CUPRINS

CAPITOLUL I 5
GESTIUNEA BANCAR 5
1.1. Diversificarea serviciilor bacare 5
1.!. Ti"#ri $e ac%ivi%&'i bacare 5
1.!.1. O"era'i#i c#re%e c# clie'ii (Re%ail Ba)i*+ 5
1.!.!. O"era'i#i c# ,ari clie'i (-.olesale Ba)i*+ 5
1.!./. O"era'i#i co,bia%e (Re%ail0-.olesale ba)i*+ 1
1.!.2. De3vol%area ##i o# %i" $e ac%ivi%a%e4 asi*#rarea 1
bacar& 1
1./ Obiec%ivele ,aa*e,e%#l#i bacar 5
1.2 Profi%#l bacar 5
TOTAL 5
1.5. Cos%#rile bacare 6
1.1 S%ra%e*ia risc#rilor bacare. Rela'ia risc 7 "rofi% 6
1.1.1 Risc#l $e isolvabili%a%e 18
1.1.! Risc#l li"sei $e lic.i$i%a%e 18
1.1./ Risc#l ra%ei $ob93ii 11
1.1.2 Risc#l val#%ar (risc#l ra%ei $e sc.i,b+ 11
CAPITOLUL II 11
GESTIUNEA OPERA:IILOR 11
DE CREDITARE BANCAR 11
!.1. Prici"ii ;i re*#li *eerale "rivi$ o"era'iile $e cre$i%are 11
!.1.1. Pr#$e'a bacar& 11
!.1.!. Ava%a<#l "&r'ilor = ra"or%#rile $e cre$i%are 1!
!.1./ S#biec'ii ra"or%#l#i $e cre$i%e 1!
!.1.2. A*a<a,e%#l $e res%i%#ire a cre$i%#l#i 1!
Necores"#3&%or 12
Nivel "rovi3ioae 12
!.1.5. Ter,e#l $e ra,b#rsare 11
!.1.1 Dob9$a 11
!.1.>. Tra3ac'ia 11
!.1.5. Cose,area ;i %rasferabili%a%ea 11
!.!. Ges%i#ea res#rselor $e cre$i%are 11
11
!.!.1. ?o$#rile "ro"rii 1>
!.!.!. Res#rsele ,oe%are a%rase 1>
!./. Proce$#ri "rivi$ f#$a,e%area $eci3iei $e cre$i%are 16
!./.1. Aali3a ecoo,ico7fiaciar& a ac%ivi%&'ii clie'ilor 16
R9$ !8
R9$ !1
Da%a $e%er,i&rii /1.@II.166A !88A /1
!./.!. Eval#area as"ec%elor efiaciare "rivi$ clie'ii b&cii //
!.2. Deci3ia $e cre$i%are /2
!.2.1. A"licarea = "rac%ic& a $eci3iei $e cre$i%are /2
!.2.!. A$,iis%rarea cre$i%#l#i /2
CAPITOLUL III />
BANAGEBENTUL OPERA:IUNILOR BANCARE />
/.1 Baa*e,e%#l o"era'i#ilor "asive />
/.1.1 Ca"i%al#l "ro"ri# ;i fo$#rile $e re3erv& />
Ca"i%al#l s#"li,e%ar la #ei b&ci se co,"#e $i4 /5
PROBLEBE RECOLDATE /5
7Ca"i%al social4 115225!2/ ,ii UBE /6
/.1.! De"o3i%ele bacare 28
U sis%e, $e *ara%are a $e"o3i%elor a fos% crea% = ,#l%e '&riF ca #r,are a i$ica'iilor b&cilor ce%rale sa# al%or
re*#liF $e obicei i%era'ioale. 2!
/.1.!.6.! Pla%a $ob93ii 22
PROBLEBE RECOLDATE 22
/.1./ Reesco%#l 25
/.! Baa*e,e%#l o"era'i#ilor ac%ive 25
ACTID 21
PASID 21
/.!.! O"era'i#ile $e cre$i%are 2>
1
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"#ri4 25
/.!.!.2 Prici"iile *eerale ale ac%ivi%&'ii $e cre$i%are 26
/.!.!.5 ?#$a,e%area $eci3iilor $e cre$i%are 58
(a+I$ica%ori $e ivel ;i s%r#c%#r& 58
/.!.!.1 A"lica'ii "rac%ice 5/
/.!.!.> Aali3a $e boi%a%e ;i re%abili%a%e a fir,ei care solici%& cre$i%e............................................52
/.!.!.5 A"lica'ii "rac%ice 55
/.!./ O"era'i#i $e ac.i3i'ii $e valori ,obiliare (%i%l#ri fiaciare+ 5>
/.!.2 Ca%e*orii $e %i%l#ri "e "ia'a fiaciar& 55
/.!.5 O"era'i#i c# %i%l#ri "e "ia'a fiaciar& 56
(a+ Sco%area efec%elor co,erciale 56
/.!.5.1 A"lica'ii "rac%ice 56
CAPITOLUL ID 11
BANAGEBENTUL RISCURILOR BANCARE 11
2.1 Coce"%#l $e risc bacar. Evol#'ie 11
11
2.! Baa*e,e%#l risc#l#i bacar 1!
2.!.1 I,"le,e%area ##i ,aa*e,e% al risc#l#i eficie% 1!
2.!.! ?#c'ia ,aa*e,e%#l#i risc#l#i 1/
2.!./ Baa*e,e%#l risc#l#i "e "ia'a bacar& $i Ro,9ia $#"& aii G68.............................................1/
2.!.2. Clasificarea risc#rilor bacare 12
2./. Risc#l $e lic.i$i%a%e 15
Ges%ioarea "o3i'iei ,oe%are 11
Ges%ioarea "o3i'iei lic.i$i%&'ii b&cii 11
IL H i$icele lic.i$i%&'ii 1>
2././. Ra"or%#l $e lic.i$i%a%e 15
2./.2. A"lica'ii "rac%ice 15
2.2. Risc#l $e cre$i%are sa# risc#l $e isolvabili%a%e ($e ca"i%al+ >/
2.2.1. Ges%ioarea risc#l#i $e cre$i%are >/
2.2.! A"lica'ii "rac%ice >2
>2
2.2./. Be%o$e $e i$e%ificare a risc#l#i $e fali,e% "e%r# $ebi%orii b&cii..............................................>5
2.2.2. Isolvabili%a%ea >6
2.2.5. Prici"alele c&i $e re$#cere a ifl#e'ei fac%orilor $e risc 58
2.2.1 A$ecvarea ca"i%al#l#i 58
2.5. Risc#l Dal#%ar 55
2.5.1. Co,"oe%e. I$ica%ori ai risc#l#i val#%ar ;i *es%ioarea aces%#ia...............................................55
(I+ Co,"oe%ele eI"#erii la risc#l val#%ar 55
(II+ I$ica%orii risc#l#i val#%ar 55
(III+ Ges%i#ea risc#l#i val#%ar 56
E%a"ele *es%i#ii risc#l#i val#%ar 56
2.5.!. Prici"alele is%r#,e%e $e aco"erire a risc#l#i $e sc.i,b val#%ar ..............................................56
U%ili3area %e.icilor $e .ea$*i* es%e $e%er,ia%& $e eI"#erile re3i$#ale care se =re*is%rea3& $#"& corelarea
;i crearea #or "ro%ec'ii s%ra%e*ice. 56
S#% ,e%o$e $e aco"erire val#%ar& la %er,eF "ri =c.eierea ##i co%rac% $e c#,"&rare7v93are a #ei s#,e
$i%r7o val#%& co%ra #ei a#,i%e s#,e $i%r7o al%& val#%&F la o $a%& = vii%or. Co%rac%#l se e*ocia3& $i "#c%
$e ve$ere al val#%eiF s#,eiF ra%ei $e sc.i,b ;i a $a%ei eIec#%&rii %ra3ac'iei. EIec#'ia co%rac%#l#i forJar$ are ca
sca$e'& = orice ,o,e% = vii%orF =%re / 3ile ;i 5 aiF fa'& $e o"era'iile s"o%F #$e eIec#'ia co%rac%#l#i are loc
$#"& $o#& 3ile l#cr&%oare $e la ii'ierea %ra3ac'iei. 56
2.5.!./. A"lica'ii "rac%ice 6!
PROBLEBE RECOLDATE 6!
2.1. Risc#l $e ra%& a $ob93ii 65
2.1.1. Defiirea risc#l#i $e ra%& a $ob93ii 65
2.1.!. Ges%i#ea risc#l#i ra%ei $ob93ii 65
Ges%ioarea ,ar<ei $ob93ii 65
2.1./. Calc#larea ;i aali3a i$ica%orilor risc#l#i $e ra%& a $ob93ii 61
2.1.2. Ges%ioarea "o3i'iei b&cii 61
2.1.5. Bo$ele $e aali3& a risc#l#i ra%elor $ob93ilor 6>
?ac%ori care afec%ea3& vei%#l e% $i $ob93i 6>
B&s#ri $e re$#cere a eI"#erii s%r#c%#rale a b&cii la sc&$erea ra%elor $ob93ilor...................66
2.1.1. Ra%ele fiIe ;i variabile ale $ob93ii 66
2.1.> SJa"s ale ra%ei $ob93ii (I%eres% ra%e sJa"s+ 66
2.1.5 Ra%a $ob93ii ?OR-ARD (?orJar$ Ra%e A*re,e%+ 188
2.1.6 A"lica'ii "rac%ice 188
Da%a i%r&rii = vi*oare a co%rac%#l#i4 15 a#*#s%. 181
2
2.>. Risc#l o"era'ioal 181
2.>.!. Risc#l $e fra#$& 181
2.>./. Risc#l s%ra%e*ic 18>
2.>.2. Risc#l le*isla%iv 18>
2.>.5 K%reb&ri $e a#%oeval#are 18>
2.5 Risc#l $e bac& 185
2.5.1 I$ica%orii ;i fac%orii care se ia# = calc#l#l risc#l#i $e bac&. 185
2.5.! S%r#c%#ra %ra3ac'iilor. 185
Observa'ie L Li,i%a $e eI"#ere se s%abile;%e "e fiecare s#b ca%e*orie = "ar%eF ob'i9$#7se = fial TOTALUL
E@PUNERII BNCII "e fiecare bac& "ar%eer& = ca$r#l li,i%ei %o%ale "e fiecare 'ar&.................186
2.5./ Cri%erii $e eval#are a risc#l#i $e bac&4 186
2.5.2 Be%o$e $e eval#are a BRI 186
2.6. Risc#l $e 'ar& 186
2.6.1 Defii'ie. Or*ais,e $e eval#are. U%ili3area aali3ei. 186
2.6.! Co,"oe%ele risc#l#i $e 'ar& 118
2.6./ Eval#area risc#l#i $e 'ar& $e a*e'iile $e eval#are (ra%i*+ 118
2.6.2. Ti"#ri $e eval#are a risc#l#i $e 'ar& 118
TOTAL 111
2.18. A"e%i%#l fa'& $e risc 11/
2.18.1. C#rbele i$ifere'ei fa'& $e risc 11/
2.18.!. B&s#rarea risc#l#i 115
115
2.18./. Co%a'ii $e "ia'& ale risc#l#i 111
2.18.2. Co%a'ii i%era'ioale ale cre$i%#l#i 111
2.18.5. Cos%#rile *es%io&rii risc#rilor 11>
11>
Re3olvare4 115
PROBLEBE DE RECOLDAT 115
2.18.1. K%reb&ri $e a#%oeval#are 116
CAPITOLUL D 1!8
PRODUSE MI SERDICII BANCARE 1!8
5.1. Re%ail ba)i* 1!8
5.1.1. Al%e "ro$#se ;i servicii bacare 1!8
5.1.!. De3vol%area %e.olo*iei "e%r# serviciile $e Re%ail Ba)i* 1!!
5.!. Cor"ora%e ba)i* 1!!
5.!.1. E,i%erea scrisorilor $e *ara'ie 1!!
5.!.! Car$#ri "e%r# afaceri 1!/
5.!./. Trasfer#l fo$#rilor 1!/
5.!.2. Kcasarea crea'elor 1!/
5.!.5 Co%#ri "e%r# "la%a salariilor 1!/
5.!.1 Tra3ac'ii val#%are 1!/
5.!.> Baa*e,e%#l %re3oreriei 1!/
5.!.5 D93area $iferi%elor valori 1!/
5.!.6. NBaca la biro#O (Office ba)i*+ 1!/
5./. Priva%e Ba)i* (ac%ivi%a%ea bacar& "riva%&+ 1!2
5./.1. Carac%eris%icile ac%ivi%&'ii bacare "riva%e 1!2
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 $e clie'iF care s#%4...1!2
5./.!. A$,iis%rarea clie'ilor 1!2
5././. Baa*e,e%#l ives%i'iilor 1!5
5./.2 A$,iis%rarea #,erar#l#i 1!5
5.2 Uiversal Ba)i* (Baca Uiversal&+ 1!1
5.2.1 Ti"#ri $e servicii oferi%e $e B&cile Uiversale 1!1
5.2.! Sc#r% is%oric al serviciilor $e Uiversal Ba)i* 1!1
5.5 Ives%,e% Ba)i* (ac%ivi%a%e bacar& $e ives%i'ii+ 1!1
5.5.1 Carac%eris%icile serviciilor oferi%e $e Ives%,e% Ba)i* 1!1
5.5.! ?#c'iile #ei b&ci $e ives%i'ii 1!>
5.5./ Ti"#ri $e servicii oferi%e $e b&cile $e ives%i'ii 1!>
CAPITOLUL DI 1!5
COSTURILE BANCARE 1!5
1.1. Co'i#%#l cos%#rilor bacare 1!5
1.!. I$ica%ori ai cos%#rilor bacare 1!5
1./ Cos%#l ,ar*ial 1!6
1.2 P#c%#l cri%ic al ac%ivi%&'ii b&cii ("#c%#l ,or%+ 1!6
1!6
1.5 A"lica'ii "rac%ice 1/8
CAPITOLUL DII 1/5
3
PER?ORBAN:ELE BANCARE. STRATEGII 1/5
>.1 Re%abili%a%eaF solvabili%a%ea ;i lic.i$i%a%ea #ei b&ci 1/5
>.1.1 Profi% ;i risc 1/5
>./ A"lica'ii "rac%ice 1/6
Ca"i%al 2 188 888 1/6
>.2. Perfor,a'ele bacare ;i i,"lica'iile aces%ora as#"ra cos%#rilor ,ar*iale.....................121
>.2.1 A"lica'ii "rac%ice 12!
PROBLEBE DE RECOLDAT 12!
BIBLIOGRA?IE 122
4
CAPITOLUL I
GESTIUNEA BANCAR
1.1. Diversificarea serviciilor bancare
B&cileF "ri a,"la lor i,"licare = via'a ecoo,ic& ;i social&F cos%i%#ie # ele,e% s%r#c%#ral $eosebi% = via'a socie%&'iiF a
c&rei b#& or*ai3are ;i "er,ae%& ;i eficie%& f#c'ioareF co$i'ioea3& =%rea*a via'& ecoo,ic&.
B#a or*ai3are ;i f#c'ioare a b&cilorF # "oa%e fi l&sa%& liber ci %reb#ie *es%ioa%& = co$i'ii $e =al%& eficie'& ;i or$ieF
$eci re*le,e%a%. K aces% sesF "e%r# "ro%e<area i%ereselor $e"oe'ilor ;i asi*#r&rii f#c'io&rii es%9<ei%e a co,er'#l#i $e bac&F
s7a# s%abili%F %re"%a%F = =%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 $e
"ro%ec'ie "rofesioal& ;i reflec%& c& b#a f#c'ioare a b&cilorF s%abili%a%ea ;i si*#ra'a aces%ora es%e "ri,or$ialF # $e3i$era% co,# al
b&cilor =se;iF o "re,i3& a =$e"liirii rol#l#i lor socialF i,"lici% a reali3&rii $e "rofi%#ri =al%e.
De3vol%area serviciilor ;i ac%ivi%&'ilor bacare a fos% # "roces co%i##F o "reoc#"are ,a<or& a ,aa*e,e%#l#i bacar.
K a $o#a <#,&%a%e a secol#l#i @@F serviciile bacare s7a# $iversifica%F "e $e o "ar%eF "ri a*a<area = #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 = 3oe $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 G>8F b&cile a# $e3vol%a% "ro*ra,e $e $e3vol%are a afacerilorF a# "erfec'ioa% ,aa*e,e%#l bacar ;i a# "ro,ova% "e
scar& lar*& ,ar)e%i*#l bacarF a*a<9$#7se "e %oa%e la%#rile sale co,"oe%e4 (1+ eval#area ecesi%&'ilor "re3e%e ;i vii%oare ale
clie'ilorE (!+ s%abilirea ;i or*ai3area oferirii "ro$#selor (serviciilor bacareF care s& sa%isfac& aces%e ecesi%&'i+E (/+ "ro,ovarea ;i
orie%area "ro$#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 $e3vol%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
$e bac& "e%r# reali3area f#c'iilor saleF =$eosebi $e a%ra*ere $e ac%ive ,oe%areF %e,"orar $is"oibile $e la e%i%&'i <#ri$ice ;i fi3ice
= 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#, ;i $e "lasa,e%e a aces%or
fo$#ri = cre$i%eF $e"o3i%e sa# %i%l#ri.
Baa*e,e%#l #ei b&ci cos%& = coor$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+
.
Baa*e,e%#l bacar es%e ese'ial = a$,iis%rarea ;i co$#cerea #ei b&ciF = asi*#rarea soli$i%&'ii ;i re$#cerea risc#l#iF a
=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"o3i%eF as#"ra c&rora "ro"rie%ar#l =;i ,e'ie $re"%#l le*al
$e a le re%ra*e la cerere ;i care es%e i,"lica%& = acor$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%ail0-.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 fi3ice ;i ,icilor fir,eF "roces = care is%i%#'iile fiaciare l#crea3& c#
# #,&r ,are $e %ra3ac'ii $e vol#, re$#s. Aces% %i" $e ac%ivi%a%e es%e carac%eri3a% "ri%r7o 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 ;i s%a%+.
Pasivele b&cilor re%ail s#% carac%eri3a%e "ri4
,#l%e $e"o3i%e ,iciE
,#l%e %i"#ri $e $e"o3i%e (co% c#re%F la 18 3ile e%c.+E
c9%eva $e"o3i%e ,ari ale fir,elor ;i ale al%or b&ciE
*ra$ ,are $e =$a%orareE
ca"i%al "ro"ri# re$#sF $ebi% ,areE
"asiveF = "rici"alF "e%r# fia'area ac%ivelor fiaciare.
Ac%ivele aces%or b&ci s#% carac%eri3a%e "ri4
,#l%e cre$i%e ,iciE
cre$i%e care $ifer& ,#l% "ri ra%a $ob93ii ;i sca$e'&E
cre$i%e c# sca$e'e ,ai ,ari $ec9% acele ale $e"o3i%elor ;i $e valoare ,ai ,areE
#,erar = "l#s fa'& $e ecesar ;i %i%l#ri $e valoare ca lic.i$i%a%eE
ac%ive reale (cor"orale+ ,ariF $ar ,ai "#'ie $ec9% cele fiaciare.
K ce "rive;%e "rofi%#l ;i c.el%#ielileF o bac& re%ail se carac%eri3ea3& "ri4
co,isioae ;i %aIe ,ici = ra"or% c# vei%#rile $i $ob93iE
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 $ob93ii ,ai ,are $ec9% -.olesaleE
serviciile $e "la%& re"re3i%& o c.el%#ial& ,a<or&.
1.'.'. O(era*i#ni c# ari clien*i $,-olesale Ba+in!%
1+
Dasile De$#F NBaa*e,e%#l bacarOF E$. Sil$aF1662
5
-.olesale ba)i* "rive;%e ofer%a serviciilor fiaciare c&%re b&ciF ,ari fir,eF ;i s%a% L $e c&%re ce%re fiaciare ;i oficii
ce%rale "e%r# socie%&'i co,erciale L iar is%i%#'iile l#crea3& c# %ra3ac'ii $e valoare ,areF $e re*#l&F = vol#,e re$#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"o3i%.
Prici"alele as"ec%e ale -.olesale ba)i* s#%4
"ie'e i%erbacare "e%r# $e"o3i%e care i,"lic& %ra3ac'ii ,#l%i L ,oe$&E
$e"o3i%ele "o% fi cer%ifica%e $e $e"o3i% (CD+ sa# $e"#eri la %er,e cove'ioaleE
cre$i%area se reali3ea3& "ri i%er,e$i#l cre$i%elor la %er,e la $iferi%e ra%e ale $ob93iiF revi3#i%e a$eseaE
cre$i%area se ba3ea3& "e i$eea fia'&rii "ri r#larea $e"o3i%elor.
1.'... O(era*i#ni cobina"e $Re"ail/,-olesale ba+in!%
De3vol%area o"era'i#ilor bacare ;i a sis%e,#l#i bacar = asa,bl#F face s& # ,ai eIis%e # sis%e, bacar -.olesale
co,"le% se"ara% ;i ici # sis%e, bacar re%ail se"ara%. Cele ,ai ,#l%e b&ci ,ariF cel "#'i le*a% $e o"era'i#ile *lobaleF a# # bila' ce
