
$i si$ica%F $e obicei c# baca a+e%.
Rol#l b&cii a+e% es%e cr#cial >%r8# cre$i% si$icali4a%F $#"& c#-
#r-ea4&5
?nain"ea e5ec#*iei cre)i"#l#i2
Ii'ialF -e-brii si$ica%#l#i abor$ea4& >-"r#-#%a%#l colec%ivF iar b&cilor #
le es%e "er-is s& ac'ioe4e i$ivi$#al. K +eeralF a+e%#l5
a, asis%& >-"r#-#%a%#l > for-area cosor'i#l#i
bacar care va "ar%ici"a la si$ica%E
b, colec%ea4& ifor-a'iile ecesare $es"re
>-"r#-#%a% )ifor-a'ii cer#%e <i $e fiecare bac& a si$ica%#l#i, "e%r# a se
eval#a risc#l $e cre$i%areE
c) s%r#c%#rea4& co$i'iile cre$i%#l#i <i
$, se oc#"& $e "re+&%ire )cola%eraleleF e%c., i $& clie%#l#iF "ri-e<%e ra-b#rs&rile $e la clie%
 cocor$a'& c# co$i'iile co%rac%#l#i $e cre$i% casarea %ra<elor
cre$i%#l#i 
le+&%#r& c# aces% cre$i%.
..'.'.' O(era*i#ni )e cre)i"are a (ersoanelor fi1ice
Cre$i%area %i" Nre%ailO es%e >-"&r'i%& > $o#& -ari ca%e+orii5
a, cre$i%e $e cos#-
b, fia'area "e%r# loc#i'e.
Ti"#rile $e cre$i%e "e%r# cos#- s#%5
cre$i%e c# $ob94i fiIe ra%e sa# f&r& ra%e.
)a, Ca%e+oriile "rici"ale $e cre$i%e $e cos#- s#%5
1. Cre)i"e (en"r# (ersoane fi1ice
S#% cre$i%e $e valoare fiI&F "e o "erioa$& $e %i-" fiI&F la o ra%& a $ob94ii
fiI&. As%fel $e cre$i%e s#% $is"oibile "re%#%i$ei $el#+a%F "e%r# vaca'eF e%c.,
'. Bacili"&*i over)raf" $con" )esco(eri"%
Pri aces%e facili%&'i clie'ii "o% #%ili4a co%#rile $e $e"o4i%e # #-ai >
li-i%a s#-ei $e"#seF ci "9& la a#-i%e li-i%e covei%e c# bacaF s#-e "e care
aceas%a le va oferi clie'ilor la ra%e ale $ob94ii s%abili%e $e ase-eea "ri acor$.
?acili%a%ea $e over$raf% es%e foar%e coveabil& "e%r# clie%F $eoarece aces%a "oa%e
l#a c# >-"r#-#% eIac% s#-a $e care are evoie "e o "erioa$& cer#%&F efii$ obli+a%
s& "l&%easc& $ob9$a "e%r# s#-a %o%al&.
.. Cre)i"area (rin car)#ri
Aces%a es%e %i"#l $e cre$i% "e%r# cos#- cel -ai lar+ #%ili4a% -"r#-#% s#-e "9& la a#-i%e li-i%e "ri
#%ili4area car$#rilor. De cele -ai -#l%e oriF aceas%& cre$i%are are loc c/iar > "#c%ele
$e v94areF >%r#c9% car$#rile "o% fi $e obicei #%ili4a%e "e%r# eI%ra+eri $e #-erar $i
a#%o-a%ele $e "la%& %i" ATB.
0. Con" )e cre)i" "i( revolvin!
Clie'ii care a# as%fel $e co%#ri "o% face "l&'i l#are re+#la%e >%r8# co%
s"ecific -"r#-#% o s#-& care es%e -ai -are
"9& la o a#-i%& valoare fa'& $e $e"o4i%#l lor.
Binan*area (en"r# loc#in*e
91
?ia'area "e%r# loc#i'e a c#osc#% o cre<%ere cosi$erabil& > #l%i-ii 0:
$e ai. Prici"alele -o%ive ale aces%ei cre<%eri s#%5
a) cre<%erea vei%#l#i -e$i# cea
-ai -are "ar%e a '&rilor $e4vol%a%eE
b, -arile ava%a=e ale "ro"rie%&'ii as#"ra #ei caseF e%c. )se%i-e%#l $e
si+#ra'&,E
c) ava%a=e le+a%e $e i-"o4i% oferi%e > -#l%e '&ri )sc#%irea $e i-"o4i% a
vei%#l#i ob'i#% $i c/irii > ca4#l "ro"rie%arilorF s#-e care vor fi $e$#se $i i-"o4i%#l
"e vei%F $i i-"o4i%#l "e ra%a i"o%eciiF $i i-"o4i%#l "e cas%i+#l $e ca"i%alF e%c.,.
S#ele acor)a"e $e b&ci "e%r# fia'area "roc#r&rii $e loc#i'e varia4&
>%re 6:R ca4#ri s"eciale "o% a=#+e c/iar
"9& la 1::R. U al% fac%or l#a% > cosi$erare la s%abilirea s#-ei acor$a%e es%e
"ro"or'ia ra%elor l#are $i%r8# a fa'& $e vei%#l a#al al beeficiar#l#i cre$i%#l#i )>
-o$ or-al aces% "roce% # ar %reb#i s& $e"&<easc& 0:R,.
Perioa)a )e rab#rsare a aces%or cre$i%e "oa%e varia cosi$erabil. K
a#-i%e '&ri aceas%& "erioa$& es%e $e circa 16 "9& la !: $e aiF > %i-" ce > al%ele
se "oa%e eI%i$e "9& la 6: sa# 7: $e ai.
K ce "rive<%e !aran*ia ob*in#"& "e%r# cre$i%#l acor$a%F aceas%a es%e $e
obicei $re"%#l $e "ro"rie%a%e as#"ra caseiF care r&-9e al b&cii o cons"i"#ie cos%#l
#or as%fel $e cre$i%e > care (oa"e fi )e "rei "i(#ri2
)1, c# ra%e fiIe ale $ob94ii L ba4a%e "e ra%e "e %er-e sc#r% +eeralF > cea -ai -are "ar%e a '&rilorF cre$i%ele i"o%ecare s#%
-ai ief%ie $ec9% cre$i%ele "e%r# cos#-.
Sc-eele )e rab#rsare "e%r# cre$i%ele $e fia'are "e%r# loc#i'e "o%
fi $e cici %i"#ri5
i"o%eci c# o s#-& fiI& a#al& c# "la%a cos%a%& a ra%elor l#are s%abili%e ca s#-e
variabile $e ca"i%al casarea s#-elor $i%r8# co%rac% $e asi+#rare
"e via'&E
i"o%eci c# $ob9$a "e o a#-i%& "erioa$& )6 "9& la 1: ai, care s#% cover%i%e >
i"o%eci c# ra-b#rsare a#al& $#"& aceas%& "erioa$&E
"l&'i care cresc +ra$a%E
i"o%eci lieareF care se ra-b#rsea4& "ri "l&'i e+ale 
valoare absol#%&.
Cre$i%ele se acor$& a+e'ilor ecoo-ici care >$e"liesc > -o$ c#-#la%iv
#r-&%oarele co$i'ii5
s#% cos%i%#i'i cofor- le+iiE
"ose$& ca"i%al social v&rsa% "o%rivi% s%a%#%#l#iE
$esf&<oar& ac%ivi%&'i le+aleE
>$e"liesc # ivel o"%i- al i$ica%orilor $e boi%a%eE
$i aali4a fl#I#rilor $e lic/i$i%a%e re4#l%& c& eIis%& "osibili%&'i reale $e
ra-b#rsare la sca$e'&E
92
"re4i%& +ara'ii -a%eriale -"r#-#%#l#iE
a# $esc/ise co%#ri la o bac&F sa# la #a $i #i%&'i %eri%oriale ale
b&ciiE
"re4i%& si%#a'ia a+a=a-e%elor $i co%#rile $esc/ise la al%e socie%&'i
bacare $e"lii%e #r-&%oarele co$i'ii5
reali4ea4& vei%#ri cer%e re+is%rea4& $ebi%e sa# al%e o"era'i#i eac/i%a%e la sca$e'&.
..'.'.. De1vol"area "e-nolo!iei ?n cre)i"are
De4vol%area \ #l%i-ele $eceii a %e/olo+iei $e cre$i%are a sc/i-ba%
cosi$erabil %oa%e o"era'i#ile "rivi$ "roces#l acor$&rii cre$i%elor. Po% fi e#-era%e
c9%eva $i aces%e "ro+rese %e/ice c#- ar fi5
i, Sis%e-ele $e "rel#crare1$oc#-e%are a cre$i%#l#i a#%o-a%i4ea4& "roces#l
cererii ##i cre$i%F al a#%ori4&rii ##l sa# $o#& "#c%e $i "rocesE
ii) Al%e sis%e-e co-"#%eri4a%e "er-i% a#%o-a%i4area co-#ic&rii c# sis%e-e
ba4a%e "e cec#riF ecoo-ii #ele oca4ii "e%r# si-#larea
#ora $i%re cele -ai s#biec%ive a"recieri f&c#%e $e is"ec%orii $e
cre$i%.
..'.'.0 Princi(iile !enerale ale ac"ivi"&*ii )e cre)i"are
Ac%ivi%a%ea $e cre$i%areF es%e o ac%ivi%a%e co-"leI& care are > ve$ere5
1. EIis%e'a s#rselor "ro"rii a%rase "e%r# ac%ivi%a%ea $e cre$i%are. Aces%
"rici"i# i-"lic& o evi$e'iere foar%e s%ric%& -"r#-#%a%e f#c'ie
$e $es%ia'ie <i %er-e.
!. Ele-e%ele $e aali4& L s%a# la ba4a acor$&rii s%ra%e+ia +eeral& a b&ciiF av9$ la ba4&
li-i%ele "oli%icii -oe%are a B&cii Ce%raleF -aIi-i4area risc#l#i <i +es%i#ea eficie%&
a res#rselor b&cii.
b, Aali4a si%#a'iei fiec&r#i clie% "ri5
8 ivel#l $e lic/i$i%a%e al clie%#l#iE
8 boi%a%ea clie%#l#iE
8 solvabili%a%ea clie%#l#iE
93
8 ivel#l $e re%abili%a%eE
8 co%a $e "ia'& a clie%#l#i.
c, Corelarea "osibili%&'ilor $e refia'are eIis%e%e > -o-e%#l aali4ei
cre$i%#l#i )corelarea >%re res#rsele $e care $is"#e baca $i "#c% $e ve$ere al
vol#-#l#i %i-",.
$, Aali4a +ara'iilor ce %reb#ie ob'i#%e $e bac& > aco"erirea
a+a=a-e%elor as#-a%e $e $ebi%ori )+ara'ii reale,.
e, Cos%i%#irea $e "rovi4ioae s"ecifice $e risc $e c9%re bac&F > f#c'ie $e
+ra$#l $e icer%i%#$ie eIis%e%.
U rol i-"or%a% > ca$r#l f#$a-e%&rii $eci4iei $e cre$i%are >l a# ofi'erii $e
cre$i%e. Ei s#% cei care a# $a%oria s& #r-&reasc& res"ec%area "rici"iilor +eerale $e
cre$i%areF >$e"liirea %#%#ror co$i'iilor s"ecifice fiec&rei ca%e+orii $e cre$i%e solici%a%eF
"rec#- -"r#-#%#rilor.
Rela'ia $e calc#l a ca"aci%&'ii $e ra-b#rsare a >-"r#-#%#l#iF ce se
$e%er-i& $e obicei %ri-es%rialF es%e #r-&%oarea5
a
R C
455
1
C p C
D
t
4 t
t
E
R
6

F > care5
$...%
C
R
L ca"aci%a%ea $e ra-b#rsare a >-"r#-#%#l#iE
K
%
L >cas&ri 4ilice reali4a%eF $e >-"r#-#%a% > #l%i-#l i%erval $e %i-" )%ri-F
se-F a,E
T L i%ervale $e %i-" L %ri-es%r#F se-es%r#F aE
P L "erioa$a $e valabili%a%e a cre$i%#l#i eI"ri-a%& > #-&r $e 4ileE
R
a
L ra%a $e ac%#ali4areF care re"re4i%& # fac%or si%e%ic la a c&rei
$i-esioare coc#r&F ra%a ifla'ieiF ra%a $ob94ii bacareF ra%a $e sc/i-b.
Baca # va acor$a cre$i%e clie'ilor s&i care $e"&<esc ca"aci%a%ea $e
ra-b#rsare.
Toa%e cre$i%ele care se acor$& clie'ilor b&ciiF i$ifere% $e for-a $e
or+ai4are ca$re4e "er-ae% > "lafoaele $e cre$i% "ri-i%e $e la Ce%rala b&cii.
Baca va #r-&ri rec#"erarea cre$i%elor ca#4&F "o%rivi% le+iiF sa# $i eIec#%area +ara'iilor.
K ca4#l #i%&'ilor ecoo-ice care > -o$ co=#c%#ral a# >re+is%ra%
"ier$eriF baca "oa%e rel#a cre$i%area $ac& aces%ea >re+is%rea4& "rofi%F iar $i
aali4ele efec%#a%e re4#l%& c& vol#-#l "ier$erilor se $i-i#ea4& $e la o "erioa$& la
al%aF eIis%9$ "ers"ec%ive cer%e c& #i%&'ile > ca#4& "o% rec#"era > %o%ali%a%e
"ier$erileF as%fel >c9% ac%ivi%a%ea s& $evi& re%abil&.
Pe%r# a fi a"roba%e $e bac&F %oa%e ca%e+orii $e cre$i%e vor fi +ara%a%e c#
+ara'ii aco"eri%oare.
D#"& a"robarea cre$i%elor cofor- co-"e%e'elor s%abili%e "ri or-ele
-e%o$olo+ice ai%e $e acor$areF ofi'erii $e cre$i%e vor "roce$a la >%oc-irea
co%rac%elor $e cre$i%eF "ri care ca"&%& %e-ei =#ri$ic %oa%e o"era'i#ile $e cre$i% -o$ obli+a%ori# $e co-"ar%i-e%#l
=#ri$ic "e%r# le+ali%a%e.
94
Toa%e cre$i%ele care se acor$& clie'ilor b&ciiF i$ifere% $e for-a $e
or+ai4are ca$re4e "er-ae%F > -o$
obli+a%ori#F > "lafoaele $e cre$i%e "ri-i%e $e la Ce%rala b&cii.
Kc/eierea co%rac%elor $e >-"r#-#% >%re bac& li-i%a "lafoaelor co-#ica%e ca#4&F "o%rivi% le+iiF sa# $i eIec#%area +ara'iilor.
..'.'.6 B#n)aen"area )eci1iilor )e cre)i"are
Pe%r# f#$a-e%area $eci4iilor $e cre$i%areF $e re+#l&F %reb#ie "arc#rse o
serie $e e%a"e <i a#-e5
1, Baca aali4ea4& cererea $e cre$i% a solici%a%#l#i )fir-aLa+e%
ecoo-icF "o"#la'ie, <i $esf&<oar& o "ri-& $isc#'ie c# carac%er ifor-a%ivL
$oc#-e%ar&. Aces%a se refer& la5
$e#-irea clie%#l#iE
ra-#ra re+is%r&rii la re+is%r#l co-er'#l#iE
ca"i%al#l social )valoareF a%#raF s%r#c%#ra 8 R,E
as"ec%e "rivi$ co$#cerea socie%&'iiE
"ersoal#l #i%&'ii )#-&rF s%r#c%#r&,E
i-obile afla%e > "a%ri-oi#l socie%&'iiE
ec/i"a-e%e $e "ro$#c'ie eIis%e%eE
%e/olo+ie )vec/eF -e$ieF avasa%&,E
ca"aci%&'i $e "ro$#c'ie $e"lie<%e co$i'iile +eerale $e acor$are a cre$i%#l#iF aces%a >i cere $e"#erea
$oc#-e%elor "e%r# acor$area cre$i%#l#i5
8 cererea $e cre$i%e se-a%& $e "ersoaele a#%ori4a%e s& re"re4i%e a+e%#l
ecoo-ic solici%a%E
8 bila'#l co%abilF ra"or%#l $e +es%i#eF co%#l $e "rofi% c/eia%e
"e%r# #l%i-#l aF #l%i-ele si%#a'ii "rivi$ aRe4#l%a%ele fiaciareO c/eia%& "e%r# #l%i-a l#&E
8 b#+e%#l $e vei%#ri %oc-i% cofor- "reci4&rilor Biis%er#l#i
?ia'elor )icl#siv >%re a+e'ii ecoo-ici c# ca"i%al "riva%,E
8 si%#a'ia "ro+o4a%& a "l&'ilor cas&rilor afere%e "erioa$ei "e%r# care
a+e%#l ecoo-ic solici%& >-"r#-#%#lE
8 si%#a'ia s%oc#rilor <i c/el%#ielilor "e%r# care se solici%& cre$i%#lF care s&
c#"ri$& ca%i%&'ileF valorileF ca#4ele for-&rii <i %er-eele $e valorificareE
si%#a'ia co%rac%elor $e livrare "e%r# "ro$#sele care cos%i%#ie obiec%#l cre$i%#l#iE
"roiec%#l +rafic#l#i $e ra-b#rsare a cre$i%#l#i <i $e "la%& a $ob94ilorE
lis%a +ara'iilor "ro"#se b&cii "e%r# +ara%area cre$i%#l#i solici%a%E
"la#l $e afaceriE
orice al%e $oc#-e%e ecesareF solici%a%e $e bac& )$eco% T.D.A.F
$eclara'ia l#ar& "e%r# i-"o4i%#l "e "rofi%F e%c.,.
., Aali4a $oc#-e%a'iei $e"#se $e clie%F care are > ve$ere5
1. aali4a $osar#l#i =#ri$ic al clie%#l#iE
95
!. aali4a ecoo-ico L fiaciar& a ac%ivi%&'ii clie%#l#iE
0. verificarea +ara'iilor -a%eriale reale.
Aali4a ecoo-ico L fiaciar& a ac%ivi%&'ii clie'ilor co'ie5
aali4a bila'#l#iE
aali4a vei%#rilorF c/el%#ielilor <i co%#l#i $e "rofi% <i "ier$ereE
aali4a fl#I#rilor $e fo$#ri ale "erioa$elor eI"ira%eE
aali4a fl#I#l#i $e lic/i$i%&'i "e "erioa$a #r-&%oare.
Pori$ $e la co'i#%#l bila'#l#i co%abil "rel#cra% )si%#a'ii co%abile
"erio$ice, <i $e la co%#l $e "rofi% <i "ier$ere "rel#cra%F ofi'erii $e cre$i%e aali4ea4&
si%#a'ia boi%&'ii clie'ilor "e ba4a ##i sis%e- $e i$ica%ori $e s%r#c%#r& 5
In)ica"ori )e nivel 7i s"r#c"#r&
a, cifra $e afaceriE
b, ca"i%al#ri "ro"riiE
c, re4#l%a%#l eIerci'i#l#i )"rofi% 1 "ier$ere,E
$, fo$#l $e r#l-e%E
ecesar#l $e fo$ $e r#l-e%E
%re4oreria e%&E
lic/i$i%a%ea5 8 i-e$ia%&E
8 c#re%&E
8 la o $a%& vii%oareE
solvabili%a%eaE
+ra$#l $e >$a%orare5 8 +eeral&E
8 fiaciar&E
vi%e4a $e ro%a'ie5
8 ro%a'ia ac%ivelor circ#la%eE
8 ro%a'ia s%oc#rilor $e -a%erii "ri-eE
8 ro%a'ia s%oc#rilor $e "ro$#se > c#rs $e fabrica'ieE
8 ro%a'ia s%oc#rilor $e "ro$#se fii%e 1 -&rf#riE
8 $#ra%a -e$ie $e >casare a clie'ilorE
8 $#ra%a -e$ie $e "la%& a f#ri4orilor.
$a% In)ica"ori )e (erforan*&
Ra"a )e s"r#c"#r& a ac"iv#l#i
)i, Ra%a ac%ivelor i-obili4a%e )ra"or%#l >%re ac%ivele i-obili4a%e %re i-obili4&rile
cor"orale %re i-obili4&rile
fiaciare %re ac%ivele circ#la%e %re ac%ivele circ#la%e <i ac%ivele %o%ale I
1::,E
!- Ra%a crea'elor co-erciale )ra"or%#l crea'elor co-erciale la ac%ivele
%o%ale I 1::,.
96
1. Ra%a $is"oibili%&'ilor )ra"or%#l $is"oibili%&'i la ac%ive
%o%ale I1::,.

Ra"a )e s"r#c"#r& a (asiv#l#i
1. Ra%a s%abili%&'ii fiaciare )ra"or%#l ca"i%al#ri "er-ae%e la "asive
%o%ale I 1::,E
2- Ra%a a#%oo-iei fiaciare +lobale )ra"or%#l ca"i%al "ro"ri# la
"asive %o%ale I 1::,E
0. Ra%a a#%oo-iei fiaciare la %er-e )ra"or%#l ca"i%al#l#i "ro"ri# la
ca"i%al#l "er-ae% I 1::,E
3. Ra%a $e >$a%orare +lobal& )ra"or%#l $a%orii %o%ale la "asive %o%ale I
1::,E
5- Ra%a $e >$a%orare la %er-e )ra"or%#l $a%oriilor "e %er-e l#+ la
ca"i%al#l "er-ae% I 1::,E
sa# efec%#l $e "9r+/ie fiaciar& )ra"or%#l $a%oriilor "e %er-e -e$i# <i
l#+ la ca"i%al#l "ro"ri# I 1::,E
)vi,Ra%a $e aco"erire a $ob94ilor )ra"or%#l c/el%#ielilor c# $ob94ile la CA
reali4a%& I 1::,.
'. Poli"ica )e )ivi)en)e $ra(or"#l )ivi)en)e la re1#l"a"#l ne"%
Pe%r# a efec%#a o a"reciere fial& cores"#4&%oare as#"ra boi%&'ii clie'ilorF
ofi'erii $e cre$i%e vor #r-&ri coroborarea re4#l%a%elor %r8# sis%e- #i%arF care s& scoa%& > evi$e'& "#c%ele %ari <i
"e cele slabe ale res"ec%iv#l#i a+e% ecoo-icF "or%ofoli# cel "#'i o $a%& "e %ri-es%r#E
ori $e c9%e ori co$#cerea #i%&'ilor bacare cosi$er& ecesar.
0% Ne!ocierea
Aceas%& e%a"& $e e+ociereF are > ve$ere5
vol#-#l cre$i%#l#iE
%er-eele $e ra-b#rsare <i -o$#l $e s%r#c%#rare a %ra<elor $e ra-b#rsare ale
cre$i%#l#i )e+aleF "ro+resiveF re+resive,E
ivel#l $ob94iiE
$#ra%ele $e "la%& a $ob94iiE
co-isioaele ce %reb#ie s& le "l&%easc& clie%#lE
+ara'iile aco"eri%oareF care # "o% fi -ai -ici $e la bac& la bac& $e 1!: 8
10:R $i valoarea %o%al& a >-"r#-#%#rilorE
$re"%#rile b&cii $e valorificare a +ara'iilor > ca4#l eres"ec%&rii res%i%#iri ra%elor
sca$e%e care baca "oa%e
re'ie $irec% $i co%#l $e $is"oibili%&'i ale clie%#l#i eve%#ale $ob94i <i
co-isioae e"l&%i%e.
6, A"robarea cre$i%#l#i "e co-"e%e'e )$irec%or $e a+e'ieF filial& sa# $e
s#c#rsal&F Co-i%e% $e Direc'ieF Cosili# $e A$-iis%ra'ieF AGAF e%c.,.
8, Kc/eierea co%rac%#l#i $e cre$i% ce"e %ra+erile $i cre$i%#l res"ec%iv.
97
C, Co%rol#l #%ili4&rii cre$i%elor )#-ai > sco"#l "e%r# care a# fos%
a"roba%e,.
Baca "oa%e >%rer#"e i-e$ia%F f&r& "reavi4F #%ili4area $e c&%re clie% a ##i
cre$i% a"roba% > ca4#l > care aces%a a >c&lca% co$i'iile co%rac%#l#i $e cre$i% "rivi$
$es%ia'iaF #%ili4areaF +ara'iileF sa# > ca4#l > care si%#a'ia ecoo-ico L fiaciar& a
aces%#ia # -ai asi+#r& co$i'ii $e +ara'ie co$i'iile co%rac%#l#i $e cre$i%e 8 a oric&ror
s#-e $a%ora%e > ca$r#l cre$i%#l#iF se "oa%e efec%#a #-ai c# acor$#l "realabil al
b&cii ce"9$ c# #l%i-a sca$e'& "e%r# a # ifl#e'a calc#l#l $e
$ob9$&F c# "la%aF bie>'elesF a #ei "eali4&ri.
Baca acor$& cre$i%e "e %er-e sc#r%F -e$i# lei cofor-i%a%e c# "reve$erile $i "la#l $e
cre$i%e "roces#l $e f#$a-e%are $o-ei#l cre$i%&riiE "ro"#erile s#c#rsalelor =#$e'ee.
Clie'i b&cii s#% "ersoaa fi4ice Ro-9ia care
a# co%#ri $esc/ise la bac& 8<i $er#lea4& o"era'i#ile "ri aces%e co%#ri.
Ca%e+orii $e clie'i ai b&cii care "o% beeficia $e cre$i%e s#%5
8 re+ii a#%oo-e $i i$#s%rieF a+ric#l%#r&F silvic#l%#r&F +os"o$&ria a"elor
sa# al%e ra-#ri ale ecoo-ieiE
8 socie%&'i co-erciale c# ca"i%al $e s%a% sa# "riva% $i $o-ei#l i$#s%rieiF
a+ric#l%#riiF co-er'#l#iF cos%r#c'iilorF %ras"or%#rilorF %eleco-#ica'iilorF %#ris-#l#iF
cerce%&rii "roiec%&riiE
8 socie%&'i c# ca"i%al i%e+ral s%r&i sa# > asociere c# "ersoae fi4ice sa#
=#ri$ice ro-9eE
8 asocia'ii fa-iliale a#l $e "la fa'& $e ivel#l reali4a% > a#l > c#rsF a%9% > leiF
c9% val#%& <i aco"erirea c# res#rse $e cre$i%are cores"#4&%oare aces%ora.
Ac%ivi%a%ea $e cre$i%are i-"lic& # riscF "ri ele-e%ele $e a%ici"are "e
care se ba4ea4& $eci4ia $e cre$i%areF "e%r# bac& fii$ $e -aIi-& i-"or%a'&
c#oa<%erea aces%#i riscF eval#area sa c9% -ai a"roa"e $e reali%a%e c#o<%i'& $e ca#4&F "roble-& ce es%e %ra%a%& >%r8# ca"i%ol $is%ic%.
Pe%r# eli-iarea risc#l#i baca # acor$& cre$i%e5
8 a+e'ilor ecoo-ici care >re+is%rea4& "ier$eri care "ri ac%e or-a%ive s8a re+le-e%a% as%felE
8 a+e'ilor ecoo-ici care # co%rib#ie c# ca"i%al "ro"ri# la fia'area
-i=loacelor circ#la%e sa# la reali4area "roiec%elor $e $e4vol%areE
8 #i%&'ilor ecoo-ice "ri care s8a is%i%#i% "roce$#ra $e reor+ai4are sa#
lic/i$are =#ri$ic&.
K sco"#l s#"rave+/erii ac%ivi%a%ea $e
acor$are a cre$i%elor lei <i val#%&F se va "roce$a as%fel5
a, K ac%ivi%a%ea $e acor$are a cre$i%elor ca$rarea > li-i%a $e eI"#ere s%abili%& > ra"or% c# risc#l $e
'ar&.
98
K ra"or% c# clie'ii s&iF baca va #r-&ri acor$area $e cre$i%e ca4#l o"era'i#ilor c# "ar%eeri
eI%eri a"ar'i9$ '&rilor $i ca%e+oria aAO s%abili%& "ri re+le-e%&ri > $o-eii ale
BNR.
b, K o"era'i#ile $e acor$are $e cre$i%e #-e
"ro"ri# sa# > #-ele clie'ilor s&iF se va asi+#ra >ca$rarea > li-i%ele $e eI"#ere
"e socie%&'i bacare care se s%abilesc "ri /o%&r9rea or+aelor $e co$#cere ale
b&cii "e ba4a "ro"#erilor $irec'iilor $e s"eciali%a%eE
c, I-e$ia% $#"& a+a=areF cre$i%eleF scrisorile $e +ara'ie lei scris $e s#c#rsalele =#$e'eeF la Direc'iei $e Poli%ici <i Risc $e Cre$i%e.
$, L#arF "9& la $a%a $e1: ale l#ii #r-&%oare celei "e%r# care se face
ra"or%areaF s#c#rsalele =#$e'ee vor ra"or%a Direc'iei $e Poli%ici $e Cre$i%e5
1. vol#-#l cre$i%elor a+a=a%eF a scrisorilor $e +ara'ie lei sa# val#%&F "e %er-e sc#r%F -e$i# -"r#-#%#rilor -ari care va c#"ri$e5 $e#-irea a+e'ilor ecoo-iciF
sec%or#l $e ac%ivi%a%eF vol#-#l cre$i%elor a+a=a%e "e %er-e sc#r%F -e$i# %er-e $e valabili%a%e -"r#-#%#rilor acor$a%e "ersoaelor afla%e > rela'ii s"eciale
c# baca # "oa%e $e"& rela'ii s"eciale
>-"r#-#%#ri "e%r# c#-"&rarea "ro"riilor ac'i#i.
Se"ara% $e aces%e $a%e se va #r-&ri l#ar scrie > re+is%r# si%#a'ia
sol$#rilor c#re%eF res%a%e $oielice la fiele fiec&rei l#i "9& la ra-b#rsarea
i%e+ral& a >-"r#-#%#l#i.
K sco"#l co%rol#l#i #%ili4&rii cre$i%elorF #i%&'ile bacare %eri%oriale vor
#r-&ri ca beeficiarii $e cre$i%e L "ersoae =#ri$ice L s& "re4i%e b&cii #r-&%oarele
$oc#-e%e5
0. bala'a $e verificare "e%r# l#a eI"ira%& se va $e"#e l#arF "9& la
$a%a $e !6 ale l#ii #r-&%oareE
3. re4#l%a%#l fiaciarF si%#a'ia "a%ri-oi#l#i cas&rilor val#%& se va $e"#e "erio$icF "9& la $a%ele s%abili%e $e Biis%er#l ?ia'elor
"e%r# $e"#erea aces%ora la or+aele > $re"%E
6. ra"or%#l $e +es%i#eF bila'#l co%abil %oc-i% cofor- "reci4&rilor
Biis%er#l#i ?ia'elor <i fl#I#l $e lic/i$i%&'i "ro+o4a%F se vor "re4e%a b&cii a#al ori
$e c9%e ori i%ervi -o$ific&ri se-ifica%ive $e ivel sa# s%r#c%#r&E
!. ori ce al%e $oc#-e%e "rivi$ b##rile c#-"&ra%e sa# reali4a%e $i
cre$i%F +ara'iile cre$i%#l#i sa# ac%ivi%a%ea $esf&<#ra%& $e >-"r#-#%a%.
La cre$i%ele "e%r# ec/i"a-e%F #i%&'ile b&cii vor co%rola reali4area
c/el%#ielilor efec%#a%e scrise $e >-"r#-#%a% "e $oc#-e%#l $e "la%&F
res"ec%iv > eIec#'ie a "reve$erilor $i $oc#-e%a'ia %e/ico8ecoo-ic& ca$rarea
> "reve$erile $evi4#l#i "e ba4a c&r#ia s8a f#$a-e%a% valoarea cre$i%#l#i a"roba%.
La sca$e'ele s%abili%e > co%rac%ele $e cre$i%e >c/eia%e $e bac& c#
>-"r#-#%a'iiF cre$i%ele $evi eIi+ibile -"r#-#% se
ra-b#rsea4& la %er-e#l s#-ele "rev&4#%e > co%rac%#l $e >-"r#-#% $i
$is"oibili%&'ile eIis%e%e > co%#l c#re%F "ri $ebi%area aces%ora > cores"o$e'& c#
co%#l se"ara% $e >-"r#-#% "e ba4a $e or$ie $e "la%& e-ise $e clie'i sa# $e o%e
co%abile >%oc-i%e $e ofi'erii $e cre$i%e.
K si%#a'ia > care > co%#l c#re% se ac#-#lea4& >cas&ri $e s#-e
re4oabileF baca $e co-# acor$ c# clie%#l va "#%ea #%ili4a aces%e $is"oibili%&'i
"e%r# ra-b#rsarea c# a%ici"a'ie a cre$i%elor $i co%#rile se"ara%e $e >-"r#-#%F "e
ba4& $e or$i $e "la%& e-is $e clie% sa# o%a co%abil& >%oc-i%& $e ofi'erii $e
cre$i%e.
C# 16 4ile >ai%ea sca$e'eiF ofi'erii $e cre$i%e vor aali4a -o$#l $e
#%ili4are al liiilor $e cre$i%eF #r-&ri$#8se >$e"liirea co$i'iilor av#%e > ve$ere la
a"robarea aces%ora > ce "rive<%e "erfor-a'a fiaciar&F servici#l $a%orieiF i$ica%orii
$e boi%a%eF si%#a'ia eI"or%#rilorF "rec#- cas&rilor cas&rii la sca$e'& a
co%ravalorii %i%l#rilor sco%a%e "ri $ebi%area co%#l#i c#re% al %ras#l#i casare se ra-b#rsea4& $i
$is"oibili%&'ile co%#l#i c#re% "e ba4& $e o%e co%abileF >%oc-i%e $e ofi'er#l $e
cre$i%e aceea care
a av#% loc >casarea cec#rilorF "o%rivi% bor$ero#rilor $e"#se $e >-"r#-#%a'i.
$, Cre$i%ele > lei "e%r# val#%aF v9$#%&F se ra-b#rsea4& la sca$e'& $i
co%#l c#re% "e sea-a co%ravalorii > lei a val#%ei v9$#%e "e ba4& $e o%e co%abile
>%oc-i%e $e ofi'er#l $e cre$i%e.
e, Ra-b#rsarea cre$i%elor > val#%& se va efec%#a la sca$e'ele s%abili%e
> co%rac%ele $e cre$i%e >c/eia%e $e bac& c# beeficiariiF $e re+#l& "e sea-a
>cas&rilor > val#%& ob'i#%e $i $esf&<#rarea ac%ivi%&'ilor $e eI"or%F eIec#%&rii $e
l#cr&ri s%r&i&%a%e -o$ eIce"'ioal "e ba4a val#%ei
ob'i#%e "ri "ar%ici"area la "ia'a val#%ar& i%erbacar&.
f, K ca4#l >-"r#-#%#rilor acor$a%e "ersoaelor fi4iceF la $a%a >scris& >
co%rac%#l $e cre$i%e sca$e'arF refere%#l $e +/i<e# va o"era "e cre$i%#l co%#l#i
se"ara% $e >-"r#-#%F s#-a re"re4e%9$ ra%a $e cre$i%F sca$e'aF iar > co%#l $e
vei%#ri $i $ob94iF ra%a $e $ob9$& "e ba4& $e5
7. foaia $e v&rs&-9%F > ca4#l $e"#erilor > #-erarE
7. or$i $e "la%& e-is $e socie%a%e #$e s8a efec%#a% re'iereaF "e
<%a%#l $e "la%& al >-"r#-#%a%#l#i sa# +ira%#l#i "l&%i%orE
A, or$i $e "la%& e-is $e >-"r#-#%a% sa# o%a co%abil& >%oc-i%& $e
ofi'er#l $e cre$i%eF > ca4#l > care >-"r#-#%a'ii a# $esc/is la bac& co%#ri c#re%e
"ersoaleF "o%rivi% cla#4ei >scrise > co%rac%#l $e >-"r#-#%.
K ca4#l > care $is"oibili%&'ile >re+is%ra%e $e beeficiar#l $e >-"r#-#% s#%
is#ficie%e "e%r# ra-b#rsarea "ar'ial& sa# i%e+ral& a #or ra%e a=#se la sca$e'a
$i cre$i%ele acor$a%e "ri co%#ri se"ara%e $e >-"r#-#%F $ifere'a era-b#rsa%& se
%rece la 4i#a sca$e'ei > co%#l acre$i%e res%a%e "9& la 0: 4ileOF "e ba4& $e o%&
co%abil& >%oc-i%& $e ofi'erii $e cre$i%e.
La $a%a >re+is%r&rii > co%#l acre$i%e res%a%e "es%e 0: 4ileO a #ei ra%e $e
cre$i% era-b#rsa%e la sca$e'&F %oa%e s#-ele vii%oare $a%ora%e $e >-"r#-#%a% >
ba4a co%rac%#l#i $e cre$i% $evi sca$e%e $ac& $i aali4a efec%#a%& re4#l%& c& #
-ai s#% "osibili%&'i reale $e re$resare a si%#a'ie fiaciare -b#&%&'irii servici#l#i
$a%oriei res"ec%iv#l#i clie%.
100
..'.'.8 A(lica*ii (rac"ice
PROBLE;E RENOLEATE
Problea 12 ?ie ca4#l ##i cre$i% c# cove'ie $e ra-b#rsare > ra%e
cos%a%e c# #r-&%oarele carac%eris%ici5
s#-a cre$i%#l#i 7.:::.::: U.B.E
$ob9$a a#al& 6:RE
$a%a acor$&rii !: a"rilie a#l aNOE
$#ra%a 1 se-es%r#E
ra-b#rsarea se face > a#i%&'i %ri-es%rialeF iar $ob9$a se "l&%e<%e l#ar.
Se cere s&5
a, Calc#la'i a#i%&'ile %ri-es%riale.
b, K%oc-i'i %abel#l $e ra-b#rsare a >-"r#-#%#l#i.
Re1olvare2
)a, Ra%a %ri-. H @-555-555
9
A-555-555
UB
Tri- I
Dob l#a I5 7.:::.:::e 9?5-555
49
4
C
455
?5
UB
A#i%a%e l#a I5 !6:.:::
Dob. l#a II5 7.:::.:::e 9?5-555
49
4
C
455
?5
UB
A#i%a%e l#a II5 !6:.:::
Dob. l#a III5 7.:::.:::e 9?5-555
49
4
C
455
?5
UB
A#i%a%e l#a III5 0.:::.::: W!6:.:::H0.!6:.:::UB
Tri- II
Dob. l#a ID5 0.:::.:::e 49?-555
49
4
C
455
?5
UB
A#i%a%e l#a ID5 1!6.:::
Dob. l#a D5 0.:::.:::e 49?-555
49
4
C
455
?5
UB
A#i%a%e l#a D5 1!6.:::
Dob. l#a DI5 0.:::.:::e 49?-555
49
4
C
455
?5
UB
A#i%a%e l#a DI5 0.:::.:::W1!6.:::H0.1!6.::: UB
101
b, Tabel $e ra-b#rsare a >-"r#-#%#l#i5
Tabel 0.08 UB 8
Perioa$a Dal.ii'ial& Dal.r&-as& Ra%& Dob9$& A#i%a%e
L#a 1 7.:::.::: 7.:::.::: 8 !6:.::: !6:.:::
L#a ! 7.:::.::: 7.:::.::: 8 !6:.::: !6:.:::
L#a 0 7.:::.::: 0.:::.::: 0.:::.::: !6:.::: 0.!6:.:::
L#a 3 0.:::.::: 0.:::.::: 8 1!6.::: 1!6.:::
L#a 6 0.:::.::: 0.:::.::: 8 1!6.::: 1!6.:::
L#a7 0.:::.::: 8 0.:::.::: 1!6.::: 0.1!6.:::
To%al $e "la%& H !6:.::: I !W0.!6:.:::W1!6.::: I !W0.1!6.::: H 7.1!6.::: UB
Problea '5 Se $esc/i$e o liie $e cre$i% c# #r-&%oarele carac%eris%ici5
li-i%a cre$i%#l#i cofir-a% L 6.:::.::: UBE
$ob9$a 7:RE
co-isio a+a=a-e% L :.0RE
$a%a $esc/i$erii 16 se"%e-brie a#l aNOE
%er-e 0 l#iE
"e 6 oc%o-brie la cererea clie%#l#i se "#e la $is"o4i'ie "ri virare > co%#l
c#re% 0.:::.::: U.B.E
"e !7 oc%o-brie clie%#l ra-b#rsea4& 1.:::.::: UBE
"e 01 oc%o-brie se virea4& !.:::.::: U.B.E
"e 1: oie-brie se "l&%e<%e 1.:::.:::E
"e !: oie-brie se "l&%e<%e 0.:::.:::.
S& se calc#le4e $ob9$a "e%r# o"era'i#ile $i l#a oc%o-brie casea4& co-isio#l.
6.:::.:::e:.0RH16.::: U.B.
Pe%r# calc#l#l $ob94ii "e%r# o"era'i#ile $i "erioa$a oc%o-brie <i
oie-brie se s%abilesc "erioa$ele $e $ob94i.
8Tabel 0.38
Nr.
O".
Da%a S#-a
L -il. UB L
Dob9$a
a )R,
Nr.4ile Sol$
liie $e
cre$i% L
-il. UB
D C
1. 6 oc%o-brie 8 0 -il. 7:R !1 0 -il.
!. !7 oc%o-brie 1 -il. 8 7:R 6 ! -il.
0 01 oc%o-brie 8 ! -il. 7:R 1: 3 -il.
3. 1: oie-brie 1 -il. 8 7:R 1: 0 -il.
6. !: oie-brie 0 -il. 8 7:R 8 8
K ba4a $i %abel vo- calc#la $ob9$a la sol$#l co%#l#i5
102
78 ?5555
@A555
F45 @555555FA5
.<
78 AAAAA:AA
@A555
F45 <555555FA5
.@
78 4AAAA:AA
@A5555
F? 9555555FA5
.9
78 45?555
@A555
F94 @555555FA5
.4

Deci $ob9$a %o%al& care se va >casa $e c&%re bac& va fi5
D %o%al H D1 W D! W D0 W D3
D %o%al H !0( 000F0! UB
..'.'.C Anali1a )e boni"a"e 7i ren"abili"a"e a firei care solici"& cre)i"e
Aali4a $e boi%a%e i-"lic& calc#l#l #or i$ica%ori care "o% fi +r#"a'i "e -ai
-#l%e ca%e+orii5
1. In)ica"ori )e anali1& 7i s"r#c"#r&2
1, CA L cifra $e afaceri $..0%
CA4 veni"#rile "o"ale reali1a"e )e fir&
!, CP L ca"i%al "ro"rii $..6%
CP4 C. Social H Re1erve H Provi1ioane re!leen"a"e
0, Re1#l"a"#l e5erci*i#l#i 4 Eeni"#ri "o"ale 3 C-el"#ieli )e)#c"ibile
$..8%
3, BRN4 Res#rse (eranen"e 3 Nevoi (eranen"e $..C%
BRN4 Ca(. (eranen" 3 A. Iobili1a"e
Sa#
BRN4 A circ#lan" 3 Da". (e "eren sc#r"
?RN L es%e # i$ica%or care se calc#lea4& "e ba4a bila'#l#iF
>cerc9$#8se c#a%ificarea ec/ilibr#l#i bila'ier.
6, NBR4 Nevoi "e(orare 3 Res#rse "e(orare $..D%
4 Ac"ive circ#lan"e$ai (#*in lic-i)i"&*ile% 3 Da". (e
"eren sc#r"$ai (#*in cre)i"ele%.
7, TN4 BR 3 NBR 4F rela*ia )e "re1orerie. $..I%
7,Lic-i)i"a"ea
c#ren"&4
an Da"orii
incer"i Clien"i 9 ca"e nevalorifi S"oc#ri circ#lan"e . A
V <
$..1J%
103
(, Solvabili"a"ea4
(asiv conversie )e Diferen"e 9 "o"ale Da"orii
incer"i Clien"i 9 ca"e nevalorifi S"oc#ri 9 ac"iv To"al

$..11%
2,
Gra)#l )e ?n)a"orare !eneral&4
VZZ Q
res"rans sens in ne"e (ro(rii . Ca(
"o"ale Da"orii
$..1'%
1:, Ei"e1a )e ro"a*ie a ac"ivelor circ#lan"e4
circ#lan"e . A
reali1a"a CA
$..1.%

In)ica"ori )e (erforan*&
)a,8Ra%a eI"loa%are br#%& H 455
ec#n#&ic ,ctiv
eFpl#atare "e brut Fce"entul
$..10%
)b,8Ra%a eI"loa%are e%& H 455
ec#n#&ic ,ctiv
/&p#)it - i eFpl#atari 1r#$itul
$..16%
)c,8Ra%a $e re%abili%a%e ecoo-ic&H 455 C
activ D#tal
/&p#)it - brut 1r#$itul
$..18%
)$,8Ra%a $e re%abili%a%e fiaciar&H
455 C
strict- nete pr#prii 6ap-
net 1r#$itul
$..1C%
)e,8 Ra%a $e aco"erire a $ob94ilorH 455 C
reali)ata 6,
"#ban)ile cu 6'eltuieli
$..1D%
)f,8 Ra%a valorii a$&#+a%e H 455
reali)ata 6,
a"au%ata 3al-
$..1I%
)+,8 Poli%ica $e $ivi$e$H
net Re)ultatul
.ivi"en"e
$..'J%
104
?oar%e i-"or%a'i s#% i$ica%orii $e re%abili%a%e fiaciar& -"r#-#%a%e la ca"i%al#rile "ro"rii se "oa%e a=#+e la # efec%e $e
levier fiaciar $ac& R
f
X R
$
F #$e ca(i"al (ro(ri#2
Kn sens s"ric"4 Ca(i"al social H Con"#l ?n"re(rin1&"or#l#i H Prie le!a"e
)e ca(i"al H Re1erve H Re1#l"a"#l re(or"a" H Al"e fon)#ri
Kn sens lar!4 ca(i"al#ri (ro(rii H Diferen*e )in reeval#are ?n sens s"ric"
H Provi1ioane re!leen"a"e
As%fel5
R
f
4 R R
e
H $R
e
9 R
)
%Q
61R
.,D
S Q $1 9
G
% $..'1%
U$e5 R
f
H re%abili%a%ea fiaciar&
R
e
H re%abili%a%ea ecoo-ic&
R
$
H ra%a $ob94ii
61R
.,D
H levier#l fiaciar
G
H co%a $e i-"o4i% "e "rofi%
..'.'.D A(lica*ii (rac"ice
PROBLE;E RENOLEATE
Problea 15 S.C. aGABAO S.A. are #r-&%oarele $a%e eI%rase $i co%#l $e
"rofi% <i "ier$eri <i $i bila'5
ACTID PASID
8UB8
1.I-obili4&ri
cor"orale !1.!72
!. S%oc#ri $i care5 03.716
8 -&rf#ri 03.716
8 s%oc#ri evalorifica%e :
0. Crea'e co-erciale c# sca$e'a 3.1(7
s#b 1 aF $i care5
8 clie'i icer'i :
8 al%e crea'e 1.336
8 f#ri4ori $ebi%ori !.73!
3. Co%#ri $e re+#lari4are
 avas 11.33!
8 $ifere'e $e coversie :
6. Dis"oibil#l la bac& !2!
1.Ca"i%al social 1.1::
!.Co%#l >%re"ri4&%or#l#i 6!.:(:
0.Re4erve !!:
3.Re"ar%i4area "rofi%#l#i !.!:7
6.?o$#ri 7.0:1
7 Da%orii c# sca$e'a X 1 a 7.1:7
7.Da%orii s#b 1 aF $i care5 0.721
8 cre$i%e %re4orerie !6:
TOTAL A 71.(:6 TOTAL P 71.(:6
105
Di co%#l $e "rofi% <i "ier$ere5
8 v94&ri $e -&rf#ri 1(3.2(! UBE
8 cos%#l -&rfii v9$#%e 136.216 UBE
8 "ro$#c'ia s%oca%&5 :E
8 "ro$#c'ia i-obili4a%&5 :E
8 c/el%#ieli c# -a%erii "ri-eF -a%eriale5 11.726 UBE
8 b##ri <i servicii eIec#%a%e $e %er'i5 1!.76: UBE
8 re4#l%a%#l e% al eIerci'i#l#i5 1.7!2 UB.
Se cere s& se calc#le4e i$ica%orii $e ivel <i s%r#c%#r& <i i$ica%orii $e
"erfor-a'&.
Re1olvare2
Eo calc#la2
In)ica"orii )e nivel 7i s"r#c"#r&
1, CA H v94&ri -&rf#ri W "ro$#c'ia v9$#%& H 1(3.2(! UB
Bar=a co-ercial& H v94&ri $e -&rf#ri L cos%#l -&rfii v9$#%e H 1(3.2(! L 136.216 H
02.:77 UB
!, Ca"i%al#rile "ro"rii5
- 8 ca"i%al#ri "ro"rii > ses s%ric% H ca"i%al social W co%#l
>%re"ri4&%or#l#i W "ri-e le+a%e $e ca"i%al W re4erve W re4#l%a%#l
re"or%a% W al%e fo$#ri 8 ca"i%al#ri "ro"rii > ses s%ric% H 1.1:: W 6!.:(:
W !!: W !.!:7 W 7.0:1 H 71.2:(UB
- ca"i%al#ri "ro"rii e%e > ses lar+ H ca"i%al#ri "ro"rii > ses s%ric% W
$ifere'e $i reeval#are W "rovi4ioae re+le-e%a%e H 71.2:(UB
0, Re4#l%a%#l eIerci'i#l#i L aces%a es%e $e=a calc#la%
R
eI.
H vei%#ri %o%ale L c/el%#ieli $e$#c%ibile H 1.7!2UB
3, ?o$#l $e r#l-e% e%
?RN H Ca"i%al "er-ae% L A. i-obili4a%e
?RN H 7(.:13 L !1.!72 H 37.736 UB
Ca"i%al "er-ae% H ca"i%al "ro"ri# W "rovi4ioae "e%r# risc#ri <i c/el%#ieli
W $a%orii X 1 a H 7(.:13 UB
6, Nevoia fo$ r#l-e%
N?R H A. Circ#la%)-ai "#'i $is"oibili%&'ile, L Da%orii "e %er-e sc#r% )-ai
"#'i cre$i%ele $e %re4orerie,
A. circ#la%e H s%oc#ri Wcrea'e W $is"oibil H02.:23 UB
N?R H )03.:23 L 06.!71, L )0.721 8 !6:, H 06.!17 UB
7, Rela'ia $e %re4orerie
TN H ?R L N?R
TN H 37.736 L 06.!71 H 11.3(3 U.B. X :
?R N?R
TN
106
Si%#a'ia fir-ei es%e "o4i%iv&F fo$#l $e r#l-e% fii$ -ai -are $ec9% evoia
$e fo$ $e r#l-e%F ceea ce face s& eIis%e > aces% ses ;4
@;-5;<
1:01F!0R
Daloarea foar%e b#e a lic/i$i%&'ii fiaciare c#re%e %reb#ie s& fie X
1::RF si%#a'ie "o4i%iv& > ca4#l S.C. NGa-aO S.A.
)Ac, Ac%ive circ#la%e H S%oc#ri W Crea'e co-erciale W Dis"oibili%&'i la
bac& H 03.716 W 3.1(7 W !2! H 02.:23 UB
)S, S%oc#ri evalorifica%e H :
)Ci, Clie'i icer'i H :
)Da%, Da%orii f 1 a H 0.721 UB
(, Solvabili%a%ea H >9?:?9 455 C
;-=;>
>4-=5?
.c .t
6i - Hn - ,ctiv D#t-

R
)D%, Da%orii %o%ale H 0.721W7.1:7H2.(27 UB
)Dc, Difere'e $e coversie H :
Solvabili%a%ea >re+is%rea4& o valoareF $e ase-eeaF foar%e b#&F fii$ c#
-#l% -ai -are fa'& $e li-i%a 6: L 7:R acce"%a%&.
2,Gra$#l $e >$a%orare
H
4?:;=I 455 C
A4-;5=
@-;=>
455 C
restr(ns sens in net -pr#priu 6ap
t#tale .at-

Ca". "ro"ri# > ses res%r9s H Ca". social W co%#l >%re"ri4&%or#l#i W
Re4erve W Re". Profi%#l#i W Al%e fo$#ri H 11.::: W 6!.:(: W !!: W !.!:7 W 7.0:1 H
71.2:( UB
Gra$#l $e >$a%orare al fir-ei es%e re$#s @
@;-5;<
4=<-;=9
circ ,
6,
ori.
I$ica%orii $e s%r#c%#r& s#% foar%e b#i 4oa co-ercial& 4-=5?
4-A9;
107
Rec X R$ HX "o%rivi% %eoriei fiaciare "e%r# ca fir-a s&8<i $esf&<oare
o ac%ivi%a%e eficie%&.
(b) Rf H
455 C
restrins sens in pr#priu 6ap-
net 1r-
Rf H 9:A@I 455 C
A4-;5=
4-A9;
Rf X Re "e%r# a asi+#ra efec%#l $e levier fiaciar.