co,bi& # sis%e, re%ail i$i*e c# ##l -.olesale i%era'ioal. B&cile ,ai ,ici a$a#*&F = *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"o3i%elor
-.olesaleF "ri $e"o3i%e re%ail ;i $i *.i$area i%er,e$ierilor =%re "ie'ele re%ail ;i -.olesale = ve$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% = 3oa $e *rai'& c# al'i o"era%ori fiaciari.
1.'.0.1. Evol#*ia asi!#r&rilor bancare
La =ce"#%F asi*#rarea bacar& a re"re3e%a% o i$ee rela%iv si,"l& ;i ea avea $re"% sco" s%r9*erea $e res#rse "e%r#
aco"erirea ecesi%&'ilor $e cre$i%are. Aceas%& i$ee a =,br&ca% for,a "ro$#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$i#.
As%&3iF %e$i'a es%e $e a avea o $ifere'iere $e la o 'ar& la al%a ;i c.iar = i%erior#l aceleia;i '&riF = ceea ce "rive;%e
or*ai3area ;i ,o$#l $e reali3are a asi*#r&rilor bacare. Ca3#l cel ,ai =%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 $e asi*#rare care f#c'ioea3& ,iI% c# o bac&.
K Norve*iaF eIis%& *r#"#ri care i%e*rea3& serviciile fiaciare care ofer& "ro$#se bacare ;i servicii $e asi*#rare. K
Ger,aia se =%9le;%e "ro"rie%a%ea co,#& as#"ra ac'i#ilor =%re b&ci ;i socie%&'ile $e asi*#rare bacar&. K ?ra'a ;i GreciaF %oa%e
b&cile i,"or%a%e a# "ro"riile lor s#c#rsale $e asi*#rare "e via'&.
1.2.4.2. Produse de asigurri bancare i concurena
D#"& ce o bac& =;i eval#ea3& clie%ela ;i se $eci$e as#"ra ##i se*,e% $e "ia'&F $is%rib#'ia re3#l%a%& "oa%e fi $e $iferi%e
%i"#riF c#, ar fi4 a+ Nla *.i;e#OF b+ "ri i%er,e$i#l a*e'ilor bacari care se $e"lasea3& "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*ai3areF eIis%& $o#& ca%e*orii $e "ro$#se4
cele oferi%e $e for,a $e o socie%a%e $e asi*#rare (= aces% ca3F baca ac'ioea3& ca i%er,e$iar = #,ele socie%&'ii
%ra$i'ioale $e asi*#rare+E
cele crea%e ;i oferi%e c.iar $e bac&.
Ava%a<#l co,"e%i%iv al b&cilor fa'& $e socie%&'ile $e asi*#rare = v93area "ro$#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 v93are a asi*#r&rilor.
K %i," ce "e%r# b&ci a fos% $es%#l $e #;or ;i co,o$ s& "&%r#$& "e "ia'a asi*#r&rilor "e via'& Ni$ivi$#aleOF "9& $e c#r9$
ele # s7a# "#%#% eI%i$e "rea ,#l% "e "ia'a asi*#r&rilor "e via'& N$e *r#"OF $e;i a# eIis%a% = ,o$ clar o"or%#i%&'i. As%&3iF = a#,i%e '&ri
ca4 ?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 celelal%e is%i%#'ii fiaciare. Socie%&'ile $e asi*#rare "reia# fo$#riF
#,i%e "ri,eF le ives%esc = %i%l#ri $e valoare "e%r# a ob'ie "rofi% ;i "l&%esc $e'i&%orilor $e "oli'e. To%#;iF socie%&'ile $e asi*#rare s#%
$iferi%e fa'& $e celelal%e is%i%#'ii fiaciare4 ele,e%#l $e asi*#rare "e care =l f#ri3ea3& 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 $eca$&4 socie%&'ile $e asi*#rare ;i fo$#rile ,#%#ale.
Se "recoi3ea3& ca socie%&'ile $e asi*#rare ;i al'i coc#re'i vor oferi o *a,& lar*& $e "ro$#se ;i servicii bacare $e %i"
re%ail. K "ar%ic#larF is%i%#'iile $e asi*#rare "ro*o3a# c& vor =cerca ;i vor re#;i s& i%re = a#,i%e $o,eii "e care b&cile a# co%a%
"9& ac#, "e%r# "ro$#sele lor $e cre$i%are ;i $e"o3i%e L = sco"#l co,"le,e%&rii *a,ei $e "ro$#se $e ives%i'ie. Aceas%& ac%ivi%a%e
es%e = $esf&;#rare = "re3e%. Coc#re'a ;i s#"ra$i,esioarea = "ie'ele $e asi*#r&ri for'ea3& "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 ;i a# c&"&%a% $e<a
eI"erie'& = ,aa*e,e%#l ives%i'iilor ;i = ac%ivi%a%ea "ie'elor i"o%ecare. Pe ba3a 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 $e asi*#rare.
K sec%or#l asi*#r&rilor eIis%& ;i "ro"#eri ale Co,isiei E#ro"ee s#b for,a NReco,a$&rile "e%r# co,"le,e%area "ie'ei
i%ereO. S#% $e re'i#% re,arcile f&c#%e referi%or la aces% sec%or4
6
1+ Es%e sec%or#l = 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# ;i a;a ,ai $e"ar%e. (U eIe,"l# s#% fo$#rile "e%r# "esii+.
K ca$r#l Co,#i%&'ii E#ro"eeF $r#,#l = sec%or#l asi*#r&rilor a fos% $esc.is = i#ie 1655F "ri a$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 $e asi*#r&ri o7 via'&F co,erciali ;i i$#s%riali. Di 166!F orice fir,& i$#s%rial& ,are are
"osibili%a%ea s&7;i asi*#re $irec% cl&$irileF #%ila<ele ;i ec.i"a,e%ele = ca$r#l co,#i%&'ii ;i c.iar = l#,ea =%rea*& "ri asi*#ra%or#l care7
i ofer& %er,eii cei ,ai ava%a<o;i.
De ase,eeaF la sf9r;i%#l ailor G58 a fos% "ro"#s& liberali3area "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% $e b&ci s& =c.eie
asi*#r&ri. K 1668F %o%#;iF le*isla'ia s%a%#l#i DelaJare a =ce"#% s& "er,i%& b&cilor s& =c.eie ;i s& v9$& asi*#r&ri. Aceas%& le*isla'ie
$esc.i$e #;ile b&cilor ca ce%re ,oe%are ;i s#"er L re*ioale "e%r# =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&7;i =fii'e3e # $e"ar%a,e% $e asi*#r&riF #,ai $ac& re3ervele 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;i ca"i%al#l $e"ar%a,e%#l#i $e asi*#r&ri # "oa%e fi l#a% = calc#l "e%r# =$e"liirea ceri'elor $e ca"i%ali3are a b&ciiF
a*e'ii $e asi*#rareF care a# =cerca% = 3a$ar s&7;i "ro%e<e3e N"arcelaO "ri ,e'ierea le*isla'ieiF s#s'i c& ar fi # $e3ava%a< "e%r#
clie'i s& c#,"ere asi*#r&ri $e la b&cile care o"erea3& $e ase,eea c# cre$i%e ;i i"o%eci.
To%#;iF as"ec%ele i,"or%a%e ale =%re*ii "roble,e s#% cre;%erea i%erac'i#ii =%re sec%or#l bacar ;i cel al asi*#r&rilor ;i
co,"le,e%ari%a%ea care eIis%& =%re aces%e $o#& sec%oare. CoeIi#ea $i%re sec%or#l bacar ;i i$#s%ria asi*#r&rilor ac'ioea3& la
$iferi%e ivele ;i = $iferi%e ac%ivi%&'i. K "ar%ic#larF eIis%& cel "#'i "a%r# 3oe = care se "are c& se $e3vol%& o le*&%#r& %o% ,ai s%r9s&4
1+ D93area $e c&%re b&ci a "ro$#selor $e asi*#rare s"ecial& "e%r# $e'i&%orii $e ac'i#i bacare ;i $e $e"o3i%e ;i
v93area serviciilor cvasi7bacare $e c&%re socie%&'ile $e asi*#rareF "oa%e $#ce la o o#& co,"e%i'ie =%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+ ;i socie%&'ile $e asi*#rareF "oa%e $#ce la # ivel ,ai =al% $e ac%ivi%a%e =%re cele $o#&F c#, ar fi o"era'i#i sJa"
as#"ra ra%ei $ob93ii. 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 reali3a%& $e socie%&'ile $e asi*#rare.
/+ 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#%&.
2+ B&cile =sele $evi %o% ,ai i,"lica%e = v93area asi*#r&rilor ;i *ara'iilor c&%re "&r'iF a$ic& = o"era'i#i = care
si*#r#l servici# "e care =l f#ri3ea3& es%e o asi*#rare sa# o *ara'ie = ca$r#l #ei %ra3ac'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 $e asi*#rare = care b&cile Ncoc#rea3&O c# i$#s%ria asi*#r&rilorF sec%or#l bacar f#ri3ea3& %o%
,ai ,#l% *ara'ii "e%r# "la%a $ob93ilor #eia $i cele $o#& "&r'i ale #ei o"era'i#i sJa"F a%9% = ca3#l o"era'i#ilor as#"ra ra%ei
$ob93ii (i%eres% ra%e sJa"s+F c9% ;i = 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 $e cor"ora'ii.
K %oa%e aces%e ca3#riF baca es%e cea care ofer& asi*#rareaF fii$ cea care *ara%ea3& $esf&;#rarea ac%ivi%&'ilor = ca3#l #or
evei,e%e eIo*ee (ra%ele $ob93iiF ra%ele $e sc.i,b val#%arF e%c.+.
K al%e ca3#riF $e eIe,"l# = ?ra'a ;i Ger,aiaF b&cile a# $evei% $irec% i,"lica%e = o"era'i#ile %ra$i'ioale $e asi*#rare
"ri v93area #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 $e asi*#rare ;i b&ci.
K%orc9$#7e la cererea $e servicii $e asi*#rare = bac&F eIis%& o cre;%ere ra"i$& 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% ;i "e%r# cele acor$a%e fir,elorF ;i a cre$i%elor le*a%e $irec% $e *#verele s%r&ie.
K #l%i,a for,a $e asi*#rare care a %re3i% # ,are i%eres es%e asi*#rarea fiaciar&F = "ar%ic#lar asi*#rarea fo$#rilor
,#%#ale.
Toa%e ca3#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%eri3a%e "ri $o#& %r&s&%#ri co,#e4
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 ;i asi*#ra%or#lF c.iar $ac& ac'i#ile lor s#%
co,erciali3a%e ;i co%a%e "e aceea;i "ia'&F ia# $eci3ii "ro"rii as#"ra "or%ofoli#l#i lor "e%r# $iferi%e %i"#ri $e ives%i'ii.
ii+ Ives%i'ia ii'ial easi*#ra%& =,"o%riva risc#rilor ;i versi#ea sa "ro%e<a%& co%ra risc#rilor "ri asi*#rare s#%
co,erciali3a%e si,#l%a "e aceea;i "ia'&. Dei%#l "ro*o3a% al "ri,eiF a<#s%a% $#"& riscF es%e co,"ara% c# vei%#l celei $e7a $o#aF as%fel
=c9% a%9% socie%a%ea $e asi*#rareF c9% ;i ives%i%or#l i%eresa% = asi*#rarea ac%iv#l#i s& "oa%& $eci$e as#"ra e,i%eriiF as#"ra c#,"&r&rii
asi*#r&rii ;i as#"ra "re'#l#i.
N#,ai "re3e'a "e "ia'& a a*e'ilor s"eciali3a'iF fiecare =$e"lii$ 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 ;i o le*&%#r& %o% ,ai s%r9s& =%re cele $o#& %i"#ri $e i%er,e$iari
fiaciari4 b&cile ;i socie%&'ile $e asi*#rare.
Aces% sceari# a =ce"#% s& $#c& la a"ari'ia #ei varie%&'i $e ac%ivi%&'i "rici"ale4
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"o3i%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
varia3& $e la asi*#rarea $e"o3i%elor sa# a ac'i#ilor v9$#%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 $ob93iiF c#, es%e ca3#l #ei oi e,isi#i.
c+ Coc#re'a =%re b&ci ;i socie%&'ile $e asi*#rare = $o,ei#l a$,iis%r&rii fo$#rilor $e ives%i'ii ;i al fo$#rilor $e "esiiF =
care se "oa%e face $e ase,eea #3 $e #%ili3area eI%esiv& a is%r#,e%elor $e asi*#rare fiaciar& ;i $e "or%ofoli#.
K sf9r;i%F o aali3& co,"ara%iv& a ,o$el#l#i $e a$,iis%rare a ##i ac%iv $e c&%re o bac& ;i $e c&%re o socie%a%e $e asi*#rare
ara%& # ,are *ra$ $e co,"le,e%ari%a%e. Aceas%a s#*erea3& cre;%erea i$e"e$e'ei ;i a sc.i,b#rilor fiaciare =%re sec%or#l bacar
;i i$#s%ria asi*#r&rilor.
De aceeaF socie%&'ile $e asi*#rare s#% $eseori =fii'a%e $e c&%re b&ci. Diversificarea = sec%or#l asi*#r&rilorF ba3a%& "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
7
Pori$ $e la reali3&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 ;i ac%ivi%a%ea $e ,ar)e%i* a asi*#r&rilor se
eI"eri,e%ea3& c# ,are s#cces.
Le*a% $e vii%or#l asi*#r&rilor bacare va %reb#i s& se $ea r&s"#s = "erioa$a #r,&%oare la #ele "roble,e ;i a#,e4 vor
#r,a b&cile aceea;i s%ra%e*ie ca ;i coc#re'ii lor $i i$#s%ria asi*#r&rilor "e via'& ;i $i cea a fo$#rilor $e "esiiF sa# vor =cerca
al%e c&iQ K ce ,&s#r& s#% i%eresa%e b&cile s&7;i cree3e "ro$#se "ro"rii $e asi*#rare o 7 via'&Q
1.. Obiec"ivele ana!een"#l#i bancar
A$,iis%rarea b&cilor se face = %oa%e ca3#rile = f#c'ie $e obiec%ivele $e ,aIi,i3are a "rofi%#rilor ;i $e ,ii,i3are a
risc#rilorF bie='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#
$ob93ile "l&%i%e la res#rsele fiaciare a%rase s& fie ,ai ,ici $ec9% "ro$#sele bacareF cos%i%#i%e $i $ob93ileF %aIeleF %arifele ;i
co,isioaele "erce"#%e "e%r# "lasa,e%ele f&c#%e = $eosebiF = cre$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,"o3i%eF c.iriiF a,or%is,e%eF "e%r# ca as%fel s& re3#l%e # "rofi%.
Deci4
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%
Re3#l%& c&F "rofi%#l re"re3i%& sco"#l ese'ial al #ei b&ci "e care aceas%a =l #r,&re;%e $e7a 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 ;i a #%ili3&rii aces%ora "ri acor$area $e cre$i%e sa# al%e
"lasa,e%eF c# l#area = cosi$erare a %#%#ror risc#rilor "osibile.
K fialF "rofi%#l re"re3e%a% $e o s#,& = eI"resie absol#%& (br#% sa# e%F $e%er,ia% $#"& i,"o3i%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 ;i "9r*.iile $e
ac'ioare "e%r# =,b#&%&'irea aces%ora.
Nivel#l "rofi%#l#i bacar es%e $iferi% $e la o bac& la al%a = f#c'ie $e %i"#rile $e servicii ;i ac%ivi%&'i $esf&;#ra%eF a%rac%ivi%a%ea
aces%or servicii "e%r# clie%el&F %ras"are'a asi*#ra%& $e bac& ;i al%e carac%eris%ici $e"i39$ $e ,aa*e,e%#l bacarF $e ,&ri,ea
fiec&rei b&ci (se*,e%#l $e "ia'& = $is%rib#irea cre$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 $ob93ile ,e$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%& ;i $e %i"#l $e ac%ivi%a%e $esf&;#ra% $e fiecare bac&
(b&ci $e ecoo,iiF b&ci $e cre$i%F b&ci $e afaceriF e%c.+. A;a $e eIe,"l#F b&cile $e ecoo,ii a# o ra%& a beefici#l#i ,ai ,areF care
se ob'ie = $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% =;i a%ra* res#rsele fiaciareF = s"ecial $e "e "ia'a ,oe%ar&F la cos%#l ($ob93ile+ 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 $ob93ilor "rac%ica%e "e "ia'a ,oe%ar&F fa'& $e
$ob9$a $e ba3& 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 =*lobea3& valoarea ele,e%#l#i care face
obiec%#l "rel#cr&rii sa# co,erciali3&rii (=re*is%ra%& i,"lici% $re"% cos%#ri ale a*e%#l#iF care "ri vei%#ri se rec#"erea3&+F la b&ci
s%r#c%#ra es%e al%a.
K coce"'ia bacar& res#rsele ce cos%i%#ie obiec% al i%er,e$ierii bacareF c9% ;i crea'eleF re"re3e%9$ cre$i%ele acor$a%eF
s#% i$e%ifica%e c# "reci3ie. 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+ ;i bie='eles a $e'i&%orilor ;i #%ili3a%orilor aces%ora (res"ec%iv a $ebi%elor+.
Ca #r,areF res#rsele care fac obiec%#l i%er,e$ierii bacareF ;i vei%#rile ("ro$#s#l bacar+ ce re"re3i%& efec%ele #%ili3&rii lorF
s#% cosi$era%e la b&ciF icl#siv = co%abili%a%eF ca fl#I#ri $is%ic%e.
De aici ;i fa"%#l c&F $i,esi#ile vei%#rilor s#% ,#l% ,ai ,ici $ec9% = al%e ra,#ri $e ac%ivi%a%e.
Dei%#rile br#%e ("ro$#s#l bacar+ reali3a%e ca #r,are a ,o$#l#i $e #%ili3are a ac%ivelor $i,i#a%e c# s#,ele "l&%i%e "e%r#
res#rsele a*a<a%e (c.el%#ieli bacare+F a# # circ#i% "ro"ri# ;i re"re3i%& = fialF ca vei%#ri e%e ("ro$#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 ba3a 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 (ve3i %abel#l 1.1 ;i 1.!+
Da%e $i bila'#l B&cii NIO
Tabel 1.1
Ac%ive Pasive
Casa
Bo#ri $e %e3a#r (%. sc#r%+
Obli*a'ii $e s%a% (%. l#*+
Cre$i%e acor$a%e (%. sc#r%+
Cre$i%e acor$a%e (%. ,e$i#+
Cre$i%e acor$a%e (%. l#*+
Cl&$iri ;i al%e ac%ive
!1.888
/2.888
58.888
118.888
1!8.888
1/8.888
/5.888
De"o3i%e la ve$ere
De"o3i%e "e %er,e
sc#r%
De"o3i%e "e %er,e
l#*
K,"r#,#%#ri $e "e
"ia'a ,oe%ar&
Ca"i%al "ro"ri#
118.888

165.888
1!5.888

18.888
18.888
TOTAL 588.888 TOTAL 588.888
Pe%r# eI"ri,area re3#l%a%elor ac%ivi%&'ii b&ciiF se a"elea3& 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.!
8
La s%abilirea vei%#rilor $i $ob93iF %aIeF %arife ;i co,isioae re"re3e%9$ vei%#rile (58.>58+ ;i a c.el%#ielilor "e $ob93i
(!>./28+F s7a# av#% = ve$ere sol$#rile bila'iereF l#a%e ca sol$#ri ,e$ii a#aleF la care s7a a"lica% fiec&r#ia ivel#l "roce%#al $e
$ob9$& #3#al. I,"o3i%ele a# fos% s%abili%e "ri a"licarea #ei co%e $e /5R.
1.6. Cos"#rile bancare
S#rs& efec%iv& a cre;%erii "rofi%#l#i bacar o cos%i%#ie o"%i,i3area ra"or%#l#i =%re vei%#ri ;i cos%#ri. Aces% as"ec% es%e o
co,"oe%& i,"or%a%& a ac%ivi%&'ii #,aeF o eI"resie a evol#'iei ecoo,iei = asa,bl#l ei ;i # #,ai o "roble,& s%ric% bacar&.
Ac%ivi%a%ea bacar& oc#"& # loc = co%i#a cre;%ere = "ro$#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 ;i a serviciilor le*a%e $e circ#la'ia ac%ivelor ,oe%are.
K co$i'iile = care sis%e,#l bacar $i '&rile $e3vol%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 "o3i%iv&
o evol#'ie ,ii,& a cos%#rilor bacare.
K acela;i %i,"F cre;%erea "o$erii serviciilor bacare = "ro$#s#l i%er br#% a fos% $e%er,ia%& ;i $e cre;%erea sferei serviciilor
bacare ;i a *ra$#l#i $e sa%isfacere a lorE s"orirea a"or%#l#i e%i%&'ilor ecoo,ice i,"lica%e = ac%ivi%a%ea bacar&E cre;%erea rol#l#i
b&cilor = ecoo,ie ;i = rela'iile i%era'ioale. S%r#c%#ra cos%#rilor bacareF es%eF = "rici"alF #r,&%oarea4
a+ Cos"#rile res#rselor financiare a"raseF care re3#l%& $i evol#'ia $ob93ii $e%er,ia%& = co$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 $ob93ii $e"i$e $e evol#'ia "#%erii $e c#,"&rare $i fiecare 'ar&F $e *ra$#l $e ero3i#e a ca"i%al#l#i. Bo$ific&rile =
s%r#c%#ra res#rselor a%raseF reflec%a%e = re$#cerea vol#,#l#i $e"o3i%elor la ve$ereF co$#ce la cre;%erea cos%#rilor "e%r# b&cile ,ici
sa# b&cile s"eciali3a%e. Ele %reb#ie s& a"ele3e la "ia'a ,oe%ar& "e%r# "roc#rarea res#rselor fiaciare sa# la ives%i%orii is%i%#'ioaliF
#$e $ob93ile s#% ,#l% ,ai ,ari.
b+ Cos"#rile )e f#nc*ionareF care s#% for,a%e $i4
C-el"#ieli c# (ersonal#lF icl#39$ salari3area "ersoal#l#i ;i sarciile sociale afere%eF re"re3i%& cea ,ai i,"or%a%&
co,"oe%& a cos%#rilor $e f#c'ioare. Persoal#l b&cilor $i '&rile $e3vol%a%eF re"re3i%& = %o%al#l "o"#la'iei ac%iveF =%re ! 7 / R.
Desi*#r c&F #,&r#l "ersoal#l#i bacar es%e $e%er,ia% $e o serie $e fac%oriF c#, ar fi4 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& =%r7# $ialo* "er,ae%E *ra$#l
$e i,"le,e%are a sis%e,elor ifor,a%ice ;i a %e.icii ,o$ere $e calc#l.
C-el"#ielile !enerale 7i aor"isen"#lF cresc "e ,&s#ra cre;%erii re'elei $e #i%&'iF a %i"#rilor $e servicii bacare
i,"le,e%a%eF a c.el%#ielilor c# =%&rirea sec#ri%&'ii casieriilor. C.el%#ieli i,"or%a%e s#% le*a%e ;i $e reali3area $e ives%i'ii ;i a,or%i3are
"e%r# eI%i$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 ;i re'ele afere%e.
c+ Re1ervele 7i (rovi1ioaneleF ele,e%e i,"or%a%e ale cos%#rilor bacareF care cos%a# = 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. Re3ervele ;i "rovi3ioaele 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 ;i o coseci'& $irec%& a %i"#l#i $e s%ra%e*ie "ro"rie a$o"%a%& = ,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 $e a7;i
,aIi,i3a "rofi%#lF ,e'i9$#7;i coco,i%e% risc#l la # ivel acce"%abil.
K%r#c9% aali;%ii b&ciiF $e"#&%orii ;i ives%i%orii acor$& o ,are i,"or%a'& vei%#l#i c#re%F bac.erii a# o real& "referi'&
"e%r# acele ,o$ele $e ob'iere a "rofi%#l#i care ara%& o cre;%ere s%abil& = %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.+4