As%fel rela'ia ce %reb#ie s& se verifice es%e5
Rf X Rc X R$.
Dac& R$ f !F7R a%#ci "rici"alii i$ica%ori ai "erfor-a'ei fiaciare s#%
"o4i%ivi.
Re f RfF l#cr# care ara%& c& socie%a%ea beeficia4& $e efec%#l $e levier al
>$a%or&rii.
K ba4a $a%elor co%abile se "oa%e calc#la o "oli%ic& $e i$ica%ori $e
"erfor-a'& -#l% -ai vas%&.
..'.. O(era*i#ni )e ac-i1i*ii )e valori obiliare $"i"l#ri financiare%
Ua $i c&ile $e "lasa-e% a res#rselor fiaciare ale #ei b&ci o
cos%i%#ie ac/i4i'ia $e efec%e "#blice <i ac'i#iF c# sco"#l $e a ob'ie "rofi%#ri. Al&%#ri
$e cre$i%eF ac/i4i'ia $e %i%l#ri fiaciare re"re4i%& #a $i%re o"era'i#ile cele -ai
re%abile <i care $#c la -aIi-i4area averii ac'ioarilorF ceri'& $e ba4& a #ei $eci4ii
fiaciare eficie%e s#% ac/i4i'iile $e %i%l#ri fiaciare.
Profi%#l re"re4i%& o ceri'& $e ese'ial& a ac%ivi%&'ii ecoo-ice a socie%&'ii
bacare <i %oc-ai $e aceea ac%ivi%a%ea $e ives%i'ie efec%#a%& $e bac& es%e foar%e
i-"or%a%&.
Desi+#rF c#-"&rarea $e valori -obiliareF re$#ce "osibili%&'ile $e cre$i%are
ale #ei b&ciF $#"& c#- v94area aces%ora s"ore<%e ca"aci%a%ea $e cre$i%are.
O"era'i#ile $e "lasa-e% > valori -obiliare s#% la fel $e i-"or%a%e ca ase-eea
o"era'i#i. Prici"ale ac%ivi%&'i > le+&%#r& c# aces%e o"era'i#i s#%5 "rel#crarea
%i%l#rilor )a$-iis%rarea <i co%rol#l valorilor -obiliare <i colec%area vei%#l#i,F servicii $e
co%abili%a%e )eval#area "or%ofoliilor s&lile $e $eali+ ale
b&ciiF > ses#l c& ea se >-"ar%e > $o#&5
i) ac"ivi"&*i fron"9en) care c#le+ ifor-a'ii $es"re
evei-e%ele $e "e "ia'&F le "ros"ec%ea4& "roces#l ac/i4i'iei
sa# v94&rii $e %i%l#riE
ii) ac"ivi"&*i bac+9en) care a# ca sco"5
- co%rol#l valorilor -obiliareE
- -oi%ori4area livr&rii lorE
108
- colec%area vei%#rilor re4#l%a%e.
..'...1.1. A)inis"rarea 7i con"rol#l valorilor obiliare
U "as -a=or > a ob'ie co%rol#l as#"ra valorilor -obiliare es%e
Nco$ificareaO lor. Es%e $e fa"% "roces#l $e s%r9+ere $e ifor-a'ii <i $e elaborare a
#ei ba4e $e $a%e referi%oare la carac%eris%icile fiec&r#i %i" $e valoare -obiliar&F ca $e
eIe-"l#5 e-i%e%#lF b#rsele #$e se %ra4ac'ioea4&F is%oria ivel#l#i $ivi$e$elor
%i%l#l#i sa# a ra%ei $ob94iiF $a%ele $e sca$e'&F frac'io&ri ale valorii o-iale a
ac'i#ilorF e%c. Ba=ori%a%ea aces%or $a%e se ofer& +ra%#i% $i afara b&ciiF iar baca va
%reb#i s& le i%ro$#c& > sis%e-#l ei c# -are a%e'ie.
..'...1.'. Colec"area veni"#l#i
Dei%#l "e valori -obiliare "rovie $e obicei $i $o#& s#rse5
1% $ivi$e$e "e ac'i#i care se "ri-esc $ac& ac'i#ile eIis%& la o $a%&
a#-eF $e#-i%& N$a%a >re+is%r&riiOE
'% $ob9$a "e obli+a'i#i care se >casea4& la sca$e'& )$ac&
obli+a'i#ile se %ra4ac'ioea4& la al%& $a%& $ec9% la e-i%erea lorF $ob9$a ca"i%ali4a%&
 cosi$erare la calc#larea eIac%& a vei%#l#i
a$#s,.
?iecare %i" $e valoare -obiliar& are o sc/e-& $e "la%& a vei%#l#i
$e'i&%orilor. Uele a$#c vei% %ri-es%rialF se-i a#al sa# a#alF iar al%ele la sca$e'a
care es%e "reci4a%& $e la >ce"#%. Ci#a "l&'ii es%e ai%e. K #ele ca4#ri s#-a se <%ie $iai%e )> ca4#l $ob94ii fiIe,F iar > al%e ca4#ri
s#-a es%e flo%a%&F $e"i49$ $e -ai -#l'i fac%ori.
U fac%or i-"or%a% ce afec%ea4& colec%area vei%#l#i "e valori -obiliare
es%e %i"#l valorii -obiliare )$ac& s#% %i%l#ri la "#r%&%or sa# >re+is%ra%e,. K -a=ori%a%ea
ca4#rilorF c#"oaele a%a<a%e cer%ifica%elor %reb#ie $ec#"a%e for-a $e-a%eriali4a%&F iar $re"%#l $e "ro"rie%a%e se
$ove$e<%e c# ac%e le+ale.
..'...' Servicii )e con"abili"a"e (en"r# o(era*i#nile )e
(lasaen" financiar
Aces%e servicii eIec#%a%e "e%r# sec%or#l $e "riva%e ba*i+ a# ca sco"5
(a) ac#ra%e'ea <i i%e+rali%a%ea ifor-a'iilor oferi%e clie%#l#iE
$b% ac#ra%e'ea <i "ro"%i%#$iea ifor-a'iei cer#%& $e co$#cerea b&cii.
Pe%r# a reali4a aces%e $e4i$era%eF %reb#ie s& eIis%e # fl#I $e ifor-a'ii
c&%re $e"ar%a-e%#l $e "riva%e ba*i+ $i celelal%e $e"ar%a-e%e ale b&cii <i $i
eI%erior.
Cele -ai i-"or%a%e as"ec%e ale ac%ivi%&'ii co%abile s#% #r-&%oarele5
$a% Eval#area (or"ofoliilor
U "or%ofoli# es%e o s#-& $e ac%ive a"ar'i9$ ##i clie% $i ca$r#l "riva%e
ba*i+8#l#i. De -#l%e oriF $iferi%e %i"#ri $e ac%ive )ac'i#iF obli+a'i#iF e%c., s#%
or+ai4a%e > "or%ofolii $iferi%e. K aces% ca4F clie%#l are -ai -#l%e "or%ofolii.
?iecare "or%ofoli# es%e eval#a% "erio$icF $e obicei la sf9r<i%#l "erioa$ei
"e%r# care se %ri-i%e # eI%ras clie%#l#i. Cele $o#& f#c'ii care ecesi%& o $eosebi%&
a%e'ie s#%5
i-"le-e%area co%abili%&'ii cosoli$a%eE
109
%recerea s#-elor $i%r8o -oe$& > al%a co%abili%a%e a
$ifere'elor $e c#rs val#%ar.
$b% Con"abili"a"ea fon)#rilor colec"ive
K ca4#l fo$#rilor colec%iveF %reb#ie acor$a%& o a%e'ie s"ecial& aloc&rii
corec%e ca4#l ?ITS
)fo$#ri $e ives%i'ii "e %er-e sc#r%,.
Pe%r# a "lasa fo$#rile $is"oibile ale b&cii $#"& ce s8a# cos%i%#i%
re4ervele -ii-e obli+a%orii co$i'iile >$e"liirii cri%eriilor $e ca"i%ali4areF se
reali4ea4& ives%i'ii care %reb#ie s& 'i& sea-a $e5
a, L risc#l care se i-obili4ea4& res#rsele fiaciare >
sco"#l -e'ierii #ei lic/i$i%&'i acce"%a%e "e%r# ac%iv#l b&cii.
a% Risc#l #ei ives%i'ii fiaciare L es%e ese'ial > ale+erea #ei varia%e
o"%i-e $e "lasare > %i%l#ri fiaciare a fo$#rilor a%rase. Pe%r# a "#%ea aali4a bie
aces% feo-e el %reb#ie c#a%ifica% > s%r9s& le+&%#r& c# re%abili%a%ea
"lasa-e%#l#i.
C# c9% risc#l es%e -ai -are c# a%9% %re risc -o$ $irec% lic/i$i%a%ea %i%l#ri %reb#ie s& se aib& > ve$ere ca
aces%ea s& fie ac%ive lic/i$eF care se "o% %rasfor-a ra"i$ > #-erarF f&r& "ier$eri
fiaciare.
..'.0 Ca"e!orii )e "i"l#ri (e (ia*a financiar&
Ac/i4i'iile $e %i%l#ri "e "ia'a fiaciar& se reali4ea4& > sco"#l "las&rii
)ives%irii, res#rselor -oe%are a%rase $e c&%re bac&. S%r#c%#ra "ie'ei fiaciare
ifl#e'ea4& la r9$#l s&# ives%i'iile reali4a%e > "or%ofolii $e %i%l#ri $e c&%re b&cile
co-erciale.
Pia'a fiaciar&F "e care o"erea4& b&cile "oa%e fi a"recia%& ca fii$
alc&%#i%& $i "ia'a $e ca"i%al <i "ia'a -oe%ar&.
RISC
RENTABILITAT
E
Cre<%e Cre<%e
110
I. Pia*a )e ca(i"al L es%e "ia'a o"era'i#ilor <i %i%l#rilor c# o $#ra%& $e
eIec#'ie sa# "osesie -ai -are $e 1 a care s#% %i%l#ri $e valoare ce cer%ific& $e'i&%or#l#i s&# cali%a%ea
$e "ro"rie%ar as#"ra #ei "&r'i $i "a%ri-oi#l ##i a+e% ecoo-icF "ro"or'ioal c#
valoarea i%risec& a aces%eia. Es%e # %i%l# c# vei% variabil )$ivi$e$#l,.
Ac'i#ile "o% fi clasifica%e $#"& -ai -#l%e cri%eriiF cel -ai i-"or%a% fii$ >s&
acela al $re"%#l#i $e $ivi$e$ l cofer&F ele "#%9$ fi $e
$o#& fel#ri5
- ac'i#i "rivile+ia%e L ofer& $re"%#l $e a ob'ie $ivi$e$
"rivile+ia% >ai%e $e re-#erarea celorlal%e ac'i#i F $ar # cofer& $re"% $e vo%E
- ac'i#i co-#e )obi<#i%e, L ofer& $re"% la $ivi$e$ or-al s#% %i%l#ri $e cre$i% care a# $e obicei # vei% fiI s#b for-&
$e $ob9$&E obli+a'i#ea se e-i%e > sco"#l ob'ierii $e s#rse >-"r#-#%a%e la o
a#-i%& ra%& a $ob94ii.
K f#c'ie $e a%#ra e-isi#ii obli+a'i#ile "o% fi5 obli+a'i#i c# $ob9$& fiI&
sa# obli+a'i#i c# $ob9$& variabil&.
Con"rac"ele la "eren 3 s#% %i%l#ri $eriva%e a"&r#%e ca #r-are a $e4vol%&rii
rela'iilor ecoo-ice L fiaciare <i a -#l%i"lic&rii risc#l#i feo-eelor ecoo-ice.
Pri co%rac% se fiIea4& # a#-i% c#rs $e eIec#'ieF la o a#-i%& $ob9$&F
#r-&ri$#8se aco"erirea risc#l#iF sa# as"ec%#l s"ec#la%iv.
O(*i#nile 3 se asea-&& c# co%rac%ele la %er-e > -are "ar%eF $ifere'a
fii$ ac#- c& eIec#'ia lor # es%e obli+a%orie.
A%9% > ca$r#l co%rac%elor la %er-eF c9% ca4#l o"'i#ilor se "l&%e<%e o
"ri-& "e%r# >c/eierea aces%ora.
Dac& >s& la co%rac%ele la %er-e "ier$erea es%e eli-i%a%&F la o"'i#i
"ier$erea es%e li-i%a%& la ivel#l "ri-ei "l&%i%e.
II Pia*a one"ar& 3 es%e "ia'a o"era'i#ilor sa# %i%l#rilor $e cre$i% c# o
$#ra%& $e eIec#'ie -ai -ic& $e 1 a %re 181! l#i. Ele "o% fi5
- ca-biaE
- bile%#l la or$i.
EIec#'ia lor >ai%e $e sca$e'a s%abili%& ecesi%& "la%a #ei s#-e $e bai
cel#i care o acce"%& s#b for-a sco%#l#i.
K%r8o ecoo-ie ca"i%alis%& %aIa sco%#l#i are # rol foar%e i-"or%a% >
re+le-e%area rela'iilor reci"roce $e "l&'i $i%re "ar%eerii ecoo-ici.
Cabia 3 es%e # %i%l# $e cre$i% "ri care o "ersoa& #-i%& )%ras, se
a+a=ea4& s& "l&%easc& la o a#-i%& $a%&F o a#-i%& s#-& $e baiF ##i beeficiarF la
or$i#l #ei %er'e "ersoae fa'& $e care are o $a%orie fiaciar&F "ersoa& ce "oar%&
$e#-irea $e %r&+&%or.
111
Bile"#l la or)ine 3 es%e # %i%l# $e cre$i% "ri care o "ersoa& se a+a=ea4&
s& "l&%easc& #ei al%e "ersoae o a#-i%& s#-& $e baiF la $a%a scris#ri care cofir-& c& o a#-i%& s#-&
$e bai se afl& >%r8# $e"o4i% bacar. Aces% >scris "oa%e fi r&sc#-"&ra% $e bac& la
o a#-i%& $a%& ai%e $e sca$e'&.
..'.6 O(era*i#ni c# "i"l#ri (e (ia*a financiar&
EIis%& > ca$r#l "ie'ei fiaciare -ai -#l%e %i"#ri $e o"era'i#i c# %i%l#ri care
se eIec#%& > sco"#l asi+#r&rii res#rselor $e fia'are $e c&%re b&cile co-erciale.
Di%re aces%ea cele -ai i-"or%a%e s#%5
- sco%area efec%elor co-ercialeE
- l#area %i%l#rilor > "esi#eE
- lo-bar$area %i%l#rilor $e cre$i% e-ise "e %er-e l#+E
- ac/i4i'ia $irec%& a %i%l#rilor.
)a, Sco%area efec%elor co-erciale
Es%e o o"era'i#e "ri care efec%ele co-erciale s#% >s%r&ia%e $e
$e'i&%or#l lorF >ai%e $e a a=#+e la sca$e'&F $a%ori%& #ei evoi ac#%e $e lic/i$i%a%e.
S#-a "e care o va ob'ie $e'i&%or#lF va fi e+al& c# $ifere'a $i%re valoarea
o-ial& casa%&%
4 Dal. o-ial& L Sco%
$..''%
$b% L#area "i"l#rilor ?n (ensi#ne
Es%e o o"era'i#e $e v94are a #or %i%l#ri "ri%r8# co%rac% c# cla#4&F "ri
care v94&%or#l se obli+& s& r&sc#-"ere la o a#-i%& $a%& %i%l#rile v9$#%eF la acela f#c'ie $e "erioa$a
$e %i-" "e%r# care se efec%#ea4& o"era'i#ea.
$c% Lobar)area "i"l#rilor )e cre)i" eise (e "eren l#n!
Es%e o o"era'i#e ase-&&%oare cre$i%#l#i c# +ara'iiF $oar c& > aceas%&
si%#a'ie +ara'iile s#% alc&%#i%e $i /9r%ii $e valoareF lo-bar$area fii$ $e fa"% #
>-"r#-#% +ara%a% c# /9r%ii $e valoare.
$)%Ac-i1i*ia )irec"& a "i"l#rilor
Es%e o o"era'i#e "ri care b&cile c#-"&r& > "or%ofoli#l lor %i%l#ri $e "e
"ia'a fiaciar& sec#$ar&F $e la baca ce%ral& sa# $e la al%e is%i%#'ii fiaciare.
..'.6.1 A(lica*ii (rac"ice
PROBLE;E RENOLEATE5
Problea 15 ?ie # co%rac% $e "esi#e c# #r-&%oarele $a%e5
- $#ra%a e+ocia%& $e v94are5 7: 4ileE
- $a%a v94&rii5 1 se"%e-brie a#l aNOE
- ra%a $ob94ii5 !:RE
- valoarea o-ial& a %i%l#l#i5 1::: UB.E
- #-&r#l $e %i%l#ri v9$#%e5 1:: b#cE
112
- valoarea $e v94are5 11:: UB.
S& se calc#le4e "re'#l "l&%i% la r&sc#-"&rare $e baca co-ercial&.
Re1olvare2
D#ra%a o"era'i#iiH 7: 4ile
Daloarea %o%al& a %i%l#rilor )o-ial&,HDN I Nr. %i%l#ri H 1:::e1::H1:::::UB
Daloarea %o%al& a %i%l#rilor v9$#%eHDR I Nr. %i%l#ri H 11::e1::H11::::UB
Dob9$a o"era'i#ii H 1:::::e @@@@:@@
@A5
A5
C
455
95
UB
Pre'#l "l&%i% la r&sc#-"&rare H DR W Dob9$& H 11:::: W 0000F00H110000F00 UB
Problea '5 Baca $e E-isi#e a '&rii a@O vi$e bo#ri $e %e4a#r. Dac&
"re'#l ##i %i%l# es%e $e 2(( UBF iar valoarea o-ial& a aces%#ia $e 1::: UBF 'i9$
co% c& sca$e'a es%e "es%e 2: $e 4ileF s& se s%abileasc& %aIa sco%#l#i "e%r#
aceas%& o"era'i#e.
Re1olvare2
Dac&5
SCH
455 C @A5
2r-)ile C Ds C 32
a%#ci5
TsH
2r-)ile C 32
455 C @A5 C H6
SCHDN 8 D
v94are
SCH1:::82((H1! UB
TsH <:=I
;5 C 4555
455 C @A5 C 49

Problea 1 5 S& se s%abileasc& c&r#i se+-e% al "ie'ei fiaciare a"ar'i
#r-&%oarele %i%l#ri $e valoareF or$iea cresc&%oare a lic/i$i%&'ii5
- obli+a'i#i +#vera-e%aleE
- ca-biiE
- bile%e $e or$iE
- cer%ifica%e $e $e"o4i%E
- ac'i#i ale co-"aiilor i$ivi$#ale.
Problea '5 ?ie o ca-bie c# DN $e 1:::: UBF av9$ "9& la sca$e'& 7:
4ile. O Bac& co-ercial& a@OF ac/i4i'ioea4& aceas%& ca-bie la o TsH16RFefec%#9$
o"era'i#ea $e sco%are. R&-as& > cri4& $e lic/i$i%a%eF la 0: 4ile $e la r&sc#-"&rare
Baca Co-ercial& resco%ea4& ca-bia la o %aI& a sco%#l#i $e 16F(R.
Calc#la'i re4#l%a%#l o"era'i#ilor "e%r# Baca co-ercial&.
113
114
CAPITOLUL IE
;ANAGE;ENTUL RISCURILOR BANCARE
0.1 Conce("#l )e risc bancar. Evol#*ie
Risc#l es%e "robabili%a%ea ca >%r8o %ra4ac'ie s& # se ob'i& "rofi%#l
a<%e"%a% <i c/iar s& a"ar& o "ier$ere.
Risc#l bacar -ai "oa%e fi $efii% ca fii$ "robabili%a%ea $e "ro$#cere a ##i
evei-e% c# coseci'e a$verse "e%r# s#biec%.
Si%e%i49$F riscul bancar es%e #5
Co-"leI $e evei-e%e c# coseci'e a$verse "e%r# bac&E
Evei-e% icer%F "osibil %rea+a ac%ivi%a%e a #ei socie%&'i
bacare.
K aces% co%eI%F si%e%i49$ cele $e -ai s#sF managementul riscului
bancar %reb#ie s& #r-&reasc&5
Bii-i4area c/el%#ielilorF a "ier$erilorE
Bo$ificarea co-"or%a-e%#l#i salaria'ilorE
Bo$ificarea i-a+iii "#blice a b&cii.
Risc#l bacar "oa%e s& a"ar& "e "arc#rs#l $er#l&rii o"era'i#ilor bacareF
feo-e ce "rovoac& efec%e e+a%ive as#"ra ac%ivi%&'ii bacareF $#c9$ la
$e%eriorarea cali%&'ii afacerilorF la $i-i#area "rofi%#l#i re+is%rarea $e c/el%#ieli
s#"li-e%are fial f#c'ioarea b&cii.
B&cileF ca i%er-e$iari fiaciariF a# o aversi#e fa'& $e risc <iF $re"%
#r-areF ca#%& s&8-"r#-#%#ri "e care # le ra-b#rsea4& la %er-e care
aceas%a > co$i'iile eIis%e'ei risc#l#i
"o%e'ial <i al icer%i%#$iiiF "res#"#e c#oa<%erea "rof#$& <i $i %i-" a -e$i#l#i
i%er %re"ri4&%orii s& rece"'ioe4e corec% eve%#alele "ericole
care "o% s& a"ar&F "rec#- asa-bl#l s&#F s&
c#oasc& ofer%ele $e cos#- "e%r# fiecare $i serviciile oferi%e <i cos%#rile
ecesare "e%r# sa%isfacerea evoilor #-ae.
115
K aceas%& acce"'i#eF elaborarea ##i sis%e- a$ecva% $e li-i%are a
si%#a'iilor $e risc %r8o for-& a$ecva%& a #or ifor-a'ii $iversifica%e
 f#c'ie $e s"ecific#l fiec&r#i risc.
K a"recierea corec%& a efec%elor efavorabile ale ##i a#-i% riscF es%e
ecesar& >-b#&%&'irea c#o<%i'elor "rac%ice c# cele %eore%ice "e%r# a asi+#ra
"osibili%a%ea f#$a-e%&rii corec%e a $eci4iilor. As%felF %reb#ie av#%e > ve$ere
#r-&%oarele as"ec%e "e%r# l#area $eci4iei5
K f#$a-e%area $eci4iei %reb#ie s& se aib& > ve$ere carac%er#l
$eci4iilor l#a%e $e or+ai4a'iile bacare.
L#area $eci4iei es%e $e"e$e%& $e $ivi4ibili%a%ea risc#l#i a%9% "e sec%oarele $e
ac%ivi%a%eF c9% %re eleF res%ric'ioarea aces%#ia
es%e "osibil&F iar ob'ierea re4#l%a%elor fiale es%e -ai cer%&.
Deci$e%#l va avea > ve$ere "osibili%a%ea $e %ras-i%ere a risc#l#iF c#osc9$ c&
aceas%a re"re4i%& ac'i#ea "ri care o "ar%e $i efec%ele fac%orilor $e risc se %ras-i%
al%or or+ai4a'ii "ar%ici"a%eF $irec% sa# i$irec%F la reali4area ve$ere i%eresele co-#e ale "&r'ilor co%rac%a%e >
$e%er-iarea risc#l#i.I$ifere% $e for-aF s"a'i#l care se -aifes%& risc#l
>ca$r#l fiec&rei or+ai4a'ii bacare es%e ecesar s& se +&seasc& acele sol#'ii care
asi+#r& aco"erirea "a+#belor )"ier$erilor,. O ase-eea abor$are a $eci4iei > co$i'ii
$e risc $& "osibili%a%ea co%i#&rii sa# rel#&rii ac%ivi%&'ii. Gra$#l $e "osibili%a%e >
a"ari'ia risc#l#i -o%ivea4& acor$#l sa# ref#4#l cos%i%#irii fo$#rilor ecesare "e%r#
aco"erirea risc#l#i co%ra$ic'ie c#
obiec%iv#l aces%ora $e -aIi-i4are a "rofi%#l#i.
B&cile s#% obli+a%e s& asi+#re # ec/ilibr# >%re cri%eriile le+a%e $e
"rofi%abili%a%eF lic/i$i%a%e 
acela$e"liesc co$i'iile referi%oare la lic/i$i%a%e <i sec#ri%a%eF
c/iar $ac& ra%a $ob94ii afere%e aces%ora es%e -ai -ic&. Necesi%a%ea b&cilor $e a
ac'ioa c# "r#$e'& i-"#e a#-i%e li-i%e "rivi$ ivel#l "rofi%#l#i care "oa%e fi
reali4a%.
K a"recierea risc#l#i es%e ecesar s& se ia > cosi$erare +ra$#l $e
s"eciali4are a ac%ivi%&'iiF ava%a=ele +es%ioarea risc#l#i o cos%i%#ie ca$r#l ecoo-iei $e "ia'& is%i%#'iile bacareF care "o%
+eera a"ari'ia #or feo-ee >c&rca%e $e riscF a<a c#- a# a"&r#% > sis%e-#l
bacar ro-9esc $#"& aii G2:.
Pe "la -o$ial +es%ioarea risc#rilor bacare # a# av#% $i %o%$ea#a
"e%r# b&cii i-"or%a'a "e acre o are > "re4e%. P9& > aii G7:F +es%i#ea risc#rilor
bacare se re4#-a la +es%i#ea risc#l#i $e cre$i%areF > rela'iile c# clie'ii ca$r#l
sis%e-#l#i $e %rasfer#ri $e fo$#ri. Era o coseci'& a #ei rela%ive s%abili%&'i a "ie'ei
-oe%are <i a "ie'ei $e ca"i%al.
Acea s%abili%a%e era re4#l%a%#l a $oi fac%ori -a=ori5 "e $e o "ar%eF risc#rile
efec%ive era# rela%iv re$#seF iar "e $e al%& "ar%eF -ar=ele $ob94ii rela%iv -ari. U
ase-eea cli-a% era +eera%F > "ri-#l r9$F $e co$i'iile $e "ia'& <i a"oi $e ca$r#l
le+isla%iv $e $esf&<#rare a ac%ivi%&'ii bacare. Ca #r-areF fl#c%#a'iile ra%ei $ob94ii "e
"ia'& # era# foar%e "ro#'a%eF iar ale c#rs#rilor val#%are era# co%rola%e $e
116
-ecais-#l sis%e-#l#i -oe%ar i%era'ioal $e la Bre%%o .oo$s. De ase-eeaF
re+le-e%&rileF "rac%icile a%icoc#re'iale $e %i" car%el <i ier'ia $e"oe'ilor
co%rib#ia# la li-i%area coc#re'ei "e "ia'a $e"o4i%elor bacareF fa"% ce a f&c#% ca
ra%ele $ob94ilor la $e"o4i%e s& fie sc&4#%e <i -ai ales rela%iv s%abile. K aces% felF
-ar=ele s#bs%a'iale ale $ob94ii "#%ea# fi folosi%e "e%r# a a-or%i4a <oc#l fl#c%#a'ieiF
a$esea ciclice a re%abili%&'ii "lasa-e%elorF "#%9$#8se recos%i%#i fo$#rile bacare
f&r& a a"ela la "ia'&.
D#"& aii G7:F is%abili%a%ea s8a acce%#a% $evei$ o %r&s&%#r& a -e$i#l#i >
care o"era# or+ai4a'iile fiaciareF fii$ +eera%& $e5
"roces#l ifla'iois% +eera% $e cri4ele ecoo-ice aii G33 la Bre%%o .oo$sF a# co$#s la fl#c%#a'ii se-ifica%ive
ale c#rs#rilor val#%areF c# efec%e e+a%ive as#"ra "erfor-a'elor +lobale ale
b&cilorF $ar <i ale clie'ilor c# ac%ivi%a%e i%era'ioal&.
Kce"9$ c# aii (:F s8a i%esifica% coc#re'a "e "ie'e -oe%areF val#%are
<i $e ca"i%al.
Aces%e sc/i-b&ri a# av#% la ba4&5 s#"ri-area co%rol#l#i as#"ra
%rasfer#rilor i%era'ioale $e ca"i%alE $ere+le-e%area ac%ivi%&'ii bacareE
$e4i%er-e$ierea favoarea celor fiIe.
Coseci'a i-e$ia%& a fos% a"ari'ia 
co$i'iile #ei coc#re'e -ai acerbeF care le ero$a "#%eric -ar=ele. Aces%e co$i'ii
a# $e%er-ia% o cre<%ere a v#lerabili%&'ii b&cilor la <oc#ri e+a%iveF s#ccesiveF care
a# $#s la cre<%erea #-&r#l#i fali-e%elor bacareF "es%e %o% > l#-e.
O ase-eea si%#a'ie a obli+a% b&cile s& asi-ile4e oi %e/ici <i is%r#-e%e
$e +es%i#e a res#rselor.
Diversificarea "ro$#selor <i serviciilor bacare i-"#se $e -e$i#l
coc#re'ial acce%#a% care i-a+iea b&cilor es%e $efici%ar&F a<a c#- es%e ca4#l #or
b&ci $i Ro-9iaF ele risc& s& fie %ra%a%e $e c&%re "ar%eeri -ai s"eciali4a'i $re"%
co+lo-era%e for-a%e la voia >%9-"l&riiF co$#se $e "ersoae i+ora%e > oile
$o-eii %i-"F c# rol $e a-or%i4or la <oc#ri.
C# $eosebire > Ro-9ia b&cile -b#&%&'easc& >'ele+erea <i "rac%ica +es%i#ii res#rselor bacare "e%r# a8<i
a$-iis%ra c# s#cces $iferi%e +a-e $e "ro$#se <i servicii. B&cile "o% +es%ioa c#
s#cces risc#rile bacareF $ac& rec#osc rol#l s%ra%e+ic al +es%i#ii res#rselorF $ac&
a$o"%& -&s#ri "recise $e a$a"%are a "erfor-a'ei la risc.
117
0.' ;ana!een"#l risc#l#i bancar
0.'.1 I(leen"area #n#i ana!een" al risc#l#i eficien"
Pori$ $e la sco"#l f#$a-e%al al -aa+e-e%#l#iF acela $e a asi+#ra
>$e"liirea f#c'iilor b&cii > co$i'iile "ie'ei coc#re'ialeF rol#l -aa+e-e%#l#i
risc#l#i se circ#-scrie obiec%iv#l#i "rici"al "e care %eoria fiaciar& ac%#al& >l
$efie<%e ca fii$ ca4#l b&cilor5 -aIi-i4area "rofi%#l#i.
Av9$ > ve$ere a%9% f#c'iile b&cii c9% <i carac%eris%icile $e eI%re-&
valabili%a%e a -a=ori%&'ii serviciilor c9%F "ori$ > ses
ivers s"re $e%er-iarea "ri "ris-a risc#l#i a obiec%iv#l#i f#$a-e%al al ac%ivi%&'ii
#ei b&ciF aces%a s& fie re$efii% ca fii$ acela $e a5ii1are a (rofi"#l#i ?n
con)i*iile )e inii1are a risc#l#i.
K%r8o ecoo-ie -o$er& o bac& se cosi$er& c& %reb#ie s& >$e"lieasc&
#r-&%oarele "rici"ale f#c'ii5
f#c'ia $e "ro%e=are a res#rselor fiaciare > eIce$e% ale e%i%&'ilor ecoo-ice $e"o4i%e bacareE
f#c'ia $e i%er-e$iere >%re fir-ele care $is"# $e res#rse > eIce$e% $e"o4i%e bacare > cali%a%e $e >-"r#-#%&%ori $efici% $e res#rse fiaciare 
cali%a%e $e >-"r#-#%&%oriE
f#c'ia $e %rasfer a fo$#rilor > ecoo-ie.
Aces%e f#c'ii i$e%ific& a%9% rol#l b&cilorF c9% i%er$e"e$e'& c# celelal%e b&ciE aces% sis%e- es%e ecesar $e"liesc $i
"#c% $e ve$ere -acroecoo-icF al&%#ri $e rol#l "ro"ri# $e socie%a%e co-ercial& care ac%ivea4&E
es%eF -ai alesF # is%r#-e% $e ba4& "ri care baca ce%ral& > cre$i%e > N4oeO ecoo-ice afla%e > $efici% $e res#rse fiaciareF
b&cile reali4ea4& o re$is%rib#ire a bailor > ecoo-ie. K acela ecoo-ieF orice bloca=
$e%er-ia% $e o %e-"orar& >ce%are $e "l&'i a #ei b&ci sa# $e # fali-e% $#c9$F la
a%rearea > a-o%e a ac%ivi%&'ii clie'ilor acelei b&ci <iF la $isf#c'ioali%&'i > aval la
ivel#l celorlal%e b&ci care8 care > ecoo-ia -o$ial& a# $e%er-ia% -o$ific&ri ale
fl#I#rilor $e ca"i%al coseci'& ale "lasa-e%elor efec%#a%e $e b&ciF as%fel5
$efici%ele b#+e%are $evei%e croice ale "rici"alelor s%a%e ale l#-iiF a# $e%er-ia%
cre<%erea cererii $e >-"r#-#%#ri "#blice ce -ai
+eeroas& ca "re' "e%r# %i%l#rile "#bliceF careF $e re+#l&F s#% "lasa-e%e c# +ra$
re$#s $e riscE $efici%ele b#+e%are v&4#%e ca fac%or a%rea% $e cre<%ere ecoo-ic&F
118
i-"lic& o cre<%ere a ifla'iei care $evie as%fel o variabil& $e eI%re-& i-"or%a'& >
aali4a "lasa-e%elor -oe%are 
coseci'& -ai libere > efec%#area "lasa-e%elor -oe%are "rofi%abileF acce%#ea4&
sis%e-#l coc#re'ial "e "ia'a res#rselor fiaciareF $ar al%e $o-eiiF le+&%#ra s%ric%& $e
"ro"or'ioali%a%e >%re rol#l "rofi%#l#i <i ivel#l risc#l#i $e%er-i& o orie%are s"ecific& a
f#c'iilor -aa+e-e%#l#i res#rselor <i "lasa-e%elorF "e $e o "ar%e <i -aa+e-e%#l
risc#l#i "e $e al%& "ar%eF celelal%e f#c'ii ale co$#cerii fii$ orie%a%e s"re reali4area
obiec%ivelor b&cii $e -aIi-i4are a "rofi%#l#i s#b co$i'ia re$#cerii +ra$#l#i $e risc
sa# "&s%r&rii ##i ivel -ii- al risc#l#i.
Risc#l $e "ier$ere $evie as%fel ##l $i fac%orii i-"or%a'i av#'i > ve$ere la
elaborarea s%ra%e+iilor %o%al#l "lasa-e%elor b&cii va co$#ce
evi$e% la o cre<%ere a res#rselor $e "ier$ereF ceea ce "res#"#eF > "rici"alF o
cre<%ere a cre$i%elor e"erfor-a%e. K aces%e co$i'ii se va reali4a # ivel re$#s al
vei%#rilor $i $ob94i coseci'& reali4area
#or "rofi%#ri -ai -iciF $ar si+#re. K%r8o ase-eea si%#a'ie baca va #r-&riiF
efec%#area $e "lasa-e%e erisca%e > $irec'ii c# +ra$ s"ori% $e si+#ra'& %i%l#ri "#blice sa# "lasa-e%e i%erbacare. K aces%
felF baca va >+r&$i acces#l la cre$i%e "ri "rac%icarea #or $ob94i -ai $ras%ice >
ce "rive<%e obiec%#l cre$i%#l#iF cali%a%ea +ara'iilor -"r#-#%#l#i. To%o$a%&F baca
va s%i-#la cre<%erea $e"o4i%elor la %er-e )-ai sc#-"e $ar -ai "#'i vola%ile,F
>%&ri$#8 ve$ere elaborarea $o-ei#l cre$i%elorF ives%i'iilor $e %i%l#riF "ar%ici"a'iilor ceea ce "rive<%e
s%r#c%#ra <i "re'#l res#rselor -oe%are a%rase $e bac&F "rec#- <i sca$e'a aces%ora.
0.'.' B#nc*ia ana!een"#l#i risc#l#i
Prici"ala f#c'ie a -aa+e-e%#l#i risc#l#i es%e aceea $e a #r-&riF "ri
-i=loace $e aali4& c9% baca s& "oa%& reali4a obiec%iv#l
s%abili% "ri "oli%ici ceea ce "rive<%e $e4vol%area vii%oareF a%9% "e
"la ca%i%a%iv )$e4vol%area re'elei $e #i%&'i %eri%orialeF cre<%erea #-&r#l#i $e
"ro$#se 
ve$erea reali4&rii ivel#l#i s%abili% al "rofi%#l#i.
Ifor-a'ii obiec%ive <i ac%#ali4a%e care s& "er-i%& aali4a si%#a'iilor cocre%e care "o%
$e%er-ia -o$ific&ri ale ivel#rilor $e risc "e ca%e+orii $e res#rse <i "lasa-e%eF fa"%
care "res#"#e5
119
# sis%e- $e evi$e'& co%abil fleIibil <i a$a"%a% #or s%a$ar$e <i "rici"ii
+eeral acce"%abileE
# sis%e- ifor-a%ic i%er care s& asi+#re %ras-i%erea c9% -ai ra"i$& a
$a%elor la fac%orii $e $eci4ieE
# ca$r# $e rela'ii ale b&cii c# sis%e-#l bacar +eeralF care s& asi+#re circ#la'ia ifor-a'iei > a-bele
ses#ri.
U sis%e- $e aali4& #i%ar care s& aib& la ba4& -e%o$eF %e/ici c9% s& f#ri4e4e -aa+erilor b&cii cocl#4iile ve$erea cos#-&rii #or $eci4ii >%e-eia%e ce "rive<%e ivel#rile $e risc eval#a%e "e%r# o a#-i%& ac'i#eF
"rec#- l "oa%& acce"%a la #
-o-e% $a%.
Baa+e-e%#l risc#l#i # se "oa%e reali4a eficie% $ec9% >-"re#& c#
celelal%e $o-eii ale co$#cerii b&ciiF -aa+e-e%#l risc#l#i re"re4e%9$ #-ai
fe'ele $iferi%e ale acel#ia<i -o$ $e a co$#ce o e%i%a%e bacar&.
Di "#c% $e ve$ere or+ai4a%oricF b&cile reali4ea4& f#c'ia $e
-aa+e-e% al risc#l#i "ri5
Crearea ##i sis%e- $e re+le-e%&riF or-e co$i'ii $e risc -ii-F
as%fel >c9% baca s& $eci$& -o$ali%&'i "ro"rii $e $esf&<#rare a ac%ivi%&'ii c#
res"ec%area re+le-e%&rilor b&cii ce%raleF > ce "rive<%e5 $esc/i$erea <i
f#c'ioarea co%#rilor $e $e"o4i% ale clie'ilorE sis%e- "ro"ri# $e $eco%are
care s& c#"ri$& -e%o$e $e aali4& 
ac%ivi%a%ea $e cre$i%areF ivel#l <i cali%a%ea +ara'iilorE
or-e "ro"rii $e co%abili%a%e aali%ic& "ri care s& se #r-&reasc& -i<c&rile
$i co%#rile clie'ilorF "e ca%e+orii $e clie'iF $e cre$i%eF "e ivele $e
lic/i$i%a%eE
# sis%e- "ro"ri# $e "laificare a vei%#rilor c9% s& se reali4e4e ivel#l es%i-a% al
"rofi%#l#iE
or+ai4area ##i sis%e- <%ii'ific care s&
se reflec%e "ri -i=loace co%abile vii%or a ac%ivi%&'ii > ve$erea
reali4&rii obiec%ivelor "e "la fiaciar <i $e b#+e% $e vei%#ri <i c/el%#ieli
as#-a%eE
# -o$el "ro"ri# $e #r-&rire a "rofi%abili%&'ii la ivel $e #i%a%eF c9% cofor-i%a%e c# or-a%ivele > vi+oare ca$r#l b&cii a ##i -ecais- s"eciali4a% $e aali4& <i co%rol al risc#l#iF
care s& f#ri4e4e -aa+erilor b&cii es%i-&rile sale "rivi$ ivel#l risc#l#i "e $iferi%e
%i"#ri $e ac%ivi%a%e.
120
Aces% or+ais- are rol#l cos#l%a%iv <i es%e for-a%F $e re+#l&F $i
re"re4e%a'ii %#%#ror $e"ar%a-e%elor b&cii c# rol $e a%ra+ere a res#rselor <i $e
"lasare a aces%ora5 %re4orier#l b&ciiF ofi'erii $e co%F re"re4e%a%#l casierieiF
re"re4e%a%#l $e"ar%a-e%#l#i $e ifor-a%ic& acela co$i'ii $e risc. K
aces% sesF cocre%i4area s%ra%e+iei "la
fiaciarF care s& c#"ri$& ivel#l "osibil $e reali4a% <i care s& $e%er-ie ob'ierea
#or vei%#ri "rev&4#%e <i efec%#area #or c/el%#ieli es%i-a%e corec% <i -ai ales
elaborarea ##i -o$el coere% <i s#s'i#% <%ii'ific care s& co-es#re4e "rofi%abili%a%ea
b&ciiF s#% ele-e%ele s%ra%e+ice $e ba4& care "o% crea "re-isele #ei ac%ivi%&'i
eficie%e $esf&<#ra%e s#b # co%rol realis% ve$ere a%9% si%#a'ia real& a ecoo-iei ro-9e<%i > care baca ><i "oa%e fiIa
obiec%ivele.
De"e$e'a b&cilor fa'& $e sis%e-#l ecoo-ic $e%er-i& c&F ivel#l
+eeral al risc#l#i s%abili% "e%r# aces%ea s& # "oa%& fi -ai -ic $ec9% co%a $e risc al
'&rii $e%er-ia%& $e "erfor-a'ele o+li$i%e > i$ica%orii -acroecoo-ici elabora'i
"erio$ic )PIBF "ro$#c'ie i$#s%rial&F i$icele +eeral al "re'#rilorF sol$#l bala'ei
co-ercialeF sol$#l bala'ei $e "l&'iF ivel#l re4ervelor val#%are,.
La sf9r<i%#l $e secol @@ ecoo-ia ro-9easc& se +&sea >%r8o s%are $e
%ra4i'ie $e la s%r#c%#rile ce%rali4a%e "e ba4a sis%e-#l#i #ic care sis%e-#l bacar se res%r#c%#rea4& f#$a-e%alF a%9% $i
"#c% $e ve$ere al "ro"rie%&'iiF c9% %re ra-#rile ecoo-ice %re $iferi%e 4oe +eo+raficeF
is%abili%a%e fiaciar&F $is%orsi#i -oe%areF ifla'ie ri$ica%& %r8o "erioa$& $e re+res.
Ra%a ifla'ieiF > care se re+&se<%e ifl#e'a %#%#ror aces%or fac%ori a
c#osc#% "erioa$e $e fl#c%#a'ii ce a# #r-a% varia'iile > -a+i%#$ie ale ele-e%elor
ce co-"# ecoo-ia ro-9easc&. Sis%e-#l bacar ro-9esc afla% > %ra4i'ie
$e la s%r#c%#rile -ooli%iceF ce carac%eri4ea4& ac%ivi%a%ea co-ercial bacar& >ai%e $e
a#l 122:F la #-&r#l -are $e b&ci ba4a%e "e $iverse for-e $i ecoo-ieF c9% $ea=#s $e
"rofi%abil& care s& fac& "osibile a=#s%&rile s%r#c%#rale sis%e-#l bacar ro-9esc are # a#-i% s"ecific
i-"#s $e si%#a'ia ecoo-iei > %ra4i'ieF $ar ecoo-ia $e "ia'&.
As%felF $ac& >%r8o ecoo-ie $e "ia'& %i"ic& > care ra"or%#rile co-"e%i'ioale
 ca$r#l sis%e-#l#i bacar a# o a#-i%& %ra$i'ieF aali4a
co-"ara%iv& a risc#l#i f#c'ie $e5
o vol#-#l ac%ivelorE
o re'ea#a $e s#b#i%&'iE
o %i"#l "re"o$ere% $e ac%ivi%a%e bacar& )b&ci $e
"lasa-e%e "e %er-e l#+ sa# ives%i'iiF b&ci co-erciale
%i"iceF s"eciali4a%e la r9$#l lor "e%r# ac%ivi%&'i ale
"ersoaelor fi4ice sa# "e ca%e+orii li-i%a%e $e a+e'i
ecoo-iciF sa# c/iar "e ra-#ri ecoo-iceF ori orie%a%e s"re
ac%ivi%a%ea $e cre$i%are sa# $e "lasa-e%e > %i%l#riF b&ci $e
ecoo-ii s"eciali4a%e > a%ra+erea $e res#rse $e la "o"#la'ie
 ca$r#l sis%e-#l#i bacar,.
K Ro-9iaF or+ai4area b&cilor $i "#c% $e ve$ere al aali4ei "e +r#"#ri
# es%e #%il& $i #r-&%oarele cosi$ere%e5
Pre4e'a cvasi#iversal& a b&cilor co-erciale c# carac%er #iversal care
ofer& sa# "res%ea4& %oa%& +a-a $e "ro$#se Ro-9ia E
Rela%iva o-o+ei%a%e a 4oelor ecoo-ice > care ac%ivea4& aces%e b&ciE
S%a$i#l ici"ie% al or+ai4&rii "li "roces $e i-"le-e%are
la s%a$ar$e i%era'ioaleF care s& f#ri4e4e ifor-a'ii +eeraleF > "ri-#l
r9$F #ei $e%er-i&ri ale #ei eve%#ale "ar%ic#lari%&'i care ar i-"#e
+r#"area b&cilorF iar "e $e al%& "ar%e c/iar a ele-e%elor $e aali4&
co-"ara%iv&.
K cocl#4ieF "roces#l s%ra%e+iei -aa+eriale "rivi$ risc#rile $e "ier$ere
"e%r# "erioa$ele #r-&%oareF i-"#e ca b&cile ro-9e<%i s& "oreasc& > "realabil
$e la eval#area corec%& a cel "#'i %rei as"ec%e $e ba4&5
K ce -&s#r& varia'iile ivel#l#i risc#rilor as#-a%e afec%ea4& "rofi%#l b&cii >
"ers"ec%iv&E
Cali%a%ea -aa+e-e%#l#i b&ciiF "rec#- care baca > ceea ce "rive<%e ivel#l risc#rilor >
co%eI%#l "roIi-i%&'ii #or re+le-e%&ri ce%rale > "roces co%i## $e a$a"%are la
or-a%ivele Ui#ii E#ro"ee "rivi$ ivel#rile a$-isibile "e%r# aces%e risc#ri.
0.'.0. Clasificarea risc#rilor bancare
Av9$ > ve$ere o -#l%i%#$ie $e variabile care $e%er-i& risc#l bacarF
eIis%& o serie $e clasific&riF <i a#-e5
I. K f#c'ie $e caracteristica bancar'
- risc#ri fiaciare )risc#l $e lic/i$i%a%eF risc#l $e ca"i%al,E
- risc#ri $e "res%are )risc#l o"era'ioalF risc#l %e/olo+icF risc#l i%ro$#cerii $e
oi "ro$#se,E
- risc#ri a-bie%ale )risc#l $e fra#$&F risc#l ecoo-icF risc#l le+al,.
II. K f#c'ie $e genez'
- risc $e eI"loa%areE
122
- risc fiaciarE
- risc $e fali-e%.
III. K f#c'ie $e natura lor5
a, risc#ri co-ercialeE
b, risc#ri "rovoca%e $e cla#4e $e for'& -a=or&E
c, risc#ri "oli%ice.
ID. K f#c'ie $e expunerea la risc'
a. risc#ri "#reE s#% risc#ri a c&ror eI"#ere es%e +eera%& $e ac%ivi%&'i <i $e
"rocese bacare c# "o%e'ial $e a "ro$#ce evei-e%e care s& se sol$e4e c# "ier$eriF
c#- ar fi5
a1. Risc#ri fi4ice )$is%r#+eriF acci$e%eF avarii,E
a!. Risc#ri fiaciare )+eera%e $e o"era'i#i bacare
%ra$i'ioale,E
a0. Risc#ri cri-iale aces% ca4 eI"#erea la risc es%e
+eera%& $e >cercarea $e a ob'ie "rofi% -aIi-. Aces%ea s#%5
b1. Risc#ri $e "ia'& )varia'ia co$i'iilor $e "ia'&,E
b!. Risc#ri $e afaceriE
b0. Risc#ri $e lic/i$i%a%e )ica"aci%a%ea $e a fia'a o"era'i#ile
bacare c#re%e,.
D. K f#c'ie $e caracteristica bancar'
a. risc#ri fiaciare )+eera%e $e o"era'i#i bacare %ra$i'ioale, c#- ar fi5
a1. Risc#l $e cre$i%are )"robabili%a%ea e>cas&rii cre$i%elor
acor$a%e,E
a!. Risc#l $e lic/i$i%a%eE
a0. Risc#l $e "ia'& )varia'ia ra%ei $ob94ilorF risc#l val#%ar e%c.,
K cofor-i%a%e c# "reve$erile B&cii Re+le-e%&rilor I%era'ioale $e la
Basel )Elve'ia,F clasificarea risc#rilor es%e f&c#%& >5
A. Risc#ri fiaciare5
1, risc#l ra%ei $ob94iiE
!, risc#l c#rs#l#i $e sc/i-bE
0, risc#l $e lic/i$i%a%eE
3, risc#l %i%l#rilor $e vei% variabil.
B. Risc#ri le+a%e $e "ar%eeri5
1, risc#l clie%eleiE
!, risc#l a"&r#% "e "ia'a i%erbacar&E
0, risc#l $e 'ar&E
3, risc#l $e cre$i% )f#ri4orF "ia'&,.
C. Risc#l co-ercial5
risc#l $e "ro$#seE
risc#l serviciilorE
risc#l $e "ia'&E
risc#l $e i-a+ie.
D. Risc#ri le+a%e $e for'a $e -#c&E
E. Risc#ri o"era'ioale <i %e/iceF le+a%e $e5
1. cali%a%ea o"era'i#ilorE
!. ivel#l $e ifor-a%i4are <i %eleco-#ica'ii.
?. Risc#l +es%i#ii i%ere5
123
a. risc#l $e re+le-e%areE
b. risc#l $e $eo%olo+ieE
c. risc#l $e s%ra%e+ieE
$. risc#l $e is#ficie'& f#c'ioal&E
e. risc#l res#rselor #-aeE
f. risc#l $e co-#icareE
+. risc#l co%rol#l#i i%er %o%al a<a fel >c9% s& se
reali4e4e a%9%a "e fiecare %i" $e risc > "ar%eF c9% 
-oe$& lic/i$& )#-erar co%,E ori
&. ca"aci%a%ea b&cii $e a8 +eeralF ca o f#c'ie $e %i-"F
$eoarece > "rici"i# %oa%e ac%ivele #ei b&ci "o% fi v9$#%e la # -o-e% $a%F >s&
ceea ce i%eresea4& o bac& > ceea ce "rive<%e lic/i$i%a%ea es%e cali%a%ea a#-i%or
ac%ive $e a fi %rasfor-a%e ra"i$ > lic/i$i%a%eF "e%r# ca baca s&8
%i-" #%il obli+a'iile #%ile. De aceeaF -aa+e-e%#l risc#l#i $e lic/i$i%a%e "res#"#e
eval#area "e ba4e 4ilice a fl#I#l#i $e i%r&ri <i $e ie<iri ale ac%ivelor lic/i$e $i bac&F
corelarea aces%or fl#I#ri c# evoile 4ilice. Asi+#rarea "l&'ilorF fie la +/i<eele $e
casierieF fie "e %raseele "ro"rii $e %rasfer#ri $e fo$#riF fie "ri sis%e-#l $eco%&rilor
i%erbacareF %receF $e re+#l&F "ri baca ce%ral&. Dac& -aa+e-e%#l risc#l#i $e
ca"i%al are > ve$ere rela%iva s%abili%a%e a b&ciiF asi+#ra%& > #l%i-& is%a'& $e
res#rsele "ro"rii ale aces%eiaF cos%i%#i%e $i ca"i%al )"rivi% ca o s#rs& "ro"rie ce
cos%i%#ie obli+a'ia b&cii fa'& $e ac'ioarii ei $e"&r%a%& > %i-"F c/iar eli-i%a%&,F -aa+e-e%#l lic/i$i%&'ii are > ve$ere $o#&
as"ec%e ce 'i $e reali4area a%9% a f#c'iei f#$a-e%ale a b&ciiF aceea a -aIi-i4&rii
"rofi%#l#iF c9% <i a #eia $i f#c'iile o"era%ive ese'iale ale aces%eiaF acea $e a
asi+#ra la %er-e %rasfer#rile $e bai $i ecoo-ie.
Par%ic#lari%&'ile ecoo-iei ro-9e<%i i-"# o %ra%are $iferi%& a $iverselor
ca%e+orii $e ac%ive lic/i$e5
Ca #r-are a #%ili4&rii "e scar& eI%re- $e re$#s& a is%r#-e%elor $e "la%&
cosi$era%e lic/i$e )> s"e'& $iversele ca%e+orii $e cec#ri, %re "ar%ici"a'ii la "roces#l $e sc/i-b $i ecoo-ieF
> ca$r#l coce"%#l#i $e #-erar se icl#$ #-ai baco%ele 
casieriile ecoo-ieF c# re"erc#rsi#i
as#"ra s%abili%&'ii b&cilorF "lasa-e%ele i%erbacare )c# eIce"'ia celor overi+/%
re4#l%a% $i sol$#l e% al co-"es&rilor 4ilice -"r#-#%#ri
acor$a%e, # s#% l#a%e > calc#l#l i$ica%orilor $e lic/i$i%a%eF $eci # s#% cosi$era%e
ac%ive oric9$ $is"oibile $e a fi cover%i%e > lic/i$i%a%e.
Be'ierea lic/i$i%&'ii la ivel#rile -ii-e i-"#se $e oile co$i'ii $e a
-ii-i4a "ier$erile "ri re$#$a'& $a%ora%e "las&rii res#rselor )care a# # cos%
ri$ica%,> ac%ive e"ro$#c&%oare $e vei%#ri sa# "ro$#c&%oare $e vei%#ri -iore )c# #
"re' s#b valoarea cos%#l#i res#rselor,F ivel#ri sa%isf&c&%oare >s& $i "#c% $e ve$ere
al lic/i$i%&'ii )i%rarea > lic/i$i%a%e "res#"#e $e ase-eea cos%#ri "eali4a%oare
124
ri$ica%e,F es%e o c/es%i#e $e abili%a%e -aa+erial&F $ar -are -&s#r& care clie'ii efec%#ea4& "e%r# o "erioa$& re%ra+eri -ai -ari $e
#-erar $ec9% ali-e%&rile $e co%#riF sa# "l&'i c&%re %er'i -ai -ari $ec9% >cas&rileF
es%e evi$e% o bac& > $ific#l%a%eF evoi%& s& a"ele4e la cre$i%e overi+/% sa# la
res#rse a%rase $e la al%e b&ciF care > Ro-9ia s#% eI%re- $e cos%isi%oare.
Pe%r# a evi%a cri4ele $e lic/i$i%a%e ce se "o% ivi la # -o-e% $a%F se
i-"#e ca bac& res"ec%iv& s& fie i%eresa%& s&8c9% %rasfor-area aces%ora > lic/i$i%a%e s& aco"ere eve%#alele re$#ceri $i al%e
s#rse $e fo$#ri. Ca #r-areF > "re4e%F b&cile > "rici"alF #r-&%oarelor ca#4e5
si%#a'ia ecoo-iei realeE
ifl#e'a -ass L -e$iaE
i$isci"lia fiaciar& a clie'ilorE
$e"e$e'a $e "ia'a fiaciar&E
ecorelarea >%re sca$e'ele $e"o4i%elor <i a cre$i%elor.
Prici"alele s#rse $e lic/i$i%a%e <i $es%ia'iile aces%oraF -o$#l $e +es%ioare
a lic/i$i%&'ii s#% "re4e%a%e -ai =os5
A. Principalele surse de lic)iditate sunt'
1. #-erarE
!. $e"o4i%e la baca ce%ral&E
0. $e"o4i%e la b&ci cores"o$e%eE
3. "or%ofoli#l $e bo#ri $e %e4a#rF cer%ifica%e $e %re4orerie -"r#-#%#ri s#b for-a e-isi#ilor $e cer%ifica%e $e $e"o4i%E
7. >-"r#-#%#ri $e la al%e b&ci )icl#siv s#b for-a #or $e"o4i%e a%rase "e
"ia'a i%erbacar&,E
(. >-"r#-#%#ri $e la baca ce%ral& )icl#siv cre$i%e $e refia'are,.
B. Principalele destinaii ale lic)iditii s#%5
)a, Re4erva -ii-& obli+a%orie la baca ce%ral&E
)b, Eve%#alele cereri $e >-"r#-#% <i evoile $e bai lic/i4i ale clie'ilorE
)c, Aco"erirea eve%#alelor cereri ale clie'ilor "ersoaelor fi4ice <i1sa# =#ri$ice
$e re%ra+ere $e fo$#ri.
C. *estionarea lic)iditii bancare'
Tre4oreria oric&rei b&ci are ca "rici"al a%rib#% +es%ioarea lic/i$i%&'ii.
Aceas%a se reali4ea4& "ri5
+es%ioarea "o4i'iei -oe%areE
+es%ioarea "o4i'iei lic/i$i%&'iiE
elaborarea 'ele+e- valoarea la # -o-e% $a% a ac%ivelor
lic/i$e.
!omponentele poziiei monetare'
a. NumerarulF s#b for-a -oe$ei -e%aliceF "l#s baco%ele afla%e >
"osesia b&cii la +/i<ee %e4a#r. Necesar#l $e #-erar es%e es%i-a% > f#c'ie $e
125
vol#-#l >cas&rilor 1 "l&'ilor 4ilice c# #-erar )+rafic#l $e >cas&ri $e"o4i%e la %er-e.
c. Disponibilul la alte bnci, res"ec%iv $e"o4i%ele cos%i%#i%e "e "ia'a
i%erbacar&.
$. Sume de +ncasat de la alte bnci' s#-e > %ra4i% la al%e b&ciE valoarea
is%r#-e%elor $e "la%& )cec#ri, oora%e $e bac&F $e"#se la b&cile cores"o$e%e.
Ges%ioarea "o4i'iei -oe%are "res#"#e5
)i, asi+#rarea >ca$r&rii > ivel#l -ii- al re4ervelor obli+a%oriiE
)ii, i$e%ificarea %#%#ror %ra4ac'iilor i-"or%a%e care afec%ea4& $is"oibil#l
$i co%#l c#re% $e la baca ce%ral&E
)iii, efec%#area %#%#ror o"era'i#ilor ecesare "e%r# a co%racara ifl#e'a
%ra4ac'iilor as#"ra "o4i'iei -oe%are.
O"era'iile care cos%i%#ie +es%i#ea "o4i'iei -oe%are a #ei b&ci s#%
o"era'ii 4ilice ce"#%#l fiec&rei
4ile l#cr&%oare 5 >s#-area re4ervelor 4ilice es%i-a%e <i a
re4ervelor c#osc#%eE $e%er-iarea eIce$e%#l#i1$efici%#l#i rela%iv es%i-a% al co%#l#i
$e re4erv&E corec%area aces%#ia c# valoarea o"era'iilor cer%e "laifica%e )o"era'ii "e
"ia'a re4ervelor bacare %re vol#-#l ac%ivelor lic/i$e <i
"asive vola%ile.
Pe%r# a es%i-a "o4i'ia lic/i$i%&'ii "#%e- s& anticipm'
fie o cre<%ere -ai ra"i$& a evoilor $e cre$i%e fa'& $e vol#-#l $e"o4i%elorF
re4#l%9$ o evoie s#"li-e%ar& $e lic/i$i%a%e "e %er-e l#+ care se "oa%e
re$#ce "ri $i-i#area mar-ei lic)iditii sa# "ri >-"r#-#%E
fie o cre<%ere a ecesar#l#i $e cre$i%e -ai le%& $ec9% cea a vol#-#l#i
$e"o4i%elorF re4#l%9$ # "l#s $e lic/i$i%a%e "e %er-e l#+ care "oa%e fi
folosi% "e%r# -a=orarea mar-ei lic)iditii sa# "e%r# fia'area
"lasa-e%elor bacare.
Po4i'ia lic/i$i%&'ii )Ac%ive lic/i$e L Pasive vola%ile, es%e # i$ica%or $eriva%
$i "rac%ica +es%i#ii $e %re4orerie reali4area ##i ec/ilibr# >%re ac%ive
lic/i$e <i "asive i-e$ia%e.
K "rac%ica bacar& c#re%& "o% eIis%a #r-&%oarele si%#a'ii5
)a,. c9$ "o4i'ia lic/i$i%&'ii es%e negativ, ac%ivele lic/i$e s#% is#ficie%e
"e%r# oorarea i%e+ral& a obli+a'iilor b&ciiF as%fel c& se rec#r+e la s#rse fiaciare
i-e$ia%e c#- ar fi5
>-"r#-#%#ri "e "ia'a i%erbacar&E
lic/i$area >ai%e $e %er-e a #or ac%ive $i "or%ofoli#E
>-"r#-#%#ri $e la baca ce%ral&.
126
)b,. c9$ "o4i'ia lic/i$i%&'ii es%e pozitiv, res#rsele $e lic/i$i%a%e $e"&<esc
ecesar#lF eIce$e%#l "es%e li-i%a cel#i a$-isibil se "lasea4& "e %er-e sc#r% s#b
for-a $e"o4i%elor "e "ia'a i%erbacar&.
0...'.1. In)ica"orii lic-i)i"&*ii bancare
Pe%r# a"recierea corec%& a si%#a'iei ac%ivelor <i "asivelor oric&rei socie%&'i
bacareF %re4oreria folose<%e o serie $e is%r#-e%e s"ecifice $e aali4& "rivi$ gradul
de lic)iditate al b&cii. As%felF se calc#lea4& lic/i$i%a%e "e%r# a sa%isface obli+a'iile $e "l&'i
eIi+ibile.
Rela'ia $e calc#l es%e #r-&%oarea5
L.G. H
DC
AL
$0.1%
> care5
L.G. H lic/i$i%a%e +lobal&E
AL H ac%ive lic/i$eE
DC H $a%orii c#re%e.
"ctivele lic)ide s#%5
8$is"oibili%&'i b&e<%iF icl#siv sol$#l co%#l#i c#re% al socie%&'ii bacare la
baca ce%ral&E
8$e"o4i%e cos%i%#i%e la al%e b&ciE
8cer%ifica%e $e %re4orerie )al%e %i%l#ri $e s%a%,E
8al%e ac%ive.
Datoriile curente re"re4i%& $is"oibili%&'ile b&e<%i ale al%or is%i%#'ii
fiaciar L bacareF fir-eF "ersoae fi4ice.
!. (ic)iditate imediat .de trezorerie/.
Reflec%& "osibili%a%ea ele-e%elor "a%ri-oiale $e %re4orerie $e a face fa'&
$a%oriilor "e %er-e sc#r%.
I$ica%or#l se calc#lea4& as%fel5
LI H VZZ
sc#r" "eren (e )a"orii "o"al
"re1orerie )e le (a"rionia eleen"e "o"al
$0.'%
Nivel#l o"%i- al aces%#i i$ica%or es%e !:F6R.
Elementele patrimoniale de trezorerie s#%5
8#-erarE
8$is"oibili%&'ile $i co%#l c#re% $e la baca ce%ral&E
8"lasa-e%e "e %er-e sc#r%.
Datoriile pe termen scurt s#% for-a%e $i $is"oibili%&'ile la ve$ereF ale
clie'ilor ebacari -"r#-#%#ri "e %er-e sc#r% $e la al%e b&ci.
127
0. (ic)iditatea +n funcie de total depozite $0..%
I$ica%or#l reflec%& "osibili%a%ea ele-e%elor "a%ri-oiale $e ac%iv )ac%ive
lic/i$e, $e a face fa'& $a%oriilor re"re4e%9$ %o%al#l $e"o4i%elor )$is"oibili%&'i )e(o1i"elo "o"al#l
ac"iv )e le (a"rionia r eleen"elo "o"al#l
$0.0%
6. "li indicatori ai lic)iditii bancare.
Calc#l#l aces%ora "ore<%e $e la clasificarea ac%ivelor f#c'ie $e +ra$#l lor $e lic/i$i%a%e.
Ace<%i i$ica%ori s#%5
a. Pasive nete
Pri-a e%a"& > calc#l#l aces%#i i$ica%or es%e clasificarea ac%ivelor f#c'ie $e sca$e'&. A"oi "asivele e%e se calc#lea4&
ca $ifere'& >%re "asive %re "asive care ac%ivele sca$e%e
aco"er& obli+a'iile sca$e%e.
a!. Pasive nete cumulateF care5
se calc#lea4& ca $ifere'& >%re "asivele care5 $0.6%
IL 4 in)icele lic-i)i"&*ii
Pp H s#-a "asivelor "o$era%e c# #-&r#l $e 4ile sa# c# #-&r#l

c#re% al sca$e'elor res"ec%iveE
Ap H s#-a ac%ivelor "o$era%e c# #-&r#l $e 4ile sa# c# #-&r#l

c#re% al +r#"ei $e sca$e'e res"ec%ive.
Aces% i$ica%or "oa%e fi5
egal sau apropiat de $ H ca4 > care baca # %reb#ie s& fac&
%rasfor-are $e sca$e'eE
128
subunitar 2 baca "oa%e face %rasfor-area $i "asive "e %er-e sc#r%
> ac%ive "e %er-e l#+ > co$i'iile c#rbei cresc&%oare a $ob94iiE
supraunitar 2 baca %rasfor-& "asivele "e %er-e l#+ > ac%ive "e
%er-e sc#r% "roce%e evol#'ia +ra$#l#i $e
>$a%orare a b&cii fa'& $e "ia'a -oe%ar&.
Se calc#lea4&5
R
LP
H VZZ
IS
IN
F > care5 $0.8%
R
LR
H ra%a lic/i$i%&'ii > "roce%eE
IN H >-"r#-#%#ri oi co%rac%a%eE
IS H >-"r#-#%#ri sca$e%e > aceea$a%orare HX lic/i$i%a%e > sc&$ereE
subunitar8 sc&$erea +ra$#l#i $e >$a%orare HX lic/i$i%a%e > cre<%ere.
d. "li indicatori.
$1. Ra"or%#l cre$i%e 1 $e"o4i%e5
C/D H VZZ
D
C
$0.C%
Nivel#l lic/i$i%&'iiF cofor- aces%i i$ica%or care eI"ri-& +ra$#l $e aco"erire
a "lasa-e%elor c# res#rse a%raseF es%e cosi$era% >%r8o ecoo-ie rela%iv s%abil& c&
# "oa%e fi -ai -are $e 2:R.
$!. Ra"or%#l ac%ive lic/i$e 1 $e"o4i%e la ve$ere5
AL/
D
H
VZZ
+
ve)ere la )e(o1i"e
banci% al"e la ve)ere la )e(o1i"e n#erar $ i)e ac"ivelic-
$0.D%
$0. Ra"a bre7ei $R
B
% H
Pasive 9 Ac"ive
(la"i"e Doban1i 9 incasa"e Doban1i
$0.I%
sa#
R
B
H )DI8DP, L CPB1A8PF > care5
CPB H Cos%#l <i "rofi%#l bacar
Aces% i$ica%or # "oa%e fi -ai -ic $e 3:R.
129
0..... Ra(or"#l )e lic-i)i"a"e
Ra"or%#l $e lic/i$i%a%e re"re4i%& is%r#-e%#l cel -ai i-"or%a% $i "#c% $e
ve$ere al ac%ivi%&'ii $e %re4orerie bacar& care reflec%& evol#'ia -oe%ar&.
Ra"or%#l +lobal $e lic/i$i%a%e s%& la ba4a l#&rii #or serii $e /o%&r9ri <i $eci4ii
eficie%e "rivi$5
asi+#rarea #ei lic/i$i%&'i bacare or-aleE
a$-iis%rarea risc#rilor a%9% $e lic/i$i%a%e c9% %re res#rse <i "lasa-e%eE
8$iversificarea sis%e-#l#i $e"o4i%elorE
8"osibili%a%ea #%ili4&rii res#rselor co-"le-e%areE
8-e'ierea ##i ivel o"%i- al ac%ivelor5
0:R ives%i'ii L risc -ii-E
0:R cre$i%e i"o%ecareF obli+a'i#i L risc -e$i#E
3:R risc >al%E
8ob'ierea +ara'iilor $e s%a% la cre$i%ele "roble-&E
8"osibili%a%ea ob'ierii > s%a%#% $e #r+e'& a cre$i%elor overi+%/ )!3 ore,.
0...0. A(lica*ii (rac"ice
PROBLE;E RENOLEATE2
Problea 12 Socie%a%ea bacar& Delfi "re4i%& la sf9r<i%#l l#ii -ar%ie a#l
NF #r-&%oarea si%#a'ie5
Si%#a'ia ac%ivelor lic/i$e )%abel 3.1, "e%r# l#a -ar%ie a#l N 5
8Tabel 3.18
8-il UB8
Nr.
cr%.
Perioa$a
8-ar%ie a#l N8
N#-erar
)-oe$a,
Plasa-e%e sca$e%e
$e >casa%
To%al
1. 1 L 3 11.::: 111.::: 1!!.:::
!. 6 L 11 13.::: 116.::: 1!2.:::
0. 1! 8 1( 10.::: 110.::: 1!7.:::
6. 12 L !6 16.::: 113.::: 1!2.:::
3. !7 8 01 13.::: 116.::: 1!2.:::
Si%#a'ia "asivelor i-e$ia%e )%abel 3.!, "e%r# l#a -ar%ie a#l N5
8Tabel 3.!
8-ii UB8
Nr.
cr%.
Perioa$a
8-ar%ie a#l N8
De"o4i%e
vola%ile
K-"r#-#%#ri
sca$e%e
To%al
130
$e ra-b#rsa%
1. 1 L 3 1:!.::: !1.::: 1!0.:::
!. 6 L 11 1:7.::: !:.::: 1!7.:::
0. 1! 8 1( 1:1.::: !:.::: 1!1.:::
3. 12 L !6 23.::: 16.::: 1:2.:::
6. !7 8 01 2!.::: 16.::: 1:7.:::
Se cere s&5
1. calc#la'i "o4i'ia lic/i$i%&'ii "e%r# fiecare "erioa$& > "ar%eE
!. i%er"re%a'i $a%ele ob'i#%e.
Re1olvare2
a. Po4i'ia lic/i$i%&'ii H Ac%ive lic/i$e L Pasive lic/i$e
Calc#l#l "o4i'iei lic/i$i%&'ii socie%&'ii bacare Delfi "e l#a -ar%ie a#l N
)%abel 3.0,F es%e #r-&%or#l5
8Tabel 3.08
8-ii UB8
Nr.
Cr%.
Perioa$a To%al ac%ive
lic/i$e
To%al "asive
i-e$ia%e
Po4i'ia
lic/i$i%&'ii
1. 1 L 3 1!!.::: 1!0.::: 8 1:::
!. 6 L 11 1!2.::: 1!7.::: W0:::
0. 1! 8 1( 1!7.::: 1!1.::: W6:::
3. 12 L !6 1!2.::: 1:2.::: W!::::
6. !7 8 01 1!2.::: 1:7.::: W!!:::
b. I%er"re%are "rivi$ "o4i'ia lic/i$i%&'ii5
a, K "erioa$a 1 L 3 -ar%ie re4#l%& c&5
8"o4i'ia lic/i$i%&'ii H 81:::
8si%#a'ie $e $efici% HX ecesi%a%ea rec#r+erii la s#rse $e lic/i$i%&'i "e%r# aco"erirea
$efici%#l#i )>-"r#-#%#ri $e "e "ia'a i%erbacar&F >-"r#-#%#ri $e la baca ce%ral&,.
a, Perioa$ele 6111F 1!11(F 121!6 $e"o4i%e "e %er-e sc#r% sa# "ri >-"r#-#%#ri acor$a%e "ersoaelor
fi4ice f#c'ie $e sca$e'a la 01 -ar%ie $i a#l N. a c&ror clasificare >
f#c'ie $e sca$e'& )%abel 3.3,F es%e #r-&%oarea5
131
8Tabel 3.38
Nr.
Cr%.
Perioa$a Pasive
-ii UB
Ac%ive
-ii lei
1. S#b 7 4ile 3(.::: 3!.:::
!. ( L 0: 4ile 73.::: 6:.:::
0. 1 L 0 l#i (7.::: 63.:::
3. 0 L 7 l#i 6(.::: 3!.:::
6. 7 l#i L 1 a !:.::: !3.:::
7. 1 L 6 ai !3.::: 70.:::
7. Pes%e 6 ai 16.::: 3:.:::
Se cere s&5
)a,. calc#la'i5
a1. "asivele e%e si-"le "ar%eE
a!. "o$erile <i i$icele $e lic/i$i%a%e %e-"orar&E
a0. %rasfor-area -e$ie a sca$e'elorE
)b,. i%er"re%a'i re4#l%a%ele ob'i#%e
Rezolvare
Calc#l#l "asivelor e%e )si-"le <i c#-#la%e,
Pasive e%e si-"le H P8A c# aceea<i sca$e'&
Pasive e%e c#-#la%e H P8A c#-#la%e
)a1, Calc#l#l "asivelor e%e )si-"le <i c#-#la%e,5
8Tabel 3.68
8-ii lei8
Perioa$a Pasive Ac%ive Pasive
e%e
si-"le
Pasive
c#-#la%e
Ac%ive
c#-#la%e
Pasive
e%e
c#-#l
a%e
S#b 7 4ile 3(.::: 3!.::: 7.::: 3(.::: 3!.::: 7.:::
( 4ileL1 l#& 73.::: 6:.::: 13.::: 11!.::: 2!.::: !:.:::
1 80 l#i (7.::: 63.::: 0!.::: 12(.::: 137.::: 6!.:::
0 8 7 l#i 6(.::: 3!.::: 17.::: !67.::: 1((.::: 7(.:::
781! l#i !:.::: !3.::: 83.::: !77.::: !1!.::: 73.:::
18 6 ai !3.::: 70.::: 802.::: 0::.::: !76.::: !6.:::
681: ai 16.::: 3:.::: 8!6.::: 016.::: 016.::: :
To%al 016.::: 016.:::
b. i%er"re%area re4#l%a%elor
1. Pasive e%e si-"le5
)iv, Pe%r# "erioa$ele s#b 7 4ileF ( L 0: 4ileF 1 L 0 l#iF 0 L 7 l#i valorile
132
s#% pozitive, $eci a"are "roble-a "las&rii res#rselor eIce$e%are )"lasarea >
$e"o4i%e la al%e b&ciF acor$area $e >-"r#-#%#ri "e %er-e sc#r% "ersoaelor fi4ice <i
=#ri$iceF ac/i4i'ioarea $e %i%l#ri $e valoare e%c.,
)v, Pe%r# "erioa$ele 7 L 1! l#iF 1 L 6 ai <i "es%e 6 ai valorile s#%
negative, -"r#-#%#ri $e la al%e b&ci sa# $e la baca ce%ral&F
r&sc#-"&rarea >ai%e $e %er-e a #or %i%l#ri $e valoare,.
!. Pasive e%e c#-#la%e5
re4#l%& c& "e%r# "erioa$a 0 L 7 l#i se a%i+e ivel#l -aIi- al $efici%#l#i
$e lic/i$i%a%e $e 7(.::: -ii UB.
)a!,. Calc#l&- "o$erile5
ani) luni: : ti&p()ile "e peri#a"a
9
&aF
/
5
/
i
1
+
5:54J
@A5
9
5 >
4
1
+

5:@>J
49
9
> @
<
1
+

5:5?
@A5
9
@5 >
9
1
+
E
5:>?J
49
9
49 A
?
1
+

5:4AJ
49
9
@ 4
@
1
+

9:?J
4
9
? 4
A
1
+
>:?J
4
9
45 ?
>
1
+
Calculul pasivelor nete !si"ple i cu"ulate# i a indicatorului de

lic$iditate cu pondere anual% se prezint ast&el
8Tabel 3.78
8-ii UB8
Nr. Perioa$a Pasive Ac%ive Po$ere Pasive Ac%ive
133
Cr% )ai, "o$era%
e
"o$era%e
1. S#b 7 4ile 3(.::: 3!.::: :F:1 3(: 3!:
!. ( L 0: 4ile 73.::: 6:.::: :F:6 0.!:: !.6::
0. 1 L0 l#i (7.::: 63.::: :F17 10.77: (.73:
3. 0 L 7 l#i 6(.::: 3!.::: :F07 !1.37: 16.63:
6. 7 L 1! l#i !:.::: !3.::: :F76 16.::: 1(.:::
7. 1 L 6 ai !3.::: 70.::: !F6: 7:.::: 167.6::
7. Pes%e 6 ai 16.::: 3:.::: 7F6: 11!.6:: 0::.:::
To%al 016.::: 016.::: I !!7.3:: 6:!.7::
1ndicele de lic)iditate'
IL H
A(
P(
IL 4 ''8.0JJ / 6J'.8JJ 4 J>06
a0. Trasfor-area -e$ie a sca$e'elor
1
11
1
,1
DH
> careF
TS H%rasfor-area sca$e'elor
AP Hac%ive "o$era%e
A H%o%al ac%ive
PPH"asive "o$era%e
P H%o%al "asive
5:==(ani) 5:>4 4:?;
@4?555
99A<55
@4?555
?59A55
DH
I$icele $e lic/i$i%a%e c# "o$erea a#al& es%e $e :F36F $eci subunitar.
El %reb#ie s& fie $e -ii- ##. K aces% ca4 es%e ecesar s& se fac&
%rasfor-area $i "asive "e %er-e sc#r% > ac%ive "e %er-e l#+F a%#ci c9$ baca
se afl& > si%#a'ia ava%a=oas& a #ei c#rbe a $ob94ii cresc&%oare.
Trasfor-area -e$ie s sca$e'elor e s#+erea4& risc#l $e lic/i$i%a%e al
b&cii Oracol.
Problea .. Socie%a%ea bacar& S#"er "re4e%a > "erioa$a !: 8 !7
oc%o-brie a#l NF #r-&%oarea si%#a'ie a >-"r#-#%#rilor )%abel 3.7,.
Tabel 3.7
Da%a. Ci#a N#-&r
K-"r#-#%#ri
oi
K-"r#-#%#ri
sca$e%e
!:. L#i 1: 1:
!1. Bar'i 1: !:
!!. Bierc#ri 1: 0:
134
!0. Soi 1: !:
!3. Dieri !: 0:
!6. S9-b&%& 8 !:
!7. D#-iic& 8 !:
Calc#la'i ca#4&
"e%r# "erioa$a !: L !7 oc%o-brieF a#l N.
Re1olvare
Ra%a lic/i$i%&'ii bacare
455J
/H
/2

Tabel 3.(.
Da%a Ci#a N#-&r Ra%a
lic/i$i%&'ii
R
K-"r#-#%#ri
oi
K-"r#-#%#ri
Sca$e%e
!: L#i 1: 1: 1::
!1 Bar'i 1: !: 6:
!! Bierc#ri 1: 0: 00
!0 Soi 1: !: 6:
!3 Dieri !: 0: 77
!6 S9-b&%& 8 !: 8
!7 D#-iic& 8 !: 8
Pe%r# "erioa$a aali4a%& re4#l%& c& ivel#rile s#b#i%are ale ra%elor
lic/i$i%&'ii 4ilice i$ic& %e$i'a socie%&'ii bacare aS#"erO $e a sc&$ea +ra$#l s&# $e
>$a%orare f#c'ie $e sca$e'a lor la 01 -ar%ie a#l N )%abel 3.2,.
8Tabel 3.28
8-ii lei8
Nr.
Cr%.
Perioa$a Pasive Ac%ive
1. S#b 1: 4ile 11:.::: 2:.:::
!. 1180: 4ile 116.::: 1!:.:::
0. 1 l#&8 0 l#i 13:.::: 1::.:::
3. 0 l#i87 l#i !0:.::: !!:.:::
6. 7 l#i82 l#i !3:.::: !6:.:::
7. 2 l#i81! l#i 1(:.::: 17:.:::
135
7. 186 ai 3:.::: 06.:::
(. 681: ai 0:.::: 3:.:::
Se cere s& se5
calc#le4e i$icele $e lic/i$i%a%e folosi$ ca "o$ere or$iea #-&r#l#i c#re%E
calc#le4e i$icele $e lic/i$i%a%e folosi$ $re"% "o$ere ra"or%#l -e$i# al
"erioa$ei $e %i-"E
co-"are -"r#-#%#l#i
8Tabel 3.1:8
Nr.
Cr%.
N#-&r
K-"r#-#%#ri oi K-"r#-#%#ri
sca$e%e
1.1: 1:: 116
!.1: 113 113
0.1: 10: 11:
3.1: 13: 106
6.1: 106 107
Se cere s&5
calc#la'i ra%a lic/i$i%&'ii 4iliceE
i%er"re%a'i re4#l%a%ele.
Problea .2 ?ie socie%a%ea bacar& @ care "re4i%& "e%r# l#a -ai
#r-&%oarele $a%e5
8Tabel 3.118
8-ii lei8
Nr.
Cr%.
Perioa$a Ac%ive lic/i$e Pasive i-e$ia%e
1. 1 L 7 107.::: 100.:::
!. 7 L 10 16(.::: 173.:::
0. 13 L !: 176.::: 1(:.:::
3. !1 L !7 1(6.::: !13.:::
6. !( L 01 1!:.::: 17:.:::
De%er-ia'i "o4i'ia lic/i$i%&'ii $ec#rs#l
l#ii i#lie a#l N5
136
8Tabel 3.1!8
Nr.
Cr%.
Perioa$a Ac%ive )UB, Pasive )UB,
1. 1 L 3 N#-erar
Ti%l#ri $e s%a%
Cre$i%e $e
ra-b#rsa%
1::
16
!6
De"#eri la ve$ere
De"#eri la sca$e'&
K-"r#-#% $e
ra-b#rsa%
(:
6
16
!. 6 L 11 N#-erar
Ti%l#ri $e s%a%
Cre$i%e $e
ra-b#rsa%
(3
10
11
De"#eri la ve$ere
De"#eri la sca$e'&
K-"r#-#% $e
ra-b#rsa%
1::
6
7
0. 1! L 1( N#-erar
Ti%l#ri $e s%a%
Cre$i%e $e
ra-b#rsa%
66
13
!:
De"#eri la ve$ere
De"#eri la sca$e'&
K-"r#-#% $e
ra-b#rsa%
7:
1!
1!
3. 12 L !6 N#-erar
Ti%l#ri $e s%a%
Cre$i%e $e
ra-b#rsa%
33
16
10
De"#eri la ve$ere
De"#eri la sca$e'&
K-"r#-#% $e
ra-b#rsa%
63
11
!
6. !7 8 01 N#-erar
Ti%l#ri $e s%a%
Cre$i%e $e
ra-b#rsa%
7!
13
17
De"#eri la ve$ere
De"#eri la sca$e'&
K-"r#-#% $e
ra-b#rsa%
31
1:
1!
Se cere s&5
1. s%abili'i valoarea #-erar#l#i -"r#-#%#rilor sca$e%eE
0. $e%er-ia'i "o4i'ia lic/i$i%&'iiE
3. i%er"re%a'i re4#l%a%ele.
0.0. Risc#l )e cre)i"are sa# risc#l )e insolvabili"a"e $)e ca(i"al%
0.0.1. Ges"ionarea risc#l#i )e cre)i"are
Risc#l $e cre$i%are es%e cel -ai i-"or%a% $i%re risc#rile "ie'ei serviciilor
bacareF fii$ o coseci'& $irec%& a $e"recierii valorii $a%ora%& fali-e%#l#i $ebi%or#l#i
sa# era-b#rs&rii cre$i%#l#i.
137
B&cile +es%ioea4& aces% riscF > "rici"alF "ri5
Deci4ii ec/ilibra%e $e cre$i%areF "ri care risc#l cre$i%#l#i es%e corec% eval#a% c9% "ier$erile s& # fie coce%ra%e > %i-"E
C#-"&rarea $e +ara'ii $e la %er'e "&r'i )eI. asi+#rarea cre$i%elor,F as%fel ca risc#l $e
fali-e% es%e %o%al sa# "ar'ial %rasfera% $e la cre$i%ori.
Pe%r# ca # risc $e cre$i%are s& "oa%& fi -ic<ora% la -aIi-#-F aceas%a
"res#"#e #%ili4area ##i sis%e- $e ives%i+are a %#%#ror co-"oe%elor $e riscF
co-"oe%e care "o% fi >-"&r'i%e > $o#& ca%e+orii5
risc#l %ra4ac'iei L care se refer& la $iferi%e as"ec%e f#c'ioale <i o"era'ioale ale
risc#l#i afacerilorE
risc#l "ro"ri#84is 8 care se refer& la "rofi%abili%a%ea afacerii.
Risc#l afacerii aco"er& # #-ai a%#raF s%r#c%#raF s#-a cre$i%#l#i -"r#-#%.
Risc#l "ro"ri#84is $e cre$i% "res#"#e as#-area $e c&%re bac& a risc#l#i
c& la $a%a sca$e'ei clie%#l va "#%ea s&8
rela'ia c# baca,E
aali4a cre$i%#l#i )s%r#c%#ra %ra4ac'ieiF eficie'aF ra$a-e%,E
cali%a%ea <i s%r#c%#ra s#rsei $e ra-b#rsareE
cali%a%ea <i s%r#c%#ra +ara'iilorE
a$-iis%rarea "or%ofoli#l#i $e cre$i%e.
Do- eIe-"lifica o si+#r& %e/ic&5
*aranii
Uele b&ci # reflec%& cos%#l %o%al al ##i cre$i% e"erfor-a% )care icl#$e
"ier$erea ##i vei% vii%or <i cos%#l ca"i%al#l#i folosi% ia$ecva%,.
Pe%r# a calc#la "ier$erea "robabil& )risc#l $e a s#feri o "ier$ere, s#%
ecesare %rei ifor-a'ii5
si%#a'ia la 4i a $er#l&rii cre$i%#l#iE
"robabili%a%ea cre$i%#l#i $e a $evei e"erfor-a%E
valoarea $i-i#a%& a +ara'iilorF care es%e > sc&$ere o$a%& c# %recerea %i-"#l#i.
Aceas%& valoare reflec%&F > -o$ or-al5
%i"#l ac%iv#l#i "re4e%a% $re"% +ara'ieE
valoarea $e "ia'& a ac%iv#l#i )+ara'ie,E
%i-"#l ecesar vi$erii ac%iv#l#iE
sc&$erea >-"r#-#%#l#i.
Pri-ele $o#& %i"#ri $e ifor-a'ii )$a%e, "er-i% calc#larea "ier$erii "robabile.
Daloarea +ara'iei re"re4i%& s#-a "e care baca o va rec#"era.
C9$ eval#ea4& # a#-i% ac%iv "re4e%a% $re"% +ara'ieF -#l%e b&ci
$i-i#ea4& valoarea ac%iv#l#i > f#c'ie $e %i"#l aces%#ia 
%rec#%. De eIe-"l#F valoarea #ei -a<ii "oa%e fi $i-i#a%& c# 00R c9$ eI"erie'a
a%erioar& ara%& c& o as%fel $e valoare "oa%e fi ob'i#%& "e "ia'&. De aceeaF #eoriF
b&cile solici%& ca valoarea +ara'iilor s& fie -ai -are $ec9% cea a >-"r#-#%#l#i
solici%a%.
Baa+e-e%#l risc#l#i $e cre$i% "res#"#e aali4area a cel "#'i $o#&
as"ec%e5
138
U#l eI%er cre$i%#l#i > sieF care are > ve$ere s%abilirea #ei
"oli%ici $e cre$i% $es%iseF ceea ce "res#"#e as#-area $e risc#ri s"ori%e $e cre$i%
"ri a"ari'ia #or cre$i%e ce afec%ea4& cali%a%ea "or%ofoliilor. Aces% as"ec% es%e o
c/es%i#e $e s%ra%e+ie +eeral& a b&cii c# re"erc#rsi#i as#"ra %#%#ror celorlal%e
ca%e+orii $e risc.
Al%#l i%er care 'ie $e cali%a%ea aali4ei "ri-are a $oc#-e%a'iei
$e cre$i%F $ar -"r#-#%#l#i care or+ai4a'ia ecoo-ic& beeficiar& a cre$i%#l#i > +eeral b&cile >s& "roble-ele care a"ar
$a%ori%& i%erac'i#ii c# efec% e+a%iv a feo-eelor $e cri4& f#$a-e%al& ce se fac
resi-'i%e > ecoo-ia ro-9easc&F $e%er-i& varia'ii br#<%e ale cali%&'ii "or%ofoli#l#i $e
cre$i%e "e fo$#l re$#cerii $ras%ice a efor%#rilor ives%i'ioale $i #l%i-a "erioa$& re+le-e%&rile i%ere ale b&cii s%abili%e "ri s%ra%e+ia -"r#-#%#rilor -ariF ele %reb#ie li-i%a%e ca ivelF "o%rivi%
re+le-e%&rilor > vi+oareF "o%rivi% c&rora s#-a %o%al& a >-"r#-#%#rilor # "oa%e
$e"&<i $e o"% ori ivel#l fo$#rilor "ro"riiF iar cele acor$a%e ##i si+#r $ebi%or # "o%
$e"&-"r#-#% $e la o bac&. Baca "reia -a<ia $re"% +ara'ieF
a%ici"9$ o ra%& $e $i-i#are a +ara'iei $e 00R. ;i9$ co% $e eI"erie'a
a%erioar&F baca eval#ea4& risc#l acor$&rii cre$i%#l#i ca fii$ 1 5 1::. Se cere s& se
calc#le4e "ier$erea "o%e'ial&.
Re1olvare
Daloarea $i-i#a%& a +ara'iei5
0:.:::.::: ) 18
VZZ
]]
, H !:.1::.::: lei
)i, Pier$erea "o%e'ial&5
)0:.:::.::: L !:.1::.:::,
VZZ
V
H 22.::: lei
Dac& valoarea $i-i#a%& a +ara'iei es%e e+al& sa# -ai -are $ec9%
valoarea >-"r#-#%#l#iF a%#ci "ier$erea "o%e'ial& )risc#l, es%e #l&.
O +ara'ie a$ecva%& re"re4i%& # ele-e% ese'ial al +es%io&rii cre$i%elor.
EIis%& %o%# care # s#% solici%a%e +ara'ii )>-"r#-#%#ri "ersoale,F sa#
139
ca4#ri > care valoarea +ara'iilor sca$e $i%r8o $a%&. K aces%e ca4#riF b&cile %reb#ie
s& calc#le4e c9% -ai corec% "ier$erile "osibile )risc#l, "ericol a$ecvarea ca"i%al#l#i b&cii.
Problea '2 Calc#la'i "ier$erea "robabil& )risc#l, "e%r# #r-&%or#l
>-"r#-#%5
Daloarea >-"r#-#%#l#i5 6: -iliar$e leiE
Daloarea +ara'iei5 66 -iliar$e leiE
Ra%a $e $i-i#are a +ara'iei5 !6RE
Probabili%a%ea $e reali4are a "ier$erii5 1 5 1::.
Re1olvare2
o Daloarea $i-i#a%& a +ara'iei5
66 -iliar$e
VZZ
gh
H 31F!6 -iliar$e lei.
o Pier$erea "robabil&5
)6: -l$. L 31F!6 -l$.,
VZZ
V
H (F76 -ilioae lei
Problea 12 S& se calc#le4e risc#l fiaciar al >-"r#-#%#l#i c# #r-&%oarele
$a%e5
8 valoarea >-"r#-#%#l#i 1:: -l$. Lei
8 valoarea +ara'iei 1!: -l$. Lei
8 ra%a $e $i-i#are a 16R
+ara'iei
8"robabili%a%ea $e >re+is%rare a 151::
"ier$erii
Problea '2 ?ie %rei ca%e+orii $e cre$i%e acor$a%e $e baca @ c#
#r-&%oarele $a%e5

8Tabel 3.108
N#-&r cre$i%e
acor$a%e
Cre$i%e c#
"ier$ere
Ra%a $e $i-i#are a
+ara'iei
Cre$i%#l %i"
A
111 17 :F16
Cre$i%#l %i"
B
10: 13 :F10
Cre$i%#l %i"
C
1:: 3 :F17
140
M%ii$ c& valoarea +ara'iei es%e e+al& c# 1F1 $i vol#-#l cre$i%#l#iF s& se
s%abileasc& ce ale+ere va face bacaF ea "#%9$ s& acor$e #r-&%oarele %i"#ri $e
cre$i%e5
Cre$i% %i" A 1 -l$. UB
Cre$i% %i" B ! -l$. UB
Cre$i% %i" C 0 -l$. UB
Problea .5 a, S& se $e%er-ie risc#l fiaciar al ##i >-"r#-#% c#
#r-&%oarele $a%e5
valoarea >-"r#-#%#l#i !:: -l$. leiE
valoarea +ara'iei !0: -l$. leiE
ra%a $e $i-i#are a +ara'iei 1:R.
b, Dac& valoarea +ara'iei sca$e la !1: -l$ leiF care es%e valoarea risc#l#i
asocia% > co$i'iile aceleiare+is%rare a "ier$erii es%e 151::,
0.0... ;e"o)e )e i)en"ificare a risc#l#i )e falien" (en"r# )ebi"orii
b&ncii
Cre<%erea risc#rilor le+a%e $e rela'iile b&cii c# clie'ii s&i a f&c#% ca %o% -ai
-#l'i ecoo-i<%i s& fie "re4e'i "e%r# i$e%ificarea #or -e%o$e $e i$e%ificare a
cre<%erii risc#l#i $e fali-e% al $ebi%orilor b&ciiF >%r8o "erioa$& > care se -ai "o% l#a
-&s#ri $e evi%are a aces%#ia. K aces% sesF s8a# cris%ali4a% $o#& -e%o$e5
Be%o$e co%abileE
Be%o$e bacare.
0.0...1 ;e"o)e con"abile )e i)en"ificare a risc#l#i )e falien"
La ba4a aces%or -e%o$e a s%a% #r-&rirea si%#a'iilor fiaciare ale a+e'ilor
ecoo-ici care $&$#ser& fali-e% "e o "erioa$& $e !80 ai >ai%e $e "ro$#cerea
fali-e%#l#iF > sco"#l s%abilirii #or i$ica%ori a c&ror evol#'ie e+a%iv& s& s#+ere4e
$i %i-" >$re"%area c&%re fali-e%F c#- ar fi5 ra"or%#l lic/i$i%a%e1$a%orie %o%al&F sa#
vei% e%1$a%orie %o%al&F ori "re'#l ac'i#ilor. Ase-eea i$ica%ori # a# fos% s#ficie'i
$e releva'i. Ca #r-areF a# a"&r#% o serie $e -o$ele a#l 127(F o f#c'ie $e -ai -#l'i
i$ica%oriF "e ba4a aali4ei ##i e<a%io $e "es%e !:: $e fir-e a-ericae care
$&$#ser& fali-e% >%r8o "erioa$& $e ! ai. ?#c'ia s%abili%& $e Al%-a a $e#-i%8o aCOF
sa# "#c%a=#l aCO. Aces% -o$el aCOF se "re4i%& as%fel5
N41>'L
1
H1>0L
'
H.>.L
.
HJ>8L
0
H1>6L
6
$0.1J%
> care variabilele I
1
FI
!
FI
0
FdFI
6
s#% i$ica%ori ecoo-ico fiaciari #%ili4a'i
> "rac%ica $e s"eciali%a%eF iar cos%a%ele c# care s#% a-"lifica%e i$ica%orii s#% $e
a%#r& s%a%ic& eval#area risc#l#i $e
fali-e% %o%al#l ac%ivelor. Re4#l%a%#l aces%#i ra"or%F $ac& es%e -ai a-reF
i$ic& eficie'a folosirii ca"i%al#l#i circ#la%.
activ D#tal
reinvestit 1r#$it
9
F
$0.1'%
Dariabila I
!
re"re4i%& -&s#ra capacitii de finanare a fir-eiF fii$ reco-a$a%&
ca valoarea ra"or%#l#i s& fie c9% -ai -are.
activ D#tal
"#ban)il#r plata si i&p#)itare "e inainte 1r#$it
@
F
$0.1.%
I$ica%or#l sa# variabila I
0
se-ific& rata de rentabilitate economic sau de
eficiena utilizrii activelor. Ra"or%#l es%e $e $ori% s& fie c9% -ai -are.
an) un lun%(peste ter&en pe .at#rii
bursiera rea 6apitali)a
<
F
$0.10%
I$ica%or#l I
3
eI"ri-& gradul de +ndatorare a fir-ei "ri >-"r#-#%#ri "e
%er-e l#+. K "rac%ica eval#&rii fir-elor $i 'ara oas%r& la #-&r&%or#l ra"or%#l#i se
#%ili4ea4& ca"i%al#l social. Re4#l%a%#l ra"or%#l#i es%e reco-a$a% s& fie c9% -ai -are.
a cti v D# ta l
a $ a c e ri " e 6 i$ ra
?
F $0.16%
Dariabila I
6
es%e # indicator de eficien economic a utilizrii activelor oi -ai re"e$e "ri cifra $e
afaceri.
K cocl#4ieF ivel#l celor cici i$ica%ori s#% c# a%9% -ai b#e c# c9%
>re+is%rea4& valori absol#%e -ai -ari.
I%er"re%area $a%& $e Al%-a scor#l#i aCOF a fos% #r-&%oarea5
8 C f1F( L s%area $e fali-e% es%e i-ie%&E
8 C X!F7 L si%#a'ia fiaciar& es%e b#& cre$ere >
fir-a res"ec%iv&F ca fii$ solvabil& > #r-&%orii $oi aiE
8 1F( f C X!F7 L si%#a'ia fiaciar& es%e $ificil&F c# "erfor-a'e vi4ibil $i-i#a%eF
a"ro"ia%e $e "ra+#l fali-e%#l#i. Relasarea ac%ivi%&'ii #ei fir-e afla%& > aceas%&
si%#a'ie se "oa%e face $ac& a$o"%& o s%ra%e+ie fiaciar& cores"#4&%oare.
2. 'odelul lui ).Conan i '. *older
Es%e # -o$el ce "oa%e fi a"lica% fir-elor c# # a#-i% #-&r $e 1: "9& la
6:: $e salaria'i. El se ba4ea4& "e analiza lic)iditii 4 exigibilitii.
S%abilirea -o$el#l#i a fos% f&c#%& > 127(F "ri observarea ##i e<a%io $e
12: $e fir-e -ici "erioa$a 127:81276.
Bo$el#l are cici variabile5
N4 J>'05
1
HJ>''5
'
HJ>185
.
HJ>D5
0
9J>1J5
6
$0.18%
> care5
142
t#tale .at#rii
eFpl#atare "e brut Fce"ent
4
F $0.1C%
t#tal ,ctiv
per&anente 6apitaluri
9
F $0.1D%
t#tal ,ctiv
st#curi) ($ara circulante ,ctive
@
F
$0.1I%
a$ a ce r i " e 6 i $ ra
$ in a n c ia re 6 ' e ltu i eli
<
F $0.'J%
a"au%ata 3al#area
pers#nal "e 6'eltuieli
?
F $0.'1%
Risc#l $e fali-e%F "o%rivi% aces%#i -o$elF $e"i$e $e valoarea scor#l#i 18 L si%#a'ia fir-ei es%e foar%e b#&F risc#l $e fali-e% fii$ -ai -ic $e 1:RE
J>1 G N FJ>18 L si%#a'ia fir-ei es%e b#&F iar risc#l $e fali-e% es%e $e la 1:R la
0:RE
J>J6 G N FJ>1 L si%#a'ia fir-ei es%e aler%&F risc#l $e fali-e% fii$ $e la 0:R la
76RE
NG J>J0 L e<ecF risc#l $e fali-e% es%e -ai -are $e 2:R.
C# c9% valoarea l#i aCO $i aces% -o$el es%e -ai -ic&F c# a%9% -ai -#l%
fir-a es%e -ai v#lerabil&.
3.'odelul lui +o&&ler
Aces% -o$el se ba4ea4& "e #r-&%or#l "#c%a= aCO5
N4J>6.5
1
HJ>1.5
'
HJ>1D5
.
HJ>185
0
$0.''%
> care variabilele folosi%e re"re4i%& al'i i$ica%ori5
curente 1asive
i&p#)abil 1r#$it
4
F $0.'.%
pasive D#tal
circulante ,ctive
9
F
$0.'0%
pasive D#tal
curente 1asive
@
F
$0.'6%
143
I
3
H
a ,&#rti)are pr#"uctie "e 6#stul
curente 1asive i&e"iate ,ctive
$0.'8%
D#"& TofflerF "#c%#l $e ec/ilibr# >%re s#"ravie'#irea clie%#l#i ve$ere5
8"#c%a=#l C al l#i Al%-aF $e al%fel "ri-#l $e aces% +eF a fos% s%abili% "ri
cerce%area ##i e<a%io $e fir-e a-ericae care $&$#ser& fali-e%E
8"e%r# a fi c# a$ev&ra% releva%F aces% "#c%a= ar %reb#i s& fie >so'i% $e o
eval#are cri%ic&5 a -aa+e-e%#l#iF ra"oar%elor a#$i%orilorF rela'iei c# cre$i%oriiF
+ra$#l#i $e sa%isfac'ie a salaria'ilorF varia'iei "re'#l#i )co%a'iei, ac'i#ilor e%c.
0.0...'. ;e"o)e bancare )e i)en"ificare a risc#l#i )e falien"
Pe%r# eval#area $e%erior&rii "o%e'iale a ac%ivi%&'ii #ei fir-e <i1sa#
"osibili%&'ii $e fali-e%F -e%o$ele bacare i$e%ific& co-"aiile care a# $a% fali-e%.
K ca$r#l aces%or -e%o$eF b&cile a# > ve$ere i$e%ificarea "ri-ilor
i$ica%ori $e $e%eriorareF care icl#$5
-#%area co%#l#i la o al%& bac&E
cre<%erea e=#s%ifica%& a li-i%elor facili%&'ilor fiaciare acor$a%e $e cre$i%ori )a%9%
f#ri4oriF c9% %9r4iere a ifor-a'iilor fiaciareE
ieIis%e'a "la#rilor cerc&ri rece%e $e $iversificare <i1sa# ac/i4i'ii.
0.0.... A(lica*ii (rac"ice
PROBLE;E RENOLEATE
Problea 15 Socie%a%ea co-ercial& aDe%#raO S.A. are $esc/is co% la
Baca Alfa $er#lareF "re4i%& #r-&%oarele $a%e
fiaciare la 01 $ece-brie a#l N )%abel 3.13,
8Tabel 3.138
Nr cr%.
1ndicatori
Bii lei
1. Ca"i%al circ#la% 1!!.36:
! Cifra $e afaceri !73.66:
144
0. TOTAL ACTIE 0JJ.1JJ
3. Profi% reives%i% 16.!6:
6. Profi% )>ai%e $e i-"o4i%,br#% 06.7::
7. Dob94i "l&%i%e 6.06:
7. Da%orii "e %er-e l#+ )"es%e 1 a, 7:.7::
(. Ca"i%ali4area b#rsier& 62.1::
Calc#la'i L $#"& -o$el#l Al%-a8 "#c%a=#l C "e%r# a s%abili eve%#ala
a"ari'ie a fali-e%#l#i <i res"ec%iv a risc#l#i $e ra-b#rsare a cre$i%elor a+a=a%e.
Re1olvare2
CH1F!@
1
W1F3@
!
W0F0@
0
W:F7@
3
W1F6@
6
activ D#tal
circulant 6apital
4
F
5:@5
<55-455
499-<?5

activ D#tal
reinvestit 1r#$it
9
F 5:5@=
<55-455
4?-9?5

activ D#tal
"#ban)il#r plata i&p#)itare "e inainte 1r#$it
@
F
+
5:45
<55-455
?-@?5 @?->55
an) un lun%(peste ter&en pe .at#rii

bursiera rea 6apitali)a
<
F 5:;>
A5->55
?;-455

a cti v D# ta l
a $ a c e ri " e 6 i$ ra
?
F
5:=A
<55-455
9><-??5

CH)1F! I :F0,W)1F3 I :F:0(,W)0F0 I :F1:,W):F7 I :F27,W)1F: I :F7(,
CH!F::6!
DeciF valoarea "#c%a=#l#i C 8 $#"& -o$el#l Al%-a face ca aces%a s& fie
1F(fCf!F::6!F ceea ce reflec%& fa"%#l c& si%#a'ia fiaciar& a socie%&'ii co-erciale es%e
$ificil&F c# "erfor-a'e vi4ibil $i-i#a%eF a"ro"ia%e $e fali-e%. Aceas%& si%#a'ie
fiaciar& "refali-e%ar& a socie%&'iiF i-"#e s& fie >-b#&%&'i%& $e #r+e'& "ri
a$o"%area #ei s%ra%e+ii fiaciare cores"#4&%oare.
Problea '5 ?ir-a aSil#e%aO S.A. c# co% $esc/is la Baca Be%aF solici%& "e
l9+& cre$i%ele a+a=a%eF oi cre$i%e. Si%#a'ia "rici"alilor i$ica%ori la 0: i#ie a a#l#i
N es%e re$a%& > %abel#l 3.16.
145
8Tabel 3.168
Nr
cr"
,ndicatori 'ii lei
1
!
0
3
6
7
7
(
2
Ca"i%al "er-ae%
C/el%#ieli fiaciare
C/el%#ieli $e "ersoal
Cifra $e afaceri
Ac%ive circ#la%e )f&r& s%oc#ri,
To"al ac"iv
Da%orii %o%ale
Daloarea a$&#+a%&
EIce$e% br#% $e eI"loa%are
(:.1::
16.36:
7:.1::
3::.1::
0::.3::
8JJ.6JJ
16:.!::
6:.16:
1:1.!::
S%abili'i "#c%a=#l C $#"& -o$el#l CONAN "ericol $e fali-e%.
Re1olvare2
CH :F!3I
1
W:F!!I
!
W:F17I
0
W:F(I
3
8:F1:I
6
t#tale .at#rii
eFpl#atare "e brut Fce"ent
4
F
5:A>
4?5-955
454-955

t#tal ,ctiv
per&anente 6apitaluri
9
F
5:4@
A55-?55
=5-455

t#tal ,ctiv
st#curi) ($ara circulante ,ctive
@
F
5:?
A55-?55
@55-<55

a$ a ce r i " e 6 i $ ra
$ in a n c ia re 6 ' e ltu i eli
<
F
5:5@
<55->?5
4?-<?5

a"au%ata 3al#area
pers#nal "e 6'eltuieli
?
F Vij V>
?5-4?5
A5-455
CH):F!3 I :F77,W):F!! I :F10,W):F17 I ::6,W):F( I :F:0,8):F1: I 1F12(,
CH:F06
Re4#l%& c& valoarea C X:F!3 res"ec%iv :F06F e i$ic& c& si%#a'ia fiaciar&
a fir-ei es%e foar%e b#&F risc#l $e fali-e% fii$ -ai -ic $e 1:R. Ca #r-areF baca
"oa%e fi si+#r& c& fir-a # fali-e%ea4& > #r-&%orii 18! ai <i ca #r-are # "re4i%&
# risc $e cre$i%e.
Problea .. ?ir-a aDe+aO S.A. c# co% la Baca aAOF av9$ a+a=a%e
cre$i%e i-"or%a%eF "re4i%& #r-&%oarea si%#a'ie fiaciar& la 0: se"%e-brie a a#l#i N
)%abel 3.17,5
8Tabel 3.178
146
Nr. cr" In)ica"ori ;ii lei
1 Ac%ive i-e$ia%e 16:.6::
! Ac%ive circ#la%e !1:.3::
0 Cos%#ri $e "ro$#c'ie 1!:.7::
3 To"al ac"ive 6JJ..JJ
6 A-or%i4are !:.6::
7 Profi% br#% 6:.16:
7 Pasive c#re%e 3::.1::
( To"al (asive 6JJ..JJ
Calc#la'i valoarea "#c%a=#l#i C $#"& -o$el#l Toffler <i s%abili'i a"ari'ia
eve%#alelor si-"%o-e $e fali-e%
Re1olvare2
CH:F60I
1
W:F10I
!
W:F1(I
0
W:F17I
3
curente 1asive
i&p#)abil 1r#$it
4
F
5:49
<55455
?54?5

pasive D#tal
circulante ,ctive
9
F
5:<9
?55@55
945<555

pasive D#tal
curente 1asive
@
F
5:=5
?55@55
<55455

I
3
H
a ,&#rti)are pr#"uctie "e 6#stul
curente 1asive i&e"iate ,ctive
ki b>
95?55 - 495>55
<55455 - 4?5?55
CH):F60 I :F1!,W):F10 I :F3!,W):F1( I :F(:,W):F17 I )8!F12,,
CH:F13
Av9$ > ve$ere c& "#c%a=#l $e ec/ilibr# >%re s#"ravie'#irea fir-ei ca4#l fir-ei aDe+aOF "#c%a=#l es%e e+a%ivF
e reflec%& %e$i'a $e fali-e% a fir-ei.
Problea 12 Calc#la'i risc#l $e fali-e% $#"& -o$el#l Al%-aF "ri s%abilirea
valorii "#c%a=#l#i C la fir-a @F care "re4i%& la 01 -ar%ie a a#l#i NF #r-&%oarea
si%#a'ie fiaciar& la 01 $ece-brie a a#l#i N
)%abel 3.17,
8Tabel 3.178
147
Nr cr". ,ndicatori ;ii lei
1. Ca"i%al circ#la% 1::.36:
! Cifra $e afceri !63.6::
0. To"al ac"iv .DJ.1JJ
3. Profi% reives%i% 6.!6:
6. Profi% )>ai%e $e i-"o4i%,br#% 16.7::
7. Dob94i "l&%i%e 0.06:
7. Da%orii "e %er-e l#+ )"es%e 1 a, 3:.7::
(. Ca"i%ali4area b#rsier& 02.1::
Problea '5 S%abili'i valoarea l#i aCO $#"& -o$el#l CONAN <i B.TOLDER
"e%r# risc#l $e fali-e% la fir-a acOF care are #r-&%oarea si%#a'ie fiaciar& la 0:
i#ie a a#l#i N )%abel 3.1(,5
8Tabel 3.1(8
Nr
cr"
,ndicatori 'ii lei
1 !apital permanent $56.566
! C/el%#ieli fiaciare 6.36:
0 C/el%#ieli $e "ersoal 3:.1::
3 Cifra $e afaceri 0::.7::
6 Ac%ive circ#la%e )f&r& s%oc#ri, 1::.3::
7 To"al ac"iv 6JJ.6JJ
7 Da%orii %o%ale 6:.!::
( Daloarea a$&#+a%& 0:.16:
2 EIce$e% br#% $e eI"loa%are 7:.!::
Problea .5 Calc#la'i risc#l $e fali-e% $#"& -o$el#l TofflerF "ri s%abilirea
valorii "#c%a=#l#i C la fir-a aSe%aO care are #r-&%oarea si%#a'ie fiaciar& la 0:
se"%e-brie a a#l#i N )%abel 3.12,5
8Tabel 3.128
Nr. cr" In)ica"ori ;ii lei
1 Ac%ive i-e$ia%e 6:.6::
! Ac%ive circ#la%e 11:.3::
0 Cos%#ri $e "ro$#c'ie !:.7::
3 To"al ac"ive .JJ..JJ
6 A-or%i4are 1:.6::
7 Profi% br#% !:.16:
7 Pasive c#re%e !::.1::
( To"al (asive .JJ..JJ
148
0.0.0. Insolvabili"a"ea
,nsolvabilitatea "oa%e fi $efii%& ca fii$ ica"aci%a%ea "e %er-e l#+ a
socie%&'ii bacare $e a sa%isface a+a=a-e%ele sale $e "l&'i.
Isolvabili%a%ea "oa%e fi o "rel#+ire > %i-" a cri4ei $e lic/i$i%a%eF # re4#l%a%
al "roas%ei +es%io&ri a aces%eia.
Po%rivi% le+iiF o bac& es%e cosi$era%& isolvabil& $ac& se afl& > #a $i
si%#a'iile5
o baca # a oora% i%e+ral crea'ele cer%eF lic/i$e %re
ac%ivele $e"liirii
co%rac%#l#i $e cre$i% $e c&%re clie%.
Pe%r# evi%areaF "reveirea l a# or-ele care se refer& la5
asi+#rarea ##i ivel -ii- al ca"i%al#l#iE
o +es%ioare corec%& <i eficie%& a lic/i$i%&'iiE
o "oli%ic& $e $ob94i ec/ilibra%&E
res"ec%area #or or-e clareF "recise "rivi$ acor$area $e cre$i%eE
calc#l#l acor)a"e Cre)i"ele
ne"e (ro(rii Bon)#ri
$0.'C%
0.0.6. Princi(alele c&i )e re)#cere a infl#en*ei fac"orilor )e risc
Di%re "rici"alele c&i $e re$#cere a fac%orilor $e risc s8a# $e%a<a%5
-a=orarea ca"i%al#l#i "ro"ri#E
-ic<orarea "e c9% "osibil a risc#l#i $e "or%ofoli#E
crearea $e re4erve )"rovi4ioae, "e%r# crea'e >$oielice.
Co%racararea %e$i'ei e+a%ive $e sc&$ere a "o$erii ca"i%al#l#i social >
%o%al#l "asivelor bacare )efec%#l $e "9r+/ie cre<%e, %o%al vei%#ri
bacare )eIe-"l#5 > -#l%e '&ri occi$e%ale a cresc#% "o$erea co-isioaelor > %o%al
Pro$#s I%er Bacar $e la a"roIi-a%iv 16R la 37R > Sa"oia,E
cre<%erea fo$#rilor bacare $e re4erve >%re+i-e.
149
De aceeaF > ac%ivi%a%ea $e acor$are a cre$i%elorF baca %reb#ie s& 'i& co%
$e # ivel %olerabil al >-"r#-#%#rilor era-b#rsabileF as%fel >c9% ca"aci%a%ea b&cii
$e a efec%#a "l&'i s& # fie afec%a%&.
R&ii "la%ici # %reb#ie s& a%i+& # ivel care s& aib& # i-"ac% se-ifica%iv
as#"ra lic/i$i%&'ii +lobale a b&cii.
K ca4#l > care # $ebi%or #8l cos%i%#ie $i-i#area lic/i$i%&'iiF ca#4a%& $e re$#cerea fl#I#l#i i%r&rilor $e
#-erar.
Re+le-e%&rile i%ere $a%ora%e re+is%ra "ier$eri.
Sco"#l re+le-e%&rilor "rivi$ a$ecvarea ca"i%al#l#i es%eF > "ri-#l r9$F $e
a asi+#ra baca c# s#ficie% ca"i%al $i s#rse "ro"rii "e%r# a absorbi # ivel al
"ier$erilor $i %ra4ac'io&ri <iF > al $oilea r9$F $e a co%rola +ra$#l $e >$a%orare
"ri ceri'a ca i$ica%or#l $e >$a%orare s& # sca$& > "er-ae'& s#b # -ii-.
Baca ce%ral& $i fiecare 'ar& s%abile<%e ivel#l $e ca"i%alF as%fel >c9%
fiecare bac& s&8 $e"o4i%ele cos%i%#i%e $e baca co-ercial& la baca ce%ral&F "9& c9$
ca"i%al#l ecesar a a=#s la $i-esi#ea corec%&. K%r#c9% baca ce%ral& # vrea s&
>c#ra=e4e aceas%& o"era'i#eF va boifica aces%e $e"o4i%e c# ra%e ale $ob94ii
sc&4#%e.
A%9% ivel#l $e ca"i%al cer#%F c9% 
re+le-e%&rile "rivi$ a$ecvarea ca"i%al#l#i varia4& $e la o 'ar& la al%a %9li% la Basel <i a# elabora% N"cordul privind criteriile
ce trebuie avute +n vedere pentru stabilirea dimensiunii optime a capitalului unei
bnci7.
Pri aceas%& cove'ie a fos% $efii% ca"i%al#l #ei b&ciF s8a s%abili% ivel#l
-ii- $e ca"i%al "e care %reb#ie s&8l aib& o bac& )> f#c'ie $e $i-esi#ea risc#l#i
afere% ac%ivelor sale, ve$ere c& +ra$#l o"%i- $e a$ecvare a ca"i%al#l#i "ro%e=ea4& socie%a%ea
bacar& $e risc#l $e isolvabili%a%e. De al%felF +ra$#l $e a$ecvare a ca"i%al#l#i es%e
#%ili4a% ca "#c% $e re"er $e c&%re is%i%#'iile fiaciare i%era'ioale "e%r# acor$area
$e liii $e cre$i%.
To%o$a%&F a+e'iile $e s#"rave+/ere ia# > cosi$erare valoarea aces%#i
i$ica%or "e%r# acor$area lice'elor bacareF "rec#- l#-ea
bacar&. As%felF > 12(( !omitetul de la 8asel privind Supraveg)erea 8ancar a e-is
o serie $e or-e "ri care se i%ro$#cea# s%a$ar$e $e a$ecvare a ca"i%al#l#i a=#s%a%
> f#c'ie $e risc. Aces%e or-e a# > ve$ere re$#cerea risc#l#i "ri s%abilirea #ei
ra%e -ii-e $e solvabili%a%e a b&cilor i%era'ioale. U obiec%iv -a=or al Acor$#l#i $e
la Basel l8a re"re4e%a% >-b#&%&'irea ca"i%ali4&rii sec%oarelor bacare s"ecial ale Barii Bri%aii -"o%riva isolvabili%&'ii sa# a "ier$erilor e"rev&4#%e.
)b, Directivele 9niunii Europene privind "decvarea !apitalului
K%r8o -o$ali%a%e si-ilar& ceri'elor $e la BaselF $irec%ivele Ui#ii E#ro"ee
s%abilesc %i"#l ca4#l Cove'iei $e la Basel.
150
Es%e "ri #r-are o -&s#r& -#l% -ai "r#$e%& $e a$ecvare a ca"i%al#l#iF
care 'ie co% $e reali%&'ile bacare -o$ere. Ca #r-areF ce"9$ c# sf9r<i%#l a#l#i 122(.
Direc%ivele Ui#ii E#ro"ee "rivi$ ac%ivele fiaciare i-"# ca ac%ivi%&'ile
b&cii s& se $ivi4e4e > $o#&5
ac%ivi%&'i bacare "ro"ri# L4ise )re+is%r#l bacar,E
ac%ivi%&'i co-erciale )re+is%r#l co-ercial,.
Ac%ivi%&'ile bacare "ro"ri# L4ise se refer& la "rici"alele ac%ivi%&'i ale b&cii
)cre$i%area > s"ecial,F > %i-" ce %er-e#l $e ac%ivi%a%e co-ercial& se refer& la
-o-e%ele > care baca %ra4ac'ioea4& ac%ive "e co% "ro"ri#F "e orice "ia'& $e
ca"i%al sa# val#%ar&.
Direc%ivele s%abilesc -e%o$a $e calc#l a valorii $e eI"#ere la risc a b&cii
> %ra4ac'iile care s#% evi$e'ia%e > "ro"riile re+is%re co-erciale.
Aces% l#cr# es%e f&c#% "ri reac%#ali4area valorii $e "ia'& a re4#l%a%elor
"o4i'iilor lor 4iliceF ceea ce "res#"#e calc#larea $ifere'ei $i%re c9<%i+#rile
a<%e"%a%e ale %ra4ac'iei ii'iale aceia #-e "ro"ri# a e-is o o"'i#e val#%ar& call
"e%r# a c#-"&ra 1::.:::l > $o#& l#iF la # c#rs $e 1lH !3.6:: leiF a%#ci ea va
%reb#i s& co-"are valoarea aces%ei %ra4ac'ii la c#rs#l $e sc/i-b c#re% le# 8 $olar.
Dac& c#rs#l la ve$ere "e%r# # $olar es%e > "re4e% !3.6:: leiF o"'i#ea
# va fi eIec#%a%&. Daloarea eI"#erii evi$e'ia%& > re+is%r#l co-ercial va fi > aces%
ca4 :.
Dac& %o%#<iF c#rs#l la ve$ere ar fi $e !6.::: leiF a%#ci eI"#erea b&cii
evi$e'ia%& > re+is%r#l co-ercial es%e $ifere'a >%re c#rs#l $e "e "ia'& re+is%re4e > re+is%r# s&#
co-ercial.
K -o$ or-alF eI"#erea se va -o$ifica > %i-"#l $#ra%ei $e eIec#%are a
o"'i#ii > co$i'iile > care c#rs#l la ve$ere lei L $olar se -o$ific&F "9& > -o-e%#l
> care o"'i#ea se eIec#%& sa# $evie sca$e%&.
Dac& baca s8a i-"lica% > aceas%& %ra4ac'ie soli%ar "e%r# a e#%rali4a
risc#rile asocia%e #ei eI"#eri a ##i clie% $e8al s&#F a%#ci cofor- re+le-e%&rilor
Ui#ii E#ro"ee orice eI"#ere care i-"lic& aces% l#cr# va %reb#i s& fie a%rib#i%&
re+is%relor bacare <i asocia%& ceri'elor $e ca"i%alF <i # re+is%relor co-erciale.
Es%e $e -e'ioa% c& la elaborarea re+le-e%&rilor "rivi$ a$ecvarea
ca"i%al#l#iF Baca Na'ioal& a Ro-9iei a 'i#% co% $e s%a$ar$elor $e la Basel. K
ca$r#l aces%ora se "reve$e calc#larea indicatorului de adecvare a capitalului $#"&
#r-&%oarea rela'ie5
I
AC
4
cre"itare "e riscul "e $unc Kn aLustate ,ctivele
ba) "e 6apitalul
*ie
$0.'D%
> care5
!apitalul de baz es%e for-a% $i ca"i%al#l $e ra+#l 1 <i $i ca"i%al#l $e
ra+#l !.
!apitalul de rangul $ c#"ri$e5
ca"i%al#l "er-ae% )ac'i#ile,E
re4ervele $eclara%e.
Bai $e%alia%F ca"i%al#l $e ra+#l I es%e for-a% $i5
ca"i%al#l social )fo$#rile ac'ioarilor,E
151
re4ervele $eclara%e $e'i#%e $i "rofi%#l ere"ar%i4a%E
"rofi% e$is%rib#i% $i eIerci'i#l abia >c/eia%E
fo$ $e risc re+le-e%a%.
!apitalul de rangul 11 )s#"li-e%ar,F ca o f#c'ie $e -aIi-#- 1::R $i
ca"i%al#l $e ra+#l IF es%e for-a% $i5
$a%orii s#bor$oa%e )obli+a'i#i "e %er-e l#+ ale B.?.,E
%i%l#ri $e "ar%ici"a'ie c# $#ra%& e$e%er-ia%&E
ac'i#i 1 obli+a'i#i e-ise $e fo$#ri -#%#ale s%r&i&%a%eE
reeval#&ri $i %i%l#rile $e'i#%e.
"ctivele s#% "o$era%e > f#c'ie $e risc#l $e cre$i%areF $#"& c#-
#r-ea4& 5
)i, pondere risc 6'
8 #-erarE
c&%re +#ver -oe$& a'ioal&,E
al%e s#-e $e rec#"era% $e la +#vere ce%rale 1 b&ci ce%rale $i OECD.
)ii, pondere de risc 6, $6, &6, 56: .la $iscre'ia a'ioal&, L s#-e $e
rec#"era% $e la e%i%&'i "#blice i%ere.
)ii
1
, pondere de risc &6:; se a"lic& ele-e%elor cos%i%#i%e $i5
s#-e $e rec#"era% +ara%a%e $e b&ci $e $e4vol%are -#l%ia'ioal&E
s#-e $e rec#"era% $e la b&ci $i '&rile OECDE
s#-e $e "ri-i% e la b&ci $i '&rile -e-bre OECD c# sca$e'& $e "9& la
# aE
s#-e $e "ri-i% $e la e%i%&'i "#blice eI%ere -e-bre OECDE
#-erar > c#rs $e >casare.
)ii
!
, pondere de risc 56:'
8 cre$i%e +ara%a%e "ri i"o%eci "e "ro"rie%&'i re4i$e'iale.
)iii, pondere de risc $66:'
%oa%e celelal%e ac%iveF icl#49$5
s#-e $e "ri-i% $e la sec%or#l "riva%E
s#-e $e "ri-i% $e la b&ci -e-bre OECD c# sca$e'e
"rev&4#%e $e "es%e # aE
s#-e $e "ri-i% $e la +#vere -e-bre OECD )# > -oe$e a'ioale,E
s#-e $e "ri-i% $e la socie%&'i co-erciale > "ro"rie%a%ea sec%or#l#i "#blicE
ac%ive fiIeE
"ro"rie%a%e calc#l "e%r# "o$erarea c#
risc#l s#% >-"&r'i%e > 6 ca%e+orii5
"o4i'ii asi-ila%e cre$i%elorE
a#-i%e %ra4ac'ii care ar "#%ea s& aib& locE
obli+a'ii "e %er-e sc#r% le+a%e $e %ra4ac'io&riE
a+a=a-e%e "e %er-e sc#r%E
is%r#-e%e $eriva%e "rivi$ $ob94ile <i c#rs#rile $e sc/i-b.
Factorii de conversie s%abili'i $e re+le-e%&ri "e%r# is%r#-e%ele $i afara
bila'#l#i )ve4i %abel#l 7.!3F "a+. !1:, s#%5
"o$ere $e risc : L al%e a+a=a-e%e c# sca$e'& "9& la # aE
"o$ere $e risc !:R 8 is%r#-e%e $e fia'are co-ercial& "e
%er-e sc#r%E
152
"o$ere $e risc 6:R 8 "o4i'ii co%i+e%e c#- ar fi5 +ara'ii $e
"erfor-a'&F acre$i%ive s%a$ L bP5
facili%&'i "e%r# e-i%erea $e bile%e la or$i -o$ $irec% cre$i%#l#i5
+ara'ii f#c'ie $e risc
%reb#ie s& fie $e'i#%e s#b for-& $e ca"i%al $e ba4& )ca"i%al $e ra+
IWII,E
-ii-#- 6:R $i ca"i%al#l b&cii %reb#ie s& fie ca"i%al
$e ra+ IE
res%#l ca"i%al#l#i $e ba4& "oa%e s& fie for-a% $i ca"i%al
$e ra+#l II )ca"i%al s#"li-e%ar,E
s#% l#a%e > calc#l ele-e%ele $i afara bila'#l#i
)+ara'iiF ca-bii,E
fiecare 'ar& ><i "oa%e s%abili <i a"lica "ro"riile cri%erii
"rivi$ +ra$#l $e a$ecvare al ca"i%al#l#iF $ar ivel#l -ii- es%e s%abili%
"ri Cove'ia $e la Basel.
K "re4e% Cosili#l $e la Basel a s%abili% c& "e%r# '&rile E#ro"ei Ce%rale <i
$e Es% +ra$#l $e a$ecvare al ca"i%al#l#i s& fie $e 1!RF $a% fii$ si%#a'ia ecoo-ico L
fiaciar& $ificil& a aces%or '&ri.
K aces% sesF "o%rivi% re+le-e%&rilor B&cii Na'ioale a Ro-9ieiF
socie%&'ile bacare ro-9e<%i a# obli+a'ia s& aib& o li-i%& -ii-& a i$ica%or#l#i $e
solvabili%a%e calc#la% ca ra"or% >%re5
I.S. H
"e
neta Fpunerea
pr#prii *#n"urile
1!R $0.'I%
K acela<i %i-"F fondurile proprii ale unei bnci rom<ne0ti, s#% for-a%e $i
#r-&%oarele ca%e+orii $e ca"i%al5
ca"i%al "ro"ri#E
ca"i%al s#"li-e%arE
!apitalul propriu icl#$e5
ca"i%al#l social v&rsa%E
"ri-ele le+a%e $e ca"i%alF i%e+ral v&rsa%E
re4ervele le+aleE
re4ervele +eerale "e%r# risc#l $e cre$i%E
re4ervele $i ifl#e'ele $e c#rs val#%ar afere%e a"recierii $is"oibili%&'ilor
> val#%&F re"re4e%9$ ca"i%al social > val#%&E
re4ervele cos%i%#i%e $i "ri-ele le+a%e $e ca"i%al <i re"ar%i4&ri $i "rofi%#l
e%E
re4ervele $i $ifere'ele favorabile $i reeval#area "a%ri-oi#l#iE
fo$#l i-obili4&rilor cor"oraleE
153
fo$#l "e%r# cre<%erea s#rselor "ro"rii $i fia'areE
fo$#rile cos%i%#i%e $e b&ciE
re4ervele s%a%#%areE
re4#l%a%#l ra"or%a% re"re4e%9$ "rofi% ere"ar%i4a%E
re4#l%a%#l e% al eIerci'i#l#i fiaciar c#re% re"re4e%9$ "rofi%E
fo$#rile c# carac%er "er-ae% "#se la $is"o4i'ia #i%&'ilor "ro"rii $i
s%r&i&%a%e.
Pe%r# $e%er-iarea ivel#l#i ca"i%al#l#i "ro"ri# se "reve$e a se $e$#ce5
s#-ele re"re4e%9$ co%ravaloarea ac'i#ilor "ro"rii r&sc#-"&ra%e >
ve$erea re$#cerii ca"i%al#l#i socialE
valoarea ea-or%i4a%& a c/el%#ielilor $e cos%i%#ireE
valoarea e%& a fo$#l#i co-ercialE
s#-e $i "rofi%#l e% al eIerci'i#l#i fiaciar c#re% re"re4e%9$
$ivi$e$eF "ar%ici"area "ersoal#l#i la "rofi% re+is%ra%e >
avasE
re4#l%a%#l re"or%a% re"re4e%9$ "ier$erea eaco"eri%&E
re4#l%a%#l e% al eIerci'i#l#i fiaciar c#re% re"re4e%9$ "ier$ereE
re"ar%i4area "rofi%#l#iE
$a%oriile "e%r# #i%&'ile "ro"rii $i s%r&i&%a%e.
!apitalul suplimentar se co-"#e $i5
al%e re4erve $ec9% cele $i ca"i%al#l "ro"ri#E
$a%oria s#bor$oa%&E
s#bve'iile "e%r# ives%i'iiE
$ifere'e favorabile $i reeval#area "a%ri-oi#l#i.
De re-arca% c&F la $e%er-iarea ivel#l#i fo$#rilor "ro"rii ale #ei b&ci se
are > ve$ere #r-&%oarele5
ca"i%al#l s#"li-e%ar s& fie l#a% > cosi$erare la calc#l#l fo$#rilor "ro"rii
#-ai > co$i'iile >re+is%r&rii ##i ivel "o4i%iv al ca"i%al#l#i "ro"ri# >
"ro"or'ie $e cel -#l% 1::R $i aces%aE
$a%oria s#bor$oa%& va fi l#a%& > calc#l#l fo$#rilor "ro"rii >
"ro"or'ie $e -aIi-#- 6:R $i ca"i%al#l "ro"ri# $e"lieasc& a#-i%e
co$i'iiE
$e$#cerea $i ivel#l fo$#rilor "ro"rii a #or ele-e%e
"rev&4#%e $e re+le-e%&ri.
K or-a%ivele elabora%e $e baca ce%ral& se $efiesc5
Expunerea net, ca fii$ eI"#erea e%& $i ac%ive bila'iere afara bila'#l#iE
Expunerea net din active bilaniere re"re4e%9$ ac%ivele b&cii la
valoarea e%& )res"ec%iv $#"& $e$#cerea ele-e%elor $e "asiv rec%ifica%ive,F
"o$era%e > f#c'ie $e +ra$#l lor $e risc $e cre$i% cores"#4&%or #or cri%erii $e
>ca$rare s%abili%e $e re+le-e%&ri.
CRITERII
)e ?nca)rare a eleen"elor )e ac"iv bilan*iere
?n ca"e!orii )e risc )e cre)i"
154
8Tabel 3.!:8
Gra$#l $e
risc $e cre$i%
Ele-e%e l#a%e > calc#l
$i ca$r#l bila'#l#i
:R 1. #-erar -o$
eI"resF irevocabil <i eco$i'ioa% $e c&%re sa# +ara%a%e c# %i%l#ri
e-ise $e a$-iis%ra'ia "#blic& ce%ral& $e s"eciali%a%e a s%a%#l#i
ro-9 sa# $e Baca Na'ioal& a Ro-9iei.
0. ele-e%e $e ac%iv cos%i%#i$ crea'e as#"ra sa# +ara%a%e > -o$
e-ise $e a$-iis%ra'ii ce%raleF b&ci ce%rale $i '&rile $i ca%e+oria
A sa# Co-#i%&'ile E#ro"ee.
3. ele-e%e $e ac%iv cos%i%#i$ crea'e as#"ra a$-iis%ra'iilor
ce%rale sa# b&cilor ce%rale $i '&rile $i ca%e+oria BF eI"ri-a%e -oe$a a'ioal& a $ebi%orilor.
6. ele-e%e $e ac%iv cos%i%#i$ crea'e +ara%a%e > -o$ eI"resF
irevocabil 
-oe$a a'ioal& co-#& +ara%#l#i s&s&cre$i'a%e aces%eia.
7. ele-e%e $e ac%iv $e$#se $i fo$#rile "ro"rii.
!:R (. ele-e%e $e ac%iv cos%i%#i$ crea'e as#"ra sa# +ara%a%e > -o$
e-ise $e b&cile $e $e4vol%are -#l%ila%eral& sa# $e Baca
E#ro"ea& $e Ives%i'ii.
eI"resF irevocabil 
cre$i%
Ele-e%e > afara bila'#l#i
1::R 1. a+a=a-e%e > favoarea al%or b&ci
!. a+a=a-e%e > favoarea clie%elei.
0. %i%l#ri v9$#%e c# "osibili%a%ea $e r&sc#-"&rareF "e%r# care
o"'i#ea $e r&sc#-"&rare a fos% fer- eI"ri-a%&.
3. a+a=a-e%e >$oielice.
6. al%e a+a=a-e%e $a%e.
6:R 7. ca#'i#iF aval#ri +ara'ie.
1:. ele-e%e $e ac%iv cos%i%#i$ crea'e as#"ra sa# +ara%a%e > -o$
eI"resF irevocabil -o$
eI"resF irevocabil -o$ eI"resF irevocabil c#rs $e >casare )cec#ri -oe$a a'ioal& a $ebi%or#l#i.
1(. ele-e%e $e ac%iv cos%i%#i$ crea'e as#"ra a$-iis%ra'iilor
re+ioale sa# locale $i '&rile $i ca%e+oria B.
12. ele-e%e $e ac%iv cos%i%#i$ crea'eF c# sca$e'& -ai -are $e #
aF as#"ra b&cilor $i '&rile $i ca%e+oria B.
!:. ele-e%e $e ac%iv cos%i%#i$ crea'e as#"ra sec%or#l#i ebacar
$i '&rile $i ca%e+oria A sa# B ori $i Ro-9ia.
!1. i-obili4&ri cor"orale.
!!. al%e ac%ive.
156
0.0.8.1. In)ica"orii a)ecv&rii ca(i"al#l#i #nei b&nci
A$ecvarea ca"i%al#l#i es%e reflec%area > s%r#c%#ra bila'#l#i b&ciiF a
asi+#r&rii s#ficie%e $e ca"i%al "e%r# o"era'i#i "r#$e%e. Aceas%a es%e o -e%o$& $e a
s%abili c#- baca "oa%e s& fac& fa'& ica"aci%&'ii >-"r#-#%a%#l#i $e a ra-b#rsa baii
-"o%riva cola"s#l#i > ca4#l ##i
as%fel $e e<ec.
Di%re al'i i$ica%ori ai a$ecv&rii ca"i%al#l#i $ec9% I
AC
 "rac%ica bacar& i%era'ioal& -ai s#% folosi%e5 *radul de +ndatorare .=*earing7/
0i P<rg)ia Financiar .=(everage7/.ace<%i i$ica%ori s#% calc#la'i as%fel5
)a,
455
pr#priu 6apital
K&pru&utat 6apital
M/
$0..J%
)b,
455
capital D#tal
K&pru&utat 6apital
1*
$0..1%
S& l#&- # exe"plu c# "rivire la si%#a'ia fiaciar& a #ei b&ci5
8Tabel 3.!!8
I$ica%ori5 -ii lei
8 Ca"i%al social
8 Cre$i%e
8 Dei%#ri )>cas&ri,
6::
6::
!:::
8 Profi% >ai%e $e "la%a
$ob94ilor
8 Dob9$a
8 Profi% $#"& "la%a $ob94ilor
!::
76
1!6
Pres#"#9$ c& >cas&rile ai%e $e "la%a $ob94ilor r&-9 >
aceea-"r#-#%& al%e 6:: -iliar$e lei cas&rile #l%erioare cresc c# 6:RE
8se "l&%esc %oa%e $a%oriile cas&rile se re$#c c# 6:RE
Care es%e varia%a cea -ai b#&Q
Rspuns
Ra%a $e re%abili%a%e c#re%& es%e $e P VZZ
hZZ
Vbh
H !6R
D#"& -o$ificarea ivel#l#i >-"r#-#%#l#i si%#a'ia es%e #r-&%oarea5
si%#a'ia fiaciar& va fi #r-&%oarea5
8Tabel 3.!08
I$ica%ori5 -ii lei
8 Ca"i%al social
8 Cre$i%e
6::
1:::
157
8 Dei%#ri
8 Profi% >ai%e $e "la%a $ob94ilor
8 Dob9$a
0:::
0::
16:
16:
Aceas%a si%#a'ie fiaciar& ofer& o ra%& a re%abili%&'ii $e P VZZ
hZZ
VhZ
H
0:R.
si%#a'ia fiaciar& va fi #r-&%oarea5
8Tabel 3.!38
I$ica%ori5 -ii lei
8 Ca"i%al social
8 Cre$i%e
6::
:
8 Dei%#ri
8 Profi% >ai%e $e "la%a $ob94ilor
8 Dob9$a
1:::
1::
:
1::
K aces% ca4 ra%a $e re%abili%a%e es%e $e P VZZ
hZZ
VZZ
H !:R
D#"& cele $o#& -o$ific&ri ale ivel#l#i >-"r#-#%#l#i es%e "robabil s& fie
aleas& varia%a )a, $a%ori%& #ei ra%e $e re%abili%a%e -ai ri$ica%& )0:R fa'& $e !:R
varia%a )b,. %o%#cre$erea > ac#ra%e'ea cas&riE
>clia'ia "e%r# riscF care va $e%er-ia fel#l > care e ra"or%&-
la "re-ii $o#& fac%ori.
0.0.8.' A(lica*ii (rac"ice
Problea 15 Se $a# #r-&%oarele $a%e $e bila' "e%r# Baca NSORE@O
S.A.5
8Tabel 3.!68
Ele-e%e bila'iere Biliar$e lei
158
8 Dis"oibil
8 Ac%ive lic/i$e
8 Cre$i% acor$a% socie%&'ii N@O )1,
8 Cre$i% acor$a% socie%&'ii NcO )!,
8 Cre$i% acor$a% socie%&'ii NCO )0,
8 Al%e ac%ive
8 Al%e "asive
8 ca"i%al ivel 1
8 Ca"i%al ivel !
1:
!6
16:
6:
6:
16
!(7
7
(
Care es%e i$ica%or#l $e a$ecvare a ca"i%al#l#iF "res#"#9$ c&
>-"r#-#%#rile acor$a%e a# "o$erea $e riscF $#"& c#- #r-ea4&5
8 cre$i%e acor$a%e )1, 1::R
8 cre$i%e acor$a%e )!, 6:R
8 cre$i%e acor$a%e )0, 1:R
Re1olvare2
La sol#'ioarea "roble-ei ave- > ve$ere re+le-e%&rile care "reci4ea4&
c& valoarea ca"i%al#l#i $e ivel ! > calc#lele $e eval#are a risc#l#i ac%ivelor # "oa%e
eIce$e valoarea ca"i%al#l#i $e ivel 1F res"ec%iv5
Eval#area risc#l#i ac%ivelor5
8Ta
bel 3.!28
I$ica%ori Biliar$e lei Risc Daloarea risc#l#i
)-iliar$e lei,
8 cre$i% acor$a% )1,
8 cre$i% acor$a% )!,
8 cre$i% acor$a% )0,
16:
6:
6:
1::R
6:R
1:R
16:
!6
6
Risc "o"al al ac"ivelor con"abile
Bi#s2 N#-erar %i%l#ri fiaciare
1DJ
.6
Risc#l e% al ac%ivelor co%abile 136
Risc#l ac%ivelor es%e $eci H
c#ntabile activel#r al net Riscul
i capitalulu al 9 4 2ivel +
H P VZZ
Vkh
Vb
H (F!7R