Dei%#ri ($ob93iF %aIe %arifeF co,isioae sa# "ro$#s#l
bacar+
C.el%#ieli "e%r# $ob93i (c.el%#ieli bacare+
Dei%#ri e%e (Pro$#s#l bacar e%+
Al%e c.el%#ieli (c.el%#ieli $e eI"loa%are+
Profi% br#%
I,"o3i%e
Profi% e%
58.>58
!>./28
!/.218
1!./!8
11.868
2.!12
1.5>1
Risc (variaia
rentabilitii
capitalului -
ROE)
1) Bilan sau
risc e
p!rt!"!liu
2) Risc e
re#le$entare
3) Risc te%n!l!#ic
4) Risc e e"iciena
!perrii
5) Risc strate#ic
6) Risc e a"iliere
Riscul e creitare
Riscul ratei !b&n'ii
Risc e lic%iitate
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+
(
Re'ie, c& %i"#rile $e risc ce le =fr#%& o bac& s#% = #,&r $e ;ase4 1+ risc#l $e bila' sa# $e "or%ofoli#E !+ risc#l $e
re*le,e%areE /+ risc#l le*a% $e %e.olo*ieE 2+ risc#l eficie'ei a"&r&riiE 5+ 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 1+ 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 s7a a,"lifica%+.
Di "#c% $e ve$ere "rac%icF risc#l $e "or%ofoli# ;i cel $e o"erareF a# cel ,ai $irec% efec% as#"ra varia'iei c9;%i*#rilor #ei
b&ci.
Risc#rile $e ba3& "e%r# "or%ofoli# = bac& s#%4 risc#l $e isolvabili%a%eF risc#l li"sei $e lic.i$i%a%eF risc#l ra%ei $ob93iiF risc#l
val#%arF risc#l ero3i#ii ca"i%al#l#i "ri ifla'ie.
!+
1.8.1 Risc#l )e insolvabili"a"e
Risc#l isolvabili%&'ii a"are = ,o,e%#l = care clie%#l #7;i =$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 ;i a $ob93ilorF %aIelor ;i co,isioaelor afere%e.
Isolvabili%a%ea "re<#$icia3& i%eresele b&cii fie "ri "ier$erea $e ca"i%al $efii%iv&F fie "ri%r7o rec#"erare "ar'ial& ;i %9r3ie
"ri ac'i#i = is%a'ele <#ri$ice.
O$a%& c# cre;%erea vol#,#l#i cre$i%#l#iF cresc ;i ca3#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 ca3#rilor $e isolvabili%a%e.
K sc.i,b cre;%erea ra%ei $ob93ii $e%er,i& cre;%erea ca3#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% sesi3a%e = s%#$iile elabora%e $e Saffe ;i Bo$i*liaiF Tes%erF To$*,a ;i Co#%iUre.
Es%i,area "robabili%&'ii $e isolvabili%a%e a #ei b&ci se reali3ea3&F "o%rivi% "rac%icii bacareF c# a<#%or#l ##i i$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'ie4
N*O H
S
E;
% ROA $ E
1
+
F #$e4
7 E (ROA+ H vei%#l "ro*o3a% $i ac%iveE
7
E;
1
H ivers#l l#i EB (s%r#c%#ra ca"i%al#l#i sa# *ra$ $e =$a%orare+ sa# i$ica%or#l ca"i%al ra"or%a% la ac%ive
7 S H aba%erea s%a$ar$ a ROA
Aceas%& rela'ie "oa%e fi eval#a%& $eoarece icl#$e %rei ,e%o$e s%a$ar$ $e ,&s#rare a vei%#l#i b&cii4 re%abili%a%ea ac%ivelor
(ROA+E si*#ra'a (10EB+E risc#l (S+.
Dalorile ,ari ale i$ica%or#l#i $e risc i$ic& o ,ic& "robabili%a%e $e isolvabili%a%e ;i ivers.
C# c9% "rofi%#rile s#% ,ai ,ari c# a%9% es%e ,ai re$#s *ra$#l $e =$a%orare (EB+ ;i ci c9% es%e ,ai re$#s& varia'ia re%abili%&'ii
ac%ivelor (ROA+F c# a%9% es%e ,ai ,ic& "robabili%a%ea $e isolvabili%a%eF ob'i9$ # i$ica%or N*O $e valoare ,are.
IversF b&cile = "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&3#%.
Pe%r# "reveirea ;i evi%area isolvabili%&'ii s#% l#a%e o serie $e ,&s#ri ;i a#,e4
A% ;&s#ri re!leen"a"e2
1+ Obli*a'ia ##i ca"i%al ,ii, al b&cilorE
!+ S%abilirea #or ra%e $e aco"erire a risc#rilorF eI"ri,a%e ca # ra"or% =%re fo$#rile "ro"rii e%e ale b&cii ;i cre$i%ele
acor$a%eF "o$era%e $#"& *ra$#l lor $e risc (5R cofor, or,ei Coo)e+E
/+ Li,i%area ivel#l#i cre$i%elor acor$a%e ##i clie% sa# afiii lor s#b for,a #ei ra%e $e $ivi3i#e a risc#rilor (,aIi, !8 R
$i ca"i%al ;i re3erve+E
B+ Poli%ici ,oe%are
B&cile a$o"%&4
1+ "oli%ici $e cre$i%are res%ric'iois%eF $e la clie% la clie%F = f#c'ie $e boi%a%eaF lic.i$i%a%ea ;i re%abili%a%ea aces%oraE
!+ "oli%ici $e $ob93i $ifere'ia%e = 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"re3i%& %o% o "roble,& $e cos%#riF $e%er,ia%& $e cos%#rile bacare f&c#%e "e%r# a%ra*erea
res#rselor fiaciare ;i vei%#rile $i $ob93iF %aIeF %arife ;i co,isioae $i "lasa,e%ele aces%or res#rse.
Lic.i$i%a%ea "e%r# o bac& es%e "osibili%a%ea $e a oora = 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"ele3e 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 a*rea "e%r# bac&F cos%#ri ri$ica%eF care vor %reb#i s& fie aco"eri%e $e aceas%a c# afec%area
cores"#3&%oare a ivel#l#i "rofi%#l#i.
Proble,a ce%ral& ce se ri$ic& es%e ca b&cile s&7;i aali3e3e "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 $e corela'ii s%r#c%#rale ale res#rselor ;i "lasa,e%elor b&cii.
2+
C. BasoF N. Dar$acF C. ?loricelF NBoe$aF Cre$i%F B&ciOF E$. Di$ac%ic& ;i Pe$a*o*ic&F B#c#re;%iF 1665
1)
1.8.. Risc#l ra"ei )ob<n1ii
Aces% risc a"are = ,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 $ob93iiF care #l%erior cre;%eF fa"% ce obli*& baca $i li"sa $e lic.i$i%a%eF s&
se refia'e3e "e "ia'a ,oe%ar& c# o $ob9$& ,ai ri$ica%&. Deci cos%#rile c# $ob93ile "e%r# a%ra*erea res#rselor s#% ,ai ,ari
$ec9% $ob93ile ce le =casea3& "e%r# cre$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& corele3eF "e c9% "osibil res#rsele "e %er,e l#* c# #%ili3area "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# $evi3e.
De aceeaF b&cile l#"%& "e%r# a se asi*#ra =,"o%riva aces%#i riscF evi%9$ s& ia N"o3i'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% ca3 varia'ia c#rs#l#i $e
sc.i,b al val#%elor # afec%ea3& re3#l%a%#l.
CAPITOLUL II
GESTIUNEA OPERA=IILOR
DE CREDITARE BANCAR
Ra"or%#rile $e cre$i%are c# e%i%&'ile ecoo,ice ;i "ersoaele fi3ice se $esf&;oar&F = $eosebiF $e c&%re b&cile co,ercialeF
ca veri*& i,"or%a%& a sis%e,#l#i bacar $i%r7o 'ar&. Ca is%i%#'ii fiaciare s"eciali3a%eF b&cile co,erciale $esf&;oar& ac%ivi%&'i a%9% $e
a%ra*erea $e res#rse ,oe%are %e,"orar $is"oibileF ;i "lasarea lorF =$eosebi s#b for,a $e cre$i%e a*e'ilor ecoo,ici ;i "ersoaelor
fi3iceF c9% ;i $e efec%#are $e %rasfer#ri ,oe%are (,oe$& scri"%#ral& sa# ,oe$& "ri,ar&+ =%re %i%#larii $e co%. B&cile co,erciale ;i7
a# $iversifica% %e.icile $e cre$i%are "e%r# a r&s"#$e solici%&rilor fir,elor ;i "e%r# a face fa'& ceri'elor $e3vol%&rii aces%oraF f#c'ie $e
"rofil#l lor ;i "osibili%&'ilor $e cre$i%are. K evol#'ieF s7a "ro$#s o a"ro"iereF res"ec%iv o $i,i#are a $eosebirilor =%re "ro$#sele ;i
serviciile b&cilor co,erciale ;i ale b&cilor $e ecoo,ii ;i b&cilor $e afaceri.
'.1. Princi(ii 7i re!#li !enerale (rivin) o(era*iile )e cre)i"are
Cre)i"#l> ?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& ;i
re*le,e%&rile e,ise $e baca ce%ral&F care are a%rib#'ii $e re*le,e%are ;i s#"rave*.ere = $o,eiile ,oe%arF $e cre$i%F val#%ar ;i $e
"l&'i. La ba3a aces%or re*le,e%&ri s%a# o sea,& $e "rici"ii ;i re*#li *eerale "rivi$ o"era'iile $e cre$i%are.
'.1.1. Pr#)en*a bancar&
O"era'i#ile $e cre$i%are a# la ba3& "r#$e'a bacar&F ca "rici"i# f#$a,e%al ce carac%eri3ea3& =%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 ba3e3eF = "ri,#l r9$F "e aali3a viabili%&'ii ;i realis,#l#i
afacerilor = ve$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 $ob93ilor ;i co,isioaelor. De%er,iarea ca"aci%&'ii $e "la%& a clie'ilor se face "ri aali3a
as"ec%elor fiaciare ;i efiaciare ale afacerilorF a%9% cele $i "erioa$ele eI"ira%e c9% ;i $i cele "ro*o3a%e.
K acela;i %i,"F aali3a ;i acor$area cre$i%elor %reb#ie s& aib& = ve$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&3#%e as#"ra $esf&;#r&rii afacerilor
;i ra,b#rs&rii cre$i%elor.
11
'.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 ;i $iversificarea "or%ofoli#l#i $e
cre$i%eF "oa%e ob'ie "rofi% s#"li,e%arF c9% ;i "e%r# clie'iF careF "e sea,a cre$i%elor "o% s&7;i $e3vol%e afacerileF s& ob'i& "rofi% ;iF "e
aceas%& ba3&F s& ra,b#rse3e =,"r#,#%#rile ;i s&7;i ac.i%e $ob93ile.
'.1.. S#biec*ii ra(or"#l#i )e cre)i"e
S#biec'ii ra"or%#l#i $e cre$i%eF s#% "&r'ile care i%ervi = ra"or% $e cre$i%F res"ec%iv cre)i"or#l care acor$& =,"r#,#%#lF ;i
)ebi"or#lF cel care "ri,e;%e sa# al%fel s"#sF se =$a%orea3&.
Di aali3a a%#rii "ar%ici"a'ilor la "roces#l $e cre$i%areF re'ie, %rei ca%e*orii "rici"ale4 fir,ele sa# a*e'ii ecoo,iciE
s%a%#lE "ersoaele fi3ice.
Pre"o$ere%e = cali%a%e $e $ebi%ori se afir,& fir,ele sa# a*e'ii ecoo,iciF care a*a<ea3& cea ,ai ,are "ar%e a cre$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'ii4
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 ;i eficie%e "o%rivi% ac%#l#i $e =fii'are ;i s%a%#%#l#i $e f#c'ioareE
$+ =$e"liesc # ivel o"%i, al i$ica%orilor $e boi%a%eE
e+ $i aali3a fl#I#rilor $e lic.i$i%a%e re3#l%& c& eIis%& "osibili%&'i reale $e ra,b#rsare la sca$e'& a ra%elor $i cre$i% ;i "la%a
$ob93ilor afere%eE
f+ s& "re3i%e *ara'ii ,a%eriale ;i ,orale "e%r# #%ili3area c# eficie'& ;i "o%rivi% $es%ia'ieiF ra,b#rsarea i%e*ral& la
sca$e'& a cre$i%#l#i ;i ac.i%area $ob93ilor afere%eE
*+ "re3i%& si%#a'ia a*a<a,e%elor $i co%#rile $esc.ise la al%e socie%&'i bacare ;i a *ara'iilor afere%eE
.+ acce"%& cla#3ele $i =scris#rile $e cre$i% (acor$#riF co%rac%eF e%c.+
K ce "rive;%e "ersoaele fi3iceF co$i'iile ce %reb#ie s& le =$e"lieasc& "e%r# a "#%ea beeficia $e cre$i%eF s#%4
a+ reali3ea3& 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 ;i #%ili3ea3& s#rse "ro"rii $e fia'areE
c+ *ara%ea3& ra,b#rsarea cre$i%elor solici%a%e c# vei%#rile "e care le reali3ea3&F "rec#, ;i c# *ara'ii realeE
$+ # =re*is%rea3& $ebi%e sa# al%e obli*a'ii eac.i%a%e la sca$e'& c&%re bac& ;i %er'i la $a%a solici%&rii =,"r#,#%#l#i.
K '&rile $e3vol%a%e se afir,& ca $ebi%ori ;i s%a%#lF careF se =,"r#,#%& =$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 $ar ;i cre$i%ori.
K "os%#ra $e cre$i%ori a"ar =$eosebi fir,ele sa# a*e'ii ecoo,iciF careF ,aevrea3& i,"or%a%e $is"oibili%&'i ,oe%are ce
"o% %e,"orar s& fie efolosi%e ;i "lasa%e = $e"o3i%e la b&ci sa# al%e is%i%#'ii fiaciare ;i $e cre$i%e ce cos%i%#ie res#rse $e cre$i%are.
'.1.0. An!a:aen"#l )e res"i"#ire a cre)i"#l#i
A*a<a,e%#l $e res%i%#ire ("ro,isi#ea $e ra,b#rsare+ a s#,elor a*a<a%e s#b for,& $e =,"r#,#%F ca ele,e% ese'ial al
ra"or%#l#i $e cre$i%eF i,"lic& risc#ri ;i ca #r,are ecesi%& *ara'ii $i "ar%ea $ebi%or#l#i.
D#"& a"robarea ##i cre$i%F baca $ecla;ea3& # sis%e, $e "roce$#ri ;i %e.ici $e s#"rave*.ere = #%ili3areaF $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& "reavi3 #%ili3area $e c&%re clie% a cre$i%#l#i
a"roba%F = ca3#l = care aces%a a =c&lca% co$i'iile co%rac%#l#i (acor$#l#i+ $e cre$i% "rivi$ $es%ia'iaF #%ili3areaF *ara'iileF %er,eeleF
f#ri3area $e $a%e ereale e%c.F sa# = ca3#l = care si%#a'ia ecoo,ic& ;i fiaciar& a aces%#ia # ,ai asi*#r& co$i'ii $e *ara'ie ;i
ra,b#rsare.
'.1.0.1. Ges"i#nea risc#l#i
Cele ,ai i,"or%a%e $i risc#rile ce "o% a"are = ra"or%#rile $e cre$i% s#%4 risc#l $e cre$i% ;i risc#l $e lic.i$i%&'i. Bai s#% $e
,e'ioa%4 risc#l co%rib#'iei la "or%ofoli#E risc#l o"era'i#ilorE risc#l $e fra#$&E risc#l $e si$icali3are.
Risc#l )e cre)i" $rab#rsare% es%e o coseci'& a a"ari'iei #or =%9r3ieri 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 aali3e %e,eiice ;i ,#l%ila%erale as#"ra $ebi%or#l#i (boi%a%eF lic.i$i%a%eF
re%abili%a%eF co,"e%e'a #,a&F co<#c%#ri ecoo,ice ;i fiaciare i%ere ;i eI%ereF e%c.+F $ar ;i la asi*#rarea #or *ara'ii
a$ecva%e.
B&cile ac'ioea3& = ca3#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 ;i $e cre$i%.
Risc#l )e lic-i)i"a"e $iobili1are%F es%e o re3#l%a%&F = "rici"alF a esicroi3&rii $e c&%re bac& a s#,elor ;i %er,eelor
"rivi$ $is"oibili%&'ile ,oe%are a%rase ;i "lasa,e%ele = cre$i%e.
'.1.0.'. Senifica*ia s"r#c"#rii ca(i"al#l#i ?n eval#area risc#l#i
K aali3a 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 ;i valoarea $e "ia'& a "asivelor. K co%i#are baca ia = cosi$erare valoarea rela%iv& a
ca"i%al#l#i social real "e care # =,"r#,#%a% =l eI"#e risc#l#i ;i care "oa%e re"re3e%a # se,al "e%r# =,"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% $e "ier$#% $ac& #7;i =$e"lie;%e obli*a'ia fa'& $e bac&. Bai ,#l%F "e ,&s#r& ce "o3i'ia
ca"i%al#l#i social al =,"r#,#%a%or#l#i cre;%eF =,"r#,#%a%orii "o% acce"%a o cali%a%e ,ai sc&3#%& = le*&%#r& c# celelal%e ele,e%e ale
"rofi%#l#i =,"r#,#%a%#l#i ($e eI. =,"r#,#%a%#l ba3a% "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 ba3a%e #,ai "e cas. floJ+. Pe $e al%& "ar%eF =,"r#,#%a'ii c# "o3i'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 ba3a% "e ac%iveF care se coce%rea3&
"e ac%iveF c#, s#% crea'eleF s%oc#ri ;i 0 sa# ac%ive fiIeF $e%er,iarea valorii ecoo,ice e%e reale $e"i$eF = "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 ba3& ,ai lar*&F valoarea e%& a ac%ivelor se coce%rea3& "e afacerea = evol#'ieF s"re $eosebire $e valoarea
ei $e lic.i$are.
'.1.0... Garan*ii e5"erne ?n )iin#area risc#l#i
K %eorieF rol#l #ei *ara'ii eI%ere $e 188R =sea,& c& =,"r#,#%a%or#l acor$& # =,"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 0 s#bve'ia. Geerarea #or %aIe $e ii'iere ;i "o%e'ial#l $e s%abilire a #or oi rela'ii c# clie'ii
12
(c# o"or%#i%&'i $e v93&ri =cr#ci;a%e $e servicii+F =i s%i,#lea3& "e =,"r#,#%a%ori s& =c.eie as%fel $e co%rac%e. Dac& =,"r#,#%a%or#l
# efec%#ea3& aali3a $e cre$i% ($e eI. $i ,o%ive $e ab#3#ri i%ere+F a%#ci cel care *ara%ea3& are o "roble,& $e ,a$a%.
C9$ *ara'iile s#% "e%r# ,ai "#'i $e 188RF a%#ci a%9% li$er#l ,a$a%F c9% ;i cel care *ara%ea3& =,"ar% risc#l $e
e=$e"liire a obli*a'iei cores"#3&%or ,&ri,ii *ara'iei. K aces% ca3F 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 (NIO7 re"re3i%& cali%a%ea ifor,a'ieiF NCO7
carac%er#l ifor,a'ieiF NC?O7 es%e ivel#l ;i s%abili%a%ea cas. floJ 7 #l#iF NDNO7 valoarea e%&+ ;i $e ,&ri,ea ;i for'a *ara'iei eI%ere. Pe
,&s#r& ce G (*ara'ia+ cre;%eF celelal%e l#cr#ri fii$ e*aleF =,"r#,#%a%orii "o% acce"%a o cali%a%e ,ai sc&3#%& a fl#I#rilor ifor,a'ioale ;i
a "#%erii fiaciare a =,"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 ;i al'i fac%ori eI%eriF = "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 varia3& = f#c'ie $e s%area ecoo,iei.
Di,"o%riv&F Nb#ii ce%&'eiO s#% *a%a s&7;i "l&%easc& $a%oriile i$e"e$e% $e s%area ecoo,iei. Bai ,#l%F ei vor s&7i ifor,e3e "e
=,"r#,#%a%ori = le*&%#r& c# efec%ele ecoo,ice a$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 ;i "e # fl#I liber $e ifor,a'ii =%re =,"r#,#%a'i ;i =,"r#,#%a%ori. K as%fel
$e rela'iiF c9$ co$i'iile ecoo,ice afec%ea3& = ,o$ e*a%iv =,"r#,#%a'iiF =,"r#,#%a%orii s#% =clia'i s& %reac& =%r7o s%are $e
eI"ec%a%iv& (a$ic& re=oiri sa# sol#'ii $e re3olvare a #or cre$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. floJ7 #l#i ;i valorii e%e reale a =,"r#,#%a%#l#iF a,bele varia3& $irec% c# s%area ecoo,iei "e%r# =,"r#,#%a'ii "rociclici
(a$ic& =,"r#,#%a'i a c&ror "robabili%a%e $e ra,b#rsare evol#ea3& $irec% "ro"or'ioal c# cicl#l ecoo,icF =%r#c9% cas. floJ7 rile lor
evol#ea3& $irec% "ro"or'ioal c# cicl#l ecoo,ic+. K co%ras% c# aceas%& si%#a'ieF =,"r#,#%a'ii al c&ror cas. floJ ;i "#%ere fiaciar&
varia3& co%raciclic (a$ic& = $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 $ob93iF b&cile cos%i%#ie re3erva *eeral&
"e%r# risc#l $e cre$i%e ;i $ob93i e"l&%i%e la sca$e'&. Dac& re3erva *eeral& $e risc se cos%i%#ie "e sea,a "rofi%#l#iF "rovi3ioaele
$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 ;i
"rofi%#rile. K afar& $e ca"i%al ;i "rofi%#ri %reb#ie %o%#;i v&3#%& N$isci"liaO = "rivi'a cos%#rilorF a "ier$erilor $i =,"r#,#%#ri ;i a cre;%erii
=,"r#,#%#rilor.
K%r7a$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"re3e%a%& $e vei%#rile $i
=,"r#,#%#ri ($ob9$&F s"e3eF 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 ;i al%e c.el%#ieli $e re*ie+. B&cile ale c&ror c9;%i*#ri ;i ca"i%al s#%
$e%eriora%eF $e obicei a# "ier$#% co%rol#l ($isci"lia+ as#"ra ,a<or&rii ;i cali%&'ii "or%ofoliilor lor $e =,"r#,#%#ri. C9$ 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 G58
$o,eiile s"ecifice c# $ific#l%&'i era# =,"r#,#%#rile "e%r# eer*ieF a*ric#l%#r& ;i "ro"rie%&'i i,obiliare. K "l#sF #ii aali;%i ;i bac.eri
v&$ = ac.i3i'ia $e ac'i#i "e%r# a $evei ac'ioar ,a<ori%ar # "o%e'ial or e*r# "e ori3o%#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 ;i
$escosi$erarea "rici"iilor aali3ei $e cre$i% soli$e ;i a $iversific&riiF =,"re#& c# asi*#rarea *re;i% eval#a%& a $e"o3i%elor.
Re*le,e%&rile bacare obli*& b&cile s& aali3e3e "erio$ic "or%ofoli#l $e cre$i%e acor$a%e ;i s& le =ca$re3e = $iverse
ca%e*oriiF $#"& risc#l $e cre$i% (ra,b#rsare+ ce7l "re3i%& fiecare $i aces%ea ;i a#,e4 s%a$ar$F = observa'ieF s#bs%a$ar$ =$oielicF
"ier$ere.
Clasificarea cre$i%elor se face 'i9$ sea,a $e eval#area "erfor,a'elor fiaciare ale clie%#l#i ;i $e ca"aci%a%ea aces%#ia
$e a7;i oora $a%oria sca$e%&.
Cri%eriile ce s#% av#%e = 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 $i #r,&%oarele ca%e*orii4
a+ Ca"e!oria @AAF = ca$r#l c&reia cre$i%ele se refer& la clie'i ale c&ror "erfor,a'e fiaciare s#% foar%e b#e ;i "er,i%
ac.i%area la sca$e'& a $ob93ii ;i a ra%ei $e cre$i%. K acela;i %i,"F $i aali3ele efec%#a%e $e socie%a%ea bacar& se "refi*#rea3&
,e'ierea ;i = "ers"ec%iv& a "erfor,a'elor fiaciare la # ivel ri$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 $ar # "o% ,e'ie aces% ivel =%r7o "ers"ec%iv& ,ai =$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$i%ele afere%e clie'ilor c# "erfor,a'e fiaciare sc&3#%e ;i c# o evi$e%& ciclici%a%e la
i%ervale sc#r%e $e %i,".
e+ Ca"e!oria @EAF c#"ri$e cre$i%e ale #or clie'i la care "erfor,a'ele fiaciare ara%& "ier$eri ;i eIis%& "ers"ec%ive clare
c& # "o% fi "l&%i%e ici ra%ele la cre$i%e ;i ici $ob93ile.
?iecare socie%a%e bacar& = ca$r#l aali3elor ce le efec%#ea3& va s%abili obli*a%ori# $ac& servici#l $a%oriei fiec&r#i clie% va fi
a"recia% ca4
(a+ b#n L = si%#a'ia = care ra%ele la cre$i% ;i $ob93ile s#% "l&%i%e la sca$e'&F sa# c# o =%9r3iere $e ,aIi, > 3ileE
(b+ slab L = ca3#rile care ra%ele la cre$i% ;i $ob93ile s#% "l&%i%e c# o =%9r3iere $e "9& la /8 $e 3ileE
(c+ necores(#n1&"or L = si%#a'ia = care ra%ele la cre$i%e ;i $ob93ile s#% "l&%i%e c# o =%9r3iere $e "es%e /8 $e 3ile.
Sco"#l %#%#ror aces%or aali3e 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 care7l *es%ioea3&F iar "e $e al%& "ar%eF s& $e%er,ie s#,a "rovi3ioaelor 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 "rovi3ioaelor 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 $i4
*ara'ii eco$i'ioa%e $a%e $e *#vere sa# b&cile ce%raleE
13
*ara'ii eco$i'ioa%e $e la b&cile =cor"ora%e = #a $i '&rile $i ca%e*oria AF $#"& clasificarea i%era'ioal& ;i
a#,e4 A#s%raliaF A#s%riaF Bel*iaF Caa$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$aF Por%#*aliaF Re*a%#l Ui% al Barii Bri%aii ;i Irla$ei $e Nor$F S"aiaF S.U.A.F S#e$ia ;i
T#rciaE
*ara'ii eco$i'ioa%e $e la o al%& socie%a%e bacar& $i 'ara res"ec%iv&E
$e"o3i%e *a<a%eF "lasa%e la bac& =s&;iE
cola%erale acce"%a%e $e ,aa*e,e%#l b&cii.
Socie%a%ea bacar& va corobora cri%eriile ,ai s#s ,e'ioa%e ;i = #r,a aces%ei o"era'i#i cre$i%#l va fi clasifica% cofor,
,a%ricei "re3e%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
Toa%e aali3ele bacare "rivi$ cali%a%ea cre$i%elorF a# ca fiali%a%e obli*a'ia socie%&'ilor bacare $e a cos%i%#i "rovi3ioae
s"ecifice $e riscF "e%r# a aco"eri "ier$erile $i era,b#rsarea cre$i%elor e"erfor,a%e. Aces%e "rovi3ioae 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
"rovi3ioaelor s"ecifice $e risc s#% #r,&%oarele4 cre$i% Ns%a$ar$O L 8RE cre$i% N= observareO L 5RE cre$i% Ns#bs%a$ar$O L !8RE cre$i%
N=$oielicO L 58RE cre$i% N"ier$ereO L 188R.
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 $ece,brie. Socie%&'ile bacare a# obli*a'ia s& ra"or%e3e B&cii Na'ioale a Ro,9ieiF Direc'iei
a#%ori3are ;i s#"rave*.ere "r#$e'ial& a socie%&'ilor bacareF clasificarea cre$i%elor acor$a%e "ri i%er,e$i#l for,#lar#l#i $i %abel#l r.
!.!.
Kai%area aces%#i for,#larF se face = %er,e $e /8 $e 3ile $e la $a%a "e%r# care se =%oc,e;%e ra"or%area ;i s%& la ba3a
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. 17
!+
Coeficie%
$e
"rovi3ioa
e
Nivel (rovi1ioane
Necesar
(col. /I2+
EIis%e%
8 1 ! / 2 5 1
S%a$ar$ 8
K
observa'ie
8F85
S#bs%a$
ar$
8F!
K$oielic 8F5
Pier$ere 1
To%al @
K ba3a re*le,e%&rii B&cii Na'ioale a Ro,9ieiF socie%&'ile bacare or*ai3ea3& aali3a cali%&'ii "or%ofoli#l#i $e cre$i%e ;i
clasificarea cre$i%elor $e c&%re fiecare #i%a%e bacar& s#bor$oa%& <#$e'ea&F a%9% "e%r# ac%ivi%a%ea "ro"rie c9% ;i "e%r# #i%&'ile
%eri%oriale = s#bor$ieF s%abili$ "rovi3ioaele s"ecifice $e risc. La $e%er,iarea eI"#erii br#%e aces%ea a# = ve$ereF "e l9*&
cre$i%ele %o%ale (c#re%e ;i era,b#rsa%e la sca$e'&+ eIis%e%e = sol$ la /1 $ece,brie ;i res"ec%iv /8 i#ie a fiec&r#i a ;i $ob93ile
e=casa%e ,ai vec.i $e /8 $e 3ile afere%e aces%ora. Aali3a ce%rali3a%& a si%#a'iei cali%&'ii "or%ofoli#l#i $e cre$i%e ;i a clasific&rii ;i
$e%er,i&rii "rovi3ioaelor s"ecifice $e riscF "e ba3a ra"or%#rilor #i%&'ilor bacare = s#bor$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 $e%aila%& "ri o,iali3area %#%#ror a*e'ilor ecoo,ici ("ersoae <#ri$ice sa# fi3ice+ care la $a%a
aali3ei (/1 $ec. ;i /8 i#ie+ beeficia# $e cre$i%e ;i 0sa# =re*is%ra# =,"r#,#%#ri ;i $ob93i e"l&%i%e la sca$e'ele $i cove'iile $e
cre$i%eF ,ai vec.i $e /8 $e 3ileF i$ifere% $ac& "e%r# aces%ea se cos%i%#ie "rovi3ioae 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 ca3#l =
care # clie% beeficia3& $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