$0..'%
iar i$ica%or#l $e a$ecvare a ca"i%al#l#i es%e #r-&%or#l5
F455
cre"itare "e riscul $unc in aLustare ,ctive
ba)a "e 6apital
,6
/
)e ie
$0...%
159
A:AAI F455
4=5
49
Re4#l%& c&F ca"i%al#l $e ba4& al b&cii %reb#ie s& creasc& c# cel "#'i 6F03R
)1!R87F77R,F ceea ce reflec%& o si%#a'ie fiaciar& +reaF corobora%& -"r#-#%#ri <i $e"o4i%e $e ba4& a
clie'ilorQ
Re1olvare2
Risc#l asocia% fiec&rei s#rse $e fo$#ri s#%5
a, !apitalul social L la -&rirea ca"i%al#l#iF vol#-#l fo$#rilor a%rase %reb#ie
s& cores"#$& cererii "ie'ei "e%r# ac'i#ile res"ec%iveF al%-i%eri e-isi#ea # va fi
re%abil&E "re'#l ac'i#ilor va sc&$ea re$#c9$ valoarea $e "ia'& a afacerii. O
e-isi#e $e ac'i#i care e<#ea4& > aces% felF va co$#ce "robabil la o a#-i%&
"erce"'ie $i "ar%ea "ie'ei le+a%& $e cre<%erea risc#l#i -"r#-#%#rilor
vii%oare a+a=a%e $e bac& $e "e "ia'a fiaciar&.
b, Profitul reinvestit 4 si+#r#l risc asocia% "rofi%#l#i reives%i% es%e acela c&
es%e esi+#r ca4#l > care baca >-"r#-#%& fo$#ri la o ra%& fiI&F $ar ofer& cre$i%e clie'ilor la o
ra%& variabil&. Evol#'iile ra%ei $ob94ii "o% face cre$i%ele ere%abile. Risc#l $e c#rs
val#%ar a"are c9$ baca a%ra+e fo$#ri >%r8o a#-i%& val#%& -"r#-#%& la al%a5
$e eIe-"l#F a+a=ea4& # cre$i% > $olari lei.
$, Depozitele de baz ale clienilor L aces%ea s#% "o%e'ial li"si%e $e riscF
c# eIce"'ia si%#a'iilor c9$ a"areF fie o sc/i-bare > re"#%a'ia b&ciiF fie o ifl#e'&
eI%er& ea<%e"%a%& care vor co$#ce la re%ra+erea aces%or $e"o4i%e.
Problea .5 La baca co-ercial& AF s& se $e%er-ie res"ec%area or-ei
Coo*eF av9$ la ba4& #r-&%oarele $a%e bila'iere5
Bila'
8-ii U.B.8
A P
Casa )risc : R, !: De"#eri la %er-e 16:
160
De"o4i%e la Baca Ce%ral&
B&ci cores"o$e%e )risc !:R,
A$-iis%ra'ie local&
Cre$i%e "e%r# i$#s%rie )risc
1::R,
Cre$i%e i"o%ecare )risc 6:R,
I-obili4&ri
0:
6::
6::
!:::
1:::
1::
?o$ re4erv&
De"#eri > co%#l c#re%
De"#eri la ve$ere
Ca"i%al social
66
(36
12::
16:
TOTAL 316: TOTAL 316:
Re1olvare2
Se "o$erea4& ac%ivele "e ca%e+orii $e risc5
)casa W $e"#eri la b&cile co-erciale,
:R H 6:
:R H :
B&ci cores"o$e%e
!:R H 6::
VZZ
bZ
H 1::
Cre$i%e i"o%ecare
6:R H 1:::
VZZ
hZ
H 6::
Cre$i%e "e%r# i$#s%rie
1::R H !:::
VZZ
VZZ
H !:::
To%al ac%ive a=#s%a%e f#c'ie $e risc H !7::
N
c
H
VZZ
risc )e f#nc"ie a:#s"a"e Ac"ive
(ro(rii Bon)#ri
H VZZ
+
UVWW
Br Cs
H
b^ZZ
hh VhZ +
H 7F((Rf(R.
Re4#l%& c& or-a "rivi$ I
AC
a fos% >c&lca%&. Pe%r# ca ea s& fie res"ec%a%&
%reb#ie ca vol#-#l fo$#rilor "ro"rii s& fie5
b^ZZ
L
H
VZZ
j
HX @ H
VZZ
b^ZZ L
H !:(
?o$#rile "ro"rii H !:(F a$ic& W0 fa'& $e si%#a'ia ii'ial&.
161
Problea 12 S& se $e%er-ie res"ec%area i$ica%or#l#i $e a$ecvare al
ca"i%al#l#i la o bac& ce "re4i%& #r-&%or#l bila'5
Bila'
8-ii U.B.8
A P
N#-erar
De"#eri la B.C
Crea'e +ara%a%e $e %re4orerie
B&ci cores"o$e%e
Cre$i%e i"o%ecare
Cre$i%e "e%r# i$#s%rie
I-obili4&ri
3:
0:
7:
1::
1!::
!:::
1!:
De"#eri la %er-e
?o$ re4erv&
De"#eri > co% c#re%
De"#eri la ve$ere
Ca"i%al social
17::
(:
!6:
13::
!!:
TOTAL 066: TOTAL 066:
Proble"a 2. ?ie o bac& c# # ac%iv %o%al $e 1!:.::: UBF clasifica% "e
clase $e risc. Pasiv#l c#"ri$e fo$#ri "ro"rii > valoare $e (.6:: UB.
Risc :R
Risc !:R
Risc 6:R
Risc 1::R
!3.:::
0:.:::
13.:::
6!.:::
TOTAL 1!:.:::
Baca are a+a=a-e%e > o"era'i#i eI%rabila'iereF $#"& c#- #r-ea4&5
-ii lei risc
Scrisori $e cre$i% co-ercial 16.::: !:R
?acili%&'i $e e-i%ere a obli+a'i#ilor !:.::: 6:R
Gara'ii $e cre$i% 30.::: 1::R
TOTAL 7(.::: I
S& se $e%er-ie $ac& baca res"ec%& i$ica%or#l $e a$ecvare a ca"i%al#l#i
<i -&s#rile ce se i-"# a fi l#a%e.
Proble"a 3 a, S& se $e%er-ie res"ec%area or-ei Coo*e cer#%e la o
bac&F c# #r-&%oarele $a%e5
Risc :R
Risc !:R
Risc 6:R
Risc 1::R
3:.:::
7:.:::
36.:::
66.:::
TOTAL !::.:::
Mi c# fo$#ri "ro"rii > valoare $e 7.::: UB
162
b, Ce valoare ar %reb#i s& aib& fo$#rile "ro"rii "e%r# ca baca s& res"ec%e
li-i%a -ii-& a i$ica%or#l#i $e a$ecvare al ca"i%al#l#iQ
A)inis"rarea (or"ofoli#l#i )e cre)i"e
Por%ofoli#l $e %i%l#ri al #ei b&ci es%e for-a% $i ac%ive fiaciare )-ai ales
%i%l#ri $e cre$i%,F care a$#c b&cii vei%#ri $i $ob94i ac%ive fiaciare a fos% %ra%a% ca "lasa-e% re4i$#al5
b&cile >%9i re4ervele -ii-e obli+a%oriiF a"oi se cos%i%#ie re4erva
$e ac%ive lic/i$eF se aco"er& cererea $e cre$i%e cele $i #r-&F $ac& -ai r&-9
res#rse $is"oibileF aces%ea s#% ives%i%e > %i%l#riF sa# > "lasa-e%e la b&ci. N#-ai
c& %i%l#rile $i "or%ofoli# "o% fi folosi%e > -o$ i%e'ioa% "e%r# a aco"eri evoi
"revi4ibile $e lic/i$i%a%eF f&r& cos% $e o"or%#i%a%e.
Tra%a-e%#l re4i$#al a"lica% "or%ofoli# $e %i%l#ri +eerea4& "roble-e $e
+es%i#e > %i-" a aces%#i "or%ofoli#. K "erioa$ele $e recesi#e sa# slab& cre<%ere
ecoo-ic&F a%#ci c9$ %i%l#riF $ar %i%l#ri co$i'ii # %oc-ai ava%a=oaseF $a%ori%& sc&$erii c#rs#l#i
%i%l#rilorF #r-are v94&rii lor $e c&%re -a=ori%a%ea b&cilor.
A$-iis%rarea ##i "or%ofoli# $e cre$i%e se ba4ea4& "e "re4#-'ia c& risc#l
"e%r# >%re+ "or%ofoli#l es%e sa# ar %reb#i s& fie -ai -icF $ec9% risc#l afere% fiec&rei
co-"oe%e a "or%ofoli#l#i.
Risc#l es%e o -&s#r& a "robabili%&'ii. Probabili%a%ea ca $o#& risc#ri )"ier$eri,
se"ara%e s& se reali4e4e a+re+a% es%e -ai -ic&F $ec9% "robabili%a%ea ca fiecare $i%re
ele s& se reali4e4e i$ivi$#alF $ac& risc#rile # s#% corela%e.
Riscul agregat es%e -ai -ic $ec9% risc#l i$ivi$#al al fiec&r#i ele-e% >
"ar%e.
Prac%ica a ar&%a% c& risc#l a+re+a% se $i-i#ea4& "9& la a"roIi-a%iv 0: $e
risc#ri i$ivi$#ale ecorela%e )> aces% ca4F risc#ri "e%r# cre$i%e acor$a%eF care "o% fi
cosi$era%e ca # "or%ofoli#,. C/iar %r8# "roce% -#l% -ai -ic.
Dac& risc#rile s#% corela%e e+a%iv)cre<%erea "robabili%&'ii $e a se reali4a
# risc co$#ce la sc&$erea "robabili%&'ii $e reali4are "e%r# # al% risc,F efec%ele
$i-i#&rii risc#l#i >%re+#l#i "or%ofoli# s#% -ai beeficeF c# %oa%e c& > "rac%ic& aces%
l#cr# es%e -ai rar.
Li"sa $e corelare >%re risc#rile i$ivi$#ale ale ##i "or%ofoli# $e cre$i%e es%e
foar%e i-"or%a%& "e%r# re$#cerea risc#l#i a+re+a%.
A<a c#- s8a "reci4a% a%eriorF es%e vi%al "e%r# ac%ivi%a%ea $e cre$i%are
ale+erea #or +ara'ii a$ecva%e. To% a%9% $e i-"or%a%& es%e acor$area $e cre$i%e $e
c&%re o bac& c9% -ai "#'i corela%e >%re ele. Aces% l#cr# se "oa%e face "ri
ec/ilibrarea carac%eris%icilor cre$i%elor care fac "ar%e $i "or%ofoli#F > s"ecial a
riscurilor asociate cu fiecare sector de activitate )i$#s%rieF a+ric#l%#r&F cos%r#c'iiF
%ras"or% e%c, <i termenele scadente ale creditelor. Ace<%i fac%oriF "rec#- "or%ofoli# $e cre$i%eF #
eIis%& risc le+a% $e acel sec%or. Dac&F >s&F # #-&r -are $e cre$i%e s#% acor$a%e
"e%r# # a#-i% sec%or $e ac%ivi%a%eF eI"#erea la risc fa'& $e acel sec%or es%e -are.
163
Ifl#e'a "e care o are aces% l#cr# as#"ra risc#l#i +eeral al b&cii se "oa%e
il#s%ra "ri #r-&%or#l eIe-"l#5 $ac& ac%ivi%a%ea > sec%or#l cos%r#c'iilor $e loc#i'e
sca$eF cre<%e "robabili%a%ea ca >-"r#-#%#rile acor$a%e "e%r# aces% sec%or s& $evi&
"erfor-a%e. De aceeaF es%e i-"or%a% ca "or%ofoli#l $e cre$i%e s& fieF "e c9% "osibilF
ec/ilibra% >%re $iferi%e sec%oare $e ac%ivi%a%e. De ase-eeaF es%e bie $e av#% >
ve$ere fa"%#l c&F > car#l fiec&r#i sec%or $e ac%ivi%a%eF cre$i%ele acor$a%e s& fie c9% -ai
"#'i corela%e. De eIe-"l#F "e%r# sec%or#l "ro$#c%iv es%e bie s& se acor$e
>-"r#-#%#ri la c9% -ai -#l%e %i"#ri $e fir-e "ro$#c&%oare5 cofec'iiF -obil&F
ec/i"a-e%eF "ro$#se $i "las%ic e%c.
U al% as"ec% i-"or%a% > a$-iis%rarea "or%ofoli#l#i $e cre$i%e >l re"re4i%&
sca$e'ele >-"r#-#%#rilor acor$a%eF ca%e %reb#ie s& fie c9% -ai $iferi%e. Aces% l#cr#
%reb#ie corela%F foar%e eIac%F c# -aa+e-e%#l lic/i$i%&'ii b&cii.
Bai eIis%& # ele-e% al risc#l#i $e cre$i%are care # "oa%e fi re$#s "ri
-e%o$ele $e +es%ioare a "or%ofoli#l#iF <i a#-e risc#l $e "ia'&. K%r8o "erioa$& $e
recesi#e ecoo-ic&F "robabili%a%ea $e is#cces a afacerilor cre<%e. K coseci'&F
cre<%e ca$r#l fiec&r#i sec%orF se
va "#%ea re$#ce risc#lF $ar # "oa%e fi eli-ia%.
Pri i%er-e$i#l sis%e-elor ifor-a'ioale %reb#ie +r#"a%e -"r#-#%#rile i$#s%rialeF "e sec%oare $e ac%ivi%a%e. Aces%e ifor-a'ii %reb#ie s&
"er-i%& co$#cerii s& evi%e eI"#erea eIcesiv& la riscF "e%r# # a#-i% sec%orF -"r#-#%#rilor.
Risc#l > cre$i%are are # fac%or i-"or%a% > fali-e%#l bacar. Di%r8#
s%#$i# $e "ia'& reali4a% > Barea Bri%aie "e%r# !! fali-e%e bacareF a reie<i% c& 17
$i%re ele se $a%orea4& ##i sis%e- $efec%#os $e +es%ioare a $osarelor $e cre$i%F $eci
a "or%ofoli#l#i ce8l avea#.
Bo$#l $e a$-iis%rare a "or%ofoli#l#i $e cre$i%e es%e # ele-e% ese'ialF
care es%e #r-&ri% c# -#l%& a%e'ie $e ives%i%ori > -o-e%#l > care baca $ore<%e s&
a%ra+& oi fo$#ri.
0.0.C.1 A(lica*ii (rac"ice
Problea 1' S%abili'i $e ce ifor-a'ii are evoie o socie%a%e bacar& NAs%raO
S.A "e%r# a8-"r#-#%#rilor acor$a%e c# -aa+e-e%#l lic/i$i%&'ii.
Efec%#a'i "ro"#eri "e%r# co$#cerea b&cii.
0.6. Risc#l Eal#"ar
0.6.1. Co(onen"e. In)ica"ori ai risc#l#i val#"ar 7i !es"ionarea aces"#ia
Risc#l val#%ar es%e5
"robabili%a%ea ca o varia'ie a c#rs#l#i val#%ar "e "ia'& s& $#c& la o $i-i#are
a "rofi%#l#i e% bacar
164
ori "robabili%a%ea ca o varia'ie a c#rs#l#i val#%ar "e "ia'& s& ifl#e'e4e
e+a%iv -ar=a $ob94ii bacare.
Risc#l val#%ar a"are > #r-a eIec#%&rii $e c&%re bac& a #or o"era'i#i
"e%r# clie'ii s&iF sa# > #-e "ro"ri#.
)I, Co-"oe%ele eI"#erii la risc#l val#%ar
Prici"alele co-"oe%e ale eI"#erii la risc#l val#%ar s#%5
Expunerea de translaie 5
Aceas%& eI"#ere a"are > ca4#l b&cilor c# ac%ivi%a%e i%era'ioal&.
Socie%&'ile afla%e > aceas%& "o4i'ie %reb#ie s& ra"or%e4e $a%e -oe$a '&rii $e referi'& a socie%&'ii -a-&. Coversia se
"oa%e face la c#rs#l 4ilei "e%r# "erioa$a $e ra"or%are. Es%e # risc care se aco"er&F
$e re+#l&F $i o"era'iile $e /ea$+i+ ce "o% fi f&c#%e "e "ia'a val#%ar&.
Expunerea tranzacional'
Ea re4#l%& $i fa"%#l c&F o serie $e o"era'ii se $esf&<oar& > val#%&F iar
c#rs#rile fl#c%#ea4&F ifl#e'9$ -ar=a > 'ara $e referi'&. EI"#erea "oa%e fi
se-ifica%iv& "e %er-e sc#r% <i es%e aco"eri%&F $e ase-eeaF "ri o"era'i#i $e
/ea$+i+.
Expunerea economic
Reflec%& ifl#e'a fl#c%#a'iilor c#rs#rilor val#%are as#"ra valorii $e "ia'& a
b&cii.
Daloarea $e "ia'& a b&cii es%e calc#la%& ca fii$ valoarea ac%#al& a %#%#ror
vei%#rilor reali4a%e > %oa%e val#%ele $e o"erare. Ac%#ali4area se face folosi$ cos%#l
-e$i# "o$era% al ca"i%al#l#i.
.11/ 1ndicatorii riscului valutar
I$ica%orii $e ba4& "e%r# a"recierea risc#l#i val#%ar s#% $oi5
Poziia valutar individual
Es%e calc#la%& "e%r# fiecare val#%& $e +es%ioa% cre<%ere vo- avea o si%#a'ie efavorabil&E
8c#rs#l val#%ar es%e > sc&$ereF si%#a'ia es%e favorabil&.
)$.&/ Poziia valutar lung )AXP,
K aces% ca45
8c9$ c#rs#l val#%ar es%e > cre<%ereF si%#a'ia es%e favorabil&E
8c9$ c#rs#l val#%ar es%e > sc&$ereF si%#a'ia es%e efavorabil&.
Poziia valutar global'
Es%e sol$#l e% al crea'elor > $evi4eF fa'& $e "asivele > $evi4eF a-bele
cover%i%e > -oe$a $e referi'& "e%r# co-"arabili%a%e.
Ca i$ica%or re"re4i%& ava%a=#l oferirii #ei i-a+ii +lobale as#"ra
eI"#erii val#%are a b&cii 
fa"%. El se folose<%e "e%r# ra"or%&ri +lobale.
$III% Ges"i#nea risc#l#i val#"ar
165
Risc#l val#%ar es%e +es%ioa% $e fiecare bac& "ri i-#i4area b&ciiF
res"ec%iv "ri a=#s%area "erio$ic& a "o4i'iilor val#%are "e%r# a s#"ri-a "o4i'iile l#+i f#c'ie $e %e$i'a c#rs#l#i val#%ar.
Aco(erirea risc#l#i val#"ar se face "ri folosirea #or -e%o$e s"ecialF a is%r#-e%elor $eriva%e )/e$+i+,. De<i i-"lic& c/el%#ieli
%ra4ac'ioale -ariF +es%i#ea "ri aco"erire "res#"#e as#-area #or risc#ri
re4oabileF a%ici"a%e.
E%a"ele +es%i#ii risc#l#i val#%ar
Pe%r# +es%i#ea risc#l#i val#%ar a# fos% i$e%ifica%e #r-&%oarele e%a"e5
Defiirea "erio$ic& a eI"#erii co%eI%#l vola%ili%&'ii a%ici"a%e a "ie'elor val#%are.
Co%rol#l risc#l#i "ri5
for-#larea "oli%icii val#%are a b&ciiE
$ese-area "roce$#rilor $e eI"#ere la riscE
s%abilirea li-i%elor $e eI"#ere.
eIec#%area %ra4ac'iilor "ro"ri# L 4ise.
0.6.'. Princi(alele ins"r#en"e )e aco(erire a risc#l#i )e sc-ib
val#"ar
Prac%ica bacar& i%era'ioal& a i$e%ifica% o serie $e is%r#-e%e $e
aco"erire a risc#l#i $e sc/i-b val#%arF s#b for-a co%rac%elor la %er-e "rivi$
sc/i-b#l val#%arF <i %e/icile $e /ea$+i+.
0.6.'.1. Con"rac"e la "eren (rivin) sc-ib#l val#"ar.
EIis%& $o#& -o$ali%&'i $e a co%a o ra%& a co%rac%elor la %er-e "rivi$
sc/i-b#l val#%ar5
fie ca # curs de sc)imb ce va fi folosi% la %er-e#l s"ecifica%E
fie s#b for-a #ei mar-e la termen, care se a$a#+& sa# se sca$e $i ra%a la
ve$ere.
Cea $e8a $o#a -o$ali%a%e es%e folosi%& -ai $esF $eoarece c#rs#rile $e
sc/i-b varia4& > -o$ co%i##F "ri a=#s%area ra%elor la ve$ere > f#c'ie $e cererea
 %i-" ce -ar=ele la %er-e fl#c%#ea4& corela% c# ra%ele $ob94ii
"rac%ica%e "e "ie'ele fiaciareF $e"i49$F bie>'elesF $e %er-e )1 l#&F 0 l#iF 7
l#i e%c.,.
Bar=a la %er-e se calc#lea4& $#"& #r-&%oarea for-#l&5
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% R P $
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#$e5
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BH -ar=a la %er-eE
P H "erioa$a "e%r# care se >c/eie co%rac%#l > 4ile )$e eIe-"l#F 0 l#i H
2: 4ile,E
S H ra%a $e sc/i-b la ve$ere )s"o% ra%e, >%re val#%a A ca4#l val#%ei AF eI"ri-a%& 4eci-alE
R
B
H ra%a a#al& a $ob94ii > ca4#l val#%ei BF eI"ri-a%& 4eci-al.
)$e eIe-"l#F 7R H :F7,
Bar=a la %er-e "oa%e fi pozitiv sa# negativ.
O -ar=& "o4i%iv& se a$a#+& ra%ei la ve$ereE > ca4#l #ei -ar=e e+a%iveF
aceas%a se $e$#ce $i ra%a $e sc/i-b la ve$ere.
Bar=a la %er-e "er-i%e o"era%orilor $e "e "ie'ele -oe%ar L fiaciare s&
s"ec#le4e $ifere'ele care eIis%& >%re ra%ele $ob94ii )la $e"o4i% sa# la cre$i%, >%re
$iferi%e val#%e.
De eIe-"l#F se >-"r#-#%& 1 -ilio $olari c# o ra%& a $ob94ii $e 3RE se
sc/i-b& aceas%& s#-& > lire s%erlie c/eie # co%rac% la %er-e
"e%r# a sc/i-ba lira s%erli& > $olari la o ra%& care se calc#lea4& "ri a$&#+area
-ar=ei la %er-e la ra%a la ve$ere.
0.6.'.'. Te-nici )e -ea)!in!
U"ili1area "e-nicilor )e -ea)!in! es"e )e"erina"& )e e5(#nerile
re1i)#ale care se ?nre!is"rea1& )#(& corelarea 7i crearea #nor (ro"ec*ii
s"ra"e!ice.
La ba4a o"era'i#ilor $e re$#cere a risc#l#i val#%ar s%a# $iferi%e is%r#-e%e
co%rac%#aleF $e#-i%e $eriva%e. Di%re aces%e $eriva%e s#% $e -e'ioa%5
$A% Con"rac"ele forOar)
S#n" e"o)e )e aco(erire val#"ar& la "eren> (rin ?nc-eierea #n#i
con"rac" )e c#(&rare9v<n1are a #nei s#e )in"r9o val#"& con"ra #nei an#i"e
s#e )in"r9o al"& val#"&> la o )a"& ?n vii"or. Con"rac"#l se ne!ocia1& )in (#nc" )e
ve)ere al val#"ei> s#ei> ra"ei )e sc-ib 7i a )a"ei e5ec#"&rii "ran1ac*iei.
E5ec#*ia con"rac"#l#i forOar) are ca sca)en*& ?n orice oen" ?n vii"or> ?n"re .
1ile 7i 6 ani> fa*& )e o(era*iile s(o"> #n)e e5ec#*ia con"rac"#l#i are loc )#(& )o#&
1ile l#cr&"oare )e la ini*ierea "ran1ac*iei.
Ia%& $e "il$&F $ac& o fir-& are evoie "e%r# 1(: $e 4ile $e o s#-& $e 1:
-ilioae GBPF ea se "oa%e a$resa #ei b&ciF care va i%ra >%r8# co%rac% forJar$ $e
livrare la acea $a%&. Baca "oa%e solici%a fir-ei "e%r# aces% co%rac% # eve%#al
$e"o4i% $e si+#ra'&. Pes%e 1(:$e 4ileF fir-a ac/i4i'ioea4& s#-a > GBPF la "re'#l
forJar$ )c#rs#l $e sc/i-b, covei% "ri co%rac%. C#rs#l $e sc/i-b )"re'#l
co%rac%#l#i $e sc/i-b forJar$, se $e%er-i&F "o%rivi% "rici"i#l#i "ari%&'ii $ob94ilorF
a=#s%9$ c#rs#l s"o% c# $ifere'a $i%re ra%ele $ob94ii val#%elor care fac obiec%#l
co%ac%#l#i. Aceas%& $ifere'&F care re"re4i%& "#c%e forJar$ sa# S.APF "oa%e fi
"o4i%iv& )"ri-&,F sa# e+a%iv&)$isco#%,.
K ceea ce "rive<%e co%a'ia #ei val#%eF a%9% s"o%F c9% <i forJar$F aceas%a
c#"ri$e $o#& ra%e5 ra%a la care baca va c#-"&ra val#%a )bi+ ra%e, ca4#l ##i $isco#% forJar$F "#c%#l forJar$
bi$ X"#c%#l forJar$ as*. Calc#l#l "#c%elor forJar$ se face $#"& #r-&%oarea rela'ie5
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H #-&r#l $e 4ile al "erioa$ei $e co%a'ie forJar$.
Co%rac%ele forJar$ re"re4i%& # a+a=a-e% <i o obli+a'ieF eres"ec%area
lor a%r&+9$ $#"& sie risc#l #or "ier$eri. Aces%e co%rac%eF "re4e%9$ ava%a=#l
#or cos%#ri rela%iv -ai sc&4#%eF a# $e4ava%a=#l c& # se "oa%e beeficia $e
eve%#alele -i<c&ri favorabile ale c#rs#l#i $e sc/i-b.
Pe%r# o bac&F risc#rile $e %ra4ac'ioare la %er-e a# -#l%e ra-ifica'iiF ele
"#%9$ fi5 risc#ri $e cre$i%areF risc#ri le+aleF risc#ri $e %re4orerie c/eierea co%rac%#l#i "9& la %ras-i%erea is%r#c'i#ilor $e "la%& la o
bac& cores"o$e%& "osibili%a%ea c&F la $a%a
val#%eiF clie%#l s& # "oa%& "l&%i b&cii $a%oria sca$e%&. Risc#l eIis%& $a%ori%& fa"%#l#i
c&F "o%rivi% #4a'elor i%era'ioaleF is%r#c'i#ile la care es%e $esc/is co%#l os%r#F
es%e c# o 4i sa# $o#& >ai%e $e $a%a val#%eiF "e%r# a "er-i%e %rasfer#l fo$#rilor -ai
$e"ar%e. K -o-e%#l > care a fos% %ras-is& is%r#c'i#eaF baca es%e eI"#s&
risc#l#i caF clie%#l s& # livre4e baii "e careF cofor- co%rac%#l#iF %reb#ie s&8i
"l&%easc& la $a%a val#%ei. Aces% risc $e $eco%are "oa%e fi aco"eri% cre9$F "e%r#
a-bele $evi4e i-"lica%e > co%rac%F sis%e-e $e +ara%are a %rasfer#rilor val#%are $i
"ar%ea b&cilor o"era%oare )eI. SJa"8#l val#%ar,.
$B% S,AP 3#l val#"ar $al ra"ei )e sc-ib%.
Es%e o %ra4ac'ie co-"leI&F ce "res#"#e co-biarea a $o#& o"'i#i
si-"le $e v94are L c#-"&rare $e val#%&F o"era'i#i care se reali4ea4& si-#l%aF $ar
a# sca$e'e $iferi%e. S.AP8#l val#%ar a a"&r#% $i ecesi%a%ea $e aco"erire a #or
a+a=a-e%e >%r8o val#%&F f&r& a -o$ifica la %er-e s%r#c%#ra a+a=a-e%elor cele $o#& val#%e.
Se c#osc -ai -#l%e %i"#ri $e o"era'i#i S.AP L val#%are.
K f#c'ie $e %i"#l o"era'i#ilor efec%#a%e > fiecare $i cele $o#& ra-#ri ale #ei
%ra4ac'ii S.APF $is%i+e-5
S.AP a b#P a$ sellO L care se folose<%e a%#ci c9$ se
c#-"&r& o val#%& )val#%a "rici"al&,F co%ra al%ei val#%e "rici"ale co%ra celeilal%e
val#%eF fiecare o"era'i#e av9$ al%& $a%& $e val#%&.
S.AP asell a$ b#PO L es%e o"era'i#ea $e vi$ere a val#%ei "rici"aleF
si-#l%a c# c#-"&rarea aces%eia co%ra al%ei val#%eF fiecare o"era'i#e
av9$ al%& $a%& $e val#%&.
K f#c'ie $e $a%a val#%ei cores"#4&%oare fiec&rei o"era'i#iF %ra4ac'iile S.AP "o%
fi5
168
S.AP as"o% eI%O L #$e "ri-a ra-#r& $e S.AP are ca $a%& a val#%ei
#r-&%oarea 4i l#cr&%oareF iar a $o#a ra-#r& are $a%a val#%ei s"o%E
S.AP as"o%1forJar$O L #$e "ri-a ra-#r& are $a%a val#%ei s"o%F iar cea $e8
a $o#a la # -o-e% #l%eriorF >ce"9$ c# a %reia 4i l#cr&%oare $e la $a%a
>c/eierii %ra4ac'iei acela cele
$o#& c#rs#ri Ls"o% %r#c9% orice sc/i-bare ar >se-a # c9<%i+ sa# o
"ier$ere "e%r# bac&F > f#c'ie $e ses#l sc/i-b&rii. Ks& $er#larea o"era'i#ii
co-"leIe ecesi%& > -o$ obiec%iv o "erioa$& $e %i-"F ceea ce face ca >%o%$ea#a la
>ce"erea #ei ase-eea o"era'i#iF s& eIis%e # risc al $ifere'ei $e aco"erire >%re
o"era'i#ile s"o% aces% ca4F res"ec%iv -ar=ele $e si+#ra'& s#% co%a%e -ai
lar+. Pe%r# bac&F # S.AP es%e o for-& $e >-"r#-#% +ara%a%F $eci i-"lic& # risc
al cre$i%#l#i rela%iv -ai re$#s $ec9% >-"r#-#%area $e fo$#ri i%ere.
O"era'i#ile S.AP "ri s"ecific#l lorF s#% o"era'i#i la %er-e. Ele "er-i%
"lasarea #or s#-e > $evi4e afla%e > eIcesF $ar "o% fi efec%#a%e #-ai > le+&%#r& c#
val#%ele cele -ai i-"or%a%e care co%ea4& a%9% s"o%F c9% ca4#l
co%rac%elor forJar$F aces% %i" $e o"era'i#i solici%& b&cii a$o"%area #or co$#i%e
a%e%e > selec%area clie'ilorF fii$ "refera'i cei c# lic/i$i%a%e ri$ica%&F care "re4i%&
boi%a%e %re %ra4ac'iile la %er-e 
ce "rive<%e5
sca$e'a5 %ra4ac'iile S.AP se #%ili4ea4& "e%r# sca$e'e -ai -ariF $e
"9& la 1: aiF > %i-" ce %ra4ac'iile la %er-e c# sca$e'e >%re 0 4ile %re cele $o#& val#%e5 la %ra4ac'iile la %er-eF
$ifere'a $e $ob9$& L se icl#$e > calc#l#l "re'#l#iF as%fel >c9% c#rs#l $e
sc/i-b la %er-e $ifer& $e c#rs#l s"o%E la %ra4ac'iile S.APF $ifere'a $e
ra%& a $ob94ii se "l&%e<%e > -o$ c#re% >%re cele $o#& "&r'i <iF "ri
#r-areF c#rs#l $e sc/i-b es%e acelace"#% <i la sca$e'&.
S& "res#"#e-F $e eIe-"l#F c& # clie% $ore<%e co%a'ia GBP fa'& $e USD
la s"o% "re4e'a clie%#l#i
#r-&re<%e co%a'iile GBP1USD s"o% <i forJar$ la 0 l#i5
s"o% 1 GBP H 1F(71611F(7!6 USD
0 l#i 1 GBP H 1F1(31(11F(301 USD
a$isco#%O !278!23 "#c%e.
Clie%#l $ore<%e s& c#-"ere GBP 6::::: L c# sca$e'a "es%e %rei l#iF la
c#rs#l $e 1 GBP H1F(301 USDF o"era'ie c# care $ealer8#l es%e $e acor$. Pri co%a'ia
f&c#%& s8a aco"eri% >%r8o oarecare -&s#r& $e o sc/i-bare "rea -are > ses#l e$ori%
$e elF c# li-i%a $e !23 "#c%e "e care le8a ce$a% clie%#l#i $eoarece $#"& aali4ele
sale GBP8#l se va $e"recia > ra"or% c# USD. K aces% -o-e%F $elear8#l "ri
v94area $e GBP are o "o4i'ie as/or%O "e GBPF iar "ri c#-"&rarea $e USD are o
"o4i'ie alo+O
"e USD.
Po4i'ia as/or%O "e GBP %reb#ie aco"eri%& $e c&%re $ealer "e%r# a # se
eI"#e "rea -#l% risc#l#i ra%ei $e sc/i-b. Pe%r# a re4olva aceas%& "roble-& $ealer8
#l va cere o co%a'ie GBP1USD la %rei l#i al%ei b&ci sa# ##i bro*erF iar $ac& c#rs#l
169
"ri-i% asi+#r& acoperirea, $ealer8#l va efec%#a o"era'i#ea $e a c#-"&ra 6:::::
GBP co%ra USD.
O al%& "osibili%a%e $e acoperire a "o4i'iei es%e efec%#area $e c&%re $ealer a
#ei %ra4ac'ii co-bia%e s"o%1forJar$F $#"& c#- #r-ea4&5
c#-"&r& 6::::: GBP c# val#%& s"o%F la c#rs#l "ie'ei $i acel -o-e% )eI"l5 1 GBP
H1F773( USD,E
face # sJa" asell a$ b#PO s"o%1forJar$ la 0 l#i c# 1:: "#c%e > favoarea saE
DeciF o"era'i#ea se va re"re4e%a sc/e-a%ic as%fel5
L c#-"&rare $e 6::::: GBP L val#%& s"o% la c#rs#l $e 1 GBP H1F773(E
L v94are $e 6::::: GBP L "e%r# sJa" la c#rs#l $e 1 GBP H1F(301 USD )((!F:::
USD,E
8 c#-"&rare $e 6::::: GBP L "e%r# sJa" la c#rs#l $e 1 GBP H1F763: USD )1::
"#c%e > favoarea sa la sca$e'a "e 0 l#id.(77F::: USD,E
8 v94are $e 6::::: GBP clie%#l#i c# sca$e'a la 0 l#i la c#rs#l $e 1 GBP H1F766:
USDd..(77F6:: USD.
Cocl#4ie5
baca are c9<%i+ $e 1:: "#c%eE
"e%r# bac& o"era'i#ea $e aco"erire "e%r# sJa" es%e $e fa"%F # >-"r#-#%
+ara%a%F i-"lic9$ $eci # risc al creditului -#l% -ai re$#s $ec9% >-"r#-#%#l obi<#i%E
sJa"8#l val#%ar es%e #%ili4a% s"o% sa# forJar$.
O"era'i#ea $e $e"lasare > %i-" a sca$e'ei o"era'iei ii'iale se #-e<%e
o"era'i#e rollover.
)C% O(era*i#nea f#"#res
U co%rac% f#%#res re"re4i%& # acor$ $e a c#-"&ra sa# $e a vi$e o
s#-& $e%er-ia%& $i%r8o val#%&F la # "re' s%abili% > -o-e%#l >c/eierii co%rac%#l#iF
$ar c# eIec#%area %ra4ac'ie la o $a%& vii%oare. De%re cele $o#& "&r'iF ca > "ri-#l ca4. Ievi%abilF aceas%a
se-ific& o fleIibili%a%e -ai sc&4#%&. Se l#crea4& c# cifre ro%#$e $e re+#l& !6:::
USDF sa# !6::: GBPF iar sca$e'ele s#% li-i%a%eF > +eeralF la -aIi-#- 3 ai. Pe
$e al%& "ar%eF co%rac%ele f#%#res asi+#r& "osibili%a%ea ale+erii #ei +a-e -ari $e
val#%eF c# %oa%e c& "re'#l ce %reb#ie "l&%i%1"ri-i% va oscila vi4ibil > f#c'ie $e
a%rac%ivi%a%ea ra%elor $e sc/i-b.
Co%ac%ele f#r#res s#% co%a%e 4ilic la b#rsa L f#%#resF as%fel >c9%
"ier$erile #ei "&r'i s#% %rasfera%e ca vei%#ri celeilal%e "&r'i. Aco"erirea #ei "o4i'ii
as/or%O )$a%orii la %er-e >%r8o val#%&,F sa# alo+O )crea'e >%r8o val#%&, se "oa%e
reali4a "ri l#area #ei "o4i'ii $e ses co%rar.
Co%rac%ele f#%#res "o% fi c#-"&ra%e orice -o-e%F $arF $ac&
eIis%& # co%rac% care co'ie o ra%& $e sc/i-b > $e%eriorare "ro+resiv&F a%#ci
$e'i&%or#l co%rac%#l#i "oa%e fi evoi% s& cos%i%#ie # cola%eral s#"li-e%ar la b#rsa L
f#%#resF $re"% +ara'ie a livr&rii fo$#rilor la sca$e'&.
Co%ac%ele f#%#res "e%r# e#%rali4area risc#l#i val#%ar s#% "#'i #%ili4a%e >
E#ro"aF $a%ori%& rela%ivei ei ifleIibili%&'iF co-"ara%iv c# o "ia'& forJar$ bie $e4vol%a%&
"e%r# %oa%e val#%ele i-"or%a%e. Aces% %i" $e co%rac%e es%e -ai frecve% >%9li% >
SUAF >$eosebi "e%r# val#%ele c#- ar fi "esos8#l -eIicaF la care "ia'a forJar$
"oa%e fi lic/i$&.
170
K Ro-9ia o "ia'& f#%#res a fos% or+ai4a%& s& o $e4vol%are "rea -are.
$D% O(*i#ni val#"are
O"'i#ea re"re4i%& # acor$ "ri care v94&%or#l )e-i%e%#l o"'i#ii,
acor$& c#-"&r&%or#l#i )$e'i&%or#l o"'i#ii, $re"%#lF $ar # a#-i%e co$i'ii )"re'F %er-e $e valabili%a%e,. Pe%r#
aces% $re"%F c#-"&r&%or#l "l&%e<%e o "ri-& la "rel#area o"'i#ii. S#-a -a=ori%a%ea -oe$elor $i %oa%e '&rile #$e eIis%& <i o "ia'& val#%ar& forJar$ lic/i$&F
care # es%e res%ric'ioa%& $e re+le-e%&rile val#%are.
EIis%& $o#& %i"#ri $e ba4& $e o"'i#i5 CALL )$e c#-"&rare, %i-"
ce o"'i#ea PUT $& $re"%#lF $ar # 
acelea<i co$i'ii.
Pre'#l $e eIerci%are al o"'i#ii )s%i*e "rice,F es%e ra%a $e sc/i-b la care se
reali4ea4& %ra4ac'ia. Difere'a $i%re "re'#l $e eIerci%are <i "re'#l "revale% al "ie'eiF
re"re4i%& valoarea i%risec& a o"'i#ii.
A%#ci c9$ "re'#l $e eIerci%are es%e e+al c# "re'#l "revale% al "ie'ei )care
"oa%e fi ra%a s"o% sa# -ai frecve%F cea forJar$,F o"'i#ea se #-e<%e aa%8%/e8-oePO
 +eeralF -ai sc#-"& $ec9% cea aa%8%/e8
-oePO.
K si%#a'ia ivers&F res"ec%iv a%#ci c9$ o"'i#ea # are valoare i%risec&F
ea se #-e<%e aa#%8%/e -oePO. C#-"&rarea #or as%fel $e o"'i#i s#% "re+&%i'i s&
acce"%e o $e%eriorare a c#rs#l#i $e sc/i-bF $eoarece es%i-ea4& "robabil c& varia'ia
val#%ar& va fi > favoarea lor.
O"'i#ea CALL es%e ai8%/e8-oePO $ac& "re'#l $e eIerci%are es%e -ai -ic
$ec9% "re'#l 4ileiF ceea ce >sea-& c& $e'i&%or#l o"'i#ii $eci$e eIec#%area
%ra4ac'iei "e%r# c& a c#-"&ra% la # "re' -ai -ic <i "oa%e revi$e la # "re' -ai
ri$ica%. Dac& "re'#l $e eIerci%are es%e -ai -are $ec9% "re'#l 4ileiF o"'i#ea CALL es%e
aa#%8%/e8-oePO.
O"'i#ile val#%are a# fos% %ra4ac'ioa%e "ri-a oar& la B#rsa $i
P/ila$el"/iaF > 12(!F $#"& care vol#-#l o"era'i#ilor a# cresc#% ra"i$. K "re4e%
eIis%& o $iversificare co%i#& a %i"#rilor $e o"'i#iF $i%re care5
$D1%O(*i#ni cilin)r#F care s#% s%r#c%#ra%e $i $o#& o"'i#i.
De eIe-"l#F $ac& o co-"aie are evoie s& sc/i-be GBP co%ra USDF
o"'i#ea cili$r# va cos%a > c#-"&rarea #ei o"'i#i GBP PUT1USD CALL la o ra%&
aa#%8%/e8-oePO. Pri-a la o"'i#ea v9$#%& va co-"esa "ar'ial sa# i%e+ral "ri-a la
o"'i#ea c#-"&ra%&.
171
$D'% O(*i#nile co(#seF re"re4i%& > ese'& o o"'i#e la o"'i#e.
C#-"&r&%or#l #ei o"'i#i la o"'i#e ob'ie $re"%#lF $ar # vii%or 
$o#& e%a"e5 o "ar%e la -o-e%#l c#-"&r&rii o"'i#ii ori+ialeF iar res%#l $ac& <i #-ai
$ac& es%e "rel#a%& a $o#a o"'i#e. O"'i#ile co-"#se f#c'ioea4& cel -ai bie
a%#ci c9$ "ri-a o"'i#e are o sca$e'& -ai sc#r%& $ec9% cea $e8a $o#a.
$D.% O(*i#nile Xloo+9bac+A
Aces%e o"'i#i "er-i% c#-"&r&%or#l#i s& "ri-easc& cea -ai b#& ra%&
)$efii%&F $e obiceiF ca # "#c% fiI > fiecare 4i, "e "arc#rs#l "erioa$ei o"'i#ii. De
"erioa$a o"'i#iiF c# "reve$erea c& o"'i#ea ><i "ier$e valoarea $ac& $e a%i+e #
a#-i% c#rs $e sc/i-b "res%abili%.
$D6%O(*i#nile X+noc+9inA
Aces%ea s#% ase-&&%oare c# o"'i#ile a*oc*8o#%OF c# eIce"'ia fa"%#l#i c&
# se ac%ivea4& "9& la a%i+erea #ei a#-i%e ra%e $e sc/i-b. As%fel s"#sF aces%e
o"'i#i # asi+#r& "ro%ec'ie "9& > -o-e%#l >re+is%r&rii res"ec%iv#l#i c#rs.
Tea$+i+8#l risc#l#i val#%ar re"re4i%& $oar # -i=loc sie a
"oli%icilor -aa+eriale. Ks&F "ri $i-i#area i-"ac%#l#i vola%ili%&'ii c#rs#l#i $e sc/i-b
as#"ra afacerilorF se asi+#r& # +ra$ $e cer%i%#$ie al aces%ora <i se -&re<%e cali%a%ea
c9<%i+#rilorF a$&#+9$ as%fel valoare.

0.6.'... A(lica*ii (rac"ice
PROBLE;E RENOLEATE
Problea 12 Calc#la'i ra%a $e sc/i-b "e%r# # co%rac% "e %er-e $e 0
l#iF "e%r# #r-&%or#l eIe-"l#5
$ob9$a "e%r# USDF "e%r# 0 l#i5 (F!6RE
$ob9$a "e%r# lire s%erlieF "e%r# 0 l#i5 3F6:RE
ra%a $e sc/i-b la ve$ere lir& 1 $olar5 1 lir& H 1F61!6 $olari.
Re1olvare2
B H
Zkh Z iZ ]^Z
Zkh Z Zjbh Z hVbh V iZ
>
% > > $ >
+

H :F:13
R
S
H 1F61!6W:F:13 H1F6!76
Problea '2 S& se eI"lice c#- "oa%e fi aco"eri% risc#l $e sc/i-b val#%ar >
#r-&%oarele si%#a'ii5
Treb#ie "l&%i%& o fac%#r& > USDF "e a.
Es%e $e f&c#% o "la%& > leiF ec/ivale% a USD 1:.:::F c9$va > #r-&%oarele %rei l#i c/eia as%&4i #
co%rac% la %er-e "ri care s& fie fiIa%e "re'#l )c#rs#l $e sc/i-b, "e care va %reb#i s&
fie "l&%i% a#l vii%or "e%r# $olari.
O al%& sol#'ie ar fi s& se >c/eie # co%rac% %i" Ncall o"%ioO "e%r# a
c#-"&ra $olari. Dac& "re'#l $olarilor )c#rs#l $e sc/i-b, sca$e sa# r&-9e cos%a%F
# se eIerci%& $re"%#l "e care >l $& co%rac%#l. Dac& >s& "re'#l cre<%eF se face #4 $e
co%rac%#l Ncall o"%ioO c#-"&r9$ $olari la "re'#l s%abili% a%erior.
Treb#ie co-"ara% cos%#l )"ri-a, >c/eierii celor $o#& %i"#ri $e co%rac%e.
)b, Deoarece la $a%a la care %reb#ie s& fie efec%#a%& "la%a # es%e clar
s"ecifica%&F se "oa%e c#-"&ra # co%rac% %i" o"'i#e care "oa%e fi eIec#%a% oric9$ >
#r-&%oarele %rei l#i.
O a $o#a sol#'ie es%e >c/eierea ##i co%rac% la %er-eF care va fiIa "re'#l
> vii%or i%erval#l $e %rei l#i.
De re+#l&F cos%#l ##i co%rac% la %er-e es%e -ai -ic $ec9% al #ei o"'i#i.
Problea .2 O or+ai4a'ie ecoo-ic& are la # -o-e% $a% T
:
#r-&%oarea
si%#a'ie5
$is"oibil co% !3: ::: USDE
"es%e 0 l#i are $e ac/i%a% # i-"or% > E#ro > valoare $e !(1 :::
E#roE
c#rs#l > -o-e%#l T
:
1 USD H 1F!1 E#ro.
Se es%i-ea4& o >%&rire a -oe$ei E#ro > ra"or% c# $olar#l 1 USD H 1F16 E#ro.
Pre4e%a'i -o$ali%a%ea $e aco"erire la ve$ere a risc#l#i val#%ar $e c&%re
baca ce eIec#%& o"era'ii > #-ele clie%#l#i.
Re1olvare2
Aco"erire la ve$ere es%e o -o$ali%a%e "ri care baca reali4ea4& o
o"era'i#e la ve$ere > #-e "ro"ri# sa# > #-ele clie'ilor s&i.
O"era'i#ea la ve$ere efec%#a%& es%e #r-&%oarea5
se v9$ $olari $e"lie<%e es%i-area s"eciali<%ilor fir-a c9<%i+&5
)1F!181F16, I !3: ::: H 13 3:: E#ro %r8# i%erval sc#r% o bac& sa# o
socie%a%e co-ercial& s& sca"e $e o val#%& > s#feri'&F orie%9$#8se s"re o val#%&
-ai s%abil& $e#-i%& Nval#%& $e ref#+i#O.
Problea 02 La $a%a $e !6.:6. a a#l#i N # clie% solici%& b&cii sale #
c#rs forJar$ USD1ROL c# $a%a val#%ei "es%e 7 4ile )1.:7,F "e%r# s#-a $e 1.:::.:::
USD. Baca >i va co%a c# (.3271(.632F c#rs ob'i#%F folosi$ c#rs#l s"o% (.3(:1(.6::F
$ob94ile le#11 s&"%&-9& 16R106R <i $ob94ile USD 11 s&"%&-9& 6.06R 1 6.60R.
Re1olvare2
Calc#l&- "#c%ele forJar$ "o%rivi% for-#lei5
455 @A5
)
.
s
6
"
.
*N.
 care baca aco"er& %ra4ac'iile <i
a#-e5
173
$ac& clie%#l $ore<%e s& v9$& b&cii 1.:::.::: USD c# $a%a val#%ei "es%e 7 4ileF ca
s& ob'i& leiF baca va c#-"&ra # co%rac% forJar$F c#rs#l val#%ei la %er-e fii$ $e
(.327 lei "e%r# 1 USDF cofor- for-#lei $e -ai s#s5
455 @A5
>) ?:?@) (4? (=<=5 =<=5
+
Pe%r# a oora co%rac%#lF baca se >-"r#-#%& $e 1.:::.::: USD "e%r# 7
4ileF la o $ob9$& $e 6F60R ".a.F ceea ce ec/ivalea4& c# o c/el%#ial& $e 1:76 USDF
res"ec%iv $a%oria $e a ra-b#rsa la sca$e'& 1.::1.:76 USD. I-e$ia%F s#-a
>-"r#-#%a%& o vi$e s"o% la # c#rs $e (3(:Fob'i9$ (.3(:.:::.::: leiF "e care >i
"lasea4& i-e$ia% >%r8# $e"o4i% "e 7 4ile c# o $ob9$& $e 16R ".a.
De"o4i%#l va c9<%i+a o $ob9$& $e !3.700.0!( leiF ceea ce >sea-& ca la
sca$e'& baca va avea (.6:3.700.0!( lei. Pe ba4a s#-elor > lei USDF "re'#l la
%er-e )c#rs#l le#1 USD, "oa%e fi calc#la% as%fel5
leiO7H. =-<;A
4-554-5>?
@9= =-?5<->@@-
D#"& 7 4ileF clie%#l va livra b&cii 1.:::.::: USDF iar aceas%a va livra
clie%#l#i (.327.:::.::: lei -"r#-#%#l > USD. Re4#l%& $e aici c&F
clie%#l es%e cel care "l&%e<%e c/el%#ielile c# $ob9$a la >-"r#-#% > USD care es%e >c/eia% co%rac%#l la %er-e.
K si%#a'ia > care clie%#l $ore<%e s& c#-"ere 1.:::.::: USD co%ra leiF baca va
vi$e # co%rac% la %er-e > USDF "re'#l fii$ $e
455 @A5
>) ?:?@) (4? (=<=5 =<=5
+
H(.327 lei1 USD.
EI"lica'ia "re'#l#i cos%& > fa"%#l c&F baca c#-"&r& s"o% 1.:::.::: USD
$e "e "ia'a val#%ar&F la # c#rs $e (.6:: lei1 USD -"r#-#%& $e (.6::.:::.::: leiF "e%r# 7 4ileF c# o $ob9$& $e 06R ".a.
La sca$e'&F baca va #%ili4a $e"o4i%#l > USD "e%r# a livra clie%#l#i
1.:::.::: USDF iar s#-a > lei "ri-i%& $e la aces%a va fi #%ili4a%& "e%r# ra-b#rsarea
>-"r#-#%#l#i > lei. DeciF clie%#l es%e cel care "l&%e<%eF "ri "re'#l la %er-eF
c/el%#ielile c# $ob94ile la >-"r#-#%#l > lei USD.
Problea 62 O fir-& elve'ia& i%e'ioea4& s& e-i%& obli+a'i#i > valoare
$e !F( -ilioae CT?F la o ra%& a $ob94ii $e 7F6RF "e o "erioa$& $e # a. Pe o
"erioa$& $e # a fir-a are evoieF $e fa"%F $e o s#-& $e ! -ilioae USD "e%r#
ac/i4i'ioarea #or -a%erii "ri-e. Dac& ar c#-"&ra baii $e "e "ia'a val#%ar&F ar
%reb#i s& "l&%easc& 2F76R. Pe $e al%& "ar%eF o fir-& a-erica& i%e'ioea4& s& e-i%&
obli+a'i#i > valoare $e ! -ilioae USDF la o ra%& a $ob94ii $e 1:R "e aceea<i
"erioa$&F $ar are evoie i-e$ia%& $e !F( -ilioae CT?. Dac& ar c#-"&ra s#-a $e "e
"ia'a val#%ar& ar %reb#i s& "l&%easc& (F6R "e a. A-bele fir-e se a$resea4& ##i
$ealer S.AP.
Re1olvare2
Pe%r# efec%#area S.AP8#l#iF fir-a elve'ia& e-i%e obli+a'i#ile <i "l&%e<%e
cele !F( -ilioae CT? $ealer#l#iF care le %rasfer& fir-ei a-ericae. Aces%aF la r9$#l
s&#F e-i%e obli+a'i#ile la ! -ilioae USDF s#-& "e care o %ras-i%e $ealer8#l#iF iar
174
aces%a o %rasfer& fir-ei elve'iee. Re4#l%a%#l e% es%e c& fiecare fir-& > val#%a ecesar&.
La fiele a#l#i se efec%#ea4& "la%a $ob94ilor. Dealer8#l S.AP ara=ea4&
"e%r# fir-a elve'ia& o $ob9$& $e 2F76R "e a "e%r# cele ! -ilioae USDF iar
"e%r# fir-a a-erica& o $ob9$& $e (R "e a "e%r# cele !F( -ilioae CT?. As%felF
fir-a elve'ia& "l&%e<%e $ealer8#l#i :F:276 I ! -ilioae USD H:F126 -ilioae USD.
Dealer8#l %rasfer& :F! -ilioae USD fir-ei a-ericaeF "e care aces%a >i folose<%e
"e%r# a "l&%i $ob9$a la obli+a'i#i. La r9$#l s&#F fir-a a-erica& "l&%e<%e :F:( I
!F( -ilioae CT? H:F!!3 -ilioae CT? $ealer8#l#iF care %rasfer& fir-ei elve'iee
:F!1 -ilioae CT?F "e%r# ac/i%area $ob94ilor la obli+a'i#ile e-ise. Re4#l%& #
c9<%i+ a#al $e 13.::: CT? USDF "e care are o "ier$ereF $ealer8#l es%e eI"#s risc#l#i $e fl#c%#a'ie a
c#rs#l#i $e sc/i-b la care ar "#%ea cover%i cei 13.::: CT?F fii$ obli+a% s& se
"ro%e=e4e. El ar "#%ea s%r#c%#ra ra%ele $ob94ilor $e a<a a%#r& >c9% s& # aib& ici o
eI"#ereF $ar > acela si%#a'ia > care #a $i%re fir-e #8'i oorea4&
obli+a'iile.
La sca$e'&F fir-a elve'ia& "l&%e<%e ! -ilioae USD $ealer#l#iF care >i
%rasfer& fir-ei a-ericaeF aceas%a #%ili49$ s#-a res"ec%iv& "e%r# r&sc#-"&rarea
obli+a'i#ilor.
?ir-a a-erica& "l&%e<%e !F( -ilioae CT? $ealer#l#iF care >i %rasfer&
fir-ei elve'iee "e%r# r&sc#-"&rarea "ro"riilor obli+a'i#i.
Efectul net al %ra4ac'iei es%e c& fir-a elve'ia& a cover%i obli+a'i#i $e !F(
-ilioae CT?F c# o $ob9$& $e 7F6R "e a > obli+a'i#i $e ! -ilioae USDF c# o
$ob9$& $e 2F76R "e aF ecoo-isi$ as%fel 11( "#c%e $ob9$& $i ceea ce ar fi
"l&%i% la # >-"r#-#% $e USD. ?ir-a a-erica& a cover%i% obli+a'i#i $e ! -ilioae
USD c# o $ob9$& $e 1:R "e a > obli+a'i#i $e !F( -ilioae CT?F c# o $ob9$& $e
(R "e aF ecoo-isi$ :F6 "#c%e $ob9$& $i ceea ce ar "l&%i la # >-"r#-#% $e
CT?. Profi%#l $ealer#l#i re4#l%& $i $ifere'a >%re $ob94ile >casa%e <i $ob94ile
"l&%i%e. El a "l&%i% CT? la o ra%& $e (R "e aF $ifere'a fii$ $e :F6RE a "ri-i% USD la o
ra%& a $ob94ii $e 2F76R "e a <i a "l&%i% USD la 1:R "e aF "ier49$ :F!6RF c9<%i+#l
+lobal fii$ $e :F!6R. Re4#l%& c&F $icolo $e ava%a=eF S.AP L#l val#%ar $e%er-i&
"e%r# fiecare "ar%ici"a% la co%rac% "erioa$a #r-&%oareF res"ec%iva val#%& se
va a"reciaF fir-a se aco"er& c#-"&r9$ 1: co%rac%e f#%#res a c9%e 1!6.::: CT?F al
c&ror "re' >l aco"er& > USD. Cosi$er&- c& > "re4e% c#rs#l $e sc/i-b es%e $e
:F373: CT? "e%r# 1 USD iar $#"& 7 l#i va fi $e :F3(3:. S%abili'i re4#l%a%#l aces%#i
co%rac% f#%#res la %er-e.
Re1olvare2
?ir-a va "ier$e la "o4i'ia sa s/or%5
:F3(3:8:F373:H:F:! CT? la 1 USDF res"ec%iv
1.!6:.::: I :F:!H!6.::: CT?
Pe co%rac%#l f#%#res > sc/i-bF fir-a va c9<%i+a o s#-& ec/ivale%& c# care > l#a se"%e-brie a a#l#i NF fir-a aAPOLLOO
es%i-ea4& c& va avea >ce"9$ c# a $o#a =#-&%a%e a l#ii $ece-brie # eIce$e% $e
fo$#ri $e 1 -ilio USDF "e%r# o "erioa$& $e %rei l#i. Ea se cofr#%& as%fel c# risc#l
ca "9& > $ece-brie ra%a $ob94ii "e %rei l#i s& sca$&F ceea ce ar $e%er-ia o
175
"lasare a fo$#rilor la # ra$a-e% -ai re$#s. Pe%r# a aco"eri aces% riscF fir-a va
c#-"&ra # co%rac% ?UTURES "e %rei l#i.
Re1olvare2
Etapele operaiunii5
K se"%e-brie )T
:
,fir-a c#-"&r& # co%rac% ?UTURES "e %rei l#i la 2!.76F
asi+#r9$#8'i as%fel "lasa-e%#l fo$#rilor sale > $olari la %rei l#iF la ra%a $ob94ii $e
7F!6R )1::82!F76,. La >c/eierea co%rac%#l#i fir-a "l&%e<%e -ar=a $e 76: USD.
b, D#"& c9%eva 4ile )T
1
, "re'#l co%rac%#l#i sca$e la 2!F6:F ra%a
$ob94ii a=#+9$ la 7F6:R )1::82!F6:,. ?ir-a %reb#ie s& s#"li-e%e4e +ara'ia sa
)are o "o4i'ie lo+ sea-& c& fir-a va "ri-i > co%#l s&#
-ar=a $e 7!6 USD. )20F::82!F76,I)2:107:,I1.:::.::: USDH7!6 USD.
$, K #l%i-a 4i $e %ra4ac'ii > l#a $ece-brie )T
0
, "re'#l a=#+e la 20F $eci
ra%a $ob94ii sca$e la 7R )1:: 8 20,. ?ir-a vi$e co%rac%#l sa# ?UTURES ob'i9$
# c9<%i+ $e 7!6 USD.
)20F::82!F76,I)2:107:,I 1.:::.::: USD H7!6 USD.
Re4#l%& #ele cocl#4ii ese'iale5
8 Cel care "lasea4& fo$#ri la %er-e >ce"9$ c# # -o-e% T
!
la o
$ob9$& fiI& -"o%riva risc#l#i $e cre<%ere a ra%ei $ob94ii $e
"ia'&F av9$ > ve$ere $ob9$a c#re%& D
:
F va vi$e # co%rac% ?UTURES "e ra%a
$ob94ii > -o-e%#l T
:
"e%r# -o-e%#l T
!
8T
0
E $ac& ra%a $ob94ii va cre<%e )D
!
8D
:
,F
va "ier$e la "lasa-e%F $ar va c9<%i+a lic/i$9$ "o4i'ia ?UTURES la # "re' P
!
fP
:
.
8 Cel care >-"r#-#%& la %er-e la o $ob9$& fiI&F "e%r# a se aco"eri
>-"o%riva risc#l#i $e sc&$ere a ra%ei $ob94ii va c#-"&ra # co%rac% ?UTURES "e
ra%a $ob94ii5 eve%#ala "ier$ere va fi co-"esa%& "ri%r8# c9<%i+ la b#rs&.
8 Cel care >-"r#-#%& la %er-e c# o $ob9$& variabil& -"o%riva risc#l#i $e cre<%ere a ra%ei $ob94ii va "ier$e # co%rac%
?UTURES.
8 Cel care vrea s& "lase4e $ob9$a variabil& -"o%riva risc#l#i $e re$#cere a ra%ei $ob94ii va c#-"&ra # co%rac% ?UTURES.
Problea D2 Baca Na'ioal& $i 'ara XCA efec%#ea4& #r-&%oarea
o"era'i#e $e %i" sJa"5
8 c#-"&r& 1::.::: USD la c#rs#l $e !F1! UBE
8 #r-&%oarele co$i'ii5
c#rs#l es%e $e 1 USD H !F!6 UBE
c#rs#l es%e $e 1 USD H !F1! UBE
c#rs#l es%e $e 1 USD H !F:: UB.
Re1olvare2
C#-"&r& 1::.::: USD I !F1! H !1!.::: UB )"l&%e<%e,
K ca4#l )a, "es%e 7 l#i vi$e 1::.::: USD I !F!6 H !!6.::: UB
)>casea4&,.
O"era'i#ea %o%al&5 !!6.::: L !1!.::: H 10.::: UB )c9<%i+,.
K ca4#l )b, "es%e 7 l#i vi$e 1::.::: USD I !F1! H !1!.::: UB
Pl&%e<%e !1!.::: UB
O"era'i#ea %o%al&5 !1!.::: H :
176
Baca # c9<%i+&F ici # vi$e $ar re#<e<%e s&8<i eIerci%e "oli%ica -oe%ar&
"ri i=ec%area <i absorb'ia $e ca"i%al la -o-e%#l la care $ore<%e.
K ca4#l )c, "es%e 7 l#i vi$e 1::.::: USD I !F:: H !::.::: UB
Pl&%e<%e !1!.::: UB
O"era'i#e %o%al&5 !::.::: L !1!.::: H 8 1!.::: UB )"ier$e,
Problea I2 O bac& are la # -o-e% T
:
# $is"oibil $e 16:.::: USD acela care "es%e %rei l#i )T
1
,
are $e >casa% 1(:.::: EURO <i $e "l&%i% 16:.::: USDF s%abili'i e%a"ele aco"eririi
risc#l#i val#%ar "ri o"era'i#ea $e sJa" )c#rs#l USD5 1 USDH1F! EUROF c#rs la
ve$ereF 1 USDH1F16 c#rs la %er-eF co-isioae :F6R,.
T
o
T
1
16:.::: USD L $is"oibil 1(:.::: EURO L $is"oibil
1(:.::: EURO L $e "la%& 16:.::: USD L $e "la%&
Der#larea o"era'i#ii sJa"5
8 vi$e 16:.::: USD @ 1F!: H EURO acela
o"era'i#i la %er-e "e%r# -o-e%#l T
1
la c#rs#l $e 1F16 EURO > sco"#l c#-"&r&rii
$e EURO > sc/i-b#l $olarilor.
1(:.::: EURO5 1F16H167.6!1F73 USD
Co-isio >=9:A5
4:4?
5-?I 4=5-555
C9<%i+#l b&cii5 )1676!1F73816:.:::,87(!F7:H6702F13 USD ca #r-are a