1+
Baca Na'ioal& a Ro,9ieiF NNor,ele r. / "rivi$ clasificarea cre$i%elor ;i cos%i%#irea "rovi3ioaelor s"ecifice $e riscOF 1662.
14
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 =;i $a# sea,a c& # ec.ilibr#
=%re risc#l $e era,b#rsare ;i "rofi%#l $i "or%ofoli#l $e =,"r#,#%#ri cos%i%#ie ese'a ##i ,aa*e,e% s&&%os al =,"r#,#%#l#i ;i es%e
cri%ic "e%r# evi%area #,or "res%a'ii foar%e fl#c%#a%e.
Ba<ori%a%ea b&cilor =cearc& s& ec.ilibre3e "or%ofoliile lor $e =,"r#,#%#ri ;i ra"or%#l $i%re risc ;i "rofi%F "ri $is"ersarea
=,"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 locali3are *eo*rafic& ;i "e "la i%er ;i eI%erF =%r7o ,&s#r& ,ai
,are. To%#;iF #ele l#cr&ri $e si,#lare coce"%#al& a# i$ica% c& ;i # #,&r re$#s $e =,"r#,#%#ri "o% re$#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& ;i $e ,aa*e,e% al
"or%ofoli#l#iF care a# sarcia $e a ives%i*a eI"#erea %o%al& a b&cii fa'& $e risc = $iverse $o,eii ;iF $e ase,eeaF $e a cerce%a
,i<loacele $e $iversificare a ac%ivelor b&cii =%r7# ,o$ ,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;i baca %reb#ie s& reac'ioe3e la cererile 3ilice $e =,"r#,#% ale f#c'ioarilor
s"eciali3a'iF care ei =;i;i s#% "reoc#"a'i $e "robabili%a%ea $e ra,b#rsare = fiecare ca3 = "ar%e. Pri #r,areF s%ra%e*ia "or%ofoli#l#i $e
=,"r#,#%#ri %reb#ie s& fie = ,o$ ecesar o $eci3ie a co$#cerii s#"erioareF care es%e = ,o$ clar le*a%& $e cei res"osabili $e
a"licarea ei. De re*#l&F = ase,eea ca3#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,"ese3e baca "e%r# $o#& %i"#ri $iferi%e $e cos%#ri. K "ri,#l r9$F ra%a $ob93ii =,"r#,#%#l#i %reb#ie s&
aco"ere valoarea = %i," a fo$#rilor avasa%e. Aceas%& valoare = %i," 7 ra%a "#r& a $ob93ii L es%e = *eeral cea ,ai ,are "ar%e a
ra%ei =,"r#,#%#l#i ;i es%e rela%iv #;or $e ,&s#ra%. K al $oilea r9$F $ob9$a =,"r#,#%#l#i ar %reb#i s& icl#$& ;i o "ri,& "es%e ra%a "#r&
a $ob93iiF "e%r# a co,"esa "osibili%a%ea era,b#rs&rii i%e*rale. S%abilirea aces%ei "ri,e =%r7# ,o$ a$ecva% ecesi%& o eval#are
sofis%ica%& a "o3i'iei fiaciare a =,"r#,#%a%#l#i = vii%or. Pri,a c#"ris& = $ob9$a =,"r#,#%#l#i "oa%e fi s#b$ivi3a%& = co%i#are =%r7
o "ri,& $e era,b#rsare ;i o "ri,& $e risc. Ti"#l #3#al $e aali3& $e cre$i% bacar es%e = ,are ,&s#r& orie%a% c&%re "robabili%a%ea ca
# a#,i% =,"r#,#% s& # fie ra,b#rsa% i%e*ral. Aceas%& "ri,& $e era,b#rsare "oa%e fi s%abili%& "ri eIa,iarea carac%eris%icilor ##i
=,"r#,#%a% = ,o$ i3ola%F f&r& referire la al%e ac%ive sa# "asive bacare. A $o#a co,"oe%& a "ri,ei $ob93ii =,"r#,#%#l#i
co,"esea3& =,"r#,#%&%or#l = le*&%#r& c# *ra$#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#i4 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 eval#a% #,ai =,"re#& c# al%e ac%ive $e'i#%e = acela;i "or%ofoli#. Prici"i#l
$iversific&rii ara%& c& "ier$erile efec%ive ale ##i "or%ofoli# $e =,"r#,#%#ri "o% fi "revi3ioa%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;i =,"r#,#%a'i # s#% corela%e
"erfec% "o3i%iv #ele c# al%ele. NLe*ea #,erelor ,ariO *ara%ea3& c&F $ac& aceea;i s#,& $e bai a*re*a%& es%e =,"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 3ero "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 $eci3iilor $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% $e ,&s#ra =
care ac%ivele ;i "asivele i$ivi$#ale reac'ioea3& la acelea;i evei,e%e eI%ere. S#% ecesare %rei e%a"e i%ercoec%a%e "e%r# a
,oi%ori3a ;i co%rola eI"#erea %o%al& la risc#l $e =,"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 aali3ele ecoo,ice ;i s%a%is%ice
<oac& # rol i,"or%a%F $ar i,"or%a%e s#% ;i b##l si,' ;i eI"erie'a bacar& =$el#*a%&. P#c%#l ese'ial cos%& = aceea c&F eI"lici%
sa# i,"lici%F orice =,"r#,#% bacar re"re3i%& # "ari# = "rivi'a c#rs#l#i vii%or al ecoo,iei. Pri i$e%ificarea eI"lici%& a risc#rilor
releva%e ;i a "robabili%&'ilor lorF baca va fi =%r7o "o3i'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 aali3e "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 =%r7o 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 ;i co,ercialeO se vor $ove$i a fi = ,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# v93&ri a#ale s#b # ,ilioO va fi "rea $iversifica%& "e%r#
a "er,i%e o vi3i#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+ #%ili39$ %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 $e ase,eea revi3#i% "erio$icF "e ,&s#r& ce baca =;i revi3#ie;%e
eval#area "rivi$ risc#rile $e =,"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 ;i si,"l# Ncofr#%area c# coc#re'aO = %oa%e co%rac%ele $e =,"r#,#% =sea,&
acce"%area (i,"lici%& sa# eI"lici%&+ a eval#&rilor $e risc#ri ale al%or b&ci. O vi3i#e ,ai ac%iv& "rivi$ eval#area =,"r#,#%#l#i cere
b&cii s& "roiec%e3e ,a*i%#$iea "osibil& a ;oc#rilor releva%e "e%r# fiecare ca%e*orie $e =,"r#,#%F s& %ras"#& aces%e ;oc#ri =%r7o
serie $e efec%e as#"ra "rofi%#rilor %o%ale ;i s& s%abileasc& %er,eii =,"r#,#%#l#i care s& *eere3e "rofi%#ri "revi3ioa%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 $e =,"r#,#% "o% fi i,"le,e%a%e = ,ai ,#l%e ,o$#ri4
(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#3e 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 ba3& as#"ra i"o%e3elor $e
era,b#rsare ;i eI"#erilor i$e%ificabile fa'& $e risc#ri. Rol#l co$#cerii cos%& = $efiirea se%#l#i $e evei,e%e releva%eF
i$e%ificarea eI"#erilor ;i asi*#rarea ca $ob9$a =,"r#,#%#l#i reflec%& efec%#l e% as#"ra "rofi%#rilor %o%ale ale b&cii. Aces%e $eci3ii #
"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
$ob93ii es%e a$,iis%ra% "ri%r7# co,i%e% la ivel =al% "e%r# ac%ive7"asive+.
Cocl#3iile re3#l%a%e $i aali3a 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$ele #r,&%oareF as%fel4
"e%r# clie'ii care = #r,a aali3ei a# fos% =ca$ra'i = ca%e*oria AF a"robarea cre$i%elor solici%a%e $e aces%ea ic#,b&
# risc acce"%abil "e%r# bac&F "erfor,a'ele ecoo,ico7fiaciare c9% ;i "ers"ec%ivele vii%oare asi*#r9$ = cel ,ai =al% *ra$
co$i'iile "e%r# res%i%#irea cre$i%elor ;i "la%a $ob93ilor la %er,eE
15
= ca3#l clie'ilor $i ca%e*oria B ;i CF $eci3ia $e a"robare a cre$i%elor are s#ficie%e ar*#,e%e favorabileF $ar ;i #ele
,o%ive $e =*ri<orareF ,ai ales = ce "rive;%e "ers"ec%iva vii%oare a ac%ivi%&'ii ecoo,ico7fiaciare a aces%oraE
a"robarea #or cre$i%e "e%r# clie'ii $i #l%i,ele $o#& ca%e*orii ic#,b& risc#ri ,a<ore "e%r# bac& = ca3#l
=,"r#,#%a'ilor $i ca%e*oria D ;i c.iar =re*is%rarea $e "ier$eri $a%ori%& i,"osibili%&'ii ra,b#rs&rii ra%elor sca$e%e ;i "la%a $ob93ilor
$a%ora%eF = ca3#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$&F i,"#e
b&cilor o ,are res"osabili%a%e la "lasarea =,"r#,#%#rilorF =%&ri$#7;i "o3i'ia lor $e cre$i%orF "ri *ara'ii cer%e. Aces%e *ara'ii
=,brac& $o#& for,e4
(a+ Garan*ii realeF eI"lici%eF care c#"ri$4 re'iereaF *a<#lF i"o%eca ;i "rivile*i#l
Dre("#l la re*inere es%e $a% $e "osibili%a%ea ce o are cre$i%or#l $e a re'ie = *ara'ia cre$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%& ;i eIi*ibil&.
Ga:area cos%& = =scris#l "ri care =,"r#,#%a%#l "#e la $is"o3i'ia =,"r#,#%a%or#l#i # b# = *ara'ia cre$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 $e re3i$e'& a =,"r#,#%a%#l#i (i%ro$#s& = Ro,9ia =ce"9$ c# 17 DII 7 1666+. 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#i4 $e "referi'& ($e a fi "l&%i% =ai%ea al%or $ebi%oriF la
v93area b##l#i *a<a%+E $e #r,&rire (= ca3#l sc.i,b&rii "ro"rie%ar#l#i b##l#i *a<a%+E $e v93are (v93area = <#s%i'ie a b##l#i *a<a%+.
I(o"eca es%e =scris#l "ri care =,"r#,#%a%#l acor$& =,"r#,#%a%or#l#i $re"%#l as#"ra ac%iv#l#i i,obiliarF f&r& $e"ose$are
;i c# "#blici%a%e "ri =scrierea i"o%ecii = car%ea f#ciar& $e la <#$ec&%oria $e care a"ar'ie $ebi%or#l. I"o%eca "oa%e fi4 (rev&1#"& )e
le!e (le*al&+E conveni"& (acor$& =%re "&r'i "ri%r7# =scris7co%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 = ca3#rile = care $is"# $e o
*ara'ie as#"ra "a%ri,oi#l#i ("ar'ial sa# %o%al+ $ebi%or#l#i. Privile*i#l "oa%e fi !eneral (,obiliar+ ;i s(ecial (i,obiliar+.
b% !aran*ii (ersonaleF re"re3e%9$ a*a<a,e%#l l#a% $e o %er'& "ersoa& $e a "l&%i = ca3#l = care $ebi%or#l es%e =
ica"aci%a%e $e "la%&. Aces%ea s#%4 !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 $ebi%or#l#iF iar = ca3#l ,ai ,#l%or *ara'iiF s& r&s"#$& #,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 $ac& "re3i%& co$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# $e ba3& al cre$i%#l#i care reflec%& obli*a'ia fial& a
=,"r#,#%a'ilor $e res%i%#ire a cre$i%elor #%ili3a%e. Aces% %er,e $e ra,b#rsare "re3i%& o $iversi%a%e $e %er,ee ;i a#,e4
"erene foar"e sc#r"e (!2 ore+F s"ecifice ra"or%#rilor $e cre$i%e i%ervei%e =%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 $e cos#,F
ra,b#rsarea aces%ora f&c9$#7se la sca$e'&E
"eren i:loci# L $e "9& la ,aIi, /75 aiE s"ecific aces%or cre$i%e es%e c& ra,b#rsarea cre$i%elor se face e;aloa%E
"erene l#n!i L $e "es%e 5 ai "9& la !5 sa# 58 aiF folosi%e =$eosebi "e%r# reali3area $e ives%i'ii "ro$#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 175 ai = f#c'ie $e $#ra%a
cre$i%#l#iF "erioa$a = care $ebi%or#l "l&%e;%e #,ai $ob93ile ;i co,isioaele la cre$i%#l #%ili3a%F $ar # ;i ra%ele la "rici"al (co%a "ar%e
$i cre$i%+.
'.1.8 Dob<n)a
Dob9$a es%e # "rici"i# ese'ial al cre$i%#l#i ;i re"re3i%& re,#erarea ca"i%al#l#i =,"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& $o#& for,e4 fi5&F res"ec%iv se a"lic& "e =%rea*a "erioa$& $e acor$are a =,"r#,#%#l#i ;i a fos% s"ecific&
"erioa$ei $e "9& $eceiile 17> ale secol#l#i !8E variabil&> 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 $ob93ii $e "ia'& (a'ioal& sa# i%era'ioal&+F a"lica%& $#"& aii G>8F = co$i'iile ifla'iois%e acce%#a%e
a "erioa$ei res"ec%ive.
'.1.C. Tran1ac*ia
Tra3ac'ia reflec%& fa"%#l c& # cre$i% "oa%e fi covei% = ca$r#l #ei %ra3ac'ii #ice (acor$area ##i cre$i%F e*ocierea #ei
obli*a'i#iF a*a<area ##i $e"o3i%F e%c.+.
Coveirea %ra3ac'ieiF res"ec%iv acor$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 ;i %rasferabili%a%ea s#% %r&s&%#ri ale cre$i%#l#i ;i cos%a# = fa"%#l c&4
Orice cre$i% %ra3ac'ioa% =%re cre$i%or ;i $ebi%or es%e consena" = is%r#,e%e $e cre$i% s#b for,a =scris#rilorF care
vor fi s"ecifice ;i $ifere'ia%e $e la o socie%a%e bacar& la al%aF = cose,area obli*a'i#ilor ;i $re"%#rilor "&r'ilor.
Transferabili"a"ea es%e $a%& $e "osibili%a%ea %rasfer#l#i ##i is%r#,e% $e cre$i% $e la # %i%#lar la al%#l ;i care cos%& =
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#, ;i vei%#rilor s#b for,a $ob93ilor
;i co,isioaelor bacare afere%e. Ti"#ri $e %rasfer#ri4 )irec"e L = ca$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%i3ea3& = ac%ivi%&'ile $e %re3orerie 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.
16
Re3#l%& c& res#rsele $e cre$i%are s#% $e $o#& ca%e*orii4 fo$#ri "ro"rii ;i res#rse ,oe%are a%rase.
'.'.1. Bon)#rile (ro(rii
?o$#rile "ro"rii ale socie%&'ilor bacare s#% for,a%e $i #r,&%oarele ca%e*orii $e ca"i%al ,oe%ar4 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 $i4
ca"i%al#l social al b&ciiF s#bscris ;i v&rsa% $e ac'ioari.
"relev&ri $i "rofi%#l b&cilor "e%r#4 fo$#l $e re3erv&E fo$#l ,i<loacelor fiIeE fo$#l $e $e3vol%areE al%e fo$#ri
cos%i%#i%e $i "rofi%#l e%.
Ca"i%al#l "ro"ri# al #ei b&ci # oc#"& o "o3i'ie $o,ia%& = %o%al#l res#rselor $e cre$i%are. As%fel ca"i%al#l socialF =%r7o
"ro"or'ie ,ai ,ic& sa# ,ai ,areF es%e i,obili3a% = 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 #%ili3area 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 $e re3erv& sa# sol$#l e#%ili3a% la fo$#l ,i<loacelor fiIe sa# "e%r# $e3vol%are+.
De aceeaF la calc#larea fo$#rilor "ro"rii se a# = ve$ere #r,&%oarele4
Di ca"i%al#l "ro"ri# se vor $e$#ce4
(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
(/+ c.el%#ielile a%ici"a%e efec%#a%e "e%r# ac.i3i'ioarea ,i<loacelor fiIeE
(2+ c.el%#ieli "e%r# ives%i'ii = c#rs $e eIec#'ie ;i ,a%eriale "e%r# ives%i'ii "e%r# care # s7a afec%a% fo$#l $e
$e3vol%areE
(5+ "reve$erile =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 $#"&
ca3.
'.'.1.'. Ca(i"al#l s#(lien"ar
Ca"i%al#l s#"li,e%ar icl#$e4
fo$#l $e riscE
re3ervele $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% 188R $i ivel#l ca"i%al#l#i "ro"ri#.
Da%oria s#bor$oa%& es%e l#a%& = calc#l #,ai = "ro"or'ie $e ,aIi,#, 58R $i ca"i%al#l "ro"ri# ;i va %reb#i s&
=$e"lieasc& #r,&%oarele co$i'ii
!+
4
s& fie = =%re*i,e v&rsa%&E
%er,e#l $e ra,b#rsare s& fie $e cel "#'i 5 aiE la calc#larea ivel#l#i fo$#rilor "ro"riiF vol#,#l $a%oriei s#bor$oa%e
va fi *ra$#al re$#s c# !8R "e aF = "erioa$a a%erioar& $e 5 ai sca$e'eiE
co%rac%#l $e cre$i% s& # "reva$& ra,b#rsarea a%ici"a%& a $a%orieiF c# eIce"'ia ca3#l#i i%r&rii = lic.i$are a socie%&'ii
bacareE
= ca3#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 $#"& ca3.
Di %o%al#l fo$#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$#rilor "ro"rii ale #ei socie%&'i bacare = Ro,9ia se efec%#ea3& l#ar.
'.'.'. Res#rsele one"are a"rase
?o$#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#%ili3a%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%ili3area aces%or $is"oibili%&'i ,oe%are $is"oibile "e
%er,ee foar%e sc#r%e sa# sc#r%e s#% #%ili3a%eF = *eeralF "e%r# aco"erirea cre$i%elor "e %er,ee sc#r%e $e 17/ sa# 1 l#iF = "ro"or'ii
$iferi%e $e la o bac& la al%a.
2+
Baca Na'ioal& a Ro,9ieiF NNor,ele r. 11 "rivi$ 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 $e c&%re socie%&'ile bacareOF B.O. r. 260!1 III 166>
17
'.'.'.'. Sol)#rile )e !aran*ii a"eriale
Aces%e sol$#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"o3i%e ;i cos%i%#ie #a $i "rici"alele ac%ivi%&'i ale b&ciiF = cali%a%ea $e
i%er,e$iar fiaciar "e "ia'a ,oe%ar&.
De"o3i%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"o3i%e se face "e o "ia'& ,oe%ar& ;i $e ca"i%al coc#re'ial&F ele,e%#l f#$a,e%al cos%i%#i$#7l4
=cre$ereaF boi%a%ea ;i ivel#l serviciilor is%i%#'iei bacare sa# fiaciare (sec#ri%a%ea+E
ivel#l $e re,#erareE
*ra$#l $e risc = rec#"erarea fo$#rilor.
'.'.'...1. O(era*i#ni (en"r# )e(o1i"ele firelor
O"era'iile ce le efec%#ea3& b&cile = ca$r#l $e"o3i%elor cos%i%#i%e $e fir,eF s#% = #,&r $e %rei4
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 fi3ice ;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 ;i0sa# 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 ;i "e%r# al%e %i"#ri $e o"era'i#i.
$a% O(era*i#ni ?n fron" office
Tra3ac'iile efec%#a%e "ri f#c'ioar#l bacar i,"lic& o a%e'ie s"ori%& =4 rec#oa;%erea0acce"%area clie%#l#iF $ac& se are =
ve$ere fa"%#l c& %ra3ac'iile "ri co%#l $e $e"o3i% al fir,elor a# loc $e ,#l%e ori "ri %elefo sa# "ri scrisori $e a#%ori3are0=,"#%ericireE
co,"le%area $oc#,e%elor ecesare cos%i%#irii $e"o3i%#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#$4 verificarea ;i
calc#larea sol$#rilor %#%#ror co%#rilor clie'ilor ("ri recocilierea sol$#rilor co%#rilor c# re*is%r#l co%abil *eeral care se ba3ea3& "e
$oc#,e%ele #%ili3a%e+E co,"esarea cec#rilor "ri sis%e,#l casei $e co,"esa'ii ("ri sor%area cec#rilor ;i "ri #r,&rirea lor = ca$r#l
sis%e,#l#i $e co,"esare+E calc#larea $ob93ii (a"lic9$ ra%a corec%& a $ob93ii ;i $a%ele $e efec%#are a o"era'i#ilor+E =$osarierea
$oc#,e%a'iilor %ra3ac'iilorE %ri,i%erea eI%raselor $e co% clie'ilor ;i verificarea lor.
'.'.'...'. Al"e (roblee le!a"e )e )e(o1i"ele (en"r# fire
Calc#larea $ob93ii ;i #r,&rirea co%#rilor = ca$r#l $e"o3i%elor cos%i%#i%e $e fir,eF ca ;i "roble,ele co%abile ;i cele "rivi$
i,"o3i%eleF = acela;i ca$r#F s#% si,ilare celor $i ca$r#l re%ail ba)i*7#l#i.
Da%a efec%#&rii o"era'i#ii (val#e $a%e+ as#"ra c&reia s7a c&3#% $e acor$ = ca$r#l $e"o3i%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#cre3e. Da%a efec%#&rii
o"era'i#ilor (= s"ecial = ca3#l = care cec#rile s#% e,ise $e clie'i fir,elor ;i $e"#se i,e$ia% = baca $e c&%re clie%+ es%e covei%&
a fi l#a%& = cosi$erare ,ai $evre,e $ec9% "e%r# clie'i "ersoae fi3iceF =%r#c9% aceas%a es%e # ,i<loc $e a a%ra*e fir,ele ca ;i
clie'i.
De"o3i%e $e o oa"%e (over i*.%+ ale fir,elor s#% acce"%a%e $e c&%re bac&F #r,9$ "roce$#ri s"ecialeF "ri%re care
"riori%a%ea %ra3ac'iei.
Sis%e,#l $e co%rol i%er = ca$r#l $e"o3i%elor cos%i%#i%e $e fir,eF ecesi%& acelea;i "9r*.ii $e co%rol ca ;i = ca3#l re%ail
ba)i*7#l#iF "l#s4 %er,ei clari ;i corec'i = acor$#l se,a% $e bac& ;i $e c&%re fir,&E rec#oa;%erea "ersoaelor a#%ori3a%e $e fir,&
s& ac'ioe3e = #,ele ei.
'.'.'..... Ca"e!orii )e )e(o1i"e bancare
K "rac%ica bacar& se $is%i* #r,&%oarele ca%e*orii $e $e"o3i%e bacare4
$a% De(o1i"e la ve)ere
Carac%eris%ic aces%#i %i" $e $e"o3i%F care oc#"& $e al%fel "o$erea cea ,ai ,are = %o%al#l $e"o3i%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% $orescF = "rici"i#F f&r& "reavi3 a$resa% b&cii.
EIce"'ie fac ca3#rile $e re%ra*ere a #or s#,e foar%e ,ariF care i,"# # "reavi3 $i "ar%ea $e"oe%#l#iF $ar #,ai $e !2 $e ore
=ai%ea rec#"er&rii s#,elor res"ec%ive.
$b% De(o1i"e c# (reavi1
Ks&;i $e#,irea lor eI"ri,& obli*a'ia ce revie $e"oe'ilorF ca orice re%ra*ere $e fo$#ri ,oe%are s& se fac& #,ai $#"&
# "reavi3F covei% c# baca "ri =scris#l (co%rac% $e $e"o3i%+ =c.eia% la cos%i%#irea $e"o3i%#l#i.
Aces% "reavi3 se $& $e re*#l&F c# 5718 3ile =ai%ea re%ra*erii s#,elor res"ec%ive. Ase,eea %i" $e $e"o3i%e es%e ,ai rar
#%ili3a%F $e;i es%e ava%a<os "e%r# bac&.
$c% De(o1i"e la "eren
18
*inanarea
"o"al& +
necesar
De"o3i%ele la %er,eF s#% covei%e =%re "&r'iF la =c.eierea co%rac%#l#i $e $e"o3i%F la %er,ee fiIe (o s&"%&,9&F o l#&F /
l#iF 1 l#iF 1! l#i ;i "es%e aces%e "erioa$e "9& la 5 ai+.
Aces%e $e"o3i%e "re3i%& ava%a< "e%r# a,bele "&r'i ale co%rac%#l#i4
"e%r# bac& "e%r# c& =;i "oa%e co%rola ,ai fer, %re3oreria si coor$oarea res#rselor $e cre$i%are c# "lasa,e%ele = 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"o3i% $e#,i% NsJee"OF es%e o iova'ie i%ro$#s& $e c&%re is%i%#'iile care "reia# $e"o3i%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 $e3vol%a% $e Berril LPc.F care co,bi& bro)era<#l ;i co%#l bacarF
oferi$ clie'ilor $ob9$a 3ilic& "e%r# sol$#l $i co%F facili%a%e "ri cec#riF car$#ri $e $ebi% Disa ;i cre$i%e acor$a%e i,e$ia% la ra%e ale
$ob93ii ale co%#rilor $e bro)era<.
Re,#erarea $e"o3i%elor se face la ra%e $e $ob93i $iferi%eF = f#c'ie $e ivel#l $ob93ii $e "ia'&F $e %i"#l $e"o3i%#l#i ;i
$#ra%a aces%#ia. K%o%$ea#a # $e"o3i% la %er,e va fi cel ,ai bie re%rib#i% ;i = or$ie $e"o3i%ele c# "reavi3 ;i = fial $e"o3i%ele la
ve$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"#3&%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"o3i%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 a# fo$#ri i,obili3a%e = %i%l#ri $e cre$i% sco%a%eF a"elea3& 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,obili3a%e = %i%l#ri $e cre$i% (%i%l#ri $e
crea'&F efec%e $e co,er'F e%c.+ sco%a%e #or clie'i.
'... Proce)#ri (rivin) f#n)aen"area )eci1iei )e cre)i"are
Aali3a c# "rivire la f#$a,e%area $eci3iei la acor$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 fi4 "revi3ioarea ceri'elor fiaciareE aali3a ecoo,ico7fiaciar& 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 $eci3iei $e cre$i%areE *ara'iile cre$i%#l#iE co%rac%#l $e cre$i%E co%rol#l
#%ili3&rii cre$i%elor ;i verificarea *ara'iei aces%oraE aali3a ;i clasificarea "or%ofoli#l#i $e cre$i%e ;i cos%i%#irea "rovi3ioaelor s"ecifice
$e risc.
Prealabil %recerii la o aali3& co,"leI& a cererii $e =,"r#,#% a clie%#l#iF ofi'er#l $e cre$i%e %reb#ie s& fac& o "revi3ioare 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 ;i coo"erarea solici%a%#l#i o "roiec'ie fiaciar&.
Aceas%a cos%& = a se verifica s%abili%a%ea is%oric& a rela'iilor $i%re v93&ri ;i $iverse co%#riF "ri calc#larea #ei "revi3io&ri
a fia'&rii %o%aleF $#"& #r,&%oarea rela'ie4
[ ] ( ) [ ] (la"i" #i )ivi)en)#l in)icele "e (revi1iona van1ari (rofi" )e ar:a
van1arilor a "a (revi1iona ificarea o)
Ean1ari
Pasive
van1arilor a "a (revi1iona ificarea o)
Ean1ari
Ac"ive

1
]
1

1
]
1

1

(1+
B#l%e b&ci se a*a<ea3& = si,#l&ri $e a,"loare "rivi$ ra,b#rsarea ;i al%e ,o$ali%&'i $e a ,&s#ra "erfor,a'a fir,ei =
co$i'ii $iferi%e $e ra%& a $ob93iiF si%#a'ia *eeral& a ecoo,ieiF ifla'ia ;i "re3#,'ii "rivi$ variabilele c.eie. Aali3ele %i" sceari# s#%
=%oc,i%e ;i $e c&%re fir,e7clie'iF $ac& $is"# $e res#rsele ;i c#o;%i'ele ecesare. D#"& ce s#% s%abili%e ecesi%&'ile fiaciare
a$ecva%eF se %rece la %e.icile i,"lica%e $e aali3a $e cre$i%.
K orice ca3F i,"lici%& = $eci3ia $e acor$are a =,"r#,#%#l#i es%e ca"aci%a%ea *eeral& $e a co,bia $iverse =,"r#,#%#ri ale
b&cii =%r7o s%ra%e*ie $e "or%ofoli# coere%& ;i clar $efii%&.
'...1. Anali1a econoico9financiar& a ac"ivi"&*ii clien*ilor
Aali3a as"ec%elor ecoo,ico7fiaciare are ca obiec%iv s%abilirea ##i $ia*os%ic al si%#a'iei ecoo,ico7fiaciare
i$is"esabil "e%r# $eci3ia $e cre$i%are. Aceas%& aali3& se ba3ea3& "e $oc#,e%e $e si%e3& 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 aali3a fl#I#l#i $e fo$#ri ale "erioa$elor eI"ira%eF "rec#, ;i
"e aali3a fl#I#l#i $e lic.i$i%&'i (cas. 7 floJ7 #l#i+ "e%r# "erioa$a #r,&%oare.
Aali3a ecoo,ico7fiaciar& a ac%ivi%&'i clie'ilor co'ie4
Anali1a bilan*#l#i con"abil> care "res#"#e4
eIa,iarea bila'#rilor "e #l%i,#l a =c.eia% ;i si%#a'iile fiaciare c#,#la%e $e la =ce"#%#l a#l#i c#re%F co,"ara%iv c#
aceea;i "erioa$& 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
ce3oriE
aali3a i,obili3&rilor cor"orale ;i ecor"orale ;i a s#rselor $e aco"erire a aces%oraE
aali3a $eco%&rilorF "relev&rilorF v&rs&,i%elorF $a%oriilor ;i obli*a'i#ilor fa'& $e %er'iE
1(
aali3a cos%#rilorF "e%r# $i,esioarea corec%& a vol#,#l#i $e cre$i%e "e%r# ac%ivele circ#la%e care fac obiec%#l
cre$i%&rii.
Anali1a veni"#rilor> a c-el"#ielilor 7i con"#l#i )e (rofi" 7i (ier)ere> care are = ve$ere4 aali3a re3#l%a%elor
ac%ivi%&'ii ;i a "rofi%#l#i "e #l%i,#l a =c.eia% ;i res"ec%iv "e a#l c#re%E aali3a re"ar%i3&rii "rofi%#l#i e%E aali3a "ier$erilor =re*is%ra%e
;i rec#"erarea lor.
Anali1a fl#5#rilor )e fon)#ri ale (erioa)elor e5(ira"e> care se ba3ea3& "e ,o$#l $e reali3are a "ro$#c'ieiF
v93area ;i =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%& aali3& se efec%#ea3& a%9% "e%r# ac%ivi%a%ea $e "ro$#c'ieF c9% ;i "e%r# ac%ivi%a%ea $e ives%i'iiF "e%r# o
"erioa$& a%erioar& $e cel "#'i # a.
Anali1a fl#5#l#i )e lic-i)i"&*i> "e "erioa$a #r,&%oareF "res#"#e ca "e ba3a re3#l%a%elor ob'i#%e a%erior ;i a
"or%ofoli#l#i $e co%rac%e $e a"rovi3ioareF "ro$#c'ieF $esfacereF a "ers"ec%ivei varia'iei s%oc#rilorF e%cF s& se eval#e3e ;i s& se
"ro*o3e3e4 "osibili%&'ile clie%#l#i $e a *eera = vii%or lic.i$i%&'iE ca"aci%a%ea clie%#l#i $e a7;i oora obli*a'iile $e "la%& vii%oareE
'...1.1 Anali1a s"r#c"#rii 7i con*in#"#l#i bilan*#l#i con"abil 7i a con"#l#i )e (rofi" 7i (ier)eri
C#oa;%erea ;i ='ele*erea ac%ivi%&'ii clie%#l#i es%e # ele,e% f#$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 $e o "ar%eF
s& ofere aces%#ia serviciile ;i "ro$#sele bacare a$ecva%eF iarF "e $e al%& "ar%eF s& ia ,&s#ri "e%r# $i,i#area ;i "reveirea risc#l#i $e
rec#"erare a cre$i%elor ;i a =cas&rii $ob93ilor.
Ca a%areF "e%r# "ro%e<area fo$#rilor "ro"rii ;i a celor a%raseF baca are $a%oria $e a7;i selec'ioaF <#$icios clie'iiF $eoarece
"erfor,a'ele ei $e"i$ $e eficie'a = acor$area cre$i%elor.
Aali3a fiaciar& a ac%ivi%&'ii clie%#l#i are ca "#c% $e "lecare bila'#l co%abilF ca $oc#,e% oficial $e *es%i#e al clie%#l#i.
El ofer& o i,a*ie co%abil& as#"ra "a%ri,oi#l#iF si%#a'iei fiaciare ;i re3#l%a%elor ob'i#%eF "e ba3a #or ac%e a$,iis%ra%ive
e,ise la # ,o,e% $a%. K ,o$ si,ilar se va "roce$a ;i c# ifor,a'iile f#ri3a%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 ;i eficie'ei ac%ivi%&'ii clie%#l#i.
'...1.1.1. Bilan*#l con"abil 3ba1& a anali1ei econoico9financiare a firei
Bila'#l co%abil co'ie ele,e%ele "a%ri,oiale reflec%a%e la valoarea $e i%rare = "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 ba3a bala'ei $e verificare l#ar&F si%#a'iile fiaciar7co%abile "erio$ice ;i bila'#l co%abil "re3e%a% $e clie'iF ofi'erii $e
cre$i% vor "roce$a la aali3a aces%ora "e%r# a<#s%area ;i a$a"%area lor = ve$erea ob'ierii ele,e%elor ;i ifor,a'iilor care servesc ,ai
bie sco"#rilor ;i "rici"iilor $e aali3& ale b&cii. U%ili3area $a%elor ob'i#%e es%e cer#%& $e ecesi%a%ea $e%er,i&rii valorii reale a
ac%iv#l#i ;i a =%re*#l#i "a%ri,oi# ;i s%abilirea c9% ,ai corec% "osibil a ,&ri,ii risc#l#i as#,a% $e clie% ("ro"rie%ar+ = co,"ara'ie c# cel
al b&cii.
K sco"#rile aali3ei se efec%#ea3& 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 $e ac%iv ;i "asiv se *r#"ea3& fiecare = %rei ,ari
ca"i%oleF as%fel4
ACTID4 I LAc%ive ,obili3a%e
II L Ac%ive reali3abile Ac%ive circ#la%e
III L Tre3oreria "o3i%iv&
I. Ac"ivele iobili1abile c#"ri$ i,obili3&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 $e re*#lari3are ;i asi,ila%e ;i "ri,ele
"rivi$ ra,b#rsarea obli*a'i#ilor.
III. Tre1oreria (o1i"iv& c#"ri$e %i%l#rile $e "lasa,e% ;i $is"oibili%&'ile (co%#ri = b&ci = lei ;i val#%&F care%e cec#riF
acre$i%ive+F res"ec%iv acele ac%ive eIis%e%e s#b for,& $e lic.i$i%&'i sa# s#sce"%ibile s& fie %rasfor,a%e ra"i$ = $is"oibili%&'i.
Ac%ivele reali3abileF =,"re#& c# %re3oreria "o3i%iv&F alc&%#iesc ac%ivele circ#la%e.
PASID4
(a+ Pasive "e %er,e l#*
(b+ Da%orii c#re%e c# sca$e'a ,ai ,ic& $e 1 a
(c+ Tre3oreria e*a%iv&
Pasivele (e "eren l#n! c#"ri$ acele s#rse $e fia'are c# carac%er "er,ae% sa# $e l#*& $#ra%&F res"ec%iv4
A1. Ca"i%al#ri "ro"rii = ses lar*
A!. Provi3ioae "e%r# risc#ri ;i c.el%#ieli
A/. Da%orii c# sca$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#73isF $ar ;i $ifere'ele $i reeval#areF
s#bve'iile "e%r# ives%i'ii ;i "rovi3ioaele re*le,e%a%eF care "ri a%#ra lor # "o% fi cosi$era%e s%ric% o "ar%e a ca"i%al#l#i care #
$e"i$ $e ac%ivi%a%ea clie%#l#i (%abel !.2+.
Bo$#l $e $e%er,iare a ca"i%al#rilor "ro"rii e%e = ses lar* (CPNSL+
Tabel#l !.2
Pos%#ri
R<n)
Ca"i%al#ri "ro"rii e%e = ses lar* (r$. 17!7/7275V17>7576718+ 7
Ca"i%al#ri "ro"rii = ses lar* (r$. 15 $i bila'#l "rel#cra% 7 ve3i
%abel#l >.1+
1
I,obili3&ri ecor"orale !
Deco%&ri $i o"era'i#i = c#rs /
2)
Clie'i icer'i (c%. 211 V clie'i icer'i $e"is%a'i $e bac&+ 2
Difere'e $e coversie L ac%iv 5
Difere'e $e coversie L "asiv 1
S%oc#ri evalorificabile L $e"is%a%e $e bac& >
Pri,e "rivi$ ra,b#rsarea obli*a'i#ilor 5
Deco%&ri c# asocia'ii "rivi$ ca"i%al#l 6
Al%e ac%ive icer%eF $e"is%a%e $e bac& 18
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 ;i "rovi3ioaele re*le,e%a%e.
Ca(i"al#rile (ro(rii ne"e ?n sens s"ric" se $e%er,i& "ri $i,i#area ca"i%al#rilor "ro"rii = 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% ;i "ri ,a<orarea c# #ele ele,e%e $e "asiv c# valoare c#osc#%& (%abel
!.5+.
Bo$#l $e $e%er,iare a ca"i%al#rilor "ro"rii e%e = ses s%ric% (CPNSS+
Tabel#l !.5
Pos%#ri
R<n)
Ca"i%al#ri "ro"rii e%e = ses s%ric% (r$. 17!7/7275V17>7576718+ 7
Ca"i%al#ri "ro"rii = ses s%ric% (r$. 1/ $i bila'#l "rel#cra% 7 ve3i
%abel#l >.1+
1
I,obili3&ri ecor"orale !
Deco%&ri $i o"era'i#i = c#rs /
Clie'i icer'i (c%. 211 V clie'i icer'i $e"is%a'i $e bac&+ 2
Difere'e $e coversie L ac%iv 5
Difere'e $e coversie L "asiv 1
S%oc#ri evalorificabile L $e"is%a%e $e bac& >
Pri,e "rivi$ ra,b#rsarea obli*a'i#ilor 5
Deco%&ri c# asocia'ii "rivi$ ca"i%al#l 6
Al%e ac%ive icer%e L $e"is%a%e $e bac& 18
Ele,e%e $e ac%iv c# valoare icer%& "o% fi4
- Iobili1&ri necor(orale> care s#% for,a%e $i4
1. C-el"#ielile )e cons"i"#ireF re"re3e%9$ c.el%#ielile oca3ioa%e $e =fii'area socie%&'ii ;i care se vor rec#"era = aii
#r,&%ori "ri%r7o co%& a#al& $e a,or%i3areE
'. C-el"#ieli )e cerce"are9)e1vol"are re"re3i%& cos%#l cerce%&rilor ac%#ale = ve$erea elabor&rii #or "roiec%e $e vii%or.
Av9$ = ve$ere carac%er#l i,"robabil al re3#l%a%elor cerce%&rii ;%ii'ificeF "robabili%a%ea rec#"er&rii aces%or c.el%#ieli es%e icer%&.
.. Concesi#ni> breve"e 7i al"e )re("#ri 7i valori siilare re"re3i%& cos%#l $e ac.i3i'ie al aces%or ac%ive i%a*ibile ;i ale
c&ror re3#l%a%e "ri a"licarea lor = "rac%ic& # "o% fi c#osc#%e c# cer%i%#$ie.
0. Bon)#l Coercial es%e # ele,e% $e ac%iv ecor"oral care coc#r& la ,e'ierea ;i $e3vol%area "o%e'ial#l#i
ecoo,ic c#, ar fi4 va$#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% $e ac%ivF fic%ivF icer%.
6. Al"e Iobili1&ri Necor(orale> care c#"ri$ = *eeral "ro*ra,ele ifor,a%ice crea%e $e fir,& sa# ac.i3i'ioa%e $e la
%er'i.
- Decon"&ri )in O(era*i#ni ?n C#rs )e clarificare re"re3i%& s#,e care # "o% fi =re*is%ra%e "e c.el%#ieli ;i $eci =
re3#l%a%ele fiaciare ale fir,ei (a,e3iF loca'iiF c.el%#ieli $e <#$eca%&F e%c.+
- Clien*i Incer*i re"re3i%& acele crea'e c# "osibili%&'i i,"robabile $e rec#"erareF caF $e eIe,"l#4 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 ;i acele crea'e icer%e c# o vec.i,e
,ai ,are $e /18 3ile $e%er,ia%e $e bac& = verific&rile efec%#a%e.
- Priele (rivin) Rab#rsarea Obli!a*i#nilor care re"re3i%& $ifere'a $i%re valoarea $e e,isi#e ;i valoarea $e
ra,b#rsare.
- Diferen*a )e Conversie 9 Ac"ivF re"re3i%& "ier$eri la%e%e $i crea'e ($i,i#area valorii lor = 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 3ile a eIerci'i#l#i.
- S"oc#ri Nevalorificabile re"re3i%& 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 $e aali3& a cre$i%#l#i.
- Decon"&ri c# asocia*ii (rivin) ca(i"al#l re"re3i%& a"or%#l la ca"i%al#l s#bscris ;i ev&rsa% $e c&%re ac'ioari. Aces%
a"or% #r,ea3& a fi v&rsa% = "erioa$a #r,&%oare la $a%ele "rev&3#%e = $oc#,e%ele cos%i%#%ive ale socie%&'ii sa# a a$#&rilor *eerale a
ac'ioarilor = ca3#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
2>1 Nc.el%#ieli =re*is%ra%e = avasOF c#, ar fi4 $ob93i e"l&%i%e afere%e cre$i%elor "e %er,e ,e$i# ;i l#*F c.el%#ieli efec%#a%e "e%r#
i,obili3&ri cor"orale ac.i3i'ioa%e sa# reali3a%e "e co% "ro"ri#F "e%r# care # eIis%& s#rse aco"eri%oare $i a,or%i3areF $i
re"ar%i3area "rofi%#l#i sa# $i al%e s#rse+.
Eleen"e )e Pasiv c# valoare c#nosc#"& care ,a<orea3& ca"i%al#rile "ro"rii = ses s%ric%F s#% $e%er,ia%e $e $ifere'ele
$e coversie L"asivF care re"re3i%& "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 ;i $a%oriile eI"ri,a%e = $evi3e ;i $a%a =c.i$erii eIerci'i#l#i fiaciar.
A'%. Provi1ioanele (en"r# risc#ri 7i c-el"#ieli re"re3i%& fo$#ri cos%i%#i%e fie "e sea,a c.el%#ielilor = sco"#l fia'&rii
ele,e%elor "a%ri,oiale a c&ror reali3are sa# "la%& se va face =%r7o "erioa$& 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#, ;i vei%#rile
=re*is%ra%e = avas ;i $i $ifere'ele $e coversie7"asiv.
21
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 %re3oreria 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$ea3& la *r#"area co%#rilor $i bala'a
$e verificare l#ar& $e"#s& $e clie%F = "o3i'ii si%e%iceF "o%rivi% #r,&%or#l#i ,o$el (%abel !.1+4
Bilan* con"abil (rel#cra"
Tabel#l !.1
ACTIE R9$
Iobili1&ri cor(orale (r$. !V/V275+ 1
7 c.el%#ieli $e cos%i%#ire ;i cerce%are7$e3vol%are !
7 al%e i,obili3&ri /
7 i,obili3&ri = c#rs 2
7 "rovi3ioae "e%r# $e"recierea i,obili3&rilor ecor"orale 5
Iobili1&ri cor(orale (r$. >V5V6V18V11V1!V1/+ 1
7 %ere#ri >
7 cl&$iri 5
7 cos%r#c'ii s"eciale 6
7 ,a;ii ;i #%ila<e 18
7 al%e i,obili3&ri cor"orale 11
7 i,obili3&ri = c#rs 1!
7 "rovi3ioae "e%r# $e"recierea i,obili3&rilor cor"orale 1/
Iobili1&ri financiare (r$. 15V11V1>715+ 12
7 %i%l#ri $e "ar%ici"are 15
7 al%e %i%l#ri i,obiliare 11
7 crea'e i,obiliare 1>
7 "rovi3ioae "e%r# $e"recierea i,obili3&rilor fiaciare 15
Crean*e coerciale c# sca)en*a F )e 1 an 16
I. Ac"ive iobili1a"e (r$. 1V1V12V16+ !8
S%oc#ri (r$. !!V!/V!2V!5V!1V!>+ !1
7 ,a%erii "ri,eF ,a%erialeF obiec%e $e ive%ar !!
7 s%oc#ri afla%e la %er'i !/
7 "ro$#se = c#rs $e eIec#'ie !2
7 "ro$#se !5
7 ai,ale !1
7 ,&rf#ri $i care s%oc#ri evalorificabile !>
Crean*e coerciale c# sca)en*a G )e 1 an (r$. !6V/1V/!V//+ !5
7 clie'i ;i co%#ri asi,ila%e !6
7 clie'i icer'i /8
7 al%e crea'e /1
7 f#ri3ori L $ebi%ori /!
7 $eco%&ri c# asocia'ii "rivi$ ca"i%al#l //
Con"#ri )e re!#lari1are 7i asiila"e (r$. /5V/1+ /2
7 c.el%#ieli =re*is%ra%e = avas /5
7 $ifere'e $e coversie /1
Prie (rivin) rab#rsarea obli!a*i#nilor />
II. Ac"ive reali1abile (r$. !1V!5V/2V/>+ /5
7 %i%l#ri $e "lasa,e% /6
7 co%#ri la b&ciF casaF acre$i%ive 28
III. Tre1oreria (o1i"iv& (r$. /6V28+ 21
Ac"ive circ#lan"e (r$. !1V!5V21+ 2!
TOTAL ACTIE (r$. !8V/5V21+ 2/
PASIE
R<n)
Ca"i%al socialF $i care4 1
7 ca"i%al social v&rsa% !
7 "a%ri,oi#l re*iei /
Co%#l =%re"ri3&%or#l#i i$ivi$#al La"or% $e ca"i%al Lcac. 2
Co%#l =%re"ri3&%or#l#i i$ivi$#al La"or% $e ca"i%al L = val#%& 5
Pri,e le*a%e $e ca"i%al 1
Re3erve >
Re3#l%a%#l ra"or%a% L"rofi% (V+F "ier$ere (7+ 5
Re3#l%a%#l eIerci'i#l#i L"rofi% (V+F "ier$ere (7+ 6
Re"ar%i3area "rofi%#l#i 18
?o$#ri 11
Re"ar%i3&ri la fo$#l $e $e3vol%are 1!
Ca(i"al#ri (ro(rii ?n sens s"ric" (r$. 1V2V5V1V>V075V076718V1171!+ 1/
Ca(i"al#ri (ro(rii ne"e ?n sens s"ric" 12
Difere'e $i reeval#are 15
22
S#bve'ii "e%r# ives%i'ii 11
Provi3ioae re*le,e%a%e 1>
Ca(i"al#ri (ro(rii ?n sens lar! (r$. 1/V15V11V1>+ 15
Ca(i"al#ri (ro(rii ne"e ?n sens lar! 16
Provi3ioae "e%r# risc#ri !8
Provi3ioae "e%r# c.el%#ieli $e re"ar%i3a% !1
Provi1ioane (en"r# risc#ri 7i c-el"#ieli (r$. !8V!1+ !!
Da%orii fiaciare c# sca$e'a W1 a ("ar%ea W 1 a+ (r$. !2V!5+F $i
care4
!/
7 la b&ci !2
7 al%e $a%orii !5
Da%orii efiaciare c# sca$e'a W 1 a ("ar%ea W 1 a+ (r$. !>V!5+F $i
care4
!1
7 f#ri3ori ;i co%#ri asi,ila%e !>
7 avas#ri "ri,i%e !5
Da"orii c# sca)en*a F 1 an (r$. !/V!1+ !6
I. Pasive (e "eren l#n! (r$. 15V!!V!6+ /8
Da"orii nefinanciare c# sca)en*a G 1 a (r$. /! la r$. /1+ /1
7 f#ri3ori ;i co%#ri asi,ila%e c# sca$e'a W 1 a ("ar%ea G 1 a+ /!
7 f#ri3ori ;i co%#ri asi,ila%e c# sca$e'a G 1 a //
7 avas#ri "ri,i%e /2
7 al%e $a%orii /5
7 co%#l =%re"ri3&%or#l#i i$ivi$#al L$a%orie = a%#r& /1
Con"#ri )e re!#lari1are 7i asiila"e (r$. /5V/6+ />
7 vei%#ri =re*is%ra%e = avas /5
7 $ifere'e $e coversie /6
II. Da"orii c#ren"e c# sca)en*a W 1 a (r$. /1V/>+ 28
Da%orii fiaciare c# sca$e'a G 1 a ("ar%ea G 1 a+F (r$. 2!+F $i care4 21
7 la b&ci 2!
Da%orii fiaciare c# sca$e'a G 1 a (r$. 22V25V21+ 2/
7 la b&ci 22
7 al%e $a%orii fiaciare 25
7 co%#l =%re"ri3&%or#l#i i$ivi$#al L$a%orie cac. 21
III. Tre1orerie ne!a"iv& (r$. 21V2/+ 2>
Da%orii c# sca$e'a G 1 a (r$. 28V2>+ 25
Da%orii %o%ale (r$. !6V25+ 26
TOTAL PASIE (r$. /8V28V2>+ 58
'...1.1.'. Anali1a (rofi"abili"&*ii
Bila'#l co%abil =%oc,i% $e clie% eI"ri,& s%area "a%ri,oial& la care s7a 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#, s7a a<#s la res"ec%iva s%are "a%ri,oial& fial&F care a# fos% fl#I#rile $e
vei%#ri ;i $e c.el%#ielile ce a# $efii% evol#'ia ecoo,ico7fiaciar& a a*e%#l#i ecoo,ic aali3a%F $e la =ce"#%#l ;i "9& la sf9r;i%#l
eIerci'i#l#i. K ac%ivi%a%ea ce o $esf&;oar& ofi'erii $e cre$i% =;i coce%rea3& a%e'ia as#"ra ac%ivi%&'ilor care *eerea3& vei%#riF res"ec%iv
c.el%#ieli. Ei "rel#crea3& $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$e%#l 0$efici%#l br#% $i eI"loa%areF eIce$e%#l 0$efici%#l