o"era'i#ii $e sJa".
PROBLE;E DE RENOLEAT2
Problea 12 O bac& are #r-&%oarea si%#a'ie 5
co%#l $e $is"oibil 5 1F0 -ilioae EUROE 1 -ilio USDE
are $e ac/i%a% "es%e 7 l#i !F1 -ilioae EUROE
c#rs#l la -o-e%#l ii'ial 1 l H 1F!: EUROE
se es%i-ea4& o >%&rire a c#rs#l#i $olar > ra"or% c# E#ro 1 l H 1F!! EURO.
Pre4e%a'i -o$ali%a%ea $e aco"erire la ve$ere a risc#l#i val#%ar.
Problea '5 O bac& are la # -o-e% $a% T
*
$is"oibil $e 0 -ilioae USD
 care "es%e 0 l#i are $e
>casa% 1.27:.::: EURO <i $e "l&%i% !F2 -ilioae USDF s%abili'i e%a"ele aco"eririi
risc#l#i val#%ar "ri o"era'i#ea $e sJa".
)c#rs la ve$ere 1 USD H1F1! EURO L co-isio :F(R,
)la %er-e 1 USD H1F!1 EURO,.
Problea .5 Baca Na'ioal& a '&rii a@O efec%#ea4& #r-&%oarele o"era'i#i
$e %i" sJa"5
8c#-"&r& 6:.::: EURO la c#rs#l $e 6F13 USDE
8vi$e "es%e 0 l#i la c#rs#l la ve$ere.
S%abili'i fiali%a%ea o"era'i#ii sJa"F $ac& "es%e 2 l#i c#rs#l la ve$ere es%e
$e 1 EURO H 6F06 USD.
Pre4e%a'i -o$ali%a%ea $e aco"erire la ve$ere a risc#l#i val#%ar.
177
Problea 05 Calc#la'i ra%a $e sc/i-b "e%r# # co%rac% "e %er-e $e 7
l#iF "e%r# #r-&%or#l eIe-"l#5
$ob9$a "e%r# US lF "e%r# 7 l#i5 0F!6RE
$ob9$a "e%r# lire s%erlieF "e%r# 7 l#i5 !F!6RE
ra%a $e sc/i-b la ve$ere lir& 1 $olar 1 lir& H 1F01!6 $olari.
Problea 62 Calc#la'i ra%a $e sc/i-b la # co%rac% "e %er-e $e 0 l#i c#
#r-&%oarele $a%e5
$ob9$a EURO 3F1RE
$ob9$a DOLAR 0F!RE
ra%a $e sc/i-b la ve$ere DOLAR1 EURO8 1 DOLAR H1F1! EURO.

0.8. Risc#l )e ra"& a )ob<n1ii
0.8.1. Definirea risc#l#i )e ra"& a )ob<n1ii
Dob<nda es%e s#-a ce revie "ro"rie%ar#l#i ca"i%al#l#i la ra-b#rsarea ##i
>-"r#-#% acor$a%F sa# "re'#l folosirii ca"i%al#l#iF "rec#- l i-"lic& >-"r#-#%#l res"ec%iv.
Rata dob<nzii es%e sesibili%a%ea re4#l%a%elor fiaciare la varia'ia ivel#l#i
ra%elor $ob94iiF sa# acel risc $e $e%eriorare a si%#a'iei "a%ri-oiale a b&cii s#b
ifl#e'a #ei -o$ific&ri a$verse a ivel#l#i $ob94ilor "e "ia'&.
K li%era%#ra $e s"eciali%a%eF risc#l ra%ei $ob94ii -ai es%e $efii% ca fii$
vola%ili%a%ea vei%#l#i e% $i $ob9$& ac'i#i "re4i%& varia'ii -ari > f#c'ie $e -o$ificarea ra%elor $ob94ilor.
C9$ > "erfor-a'ele ei $a%ori%& sc/i-b&rilor ra%elor $ob94ilor.
Factorii care ifl#e'ea4& a"ari'ia <i $e4vol%area risc#l#i $ob94ii s#%5
Factori endogeniF care s#% i-"or%a'i "e%r# +es%ioarea risc#l#iF $eoarece "ri
ac'ioarea as#"ra lor se "oa%e -ii-i4a eI"#erea la risc. Prici"alii fac%ori e$o+ei
s#%5
s%ra%e+ia b&ciiE
s%r#c%#ra ac%ivelor <i "asivelor bacareE
vol#-#l <i valoarea cre$i%elorE
cali%a%ea "or%ofoli#l#i $e cre$i%eE
e<aloarea sca$e'elor cre$i%elorE
sca$e'a fo$#rilor a%rase.
Factori exogeniF care s#% $e%er-ia'i $e evol#'ia co$i'iilor ecoo-ice +eerale ce
se reflec%& > ivel#l ra%elor $ob94ii "e "ia'& <i # "o% fi co%rola'i sa# ifl#e'a'i $e
bac&F $ar "o% fi "revi4ioa'i c# $es%#l& "reci4ieF -ai ales "e%r# ra%ele "e %er-e
sc#r%. Ace<%i fac%ori s#%5
-e$i#l ecoo-ic eIis%e%E
%i"#l $e "oli%ic& ecoo-ic& -oe%ar& <i fiaciar L val#%ar&
"rac%ica%& $e a#%ori%&'iE
178
corelarea "oli%icii -oe%are a a#%ori%&'ii ce%rale c# "oli%ica
ecoo-ic& a +#ver#l#iE
evol#'ia "ie'ei i%erbacareE
fac%ori $e or$i "si/olo+ic.
Risc#l $e ra%& a $ob94ii are dou componente ese'ialeF ce "rive<%e vei%#l e% $i
$ob94iF ca #r-are a fa"%#l#i c& -i<c&rile ra%elor $ob94ilor la >-"r#-#%#rile l#a%e #
s#% "erfec% sicroi4a%e c# cele ale >-"r#-#%#rilor acor$a%eE
riscul investiiei, es%e risc#l "ro$#cerii #or "ier$eri > "a%ri-oi#l e%F ca re4#l%a% al
#or sc/i-b&ri ea<%e"%a%e ale ra%ei $ob94ii.
Aali4a risc#l#i ra%ei $ob94ii "ore<%e $e la clasificarea ac%ivelor 5
ac%ive <i "asive c# $ob94i fiIe care $ifer& ca sca$e'e <i co$i'ii $e
re-#erareE
ac%ive <i "asive c# $ob94i variabile care a# "erioa$e $e reeval#are -ai
-ari sa# ba4e $e i$eIare $iferi%e.
0.8.'. Ges"i#nea risc#l#i ra"ei )ob<n1ii
Obiec%#l f#$a-e%al al +es%io&rii risc#l#i ra%ei $ob94ii es%e acela $e a
$e%er-ia o mar- a $ob94ii c9% -ai -are %i-".
Ges%ioarea -ar=ei $ob94ii
3ar-a dob<nzii'
Bar=a $ob94ii es%e "rici"al#l i$ica%or $e re%abili%a%e bacar&. Ea
re"re4i%& $ifere'a >%re vei%#rile ob'i#%e $i $ob94i la cre$i%ele acor$a%e <i
c/el%#ielile f&c#%e c# "la%a $ob94ilor la $e"o4i%e a%rase $e la al%e socie%&'i bacareF
$e la "o"#la'ie <i $e la al%e fir-eF "rec#- -"r#-#%#rile acor$a%e, <i s#-a c/el%#ielilor c# $ob94ile boifica%e )la $e"o4i%eF
cer%ifica%e $e $e"o4i%,5

.
6
.
3 8,
$0..8%
Bar=a absol#%& eI"ri-& ca"aci%a%ea b&cii $e a aco"eri c/el%#ielile c#
$ob94ile boifica%e la $e"o4i%eF cer%ifica%e $e $e"o4i% e%c.F $i vei%#rile ob'i#%e $i
>casarea $ob94ilor la cre$i%ele acor$a%e.
Bar=a $ob94ii %reb#ie s& fie $e%er-ia%& as%fel >c9% s& asi+#re5
s#s'ierea sarciii bacare )$ifere'a $i%re al%e c/el%#ieli cocor$a'& c# obiec%ivele s%ra%e+ice s%abili%e $e
c&%re socie%a%ea bacar& > ca#4&.
3ar-a procentual brut a dob<nzii bancare)BBR,
Aceas%& -ar=& se calc#lea4& rela%iv "ri ra"or%area -ar=ei absol#%e a
$ob94ii la s#-a ac%ivelor ives%i%e )$e la care se >casea4& $ob9$a,F res"ec%iv5
455
i
,
8,
8!I
$0..C%
3ar-a procentual net a dob<nzii bancare)BNR,
179
Se calc#lea4& ca ra"or% >%re ivel#l -e$i# al ra%ei $ob94ii "erce"#%e )
i
R)
, <i ivel#l -e$i# al ra%ei $ob94ii boifica%e )

i
R)(
, <i a#-e5
;NP2
VZZ
i
R)(
i
R)
$0..D%
0.8... Calc#larea 7i anali1a in)ica"orilor risc#l#i )e ra"& a )ob<n1ii
De%er-iarea i$ica%orilor +lobali $e risc are ca ba4& $e "orire +r#"area
ele-e%elor $e ac%iv f#c'ie $e varia'ia )sesibili%a%ea, vei%#rilor varia'ia ra%ei $ob94ii.
Pri active sensibile >'ele+e- is%r#-e%ele $e cre$i% c# $ob94i variabileF
res"ec%iv crea'ele -"r#-#%#rile acor$a%e $e al%e b&ci sa# baca ce%ral&.
Principalii i$ica%ori ai risc#l#i $e varia'ie a ra%ei $ob94ii5
1, Ecart 4 ul .*ap 4 ul/ , care re"re4i%& $ifere'aF la # -o-e% $a% >%re
vol#-#lF ac%ivelor <i cel al "asivelor sesibile la varia'ia ra%ei $ob94ii.
Rela'ia $e calc#l es%e5
GAP H
As 8
Ps
U$e5

As H s#-a ac%ivelor sesibile la varia'ia ra%ei $ob94iiE
Ps H s#-a "asivelor sesibile la varia'ia ra%ei $ob94ii.

!, 1ndicele de sensibilitate )+ra$#l $e sesibili%a%e, a b&cii la varia'ia
$ob94ii "e "ia'&.
I
s
H
Ps
As
F > care5
I
s
H i$icele $e sesibili%a%eE
As H s#-a ac%ivelor sesibile la varia'ia ra%ei $ob94iiE
Ps H s#-a "asivelor sesibile la varia'ia ra%ei $ob94ii.

I$icele $e sesibili%a%e "oa%e fi5
8s#b#i%ar5
> co$i'iile #ei %e$i'e cresc&%oare a ra%elor $ob94ilor si%#a'ia es%e nefavorabil
"e%r# socie%a%ea bacar&.
> co$i'iile #ei %e$i'e $escresc&%oare a ra%elor $ob94ilor si%#a'ia es%e favorabil
"e%r# bac&.
180
8s#"ra#i%ar'
> ca4#l #ei %e$i'e cresc&%oare a ra%elor $ob94ilor si%#a'ie es%e favorabil;
> ca4#l #ei %e$i'e $escresc&%oare a ra%elor $ob94ilor si%#a'ie es%e nefavorabil
b&cii.
0.8.0. Ges"ionarea (o1i*iei b&ncii
K f#c'ie $e -&ri-ea ac%ivelor %re vol#-#l ac%ivelor <i
vol#-#l "asivelor c# $ob9$a fiI& )esesibile,.
Po4i'ia b&cii "oa%e fi5
a, scurt , c9$ vol#-#l ac%ivelor c# $ob94ile fiIe es%e -ai -ic& $ec9%
vol#-#l "asivelor c# $ob94ile fiIe.
Si%#a'ia es%e favorabil "e%r# bac& a%#ci c9$ eIis%& o %e$i'&
cresc&%oare a ra%elor $ob94ilor.
b, lung , a%#ci c9$ vol#-#l ac%ivelor c# $ob94ile fiIe es%e -ai -are
$ec9% vol#-#l "asivelor c# $ob94i fiIe.
Pe%r# bac& si%#a'ia es%e favorabil&F > aces% ca4F $ac& eIis%& o %e$i'&
$escresc&%oare a ra%elor $ob94ilor.
c/ neutr, o si%#a'ie a"are% i$eal& "e%r# o bac&F >s& $ificil $e reali4a%.
Aceas%& "o4i'ie >-"ie$ic& socie%a%ea bacar& s& s"ec#le4e varia'ia ra%elor $ob94ilor
"e "ia'& > favoarea sa.
0.8.6. ;o)ele )e anali1& a risc#l#i ra"elor )ob<n1ilor
Sc/i-b&rile ea<%e"%a%e > ivel#l ra%elor $ob94ilor "oa%e -o$ifica
se-ifica%iv5
"rofi%abili%a%ea #ei b&ciE
valoarea $e "ia'& a ca"i%al#l#i.
K f#c'ie $e cas/ L floJ#l ac%ivelor 
ra%ele $ob94ilor "o% cre<%e vei%#l e% $i $ob94i <i 1 sa# s& re$#c& valoarea $e
"ia'& a ac%ivelor a$-iis%rarea
aces%#i %i" $e risc >l re"re4i%& -&s#rarea eI"#erii la risc <i for-#larea #or s%ra%e+ii
"e%r# a%i+erea obiec%ivelor.
K ve$erea a$-iis%r&rii risc#l#i ra%elor $ob94ilorF s#% #%ili4a%e $o#&
"rici"ale -o$ele $e aali4&5
Bo$el#l GAP $e $ifere'& )Ecar%,E
Bo$el#l GAP $e $#ra%& )D#ra%io,.
4.-...1. 'odelul /(P de di&eren !analiza /(P#
Aces% -o$el es%e "rici"al#l is%r#-e% #%ili4a% > +es%ioarea ac%ivelor a$-iis%rarea vei%#l#i e% $i $ob94i <i a fl#I#rilor $e #-erar
"e %er-e sc#r%.
Bo$el#l GAP $e $ifere'& "#e acce%#l "e a$-iis%rarea vei%#l#i e% $i
$ob94i "e %er-e sc#r% )0 L 7 l#i,. Risc#l ra%ei $ob94ilor es%e -&s#ra% "ri
181
calc#larea $ifere'elor > i%ervale $e %i-" $iferi% ba4a% "e $a%e $i bila'#l a+re+a% la
# "#c% fiI $e %i-".
>biectul fundamental >l re"re4i%& -&s#rarea "erfor-a'ei b&cii.
*"P re"re4i%& $ifere'a >%re ac%ivele care5
ASD H ac%ive sesibile la ra%a $ob94ii )cre$i%eF is%r#-e%e e+ociabile,.
PSD H "asive sesibile la ra%a $ob94ii )$e"o4i%e,.
"naliza *"P "res#"#e5
reali4area #ei "laific&ri s%ra%e+ice a "rofi%#l#i $e reali4a%F a
#or "ro+o4e "e %er-e sc#r% <i -e$i#E
a$-iis%rarea risc#l#i $e varia'ie a ra%ei $ob94iiE
eval#area ac%ivelor <i "asivelor b&cii.
K ses res%r9sF aali4a GAP "res#"#e focali4area "e -ar=a e%& a
$ob94ii)BN
D
,F calc#la%& $#"& rela'ia5
"#ban"a "e purtat#are activel#r D#talul
"#ban)i "in nete 3eniturile
.
82
$0..I%
Etapele analizei *"PF s#%5
1. Clasificarea "realabil& a ac%ivelor 1 "asivelor > f#c'ie $e sesibili%a%ea la
varia'ia ra%elor >5
ac%ive 1 "asive sesibile la varia'ia ra%elor $ob94ilorE
ac%ive 1 "asive c# $ob9$& fiI&E
ac%ive e"#r%&%oare $e $ob9$& 1 "asive e"l&%i%oare $e $ob9$&.
Toa%e aces%ea s#% clasifica%e la r9$#l lor "e i%ervale $e %i-" s"ecifice.
'. Selec%area ori4o%#l#i $e %i-" "e%r# aali4a ac%ivelor f#c'ie $e
sca$e'&F sa# %i-"#l "9& la -o$ificarea "osibil& a N"re'#l#iOF a$ic& a ra%ei $ob94ii.
0. Calc#larea GAP $e $ifere'&F a vei%#l#i e% $i $ob94iF a -ar=ei e%e a
$ob94ii "e fiecare i%erval $e %i-"5
)a, GAP 4 ASD 3 PSD
$0.0J%
)b, END 4 E) 3 C)
)c, ;P Br#"& H VZZ
abile fr#c"ific A
END
F > care5
$0.01%
GAP H A L P sesibile la varia'ia $ob94iiE
ASD H ac%ive sesibile la varia'ia $ob94iiE
PSD H "asive sesibile la varia'ia $ob94iiE
DND H vei%#ri e%e $i $ob94iE
D$ Hvei%#ri $i $ob94iE
C$ H c/el%#ieli c# $ob94ile.
BR Br#%& H -ar=a "o%e'ial& br#%& a $ob94ii.
6. I%er"re%area ifor-a'iilor ob'i#%e $irec% <i "ri aali4a $e sesibili%a%e.
Aceas%a are $re"% sco"5
182
)A,. Pro%e=area vei%#l#i e% $i $ob9$& fa'& $e -o$ificarea ra%ei $ob94ii.
Aceas%a i-"lic& o re$#cere a vola%ili%&'ii vei%#l#i e% $i $ob94i "ri5
a=#s%area ac%ivelor 1 "asivelor sesibileE
#%ili4area #or ele-e%e > afara bila'#l#i s#b for-a is%r#-e%elor $eriva%e )forJar$F
f#%#resF o"%iosF sJa" c# ra%ele $ob94ilor,.
)B,. Bo$ificarea "ri o"era'i#i s"ec#la%ive a -&ri-ii GAP L #l#i $e
$ifere'& > >cercarea $e a -&ri vei%#l e% $i $ob94i. Aceas%a se reali4ea4& "ri
#%ili4area s"ec#la%iv& a -o$ific&rilor ra%elor $ob94ilorF ceea ce "res#"#e "ro+o4a
#ei ra%e a $ob94ii c9% -ai a"roa"e $e cea $e "ia'&.
?ac%ori care afec%ea4& vei%#l e% $i $ob94i
$. 3odificarea nivelului ratelor dob<nzilor
Ra%ele $ob94ilor fl#c%#a%e "o% s& #rceF s& coboare sa# s& # afec%e4e
vei%#l e% $i $ob94iF > f#c'ie $e s%r#c%#ra "or%ofoli#l#iF valorii GAP L #l#i. EIis%&
%rei si%#a'ii5
)a,. *"P negativ' baca are -ai -#l%e "asive sesibile $ec9% ac%ivele
sesibile.
a.1.8 $ac& ra%a $ob94ii "e %er-e sc#r% #rc& > i%erval#l $e %i-"
aali4a%F baca "l&%e<%e ra%e -ai ri$ica%e "e%r# %oa%e "asivele sesibile )"asive c#
"re'#ri oi,.
8 $ac& ra%a $ob94ii "e %er-e sc#r% cre<%e c# s#-e e+ale >
acela<i i%erval $e %i-"F c/el%#ielile c# $ob94ile cresc -ai -#l% $ec9% vei%#rile $i
$ob94iF $eoarece li se fiIea4& # "re' o# -ai -#l%or "asiveF s"rea$8#l $i%re vei%#l
-e$i# $i $ob94i a b&cii )la ac%ive sesibile, ori4o%#l $e
%i-" aali4a%F -ai -#l%e "asive sesibileF "ri-esc # "re' o# -ai -are $ec9% ac%ivele
sesibile la ra%a $ob94ilorF s"rea$8#l cre<%e i%erval#l $e
%i-" aali4a%F vei%#l $i $ob94i cre<%e -ai -#l% $ec9% c/el%#ielile c# $ob94ileF
$eoarece li se fiIea4& # "re' o# -ai -#l%or ac%ive.
)c,. *"P 4 ul nul' baca reali4ea4& # ec/ilibr# >%re ac%ivele ra%a $ob94ii # -o$ific& vei%#l e% $i $ob9$&
$eoarece sc/i-b#rile $i vei%#l e% s#% e+ale c# sc/i-b#rile $i c/el%#ielile c#
$ob94ile.
&. 3odificarea mar-ei dob<nzii
Dei%#l e% $i $ob94i $ifer& $e cel "ro+o4a% $ac& s"rea$ L #l $i%re
vei%#ri f#c'ie $e cos%#l c#
$ob94i $i ca#4a5
#ei $e"las&ri > c#rba c9<%i+#l#i )c9<%i+#ri ee+ale la ivel#l $iferi%elor ra%e ale
$ob94ii,E
o cre<%ere sa# o re$#cere a "ri-ei $e riscE
sc/i-b&ri esicroe ale i$icilor "e ac%iv c# ra%ele fl#c%#a%e.
K aceas%& si%#a'ie s"rea$ 8#l se >+#s%ea4&.
#. 3odificri ale volumului activelor 0i pasivelor
183
Orice varia'ie a s%r#c%#rii "or%ofoli#l#i -o$ific& > -o$ "o%e'ial vei%#l e%
$i $ob94i. As%felF -aa+erii "o%5
8 s& creasc& ra%a ac%ivelor > -o$ sesibil "ri fiIarea $e "re' la -ai -#l%e
>-"r#-#%#ri "e o ba4& $e ra%& fl#c%#a%& sa# re$#cerea sca$e'elor %i%l#rilor $e
valoare ives%i%eE
s& $escreasc& ra%a "asivelor > -o$ sesibil "ri s#bs%i%#irea lor c#
cer%ifica%e $e $e"o4i% "e %er-e -ai l#+ "e%r# fo$#rile c#-"&ra%e "es%e oa"%e
)over i+/%,.
Evol#*ia 7i inconvenien"ele ?n #"ili1area GAP9#l#i
K for-a clasic&F +es%i#ea GAP8#l#i se ba4a "e calc#l "erio$ic al
i$ica%or#l#i "e ba4a $a%elor $i co%abili%a%eF a%ici"area evol#'iei ivel#l#i ra%ei
$ob94ii "e "ia'& f#c'ie $e +ra$#l $e
sesibili%a%eF as%fel >c9% s& se foloseasc& > ava%a=#l b&cii eve%#alele %e$i'e $e
"e "ia'&.
U ase-eea sis%e- $e +es%i#e a crea% o serie $e "roble-e > ce
"rive<%e5 ale+erea i%erval#l#i $e %i-" "e%r# a"recierea sesibili%&'ii )A1P, > f#c'ie
$e varia'ia ra%ei $ob94iiE eIac%i%a%ea "ro+o4elor "rivi$ ses#lF a-"li%#$iea <i
-o-e%#l varia'iei ra%elor $e $ob94iE fleIibili%a%ea a=#s%&rii A1P care i-"lic&
res%r#c%#rarea bila'#l#iE o"%ica li-i%a%& "e care o i-"#e $er#larea o"era'iilor $e
res%r#c%#rare.
Pe "arc#rsF s8a "erfec'ioa% for-a ii'ial& "ri !es"i#nea GAP9#rilor
!r#(a"eF ca4 > care s8a >cerca% eli-iarea "roble-elor -e'ioa%eF iar aali4a
risc#l#i $e varia'ie a $ob94ii s8a a"ro"ia% $e aali4a risc#l#i $e lic/i$i%a%e. K aces%
ca4F ac%ivele 1"asivele s#% +r#"a%e > f#c'ie $e "erio$ici%a%ea ac%#ali4&rii ivel#l#i
ra%ei $ob94ii la fiecare $i ele. Aceas%& s%r#c%#r& es%e >s& $iferi%& > f#c'ie $e
sca$e'eF $eoarece $a%a ac%#ali4&rii ra%ei $ob94ii -"&r'i%e > sesibile <i isesibile "e%r# fiecare
+r#"& $e sca$e'eF iar GAP8#l se calc#lea4& "e%r# fiecare +r#"&.
K "rici"i# se "o% +es%ioa %oa%e +r#"ele $e sca$e'eF $ar $e fa"%
-a=ori%a%ea b&cilor "refer& s& o"%i-i4e4e c/el%#ielile coce%r9$#8<i efor%#rile $oar
"e #r-&rirea #-ai a #or +r#"e $e sca$e'e.
Ges%i#ea $ia-ic& a GAP8#rilorF es%e o abor$are -ai o#&F care i-"#e
folosirea %e/icii $e calc#l. Pe %er-e sc#r% se face "ro+o4a $ia-ica ra%elor $e
$ob94i ai%e.
Si%e%icF inconvenientele privind utilizarea analizei *"PF s#%'
aali4a s%a%ic& a "asivelor <i ac%ivelorE
# 'ie co% $e ecesar#l -aIi- $e fo$#ri "ro"rii.
0.8.6.'. Anali1a )e )#ra"& a ac"ivelor 7i (asivelor $DURATION%
B#l%e b&ci eval#ea4& risc#l ra%elor $ob94ilor #%ili49$ <i -o$el#l $e
$#ra%& a GAP L #l#i )DURATION,. Aces% -o$el se coce%rea4& "e vei%#l e% $i
$ob9$& sa# valoarea $e "ia'& a ca"i%al#l#i $e'i#% $e ac'ioariF #r-&ri$
sicroi4area %#%#ror fl#I#rilor $e #-erar i$ivi$#ale. K +eeralF aces% -o$el
"ore<%e $e la eval#area %i%l#rilor $e valoare. Aali4a $e $#ra%& rec#oa<%e fa"%#l c&
risc#l ra%ei $ob94ii a"are ca #r-are a ecorel&rii > %i-" a i%r&rilor %re -o$ificarea "or%ofoli#l#i )ac%ive casea4& #-erar la ac%ive >ai%e $e efec%#area "l&'ilor la
"asiveF ea s#"or%& risc#l reives%irii c9<%i+#rilor la "re'#ri re$#se. Orice $ifere'&
a"&r#%& > sicroi4area cas/ L floJ L #l#i ac%ivelor $#ra%ele
-e$ii. Aali4a GAP $e $#ra%& "res#"#e s%abilirea ##i obiec%iv 'i%&F c#- ar fi $e
eIe-"l#F valoarea $e "ia'& a ca"i%al#l#i %re $#ra%a -e$ie
a ac%ivelor %o%ale %re $#ra%ele -e$ii ale ac%ivelor "ro"or'ii
$iferi%eF iar vei%#l vii%or $i $ob94i se sc/i-b& fa'& $e c/el%#ielile vii%oare c#
$ob94ile.
Aali4a GAP $e $#ra%& es%e %o%o$a%& #%ili4a%& co$i'iile > care baca %reb#ie s& $e'i& -ai -#l%e ac%ive
"e %er-e sc#r% fia'a%e c# "lasa-e%e "e %er-e l#+.
Rela'ia $e calc#l a GAP8#l#i $e $#ra%& es%e #r-&%oarea5
D H
SA
"i BNA

F > care5
$0.0'%
D H $#ra%io )GAP L #l $e $#ra%& a ac%ivelor <i "asivelor,E
?NA H fl#I #-erar #%ili4a%E
%i H #i%a%ea $e %i-" la care are loc aces% fl#I $e #-erar #%ili4a%E
SA H s#-a a+a=a%& $e bac& "e%r# "ro$#s.
'suri de reducere a expunerii structurale a bncii la scderea ratelor
dob0nzilor
1. ?olosirea o"era'i#ilor > afara bila'#l#i $e %i"#l is%r#-e%elor $eriva%e
)S.APF O"'i#i,E
!. Aco"erirea risc#l#i $e ra-b#rsare a%ici"a%& sa# $e ree+ociereE
0. Poli%ica $e %arifare a oilor "ro$#se bacare.
0.8.8. Ra"ele fi5e 7i variabile ale )ob<n1ii
U#l $i cele -ai i-"or%a%e as"ec%e ale risc#l#i ra%ei $ob94ii >l re"re4i%&
$eci4ia $e a >-"r#-#%a sa# $e a cre$i%aF la ra%e fiIe sa# variabile ale $ob94ii.
Deci4ia $e a o"%a "e%r# # a#-i% %i" $e ra%& a $ob94ii )fiI& sa# flo%a%&,
es%e ba4a%& "e "ro+o4ele "rivi$ %e$i'a $e evol#'ie a ra%ei $ob94ii.
Dac& ra%ele $ob94ii a# o %e$i'& cresc&%oareF ra%ele fiIe s#% -ai a%rac%ive
"e%r# cei care >-"r#-#%&. Dac& %e$i'a es%e $escresc&%oareF cei care >-"r#-#%&
vor "refera ra%e variabile. Pe%r# cei care $a# c# >-"r#-#%F si%#a'ia es%e ivers&.
Ra%ele fiIe se eI"ri-& "roce%#al )$e eIe-"l#F (R,F iar cele variabile se
eI"ri-& "ri a$&#+area #or "#c%e )1 "#c% H
VZZ
V
$i%r8# "roce%, la ra%ele
$ob94ii i%erbacare )$e eIe-"l#F 3 LOBBARD W 6: "#c%e,.
0.8.C SOa(s ale ra"ei )ob<n1ii $In"eres" ra"e sOa(s%
185
UeoriF cei care >-"r#-#%& la o ra%& fiI& a $ob94ii ar $ori o ra%& flo%a%&
"e%r# acela-"r#-#% )sa# viceversa,. Ei ><i "o% +&si # "ar%eer care s& $oreasc&
s& sc/i-be %i"#l $e ra%& a $ob94ii5 cei care a# co%rac%e $e cre$i% c# ra%& fiI&F fac
sc/i-b )sJa", c# cei care a# co%rac%e $e cre$i% c# ra%& flo%a%& a $ob94ii. Aces%e
%ra4ac'ii "oar%& #-ele $e interes rate s?aps )sJa"s ale ra%ei $ob94ii,.
O as%fel $e %ra4ac'ie "res#"#eF $e obiceiF <i eIis%e'a ##i %er'F o bac&
$e ives%i'iiF av9$ rol#l ##i i%er-e$iar.
Der#larea #ei as%fel $e %ra4ac'ii se "oa%e faceF "o%rivi% #r-&%or#l#i
eIe-"l#5
Co-"aia AF care are o co%a'ie -ai slab& %reb#ie s& $eci$& a >-"r#-#%aF fie
la o ra%& flo%a%& LIBOR W 6: "#c%eF fie la o ra%& fiI& $e (F76R.
Co-"aia BF care are o co%a'ie -ai b#&F %reb#ie s& $eci$& a >-"r#-#%aF
fie la o ra%& fiI& $e 7F7RF fie la o ra%& flo%a%& LIBOR W 0: "#c%e.
Difere'a $i%re ra%e es%e $e 1:6 "#c%e [)(F7687F7:,
1::\ F iar $ifere'a

$i%re ra%ele variabile $e !: "#c%e )6:80:,. Aces%e $ifere'e fac "osibil& reali4area
%ra4ac'iei $e %i" sJa"F c# co$i'ia ca fir-a B s& "refere o ra%& fiI&F iar fir-a A s&
"refere o ra%& flo%a%& .
As%felF compania " ale+e o ra%& flo%a%& LIBOR W 6: "#c%eF $ar es%e $e
acor$ s& "l&%easc& #ei b&ci i%er-e$iare o ra%& fiI& $e (F:6RF "ri-i$ > sc/i-b o
ra%& LIBOR W 16 "#c%e. Ea se afl& > #r-&%oarea si%#a'ie5

8Tabel 3.!78
Dob9$a "l&%i%& Dob9$a "ri-i%& Pla%a efec%iv&
Da%oria ii'ial&5
LIBOR W :F6R
SJa"5 (F:6R
SJa"5
LIBOR W :F16R
:F06R
(F:6R
Efec%#l %o%al es%e o ra%& fiI& $e (F3:R "e%r# co-"aia AF c# :F06R -ai
b#& $ec9% ii'ial.
!ompania 8 ale+e o ra%& fiI& $e 7F7RF $ar es%e $e acor$ s& "l&%easc&
b&cii i%er-e$iare LIBOR W :F!:R sc/i-b o ra%& $e 7F26R. Ea se afl&
> #r-&%oarea si%#a'ie5

8Tabel 3.!(8
Da%oria ii'ial&5
7F7R
SJa"5
LIBOR W !F!:R
SJa"5
7F26R :F!6R
LIBOR W :F!:R
Efec%#l %o%al es%e o ra%& LIBOR L :F:6RF c# :F06R -ai b#& $ec9% ii'ial.
186
8anca intermediar are #r-&%oarele fl#I#ri $e $ob9$&5
8Tabel 3.0!8
Co-"aia A5
LIBOR W :F16R
Co-"aia B5
7F26R
Co-"aia B5
LIBOR W :F!:R
Co-"aia A5
(F:6R
:F:6R
:F1:R
DeciF baca i%er-e$iar& "ri-e<%e :F16R.
Co%rac%ele $e %i" SJa" s#% carac%eri4a%e "ri fa"%#l c&5
-ar=ele $e "rofi% s#% foar%e -iciF a%9% "e%r# fir-ele i-"lica%e c9% %ra4ac'iile c# s#-e foar%e -ariE
# s#% %rasfera%e valorile cre$i%elorF ci #-ai %i"#l ra%elor $ob94ilor )fiI&F
flo%a%&,E
s#-ele ii'iale ale cre$i%elor r&-9 esc/i-ba%eE
"rofi%#l %o%al al "&r'ilor i-"lica%e )co-"aia AF co-"aia BF baca
i%er-e$iar&, es%e e+al c# $ifere'a $i%re ecar%#l >%re ra%ele variabile %re
ra%ele fiIeE
K %ra4ac'iile $e %i" sJa"F ra%a $ob94ii es%e i$e"e$e%& $e -asa
cre$i%#l#i. Tra4ac'iile $e aces% %i" "er-i% co-"aiilor care # a# acces la "ie'ele
fiaciare s& sc/i-be %i"#l $e ra%& a $ob94ii "e%r# # cre$i% "ri-i%.
Ter-e#l $e ra%& flo%a%& a $ob94ii es%e #<or ><el&%orF $eoarece > -o$
#4#al es%e e+al c# o ra%& a $ob94ii c#- ar fiF $e eIe-"l#F ra%a LOBBARD "e%r# 0
l#i. Aces% l#cr# >sea-& c& ra%a LOBBARD covei%& va fi > vi+oare %rei l#iF $#"&
care se "oa%e s%abili o al%& ra%&. De aici re4#l%& fa"%#l c& %ra4ac'iile sJa" se >c/eie la
sf9r<i%#l #ei "erioa$e "e%r# care a fos% s%abili%& o ra%& flo%a%& a $ob94iiF $#"&
#r-&%oarea for-#l&5
T
sO
H Ra%a fiI& sa# ra%a flo%a%& "e%r# "erioa$a s%abili%&
sPap tip ei tran)acti u&a
@A?
1eri#a"a
S
$0.0.%
0.8.D Ra"a )ob<n1ii BOR,ARD $BorOar) Ra"e A!reen"%
Pe%r# a $e%er-ia risc#l $e "la%& a $ob94ii "e%r# o %ra4ac'ie > vii%orF
c#-"&r&%or#l )clie%#l, c/eie # co%rac% "e%r# o "erioa$&
$e%er-ia%& 'ele+e aces% %i" $e co%rac% s& cosi$er&- #r-&%or#l eIe-"l#5
O co-"aie <%ie c&F "es%e %rei l#i >ce"9$ $e a4iF va %reb#i s& >-"r#-#%e
0:: -iliar$e U.B. "e%r# <ase l#i. Co-"aia va c#-"&ra $e la bac& # co%rac% la
%er-e "rivi$ ra%a $ob94ii )?RA 8 forJar$ ra%e a+re-e%, $e %i" 082F la o $ob9$& $e
!6R.
Cifra a0O se-ific& fa"%#l c& aces% %i" $e co%rac% i%r& > vi+oare "es%e %rei
l#iF iar cifra a2O se-ific& fa"%#l c& $#ra%a co%rac%#l#i es%e $e o#& l#i )0W7 l#i,.
187
La $a%a i%r&rii > vi+oare a co%rac%#l#i )"es%e 0 l#i,F co-"aia va
>-"r#-#%a 0:: -iliar$e U.B. "e%r# 7 l#i "e "ia'a liber&. Dac& ra%a $ob94ii "e "ia'a
liber& )LOBBARD,F la acel -o-e% es%e -ai -are $ec9% ra%a co%rac%#l#iF baca va
"l&%i co-"aiei $ifere'a $i%re ra%a LOBBARD -"r#-#%#l#i )ra%a $ifere'ial&,.
Ra%a $ifere'ial& se calc#lea4& $#"& #r-&%oarea for-#l&5
R
D
H
@A?
1
piai pe "#b(n)ii Rata 4
su&a
@A?
1
uiQ c#ntractul Rata (0O8!,R.) piat pe "#b(n)ii RRata
+

$ 0.00%
N#-i%or#l frac'iei es%e # fac%or $e a=#s%are care 'ie co% $e fa"%#l c& ra%a
$ob94ii $ifere'ia%& se "l&%e<%e la $a%a la care co%rac%#l i%r& > vi+oareF $eci >ai%e
$e "erioa$a "e%r# care es%e acor$a% cre$i%#l.
0.8.I A(lica*ii (rac"ice
PROBLE;E RENOLEATE'
Problea 12 Co-"aia N?ila$iaO are o $a%orie ii'ial& $e 6: -iliar$e
U.B.F la o ra%& a $ob94ii LOBBARD W !: "#c%e. La 1 a"rilieF ra%a LOBBARD "e%r#
#r-&%oarele %rei l#i es%e $e 1!R. Co-"aia i%r& > %ra4ac'ie $e %i" sJa"F #$e va
"ri-i o ra%& a $ob94ii $e %i" LOBBARD <i va "l&%i o ra%& fiI& $e 1!F!R. Se cere5
Care vor fi "l&'ile efec%#a%e la sf9r<i%#l "erioa$ei )1 i#lie,Q
Dac& ra%a LOBBARD "e 1 i#lie a fos% fiIa%& la 1!F0RF care vor fi "l&'ile la sf9r<i%#l
#r-&%oarei "erioa$e )1 oc%o-brie,Q Ce cocl#4ii %ra+e'iQ
Re1olvare2
a, Co-"aia are $e f&c#% $o#& "l&'i5
C&%re "ri-#l cre$i%or5
:F1!!
iliar)e hZ
]^h
iV

H 1F6!1 -iliar$e U.B.
Pe%r# %ra4ac'ia sJa"5
):F1!! L :F1!:, iliar)e hZ
]^h
iV
H :F:06 -iliar$e U.B.
TOTAL5 1F6!1 W :F:!6 H 1F637 -iliar$e
b, Pl&'ile se vor face as%fel5
C&%re bac&5
:F1!0 iliar)e hZ
]^h
ib
H 1F676 -iliar$e U.B.
Pe%r# %ra4ac'ia sJa"5
):F1!! L :F1!0, iliar)e hZ
]^h
ib
H :F:10 -iliar$e U.B.
TOTAL5 1F676 L :F:10 H 1F67! -iliar$e U.B.
188
Se ob'ie aceea<i s#-& ca la "#c%#l )a,F $eoarece aici P H 2! 4ile.
)1F67!
;9
;4
H 1F636 -iliar$e U.B.,

Efec%#l %ra4ac'iei sJa" es%e $e a acor$a Co-"aiei o ra%& a $ob94ii fiI&
$e 1!F3R.
Problea '2 Pe $a%a $e 16 i#ie a#l N o co-"aie >c/eie # co%rac% $e
%i" ?RA 087F "ri care $ore<%e s& >-"r#-#%e "es%e %rei l#i 1:: -ilioae lei "e%r# o
"erioa$& $e %rei l#iF la o ra%& a co%rac%#l#i $e !6R.
Pe 16 a#+#s%F ra%a $ob94ii "e "ia'& )LOBBARD "e %rei l#i, a fos% $e
!6F0R.
S& se calc#le4e valoarea ra%ei $ob94ii $ifere'ia%& care %reb#ie "l&%i%&F
ar&%9$ cie va %reb#i s& fac& "la%a.
Re1olvare2
Da%a i%r&rii > vi+oare a co%rac%#l#i5 16 a#+#s%.
Ra%a co%rac%#l#i5 !6R.
Ra%a LOBBARD5 !6.0R.
Perioa$a5 2! 4ile
R
D
H
@A?
;9
5:9?@ 4
45&il
@A?
;9
5:9?) (5:9?@
+

H7F1:( -ilioae
Aceas%& s#-& va fi "l&%i%& $e bac& "e 16 a#+#s% "e%r# a co-"esa
cre<%erea $e ra%& a $ob94ii fa'& $e cea co%rac%a%&.
Problea .' Pres#"#e- c& socie%a%ea bacar& a?la-i+oO "re4i%& "e%r#
"erioa$a N
1
8N
0
#r-&%oarea si%#a'ie5
8Tabel 3.0:8
Nr.
cr%
I$ica%ori 01.@II..N
1
01.@II.N
!
01.@II.N
0
1.
!.
0.
3.
Dei%#ri $i $ob94i
C/el%#ieli c# "la%a
$ob94ilor
Ac%ive fr#c%ificabile
Res#rse >-"r#-#%a%e
36:.:::
!2:.:
::
1.0::.:::
1.1(:.:::
67:.:::
!7:.:::
1.76:.:::
1.0::.:::
626.:::
07(.6::
!.60:.:::
!.03:.:::
Se cere s& se calc#le4e5
a, -ar=a absol#%& a $ob94iiE
b, -ar=a "roce%#al& br#%e a $ob94ii.
Re1olvare2
a, Bar=a absol#%& H S#-a vei%#rilor $i $ob94i L S#-a c/el%#ielilor $i
$ob94i
189
K a#l N
1
5 BA H 36:.::: L !2:.::: H 17:.:::
K a#l N
!
5 BA H 67:.::: L !7:.::: H 0::.:::
K a#l N
0
5 BA H 626.::: L 07(.::: H !76.6::
b, Bar=a "roce%#al& br#%& a $ob94ii5 455
investite ,ctive
abs#luta 8arLa
K a#l N
1
5
Bar=a "roce%#al& br#%& H 455
4-@55-555
4A5-555
H 1!F01R
K a#l N
!
5
4-A?5-555
@55-555
H 1(F12R
K a#l N
0
5
9-?@5-555
99A-?55
H (F26R
Problea 02 O socie%a%e bacar& "re4i%& #r-&%oarea si%#a'ie bila'ier& la
$a%a $e 01 -ar%ie a#l aNO5
8-ii U.B.8
Ac"ive Pasive
N#-erar
Cre$i%e
Plasa-e%e "e "ia'a
i%erbacar&
Ti%l#ri $e s%a%
Re4erva -ii-& obli+a%orie
7::
1!.:::
0.0::
(.1::
7.:::
Dis"oibil $e #-erar la
ve$ere
De"#eri la %er-e
Cer%ifica%e $e $e"#eri
K-"r#-#%#ri la al%e b&ci
?o$#ri "ro"rii
1.!::
!:.:::
0.7::
0::
3.(::
TOTAL ACTIE .J.JJJ TOTALPASIEE .J.JJJ
190
Si%#a'ia ra%elor $ob94ii la 01 -ar%ie a#l aNOF "e +r#"e $e ac%ive <i "asiveF
es%e #r-&%oarea5
8 ac%ive sesibile la varia'ia ra%ei $ob94ii )cre$i%e,
ddddddddddddd.. 66R
8 ac%ive c# $ob9$& fiI& )"lasa-e%e "e "ia'a i%erbacar&F %i%l#ri
$e s%a%F re4erva -ii-& obli+a%orie,dddddddd...
76R
8 "asive sesibile la varia'ia ra%ei $ob94ii )$is"oibil -"r#-#%#ri $e
la al%e b&ci,d... 7:R
A"lica'i aali4a GAPF calc#l9$5 Ga" L #lF vei%#l e% $i $ob94i co$i'iile > care5
a, $ob9$a -e$ie la cre$i%e se -a=orea4& c# 6RF iar la $e"o4i%e r&-9e
esc/i-ba%&E
b, $ob9$a -e$ie la $e"o4i%e se re$#ce c# 0RF iar la cre$i%e r&-9e
esc/i-ba%&E
c, cre<%e "o$erea %i%l#rilor $e s%a% > %o%al ac%ive $e la # vol#- $e (.1:: la
# vol#- $e 16.::: -l$. U.B.F re$#c9$#8se "o$erea cre$i%elorE
$, se re$#ce "o$erea $e"o4i%elor > %o%al "asive $e la !:.::: -iliar$e la
17.::: -iliar$eF cresc9$ coco-i%e% "o$erea cer%ifica%elor $e $e"o4i%.
191
Re1olvare2
a, Aali4a GAP la 01 -ar%ie aNO L ii'ial&5
8Tabel 3.018
Ac"ive Eol#
abs.
9ii
U.;.9
Ra"a
)ob<n1ii
Pasive Eol#
abs.
9ii
U.;.9
Ra"a
)ob<n1ii
P
1.Ac%ive
e"#r%&%oare
$e $ob94i
7:: 8 Pasive
e"#r%&%oare
$e $ob94i
3.(:: 8
!.Ac%
ive
ses
ibile
)cre$
i%e,
1!.::: 66 Pasive
sesibile
)$is"oibil,
!1.!:: 6:
0. Ac%ive c#
$ob9$& fiI&5
8"lasa-e%e
i%erbacare
8 %i%l#ri $e s%a%
8 re4erva
-ii-&
17.3:: 76
Pasive c#
$ob9$& fiI&5
8 cer%ifica%
$e"#eri
8 >-"r#-#%#ri
$e la al%e
b&ci
3.::: 7:
TOTAL .J.JJJ
@
TOTAL .J.JJJ
@
GAP H ASD L PSD H 1!.::: L !1.!:: H 82.!:: -iliar$e
DND H D$ L C$ H [)1!.:::
66R W 17.3::
76R,\ L [)!1.!::
6:R,
W)3.:::
7:R,\ H 3.21: -iliar$e lei

BBR H
te $ructi$ica ,ctive
32.
H 455
9;-<55
<-;45
H 17F7R.
192
Aali4a GAP > co$i'iile -a=or&rii c# 6R a $ob94ii la cre$i%eF $ob9$a la $e"o4i%e
r&-99$ esc/i-ba%&5
8Tabel 3.0!8
Ac"ive Eol#
abs.
9ii
U.;.9
Ra"a
)ob<n1ii
P
Pasive Eol#
abs.
9ii
U.;.9
Ra"a
)ob<n1ii
1.Ac%ive
e"#r%&%oare
$e $ob94i
7:: 8 1.Pasive
e"#r%&%oare
$e $ob94i
3.(:: 8
!.Ac%ive
sesibile la
varia'ia ra%ei
$ob94ii
1!.::: 7: !.Pasive
sesibile la
varia'ia ra%ei
$ob94ii
!1.!:: 6:
0. Ac%ive c#
$ob9$&
fiI&5
17.3:: 76 0.Pasive c#
$ob9$& fiI&5
3.::: 7:
TOTAL .J.JJJ
@
TOTAL .J.JJJ
@
GAP H ASD L PSD H 1!.::: L !1.!:: H 82.!:: -iliar$e lei
DND H D$ L C$ H [)1!.:::
7:R,W)17.3::
76R,\ L [)!1.!::
6:R, W
)3.:::
7:R,\ H 6.61: -iliar$e lei

BRBr#%e H
32.
1:: H 455
9;-<55
?-?45
H 1(F73R
193
b, Aali4a GAP > co$i'iile re$#cerii $ob94ii la $e"o4i%e )"asive sesibile
la varia'ia ra%ei $ob94ii, c# 0RF $ob9$a la cre$i%e )ac%ive sesibile la varia'ia ra%ei
$ob94ii, r&-99$ esc/i-ba%&5
8Tabel 3.008
Ac"ive Eol#
abs.
9ii U.;.9
Ra"a
)ob<n1ii
P
Pasive Eol#
abs.
9ii U.;9
Ra"a
)ob<n1ii
P
1.Ac%ive
e"#r%&%oare
$e $ob94i
7:: 8 1.Pasive
e"#r%&%oare $e
$ob94i
3.(:: 8
!. Ac%ive
sesibile la
varia'ia ra%ei
$ob94ii L
8 cre$i%e
1!.:::
1!.:::
66
!.Pasive
sesibile la
varia'ia ra%ei
$ob94ii5
8 $is"oibilF
$e"o4i%e la
ve$ere
8 $e"o4i%e la
%er-e
!1.!::

1.!::
!:.:::

37
0. Ac%ive c#
$ob9$& fiI&5
8"lasa-e%e
i%erbacare
8 %i%l#ri $e s%a%
8re4erva
-ii-&
17.3::
0.0::
(.1::
7.:::
76
0.Pasive c#
$ob9$& fiI&5
8 cer%ifica%
$e"#eri
8 >-"r#-#%#ri
$e la al%e b&ci
3.:::
0.7::
0::
7:
TOTAL .J.JJJ TOTAL .J.JJJ
GAP H ASD L PSD H 1!.::: L !1.!:: H 82.!:: -iliar$e lei
DND H D$ L C$ H )1!.:::
66R,W)17.3::
76R, L )!1.!::
37R, 8
)3.:::
7:R, H 6.637 -iliar$e lei

BRBr#%e H
32.
1:: H 455
9;-<55
?-?<A
H 1(F(7R
c, Aali4a GAP > co$i'iile cre<%erii "o$erii %i%l#rilor $e s%a% > %o%al ac%ive
)$e la (.1:: -l$. U.B., la # vol#- $e 16.::: -l$ U.B. %o%al ac%ive )$e la 1!.::: -l$. lei la 6.1:: -l$. U.B.,5

194
8 Tabel 3.038
Ac"ive Eol#
abs.
9ii
U.;.9
Ra"a
)ob<n1ii
P
Pasive Eol#
abs.
9ii U.;9
Ra"a
)ob<n1ii
1.Ac%ive
e"#r%&%oare
$e $ob94i
7:: 8 1.Pasive
e"#r%&%oare
$e $ob94i
3.(:: 8
!.Ac%ive
sesibile la
varia'ia ra%ei
$ob94ii5
8 cre$i%e
6.1::
6.1::
66
!.Pasive
sesibile la
varia'ia ra%ei
$ob94ii5
8 $is"oibilF
$e"o4i%e la
ve$ere
8 $e"o4i%e la
%er-e
!1.!::

1.!::
!:.:::

6:
0. Ac%ive c#
$ob9$&
fiI&5
8"lasa-e%e
i%erbacare
8 %i%l#ri $e
s%a%
8 re4erva
-ii-&
!3.0:
:

0.0::

16.:::

7.:::
76
0.Pasive c#
$ob9$& fiI&5
8cer%ifica%
$e"#eri
8>-"r#-#%#ri
$e la al%e
b&ci
3.:::
0.7::
0::
7:
TOTAL .J.JJJ L TOTAL .J.JJJ L
GAP H ASD L PSD H 6.1:: L !1.!:: H 817.1:: -iliar$e lei
DND H D$ L C$ H )6.1::
66R,W)!3.0::
76R, L )!1.!::
6:R, 8
)3.:::
7:R, H 6.7:: -iliar$e lei

BRBr#%e H
32.
1:: H 455
9;-<55
?-A55
H 12F:6R
$, Aali4a GAP > co$i'iile re$#cerii "o$erii $e"o4i%elor > %o%al "asive )$e
la !:.::: -iliar$e U.B la 17.::: -iliar$e U.B., <i s"oririi coco-i%e%e a "o$erii
cer%ifica%elor $e $e"o4i% )$e la 0.7:: -iliar$e U.B. la 7.7:: -iliar$e U.B.,5

195

8Tabel 3.068
"ctive Eol#
abs.
9ii
U.;9
Ra"a
)ob<n1ii
P
Pasive Eol# abs.
9ii U.;9
Ra"a
)ob<n1ii
1.Ac%ive
e"#r%&%oare
$e $ob94i
7:: 8 1.Pasive
e"#r%&%oare $e
$ob94i
3.(:: 8
!. Ac%ive
sesibile la
varia'ia ra%ei
$ob94ii5
8 cre$i%e
1.!::
1.!::
66
!.Pasive
sesibile la
varia'ia ra%ei
$ob94ii5
8 $is"oibilF
$e"o4i%e la
ve$ere
8 $e"o4i%e la
%er-e
17.!::

1.!::
17.:::

6:
0. Ac%ive c#
$ob9$& fiI&5
8"lasa-e%e
i%erbacare
8 %i%l#ri $e s%a%
8 re4erva
-ii-&

17.3::
0.0::
(.1::
7.:::
76
0.Pasive c#
$ob9$& fiI&5
8 cer%ifica%
$e"#eri
8 >-"r#-#%#ri $e
la al%e b&ci
(.:::
7.7::
0::
7:
TOTAL .J.JJJ @ TOTAL .J.JJJ @
GAP H ASD L PSD H 1!.::: L 17.!:: H 86.!:: -iliar$e lei
DND H D$ L C$ H )1!.:::
66R,W)17.3::
76R, L )17.!::
6:R, 8
)(.:::
7:R, H 3.61: -iliar$e lei