br#% fiaciarF eIce$e%#l 0$efici%#l br#% eIce"'ioalF ca"aci%a%ea $e a#%ofia'areF e%c.+.
Aali3a ;i "rel#crarea $a%elor ;i ifor,a'iilor co%#l#i $e "rofi% ;i "ier$ere se efec%#ea3& $e c&%re ofi'erii $e cre$i%e av9$ =
ve$ere #r,&%oarele4
Co%#l $e "rofi% ;i "ier$ere re"re3i%& $oc#,e%#l "ri care se re*r#"ea3& fl#I#rile realeF fiaciare ;i eIce"'ioale ale #ei
fir,e. C# a<#%or#l l#i se eI"lic& ,o$#l $e cos%i%#ire a re3#l%a%#l#i eIerci'i#l#i = $iferi%e e%a"eF "er,i'9$ as%fel $es"ri$erea #or
cocl#3ii le*a%e $e ivel#l "erfor,a'elor ecoo,ice ale ac%ivi%&'ii $esf&;#ra%e $e o fir,& =%r7o a#,i%& "erioa$& $e *es%i#e.
?l#I#rile ecoo,ice s#% *r#"a%e =4
Bl#5#rile )e e5(loa"are> care s#% acele o"era'i#i ecoo,ice c# carac%er s"ecificF obi;#i% ;i res"ec%iv care se refer&
la ac%ivi%a%ea or,al& ;i c#re%& a fir,eiF eIcl#39$ orice ifl#e'& c# carac%er fiaciar sa# eIce"'ioal. O"era'i#ile $e eI"loa%are
"er,i% $e%er,iarea re3#l%a%#l#i $e eI"loa%areF care es%e # re3#l%a% realF $eoarece es%e *eera% $e ac%ivi%a%ea "ro"ri#73is& $e ba3& a
fir,ei.
Bl#5#rile financiare> cos%i%#i%e $i acele o"era'i#i ecoo,ice care se refer& la ac%ivi%a%ea fiaciar& ;i care a# #
carac%er obi;#i% re"e%i%iv ;i s"ecific c#"ri39$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 re3#l%a%#l#i fiaciar. ?l#I#rile $e eI"loa%are ;i fiaciare for,ea3& fl#I#rile c#re%eF care s#% *eera%oare ale
re3#l%a%#l#i c#re%.
Bl#5#rile e5ce(*ionale> for,a%e $i acele o"era'i#i ecoo,ice care # a# o le*&%#r& $irec%& c# obiec%#l or,al $e
ac%ivi%a%e a fir,ei. Ele a# # carac%er ere"re3e%a%ivF acci$e%al. ?l#I#rile eIce"'ioale "er,i% $e%er,iarea re3#l%a%#l#i eIce"'ioal.
Co%#l $e "rofi% ;i "ier$ere "#e = corelare #r,&%oarele ivele4
Nivel#l C-el"#ieli Eeni"#ri
I. EI"loa%are
C.el%#ieli $e eI"loa%are Dei%#ri $i eI"loa%&ri
II. ?iaciar C.el%#ieli fiaciare Dei%#ri fiaciare
III. EIce"'ioal C.el%#ieli eIce"'ioale Dei%#ri eIce"'ioale
23
ID. Global I,"o3i%e "e "rofi% 7
'...1.1.'.1. Eval#area (rofi"abili"&*ii la nivel )e e5(loa"are
K aceas%& "ar%e a co%#l#i $e "rofi% ;i "ier$ere s#% $a%e co%abile c#a%ifica%e = i$ica%oriF care "er,i% $e%er,iarea
"erfor,a'ei fir,ei la ivel#l ac%ivi%&'ii $e ba3&F res"ec%iv ac%ivi%a%ea $e eI"loa%are. Ace;%i i$ica%ori s#%4
;ar:a Coercial&F care re"re3i%& valoarea o# crea%& ob'i#%& = sfera co,er'#l#i e *ros ;i e $e%ailF a%9% $e
socie%&'ile $e "rofil c9% ;i $e al%e socie%&'i care $esf&;oar& o as%fel $e ac%ivi%a%e "ri ,a*a3ie "ro"rii $e $esfacere.
;ar:a co. 4 E<n1&ri )e &rf#ri 3 Cos"#l &rf#rilor v<n)#"e $'%
Cifra )e Afaceri> cos%i%#i%& $i %o%ali%a%ea vei%#rilor ob'i#%e $i ac%ivi%a%ea $e v93are a "ro$#selorF serviciilor ;i
,&rf#rilorF e%c.F =%r7o a#,i%& "erioa$&. Cifra $e afaceri re"re3i%& vol#,#l $e afaceri reali3a% c# %er'e "ersoae = ca$r#l ac%ivi%&'ii
or,ale ;i c#re%e a fir,ei.
Cifra )e afaceri 4 E<n1&ri )e &rf#ri HPro)#c*ia v<n)#"& $.%
I$ica%or#l es%e i,"or%a% = carac%eri3area ,&ri,ii #ei socie%&'i ;i a si%#a'iei ecoo,ico7fiaciare a aces%eia. Cifra $e
afaceri es%e ifl#e'a%& a%9% $e varia'iile $e "re' c9% ;i $e cele $e vol#,.
Pro)#c*ia e5erci*i#l#i re"re3i%& valoarea %o%al& a b##rilor eIec#%a%e ;i serviciilor "res%a%e $e o socie%a%e =%r7o
a#,i%& "erioa$&F v9$#%e sa# "&s%ra%e = s%oc sa# #%ili3a%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 V v93&rile $e ,&rf#riF =%r7o a#,i%& "erioa$&.
U%ili3area aces%#i i$ica%or es%e ecesar& "e%r# $e%er,iarea "o$erii ele,e%elor $i co%#l $e "rofi% ;i "ier$ere fa'& $e =%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"re3i%& valoarea o# crea%& ob'i#%& $i ac%ivi%a%ea "ro$#c%iv& $esf&;#ra%& $e o socie%a%eF al%a
$ec9% cea "#r co,ercial&F =%r7o a#,i%& "erioa$& $e %i,".
;ar:a in). 4 Pro). e5erci*i#l#i 3$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%i3areaF 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"re3i%& s#rsa $e cos%i%#ire a re3#l%a%#l#i $e eI"loa%are ;i "ri aceas%a a re3#l%a%#l#i e% al eIerci'i#l#i.
Daloarea a$&#*a%& es%e # i$ica%or care "er,i%e ,&s#rarea "#%erii ecoo,ice a #ei socie%&'iF fii$ i,"or%a%& "e%r#
bac&F =%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"re3i%& re3#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%i3&rilor ;i "rovi3ioaelorF "rec#, ;i $e al%e vei%#ri ;i c.el%#ieli $i eI"loa%are. Se
ob'ie as%fel # re3#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%i3&rii ;i "rovi3ioaelor.
EIcl#$erea al%or vei%#ri ;i c.el%#ieli $i eI"loa%are se eI"lic& "ri aceea c& aces%ea se refer& la "erioa$e $e ac%ivi%a%eF
al%ele $ec9% eIerci'i#l c#re%F care face obiec%#l co%#l#i $e "rofi% ;i "ier$ere aali3a%.
K ca3#l = 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 $i %o%ali%a%ea vei%#rilor #ei socie%&'i =re*is%ra%e =%r7o "erioa$&.
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"re3i%& %o%ali%a%ea c.el%#ielilor efec%#a%e $e o socie%a%e =%r7o a#,i%& "erioa$&.
24
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.
$1J%
(<+ Re1#l"a"#l )in E5(loa"are es%e # i$ica%or "ri care se eval#ea3& re%abili%a%ea ecoo,ic& a #ei socie%&'i $i ac%ivi%a%ea
$e eI"loa%are.
Re3#l%a%#l $i eI"loa%are es%e "o3i%iv a%#ci c9$ se =re*is%rea3& "rofi%F iar c9$ re3#l%a%#l es%e e*a%iv se =re*is%rea3&
"ier$ere. Poa%e fi calc#la% = $o#& fel#ri4
Re1. )in e5(loa". 4Eeni"#ri "o"ale )in E5(loa". 3C-el". To"ale )in
E5(loa".
sa#
Re1. )in E5(loa". 4E5ce)en"#l br#" )in e5(loa". H$al"e veni"#ri )in
e5(loa"% H/9 aor"i1&ri 7i (rovi1ioane. $11%
Re3#l%a%#l $i eI"loa%are eval#ea3& re%abili%a%ea ecoo,ic& a #ei socie%&'i ;i cores"#$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"re3i%& re3#l%a%#l ob'i#% $e socie%a%e $i fl#I#rile fiaciareF eifl#e'a% $e "rovi3ioae ;i
a,or%i3&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,obili3a%eF %i%l#rilor
$e "lasa,e%F $ifere'elor $e c#rs val#%ar ;i "l&'ii $ob93ilor. Pe%r# bac& i,"or%a%e s#% c.el%#ielile "e%r# "la%a $ob93iiF =%r#c9%
vol#,#l aces%ora ara%& *ra$#l $e risc "e care ;i7l as#,& = rela'iile c# clie'ii.
(+ Re1#l"a"#l Binanciar es%e # i$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 $e *es%i#e care ,&soar& vol#,#l re3#l%a%#l#i ob'i#% = ac%ivi%a%ea
c#re%& ($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%i3&ri ;i "rovi3ioae $i
eI"loa%are ;i fiaciare.
E5ce). br#" c#ren" 4E5ce). br#" )in e5(loa". HE5ce). br#" financiar
$10%
("+ Re1#l"a"#l C#ren" al E5erci*i#l#i es%e # i$ica%or care ,&soar& re%abili%a%ea #ei socie%&'i = =%rea*a sa ac%ivi%a%e $e
eI"loa%are fiaciar&.
Re1#l"a"#l C#ren" 4Re1#l"a"#l )in e5(loa"are HRe1#l"a"#l financiar
$16%
'...1.1.'... Eval#area (rofi"abili"&*ii la nivel e5ce(*ional
(X+ E5ce)en"#l Br#" E5ce(*ional es%e # sol$ i%er,e$iar $e *es%i#e care ara%& vol#,#l re3#l%a%elor ob'i#%e = ac%ivi%a%ea
eIce"'ioal&F eifl#e'a%& $e a,or%i3&rile ;i "rovi3ioaele 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#rea3& 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 $1C%
sa#
Re1#l". e5ce(*ion. 4Eeni"#ri e5ce(*ion. "o"ale 3c-el". e5ce(*ion. "o"ale
'...1.1.'.0. Eval#area (rofi"abili"&*ii la nivel !lobal
25
(%+ E5ce)en"#l Br#" To"al re"re3i%& # sol$ i%er,e$iar $e *es%i#e care ara%& vol#,#l re3#l%a%elor %#%#ror fl#I#rilor
ecoo,iceF ,ai "#'i cele cores"#3&%oare al%or vei%#ri ;i c.el%#ieli $i eI"loa%areF a,or%i3&rilor ;i "rovi3ioaelor $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
re3#l%a%#l#i ob'i#% $e o socie%a%e eifl#e'a%& $e c.el%#ielile c# "la%a $ob93ilor ;i c# i,"o3i%#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 $e eI"loa%areF fiaciare
;i eIce"'ioaleF =%r7o a#,i%& "erioa$&.
(v+ C-el"#ielile To"ale re"re3i%& c.el%#ielile efec%#a%e "e%r# $esf&;#rarea =%re*ii ac%ivi%&'i a #ei socie%&'i =%r7o a#,i%&
"erioa$&.
(J+ Re1#l"a"#l Br#" al E5erci*i#l#i es%e # sol$ i%er,e$iar $e *es%i#e care ,&soar& re3#l%a%#l ob'i#% $e o socie%a%e =
=%rea*a sa ac%ivi%a%e =ai%ea "l&'ii i,"o3i%#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%
Re3#l%a%#l br#% al eIerci'i#l#i se calc#lea3& la vol#,#l livr&rilor $e ,&rf#ri efec%#a%eF ;i # la vol#,#l =cas&rii co%ravalorii
aces%oraF $eci el # es%e # re3#l%a% fiscal. De aceeaF i,"o3i%#l "e "rofi% # se $e$#ce $irec% $i re3#l%a%#l br#% al eIerci'i#l#iF ci "ri%r7o
,e%o$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#rea3& re3#l%a%#l fial al ac%ivi%&'ii ##i
clie% $#"& "la%a i,"o3i%#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"re3i%& s#r"l#s#l $e ,i<loace b&e;%i re3#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%&'i4 $'1%
"ori$ $e la eIce$e%#l br#% $e eI"loa%areF la care se a$a#*& al%e vei%#ri $i eI"loa%areF vei%#rile fiaciare ;i
eIce"'ioale (f&r& "rovi3ioae+ ;i se sca$ c.el%#ielile $i eI"loa%areF c.el%#ielile fiaciare ;i eIce"'ioale (,ai "#'i a,or%i3&ri ;i
"rovi3ioae+ ;i i,"o3i%#l "e "rofi%E
"ori$ $e la re3#l%a%#l e% al eIerci'i#l#iF la care se a$a#*& s#,a a,or%i3&rilor ;i "rovi3ioaelor.
(3+ Ca(aci"a"ea )e A#"ofinan*are Ne"& re"re3i%& s#r"l#s#l $e ,i<loace b&e;%iF re3#l%a% $i ac%ivi%a%ea #ei socie%&'i "e
"arc#rs#l #ei "erioa$eF $#"& re"ar%i3area $ivi$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 $e "rofi% ;i "ier$ereF ofi'erii $e cre$i%e "roce$ea3& la *r#"area co%#rilor $i bala'a
$e verificare l#ar& $e"#s& $e a*e%#l ecoo,ic = "o3i'ii si%e%iceF "o%rivi% ,o$el#l#i "re3e%a% = co%i#are (%abel !.>+4
Con"#l )e (rofi" 7i (ier)ere (rel#cra"
Tabel#l !.>
D93&ri $e ,&rf#ri 1
Cos%#l ,&rf#rilor v9$#%e !
;ar:a coercial& (r$. 17!+ /
7 Pro$#c'ia v9$#%& 2
Cifra )e afaceri (r$. 1V2+ 5
7 Pro$#c'ia s%oca%& 1
7 Pro$#c'ia i,obili3a%& >
Pro)#c*ia e5erci*i#l#i (r$.2V171V>+ 5
Pro)#c*ia e5erci*i#l#i HE<n1&ri )e &rf#ri (r$. 5V1+ 6
7 C.el%#ieli c# ,a%erii "ri,eF ,a%erialeF eer*ieF co,b#s%ibil 18
7 L#cr&ri ;i servicii eIec#%a%e la %er'i 11
;ar:a in)#s"rial& (r$. 5718711+ 1!
Ealoarea a)&#!a"& (r$. /V1!+ 1/
7 S#bve'ii $i eI"loa%are 12
7 I,"o3i%e ;i v&rs&,i%e asi,ila%e 15
7 C.el%#ieli c# "ersoal#l 11
E5ce)en" $ins#ficien*&% br#" )in e5(loa"are (r$. 1/V12715711+ 1>
7 Al%e vei%#ri $i eI"loa%are 15
7 Al%e c.el%#ieli $i eI"loa%are 16
7 A,or%i3&ri ;i "rovi3ioae $i eI"loa%are !8
Eeni"#ri )in e5(loa"are 3"o"al (r$. 5V1V>V12V15Vc%. >51+ !1
C-el"#ieli )in e5(loa"are 3"o"al (r$.!V18V11V15V11V16Vc%. 151+ !!
26
Re1#l"a"#l )in e5(loa"are (r$. 1>V15716V!8+ !/
7 Dei%#ri fiaciare f&r& "rovi3ioae !2
7 C.el%#ieli fiaciare f&r& a,or%i3&riF $i care4 !5
7 C.el%#ieli c# $ob93i !1
E5ce)en" br#" financiar (r$. !27!5+ !>
7 A,or%i3&ri ;i "rovi3ioae fiaciare !5
Eeni"#ri financiare 3"o"al (r$.!2+ !6
C-el"#ieli financiare 3"o"al (r$. !5+ /8
Re1#l"a"#l financiar (r$. !>V!5+ /1
Re1#l"a"#l c#ren" al e5erci*i#l#i (r$. !/V/1+ /!
7 Dei%#ri eIce"'ioale Lf&r& vei%#ri $i "rovi3ioae //
7 C.el%#ieli eIce"'ioale Lf&r& a,or%i3&ri /2
E5ce)en" br#" e5ce(*ional (r$. //7/2+ /5
7 A,or%i3&ri ;i "rovi3ioae eIce"'ioale /1
Eeni"#ri e5ce(*ionale 3"o"al (r$. //+ />
C-el"#ieli e5ce(*ionale 3"o"al (r$. /2+ /5
Re1#l"a"#l e5ce(*ional (r$. /5V/1+ /6
E5ce)en" br#" "o"al (r$. 1>V!>V/5+ 28
7 Re3#l%a%#l =ai%ea $ob93ii ;i i,"o3i%#l#i "e "rofi% (r$. !/V/1V/6V!1+ 21
7 Dei%#ri %o%ale (r$. !1V!6V/>+ 2!
7 C.el%#ieli %o%ale (r$. !!V/8V/5+ 2/
Re1#l"a"#l br#" al e5erci*i#l#i (r$. !/V/1V/6+ 22
7 I,"o3i%#l "e "rofi% 25
Re1#l"a"#l ne" al e5erci*i#l#i (r$. 22725+ 21
Ca(aci"a"ea )e a#"ofinan*are (r$. 21+ 2>
Ca(aci"a"ea )e a#"ofinan*are ne"& (r$. 2>+ 25
Ofi'erii $e cre$i%e co%rolea3& corec%i%#$iea sol$#rilor ;i i%er"re%ea3& $a%ele ;i i$ica%orii ob'i#'i. I%ro$#cerea aces%ei
,e%o$e s%a$ar$ $e aali3& co,"#%eri3a%& "re3i%& o serie $e ava%a<e4
ifor,a'iile co%abile "re3e%a%e $e clie% s#% a<#s%a%eF "rel#cra%e ;i re*r#"a%eF ob'i9$#7se i$ica%ori care cores"#$
"rici"iilor $e aali3& ale b&ciiE
"ri corelarea vol#,#l#i ,are $e ifor,a'ii ;i si%e%i3area lor se ofer& "osibili%a%ea observ&rii %e$i'elor = evol#'ia
clie%#l#iF "o% fi sesi3a%e ,ai #;or as"ec%ele e*a%iveF "rec#, ;i cele care ecesi%& oi $e%alii ;i "reci3&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,ico7fiaciare a clie%#l#iE
se cos%i%#ieF "ri ar.ivare elec%roic&F o ba3& $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 ba3a $a%elor $i bila'#l co%abil ;i a co%#l#i $e "rofi% ;i "ier$ere "rel#cra%eF aali3ea3&F boi%a%ea
clie'ilor cofor, ##i sis%e, $e i$ica%ori $e s%r#c%#r& ;i "erfor,a'&.
I$ica%orii care s%a# la ba3a aali3ei ;i eval#&rii boi%&'ii clie'ilor "o% fi *r#"a%e =4
7 I$ica%ori $e ivel ;i s%r#c%#r&4 cifra $e afaceriE ca"i%al#ri "ro"riiE re3#l%a%#l eIerci'i#l#iE fo$#l $e r#l,e%E ecesar#l $e fo$
$e r#l,e%E %re3oreria e%&E lic.i$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%e3a $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 0,&rf#riF $#ra%a ,e$ie $e =casare a clie'ilorE $#ra%a ,e$ie $e "la%& a f#ri3orilor+.
S#% av#'i = ve$ere ;i i$ica%orii $e "erfor,a'& c#, ar fi4 re%abili%a%ea ($e eI"loa%are4 br#%& ;i e%&E ecoo,ic&F
fiaciar&+E risc#l fiaciar (*ra$#l $e aco"erire a $ob93ii+E ra%a valorii a$&#*a%&E "oli%ica $e $ivi$e$e.
La calc#larea ;i i%er"re%area re3#l%a%elor i$ica%oarelor $e boi%a%e a #ei fir,eF baca are = ve$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 reali3a%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 $e3vol%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 ;i ifl#e'a cre;%erii "re'#rilorF
care se va calc#la a%9% = %er,ei o,iali c9% ;i reali. De ase,eeaF se va #r,&ri ;i evol#'ia "ro$#c'iei fi3ice la "rici"alele "ro$#se.
b+ Ca(i"al#ri (ro(rii. Aali3a se va aIa =$eosebi "e eIa,iarea a%9% a ca"i%al#rilor "ro"rii = ses lar* c9% ;i = 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 ;i a al%or ac%ive
icer%e care $i,i#ea3& valoarea ca"i%al#rilor "ro"rii.
c+ Re1#l"a"#l e5erci*i#l#i ("rofi% 0"ier$ere+ = cifre absol#%eF es%e # i$ica%or si%e%ic care carac%eri3ea3& 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 ;i al $i,i#&rii c# "ier$erea. De re*#l&F
baca # "oa%e i%ra = afaceri c# clie'ii care =re*is%rea3& "ier$eriF iar afacerile c# clie'ii care reali3ea3& "rofi% ,ic se vor face c#
,are "r#$e'&.
)% Bon) )e r#len" 4(asive (e "eren l#n! 3ac"ive iobili1a"e $'.%
K ca3#l #ei b#e *es%io&ri fiaciareF ac%ivele i,obili3a%e %reb#ie s& fie aco"eri%e i%e*ral c# "asivele "e %er,e l#* ;i $eci
fo$#l $e r#l,e% %reb#ie s& fie "o3i%iv. La clie'ii c# fo$ $e r#l,e% e*a%ivF baca #r,&re;%e "reoc#"area aces%ora "e%r#
ec.ilibrarea lor "ri s"orirea ca"i%al#rilor "ro"riiF a re3ervelor ;i al%or fo$#ri $i "rofi%#l reali3a%F ob'ierea $e s#bve'iiF v93area $e
ac%ive i,obili3a%eF e%c.F evi%9$#7se aco"erirea c# cre$i%e "e %er,e sc#r% a s#r"l#s#l#i $e ac%ive i,obili3a%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 reali3abile s#% ,ai ,ari $ec9% $a%oriile c#re%e c# sca$e'a ,ai ,ic& $e # aF ;i $eci ecesar#l $e fo$ $e r#l,e% es%e
"o3i%ivF "oa%e i%ervei cre$i%#l bacar "e %er,e sc#r%.
27
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 %re3oreriei e%e se $a%orea3& # a%9% fo$#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% "o3i%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 = ca3#l %re3oreriei e%e
e*a%ive.
$C% Lic-i)i"a"ea 3 re"re3i%& 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#%4
H
188
1