BRBr#%e H
32.
1:: H 455
9;-<55
<-?45
H 16F03R
196
I ve$erea ale+erii varia%ei o"%i-e vo- "re4e%a > "realabil si%e4a
re4#l%a%elor ob'i#%e > cele "a%r# si%#a'ii5
8Tabel 3.078
Si"#a*ii
GAP
-l$. U.B.
DND
-l$. U.B.
BR Br#%&
R
01 -ar%ie a#l N 82.!:: 3.21: 3:F2:
a, Ba=orarea c# 6R a $ob94ii la cre$i%e 82.!:: 6.61: 36F2:
b, Re$#cerea c# 0R a $ob94ii la $e"o4i%e 82.!:: 6.637 37F!:
c, Cre<%erea "o$erii %i%l#rilor $e s%a% <i
re$#cerea coco-i%e%& a "o$erii
cre$i%elor07F7:
817.1:: 6.7:: 1:2F(:
$, Re$#cerea "o$erii $e"o4i%elor s%r#c%#ra ac%ivelor
)cre<%erea "o$erii %i%l#rilor $e s%a% co$i'iile
cre<%erii vol#-#l#i e+a%iv al GAP L #l#iF $eci a eIce$e%#l#i $e res#rs&.
DND ob'i#% es%e cel -ai -areF a%9% $a%ori%& cre<%erii "o$erii %i%l#rilor $e
s%a% > %o%al ac%ivF c9% <i fa"%#l#i c& ra%a $ob94ii la aces%ea es%e c# 1: "#c%e
"roce%#ale "es%e cea $e la cre$i%e.
BBR s"ore<%e $e BND H
455
"p
R
"i
R
ori fa'& $e si%#a'ia $e la 01 -ar%ie a

a#l#i NF $a%ori%& cre<%erii DND <i re$#cerii vol#-#l#i cre$i%elor )ac%ive fr#c%ificabile,.
0.C. Risc#l o(era*ional
Risc#l o"era'ioal es%e # risc co-"leI care es%e $a% $e5 risc#l $e sis%e-F
fra#$aF risc#l s%ra%e+ic l re"re4i%& risc#l $e sis%e-F
care "oa%e "ro$#ce "ier$eri >se-a%e b&cilor i-"lica%e.
De eIe-"l#F > a#l 1227 sis%e-#l $e co-"esare bacar $i Barea
Bri%aie L U_ Ba*ers A#%o-a%e$ Cleari+ SPs%e- )BACS, a c&4#% $a%ori%&
s#"ra>c&rc&rii. Ca re4#l%a%F -#l%e "l&'i "ri i%er-e$i#l b&cilor # a# fos% efec%#a%eF
icl#siv "l&'i salariale. K coseci'&F %#%#ror clie'ilor care # <i8a# "ri-i% la %i-"
fo$#rile li s8a# oferi% >-"r#-#%#ri %e-"orareF "e c/el%#iala b&cilor. Cos%#rile
i-"lica%e $e aces%e o"era'i#i s#"li-e%are efec%#a%e $e b&ci a# fos% foar%e -ari.
Ges%ioarea risc#l#i $e sis%e-F ca $e al%fel a %#%#ror risc#rilorF "res#"#e
i$e%ificarea <i c#a%ificarea "ier$erii "robabile <i co-"ararea ei c# cos%#l ecesar
"e%r# evi%area "ro$#cerii "ier$erii )aco"erirea risc#l#i,.
Re$&- -ai =osF )%abel 3.07,F c9%eva ca%e+orii $e risc $e sis%e-F "rec#- <i
-o$#l c#- "o% fi a$-iis%ra%e aces%e risc#ri5
197
8Tabel 3.078
Ti"#l risc#l#i Bo$ $e +es%ioare
8 Defec%area ##i co-"#%er <i "ier$erea
ifor-a'iilor $i -e-oria aces%#ia.
8 Is%i%#irea #or "roce$#ri "ri care
%oa%e $oc#-e%ele $i -e-oria ##i
calc#la%or %reb#ie s& aib& co"ii "e
$isc/e%e sa# "e s#"or% $e /9r%ie
8 I-"osibili%a%ea $e a folosi # co-"#%er
care s8a $efec%a%.
8 Calc#la%oarele foar%e i-"or%a%e
%reb#ie s& aib& o re4erv& ce "oa%e fi
folosi%& > as%fel $e ca4#ri.
8 K%rer#"erea %esi#ii. 8 Ali-e%are $#bl& "ri ba%erii $e
ac#-#la%ori "e%r# sis%e-ele elec%roice
i-"or%a%e.
8 De4as%re a%#raleF c#- ar fi ice$iile
sa# i#$a'iile.
8 Desf&<#rarea o"era'i#ilor > al%e
loca'iiF cofor- "roce$#rilor s%abili%e
"e%r# as%fel $e ici$e%e.
8 De"&<irea co-"e%e'elor $e c&%re #ii
salaria'i.
8 S%abilirea co-"e%e'elor "e%r#
"ersoal %o%ali%a%eF -area
-a=ori%a%e a si%#a'iilor > care a"are aces% risc "o% fi "rev&4#%e %o%ali%a%e.
Di%re for-ele cele -ai frecve%e $e eIec#%are a fra#$ei bacare
-e'io&-5
fra#$& i%er&E
fra#$& "ri co-"#%er.
?ra#$a i%er& es%e ca#4a%& $e "ersoal#l b&cii )> -#l%e ca#4e a# ca
ba4a sol#'ioarea #or "roble-e "ersoale,. C/iar ca$rele $e co$#cere "o% >c&lca
or-ele i%ere sa# le+ale s#b "resi#eF la coc#re'a #r-&%oarelor %rei co$i'ii5
reali4ea4& c& "roble-ele lor fiaciare # "o% fi sol#'ioa%e "e c&i or-aleE a#
>cre$ere ca "ri +ra$#l ri$ica% $e c#oa<%ere a "rac%icilor cre$ere $e care se b#c#r& "o% s&8cre$ereF ci ca #%ili4a%ori ai #or fo$#ri sa# ac%ive >cre$i'a%e.
?ra#$a "ri co-"#%erF es%e $e fa"% # f#r%F c# a=#%or#l calc#la%or#l#iF "ri%r8
# %rasfer elec%roic $e fo$#ri. Aces% %i" $e fra#$&F es%e o ca%e+orie rela%iv o#&F $ar
# "ri -o%ive ci "ri -i=loace.
O a%i%#$ie corec%& fa'& $e aces% %i" $e risc %reb#ie s& se aIe4e "e
#r-&%oarele re"ere5 sis%e-ele $e calc#l cele -ai "erfor-a%e s#% <i cele -ai
"eric#loaseE s& # se eIa+ere4e c# c/el%#ieli eIcesive "e%r# "ro+o4e $e sec#ri%a%e
198
$e re'ea sc#-"eE aali4a "erio$ic& a risc#rilor ce $ec#r+ $i eI"#erea "rovoca%& $e
re'elele $e calc#la%oareE "ersoaele >s&rcia%e c# co$#cerea "ro+ra-elor $e co%rol
al risc#rilor la calc#la%or %reb#ie s& fie i$e"e$e%e re'elele $e calc#la%oare a# $o#& carac%eris%ici5
"robabili%a%ea %re cele $o#& %r&s&%#ri es%e ivers
"ro"or'ioal& )c# c9% es%e -ai -are "robabili%a%ea $e "ro$#cere a evei-e%#l#iF c#
a%9% -ai -ic& "ier$erea "o%e'ial&,.
K Barea Bri%aie s8a es%i-a% c& 77R $i fra#$e s#% co-ise $e "ersoal#l
fir-ei. Ca#4ele # s#% >%o%$ea#a $e a%#r& fiaciar&. EIis%& ca4#ri c9$ ele se
"ro$#c "e%r# a "ro%e=a re"#%a'ia #or a#-i%e "ersoae sa# "e%r# a aco"eri
ico-"e%e'ele. ?ra#$ele a# # carac%er -ai ales s"o%aF $ec9% "re-e$i%a%. Ele
$evi -ai frecve%e acolo #$e # s#% $e"is%a%e $e la >ce"#% c9% fiecare a+a=a% s& fie r&s"#4&%or
#-ai $e #a $i #r-&%oarele ac%ivi%&'i5
>c/eierea #ei %ra4ac'iiE
efec%#area #ei "l&'iE
>re+is%rarea %ra4ac'iei > co%abili%a%e.
Aces% l#cr# es%e ecesarF $eoarece fra#$ele s#% co-iseF $e obiceiF $e o
si+#r& "ersoa&.
EIis%e'a ##i sis%e- $e co%rol eficie%. Cei careF "o%e'ialF ar $ori s& co-i%& ere+#li
%reb#ie $esc#ra=a'i $e eIis%e'a ##i sis%e- $e co%rol a$ecva%.
Parc#r+erea c# a%e'ie a "roce$#rilor a#-i%e si%#a'ii.
Persoal#l %reb#ie s& c#oasc& foar%e eIac% +ra$#l $e co-"e%e'& -aa+e-e%#l bacar s#% le+a%e <i $e fa"%#l c& o
bac& se "oa%e eI"#e la # risc i-"or%a%F $ac& -aa+e-e%#l acelei socie%&'i
bacare $e4vol%& o s%ra%e+ie ia$ecva%&.
De eIe-"l#F o $e"e$e'& acce%#a%& fa'& $e # a#-i% sec%or $e
ac%ivi%a%e "oa%e "rovoca "ier$eri i-"or%a%e.
Efec%ele e+es%io&rii eficie%e a aces%#i %i" $e risc "o% avea coseci'e
+raveF $#c9$ c/iar la fali-e%.
C/iar $ac& o bac& s#"ravie'#ie<%e #ei "ier$eri i-"or%a%e $a%ora%e #ei
s%ra%e+ii eroa%eF "ier$erea cre$ibili%&'ii va avea $re"% efec% o co%are -ai slab& $i
"ar%ea a+e'ilor ecoo-ici $e s"eciali%a%eF ceea ce va avea # efec% e+a%iv as#"ra
cos%#l#i c# care baca va a%ra+e ca"i%al#l > vii%or.
Revi4#irea "erio$ic& a s%ra%e+iilorF 'i9$ co% ca$rea4& > aceas%& ca%e+orieF "e%r#
$o-ei#l bacar5
risc#l $e sc/i-bare a le+isla'ieiE
risc#l $e e>ca$rare > re+le-e%&rile > vi+oare.
199
0.C.0.1. Risc#l )e sc-ibare a le!isla*iei
Aces% %i" $e risc cos%& > fa"%#l c&F +#verele "o% face sc/i-b&ri >
le+isla'ieF afec%9$ i%e+ral sa# "ar'ial ac%ivi%a%ea #ei socie%&'i bacareF care "oa%e
$evei ile+al& sa# e"rofi%abil& )$e eIe-"l#F re+le-e%&rile a"&r#%e > a#+#s% !:::
c# "rivire la coo"era%ivele $e cre$i% care a# co$#s la fali-e%area -#l%or s#%e $e
ase-eea socie%&'iF care se $eclaraser& ile+al <i b&ci,.
K aces%e ca4#riF socie%&'ile bacare %reb#ie s&8<i -o$ifice foar%e ra"i$
ac%ivi%a%eaF sa# s& fie fali-e%a%e.
B&cile %reb#ie s& fie ifor-a%e c# "rivire la "roiec%ele le+isla%ive care s#%
"recoi4a%e "e%r# i$#s%ria bacar& l "oa%e avea as#"ra ac%ivi%&'ii lor.
Aceas%a es%e o "ri-& ac'i#e care %reb#ie >%re"ris&.
O a $o#a ac'i#eF o re"re4i%& >cercarea $e a ifl#e'a "oli%ica +#ver#l#i
> $o-ei#l bacar. Aces% l#cr# se "oa%e face "ri asocia'ia b&cilor $i 'ara
res"ec%iv& )$e eIe-"l#F > Ro-9iaF Asocia'ia Ro-9& a B&cilor,F l are >%rea+a ecoo-ieF i$#s%ria bacar& es%e
foar%e s%ric% re+le-e%a%& vi+oare es%e foar%e -areF "#%9$
$#ce "9& la re%ra+erea a#%ori4a'iei $e f#c'ioare )$e eIe-"l#F > #l%i-ii ai Baca
Na'ioal& a Ro-9iei a re%ras a#%ori4a'ia $e f#c'ioare #or b&ci "e%r#
eres"ec%area re+le-e%&rilor aces%eiaF c#- a fos% ca4#l B&cii AlbiaF B&cii
I%era'ioale a Reli+iilorF Baca Col#-aF Cre$i% Ba*F Baca T#rco8Ro-9& e%c.,.
De aceeaF > aces% $o-ei#F cali%a%ea $e"liirea vi+oareF cele -ai -ici e>ca$r&ri fii$ i-e$ia%
ra"or%a%e co$#cerii b&cii.
0.C.6 Kn"reb&ri )e a#"oeval#are
Antrebri
K%reb&rile $e -ai =os $a# "osibili%a%ea verific&rii >'ele+erii "roble-a%icii
eI"#se -ai s#s. De aceeaF > co%i#are vor fi $a%e r&s"#s#rile s#b for-a sol#'iilor
-o$el5
Ce re"re4i%& "ier$erea asocia%& risc#l#i $e cre$i%are 'ele+e "ri%r8o o"'i#e $e %i" call ca4#l e-i%e%#l#iF c9% ca4#l beeficiar#l#iQ
Ce $ifere'& es%e >%re o %ra4ac'ie sJa" )i%eres ra%e sJa", %re"rise "e%r# a li-i%a "osibili%&'ile $e fra#$&Q
Rspunsuri model
1. Pier$erea asocia%& risc#l#i $e cre$i%areF re"re4i%& cos%#l "e care baca l8
ar s#"or%a > ca4#l erec#"er&rii cre$i%elor acor$a%e.
200
Pier$erea se calc#lea4& "o$er9$ $ifere'a $i%re valoarea cre$i%#l#i -"r#-#%#l s& # fie ra-b#rsa%.
!. O o"'i#e $e %i" call es%e # co%rac% care $& $re"%#l beeficiar#l#i )# %r8# i%erval $e %i-" s"ecifica% )sca$e'a,.
La sca$e'&F $ac& "re'#l )c#rs#l $e sc/i-b, "ie'ei es%e -ai ri$ica% $ec9%
"re'#l eIerci'i#l#iF beeficiar#l co%rac%#l#i > -o-e%#l res"ec%ivF ob'i9$ as%fel # "rofi%. Dac& "re'#l
"ie'ei es%e -ai -ic $ec9% cel al eIerci'i#l#iF "rofi%#l es%e $e "ar%ea e-i%e%#l#i c/eierea co%rac%#l#i )se vor s%abili
$ia+ra-ele $e "rofi% "e%r# o"'i#ea $e %i" call,.
0. Tra4ac'iile $e %i" sJa" )i%eres ra%e sJa",F re"re4i%& is%r#-e%e care
"er-i% ca $o#& co-"aiiF "ri i%er-e$i#l #ei b&ciF s& sc/i-be >%re ele %i"#l
$ob94ii "e care >l "l&%esc cofor- #or co%rac%e $e >-"r#-#% )$ob9$& fiI& 1
$ob9$& flo%a%&,.
Aces%e %ra4ac'ii s#% co$i'ioa%e $e eIis%e'a #or co%rac%e $e cre$i%
ii'iale ale celor $o#& co-"aii.
Co%rac%ele la %er-e "rivi$ ra%a $ob94iiF re"re4i%& # -o$ $e a s%abili
# cos% c# $ob9$a "e%r# o a#-i%& s#-&F >%r8o "erioa$& vii%oareF f&r& a eIis%a
co$i'ia ##i co%rac% $e cre$i% ii'ial sa# vii%or.
3. Pe%r# a li-i%a risc#l $e fra#$& se "o% l#a #r-&%oarele -&s#ri5
K-"&r'irea a$ecva%& a res"osabili%&'ilorF as%fel >c9% fiecare a+a=a% s& fie r&s"#4&%or
#-ai $e #a $i #r-&%oarele ac%ivi%&'i5
>c/eierea #ei %ra4ac'iiE
efec%#area #ei "l&'iE
>re+is%rarea %ra4ac'iei > co%abili%a%e.
Aces% l#cr# es%e ecesar $eoarece fra#$ele s#% co-iseF $e obiceiF $e o
si+#r& "ersoa&.
EIis%e'a ##i sis%e- $e co%rol eficie%. Cei careF "o%e'ialF ar $ori s& co-i%& ere+#li
%reb#ie $esc#ra=a'i $e eIis%e'a ##i sis%e- $e co%rol a$ecva%.
Parc#r+erea c# a%e'ie "roce$#rilor a#-i%e si%#a'ii.
Persoal#l %reb#ie s& c#oasc& foar%e eIac% ce co-"e%e'& <i risc#l "e care <i8l
as#-&.
0.D Risc#l )e banc&
Risc#l $e bac& re"re4i%& eI"#erea #ei b&ci la5
risc#l $e cre$i% )a%#ci c9$ acor$& cre$i%e,E
i-"osibili%a%ea rec#"er&rii #or $e"o4i%e "lasa%e c/i$erii br#<%e a #ei b&ci cores"o$e%eE
"osibili%a%ea f#4io&rii #or b&ci cores"o$e%eE
"osibili%a%ea fali-e%#l#i b&cii "ar%eere.
Risc#l $e cre$i%e a"are la acor$area $e cre$i%eF +ara'ii la a"or%#ri $e
$eco%&ri eI%ereF la "lasa-e%eF la a"or%#ri $e %re4orerie )?ORE@F ?UTURESF
S.APSF BONDSF OPTIONSF E`UITIES,. Na%#ra eI"#erii $e aces% %i" varia4& $e la
o ac%ivi%a%e la al%aF sa# > ca$r#l $iferi%elor e%a"e ale aceea
ca4#l "lasa-e%elor la b&ci s%r&ieF eI"#erea es%e fa'& $e >%rea+a s#-& a
%ra4ac'ieiF "l#s $ob9$a. K ca4#l %ra4ac'iilor la %er-e > val#%eF eI"#erea a"are la
201
$ifere'a $e "re' $i%re cel e+ocia% <i cel c#re%F re4#l%9$ as%fel ecesi%a%ea s%abilirii
limitelor de expunere.
0.D.1 In)ica"orii 7i fac"orii care se ia# ?n calc#l#l risc#l#i )e banc&.
K%r8o "ri-& e%a"& es%e ecesar s& se $e%er-ieF "e fiecare bac&
"ar%eer&F sis%e-#l $e i$ica%ori l#a'i > calc#l5
loc#l b&cii > ca$r# '&rii l#-eE
ca"i%al#l b&ciiE
-&ri-ea b&ciiE
-&ri-ea fo$#rilor a%raseE
"rofi%abili%a%eaE
lic/i$i%a%eaE
+ra$#l $e a$ecvare a ca"i%al#l#iE
Ul%erior %reb#ie av#'i > ve$ere calc#l#l risc#l#i $e
bac&F care "o% fi5
S"ecifici sis%e-#l#i bacar5
si%#a'ia "re4e%& a sis%e-#l#i bacarE
obiec%ive s%ra%e+ice vii%oareE
v#lerabili%a%ea civic&E
coc#re'aE
v#lerabili%a%ea > fa'a sc/i-b&rilor %e/olo+ice > $o-ei#E
s%r#c%#ra c#rs#rilor $e sc/i-b.
S"ecifici b&cii "ar%eere5
cali%a%ea -aa+e-e%#l#iE
"#%erea fiaciar&E
s%abili%a%ea b&cii "ar%eereE
"ers"ec%iveleE
rela'iile b&cii aali4a%e c# o bac& "ar%eer&E
i%eres#l fa'& $e baca "ar%eer&E
risc#l <i ava%a=#l rela'iei res"ec%ive "e ba4a %ra4ac'iei a%erioareE
re+le-e%&ri i%ereE
c#- <i cie a a+a=a% cre$i%#lE
s%r#c%#ra ac%ivelorE
"o4i'ia $e "ia'&E
cali%a%ea ac%ivelorE
re%abili%a%eaE
c#- es%e elabora% bila'#l.
0.D.' S"r#c"#ra "ran1ac*iilor.
S%abilirea li-i%elor $e eI"#ere fa'& $e b&cile "ar%eere > f#c'ie $e
s%r#c%#ra %ra4ac'iilor.
Li-i%ele $e eI"#ere se s%abilesc "e val#%eF "e '&ri <i "e ca%e+orii $e
o"era'i#i. De eIe-"l#F li-i%ele $e eI"#erea ale #ei b&ci co-erciale ro-9e se
calc#lea4& "e #r-&%oarele ca%e+orii $e %ra4ac'ii5
!ategoria 1 4 $e"o4i%e cola%erale "e%r# $eco%&ri co-erciale sa# a"or%#ri
$e %re4orerieE
202
!ategoria 11 4 $e"o4i%e co-erciale 
#-e "ro"riiF cofir-&ri $e acre$i%iveF e-i%ere $e +ara'iiF avali4area ca-biilor L la
1(: $e 4ileF 07: $e 4ile LF c#-"&rarea ca-biilorF a bile%elor $e or$i e-iseF acce"%a%e
 +ara'ie a cocesio&rilor
>casa%e $i acre$i%ive,.
!ategoria 111 4 "lasa-e%eF >-"r#-#%#riF $e"o4i%e "9& la 2:F (:F 07: $e
4ileE
!ategoria 1V 4 sc/i-b val#%ar 1 %re4orerie )$eco%&ri 4iliceF co%rac%e "9&
la -aIi-#- 1(: 4ile,.
!ategoria V L servicii $e c#s%o$ie.
Observa'ie L Li-i%a $e eI"#ere se s%abile<%e "e fiecare s#b ca%e+orie >
"ar%eF ob'i9$#8se > fial TOTALUL E@PUNERII BNCII "e fiecare bac& "ar%eer&
> ca$r#l li-i%ei %o%ale "e fiecare 'ar&.
0.D.. Cri"erii )e eval#are a risc#l#i )e banc&2
La eval#area risc#l#i $e bac& s#% s%abili%e "o$eri "roce%#ale "e
ca%e+orii $e fac%ori ai risc#l#iF <i a#-e5
Eval#area '&rii )"o$ere 1:R,E
A#%ori%a%ea ce%ral& bacar& )"o$ere 6R,E
S%r#c%#ra "ro"rie%&'ii )"o$ere 6R,E
Cali%a%ea -aa+e-e%#l#i )"o$ere 6R,E
Po4i'ia $e "ia'& )"o$ere 6R,E
Cali%a%ea ac%ivelor )"o$ere 16R,E
I$ica%orii re%abili%&'ii )"o$ere 6R,E
Gra$ $e a$ecvare a ca"i%al#l#i )"o$ere 1:R,E
Acces#l la ifor-a'ie )"o$ere 1:R,E
A+e'iile $e eval#are )"o$ere 0:R,.
0.D.0 ;e"o)e )e eval#are a BRI
Baca Re+le-e%elor I%era'ioale )BRI, $e la Basel a >cerca% elaborarea
##i i$ica%or +lobal $e calc#l al risc#l#iF a<a #-i%#l DAR )val#e a% ris*,.
DAR es%e valoarea -ii-& acce"%a%& la ivel#l #ei b&ciF calc#la%& 4ilic
ca i$ica%or a+re+a%.
Aces% i$ica%or a+re+a% se calc#lea4& ca s#-& a valorii risc#l#i acce"%a% "e
%oa%e o"era'iile #ei b&ci.
Teore%icF eIis%& ! -e%o$e $e calc#l a DAR5
o Be%o$a Bo%e L Carlo
o Be%o$a Probabilis%ic&
;e"o)a ;on"e 3 Carlo
Aceas%& -e%o$& ecesi%& #%ili4area ##i sis%e- ifor-a%ic > %i-"i reali "ri
care s& se "rel#cre4e coco-i%e% ifor-a'ii $e la cel "#'i 6 b#rse -ari.
;e"o)a Probabilis"ic&
Aceas%& -e%o$& "res#"#e eval#area "#c%elor $e ba4& la $ob94iF
calc#l9$#8se $is"ersia aces%ora cofor- clo"o%#l#i GAUSS.
Aces%e -e%o$e s#% %eore%ice c&
calc#la% DAR "ri -e%o$ele -ai s#s -e'ioa%e.
203
0.I. Risc#l )e *ar&
0.I.1 Defini*ie. Or!anise )e eval#are. U"ili1area anali1ei.
Risc#l )e *ar& "oa%e fi $efii% > -ai -#l%e -o$#ri5
icer%i%#$iea care a"are a%#ci c9$ eIis%& fo$#ri ce %reb#iesc %rasfera%e
> afara '&riiE
eval#area cre$ibili%&'ii #ei '&riF > s"ecialF $i "#c% $e ve$ere al "l&'ii
$a%oriei eI%ereE
"osibili%a%ea ca # s%a% s#vera s& # $oreasc& sa# s& # "oa%& s&8-"r#-#% s& # fie > -&s#r& s&8 al%e si%#a'ii c#- ar fi5
+#ver#l '&rii res"ec%ive "oa%e sis%a sa# >+/e'a ac%ivele $e'i#%e $e
co-"aiile s%r&ieE
coflic%ele -ili%are "o% "#e > "ericol sco"#l ives%i%orilor sa# "o% s#s"e$a
> >%re+i-e o"era'i#ile > $er#lareE
$ific#l%&'ile ecoo-ice eIis%e%e >%r8o 'ar& "o% >+re#a re"a%rierea "rofi%#l#i
ob'i#%F >%r8o val#%& "#%eric&.
Aali4a risc#l#i $e 'ar& es%e o $isci"li& > sie. K #r-a aces%ei aali4e #
eIis%& r&s"#s#ri si+#reF >%o%$ea#a se es%i-ea4&. Aceas%& aali4& es%e f&c#%& $e
or+ais-e s"eciali4a%eF a%#ci c9$ %reb#ie s& se eval#e4e o 'ar& care solici%& #
>-"r#-#% eI%er.
Or+ais-ele care efec%#ea4& as%fel $e aali4e s#%5
or+ais-e fiaciare i%era'ioale )?BIF BIRDF BERD,E
#iversi%&'i )> s"ecial a-ericae,E
b&ci co-erciale a#%ori4a%eE
a+e'ii s"eciali4a%e $e ra%i+ )Is%i%#%ioal Ives%orsF E#ro-oePFS%a$ar$
a$ PoorF Boo$PGsF IBCA,E
Al%e as"ec%e le+a%e $e efec%#area aali4ei "e%r# eval#area risc#l#i $e 'ar&
"rivesc fa"%#l c&5
# eIis%& coce"% bila'ier #i%arE
$a%ele ecoo-ice # s#% elabora%e c# aceea<i -e%o$olo+ieE
# eIis%& o ba4& #ic& "e%r# s%abilirea "re'#rilor +ara'ie > ca4#l e>$e"liirii
obli+a'iilor as#-a%e $e c&%re o 'ar&.
O$a%& c# cre<%ereaF >%r8# ri%- ra"i$F a is%abili%&'ii ecoo-iceF "oli%ice "rac%ica
or+ais-elor fiaciare i%era'ioale.
Aali4a risc#l#i $e 'ar& es%e #%ili4a%& a%#ci c9$ o bac& sa# al%& is%i%#'ie
fiaciar&5
face "lasa-e%e > s%r&i&%a%eE
cofir-& acre$i%ive "e%r# b&ci s%r&ieE
><i "ro"#e -e'ierea ##i "or%ofoli# ec/ilibra%E
s%abile<%e cos%#rile <i "rovi4ioaele fa'& $e eI"#erile res"ec%ive.
0.I.' Co(onen"ele risc#l#i )e *ar&
Prici"alele co-"oe%e ale risc#l#i $e 'ar& s#%5 risc#l "oli%ic $e"lii a+a=a-e%ele
eI%ere. Is%abili%a%ea "oli%ic& "oa%e +eera "e%r# cre$i%ori5
re"#erea > ca#4& sa# ree+area co%rac%elorE
li-i%area sa# i%er$ic'ia ives%i'iilor s%r&ieE
li-i%area sa# i%er4icerea scoa%erii $e ca"i%al $i 'ar&E
a'ioali4area c# sa# f&r& $es"&+#biriE
ref#4#l $e rec#oa<%ere a a+a=a-e%elor f&c#%e $e +#verele "rece$e%eE
o"rirea "l&'ilor c&%re eI%eriorE
i%er4icerea #ei o"era'i#i $e i-"or%1eI"or%.
Risc#l econoic2
Aces% %i" $e risc es%e le+a% $e ca"aci%a%ea '&rii $e a8<i ac/i%a $a%oria
eI%er&. Risc#l ecoo-ic $ec#r+e $i ica"aci%a%ea '&riiF a a#%ori%&'ii -oe%are $e a
%rasfera cre$i%#l )ca"i%al "l#s $ob9$&, ob'i#% $e o e%i%a%e "#blic& sa# "riva%& $e $evi4e $e%er-i9$ ica"aci%a%ea $e "la%&.
Risc#l ecoo-ic es%e le+a% $e risc#l val#%arF a%9% $e varia%a c#rs#l#i $e sc/i-bF c9% <i
$e -&s#rile $e or$i +#vera-e%al "rivi$ li-i%area %rasfer#l#i $e $evi4e )risc
"oli%ic,.
K%re risc#l "oli%ic <i cel ecoo-ic eIis%& rela'ii $e i%er$e"e$e'&F
is%abili%a%ea "oli%ic& +eer9$ cri4a ecoo-ic&F iar cri4a ecoo-ic& $e%er-i& la
r9$#l ei sc/i-b&ri $e re+i- "oli%ic.
0.I.. Eval#area risc#l#i )e *ar& )e a!en*iile )e eval#are $ra"in!%
A+e'iile $e eval#are s#% is%i%#'ii s"eciali4a%e $e ra%i+ sa# al%e or+ais-e
fiaciare abili%a%e care facF "e %er-e l#+ -"&r'i%e > "a%r# clase $e riscF reflec%9$ ra%a i$ivi$#al& "e%r# 'ara
res"ec%iv&.
Sis%e-#l $e "#c%a= se ba4ea4& "e cosi$era'ii $e or$i "oli%ic calc#l a clasific&rilor reali4a%e $e a+e'ii $e eval#area. Risc#rile s#%
"o$era%e > f#c'ie $e i-"or%a'a lor fa'& $e ra%a $e solvabili%a%e a '&rii. P#c%ele
"o$era%e s#% >s#-a%eF re4#l%9$ "#c%a=#l. EIis%& "a%r# clase $e risc $e 'ar& -"r#-#%#ri "e %er-e l#+.
!lasa de risc &' risc sc&4#%F carac%eris%ic '&rilor c# "roble-e fiaciare
-iore. Aces%or '&ri li se "o% acor$a >-"r#-#%#ri "e %er-e -e$i# $e "9& la %rei ai.
205
!lasa de risc #' risc cresc#%F carac%eris%ic '&rilor > $e4vol%are > "li "roces
$e refor-&. ;&rile $i aceas%& +r#"& "o% beeficia $e >-"r#-#%#ri "e %er-e sc#r% $e
"9& la # a.
!lasa de risc B ' risc foar%e -areF s"ecific '&rilor c# "roble-e ecoo-ice
serioaseF c# $a%orii eI%ere -ari. K +eeralF aces%or '&ri # li se acor$& >-"r#-#%#ri
sa# li se acor$& c# a#-i%e res%ric'ii.
0.I.0. Ti(#ri )e eval#are a risc#l#i )e *ar&
Di "rac%ica i%era'ioal& a# fos% re'i#%e %rei %i"#ri $e eval#are a risc#l#i $e
'ar&5 eval#area "oli%ic&F eval#area ecoo-ic& <i eval#area f&c#%& $e a+e'ii $e
eval#are.
EDALUAREA POLITICF care are o "o$ere $e !6R $i %o%al eval#are.
Aceas%a "res#"#e acor$area $e "#c%a=F #r-&%oarelor ele-e%e5
for-a +#ver#l#iE
s%abili%a%ea +#ver#l#i f#c'ie $e li-b&F reli+ieF rase.
EDALUAREA ECONOBIC )"o$ere 36R,F "res#"#e "#c%area
#r-&%oarelor ele-e%e5
ecoo-ie i%er&E
re+le-e%area %rasfer#rilor val#%are 1 $e ca"i%alE
ecoo-ia eI%er&E
re4erveE
$a%orii eI%ere.
EDALUAREA ?CUT DE AGEN;II DE EDALUARE )"o$ere 0:R,F
"res#"#e # "#c%a= $iferi% > f#c'ie $e %er-e#l $e eval#are )%er-e l#+ <i sc#r%,.
Principalele elemente de evaluare'
K ca4#l evalurii politice'
for-a +#ver#l#i )6 R,E
s%abili%a%ea +#ver#l#i <i a sis%e-#l#i "oli%ic )6R,E
s%abili%a%ea i%er& )6R,E
rela'ii c# '&rile vecie )!F6R,E
rela'ii i%era'ioale )!F6R,E
co$i'ii sociale )!F6R,E
clasific&ri ale "o"#la'iei5 li-b&F reli+ieF ras& )!F6R,.
K ca4#l evalurii economice'
ecoo-ie i%er& .1:R/;
re+le-e%area %rasfer#rilor val#%are 1 $e ca"i%al )6R,E
ecoo-ie eI%er& )1:R,E
re4erve )1:R,E
$a%orii eI%ere )1:R.
K ca4#l evalurii fcute de agenii de evaluare'
eval#area "e %er-e l#+ )!:R,E
eval#area "e %er-e sc#r% )1:R,.
206
?iecare +r#"& $e eval#are c#"ri$e # sis%e- $e "#c%a= "ro"ri# "e
ele-e%e co-"oe%e. As%felF $e eIe-"l#5
La eval#area for-ei $e +#ver&-9% "#c%a=#l -aIi- )1:: "#c%e, >l
re"re4i%& $e-ocra'ia "arla-e%ar& sa# -oar/ia cos%i%#'ioal& $e -ai -#l% $e 16
ai.
La eval#area re4ervelor val#%are )s#-a "e #l%i-ii 0 ai, se ob'ie cosec#%iv
> cre<%ereF iar aco"erirea i-"or%#rilor se reali4ea4& "e -ai -#l% $e 7 l#i.
Risc#l $e 'ar& se "oa%e aco"eri "ri co-"ararea $e asi+#r&ri s"eciale "ri
i%er-e$i#l fir-elor $e eI"or% fiaciar. Uele $i%re aces%e fir-eF c#- ar fi EI"or%
Develo"-e% Cor"ora%io of Caa$a s#% "ro"rie%a%e $e s%a%F al%eleF c#- ar fi EI"or%
Cre$i% Gara%ee Develo"-e% $i Barea Bri%aieF s#% for-e "riva%e.
0.I.6.1. A(lica*ii (rac"ice
PROBLEBE RECOLDATE
Problea 12 ?ie o fir-& @ ce >%r8o 'ar& c. C#a%ifica'i
risc#l $e 'ar& folosi$ -o$el#l B.R.I "e ba4a #r-&%oarelor $a%e5

8Tabel 3.0(8
Nr.
Cr%
De#-irea cri%eri#l#i Coeficie%
cri%eri#
)c
*,
Coeficie%
recalc#la%
)f
*
,
No%a
)
*
,
1. S%abili%a%ea "oli%ic& a '&rii
solici%a%#l#i $e cre$i%eF "osibili%&'i
$e sc/i-bare
0F: 1!R !
!. A%i%#$iea a#%ori%&'ilor locale fa'& $e
ives%i'ii s%r&ie <i %rasfer#l $e
beeficii
1F6 7R 3
0. Te$i'e s"re a'ioali4are 1F6 7R !
3. Cos%r9+eri birocra%ice 1F: 3R :
6. Res"ec%area acor$#rilor
co%rac%#ale
1F6 7R 1
7. Cali%a%ea serviciilor $e
s#"ras%r#c%#r&
:F6 !R 1
7. Cali%a%ea ifras%r#c%#rii 1F: 3R 0
(. Cali%a%ea res"osabililor $e
>%re"ri$ere care solici%& cre$i%#l
1F: 3R 0
2. Cre<%erea ecoo-ic& a '&rii !F6 1:R 1
1:. Ifla'ia -oe%ar& 1F6 7R !
11. Bala'a $e "l&'i eI%ere 1F6 7R 1
1!. ?acili%&'i $e coversie a -oe$ei
locale > $evi4e
!F6 1:R 1
10. Cos%#l -9iii $e l#cr# 1
"ro$#c%ivi%a%e
!F: (R :
207
13. Cre$i%e "e %er-e sc#r% !F: (R !
16. Posibili%&'i $e >$a%orare "e %er-e
l#+
!F: (R 0
TOTAL
'6
Observa'ie5 No%ele > %abel s#% c#"rise >%re : <i 3 )o%a : L risc ri$ica%F o%a 3 L risc
slab,.
Re1olvare2
C
risc 'ar&
H
1
c
1
W
!
c
!
W d.W
*
c
*
C
risc 'ar&
H !I0 W 3I1F6 W !I1F6 W :I1 W 1I1F6 W :F6I1 W 1I0 W 1I0 W !F6I1 W
1F6I! W 1F6I1 W !F6I1 W !F:I: W !F:I! W !F:I0 H 3!F6 $0.6'%
I%er"re%area re4#l%a%#l#i5
>%re : %re 31 %re 67 %re 7: <i 1:: L risc slab.
Dac& se folosesc "o$erileF f#c'ia scor se va -o$ifica5
CG
risc 'ar&
H
1
f
1
W
!
f
!
W d.W
*
f
*
CG
risc 'ar&
H !I:F1! W 3I:F::7 W !I:F::7 W :I:F:3 W 1I:F:! W 0I:F:3 W 0I:F:3
W 0I:F:3 W 1I:F1 W !I:F:7 W 1I:F:7 W 1I:F1 W :I:F:( W !I:F:( W 0I:F:( H 1F77
$0.6.%
CG
risc 'ar&
se afl& >%re [:F3\. C# c9% coeficie%#l calc#la% es%e -ai a"roa"e $e :F
risc#l es%e -ai ri$ica%.
Problea 12 A+e'ia $e eval#are aTOBEROF sa a+a=a% s& elabore4e
"e%r# a+e'ii eI"or%a%ori $i 'ara a@O # ra"or% $e ra%i+ as#"ra risc#l#i $i 'ara acO. K
aces% ses $e'ie #r-&%oarele $a%e5
A. Pentru evaluarea politic P#c%a= -aIi- ce
"oa%e fi acor$a%
)a, for-a +#vera-e%al&5 re"#blic& "re4i$e'ial& 6R
)b, s%abili%a%ea +#ver#l#i #r-& c# %rei aiF iar sis%e-#l "oli%ic i-"lic&
"ar%ici"area la +#verare a o"% "ar%i$eF #ele c# i$eolo+ii
"oli%ice $iferi%e 6
R
)c, rela'ii c# '&ri vecie5 'ara acO are >c/eia%e %ra%a%e
bila%erale $e "ace <i colaborare c# "a%r# $i cele cici '&ri
vecieF c# a cicia av9$ "roble-e %eri%oriale ere4olva%e
208
!F6R
)$, s%abili%a%ea i%er&5 b#&
6R
)e, rela'ii i%era'ioale5 %ara "ar%ici"& la %oa%e or+ais-ele
"oli%ice i%era'ioaleF a$o"%9$ -a=ori%a%ea %ra%a%elor
i%era'ioale !F6R
)f, co$i'ii sociale5 eIis%& # ivel rela%iv ri$ica% $e <o-a= L
13R <i o ocro%ire social& rela%iv sa%isf&c&%oare
!F6R
)+, clasificarea "o"#la'ie $#"& li-b&F reli+ieF raseF e%c5 'ara
are $o#& li-bi oficialeE reli+ia "re"o$ere'& es%e ca%olic&F 'ar&F eIis%& circa
1! ce%&'ei $e al%e a'ioali%&'i )%#rciF arabiF evreiF e%c,
!F6R
O ase-eea eval#are %reb#ie "#c%a%& as%fel >c9% s& se
a%rib#ie -ii- !6R $i rai%i+ +eeral !6R
B. Pe%r# eval#area ecoo-ic& P#c%a= -aIi- ce
"oa%e fi acor$a%
)a, Ecoo-ia i%er&5 ivel#l $e "riva%i4are es%e $e circa !R
$i ecoo-ieE PIB are o cre<%ere a#al& > #l%i-ii %rei ai $e
1F6 RF !F3RF #l%i-#l a $e !F6 -iliar$e $olari <i al bala'ei
$e "l&'i $e 0F7 -iliar$e $olari. Defici%ele b#+e%are $i #l%i-ii
%rei ai a# fos% 0F(R $i PIBF 0F0R <i res"ec%iv 0F1RF e%c
1:R
)b, re+le-e%area %rasfer#rilor val#%are $e ca"i%al5 'ara are
re+le-e%a% re+i-#l $e liberali4are a o"era'i#ilor val#%are
$e co%F f&r& o liberali4are a %rasfer#rilor "ie'ei $e ca"i%al
6R
)c, re4erve > #l%i-ii %rei ai5 re4erva val#%ar& 1: -iliar$eF
1:F6 %re 1:8!: R $i PIBE
i-"or%#ri 1!R 1:R
)e, $a%orii eI%ere5 $efici%#l co-ercial !F6 -iliar$e $olari ve$ere la eval#are P#c%a= -aIi- ce "oa%e fi acor$a%
)a, "e %er-e l#+ !:R
)b, "e %er-e sc#r% 1:R
P#c%a= -aIi- "osibil $e acor$a% 0:R
S& se calc#le4e risc#rile "oli%icF ecoo-ic sa# $e %er-e $e eval#are
"o$era%e > f#c'ie $e i-"or%a'a lor fa'& $e ra%a $e solvabili%a%e a '&rii ca$re4e "#c%a=#l fial > clasele $e risc 1 L 3.
De ase-eeaF > f#c'ie $e clasa $e risc care %reb#ie s& fie reco-a$&rile
a+e'iei $e ra%i+Q
209
P#c%a=#l -aIi- "osibil $e acor$a% s"ecial $e c&%re or+ai4a'iile S.U.AF
-o$el c# 16 cri%erii "rici"i#F aversi#e fa'& $e risc.
Dalorile $e #%ili%a%e ale ##i ives%i%or $ese-ea4& co-"ro-is#rile "e care
aces%a es%e $is"#s s& le fac& >%re "rofi%abili%a%ea ##i "lasa-e% bacar sa# fiaciar
so'e<%e.
?iecare ives%i%or "oa%e $ese-a # +ra$ $e b#&s%are sa# #%ili%a%e "e%r#
"or%ofoliile bacare sa# fiaciare afla%e > co-"e%i'ieF ba4a% "e "rofi%abili%a%ea <i risc#l
es%i-a%e ale acelor "or%ofolii.
Gra$#l $e #%ili%a%eF a<a $#"& c#- vor observa -ai $e"ar%eF es%e # -i=loc
$e clasificare a "or%ofoliilor bacare sa# fiaciare. Dalorile -ai ri$ica%e $e #%ili%a%e
s#% $ese-a%e "or%ofoliilor c# "rofil#ri -ai a%rac%ive $e risc8"rofi%abili%a%e.
Baa+e-e%#l b&ciiF c9$ $eci$e co-"or%a-e%#l fa'& $e a#-i%e risc#ri
ce "o% a"&rea > ac%ivi%a%ea b&ciiF va l#a > cosi$era'ie "ro"ria a%i%#$ie fa'& $e riscF
"erce"'ia "ersoal& as#"ra ivel#l#i risc#l#iF eI"erie'a b&cii > $o-ei# <i
res"osabili%a%ea fa'& $e %er'i )"ersoalF clie'iF ac'ioari,.
Es%e bie ca # bac/er s& c#oasc& a"e%i%#l fa'& $e risc al clie'ilor s&iF
"e%r# a "#%ea e+ocia -ai bie c# ace<%ia )$e eIe-"l#F # co%rac% $e cre$i%,.
K ca4#l > care # clie% are # a"e%i% ri$ica% fa'& $e riscF aces% l#cr# >i "oa%e
crea "re-isele ##i "rofi% -ai -areF $ar > acela<i as#-& -ai -#l%e risc#ri,.
K%r8# cli-a% carac%eri4a% "ri%r8o coc#re'& -areF baca %reb#ie s& acor$e
cre$i%e "e%r# a +eera # "rofi% "e%r# $e"o4i%ele a%raseF care #eori # "o% avea o
$ob9$& corela%& c# +ra$#l $e risc al >-"r#-#%#l#i.
K aces% ca4F co$#cerea b&cii %reb#ie s& ia $eci4ia as#-&rii aces%#i risc
)cre$i%e e"erfor-a%e,F sa# s&8<i as#-e risc#l $e a # re#<i s& +eere4e # fl#I
-oe%ar s#ficie% "e%r# "la%a $ivi$e$elor ac'ioarilor <i a $ob94ilor la $e"o4i%ele
a%rase.
Kn"rebare )e a#"oeval#are2
A"recia'i careF $i #r-&%oarele ca%e+orii "re4i%& # a"e%i% la risc -ai acce%#a%5
1. De"#&%oriE
!. Ac'ioariE
0. B&ci.
R&s(#ns2
1. K -o$ or-alF depuntorii a# a"e%i%#l la risc cel -ai sc&4#%F ei "las9$
baii > b&ci "e%r# si+#ra'& 
$o-ei# bacar es%e $e a -e'ie >cre$erea $e"#&%orilor.
!. K or$ie #r-ea4& bncile, care %reb#ie s& aib& o a%i%#$ie "reca#%&
$a%ori%& res"osabili%&'ii sociale "e care le a# <i $a%ori%& fa"%#l#i c& %reb#ie s& ob'i&
vei%#rile ecesare "e%r# "la%a $ob94ilor "e%r# s#-ele a%rase.
0. P&s%r9$ aces% cri%eri#F #r-&%orii s#% acionarii. K eve%#ali%a%ea
fali-e%#l#i bacarF ei ar fi #l%i-ii care ar rec#"era crea'ele.
210
3. Cel -ai -are a"e%i% la risc >l au cei care +mprumut bai. Ei re"re4i%&
>%re"ri4&%orii care folosesc ca"i%al#l lor -o$ or-alF "robabili%a%ea ca o %ra4ac'ie )$e
eIe-"l#F co%rac% $e cre$i%,F > #r-a c&reia se a<%ea"%& # a#-i% "rofi%F s& e<#e4e
)s& # se ob'i& "rofi%#l sco%a%,.
Pe%r# >'ele+erea -ai b#& a ra"or%#l#i >%re risc -o$
or-alF "e%r# $iferi%ele ivele ale risc#l#i. Liia care re4#l%& se #-e<%e curba
indiferenei fa de risc.
!urba nr. $ Pri-#l "#c% l#a% > cosi$erare re"re4i%& "rofi%#l "e care8 l
a<%e"%&- $e la o %ra4ac'ie f&r& risc. Aces%a # es%eF > -o$ or-alF 4eroF > s"ecial
> co%eI%#l fiaciarF $eoarece %reb#ie oferi%e a#-i%e s%i-#le%e #ei "ersoae
"e%r# a o covi+e s& ofere $re"%#l $e a8i fi #%ili4a'i baii. Aces% l#cr# es%e ecesar
$eoarece "ersoaa res"ec%iv& ar "#%ea #%ili4a baii s&i )ecoo-iile, > al%e sco"#ri L
c#-"&rarea #ei loc#i'eF eIc#rsii L ceea ce i8ar a$#ce al%e beeficii efiaciare.
?i+. 3.1 C#rba 1 a i$ifere'ei fa'& $e risc
Pe%r# o ives%i'ie fiaciar& a #ei b&ci > bo#ri $e %e4a#r )e-iseF $e
eIe-"l#F $e +#ver#l a-erica,F aceas%a se a<%ea"%& la # risc -ic sa# 4ero. N#
eIis%& risc#l )sa# eIis%& # risc foar%e -ic, $e a # "ri-i la sca$e'& $ob9$a
res"ec%iv&. De ase-eeaF ives%i'ia fii$ $eo-ia%& >%r8o val#%& cover%ibil&F >
+eeral foar%e "#%eric&F > %i-"F av9$ <i o -are lic/i$i%a%e.
Dac& $ob9$a la bo#rile $e %e4a#r a-ericae )A-erica Treas#rP Bills, es%e
$e 7RF "ri-#l "alier al +rafic#l#i )fi+. 3.!, ar fi5
A-erica Treas#rP Bills
50
45
40
35
30
25
20
15
10
5
0 0:001 0:002 0:003 0:004 1
Ra%a "rofi%#l#i R
Risc
Ra%a
"rofi%#l#i
I
Risc
211
: 1
?i+.3.! C#rba ! a i$ifere'ei fa'& $e risc > ca4#l b##rilor
$e %e4a#r a-ericae
Aali49$ "osibili%&'ile eIis%e%e > $er#larea #ei afaceriF se "oa%e a"recia
c& eIis%& -o-e%e c9$ %reb#ie aleas& o varia%& $i%re -ai -#l%e varia%e care a#
# +ra$ $iferi% $e risc. Rol#l -aa+er#l#i es%e $e a calc#la ri+#ros risc#l %r8o %ra4ac'ie fiaciar& f&r& risc.
Pe%r# a L l covi+e "e ives%i%or s& ives%easc& >%rL# "roiec% sa# s&
$e"#& baii la bac&F %reb#ie s& i se ofere o $ob9$& $e cel "#'i 7R.
Ives%i%or#l "oa%e a"recia risc#l $e e<ec al afacerii ca fii$F $e eIe-"l#F 1 la
1::: ):F::1,. Ce $ob9$& ar %reb#i s& I se ofere "e%r# a L aceas%&
afacereQ
Ra%a $ob94ii solici%a%& es%e $iferi%& $e la ives%i%or la ives%i%or > f#c'ie $e
a"e%i%#l la risc al fiec&r#ia <i "oa%e fi a"recia%& )-&s#ra%&, "ri s%#$ierea c#rbei
i$ifere'ei fa'& $e risc. Aceas%& c#rb& "oa%e fi %rasa%& "e%r# oricare ives%i%orF $ac&
se c#oa<%e ra%a $ob94ii solici%a%e "e%r# # %i" $e ives%i'ie fiaciar&F i$ifere% $e
risc#l "e care aceas%a >l "res#"#e )risc :E risc 151:::E risc !51:::,.
O as%fel $e c#rb& ara%& > fel#l #r-&%or )fi+.3.0,5
Rata pr#$itului I
Risc
0 0:001 0:002 0:003 0:004
0:005
10
9
8
7
6
5
4
3
2
1
212
?i+.3.0. C#rba 0 a i$ifere'ei fa'& $e risc
Aces% eIe-"l# al c#rbei 0 a fos% cos%r#i% "res#"#9$ c& "e%r# # risc $e
151::: ra%a $ob94ii es%e $e 7F6RF iar "e%r# # risc $e !51::: ra%a $ob94ii es%e $e
7F1R.
A"lec9$ aces% -o$el "#%e- %rasa c#rba i$ifere'ei la risc "e%r# #
ives%i%or c# # a"e%i% re$#s fa'& $e risc a%e'ia ives%i%orilor )icl#siv a b&cilor, "e "ie'ele $e
ca"i%al <iF > +eeralF > %ra4ac'iile fiaciareF es%e ra%a "rofi%#l#i. Aceas%& ra%& es%e
co-"ara%& c# +ra$#l $e risc al ives%i'iei fiaciare res"ec%ive. Dac& risc#l asocia%
#ei ives%i'ii $e ca"i%al )%i%l#ri $e "ar%ici"are, cre<%eF ives%i%or#l sa# ac'ioar#l va
solici%a ra%e -ai >al%e ale "rofi%#l#i.
Dac& # se ob'i aces%e ra%eF ac'ioarii > co-"ara'ie c# ra%ele "rofi%#l#i ce se "o% ob'ie $i al%e
%ra4ac'ii $e aces% %i". Aceas%& -e%o$& "oa%e fi a"lica%& c# s#cces $e c&%re o bac&
)ca ives%i%or, #-ai "e%r# "ie'ele care a# # +ra$ ri$ica% $e co-"e%i%ivi%a%e c#- ar fi
b#rsele $e valori <i "ie'ele i%erbacare.
A"e%i% sc&4#%
A"e%i% ri$ica% la risc
Ra%a "rofi%#l#i R
Risc
213
0.1J.'.1 A(lica*ii (rac"ice
PROBLE;E RENOLEATE
Problea 12 Mase b&ci ofer& o ra%& a $ob94ii $e $e"o4i% $e 37R "9& la
32RF > %i-" ce a <a"%ea bac& ofer& o ra%& $e 7:R "e%r# acela%re ra%ele $ob94ii oferi%e $e cele 7 b&ci
co-ercialeF ara%& # -e$i# coc#re'ial "e "ia'&F referi%or la ra%a $ob94ii acor$a%&
"e%r# $e"o4i%ele la acela -o$ evi$e%F $ific#l%&'i > a%ra+erea $e fo$#ri la o
ra%& a $ob94ii a"ro"ia%& $e cea $ic%a%& $e "ia'&. Cri4a $e lic/i$i%a%e $e la aceas%&
bac& es%e $a%& $e +re#%&'ile ce le >%9-"i& > a L <i "#%ea oora solici%&rile $e
fo$#ri ale $e"oe'ilor. Aces% l#cr# face ca orice "lasa-e% la aceas%& bac& s& fie
risca%.
Problea '2 U%ili49$ coce"%#l $e riscF eI"lica'i $ifere'a $i%re ra%a
$ob94ii "e%r# # $e"o4i% bacar a"oi "e%r# cre$i%ele
acor$a%e es%e -ai -are $ec9% "robabili%a%ea ca o bac& s& # "oa%e re%#ra baii
celor care a# f&c#% $e"#eri la acea bac&. Aceas%a es%e ##l $i cosi$ere%ele
"e%r# care ra%a $ob94ii "e%r# cre$i%ele oferi%e $e bac& s& fie -ai -areF $ec9% ra%a
$ob94ii la $e"o4i%ele a%rase.
Problea .2 Dis"#e'i $e 1:: -ilioae $e lei "e%r# a L i ives%i. K #l%i-#l
aF ra%a $ob94ii "e%r# # $e"o4i% bacar $e 0 l#i a fos% $e5 7:RF 6(RF 7:RF 67RF
7!RF 6(RF 73RF 7!RF 71RF 7!RF 73RF 7!RF
Care es%e ra%a "rofi%#l#i "ro+o4a%& <i risc#l asocia% eiQ
Kai%e $e a a"ela la aces% $e"o4i% bacar # "rie%e v& ofer& a al%&
"osibili%a%e ives%i'ioal& %o% "e%r# 0 l#i. Cele 0 ra%e a%erioare ale "rofi%#l#i "e%r#
aces% %i" $e ives%i'ie fiaciar& a# fos% 76RF (:R <i 3:R. Prie%e#l $#-eavoas%r&
are evoie $e # r&s"#s i-e$ia%. Care es%e $eci4ia ce %reb#ie l#a%& <i $e ceQ
Re1olvare2
a. De"o4i% bacar la 0 l#i5
8Tabel 3.028
Nivel#l ra%ei $ob94ii)R,
)D,
?recve'a $e a"ari'ie
)f,
Probabili%a%ea
67 1 151!H:F:(0
6( ! !51!H:F177
214
7: ! !51!Q:F177
71 1 151!H:F:(0
7! 3 351!H:F000
73 ! !51!H:F177
R H ra%a "rofi%#l#i "ro+o4a%
RH
fi
Eifi
H
b k V b b V
b ^k k ^b V ^V b ^Z b hj V hg
+ + + + +
+ + + + + % $ % $ % $ % $ % $ % $
$0.06%
R H 7:F(0R
Risc#l asocia% aces%ei ra%e a "rofi%#l#i "ro+o4a% es%e aba%erea s%a$ar$
) ,5
H

fi
% Ei R $
b
H !F12R
$0.08%
b. Cealal%& "osibili%a%e $e ives%i'ie fiaciar&
R H
]
kZ jZ gh + +
H 76R
H
]
^bh bbh VZZ + +
H 17F(R
C# %oa%e c&F > ca4#l )b, se "oa%e ob'ie # "rofi% "ro+o4a% "#'i -ai -are
)76R fa'& $e 7:F(0R,F risc#l es%e $e ( ori -ai ri$ica% )17F(R fa'& $e !F12R,F fii$ $e
"refera% "ri-a varia%&.
A-9$o#& %i"#rile $e ives%i'ii ofer& ra%e -e$ii "o$era%e ase-&&%oareF c#
-e'i#ea c& varia%a a II L a are o ra%& -ai -are. K acela varia%a a II L a
ra%a "ro+o4a%& a $ob94ii are o aba%ere -ai -are $ec9% > ca4#l "ri-ei varia%eF $eci
# risc -ai ri$ica%F ceea ce cofir-& %eoria c& "osibili%a%ea ##i "rofi% -ai -are es%e
asocia%& c# # risc -ai ri$ica%.
De fa"%F > eIe-"l#F # eIis%& o "ier$ere > ca4#l > care varia%a a $o#a #
+eerea4& # "rofi% sco%a%F $ar es%e o "ier$ere $e o"or%#i%a%eF care "oa%e fi
-&s#ra%& ca $ifere'& >%re ra%a $ob94ii care "#%ea fi ob'i#%& "ri "lasa-e% la #
$e"o4i% bacar cea $e a II L a varia%&.
0.1J... Co"a*ii )e (ia*& ale risc#l#i
Pe a#-i%e "ie'e $e ca"i%al )$e eIe-"l#5 "ia'a lo$oe4&,F ac'i#ile s#%
>-"&r'i%e > a#-i%e ca%e+orii )Al"/aF Be%aF Ga--a, care reflec%& vol#-#l %ra4ac'iilor
 "ri-#l r9$F s& L 
%ra4ac'ie %rL# vol#- s#ficie% $e -areF %9-"l& c9$ o bac& acor$& # cre$i%.
Ueori baca # >-"r#-#%a'iF c/iar $ac& $ob9$a
afere%& a fos% ac/i%a%&.
0.1J.0. Co"a*ii in"erna*ionale ale cre)i"#l#i
Barile co-"aiiF care $oresc s& a%ra+& fo$#riF fie "ri e-isi#ea $e ac'i#i
sa# "ri >-"r#-#%#ri "e "ie'ele -oe%are vii%or. Aces% l#cr# "er-i%e ives%i%orilor s& c#oasc& risc#l
asocia% c# is%i%#'ia fiaciar& res"ec%iv& c#o<%i'& $e ca#4&.
Acor$area ##i >-"r#-#% es%e ase-&&%oare c# efec%#area #ei ives%i'iiF
$i #r-&%oarele cosi$ere%e5
Se ce$ea4& ##i %er' o a#-i%& s#-& $e baiF fie efec%#9$ o ives%i'ieF fie
cos%i%#i$ # $e"o4i% bacarE
EIis%& o $a%& sca$e%& la care s#-a $e bai %reb#ie res%i%#i%& )$a%a aleas& $e
ives%i%or,E
Cel care va folosi bai > aceas%& "erioa$&F "9& la sca$e'&F va >cerca s&8i
#%ili4e4e c9% -ai eficie% "e%r# a8-"r#-#%a%&F ives%i%or#l se a<%ea"%& s& "ri-easc&F
"e%r# risc#l acce"%a% o $ob9$&.
?#$a-e%alF >-"r#-#%#rile %re ele cos%a#F > "rici"alF > co$i'iile s%i"#la%e > co%rac%ele >c/eia%e >%re "&r'i.
Se "oa%e face "reci4area c&F $e"#&%orii la o bac& co-ercial& )care "o% fiF
$e eIe-"l#F al%e b&ci co-erciale, "o% cosi$era c&F $e fa"%F >-"r#-#%& b&cii o
a#-i%& s#-& $e bai "e%r# o "erioa$& $e %i-".
O co-"aie )bac&, care va fi "e%r# "ri-a $a%& co%a%& $e o a+e'ie
i%era'ioal&F es%e %es%a%& "ri%r8# i%ervi#F $i care s& re4#l%e #r-&%oarele as"ec%e5
Is%oria fir-ei res"ec%iveE
S%ra%e+ia "e care o a"lic& co-"aiaE
Der#larea c#re%& a o"era'i#ilor co-"aieiE
Ca"i%al ai%e $e a fi co%a%& $e o
a+e'ie i%era'ioal& $e ra%i+F es%e ase-&&%or c# cel "e care o bac& sa# al%&
is%i%#'ie fiaciar& >l i-"#e clie'ilor s&i > ve$erea acor$&rii $e cre$i%e.
A+e'iile i%era'ioale $e ra%i+ co%ea4& co-"aiile "ri eI"#erea
"osibili%&'ii $e e<ec a aces%oraF > #r-&%orii 1: ai.
K co%i#are es%e "re4e%a% # eIe-"l# al -o$#l#i $e a"reciere al a+e'iei
$e ra%i+ IBCA "e%r# o fir-&5
Co%are Probabili%a%ea $e e<ec > #r-&%orii 1: ai
AAA 1
AA 1F6
A !
BBB 6
216
BB !:
B 06
Deci o fir-& co%a%& c# BBBF "re4i%& # risc $e 6R. U l#cr# i-"or%a% $e
re'i#% es%e c& aces% "roce%a= se refer& la >%rea+a "erioa$& $e 1: ai co%a'iile acor$a%e $e a+e'ii. De eIe-"l#F
De#%sc/e Ba* a fos% co%a%& > 1227 c# AAA $e ! a+e'ii -"r#-#%F iar "e $e al%& "ar%eF $e co%area
"e care o a#.
De aceeaF co-"aiile s#% foar%e sesibile la sc/i-barea co%a'ieiF > s"ecial
la sc&$erea aces%eia.
0.1J.6. Cos"#rile !es"ion&rii risc#rilor
Ges%ioarea risc#rilor bacare i-"lic& <i a#-i%e cos%#ri. K #ele ca4#riF
cos%#rile a$-iis%r&rii #or risc#ri )re$#cerii risc#l#i, s#% -ai -ari $ec9% s#-a care s8
ar "#%ea "ier$e )risc#l "ro"ri# L 4is,. K aces%e ca4#ri es%e evi$e% c& -aa+e-e%#l
# va -ai l#a -&s#ri $e re$#cere a risc#l#iF $eoarece cos%#l $e"&<e<%e eve%#ala
"ier$ere.
K ve$erea l#&rii $eci4iei $e aco"erire a risc#l#iF efec%#9$ a#-i%e
c/el%#ieliF se calc#lea4& "ier$erea "robabil& )cos%#l risc#l#i,. Aces% l#cr# se face "ri
multiplicarea valorii pierderii a0teptate cu probabilitatea realizrii acestei pierderi.
De eIe-"l#F $ac& "robabili%a%ea $e a fi %9l/&ri% es%e $e 151::F iar b##rile
>s#-ea4& 1 -iliar$ $e leiF cos%#l risc#l#i es%e5
1.:::.:::.:::.
VZZ
V
H 1:.:::.::: lei
Pe%r# a "re>%9-"ia o ase-eea %9l/&rie se $e%er-i& $ac& o is%ala'ie
$e alar-& ecesi%& a fi ac/i4i'ioa%&F co-"ar9$ cos%#l is%ala'iei c# cos%#l risc#l#i.
Dac& is%ala'ia $e alar-& are # cos% -ai -ic $e 1: -ilioae leiF a%#ci ac/i4i'ioarea
#ei as%fel $e is%ala'ii "oa%e fi o sol#'ie re4oabil&.
Dac& is%ala'ia $e alar-& ar re$#ce risc#l $e la 151:: la 156::F cos%#l
aces%eia ar %reb#i s& fie -ai -ic $ec9% $ifere'a $i%re cele ! cos%#ri ale risc#l#i5
1.:::.:::.::: ) %
hZZ
V
VZZ
V
H (.:::.::: lei
0.1J.6.1 A(lica*ii (rac"ice
PROBLE;E RENOLEATE
Problea 12 Ca 
valoare $e 6:: -iliar$eE
217
Risc#l BF av9$ o "robabili%a%e $e reali4are $e !5!:::F "e%r# o "ier$ere $e 6::
-iliar$eE
Risc#l CF av9$ o "robabili%a%e $e reali4are $e 156::F "e%r# o "ier$ere $e 1::
-iliar$eE
Pe%r# a$-iis%rarea risc#l#iF se "ro"# ! sol#'ii5
)vi, Sol#'ia IF care re$#ce "robabili%a%ea $e reali4are a risc#rilor A =#-&%&'e<%e valorile "ier$erilor "robabile "e%r# %oa%e
risc#rile AF B <i CF cos%#l fii$ $e 0:: -ilioae lei.
Ce sol#'ie %reb#ie a$o"%a%& <i $e ceQ
Re1olvare2
Pier$erea "robabil& asocia%& risc#l#i A H
l) hZZ
VZZZ
V
H 6:: -ilioae
lei
Pier$erea "robabil& asocia%& risc#l#i B H
l) hZZ
bZZZ
V
H !6: -ilioae
lei
Pier$erea "robabil& asocia%& risc#l#i C H
l) VZZ
hZZ
V
H !:: -ilioae lei

Pier$erea "robabil& AWBWC H 6::W!6:W!:: H 26: -ilioae lei
Sol#'ia I
l) hZZ
VZZZZ
V
H 6: -ilioae
lei
l) hZZ
bZZZ
V
H !6: -ilioae
lei
l) VZZ
VZZZZ
V
H 1: -ilioae
lei
Pier$erea "robabil& %o%al& H 6:W!6:W1:H01: -ilioae lei
La aceas%& "ier$ere se a$a#+& cos%#l sol#'iei IF re4#l%9$ # cos% %o%al H
01: W 3:: W H 71: -ilioae lei.
Sol#'ia II
218
l) bhZ
VZZZZ
V
H !6: -ilioae
lei
l) bhZ
bZZZ
V
H1!6 -ilioae
lei
l) hZ
hZZ
V
H 1:: -ilioae lei

Pier$erea %o%al& H !6: W 1!6 W 1:: H 376 -ilioae lei
K ca4#l sol#'iei IF cos%#l %o%al "e%r# aco"erirea risc#l#i )"o$erea %o%al& $e
26: -ilioae lei, es%e $e 7!: -ilioae lei. Re4#l%& o $ifere'& )beefici#, $e !0:
-ilioae lei.
K ca4#l sol#'iei IIF cos%#l %o%al "e%r# aco"erirea risc#l#i )"ier$erea %o%al& $e
26: -ilioae lei, es%e $e 776 -ilioae lei. Re4#l%& o $ifere'& )beefici#, $e 176
-ilioae lei.
Do- ale+e sol#'ia I.
PROBLE;A '2 Dac& c#oa<%e- #r-&%oarele varia%e es%i-a%ive "rivi$
c9<%i+#l "e care >l "oa%e ob'ie o bac& )%abel 3.30,F ca #r-are a i%ro$#cerii ##i
servici# bacar o#5
8Tabel 3.3:8
Daria%e Dei% )UB, Cos% )UB, Probabili%a%e
Daria%a A
Daria%a B
Daria%a C
6::
7::
76:
3::
3::
7::
:F!
:F3
:F3
S%abili'i care es%e valoarea risc#l#i asocia% $eci4iei -aa+eriale.
Rezolvare
Do- calc#la s"era'a -a%e-a%ic& $e c9<%i+5
i
1
n
4 i
)
i
6
i
(3
S

$0.0C%
E)I,H )6::83::, I :F! W )7::83::, I :F3 W )76:87::, I :F3H H!:W(:W!:H1!:
Calc#l&- $is"ersia5
i
1
9
Q
(F)
)
i
6
i
R(3
(F)
9
T
$0.0D%
k ^ Z Z V i ^ Z b h ^ Z j Z
k Z
b
V b Z h Z k Z
b
V b Z b Z Z b Z
b
V b Z V Z Z
+ +
+ + > % $ > % $ > % $
( F)
9
T
219
Risc#l5
A>:=9
9
T T
$0.0I%
Daloarea c9<%i+#l#i c# cea -ai -are "robabili%a%e $e a"ari'ie es%e $e 1!:.
aba%erea -e$ie "&%ra%ic& es%e $e 77F(!.
K co$i'ii or-ale c9<%i+#l "oa%e varia > i%erval#l
[1!:877F(!\F c# "robabili%a%ea $e 7(F0R.
Problea 12 ?ie 0 evei-e%e AFBFC c# #r-&%oarele $a%e )%abel 3.33,F care
"o% afec%a re4#l%a%ele fiaciare ale b&cii5
8Tabel 3.318
Ti"
evei-e%
?recve'& $e
a"ari'ie
Pier$erea
"ro$#s&
8-l$ UB8
Observa'ii
A ! 1:: -l$. A a"&r#% > "erioa$e
cosec#%ive
B ! 13: -l$. 8
C 1 !:: -l$. 8
To%al 6 33: -l$. 8
Se cere5
S%abili'i "ier$erea -e$ie la care se "oa%e a<%e"%a baca.
Dac& eIis%& "osibili%a%ea folosirii #ei s#-e $e !: -l$. UB Pe%r# re$#cerea
risc#l#i %o%al c# 6:R. Ce $eci4ie va l#a -aa+er#lQ
Problea '2 ?ie # "roiec% $e i%ro$#cere a #ei %e/olo+ii oi > $o-ei#
sis%e-#l#i ifor-a%ic c# #r-&%oarele varia%e5
8
Tabel 3.3!8
Daria%e
Cre<%erea sa# re$#cerea re%abili%&'ii)t ,
Probabili%&'ii
A
W0R :F7
B
81R :F3
S%abili'i risc#l asocia% $eci4iei fiaciare.
0.1J.8. Kn"reb&ri )e a#"oeval#are
a. K%reb&ri
Descrie'i "e sc#r% o -e%o$& +eeral& $e -&s#rare a risc#l#iQ
C#- e "#%e- $a sea-a c& o sol#'ie "rivi$ aco"erirea ##i risc es%e viabil&Q
N#-i'i cici for-e ale risc#l#iQ
Ce re"re4i%& o c#rb& a i$ifere'ei fa'& $e riscQ
220
b. R&s"#s#ri -o$el
1. Be%o$a +eeral& $e -&s#rare a risc#l#i se ba4ea4& "e calc#l#l -e$iei
"o$era%e i cores"#$ > $ec#rs#l ##i aF -ai
-#l%e ra%e ale "rofi%#l#i. Be$ia "o$era%& a aces%or ra%e ale "rofi%#l#i re"re4i%& ra%a
"rofi%#l#i "ro+o4a%& "e%r# o %ra4ac'ie $e aces% %i"F iar aba%erea s%a$ar$ re"re4i%&
-&s#ra risc#l#i "e%r# ra%a "ro+o4a%&.
!. K aces% ca4F %reb#ie calc#la% cos%#l risc#l#i )"ier$erea "robabil&,F "ri
-#l%i"licarea valorii "ier$erii a<%e"%a%e c# "robabili%a%ea reali4&rii aces%ei "ier$eri.
Dac& o sol#'ie $e aco"erire a risc#l#i are # cos% e+al sa# -ai ri$ica% $ec9% cos%#l
risc#l#iF sol#'ia # es%e eficie%& -br&ca #r-&%oarele for-e5
)i, Risc o"era'ioalE
)ii, Risc $e "ia'&E
)iii, Risc fiaciarE
)iv, Risc s%ra%e+ic
)v, Risc le+isla%iv.
3. C#rba i$ifere'ei fa'& $e risc i$ic& # "rofi% -ii- "e care # ives%i%or >l
acce"%& "e%r# fiecare ivel al risc#l#i. Aceas%& c#rb& a=#%& la il#s%rarea a"e%i%#l#i fa'&
$e risc al ##i ives%i%or.
221
CAPITOLUL E
PRODUSE YI SEREICII BANCARE
Socie%&'ile bacare efec%#ea4& o $iversi%a%e $e o"era'i#i s#b for-a
"ro$#selor <i serviciilor bacare. Aces%ea s#% $iferi%e $e la o socie%al bacar& la al%aF
s#cces#l #ei b&ci <i "rofi%#rile aces%eia fii$ $e%er-ia%e $e %i"#rile $e "ro$#se <i
servicii bacareF $e si-"lificarea %e/icilor <i "roce$eelor $e l#cr# s"ecificeF
o"era%ivi%a%ea <i "ro-"%i%#$iea serviciilor. C# al%e c#vi%eF fiecare socie%a%e bacar&
%reb#ie s&8<i asi+#re s#cces#l "e "ia'a bacar& "ri "ro$#sele <i serviciile ce le ofer&
clie'ilor s&iF "e ba4a ##i -aa+e-e% eficie%F reali4a% "e ba4& $e "ro+ra-areF
creare $e "re-iseF "rovocare.
Prici"alii fac%ori care afec%ea4& $e4vol%area #ei socie%&'i bacare <i
$iversificarea "ro$#selor <i serviciilor oferi%e s#%5
1. ca"i%al#l l cos%i%#ie cre$i%#l
acor$a% clie'ilor lor )"ersoae =#ri$ice sa# fi4ice, "e%r# sa%isfacerea #or evoi $e
fia'are a #or ac%ivi%&'i "ro$#c%ive sa# $e cos#-.
Do-eiile > careF > f#c'ie $e "ro$#sele <i serviciile oferi%eF se
s"eciali4ea4& socie%&'ile bacareF s#%5
Re%ail ba*i+.
Cor"ora%e ba*i+.
Priva%e ba*i+.
Uiversal ba*i+.
Ives-e% ba*i+ )ac%ivi%a%ea bacar& $e ives%i'ii,.
6.1. Re"ail ban+in!
Pro$#sele ca$rea4& > aceas%&
s"eciali4areF s"ecifice "e%r# "ersoae fi4iceF s#%5 cos%i%#irea $e $e"o4i%e s#b
$iverse for-eF care "o% fi $iferi%e $e la o socie%a%e bacar& la al%aE acor$&ri $e cre$i%eE
e-i%eri $e car$#riE al%e "ro$#se <i servicii.
6.1.1. Al"e (ro)#se 7i servicii bancare
K aceas%& ca%e+orie $e "ro$#se <i servicii bacare "#%e- -e'ioa5
serviciile $e "la%&F %ra4ac'ii cos%r#irea <i v94area $e loc#i'eF sc/i-b val#%ar ses#l c& "la%a serviciilor es%e oferi%& $e bac&
clie%#l#i sa# f&r& a fi ecesar s& se-e4e # co%rac%.
K sco"#l f#ri4&rii efec%ive a servici#l#iF es%e ecesar "e%r# b&ci s& aib&
# sis%e- $e reali4are %re b&ci. Aces% sis%e- se #-ea >
"ri-ii ai Ncasa $e co-"esa'ie "e /9r%ieO %re eleF #%ili49$ sis%e-e $e co-#%are ba4a%e "e co-"#%er sa#
re'elele a'ioale #-erar )cas/,E
"l&'i "e ba4& $e $oc#-e%e )"e /9r%ie,E
%rasfer elec%roic $e fo$#ri.
Pl&*i ?n n#erar $cas-%
Pl&'ile cas/ s#% %o% -ai "#'i #%ili4a%e > #l%i-ii aiF > s"ecial $a%ori%&
"roble-elor ce le ri$ic& "e%r# asi+#rarea sec#ri%&'ii L > ci#$a fa"%#l#i c& #-erar#l
es%e5 ra"i$ ca -i=loc #%ili4a% > %ra4ac'iiE %rasfer& valoarea is%a%ae# L # s#%
icl#se $a%ele efec%#&rii %ra4ac'ieiE es%e +ara%a% %er-ei $e cos% "er %ra4ac'ie.
Pl&*i (e ba1& )e )oc#en"e
Pl&'ile "e ba4& $e $oc#-e%e s#% > cea -ai -are "ar%e reali4a%e "ri
#%ili4area cec#rilorF $eoarece aces% -o$5 "er-i%e "la%a c/iar "ersoaelor care # a#
co%#ri la bac&E # ecesi%& ifor-a'ii cer#%e $e "l&%i%or $es"re beeficiarE "er-i%e
"l&%i%orilor s& bloc/e4e cec#rile >ai%e $e a fi "l&%i%e.
Es%e $e re'i#% c& e<ec#l > f#ri4area ##i sis%e- efec%iv $e +ara%are a
cec#rilor a fos% # fac%or se-ifica%iv > favoarea cre<%erii ra"i$e a %ra4ac'iilor "ri
car$#ri.
U al% -o$ $e reali4are a "l&'ilor "e ba4& $e $oc#-e%eF es%e "ri
i%er-e$i#l is%r#-e%elor e-ise $e #ele is%i%#'ii > #-e "ro"ri# )or$ie $e "la%&,F
care s#% -#l% -ai acce"%abile "e%r# cel "l&%i%F $ec9% # cec e+ara%a%.
De ase-eeaF care se #%ili4ea4& "ri "la%a "e ba4& $e $oc#-e%eF es%e "ri
cec#ri $e c&l&%orie. Aceas%a es%e %o%# ci#$a fa"%#l#i
c& se c&l&%ore<%e %o% -ai -#l% > >%rea+a l#-eF $a%ori%& eI%i$erii %o% -ai -ari a
#%ili4&rii car$#rilor.
Transfer#l elec"ronic )e fon)#ri
Pl&'ile elec%roice eli-i& -aevrarea c/i%a'elor. Aces% sis%e- $e "l&'i se
vor #%ili4a %o% -ai -#l% > vii%orF $eoarece va cre<%e #-&r#l celor care $e'i sa# a#
acces la co-"#%er. Prici"alele %i"#ri $e "l&'i elec%roice s#%5
a, or$ie > l#cr# )s%a$i+ or$ers,E
b, cre$i%e $irec%eE
c, $ebi%e $irec%eE
$, %rasfer elec%roic a$8/oc $e fo$#ri.
223
Ceea ce va $evei -ai "o"#lar "e vii%or va fi #%ili4area b&cilor $e c&%re
$e"#&%ori "e%r# "la%a obli+a'iilor aces%oraF c#- ar fi5 c/el%#ielile $e >%re'iereF
ra%ele la cre$i%e "ri car$#riF ra%ele la co%rac%ele $e leasi+F e%c.
6.1.1.' Tran1ac*ii 7i servicii )e inves"i*ii
Cele -ai i-"or%a%e %ra4ac'ii <i servicii $e ives%i'ii s#%5
$1% Tran1ac*ii )e fon)#ri #"#ale
B&cile #%ili4ea4& re'ea#a $e filiale o"era'i#ile bacare le+a%e
$e %ra4ac'iile $e fo$#ri -#%#ale icl#$5
)a, co-"le%area <i se-area co%rac%#l#i $e c#-"&rare a
fo$#rilor -#%#aleE
)b, calc#larea valorii ac%iv#l#i e% <i valorii %i%l#l#iE
)c, calc#larea <i re'ierea co-isio#l#iE
)$, a$-iis%rarea co%#rilor $e fo$#ri -#%#ale ale clie'ilor
)"re+&%irea eI%raselor $e co%F ac%#ali4area ifor-a'iilorF
e%c.,E
)e, #r-&rirea sol$#rilor "l#s oferi% $e b&ci "ri sec%or#l lor co-ercial es%e v94area
obli+a'i#ilor +#vera-e%ale <i a bo#rilor $e %re4orerie c&%re clie'i. Aceas%&
v94are are loc fie "e ba4a e-i%erii obli+a'i#ilor ca4#l > care ace<%ia v9$
obli+a'i#ile sa# bo#rile >ai%e $e sca$e'&F s"e4e
"erce"#%e ca sac'i#eE
)b, "ers"ec%iva a%ra+erii $e oi clie'i "e%r# al%e servicii
)$e"o4i%eF c9$ $oresc s&8 si+#ra'&F e%c.,.
6.1.1... Servicii )e inves"i*ii )e fon)#ri $Tr#s" Services%
I$#s%ria serviciilor $e ives%i'ii $e fo$#ri a c#osc#% o $e4vol%are #i-i%oare
> #l%i-ele $o#& $eceii. Serviciile $e ives%i'ii $e fo$#ri s#% oferi%e clie'ilor "ri
i%er-e$i#l ##i acor$ le+alF >c/eia% $e avoca%. Serviciile $e ives%i'ii $e fo$#ri "o% fi
$e $iferi%e %i"#riF > cofor-i%a%e c# %i"#l ac%ivelor i-"lica%e si+#ra'& a ac%ivelor $e valoareF "9& la aali4e sofis%ica%e le+a%e $e $eci4ii $e
ives%i'ii.
B&cile a# evoie s& a+a=e4e "ersoal bie califica% > sco"#l oferirii
serviciilor $e ives%i'ii $e fo$#ri %re
clie'ii lor c/iria4& seif#ri clie'ilor. Toa%e serviciile > aces% sec%or s#%
reali4a%e c# eI%re-& "r#$e%&. S#% #r-a%e "roce$#ri s#"li-e%are > ca4#rile5 )a,
#%ili4&rii or-ale a seif#rilorE )b, "ier$erii c/eilorE )c, $eces#l#i $e'i&%or#l#i.
$'% Asi!#rare
B&cileF care a# ava%a=#l #or re'ele -ari $e filialeF s#c#rsale sco"#l "ro-ov&rii $e"o4i%elorF "ro$#sele
$e asi+#rare s#% oferi%e $e obicei $e b&ci clie'ilor care > colaborare c# cos#l%a'i $e la b&ci sa#
ale+ # a#-i% "la oferi% $e bac&.
$.% Scon"area
Servici#l $e sco%are are loc a%#ci c9$ o bac& c#-"&r& $ebi%ele ##i
clie%F $#"& sco%area $ob94ii l colec%ea4& a%#ci c9$ $evie sca$e%.
$0% In"erven*ii ?n cons"r#irea 7i v<n1area )e loc#in*e
K '&rile > care as%fel $e ac%ivi%&'i s#% "er-ise $e le+eF b&cile %i" Nre%ailO
s#% i-"lica%e $irec% sa# i$irec% > afacerile i-obiliareF av9$ ca sco" a%ra+erea
clie'ilor "e%r# cre$i%e i"o%ecare.
Al%e servicii corela%eF icl#$ asi+#rarea -"r#-#%F e%c.
$6% Sc-ib val#"ar 7i servicii (en"r# c&l&"orii
Cele -ai -#l%e b&ci Nre%ailO ofer& clie'ilor $o#& %i"#ri $e servicii "e%r#
c&l&%orii5
v94area $e val#%& )careF $e -#l%e oriF es%e li-i%a%& la a#-i%e
s#-e "e "ersoa& f#c'ie $e $ifere'a s%abili%& >%re "re'#l $e v94are ai%eF f#ri49$ > aces% -o$ # vei%
s#"li-e%ar b&cilor care le8a# e-is,.
$8% E<n1area c# a&n#n"#l a #nor b#n#ri )e cons#
P9& $e c#r9$F b&cile # era# i%eresa%e > v94area b##rilor )c#
eIce"'ia a#r#l#iF care a fos% co-erciali4a% $e -#l%e b&ci,. Kce"9$ c# circa #
$ecei# > #r-&F -#l%e b&ci $i SUA v9$ "#<c#li'e "e%r# co"iiF e$i'ii s"eciale ale
#or c&r'i $o#& $i s#c#rsalele sale. Se
"reve$e "e%r# aii #r-&%ori o cre<%ere > ac%ivi%a%ea co-ercial& a b&cilorF > s"ecial
> v94area b##rilor $e cos#-.
6.1.'. De1vol"area "e-nolo!iei (en"r# serviciile )e Re"ail Ban+in!
225
S#% %rei sec%oare > care a# av#% loc -ari "ro+rese > #l%i-#l %i-" "rivi$
-o$#l $e f#ri4are a serviciilor $e re%ail ba*i+ )a#%o-a%e $e "la%& ATBF baca "ri
%elefoF baca la $o-icili#,F fii$ cosi$era%e $re"% oile "ro$#se oferi%e $e b&ci. La
$re"% vorbi$F ele ar %reb#i cosi$era%e ca "ro+rese %e/olo+ice > $o-ei#l serviciilor
$e re%ail ba*i+.
$1% A#"oa"e )e (la"& $AT; 4 A#"oa"e) Teller ;ac-ines%
ATB8#rile s#% #%ili4a%e %o% -ai -#l% $e c&%re b&ci > #l%i-#l %i-" $i
#r-&%oarele -o%ive5
$e+revea4& f#c'ioarii bacariF l&s9$#8i s& efec%#e4e o"era'i#i -ai
$ificile $ec9% cele reali4a%e "ri ATBE
serviciile oferi%e s#% !3 $e ore $i !3F "e "arc#rs#l celor 7 4ile $i
s&"%&-9&E
s#% foar%e ra"i$e > reali4area %ra4ac'iilor >%oc-irea
$oc#-e%elor cores"#4&%oareE
se "res#"#e c& s#% -ai ief%ie $ec9% "ersoal#l a+a=a% "e%r#
aces%e o"era'i#i.
b% Banca (rin "elefon $(-one ban+in!%
Clie'ii c&rora le es%e oferi% aces% %i" $e servici#F "ri-esc o "arol& care le
"er-i%e acces#l la sis%e-#l co-"#%eri4a% al b&cii co% sa# c# vol#- -are
$e %ra4ac'ii. Lor li se ofer& # sis%e- care le "er-i%e s&8s& <i "osibili%a%ea s&8<i i-"ri-e
re4#l%a%ele.
6.'. Cor(ora"e ban+in!
S"eciali4area b&cilor $e %i" cor"ora%e ba*i+F "rive<%e "ro$#sele <i
serviciile "e%r# "ersoaele =#ri$ice <i a#-e5 cos%i%#irea $e $e"o4i%e )ve4i "c%.
2.1.!,E acor$&ri $e cre$i%e )ve4i ca". DIII,E leasi+ )ve4i ca". DIII,E fia'area casarea crea'elor co%#ri
"e%r# "la%a salariilorE %ra4ac'ii val#%areE -aa+e-e%#l %re4orerieiE v94area
$iferi%elor valoriE NBaca la biro#O )Noffice ba*i+O,.
6.'.1. Ei"erea scrisorilor )e !aran*ie
Pri e-i%erea #ei scrisori $e +ara'ie )SG,F baca se obli+& s& "l&%easc&
$a%oriile #ei "ersoaeF #ei %er'e "&r'iF > ca4#l > care "ersoaa res"ec%iv& # >$e"lie<%e obli+a'iile ea >s&<i.
Ti"#rile $e scrisori $e +ara'ie5 s#% > f#c'ie $e %i"#rile $e obli+a'ii ce le
aco"er&F ca#4& va "ar%ici"a la lici%a'ie sa# la orice al%
%i" $e "roce$#r& L se folose<%e $e obicei > ca4#l cos%r#c'iei #ei
#4ie sa# al ac/i4i'io&rii $e -a%erii "ri-e "e%r# care "ersoaa vars&
o $ob9$& > avas. Dac& res"ec%iva "ersoa& # "ar%ici"&F baca
226
eIec#%& scrisoarea $e +ara'ie i "l&%e<%e s#-a +ara%a%&
beeficiar#l#i,.
- Scrisori )e !aran*ie )e b#n& e5ec#*ie. O ase-eea scrisoare $e
+ara'ie es%e e-is& $e o bac& $#"& scrisoarea $e "ar%ici"areF "e%r#
"ersoaa =#ri$ic& care a c9<%i+a% lici%a'ia c/eia%.
1- Scrisori )e !aran*ie (en"r# (la"a ?n avans. Pri aceas%& scrisoare $e
+ara'ie baca +ara%ea4& c& "ersoaa res"ec%iv& va >a"oia s#-a "e care o
"ri-e<%e ca "la%& > avasF $ac& # >$e"lii cofor- acor$#l#iF )co%rac%#l#i,F
obli+a'iile as#-a%e. O ase-eea scrisoare $e +ara'ie es%e #%ili4a%&F $e obiceiF avas "ri-i%e > ca4#l cos%r#c'iilor.
2- Scrisori )e !aran*ie )e (la"&. Aceas%& scrisoare $e +ara'ie es%e si-ilar&
c# %i"#l a%erior $e scrisori $e +ara'ie a"oia baii $ac& #8$e"lie<%e obli+a'iile. Pri scrisoare se "reve$e c& baca +ara%ea4& aceas%&
res%i%#ire a bailor.
3- Scrisori )e !aran*ie (en"r# (la"a in"e!ral& ?n ca1#l "erin&rii #nor
l#cr&ri )e cons"r#c*ie. Pri e-i%erea $e c&%re o bac& a #ei ase-eea %i" $e
scrisoare $e +ara'ieF beeficiar#l aces%eia are $re"%#l $e a # i se -ai re'ie o
a#-i%& s#-& "e%r# o a#-e "erioa$& $e %i-" L $e obicei "9& la # aF $ac&
cos%r#c'iile se $ove$esc #l%erior $e "roas%& cali%a%e.
4- Scrisori )e !aran*ie (en"r# va& . As%fel $e %i"#ri $e scrisori $e +ara'ie
s#% e-ise $e bac& 
"osesia b##rilor care le8a# fos% %ri-ise. Se "rac%ic& > ca4#l #or "ro$#se "erisabile
 va-&. Pri scrisoareF baca +ara%ea4&
v&-ii c& "ersoaa > ca#4& va "l&%i baii >%r8o "erioa$& $e %i-" ce $e"i$e $e
%ras-i%erea $oc#-e%elor,.
5- Al"e scrisori )e !aran*ie. Ele s#% #%ili4a%e "e%r# a +ara%a "la%a
i-"o4i%elor sa# a #or %i-breF e%c.
Baca > fa"%#l c& baca ar %reb#i s& "l&%easc& o s#-& e+al& c# cea
-e'ioa%& > scrisoarea $e +ara'ie c&%re o a %reia "ar%eF > a#-i%e co$i'ii. Bie
>'elesF > as%fel $e ca4#riF baca "l&%e<%e c/iar $ac& va avea "roble-e c#
rec#"erarea s#-ei. Aces% risc are $o#& efec%e "e%r# bac&5
1. baca cere cosi$erare e-i%erea $e
scrisori $e +ara'ie al&%#ri $e cre$i%ele acor$a%eF calc#l9$#8se
"rovi4ioae "e%r# cre$i%e e"erfor-a%e.
K ca$r#l #ei scrisori $e +ara'ieF s#% $e re'i#% $o#& l#cr#ri foar%e
i-"or%a%e %9i la "rici"al#l $a%oric ca4#l eIec#%&rii scrisorii $e +ara'ie
) c# eIce"'ia ca4#l#i "e%r# care "ar%ea "rici"al& a $a%oriei s8a s%abili%
<i o $ob9$&, se acor$& o a#-i%& ra%& a $ob94ii "e%r# calc#l#l
corec% al s#-ei $a%ora%e.
Co-isio#l "erce"#% $e o bac& "e%r# a e-i%e o scrisoare $e +ara'ieF
$e"i$e $e obicei $e +ra$#l $e risc. Ba=ori%a%ea b&cilor a# co-isioae +eeraleF ce
le >casea4& "e%r# scrisorile $e +ara'ie e-ise clie'ilor sa#F calc#la%e "e %rei ivele5
a, co-isio #ic "e%r# scrisori $e +ara'ie %i"iceF c# +ra$ sc&4#% $e riscE
b, co-isio "e%r# scrisori $e +ara'ie c# co'i#% $e ba4&F risc -e$i#.
c, scrisori $e +ara'ie c# co'i#% $e ba4&F risc -are )co-isio -are,
Nivel#l co-isio#l#i -ai $e"i$e <i $e sca$e'a scrisorilor $e +ara'ie.
EIis%& scrisori $e +ara'ie c# sca$e%e s"ecifice )s#% valabile "9& la o a#-e $a%&
<i +ara%#l # -ai are ici o obli+a'ie $#"& aceas%& $a%&,F $ar -ai eIis%& cosi$erare $i $o#& "#c%e $e ve$ere5
a% Car)#ri )e cre)i" eise (en"r# a fi #"ili1a"e )e (ersonal#l
socie"&*ilor
Co$#cerea s#"erioar& a #or socie%&'i "oa%e folosi car$#ri $e cre$i% "e%r#
a aco"eri c/el%#ielile ecesare f#c'io&rii co-"aiei. K a#-i%e ca4#riF aces%ora li se
"er-i%e s& foloseasc& aces%e car$#ri care o socie%a%e =oac& rol#l e+#s%or#l#i > cicl#l #ei o"era'ii c#
car$#ri $e cre$i%F a%#ci baca >i ofer& aces%#i %i" $e socie%a%eF #r-&%oarele servicii5
a, >i "roc#r& ec/i"a-e%#l ecesar "e%r# a face v94&ri "ri car$#ri $e
cre$i%E
a, #r-&re<%e "ri-irea $oc#-e%elorF co-isioaeleF s"e4eleF c/el%#ielileE
b, re+le-e%ea4& "erio$ic co%#rile.
Aces% %i" $e servici#F # #-ai c& +eerea4& vei% "e%r# bac& $i
co-isioaele "e v94&rile c# car$#rile $e cre$i%F $ar +eerea4& fii'e4e #
$e"ar%a-e% s"ecialF care r&s"#$e $e5
a, efor%#rile $e -ar*e%i+ "e%r# a a%ra+e socie%&'ile ca +eeralF re'ea#a ca$r#l
ac%ivi%&'ii $e cor"ora%e ba*i+F $ec9% > cele le+a%e $e re%ail ba*i+ $a%ori%&
vol#-#l#i -are al %ra4ac'iilor ca$r#l re%ail ba*i+8#l#i. K ca$r#l ac%ivi%&'ii $e cor"ora%e
ba*i+ %rasfer#l fo$#rilor se eIec#%& )a, "ri e-i%erea #or cec#ri ale b&cii casarea crea'elor es%e # servici# si-ilar acor$&rii ##i
cre$i%F "ri fa"%#l c& se acce"%& ca casa%e.
Kcasarea aces%or crea'e "oa%e >-br&ca $o#& for-e5
a- %ra%e scon"a"e> $e eIe-"l#F a%#ci c9$ calc#l#l vei%#l#i se ba4ea4&
"e o ra%& a $ob94ii care es%e -ai -are $e obicei $ec9% cea a cre$i%#l#i. La
sco%area #ora $i aces%e efec%e $e co-er'F baca acce"%& risc#l $e a # "#%ea
rec#"era la sca$e'& valoarea o-ial&E
b- fac"orin!#l )"e%r# orice %i" $e fac%ori+F i%er sa# i%era'ioalF c#
sa# f&r& rec#rsF cofi$e'ial sa# ecofi$e'ialF e%c.,. K ca4#l fac%ori+#l#i
i%era'ioalF ave- $o#& b&ci i-"lica%eF fac%or#l i-"or%a%or#l#i casarea #or crea'e s#%
$es%#l $e co-"lica%e %re+#l#i "roces $e la s%a$i#l acor$#l#iF la "ri-irea efec%elor $e co-er' casare a #-erar#l#i <i $e re+lare a co%#rilor.
6.'.6 Con"#ri (en"r# (la"a salariilor
Servici#l oferi% socie%&'ilor $e a le $esc/i$e co%#ri $e "la%& a salariilorF es%e
# servici# a#Iiliar co%#rilor $e $e"o4i%. K oricare bac& se "o% folosi a#-i%e co%#ri
"e%r# a "rel#cra <%a%ele $e "la%& ale socie%&'ilor. Beefici#l "e%r# bac& es%e
co-isio#l >casa% $e la socie%a%e )$e obicei o s#-& fiI& "e%r# fiecare a+a=a%,F "l#s
ava%a=#l c& %o'i a+a=a'ii ><i vor $esc/i$e # co% $e $e"o4i%.
Proce$#rile b&cii "e%r# a "l&%i salariile "ri%r8# as%fel $e co% al
cor"ora'iei <i $esc/i$erea $e co%#ri $e $e"o4i% "e%r# a+a=a'i # s#% co-"lica%e <i
eIis%& <i facili%&'ile oferi%e $e $is%rib#i%oarele a#%o-a%e $e #-erar )ATB, afla%e la
$is"o4i'ia salaria'ilor.
6.'.8 Tran1ac*ii val#"are
Serviciile oferi%e $e baca socie%&'ilor le+a%e $e %ra4ac'iile val#%are se
eI%i$ la foar%e -#l%e %i"#ri $iferi%e $e %ra4ac'ii ce -ai obi<#i%e $a%ori%&
i%era'ioali4&rii ecoo-iilor ca$r#l %rasfer#l#i $e fo$#ri $e
la o 'ar& la al%a.
6.'.C ;ana!een"#l "re1oreriei
Aces% servici# oferi% $e baca socie%&'ilor $evie ve$ere c& -aa+e-e%#l %re4oreriei #ei socie%&'i i-"lic& c#o<%i'e vas%e v94area a#-i%or valori
caF $e eIe-"l#F obli+a'i#i +#vera-e%aleF %i-bre "e%r# co%rib#'ii la a=#%or#l socialF
e%c.
Co-isio#l "e%r# bac& "e%r# aces% rol $e i%er-e$iere es%e $e obicei
s#bs%a'ial a #%ili4a <i al%e servicii ale b&cii.
6.'.I. @Banca la biro#A $Office ban+in!%
Te/olo+ia avasa%& "er-i%e ca a#-i%e servicii ale b&cii sa# ob'ierea $e
ifor-a'ii s& o fac& c/iar clie%#lF f&r& a fi ecesar s& vi& "e%r# as%a la bac&. Baca
la biro# "er-i%e socie%&'ilor s&8<i coec%e4e calc#la%oarele la o "ar%e a sis%e-#l#i
co-"#%eri4a% al b&cii. As%felF socie%a%eaF #%ili49$ a#-i%e co$#ri #-ericeF "oa%e5
ob'ie ifor-a'ii $es"re sol$#rile co%#rilor saleE ifor-a'ii +eerale $es"re ra%ele
b&ciiE %rasfer& s#-e <i $& or$ie "e%r# efec%#area a#-i%or %ra4ac'ii.
6... Priva"e Ban+in! $ac"ivi"a"ea bancar& (riva"&%
6...1. Carac"eris"icile ac"ivi"&*ii bancare (riva"e
Ac%ivi%a%ea bacar& "riva%& es%e se%#l $e servicii oferi%e $e $e"ar%a-e%ele
$e +es%ioare a #or fo$#ri $e ives%i'ii ale b&cilor )%r#s% services,F > s"ecial c&%re
%rei ca%e+orii -ari $e clie'iF care s#%5
-ari fo$#ri $e "esii <i f#$a'iiE
clie'ii "ie'ei $e -i=loc care icl#$ $iverse co-"aii )#eori s#%
icl#se aici <i $e"ar%a-e%ele $e "riva%e ba*i+ ale al%or b&ci,E
clie'i c# -#l%e "ro"rie%&'i <i bai -#l'i.
Aces%e servicii $e ives%i'ii $e fo$#ri oferi%e "oar%& #-ele $e "riva%e
ba*i+.
Toa%e serviciile ses -ai +eeral,F
se "o% +r#"a > cici +r#"e $e f#c'ii. B&ri-ea fiec&reia $i aces%e f#c'ii ifl#e'ea4&
> b#& -&s#r& or+ai+ra-a b&ciiF >-"&r'irea sarciilor ac%ivi%a%ea $e "riva%e ba*i+. Aces%e cici f#c'ii s#%5 a$-iis%rarea
clie'ilorE -aa+e-e%#l ives%i'iilorE +es%ioarea #-erar#l#iE "rel#crarea %i%l#rilorE
servicii $e co%abili%a%e.
O carac%eris%ic& foar%e i-"or%a%& a serviciilor $e "riva%e ba*i+ es%e
"roces#l $e l#are a $eci4iilor referi%oare la a$-iis%rarea <i la ives%irea ac%ivelor care
a"ar'i clie'ilor b&cii. Ave- as%fel5
a. "riva%e ba*i+ $iscri-ia%orF #$e $e"ar%a-e%#l $e "riva%e ba*i+
$eci$e c#- vor fi ives%i%e ac%iveleE
b. "riva%e ba*i+ e$iscri-ia%orF ca4 > care $e"ar%a-e%#l $e "riva%e
ba*i+ >i "ro"#e clie%#l#i c#- s&8 beefici#l clie%#l#iF folosi$ ca"aci%a%ea
"rofesioal& -aIi-& a b&cii.
Prici"alele "ro$#se ca$r#l
s"eciali4&rii $e "riva%e ba*i+F s#%5
230
A$-iis%rarea clie'ilorF ac%ivi%a%e care cos%& >5 $esc/i$erea
co%#rilorF acor$#ri <i co-isioaeF servicii "rivi$ "la%a i-"o4i%elorF
a$-iis%rarea $e "ro"rie%&'iF elaborarea $e si%#a'ii fiaciare.
Baa+e-e%#l ives%i'iilor s#b for-a5 cos#l%a'ei fiaciareF
$eci4iilor $e ives%i'iiF eval#area "erfor-a'ei.
A$-iis%rarea #-erar#l#iF ac%ivi%a%e care i-"lic&5 >cas&ri #-erarF ives%irea s#r"l#s#l#i $e #-erarF "reveirea
$efici%elor $e #-erar.
6...'. A)inis"rarea clien*ilor
K ca$r#l aces%or ac%ivi%&'i re+&si-5
Desc-i)erea con"#rilor
La $esc/i$erea ##i co% "o% fi i-"lica%e -ai -#l%e "&r'i5
a$-iis%ra%or#l co%#l#iF care es%e "ersoaa care ia co%ac% c# clie%#l
 ca4#l #or "or%ofolii co-"leIeE
aalis%#l "e%r# i-"o4i%e care eIa-iea4& %oa%e $a%ele releva%e
"e%r# a $e%er-ia ivel#l i-"o4i%elor.
K ca$r#l "roces#l#i $e $esc/i$ere a ##i co% se /o%&r&<%e %i"#l $e servici#
ce va %reb#i oferi% clie%#l#iF iar a$-iis%ra%or#l co%#l#i se asi+#r& $e fa"%#l c& aces%
co% es%e ali-e%a% <iF > sf9r<i%F #-erar#l re+is%rea4& co%#rile b&cii.
Acor)#ri 7i coisioane
Kc/eierea $e acor$#ri cos%& > fa"%#l c&F se >%oc-e<%e i "er-i%& b&cii s& ac'ioe4e ca <i c#ra%or sa# a+e%. EIis%& -ai
-#l%e fel#ri $e as%fel $e acor$#riF ca $e eIe-"l#5
a. a+e'ie "ersoal&F #$e s#% i-"lica%e co%#rile $e c#s%o$ieF cele $e
%i"#l $e#-i% NescroJOF $e ives%i'ii <i al%e %i"#ri $e co%#riE
b. cos#l%a'& "ersoal&E
c. a$-iis%rare $e fo$#ri "e%r# "ersoae fi4ice )icl#49$ %es%a-e%eF
acor$#riF e%c.,
D#"& se-area co%rac%#l#iF aces%ea se %ri-i% la se$i#l b&ciiF iar
a$-iis%ra%or#l co%#l#i folose<%e ca referi'&F co"ii.
Nivel#l co-isioaelor cer#%e $e bac& clie%#l#iF la care se ca$e $e acor$F
$e"i$e $e -ai -#l'i fac%oriF caF $e eIe-"l#5 valoarea $e "ia'& a ac%ivelor saleF
#-&r#l $e %ra4ac'ii ale clie%#l#iF %i-"#l cos#-a% $e "ersoal#l b&cii %oc-irea fac%#rilor casarea bailor.
Di -o%ive care 'i $e "laificarea fiaciar& <i $e "re+&%irea b#+e%#l#iF
a$-iis%ra%or#l co%#l#i "re+&%e<%e fiscali%a%e ai b&cii. EIis%& $e
ase-eea "rac%ica ca b&cile s& a"ele4e la s"eciali<%i $i afar&. Prici"alele servicii
oferi%e $e b&ci referi%oare la "la%a i-"o4i%elorF > ca$r#l ac%ivi%&'ii $e "riva%e ba*i+F
s#%5
231
"re+&%irea $eclara'iilor $e vei%#ri "e%r# a fi i-"o4i%a%eE
es%i-area ivel#l#i "l&'ilor i-"o4i%elor #ele '&riF sa# ele a# o #%ili4are
li-i%a%&. U s"ecific a"ar%e >l re+&si- > SUAF #$e baca a$-iis%rea4& i-obileF
valori i-obiliareF fer-e sa# al%e ac%ive. Ges%ioarea aces%or ac%ive se face $e c&%re
bac& "ri%r8# fo$ $e ives%i'ii.
Elaborarea )e si"#a*ii financiare
K ca$r#l aces%ei ac%ivi%&'i baca se a+a=ea4& s& "#& la $is"o4i'ia clie'ilor
s&i o sea-& $e si%#a'ii fiaciare. Aces%e si%#a'iiF elabora%e $e bac& %r8o a#-i%& "erioa$& $e %i-" L cea
-ai rece%& $e fa"% L c#- ar fiF $e eIe-"l# >cas&rile <i "l&'ile efec%#a%eF
ac/i4i'ii sa# v94&ri $e %i%l#ri $e valoareF e%cE
ifor-a'ii referi%oare la sol$#l fiec&r#i co% la sf9r<i%#l res"ec%ivei "erioa$e.
K ca4#l #or "ersoae c# "ar%ici"&ri s#bs%a'iale $e fo$#ri )s"re eIe-"l#
$re"%#ri c#vei%e -o<%ei%orilor $i %es%a-e%eF fa-ilii -ariF e%c., -ai -#l%e "ersoae
"ri-esc aces%e si%#a'ii ale co%#rilor res"ec%ive.
K #l%i-#l %i-"F se folosesc "e scar& %o% -ai lar+& #l%i-ele c#ceriri ale
%e/olo+iei > elaborarea <i a# coec%a% calc#la%or#l "ersoal c# cel al b&cii "e%r# a avea
acces i-e$ia% la ifor-a'ii. Baca %reb#ie s& acor$e o $eosebi%& a%e'ie corec%i%#$iii
$a%elor oferi%e $e"ar%a-e%#l#i $e "riva%e ba*i+ $e c&%re celelal%e $e"ar%a-e%e ale
b&cii sa# $i eI%erior.
6..... ;ana!een"#l inves"i*iilor
B&cile "o% oferi servicii $iscri-ia%orii sa# e$iscri-ia%orii clie'ilor lor >
ca$r#l ac%ivi%&'ii $e "riva%e ba*i+. K #ele si%#a'iiF baca $eci$e as#"ra o"'i#ii $e
c#-"&rare sa# v94are "e%r# clie'ii ei "riva%e ba*i+F f#c'ioea4&
ase-ei fo$#rilor -#%#ale. Ac%ivele i$ivi$#ale ale clie'ilor s#% #ifica%e $e c&%re
sec%or#l $e "riva%e ba*i+ re+i- $e # si+#r "or%ofoli# -ai -#l%e ac%ive $e $i-esi#i -ai -ici. A$-iis%rarea ac%ivelor
i$ivi$#ale s#b for-a ##i si+#r "or%ofoli# a$#ce # ra$a-e% -ai -are >
-a=ori%a%ea %ra4ac'iilor $e ives%i'ii.
D#"& acela
-o$ si-ilar ac%ivi%a%ea $e "riva%e ba*i+F
> ses#l c&F s%ra%e+iile ives%i'ioale $e"i$ $e selec%area co-"oe%ei corec%e $e
%i%l#ri $e valoare )ac'i#iF obli+a'i#i <i al%e "ro$#se,. K a#-i%e ca4#riF se folosesc o
serie $e i$ica%ori "e%r# a facili%a "roces#l $e alocare al ac%ivelorF "e ba4a #or
a#-i%e s%r#c%#ri $e "ro$#se $e ives%i'ii.
Di%re "rici"alele servicii oferi%e $e o socie%a%e bacar& > ca$r#l ac%ivi%&'ii
$e -aa+e-e%#l ives%i'iilorF s#% $e re'i#%5
232
Cons#l"an*a financiar&
Serviciile $e cos#l%a'& fiaciar& oferi%e $e bac& clie'ilor lorF ia# >
cosi$erare aali4e ba4a%e "e5
ivel#l ecesi%&'ilor $e lic/i$i%a%e > vii%or a clie%#l#iE
ra$a-e%#l cer#% $e clie%F av9$ > ve$ere "rofi%#l %rec#%F "re4e% <i vii%orE
+ra$#l $e risc "e care clie%#l es%e +a%a s& <i8l as#-e )c# c9% risc#l es%e -ai
-are c# a%9% <i "rofi%#l es%e -ai -are,.
Aali<%ii <i cos#l%a'ii b&cii "ro"# sol#'ii al%era%iveF ba49$#8se "e
cerce%&rile b&cii sa# "e cos#l%a'i eI%eri.
Deci1ii )e inves"i*ii
Deci4ia "e%r# efec%#area #ei ives%i'ii fiaciare se iaF fie $e clie%
)servici# e$iscri-ia%or,F fie $e a$-iis%ra%or#l $e co% )servici# $iscri-ia%or,.
O$a%& $eci4ia $e ives%i'ie l#a%&F or$iele se >ai%ea4& $e la
$e"ar%a-e%#l $e "riva%e ba*i+ la al%e $e"ar%a-e%e ale b&cii )> s"ecial la
co-"ar%i-e%#l $e arbi%ra=,F sa# > afara b&ciiF > %i-" ce o "ar%e $i %ra4ac'ii se "o%
re4olva c/iar > ca$r#l $e"ar%a-e%#l#i $e "riva%e ba*i+.
Eval#area (erforan*ei
Ac%ivi%a%ea $e eval#are a "erfor-a'ei es%e o ac%ivi%a%e co-"leI& F > s"ecial >
ca4#l "or%ofoliilor $e %i%l#ri. Sco"#l lor es%e $#bl#5
s&8
%i-"#l "erioa$ei $e $isc#'ieE
s& eval#e4e "erfor-a'a <i eficie'a a$-iis%ra%orilor $e co%.
Eval#&rile s#% eIec#%a%e $o-ei# )bec/-ar*s,F fie $i aces% %i" $e ac%ivi%a%eF fie $i i$icii $e b#rs&
 vii%or se
"reve$e s& aibe loc o $e4vol%are a aces%#i $o-ei# "e%r# a se a=#+e la s%a$ar$e
+lobale -#l%i"lelor ra$a-e%e.
6...0 A)inis"rarea n#erar#l#i
Ac%ivi%a%ea $e a$-iis%rare a fo$#rilor fiaciare $evie "e 4i ce %rece %o%
-ai co-"leI& 
ca$r#l "riva%e ba*i+8#l#iF %reb#ie s& fie bie "re+&%i% s%ra%e+ii -ai sofis%ica%e c#-
ar fiF $e eIe-"l#F arbi%ra=#l. Tra4ac'iile $e %i" nsJee"nF re"re4i%& o"era'i#ile $e
v94are %r8# fo$ $e ives%i'ii "e %er-e sc#r%
)?ITS,.
Di%re aces%e servicii re'ie-5
A. Kncas&ri 7i (l&*i ?n n#erar
Es%e # servici# oferi% "ri sis%e-#l $e "l&'i al b&ciiF care icl#$e -i=loace
$e "la%& "rec#- cec#rileF or$iele $e "la%&F S.I?T8#l <i liii $irec%e c# b&ci $i
s%r&i&%a%e.
Aceas%& ac%ivi%a%e are o i%erfa'& c#"ri4&%oare <i colaborea4& -#l% c#
celelal%e $e"ar%a-e%e ale b&cii. Doc#-e%ele cas&ri cas/ > ca$r#l ac%ivi%&'ii $e "riva%e ba*i+F c#- ar fi5 co%rib#'iile $e la clie'i
233
%re co%#riE co-isioaele <i s"e4ele b&ciiF s#-ele re'i#%e
"e%r# i-"o4i%eF e%c.

B. Inves"irea s#r(l#s#l#i )e n#erar
Bi=loacele "re4e%a%eF $e a ives%i s#r"l#s#l $e #-erar al clie'ilorF $e"i$e $e
"erioa$a $e %i-" c9% s#% $is"oibile aces%e fo$#ri. Cele -ai obi<#i%e s#% fo$#rile
$e ives%i'ii "e %er-e sc#r% )?ITS,F care s#% %i"#ri s"eciale $e fo$#ri colec%ive.
Co%#rile clie'ilor s#% verifica%e 4ilic "e%r# a se cos%a%a $ac& # eIis%&
s#r"l#s#ri $e #-erarE $ac& $aF aces% #-erar "ar%ici"& la ?ITS "9& c9$ e evoie
$e ace<%i bai i%e+ral sa# "ar'ial "e%r# ives%i'ii sa# "l&'i ale clie%#l#i. Aces% "roces
$e a vi$e %r8# fo$ ?ITS s#% %ra4ac'ii $e %i" @sOee(A.
6- Prevenirea )efici"elor )e n#erar
K acela care se calc#lea4& s#r"l#s#rile $e #-erar >ai%e $e a fi
ives%i%eF se elaborea4& ca4#l > care L $e obicei $i
-o%ive ea<%e"%a%e L evoile $e fo$#ri ale co%#l#i ##i clie% $i "riva%e ba*i+
s#% -ai -ari $ec9% s#-a "e care o are > co%F a$-iis%ra%or#l co%#l#i c9%&re<%e
"osibili%a%ea $e a8i acor$a o facili%a%e $e over$raf% )"es%e oa"%eF $eci !3 $e ore, > loc
$e a $esfii'a o ives%i'ie.
K #l%i-ii aiF s8a observa% o $e4vol%are -a=or& a $e"ar%a-e%elor $e "riva%e
ba*i+ $i b&ci. Defii'e4e as%fel $e $e"ar%a-e%e $i -o%ive $e
coc#re'&.
K vii%orF $i%re "roble-ele -ai i-"or%a%e $i $o-ei#l "riva%e ba*i+F s#%
$e re'i#%55
B, clie'ii sec%or#l#i $e "riva%e ba*i+ s#%F > +eeralF clie'i
-ariF care a# <i al%e %ra4ac'ii c# baca <i ca #r-areF "e%r#
$iversificarea serviciilor bacare %reb#ie s& li se ofere <i
aces%e serviciiF c/iar $ac& # s#% "rofi%abile "e%r# bac&E
C, $e4vol%area %e/olo+iei "er-i%e o co-#icare -ai b#& c#
clie%#l fa"%#l c& ofer& >%rea+a
+a-& $e "ro$#se %9-"l& $e obicei L "e cea i%era'ioal&. B&cile #iversale %i$ s& "res%e4e %oa%e
%i"#rile $e servicii bacare.

6.0.1 Ti(#ri )e servicii oferi"e )e B&ncile Universale

Serviciile care "o% fi efec%#a%e $e o bac& #iversal&F > afara celor obi<#i%e >
ca$r#l ac%ivi%&'ii $e re%ail #-ele al%or ives%i%oriE
)1, "ar%ici"area la ca"i%al > $iverse co-"aiiF icl#49$ cele o8
fiaciare E
234
- "ar%ici"area > cosiliile $e a$-iis%ra'ie ale co-"aiilorF e%c.
6.0.' Sc#r" is"oric al serviciilor )e Universal Ban+in!

;&rile > care s8a $e4vol%a% > %rec#% serviciile $e #iversal ba*i+F s#%
Ger-aia %i-" ce > SUAF aceas%&
ac%ivi%a%e era "#s& s#b se-#l >%reb&rii.
Gerania
Es%e 'ara care ofer& cel -ai b# eIe-"l# $e ac%ivi%a%e $e #iversal ba*i+F #
#-ai as%&4i $ar secolele I@ %i-" ce
ac%ivi%&'ile le+a%e $e asi+#r&riF i"o%eciF a$-iis%rarea $e "or%ofolii secol#l I@8leaF oferi$ if#4iile ecesare $e ca"i%alF >%r8#
-o-e% al is%oriei > care "#blic#l lar+ # $orea s&8 %oa%e '&rile Co-#i%&'ii e#ro"eeF la fel c#- o"erea4& > '&rile lor $e
ori+ieF es%e "robabil c& %oa%e '&rile Co-#i%&'ii vor fi $eservi%e > vii%or#l a"ro"ia% $e
b&ci #iversaleF s#"#se #or res%ric'ii referi%oare la "ro"rie%a%ea as#"ra lor a oferi ce%#l c# >ce%#lF ele a# re$#s res%ric'iileF >fii'9$
filiale c# $iverse %i"#ri $e servicii. Sis%e-#l =a"oe4F > care socie%&'ile co-erciale s#%
le+a%e "ri $e'ierea reci"roc& $e ac'i#i ca <i as#"ra #ei b&ci ce le co$#ceF se
#-e<%e sis%e-#l @+eire"s#A.
S"a"ele Uni"e ale Aericii
K SUA re+&si- is%i%#'ii bacare s"eciali4a%e. Poa%e fi eIe-"lifica% ca4#l
$e eIe-"l#F b&cilor co-erciale c&rora # li se "er-i%e s& ofere servicii fiaciare
i%e+rale referi%oare la %ra4ac'ii c# %i%l#riF s#bscrierea lorF e%c. De ase-eeaF b&cilor
# li se "er-i%e s& $e'i& ca"i%al > co-"aii c# "rofil o8fiaciar sa# s& fac& "ar%e
$i cosiliile $e a$-iis%ra'ie ale aces%or socie%&'i.
K #l%i-a vre-e s8a# "#r%a% -#l%e $isc#'ii "e "roble-a ce %i" $e ac%ivi%a%e $e
#iversal ba*i+ ar fi -ai se-ifica%iv& "e%r# SUA. EI"er'ii # a# c&4#% $e acor$
as#"ra -ai -#l%or "roble-e $e fo$. S#% $e re'i#% #ele "&reri > aceas%& $irec'ie filiale ale b&cilor c# ca"i%al
se"ara%E
Bes%o )1223, es%e $e "&rere c& -o$el#l +er-a es%e -ai fiabil
"e%r# SUA.
To%#<iF a-bele %abere s#% $e acor$ c&5 )a, %reb#ie se"ara%& ac%ivi%a%ea
co-ercial& $e cea $e ives%i'ii > ca$r#l #ei b&ci 
sis%e-#l bacar $i SUA.
235
6.6 Inves"en" Ban+in! $ac"ivi"a"e bancar& )e inves"i*ii%
6.6.1 Carac"eris"icile serviciilor oferi"e )e Inves"en" Ban+in!
O ives%i'ie >sea-& ac/i4i'ioarea ##i ac%iv $es"re care se "res#"#e
c& va a$#ce > vii%or # "rofi%. Deci4ia celor care a# #-erar sa# al%e for-e $e
"ro"rie%a%e $e a ives%iF ecesi%&5 )a, eIis%e'a c#o<%i'elor $es"re al%era%ivele $e a
ives%i %9i o "re4e%are a
ac%ivelor $e "e "ie'ele fiaciare.
EIis%& $o#& as%fel $e %i"#ri $e ac%ive5
a, ac%ive reale )ca valorile i-obiliareF -e%alele "re'ioaseF e%c.,E
b, ac%ive fiaciare care s#%5
a, crea'e $irec%e $e ca"i%al )ac'i#iF +ara'iiF o"'i#iF,E
b, crea'e i$irec%e $e ca"i%al )"ri%r8o co-"aie $e ives%i'ii,E
c, crea'e 8 cre$i%or oferi%e $e is%i%#'ii fiaciareE
$, crea'e 8 cre$i%or oferi%e $e "ia'a fiaciar& )"ia'a -oe%ar& #-erar ra"i$ f&r& o
sc/i-bare se-ifica%iv& a "re'#l#i fa'& $e "re'#l c#re% $e "e "ia'&E
va$abili%a%eaF a$ic& abili%a%ea $e a revi$e # ac%ivF f&r& a fi evoie $e "rea -#l%
%i-" )$e obicei ac%ivele c# # +ra$ -are $e lic/i$i%a%e s#% <i foar%e va$abile,.
6.6.' B#nc*iile #nei b&nci )e inves"i*ii
Prici"alele f#c'ii ale #ei b&ci $e ives%i'ii s#% $e -ar*e%i+F $e v94areF
$e cos#l%a'& <i $e ori+ie.
a% B#nc*ia )e ar+e"in!
B&cile $e ives%i'ii ca#%& c#-"&r&%ori "e%r# valorile -obiliare e-ise $e #
e-i%e% e-isi#e <i a"oi -e-brii si$ica%#l#i care ca$ $e acor$
as#"ra v94&rii ##i a#-i% ivel $i valorile -obiliare care ies "e "ia'&. D#"& ce s8a
%er-ia% e-isi#eaF si$ica%#l se $i4olv&.
b% B#nc*ia )e v<n1are
K efor%#l ei $e a vi$e valorile -obiliare e-ise $e e-i%e%F baca $e
ives%i'ii "oa%e c&$ea $e acor$ as#"ra #eia $i #r-&%oarele $o#& abor$&ri5
s#bscrie )#$erJri%es, %i%l#rile5 > aces% ca4 baca $e ives%i'ii ac'ioea4& ca #
"rici"al cerc9$ s& o rev9$&.
Baca $e ives%i'ii +ara%ea4& e-i%e%#l#i c&8<i va "ri-i baii $#"& vi$erea
e-isi#i aces% ca4F baca $e ives%i'ii # "reia e-isi#eaF ci
+ara%ea4& $oar e-i%e%#l#i c& va face %oa%e efor%#rile s& v9$& valorile
-obiliare e-ise. De ac%ivi%&'ile $e "e "ia'a fiaciar&F baca $e ives%i'ii ofer&
sfa%#ri #%ile e-i%e'ilor referi%or la5 )a, for-a e-isi#ii "recoi4a%eE )b, c9$ s& fie
scoase %i%l#rile "e "ia'&E )c, ce %reb#ie scris "e e-isi#eE )$, $i-esi#ea si$ica%#l#i
b&cilor $e ives%i'ii care %reb#ie i-"lica%.
)% B#nc*ia )e ori!ine
K ca$r#l aces%ei f#c'iiF b&cile $e ives%i'ii ca#%& -ere# co-"aii -ai -ici
care ar "#%ea beeficia $i v94area ac'i#ilor lor "#blic#l#i )res"ec%iv ie<i$ >
"#blic,. K aces% ca4F baca $e ives%i'ii ac'ioea4& ca $e"lii%e co$i'iile "e%r# ca socie%a%ea s& >cerce
s& a%ra+& fo$#riF ie<i$ "e "ia'&.
B&cile $e ives%i'ii s#% i-"lica%e > v94&ri "riva%e %re or+ai4a'iile care a# evoie $e fo$#ri 
eIces "e%r# a acor$a cre$i%e.
Uele b&ci $e ives%i'iiF )ca $e eIe-"l# Berill LPc/,F a# ac%ivi%&'i $e re%ail
ba*i+ <i s#% c#osc#%e ives%i%orilor. Al%e b&ci $e ives%i'iiF )c#- es%e Salo-o
Bro%/ers,F # "rea a# ac%ivi%&'i $e re%ail ba*i+ <i a# clie'i is%i%#'ioali.
6.6.. Ti(#ri )e servicii oferi"e )e b&ncile )e inves"i*ii
Prici"alele servicii oferi%e clie'ilor $e c&%re b&cile $e ives%i'ii s#%5
a, s#bscrierea e+ocia%& $e valori -obiliare )e+ocia%e$ #$erJri%i+,
K as%fel $e ca4#riF e-i%e%#l ai%e $e a se face ofer%a $e
%i%l#ri.
b, lici%a'iile co-"e%i%ive )co-"e%i%ive bi$$i+,
K ca4#rile lici%a'iilorF or+ai4a'ia s%abile<%e %er-eii e-isi#i c# eIce"'ia
"re'#l#i <i a#'& ce ofer%e vor fi acce"%a%e "9& la o a#-i%& $a%& fiIa%& $e
or+ai4a'ie. Baca $e ives%i'ii care "reia valorile -obiliare sa# si$ica%#l care ofer&
cel -ai b# "re'F c9<%i+& e-isi#ea "e care o "oa%e revi$e c# # "rofi%.
c, s#bscrierea s%a$ bP $e valori -obiliare )s%a$ bP #$erJri%i+,
S"ecific > ac%ivi%a%ea $e s#bscriere s%a$ bP $e valori -obiliareF es%e fa"%#l
c&F ac'i#ile s#% oferi%e -ai >%9iF ac'ioarilor co-"aieiF "e%r# ca ace<%ia s& aib&
oca4ia s& $e'i& # a#-i% "roce% $i co-"aie. Baca $e ives%i'ii >cearc& s&
v9$& a"oi ac'i#ile care a# fos% ac/i4i'ioa%e $e ac'ioari.
237
CAPITOLUL EI
COSTURILE BANCARE
8.1. Con*in#"#l cos"#rilor bancare
?#$a-e%area ac%ivi%&'ii #ei socie%&'i bacareF ecesi%& s%abilirea >
ca$r#l s%ra%e+iei aces%ora a #or obiec%ive care %reb#ie a%ise. Dre"% #r-are ##l $i
obiec%ivele f#$a-e%ale ale ac%ivi%&'ii fiaciar8bacare es%e re"re4e%a% $e
-ii-i4area cos%#rilor bacare.
De fa"%F #a $i%re "re-isele -o$ere $e $e4vol%are a %eoriilor fiaciare 
f#c'ie $e $o-ei#l $e l#cr# $e care a"ar'iF as%fel5
c/el%#ieli f#c'ioale
C/el%#ieli %o%ale
c/el%#ieli c# $ob94ile
8 c/el%#ieli f#c'ioale
o"era'ioaleE
8 al%e c/el%#ieli f#c'ioale.
8 c/el%#ieli c# $ob9$a "e%r# $e"o4i%e
la %er-eE
la ve$ereE
8 al%e c/el%#ieli c# $ob9$a.
238
De ase-eea $i "#c% $e ve$ere al i-"or%a'eiF c/el%#ielile bacare se "o%
+r#"a >5

c/el%#ieli "rici"ale
C/el%#ieli %o%ale

c/el%#ieli c# $ob94ile

al%e c/el%#ieli
K ba4a clasific&rilor a%erioare se "o% calc#la o serie $e ra"oar%e a c&ror
co-"ara'ie e "re4i%& "o$erea c/el%#ielilor s"ecifice > ca$r#l c/el%#ielilor %o%ale.
8.'. In)ica"ori ai cos"#rilor bancare
A. In)ica"ori ai c-el"#ielilor (rinci(ale.
VZZ
V
Q
e f#nc"ional C-el"#ieli
(rinci(ale C-el"#ieli
R
)7.1,
Aces% i$ica%or es%e $e obicei s#b#i%arF se-ific9$ "ro"or'ia c/el%#ielilor
"rici"ale > ca$r#l c/el%#ielilor f#c'ioale
VZZ
b
Q
c-el"#ieli To"al
(rinci(ale C-el"#ieli
R
)7.!,
Es%e # i$ica%or s#b#i%ar c# "ro"rie%a%ea c& R
!
fR
1
 %o%al c/el%#ieli.
B. In)ica"ori ai c-el"#ielilor c# )ob<n1ile.
8 c/el%#ieli c# salariileE
8 "ier$eri $i >-"r#-#%#riE
8 %o%al c/el%#ieli c# ifor-a%ica.
8 c/el%#ieli c# $ob9$& "e%r# $e"o4i%e
la ve$ereE
la %er-eE
8 al%e c/el%#ieli c# $ob9$a-
239
VZZ
]
Q
e f#nc"ional c-el"#ieli
)oban1ile c# C-el"#ieli
R
)7.0,
Es%e # i$ica%or ce "oa%e avea <i valori s#b#i%areF co-"ar9$ valoarea
c/el%#ielilor c# $ob9$a fa'& $e c/el%#ielile f#c'ioale.
VZZ
k
Q
"o"ale C-el"#ieli
)oban)a c# C-el"#ieli
R
)7.3,
Aces% i$ica%or se-ific& "o$erea c/el%#ielilor c# $ob9$a > ca$r#l
c/el%#ielilor %o%ale. Es%e # i$ica%or s#b#i%ar.
8.. Cos"#l ar!inal
Cos"#l ar!inal es%e $efii% ca fii$ cre<%erea cos%#l#i $e%er-ia%& $e
cre<%erea ac%ivi%&'ii c# o #i%a%e.
K ac%ivi%a%ea bacar& care "re4i%& o serie $e carac%eris%ici "ar%ic#lare es%e
foar%e $ificil $e i$e%ifica% co-"oe'a cos%#l#i -ar+ial.
K "ri-#l r9$F e afl&- > ca$r#l #ei or+ai4a'ii ecoo-ice ce areF $e fa"%F
rol#l $e i%er-e$iere >%re cererea co$i'iile eIis%e'ei "e "ia'& a
#or variabile $e re+lare ca$r#l #ei b&ci "o% fi +r#"a%e "e
#r-&%oarele -ari ca%e+orii5
I L c/el%#ieli c# $ob94ile <i co-isioaeE
II L c/el%#ieli c# "rovi4ioaeleE
III L c/el%#ieli c# "ier$erile <i crea'e erec#"erabileE
ID L c/el%#ieli f#c'ioale ale b&ciiE
D L al%e c/el%#ieli.
C/el%#ielile c# "rovi4ioaele se "o% "re4e%a "e cele $o#& ca%e+orii $i care
s#% alc&%#i%e5
- c/el%#ieli c# "ier$eri cercare $e s%r#c%#rare a c/el%#ielilor "e aces%e ca%e+orii > ca$r#l #ei
b&ci c# ac%ivi%a%e or-al&F ar $#ce la reliefarea #ei "o$eri "re$o-ia%e a
c/el%#ielilor c# $ob94i f#c'ie $e s#rsa care le8a $e+a=a%5
I L vei%#ri $i $ob94i la cre$i%eE
II L vei%#ri $i co-isioaeF %aIeF s"e4eE
III L vei%#ri $i "rovi4ioaeE
ID L vei%#ri $i rec#"erarea $e crea'e a-or%i4a%eE
D L vei%#ri $i eIce$e% $e res#rseE
DI L al%e vei%#ri.
240
K ca$r#l aces%or ca%e+orii $e vei%#ri "o$erea cea -ai i-"or%a%& o a#
vei%#rile $i $ob94i la cre$i%e 'eles ca fii$ cre<%erea
cos%#l#i $e%er-ia%& $e reali4area #ei #i%&'i s#"li-e%are $e servici# sa# "ro$#s
bacar.
D#"& c#- a- observa% >s&F cele -ai -ari cos%#ri s#% a+rea%e %oc-ai >
$o-ei#l i%ro$#cerii $e servicii ac%ivi%a%ea bacar&.
1H!
6D
&
6
F > care5 )7.6,

C
-
8 cos% -ar+ialE
o
CT
L varia'ia cos%#l#i %o%alE
o
PSB
L varia'ia "ro$#selor #i%&'i $e "ro$#s.
8.0 P#nc"#l cri"ic al ac"ivi"&*ii b&ncii $(#nc"#l or"%
P#c%#l cri%ic al ac%ivi%&'ii b&cii se reali4ea4& > -o-e%#l > care vei%#rile
%o%ale s#% e+ale c# c/el%#ielile %o%ale care re4#l%a%#l es%e #l.
Cre<%erea vei%#rilor b&cii > co$i'iile -e'ierii cos%a%e a c/el%#ielilor
$#c la ob'ierea $e "rofi%.
Dei%#ri %o%ale Profi%
C/el%#ieli c# $ob94ile co$i'iile "res%abili%e <i valoarea vei%#rilor ce %reb#ie s& se reali4e4e
$i $ob94iF $#"& #r-&%oarele rela'ii5
(a) Co-isio#l -e$i# "e o"era'i#e H
n
"
n
"
N"
C" N"
V
V
)7.7,
)b, Dei%#rile %o%ale $i co-isioae H Co-isio#l -e$i# "e o"era'i#e I
Nr. o"era'i#iF res"ec%iv5
t
2 6
D6
3
)7.7,
(c) Dei%#rile %o%ale $i $ob94i )D
TD
, H
n
"
D"
V
)7.(,
> care5
D% L $ob9$& la "lasa-e% $e %i" N%O
(") Rela'ia >%re c/el%#ieli re+is%rea4& (#nc"#l
or" al ac%ivi%&'ii bacare
241
C/el%#ieli c# $ob94i <i co-isioae W C/el%#ieli f#c'ioale W Al%e c/el%#ieli H
Dei%#ri %o%ale $i $ob94i W Dei%#ri %o%ale $i co-isioae W Al%e vei%#ri
8.6 A(lica*ii (rac"ice
PROBLE;E RENOLEATE
Problea 12 ?ie o s#c#rsal& a #ei socie%&'i bacare c# #r-&%oarele $a%e
"revi4ioa%e )%abel 7.1,5

8Tabel 7.18
8UB8
Nr. $e o"era'i#i co-isioa%e 1!130
Dei%#rile $i co-isioae 0:1.331.::: UB
Dei%#rile $i $ob94i 2:0.330.::: UB
Al%e vei%#ri 1!1.367.::: UB
a, K co$i'iile $ori'ei eIis%e'ei ##i "rofi% $e 1:RF s%abili'i valoarea
-aIi-& a c/el%#ielilor ce "o% fi a+a=a%e $e bac&.
b, M%ii$ c& valoarea c/el%#ielilor c# $ob9$a es%e $e 7:R $i %o%al#l
c/el%#ielilorF s%abili'i s#-a absol#%& a aces%ora.
Re1olvare2
a, Dei%#ri %o%ale H 0:1.331.::: W2:0.330.::: W 1!1.367.::: H
1.0!7.03:.::: UB
Nivel#l -aIi- al c/el%#ielilor a$-ise H 1.0!7.03:.::: )1L:F1, H
1.0!7.03:.::: I :F2 H 1.120.7:7.::: UB
b, S#-a c/el%#ielilor c# $ob94ile H :F7 I 1.120.7:7.::: H
H 7.17!.!07.::: UB
Problea '5 Se "re4i%& ! +r#"#ri $e b&ci c# #r-&%oarele carac%eris%ici
"rivi$ s%r#c%#ra cos%#rilor5
8Tabel 7.!8
8 lei 8
Nr.
Cr%.
Ar%icol
c/el%#ial&
B&ci c# $e"o4i%e
s#b 6: -il.
B&ci c# $e"o4i%e
>%re 6: L !:: -il.
B&ci c# $e"o4i%e
"es%e !:: -il.
S#-e
absol#%e
S#-e
rela%ive
R
S#-e
absol#
%e
S#-e
rela%ive
R
S#-e
absol#%e
S#-e
rela%ive
R
1 Salarii
"ersoal
co$#cere
!23012 12F32 (023!
6
12F:7 0(!2277 12F(7
242
! Salarii
f#c'ioari
!60!01 17F17 (!062
7
1(F71 01!(31( 17F!0
0 C9<%i+#ri
s#"li-e%are
10!7:0 (F(: 3:(!1
2
2F!7 1(37170 2F6(
3 C/el%.
is%alare
co-"#%ere
66760 0F72 1(:72
0
2F11 11:66(7 6F73
6 Obiec%e $e
ive%ar
1:027! 7F(( !2:0(
6
7F7: 117(161 7F:7
7 C/el%#ieli c#
"a"e%&rie <i
i-"ri-a%e
67726 0F77 11(36
1
!F72 376(72 !F3!
7 Po<%&F
c&l&%orie
0:2:0 !F:6 2120( !F:2 0(:021 1F27
( C/el%#ieli
"#blici%a%e
06376 !F06 1:77:
:
!F3! 37(0(: !F30
2 C/el%#ieli
=#ri$ice
01667 !F:2 1:776
6
!F36 62(62( 0F11
1: C/el%. %elefoF
%ele+raf
17677 1F1: 6:760 7F16 !337(2 1F!7
11 C/el%. c/irie 1:0!77 7F(3 016!0
2
7F17 13!11!2 7F07
1! C/el%. eval#&ri
i%ere
!1(2( 1F36 66:33 1F!6 160736 :F(:
10 C/el%. c#
"ro%ocol#l
!(723 1F21 67!03 1F0: 1!1066 :F70
13 C/el%. c#
asi+#rarea
$e"o4i%elor
!2776 1F27 20200 !F10 0(1061 1F2(
16 C/el%. c# al%e
asi+#r&ri
!02:2 1F6( 6230( 1F06 1(!273 :F26
17 C/el%. c#
$e"lasarea
27:7 :F73 !7070 :F7 1:3733 :F63
17 Al%e co%rib#'ii (767 :F67 !:3!( :F37 6(0:3 :F0:
1( Doa'ii 7010 :F3! !1(!7 :F6: 26717 :F6:
12 C/el%. c# c&r'iF
"erio$iceF al%e
servicii
6601 :F07 1!21: :F!2 60227 :F!(
!: Pier$eri $i
>-"r#-#%#ri
1::!77 7F73 00222
1
7F7! 13!!1:7 7F0(
!1 C/el%. c# sof% !3736 1F70 !1322 :FF32 1606(2 :F(:
!! Al%e c/el%#ieli 1062!1 2F:: 07:70
(
(F12 1(((77( 2F(:
'. TOTAL
C-el"#ieli
f#nc*ionale
16JIC00 1JJP 00J'0
81
1JJP 1I'C.1C
.
1JJP
!3 Al%e c/el%. c#
ifor-a%ica
(7327 1::R !7200
6
1::R 102!223 1::R
243
!6 C/el%. $ob94i
la $e"o4i%e la
ve$ere
!:06!( 1:F! 727!3
0
2F7 !03232 7F7
!7 C/el%. $ob94i
la $e"o4i%e la
%er-e
1763221 71F( 60022
1(
70F7 !!037(:
6
7!F7
!7 C/el%. $ob94i
la o
$e"o4i%e
31367( 1( 1!10:
76
17F7 7:71:6! 12F(
'D To"al c-el".
c# )ob<n1i
$'0H'6H'8%
'.J0D68 1JJP C'0I'
.8
1JJP .JC8D.6
6
1JJP
'I To"al c-el".
$'.H'0H'D%
.IJ'JI8 11I'1
J.'
610.06'
'
Se cere5
a, s& se a"recie4e +r#"#l $e b&ci ava%a=a% "ri "ris-a c/el%#ielilor
"rici"aleE
b, s& se calc#le4e i$ica%orii c/el%#ielilor "rici"ale <i i$ica%orii
c/el%#ielilor c# $ob94ileE
c, s& se i%er"re%e4e re4#l%a%ele.
Re1olvare2
a, Do- calc#la c/el%#ielile "rici"ale "e%r# cele 0 +r#"#ri $e b&ci.
C/el%#ieli "rici"ale H C/el%#ieli c# salariile W Pier$erile $i >-"r#-#%#ri W
C/el%#ieli c# ifor-a%ica
C/el%#ieli salariale H Salarii "ersoal co$#cere W Salarii f#c'ioari W
C9<%i+#ri s#"li-e%are
C/el%#ieli c# ifor-a%ica H C/el%#ieli is%alare W C/el%#ieli c# sof% W Al%e
c/el%#ieli c# ifor-a%ica
8ncile cu depozit sub 56 milioane.
C/el%#ieli salariale H !23012W!60!01W10!7:0H7(:!60
C/el%#ieli c# ifor-a%ica H 66760W!3736W(7227H17(023
C/el%#ieli "rici"ale H 7(:!60W177(23W1::!77H23(310
8ncile cu depozite +ntre 56 4 &66 milioane.
C/el%#ieli salariale H (023!6W(!0627W3:(!12H!:71!3:
C/el%#ieli c# ifor-a%ica H 1(:720W!1322W!72006H3717!7
C/el%#ieli "rici"ale H !:71!3:W3717!7W002221H!((!(6(
8ncile cu depozite peste &66 milioane.
C/el%#ieli salariale H 0(!2277W01!(31(W1(73170H((!!637
C/el%#ieli c# ifor-a%ica H 11:66(7W1606(2W102!223H!76!17:
C/el%#ieli "rici"ale H ((!!637W!76!17:W13!!1:7H1!(277(0
Gr#"#l $e b&ci care es%e favori4a% "ri "ris-a c/el%#ielilor "rici"ale es%e
+r#"#l b&cilor c# $e"o4i% s#b 6: -ilioaeF l#cr# $e al%fel =#s%ifica% <i $e ivel#l -ai
res%r9s $e ac%ivi%a%e efec%#a% $e aces%ea.
244
b, Se vor calc#la i$ica%orii c/el%#ielilor "rici"ale <i c/el%#ielilor c# $ob94i "e
+r#"#ri $e b&ci.
8ncile cu depozit sub 56 milioane.
VZZ
^^ Vhb VZZ
VhZigkk
b]Zkjh^
VZZ
]V bk VZZ
]iZbZi^
ikjkV]
VZZ
jb ^b VZZ
VhZigkk
ikjkV]
VZZ
k
]
]
b
b
V
V
Q
c-el"#ieli To"al
)oban1ile c# C
R
P > Q R
Q
e f#nc"ional C
)oban1ile c# C
R
P > Q R
Q
c-el"#ieli To"al
(rinci(ale C
R
P > Q R
Q
e f#nc"ional C
(rinci(ale C
R
P Q R hi VZZ
]iZbZi^
b]Zkjh^
k

8ncile cu depozit sub 56 4 &66 milioane.
245
P > Q R
Q
c-el"#ieli To"al
)oban1i c# C
R
P > Q R
Q
e f#nc"ional C
)oban1i c# C
R
P > Q R
Q
"o"ale C
(rinci(ale C
R
P > Q R
Q
f#n"ionale C
(rinci(ale C
R
jV ^Z VZZ
VVibVZ]b
gbkib]^
VZZ
^^ V^k VZZ
kkZbk^V
gbkib]^
VZZ
Vj bk VZZ
VVibVZ]b
bjjbjhj
VZZ
kj ^h VZZ
kkZbk^V
bjjbjhj
VZZ
k
k
]
]
b
b
V
V

B&cile c# $e"o4i%e "es%e !:: -ilioae.

246
P > Q R
Q
c-el"#ieli To"al
)oban1ile c# C
R
P > Q R
Q
e f#nc"ional C
)oban1ile c# C
R
P > Q R
Q
c-el"#ieli To"al
(rinci(ale C
R
P > Q R
Q
e f#nc"ional C
(rinci(ale C
R
jb hi VZZ
hVk]khbb
]Zg^j]hh
VZZ
^k Vhi VZZ
Vibg]Vg]
]Zg^j]hh
VZZ
Zg bh VZZ
hVk]khbb
Vbji^gj]
VZZ
ib ^^ VZZ
Vibg]Vg]
Vbji^gj]
VZZ
k
k
]
]
b
b
V
V

b) I%er"re%area re4#l%a%elor ce%rali4a%e ob'i#%e )%abel 7.0,5

8Tabel 7.08
8R8
Ti"
Bac&
Ra%&
B&ci c# $e"o4i%e
s#b 6: -ilioae
B&ci c# $e"o4i%e
>%re 6: L!::
-ilioae
B&ci c# $e"o4i%e
"es%e !:: -ilioae
R
1
7!F(!R 76F3(R 77F2!R
R
!
!3F01R !3F1(R !6F:7R
R
0
16!F77R 173F77R 162F73R
R
3
62F:7R 7:F(1R 62F(!R
8 Pri "ris-a "ri-ei ra%e es%e ava%a=a% "ri-#l +r#" $e b&ci %re
6:8!:: -il. leiF care are o "o$ere -ai -ic& a c/el%#ielilor "rici"ale > %o%al#l
c/el%#ielilor.
8 Ra%ele 0 ca4#l c/el%#ielilor c# $ob94ile.
247
Problea 12 ?ie 6 %i"#ri $e b&ci c# #r-&%oarele $a%e carac%eris%ice )%abel 7.3,5
9Tabel 7.38
9 lei8
In)ica"or Banca A Banca B Banca C Banca D Banca E
C. "rici"ale !1336!! 03!!616 6376(33 301!1:! 1:316(61
C. f#c'ioale (116::: 1:1!7::: 16(13::: !:11:::: 03133:::
C. c# $ob94i 171!1::: 123001:: 111!130: 1!011(:: !2333:::
Al%e c/el%#ieli 1:313!11 21::::: (0!:::: 16311::: !61:::::
To%al c/el%#ieli 07723700 3!:(1716 6:701!73 6!1332:! 221:0(61
Se cere5
a, S& $e calc#le4e i$ica%orii C/el%#ieli "rici"ale.
b, S& se calc#le4e i$ica%orii C/el%#ieli c# $ob94i.
c, S& se co-"are re+is%rea4& #r-&%oarele $a%e
"revi4ioa%e )%abel 7.6,5
Tabel 7.6.
8 lei 8
Nr. $e o"era'i#i co-isioa%e 11.1!:
Dei%#rile $i co-isioae !3:.:::
Dei%#rile $i $ob94i 2::.130
Al%e vei%#ri 130.:::
S%abili'i5
a, Daloarea co-isio#l#i -e$i# "e o"era'i#eE
b, Nivel#l "#c%#l#i cri%ic al ac%ivi%&'ii b&cii.
248
CAPITOLUL EII
PERBOR;AN=ELE BANCARE. STRATEGII
C.1 Ren"abili"a"ea> solvabili"a"ea 7i lic-i)i"a"ea #nei b&nci
C.1.1 Profi" 7i risc
Obiec%iv#l a$-iis%r&rii #ei b&ci >l cos%i%#ie ob'ierea "rofi%#rilor. Pe $e
al%& "ar%eF b&cile o"erea4& > co$i'ii $e icer%i%#$ie ac%ivi%a%ea bacar& a"are $i %rei s#rse. Pe%r# fiecare cre$i% "e care >l
acor$& baca eIis%& # riscF acela ca cel care a "ri-i% cre$i%#l s& #8l ra-b#rse4e.
Pe%r# cre$i%ele acor$a%e la o $ob9$& fiI& "e o a#-i%& "erioa$& <i cre$i%e la %er-e
c# $ob9$a fiI&F eIis%& $e ase-eea <i risc#l $e cre<%ere a cos%#l#i fia'&rii "e
"arc#rs#l "erioa$ei $e ra-b#rsare. Risc#l ra%ei $ob94iiF care es%e eI"#erea b&cii
la variabilele ra%ei $ob94iiF a"are # #-ai le+a% $e cre$i%ele acor$a%e $e o bac&F ci
fr#%& $es%#l&%oare "e%r# a8<i oora res%i%#irile $e lic/i$i%&'i c&%re $e"oe'ii s&i.
Orice bac& a%ra+e "er-ae% vol#-e -ari $e fo$#ri "e %er-e sc#r% "e%r# a8cercare a #ei b&ci $e a ob'ie "rofi% "res#"#e risc#riF
obiec%iv#l #ei b&ci $evie ievi%abil acela $e a8%r#c9% aali<%ii b&ciiF $e"#&%orii %i-".

C.1.' Perforan*a !lobal& a #nei b&nci
Perfor-a'a +lobal& a #ei b&ci carac%eri4ea4& re4#l%a%ele $e asa-bl#
ale aces%eiaF ea fii$ $a%& > s%a$ar$ele i%era'ioale $e ivel#l re%abili%&'ii
ca"i%al#l#i socie%&'ii bacareF corela%e c# varia'ia aces%eia > f#c'ie $e res#rsele
as#-a%e $e baca res"ec%iv& )fi+. 6.1,. Re4#l%& c&F "erfor-a'a +lobal& a #ei b&ci
e es%e $a%& $e rela'ia "rofi% L risc.
249
S%r#c%#ra ca"i%al#l#i sa#
+ra$ $e >$a%orare )EB,
Re%abili%a%ea
ca"i%al#l#i )ROE,
?ac%ori $e -e$i#
eco%rolabili
Re%abili%a%e
ac%ive )ROA,

?ac%ori co%rolabili
8 S%r#c%#ra ac%ivi%&'ilor
8Dei% $i eI"loa%are
8Cali%a%e cre$i%e
8Co%rol c/el%#ieli
8A$-iis%rare i-"o4i%
Perfor-a'a
+lobal& a
b&cii
Risc $e cre$i%are
Risc#l ra%ei $ob94ii
Bila' sa#
risc $e
"or%ofoli#

Risc
Risc $e re+le-e%are Risc $e lic/i$i%a%e
)varia'ia l#i ROE, Risc %e/olo+ic
Risc $e eficie'a o"er&rii
Risc s%ra%e+ic
Risc $e afiliere
?i+. 7.1 Sc/e-a rela'ia risc L "rofi% "e%r# eval#area "erfor-a'ei #ei b&ci.
250
Re%abili%a%ea ca"i%al#l#i )ROE H Re%#r o EY#i%P, 
s%r#c%#ra i%er& a b&cii "rivi$ risc#rile -"ar%e > 5
re%abili%a%ea ac%ivelor )ROA H Re%#r o Asse%s, $a%orare
sa# +ra$ $e a$ecvare a ca"i%al#l#i,.
Reiese $i sc/e-a $e -ai s#s c& fac%orii co%rolabili fr#%&F re"re4i%& fac%orii eco%rolabili
)$e eI. risc#l ra%ei $ob94ii ca fac%or eco%rolabil,. K%r#c9% varia'iile reale ale ra%ei
$ob94ii s#% e+ale c# sc/i-b&rile a%ici"a%eF "l#s cele e"rev&4#%eF -o$ific&rile
a%ici"a%e ar %reb#i icl#se > "or%ofoli#l $e $eci4ii. K -o$ cores"#4&%orF #-ai
varia'iile e"rev&4#%e afec%ea4& valorile.
?ac%orii as#"ra c&rora b&cile a# # oarecare +ra$ $e co%rol icl#$5 %i"#rile
$e afaceriF vei%#l $i eI"loa%areF cali%a%ea cre$i%#l#iF c/el%#iala c# verific&rileF
a$-iis%rarea i-"o4i%#l#i %i-" a sca$e'elor > ca$r#l a$-iis%r&rii
ac%ivelor fr#%& o bac& <i care $e%er-i&
varia'ia ivel#l#i re%abili%&'ii ca"i%al#l#i )ROE,5 )1, risc#l $e bila' sa# "or%ofoli#F )!,
risc#l le+a% $e re+le-e%areF )0, risc#l le+a% $e %e/olo+ieF )3, risc#l eficie'ei o"er&riiF
)6, risc#ri s%ra%e+ice > "roces#l $e elaborare a #or s%ra%e+ii "e%r# cor"ora'ii <i
co%rol#l aces%oraF )7, risc#l $e s#bor$oare )aces% risc s8a a-"lifica%F #r-are #or
evei-e%e c#- ar fi a"ari'ia $e socie%&'i -iI%e bac& s#% risc#l $e
cre$i%areF risc#l ra%ei $ob94ii <i risc#l $e lic/i$i%a%e. Aces%e risc#ri ar %reb#i s&
$e%er-ie c9% ca"i%al lic/i$ %reb#ie s& $e'i& baca. K fialF b&cile care # re#<esc
s& se a$a"%e4e la co$i'iile $e -e$i# "rivi$ %e/olo+iaF re+le-e%&rile <i coc#re'a
se cofr#%& c# risc#l eI%re- $e $is"ari'ie.
C.1.'.1 ;o)el#l ren"abili"&*ii ca(i"al#l#i $ROE%
Ren"abili"a"ea ca(i"al#l#i $ROE%F-&soar& "rofi%abili%a%ea $i "ers"ec%iva
ac'ioarilor. To%#<iF ROE # ar %reb#i cof#$a% c# "rofi%abili%a%ea ives%i'iei )sa# c#
vei%#l,F-&s#ra%& "ri $ivi$e$e -"&r'i% la ca"i%al "ro"ri# -e$i#. K%r#c9% ROE "oa%e fi $esco-"#s
> s%r#c%#ra ca"i%al#l#i )EY#i%P B#l%i"lier H EB, -"&r'i% la -e$ia
%o%al#l#i ac%ivelorF -&soar& "rofi%#rile b&cii "er #i%a%e -oe%ar& a ac%ivelor.
S"r#c"#ra ca(i"al#l#i $E;%F es%e -e$ia ac%ivelor >-"&r'i%& la ca"i%al#l
-e$i#. El ofer& o -&s#r& a +ra$#l#i $e a$ecvare a ca"i%al#l#i b&cii. EB es%e fac%or#l
$e -#l%i"licare ce face $i ROE # -#l%i"l# al ROA. De eIe-"l#F o bac& ce are ROA
$e 1R $o#& co-"oe%e5
251
-ar=a "rofi%#l#i )Profi% Bar+i H PB,
#%ili4area ac%iv#l#i )Asse% U%ili4a%io H AU,
Rela'ia $i%re ace<%i i$ica%ori es%e #r-&%oarea5
ROA H PB I AUF #$e $C.'%
- PB es%e e+al c# vei%#l e% >-"&r'i% la %o%al vei%#ri )vei%#l $i $ob94i "l#s cel
$i al%e s#rse $ec9% $ob9$a,E
- AU es%e e+al c# %o%al vei% >-"&r'i% la -e$ia %o%al#l#i ac%ivelor.
As%felF -ar=a "rofi%#l#i )PB, reflec%& "rofi%#rile "er #i%a%e -oe%ar& $i
%o%al#l vei%#l#i )v94&ri, <i #%ili4area ac%iv#l#i )AU, eI"ri-& %o%al#l vei%#rilor )v94&ri,
"er #i%a%e -oe%ar& $i ac%ive.
O bac& ce are -ar=a "rofi%#l#i )PB, $e 1!R %abel#l 7.1
Tabel#l 7.1
Re%abili%a%ea ca"i%al#l#i HRe%abili%a%ea ac%ivelor I
S%r#c%#ra ca"i%al#l#i
H ROA I EB
HBar=a "rofi% I U%ili4are ac%iv I S%r#c%#ra
ca"i%al#l#i
H PB I AU I EB
e)i# ca(i"al
ne" Eeni"
e)i# Ca(i"al
e)ii Ac"ive
5
e)ii Ac"ive
. o(er )in Eeni"
5
o(era"i#ni )in Eeni"
ne" Eeni"

H
e)i# . Ca(
e)ii Ac"ive
5
e)ii Ac"ive
ne" Eeni"
H
e)i# Ca(i"al
ne" Eeni"
Pe%r# calc#l#l <i aali4a re%abili%&'ii ca"i%al#l#i )ROE, s#% ecesare
"a%r# ifor-a'ii5 vei%#l e%E vei%#l %o%al $i o"era'i#i sa# Nv94&riOE ac%ive -e$iiE
ca"i%al "ro"ri# -e$i# )eIcl#siv ca"i%al#l ce re"re4i%& $ebi%e,.
Da%ele <i ifor-a'iile "rivi$ vei%#l e% <i vei%#l %o%al $i o"era'i#i s#%
variabile $i co%#l $e "rofi% <i "ier$ereF iar ifor-a'iile "rivi$ ac%ivele -e$ii <i
ca"i%al#l "ro"ri#F s#% $a%e $e bila'. Di bila' %reb#ie s& se #%ili4e4e valori -e$ii.
Ivers#l s%r#c%#rii ca"i%al#l#i es%e in)ica"or#l ca(i"al#l ra(or"a" la ac"iveF eIcl#49$
ca"i%al#l re"re4e%9$ $ebi%e $i #-erar.
252
Bo$el#l re%abili%&'ii ca"i%al#l#i )ROE,F co'ie %rei al%era%ive $e -&s#rare a
"rofi%abili%&'ii5
re%abili%a%ea ca"i%al#l#i )ROE, H
e)i# (ro(ri# . ca( "o"al
ne" veni"
$C..%
re%abili%a%ea ac%ivelor )ROA, H
e)ii ac"ive "o"al
ne" veni"
$C.0%
-ar=a "rofi%#l#i )PB, H
veni" "o"al
ne" veni"
$C.6%
Cei %rei i$ica%oriF $e<i a# acela<i #-&r&%orF $ar #-i%ori $iferi'iF e ofer&
$iferi%e "ers"ec%ive as#"ra o'i#ii $e "rofi%abili%a%e.
Ren"abili"a"ea ca(i"al#l#i $ROE% e -&soar& "robabili%a%ea $i
"ers"ec%iva ac'ioarilor. O "ri-& $eficie'& a aces%#i i$ica%or $e -&s#rare a
"erfor-a'ei b&ciiF es%e aceea c& re%abili%a%ea ca"i%al#l#i )ROE, "oa%e fi ri$ica%&F
$eoarece baca # are # ca"i%al a$ecva%. K "l#sF o bac& ce ar avea # ca"i%al
e+a%ivF $ar "rofi% "o4i%iv ar "re4e%a o re%abili%a%e a ca"i%al#l#i )ROE, e+a%iv&.
Pe%r# sol#'ioarea aces%ei $ile-e %reb#ie s& $es"&r'i- re%abili%a%ea ca"i%al#l#i
)ROE,F > re%abili%a%ea ac%ivelor )ROA, care s#%
i-"lica%e %oa%e ac%ivele b&cii > "rofi%abili%a%e. Des"&r'i$ re%abili%a%ea ac%ivelor
)ROA,F i$ica%orii -ar=a "rofi%#l#i )PB, <i #%ili4area ac%ivelor )AU,F e coce%r&-
as#"ra celei $e8a %reia eval#&ri a "rofi%abili%&'iiF c# a=#%or#l i$ica%orilor -ar=a "rofi%#l#i
)PB, %r#c9%
b&cile # +eerea4& vol#- $e o"era'i#i -ai -are $ec9% %o%al#l ac%ivelorF #%ili4area
ac%ivelor $escrie "roces#l -ai bie $ec9% vi%e4a $e ro%a'ie a ac%ivelor,. Da%& fii$
"osibili%a%ea #ei b&ci $e a +eera vei%#ri )v94&ri, -&s#ra%& "ri #%ili4area ac%iv#l#i
)AU,F co-"oe%a -ar=a "rofi%#l#i )PB, a -o$el#l#i re%abili%&'ii ca"i%al#l#i )ROE, se
coce%rea4& as#"ra ca"aci%&'ii b&cii $e a8<i co%rola c/el%#ielile.
O a %reia e%a"& i-"lic& eIa-iarea $e%aila%& a%9% a ar:ei (rofi"#l#i $P;%
c9% care variabilele5
$C.8%
253
D
,
_
( r o f i " s a #
n e " v e n i "
H To%al vei% )R, L C/el%#iala c# $ob9$a )C, L C/el%#ieli
c# al%e o"era'i#i care variabilele5
$C.C%
R H %o%al vei%.
A H %o%al ac%ive -e$ii
Si%e%i49$F i$ica%orii re%abili%&'ii ca"i%al#l#i )ROE, re%abili%a%ea ac%ivelor
)ROA, $e%er-iarea "erfor-a'ei es%e cali%a%ea cre$i%elorE
f&r& aceas%aF o bac& # "oa%e s#"ravie'#i "e %er-e l#+.
1.1.2.2 2sti"area probabilitii de insolvabilitate
U i$ica%or "e%r# "robabili%a%ea $e isolvabili%a%e a #ei b&ci "oa%e fi #
i$ica%or $e risc N+O. Aces% i$ica%or "res#"#e c& vei%#rile s#% $is%rib#i%e or-al care variabilele5
$C.D%
+ H "robabili%a%ea $e isolvabili%a%eE
E)ROA, H vei%#l "ro+o4a% $i ac%iveE
11EB H ivers#l l#i EB )s%r#c%#ra ca"i%al#l#i, sa# i$ica%or#l ca"i%al ra"or%a%
la ac%iveE
S H aba%erea s%a$ar$ a re%abili%&'ii ac%ivelor )ROA,.
254
C# c9% es%e -ai re$#s EBF c# a%9% "rofi%#rile "ro+o4a%e s#% -ai -ari "ericol $e isolvabili%a%e
vor avea "rofi%#ri e+a%iveF valori -ai -ari ale EB <i varia'ii -ai -ari ale vei%#l#i
+eeralF ob'i9$ # i$ica%or N+O sc&4#%.
C.1.'.. Ec-ilibr#l ?n"re lic-i)i"a"e 7i (rofi"abili"a"e
Pe%r# a face fa'& ceri'elor 4ilice $e lic/i$i%a%eF b&cile %reb#ie s& $e'i&
c9%eva ac%ive e"#r%&%oare $e $ob9$& s#b for-& $e #-erar sa# for-e ec/ivale%e
ale #-erar#l#i. Pri a%#ra lorF aces%e ac%ive re$#c "rofi%abili%a%ea b&cii )a$ic& ele
# a$#c c9<%i+ sa# s#% +eera%oare $e "rofi% foar%e re$#s,. De aceeaF b&cile $oresc
s& $e'i& o ca%i%a%e -ii-& $i as%fel $e ac%ive acela
i$#s%ria serviciilor fiaciare <i eli-iarea "lafoaelor "e%r# ra%a $ob94ii la $e"o4i%e
a# s"ori% ecesi%a%ea ca b&cile s&8<i -ii-i4e4e "or%ofoli#l $e ac%ive f&r& c9<%i+ sa#
c# vei% re$#s.
C.1.'.0 Lic-i)i"a"ea #nei b&nci
Lic/i$i%a%ea #ei b&ci "oa%e fi asi+#ra%& fie "ri s%r#c%#ra bila'#l#iF fie
c#-"&ra%& $e "e "ia'&F fie "ri a-bele. K%r#c9% #-ai -arile b&ci a# c# a$ev&ra%
s#cces "e "ie'ele fiaciareF -a=ori%a%ea b&cilor re4erv& # a#-i% +ra$ $e lic/i$i%a%e
> bila'. C# c9% baca es%e -ai -ic&F c# a%9% ea $e"i$e -ai -#l% $e re4erva $e
lic/i$i%a%e. K "rac%ic&F +es%ioarea lic/i$i%&'ii "oa%e fi abor$a%& > $o#& -o$#ri. K "l#s
fa'& $e a$-iis%rarea "ro"riei lic/i$i%&'iF b&cile v9$ lic/i$i%a%e <i ofer& servicii "e%r#
clie'i. Pe%r# ace<%iaF "ro$#sele $e ba4& s#% co%#rile c#re%eF $e"o4i%e la ve$ereF
e%c.E "e%r# fir-eF s#% $is"oibile o +a-& lar+& $e servicii bacare. La b&cile -ai
-ariF serviciile "e%r# o"era'i#i s#% "rivi%e ca s#rse $e "rofi% <iF > a#-i%e ca4#riF ca
oi liii $e afaceri. Serviciile "e%r# o"era'i#i le+a%e -ai -#l% $e lic/i$i%a%e <i $e
servicii $e %ra4ac'ioare c#"ri$ +es%ioarea #-erar#l#iF "rel#crarea or$ielor $e
"la%&F scrisori $e cre$i%eF e%c.

C.' In)ica"orii a)ecv&rii ca(i"al#l#i #nei socie"&*i bancare
A$ecvarea ca"i%al#l#i es%e reflec%a%& > s%r#c%#ra bila'#l#i b&ciiF ea
reflec%9$ asi+#rarea cores"#4&%oare c# ca"i%al "e%r# o"era'i#i "r#$e%e. Es%e o
-e%o$& $e a s%abili c#- socie%a%ea bacar& "oa%e s& fac& fa'& ica"aci%&'ii
>-"r#-#%a%#l#i $e a ra-b#rsa baiiF -"o%riva cola"s#l#i > ca4#l ##i as%fel $e e<ec.
C.'.1 In)ica"ori ai a)ecv&rii ca(i"al#l#i
K%re "rici"alele s#rse fiaciare ce s#% cos%i%#i%e $e o socie%a%e bacar&
"e%r# a reali4a ac%ivi%a%ea $e cre$i%are -"r#-#%#rilor "e
%er-e sc#r%F -e$i# ce"ere a
f#c'io&rii #ei socie%&'i bacare. Ks& f&r& a%ra+erea $e s#rse eI%ereF baca #8%re aces%e s#rse es%e # ele-e% al "oli%icii $e
"r#$e'iali%a%e bacar&F ve$ere "er-ae% $e co$#cerea
s#"erioar& -"r#-#%#ri $e o socie%a%e bacar& c# ives%i'ia $e ca"i%al
)"ar%ici"area la ca"i%al#l social, al ac'ioarilor $a%orare )> e+le4&5 +eari+,E
"9r+/ia fiaciar& )> e+le4&5 levera+e,.
C.'.1.1 Gra)#l )e ?n)a"orare $!earin!%
I$ica%or#l N+ra$ $e >$a%orareO $escrie ra"or%#l $i%re cele $o#& s#rse
-e'ioa%eF >-"r#-#%#rile $a%orare H
VZZ
(ro(ri# Ca(i"al
i(r##"a" Ca(i"al
$C.I%
O socie%a%e bacar& "oa%e avea # +ra$ ri$ica% sa# sc&4#% $e >$a%orareF >
f#c'ie $e valoarea aces%#i i$ica%or5
1. # +ra$ -are $e >$a%orare va a"are > ca4#l > care $a%oriile
)>-"r#-#%#rile, vor fi -ai -ari $ec9% ca"i%al#l "ro"ri# )ra"or%#l es%e -ai
-are $e 1::R,E
!. # +ra$ -ai sc&4#% $e >$a%orare va fi reflec%a% $e i$ica%or#l care va fi -ai
-ic $e 1::R.
C.'.1.' P<r!-ia financiar& $levera!e%
Es%e # al% -o$ $e a reflec%a +ra$#l > care o socie%a%e bacar& es%e
$e"e$e%& $e al%e s#rse fiaciareF > afar& $e ca"i%al#l "ro"ri#.
P9r+/ia fiaciar& es%e calc#la%& $#"& #r-&%oarea rela'ie5
P9r+/ia fiaciar& H
ca(i"al To"al
i(r##a" Ca(i"al
$C.1J%
O "9r+/ie fiaciar& ri$ica%& re"re4i%& # risc -ai -are "e%r# socie%a%ea
bacar& res"ec%iv&F $ar <i "osibili%a%ea ob'ierii #or "rofi%#ri -ai -ari c# o ives%i'ie
"ro"rie re$#s&.
C.. A(lica*ii (rac"ice
Problea 12 ?ie baca N@O care "re4i%& la 01.1! a#l NNOF #r-&%or#l bila'5
8 -ii lei 8
256
Ac"iv Pasiv
Dis"oibil la BC ! 1!: ::: Ca"i%al 3 7:: :::
N#-erar 1 ::: ::: De"o4i%e ale clie'ilor 7 67! :::
Dis"oibil la al%e b&ci 3 ::: ::: 8 la ve$ere 3 !:: :::
Cre$i%e acor$a%e 3 1!6 2:: 8 la %er-e -i=loci# ! 07! :::
Al%e ac%ive 1 !3! 1:: Al%e "asive 1 27! :::
TOTAL A 1! 70: 1:: TOTAL P 1! 70: 1::
Di co%#l $e "rofi% <i "ier$eri $is"#e- $e #r-&%oarele $a%e5
- vei%#ri %o%ale5 766 ::: -ii UBE
- c/el%#ieli %o%ale5 !3! ::: -ii UB
- co%a $e i-"o4i% "e "rofi%5 !6R.
S& se $e%er-ie5
$, I$ica%orii $e "erfor-a'& bacar&.
e, S& se verifice rela'iile $i%re ace<%ia.
Re1olvare2
8. Ra"a ren"abili"&*ii financiare
455
6apital
net 1r#$it
1r
R H 7F70 R
Pr. br#% H D
%o%ale
8 C
%o%ale
Pr. br#% H 766::: L !3!1:: -ii UB
Pr. br#% H 31!2:: -ii UB
Pr. e% H Pr. br#% )18p,
Pr. e% H 31!2:: )18:F!6, H 0:2776 -ii UB
Aces% i$ica%or $e-os%rea4& +ra$#l $e +eerare a "rofi%#l#i @5455
@5;A>?
e
R
455
t#tal ,ctiv
net 1r#$it
re
R

R
e
X ra%a $ob94ii "e "ia'&
D. Efec"#l )e (<r!-ie
9:>A>
<A55555
49>@5455
p
6apital
t#tal ,ctiv
p
257
Es%e # i$ica%or b#F >%r#c9% "re4i%& +ra$#l > care #%ili4area #or res#rse
s#"li-e%are serve<%e la cre<%erea re%abili%&'ii ca"i%al#rilor.
I. Ra"a (rofi"#l#i
455
t#tal 3enit
net 1r#$it
1r
R
<>:9=I 455
A??555
@5;A>?
1r
R
Es%e # i$ica%or b#F $eoarece eI"ri-& si%#a'ia ecoo-ic& $i Ro-9ia
#$e ivel#l aces%#ia %reb#ie s& fie >%re 0:86:R.
1J. Gra)#l )e #"ili1are a ac"ivelor
455
t#tal ,ctiv
t#tale 3enituri
M7,
?:4?I 455
49>@5455
A??555
M7,
Es%e # i$ica%or care se reco-a$& a fi c9% -ai -are.
!)ei de control .relaii/
R
rf
H R
re
I E
"
:F:770 H :F:!300 I !F777 8 se verific&
R
re
H R
"r
I GUA
:F:!300 H :F37!( I :F:616 8 se verific&
PR>8(E3E DE REC>(V"D
Problea 12 Baca N@O care "re4i%& #r-&%oarele $a%e eI%rase $i bila' <i
co%#l $e "rofi% <i "ier$ere5
8 Ac%iv %o%al5 16.122.300 lei
8 ?ia'a% $i5
Ca"i%al "ro"ri#5 6.!37.000 lei
Provi4ioae $e risc <i $a%orii5 2.260.1:: lei
Profi% br#%5 607.233 lei
Co%a $e i-"o4i% "e "rofi%5 !6R
Se cere5
b, S& se verifice rela'ia 1 $e co%rol "e ba4a i$ica%orilor calc#la'i.
c, S& se i%er"re%e4e re4#l%a%ele
Problea '2 Do#& b&ci co-erciale NAO lei,5
258
8UB8
A Baca NAO P
Dis". la BC 11!!:::
N#-erar 6::136
Dis". la al%e b&ci 03331!0
Cre$i%e acor$a%e 3166!3:
Al%e ac%ive 77(32!
Ca"i%al "ro"ri# 3(001::
De"o4i%e ale clie'ilor 6110!::
Al%e "asive 607::
TOTAL 1::::::: TOTAL 1:::::::
Dei%#ri Baca A H 3(0011 UB
C/el%#ieli Baca A H1((310 UB
Co"a )e i(o1i"2 '6P
8UB8
A Baca NBO P
Dis". la BC !6:::::
N#-erar 16:::::
Dis". la al%e b&ci 636::::
Cre$i%e acor$a%e 7!6::::
Al%e ac%ive 10:::::
Ca"i%al "ro"ri# 716::::
De"o4i%e ale clie'ilor (26::::
Al%e "asive 12:::::
TOTAL 17:::::: TOTAL 17::::::
Dei%#ri Baca A H 7(1300 UB
C/el%#ieli Baca A H0(0766 UB
Co"a )e i(o1i"2 '6P
Se cere5
c) S& se $e%er-ie i$ica%orii $e "erfor-a'& bacar& "e%r# Baca A
") S& se $e%er-ie i$ica%orii $e "erfor-a'& bacar& "e%r# Baca B
e) S& se co-"are i$ica%orii $e "erfor-a'& bacar& "e%r# cele ! b&ci
f, I%er"re%a'i re4#l%a%ele
Problea .5 Baca a@O "re4i%& #r-&%oarele $a%e eI%rase $i bila' <i
co%#l $e "rofi% <i "ier$ere5
8UB8
A Baca NBO P
Dis". la BC 131:::
N#-erar 7(:::
Dis". la al%e b&ci 01::::
Cre$i%e acor$a%e 316:::
Al%e ac%ive 11!:::
Ca"i%al "ro"ri# 0!::::
De"o4i%e ale clie'ilor 7!7:::
Al%e "asive 1:::::
TOTAL 1:37::: TOTAL 1:37:::
Di co%#l $e "rofi% <i "ier$ere $is"#e- $e #r-&%oarele $a%e5
- vei%#ri %o%ale5 63.100 UBE
- c/el%#ieli %o%ale $e$#c%ibile5 01.133 UBE
- i-"o4i% "e "rofi%5 !6R.
Se cere5
a. s& se $e%er-ie i$ica%orii $e "erfor-a'& bacar&E
259
b. i%er"re%a'i re4#l%a%ele.
C.0. Perforan*ele bancare 7i i(lica*iile aces"ora as#(ra cos"#rilor
ar!inale
P#%e- $efii res#rsa fiaciar& -ar+ial&F ca acea res#rs& la care baca
a"elea4& "e%r# a face fa'& cererii $e lic/i$i%a%e. Le+a% $e aceas%& #l%i-& o'i#e se
i%ro$#ce fa'a ##i s"or $e
res#rseF ce $e%er-i& # s"or $e c/el%#ial&.
Daria'ia cos%#l#i "oa%e fi "re4e%a%& ca5
5
6
4
6
6
U
De ase-eea varia'ia res#rselor fii$5
5
R
4
R
R
U
As%felF se s%abile<%e s"or#l $e res#rse $e%er-ia% $e s"or#l $e c/el%#ieli <i
se "oa%e c#a%ifica o o#& variabil& <i a#-e cos%#l -ar+ial.
R
U
6
U
68
$C.11%
#$e5
8 CB L cos%#l -ar+ialE
8
6
U
8 varia'ia cos%#l#iE
8
R
U
8 varia'ia res#rselor
Es%e reco-a$a% ca valoarea cos%#l#i -ar+ial s& fie c9% -ai -ic&F i$ic9$
# s"or al re4ervelor eIce$e%are "e o c/el%#ial& care se -ii-i4ea4&.
?olosirea res#rselor s#"li-e%are afec%ea4& "erfor-a'ele bacare "ri
"ris-a cos%#rilor.
K aces% co%eI%F "e%r# o"%i-i4area "erfor-a'elor bacare %reb#ie s& se
'i& sea-a $e fa"%#l c&5
- %reb#ie locali4a%e %i-"E
- re4ervele -ii-e obli+a%orii care se cos%i%#ie la Baca Ce%ral&F $#ce
la -o$ificarea cos%#rilor res#rselor > ses cresc&%or.
EIis%& -ai -#l%e -o$ele $e calc#l a ra%ei $ob94ii c# care va fi f&c#%
"lasa-e%#l "ri "ris-a cos%#l#i -ar+ial.
1. ;o)el (rivin) )e"erinarea )ob<n1ilor la (lasaen"e (en"r#
)e(o1i"e c# obli!a"ivi"a"ea cons"i"#irii )e re1erve inie obli!a"orii> f&r&
acor)are )e )ob<n)& )e c&"re Banca Cen"ral&.
H
.
a
R
"4
R +
$C.1'%
> care5
R
a
L ra%a la care s8a a%ras $e"o4i%#l
R
$1
L ra%a la care se "oa%e face "lasa-e%#l
D L valoarea $e"o4i%elor a%rase
S L s#-a "lasa%&
260
'. ;o)el (rivin) )e"erinarea )ob<n1ii la (lasaen"e (en"r# )e(o1i"e
c# obli!a"ivi"a"ea cons"i"#irii )e re1erve inie obli!a"orii> c# o )ob<n)&
acor)a"& )e c&"re Banca Cen"ral&.
H
$&in
R
&in
R
H
.
a
R
"9
R

$C.1.%
> care5
R
$!
L ra%a la care se "oa%e face "lasa-e%#l
R
a
L ra%a la care s8a a%ras $e"o4i%#l
D L valoarea $e"o4i%elor a%rase
S L s#-a "lasa%&
R
-i
L re4erva -ii-&
R
f-i
L ra%a $e"o4i%elor afere%e re4ervei -ii-e
.. ;o)el (rivin) )e"erinarea )ob<n1ii la (lasaen"e (en"r#
)e(o1i"ele c# obli!a"ivi"a"ea cons"i"#irii )e re1erve inie obli!a"orii>
c# o )ob<n)& acor)a"& )e c&"re Banca Cen"ral& 7i incl#1<n) 7i co"a )e
c-el"#ieli )e f#nc*ionare ale b&ncii.
Dac& $ori- s& icl#$e- <i celelal%e c/el%#ieli efec%#a%e $e bac& "e%r# a
$e%er-ia valoarea rela%iv& a ra%ei $ob94iiF vo- "leca $e la $efiirea a $o#& o'i#i5
8 C?P L c/el%#ielile $e f#c'ioare "laifica%&F ca fii$ c/el%#ielile "e care
baca <i8a "ro"#s s& le reali4e4e "e o "erioa$& $e 1 aF la # a#-i% vol#- al
res#rselor.
8 SBP L sol$#l -e$i# "laifica%F ca fii$ valoarea -e$ie a "lasa-e%elor "e
care baca $ec#rs#l ##i a.
455
@A5
2
H81
6*1
"9
R
"i
R
+
$C.10%
#$e5
N L $#ra%a > 4ile a "lasa-e%#l#i
R
$i
L ra%a i%er-e$iar& a $ob94ii
3. Bo$el $e $e%er-iare a ra%ei fiale a $ob94iiF icl#49$ <i co%e $e "rofi%5
455
@A5
2
H81
1
"i
R
"$
R +
$C.16%
#$e5
R
$f
H ra%a fial& a $ob94ii
P L "rofi%#l %o%al "ro+o4a% "e # a
C.0.1 A(lica*ii (rac"ice
PROBLE;E RENOLEATE
Problea 12 De%er-ia'i ra%a 1 "e%r# "lasa-e%e efec%#a%e $e bac& >
co$i'iile eIis%e'ei #ei ra%e a re4ervei -ii-e obli+a%orii $e 0:RF "e%r# care # se
aloc& $ob9$&F "e%r# o s#-& $e !:::::: UB I
4<55555
9555555
<=
A55555 9555555
9555555
<=
"4
R
78 A55555
455
@5
9555555

Problea '2 Pori$ $e la R
$1
calc#la% a%erior )"roble-a 1, calc#la'i ra%a
$ob94ii la care o bac& ><i "oa%e face "lasa-e%#lF <%ii$ c& baca ce%ral& acor$& o
ra%& a $ob94ii $e !:R "e%r# $e"o4i%ele cos%i%#i%e.
Re4olvare5
A5I
4<55555
95 A55555
4<55555
9555555
<=
"9
R
H
r&in
R
&in
R
H
.
a
R
"9
R

Problea .2 M%ii$ c& baca <i8a "ro"#s s& reali4e4e "lasa-e%e > -e$ie
"e 1 a $e 0: -l$. UBF iar s#-a %o%al& a c/el%#ielilor "laifica%e es%e $e 6 -l$. UBF
$#ra%a -e$ie a ##i "lasa-e% fii$ $e 1(: 4ileF $e%er-ia'i ra%a i%er-e$iar& a
$ob94ii.
Re4olvare5
455
@A5
2
H8
61*
"9
R
i
"
R
+

A=:@@I =:@@ A5
"i
R
455
@A5
4=5
@5
?
A5
i
"
R
+
+
Problea 05 Dac& baca $ore<%e s& ob'i& # "rofi% $e 1 -l$. UBF calc#la'i
valoarea fial& a ra%ei $ob94iiF "e ba4& $a%elor $i "roble-a a%erioar& )r. 0,.
Re4olvare5
A;:;;? 4:AA A=:@@
$
R
455
@A5
4=5
@5
4
A=:@@
$
R
455
@A5
2
H81
1
"i
R
$
R
+
+
+
Problea 12 ?ie baca co-ercial& NIO care cos%i%#ie $e"o4i%e > valoare
$e !: -l$. UBF la o ra%& a $ob94ii $e 6:R.
262
M%ii$ c& ra%a re4ervelor -ii-e obli+a%orii es%e $e !6R <i c& baca ce%ral&
acor$& o $ob9$& $e 1:R "e%r# re4ervele cos%i%#i%e $e b&cile co-ercialeF s& se
$e%er-ie ra%a $ob94ii la care se "oa%e face "lasa-e%#l.
Problea '2 M%ii$ c& ave- o ra%& a $ob94ii la "lasa-e% $e 63R <i c&
baca co-ercial& <i8a "ro"#s #r-&%orii i$ica%ori5
- s#-a c/el%#ielilor "laifica%e qCP? H 3 -l$. UBE
- sol$#l -e$i# SB H 1( -l$. UBE
- r. 4ile or$i $e "lasa-e% N H !1: 4ileE
- "rofi% P H 1F6 -l$. UB.
S%abili'i ra%a fial& a $ob94ii.
Problea .5 S%abili'i la ce ra%& a $ob94ii "oa%e baca a@O s&
cos%i%#ie $e"o4i%e ale clie'ilor > #r-&%oarele co$i'ii5
- ra%a re4ervelor -ii-e obli+a%orii5 !6F6RE
- Baca Ce%ral& acor$& o $ob9$& $e 0:R.
263
BIBLIOGRABIE
As"iPJallF BF 8 NTa$boo* for Ba*i+ s%ra%e+POF So/ .ielri LNeJ cor*F 12(6
EisebeisF BF
BasoF N. Dar$ac L NBoe$&F cre$i%F b&ciOF E$. Di$ac%ic& <i Pe$a+o+ic&F B#c#re<%i
C. ?loricel 1223
Br4ia$eF B L NLa -oaieOF BasoF Paris 12(7
Brs*erF G. L NCo-"e%i%io i ba*i+O OECDF ParisF 12(2
Broc/e%oF SBF
Co-eilF A L NLe sPs%e-e $e "aie-e% "ar car%e bacaire e ?raceOF
Problr-es rcoo-iY#es r !1661 $ec. 12(2
BraF P L NBecais-#l -oe%ar ac%#alOF E$. M%ii'ific& <i
Eciclo"e$ic&F B#c#re<%iF 12(3
C/aielF A L NBaY#e e% lGe%re"rise. Tec/iY#es ac%#elles $e
fiace-e%OF ParisF E$. La Rev#e BaY#eF 12(2
CosserY#esF S L NGes%io $e la baY#eO ParisF D#o$F 12(!
C/arrea#IF G L NGes%io fiaciUreOF 0 U-e e$i%ioF ParisF Le%ecF 1221
Doc*F BF
Lac/a%F D L NBaY#es $Gi+iUrie fiaciUreOF ParisF Pa"erboo*. L?raceF
12((
GebaiF SB L NCo-"%abili%r bacaireOF ParisF E$. La Rev#e BaY#eF 12((
GreeJal$F D L NEcPclo"e$ia of Ecoo-icsOF Bc GraJ TillF 12(!
Te-"ol GF Cole-aF AF
Si-osoF D. L NBa* Baa+e-e%OF NeJ cor*F So/ .ileP a$ SosF 122:
Tarri+%oF R L NAsse% a$ Liabili%P Baa+e-e% bP Ba*s OECDOF ParisF 12(7
Is%i%#%#l Bacar
Ro-9 L NBaa+e-e% bacarOF vol. I <i IIF Is%i%#%#l BacarF
B#c#re<%iF se"%e-brie 122(
Is%i%#%#l Bacar
Ro-9 L NEle-e%e $e-ar*e%i+ bacarOF Is%i%#%#l bacarF
B#c#re<%iF oie-brie 122(
Si+aF D L NBoe$a <i "roble-ele ei co%e-"oraeOF vol. IF E$. DaciaF
Cl#=8Na"ocaF 12(1
_iri'esc#F C L NBoe$aF -ic& eciclo"e$ieOF E$. M%ii'ific& <i Eciclo"e$ic&F
B#c#re<%iF 12(!
BillerF RF P#lsi-elliF 8 NBo$er -oeP a$ ba*i+OF Bc GraJ TilF 12(6
BaPerF T L NBaii ac%ivi%a%ea bacar& <i ecoo-iaOF E$. Di$ac%ic& <i
Pe$a+o+ic&F B#c#re<%i 1220
Bo#c/o%F C L NCo-"%abili%r a%ioale L I-i%a%io "rac%iY#eOF Ecoo-icaF
ParisF 12(6
Bis/*iF ? L NT/e Ecoo-ics of BoePF Ba*i+ a$ ?iacial Bar*e%sOF
Tar"er Collis P#blis/ersF r. 3F 122!
Parie%eF G L NEle-e%s $GUcoo-ie -oe%aireOF ParisF Ecoo-icaF 122:
Pece%rioliF RB L NLe co%role "r#$e%iel $es baY#esOF ParisF OECDF 12(7
P&#sesc#F DF
De$#F D L NS%#$iiF ca4#ri <i l#cr&ri la NTe/ica <i evi$e'a o"era'iilor
bacareOF B#c#re<%iF ASEF 12(7
Palfre-aF DF
?or$F P/. L NEle-e%s of Ba*i+OF Pe%-aF Lo$oF 12(2
RivoireF S 8 NLes %ec/iY#es bacairesOF ParisF Presses Uiverssi%aires $e
?raceF 1221
Sa-#elsoF A 8 NEcoo-ie -oe%aire i%era'ioaleOF E$. Dalla4F ParisF 12(7
264
Si*eP Sr.F S 8 NCo--ercial ba* fiacial -aa+e-e%OF BaIJell Bac BillaF
12(!
To#roisF N 8 NLa Bar*e%i+ bacaire face a#I o#velles %ec/olo+iesOF
Basso LParisF 12(2
Le+ea bacar& )r. 6(F B.O. r. 1!1 1!0 III 122(,
Le+ea "rivi$ s%a%#%#l B&cii Na'ioale a Ro-9iei )r. 03F B.O. r. 7:10 ID
1221,
B#le%iele oficiale ale B&cii Na'ioale a Ro-9iei L l#areF %ri-es%rialeF a#ale L
"e "erioa$a 12268122(
Re+#la-e%eF or-e <i circ#lare ale B&cii Na'ioale a Ro-9iei referi%oare la
ac%ivi%a%ea $e cre$i%areF ca"i%al#l <i fo$#rile "ro"rii ale b&cilor co-ercialeF ivel#l
re4ervelor -ii-e obli+a%oriiF calc#l#l solvabili%&'ii <i lic/i$i%&'ii b&cilor co-ercialeF
is%r#-e%ele $e $eco%areF c&r'ile $e cre$i%F co-"esa'iaF cos%i%#irea $e c&%re b&ci
$e "rovi4ioae s"ecifice $e riscF li-i%area risc#l#i $e cre$i% al b&cilor e%c.
265

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CUPRINS

Pri-a $e e-isi#e H Pre'#l $e e-isi#e L Daloarea o-ial&

b, Efec%#l $e $il#'ie se refer& la "ier$erea $e valoare ca #r-are a

Rf X Re "e%r# a asi+#ra efec%#l $e levier fiaciar.

Pp H s#-a "asivelor "o$era%e c# #-&r#l $e 4ile sa# c# #-&r#l

Ap H s#-a ac%ivelor "o$era%e c# #-&r#l $e 4ile sa# c# #-&r#l

Calculul pasivelor nete !si"ple i cu"ulate# i a indicatorului de

an) un lun%(peste ter&en pe .at#rii

<i ob'ie- "#c%ele forJar$ 16132F ca o "ri-& ce se a$#& la

C9<%i+#l b&cii5 )1676!1F73816:.:::,87(!F7:H6702F13 USD ca #r-are a

Ps H s#-a "asivelor sesibile la varia'ia ra%ei $ob94ii.

As H s#-a ac%ivelor sesibile la varia'ia ra%ei $ob94iiE

Ps H s#-a "asivelor sesibile la varia'ia ra%ei $ob94ii.

1::\ F iar $ifere'a

H 1F636 -iliar$e U.B.,

7:R,\ H 3.21: -iliar$e lei

7:R,\ H 6.61: -iliar$e lei

7:R, H 6.637 -iliar$e lei

7:R, H 6.7:: -iliar$e lei

7:R, H 3.61: -iliar$e lei

ori fa'& $e si%#a'ia $e la 01 -ar%ie a

H !:: -ilioae lei

H 1:: -ilioae lei

F > care5 )7.6,

B&cile c# $e"o4i%e "es%e !:: -ilioae.

b) I%er"re%area re4#l%a%elor ce%rali4a%e ob'i#%e )%abel 7.0,5

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