an sca)en"a c# Da"orii
incer"i Clien"i S"oc#ri circ#lan"e Ac"ive
(!1+

H
188
1

an sca)en"a c# Da"orii
incer"i clien"i cabile nevalorifi S"oc#ri circ#lan"e Ac"ive

(!>+
Lic.i$i%a%ea la
o $a%& vii%oare H Y(Dis"oibili%&'i b&e;%i "ro"rii ;i =,"r#,#%a%e V Kcas&ri "ro*o3a%e "9& la fiele "erioa$ei V Cre$i%e bacare
"ro*o3a%e a se ob'ie "9& la sf9r;i%#l "erioa$ei+ 0 Pl&'i eIi*ibile "rev&3#%e "9& la sf9r;i%#l "erioa$eiZ 188
(!5+
I+ Pri fiele "erioa$ei se ='ele*e ori3o%#l $e %i," "e%r# care se face aali3a lic.i$i%&'ii vii%oare ("es%e o l#&F # %ri,es%r#F
1 l#iF 1 aFe%c.+.
I,"or%a% "e%r# o bac& es%e ca"aci%a%ea clie%#l#i $e a7;i %rasfor,a ac%ivele sale circ#la%e = Ncas.OF "e%r# a7;i ac.i%a la
%i," $a%oriile "e %er,e sc#r%. U%ili39$ ace;%i i$ica%oriF o bac& "r#$e%& %reb#ie s& eli,ie acele ac%ive care # se "o% %rasfor,a
ra"i$ = #,erar la o valoare "res%abili%&.
Aali3a "e ver%ical& ;i "e ori3o%al& a i$ica%orilor $e lic.i$i%a%e reflec%&4
Ti"#l $e ac%ivi%a%e $esf&;#ra%& $e clie% (eI. $ac& # a"ar $ifere'e se,ifica%ive =%re lic.i$i%a%ea c#re%& ;i cea
i,e$ia%&F =sea,& c& ac%ivi%a%ea es%e "re"o$ere% co,ercial& sa# vi%e3a $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%e3& ,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 3oa "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#,e4
a+ Bai ,ic $e 188R4 lic.i$i%a%e ecores"#3&%oare
b+ K%re 188 L1!8R4 lic.i$i%a%e sa%isf&c&%oare
c+ K%re 1!8 L158R4 lic.i$i%a%e b#&
$+ Pes%e 158R4 lic.i$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#, s7a "re3e%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+.
Calc#larea solvabili%&'ii fir,ei se face $#"& #r,&%oarea rela'iei4
Solvabili"a"ea 4
188

(asiv conversie )e Diferen"e "o"ale Da"orii
incer"i Clien"i cabile nevalorifi S"oc#ri ac"ive To"al

$'I%
Lic.i$i%a%e
i,e$ia%&
Lic.i$i%a%e
c#re%&
28
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"re3e%a%& $e i,obili3&rile cor"orale s& fie aco"eri%&F $e re*#l&F $e s#rse "ro"rii ;i # %o%al ac%ivF "o$erea $a%oriilor %o%ale (c&%re
f#ri3oriF b#*e%F bac&F e%c.+ s& fie ,ai ,are $e 58R.
$I% Gra)#l )e ?n)a"orare> es%e # i$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'ii4
H
188
s"ric" sens ?n ne"e (ro(rii Ca(i"al#ri
"o"ale Da"orii
$.J%
H
188
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 ;i cre;%erea valorii ac'i#ilor ca #r,are a ca"i%al#rilor "ro"rii.
Scara $e a"reciere a *ra$#l#i $e =$a%orare es%e #r,&%oarea4
Gra$ $e =$a%orare
*eeral&
Gra$ $e =$a%orare fiaciar&
B# "9& la 18R "9& la /8R
Sa%isf&c&%or =%re 187188R K%re /87>8R
Necores"#3&%or "es%e 188R "es%e >8R
$1J% Ei"e1a )e ro"a*ie
Di%e3a $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 ;i
es%e re$a%& $e rela'ia4
Ei"e1a )e ro"a*ie$ER% 4
% AC $ circ#lan"e Ac"ive
% CA $ afaceri )e Cifra
$..%
C# c9% #,&r#l $e ro%a'ii efec%#a%e = c#rs#l #ei "erioa$e es%e ,ai ,areF c# a%9% AC a# fos% folosi%e ,ai eficie%. Aces%
i$ica%or %reb#ie aali3a% = evol#'ie ;i = 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%& ;i $is%ic% "e%r# $iverse %i"#ri $e s%oc#ri (,a%erii "ri,eF "ro$#se = c#rs $e fabrica'ieF "ro$#se fii%eF
e%c.+.
K aces%e ca3#ri se "oa%e $e%er,ia = $o#& ,o$ali%&'i4
N#,&r $e ro%a'ii (NR+ efec%#a%e $e s%oc#ri = $ec#rs#l #ei "erioa$e ;i se eI"ri,& "ri #,&r#l $e ro%a'ii.
D#ra%a ,e$ie (DC+ $e s%a'ioare a s%oc#rilorF care se eI"ri,& = 3ile
Ro"a*ia s"oc#rilor )e a"erii (rie "oa%e fi eI"ri,a%& s#b for,a4
1+ N#,&r $e ro%a'ii (NR+ H
e)i# S"oc#l
&rilor a(rovi1ion Cos"#l
$.0%
!+ D#ra%a ,e$ie $e s%a'ioare (DC+ H
&rilor a(rovi1ion Cos"#l
e)i# S"oc /18
$.6%
Ro"a*ia s"oc#rilor )e (ro)#c*ie ?n c#rs )e fabrica*ie se calc#lea3& $ease,eea ca4
NR H
e)i# S"oc#l
% CA $ afaceri )e Cifra
$.8%
DC H
afaceri )e Cifra
e)i# S"oc#l /18
$.C%
Ro"a*ia s"oc#rilor )e (ro)#se fini"e are o for,& si,ilar&4
- NRH
e)i# S"oc
afaceri )e Cifra
$.D%
Gra$#l $e =$a%orare
*eeral& (Levera*e+
Gra$#l $e =$a%orare
fiaciar& (Geari*+
2(
- DCH
afaceri )e Cifra
e)i# S"oc /18
$.I%
D#ra"a e)ie )e ?ncasare a clien*ilor se eI"ri,& = 3ileF se re"re3i%& a,9area ,e$ie acor$a%& clie'ilor. Ea se
calc#lea3& as%fel4
afaceri )e Cifra
e)i# Sol)#l /18
$0J%
Se a# = ve$ere ;i &rf#rile livra"e 7i ne<ncasa"e> care re"re3i%& 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 $esfacere.
D#ra"a e)ie )e (la"& a f#rni1orilor> eI"ri,a%& = 3ileF re"re3i%& a,9area ,e$ie a "l&'ii c&%re f#ri3oriiF calc#la%& as%fel4
&rilor a(rovi1ion Cos"#l
e)i# Sol)#l /18
$01%
Dac& cos%#l a"rovi3io&rilor es%e $ificil $e $e%er,ia%F baca "oa%e folosi cifra $e afaceri.
Daloarea f#ri3orilor e"l&%i'i re"re3i%& ,&ri,ea cre$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#ri3ori s"ore;%e vol#,#l s#rselor a%raseF $e care socie%a%ea are evoie "e%r# fia'area
ac%ivelor sale circ#la%e. Aces%e s#rse # s#% *ra%#i%e ;i socie%a%ea %reb#ie s& alea*& =%re cos%#l cre$i%elor7f#ri3or ;i cos%#l cre$i%elor
bacare.
'...1.'.'. In)ica"ori )e (erforan*&
Ace;%i i$ica%ori reflec%& "erfor,a'ele ecoo,ico7fiaciare a #ei fir,eF i,"or%a%e "e%r# l#area #or $eci3ii $e cre$i%are
$e c&%re o bac&.
(11+ Ren"abili"a"ea es%e i$ica%or#l care re"re3i%& 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 ;i ba3a $e ra"or%areF i$ica%orii $e re%abili%a%e "o% fi *r#"a'i as%fel4
$a% Ren"abili"a"ea )e e5(loa"areF care eI"ri,& ca"aci%a%ea #ei socie%&'i co,erciale $e a ob'ie "rofi% $i ac%ivi%a%ea "ro"ri#7
3is&F =ai%ea oric&ror ifl#e'e ale ele,e%elor fiaciare ;i eIce"'ioale ;i "oa%e fi calc#la%& as%fel4
H
188
#i e5erci"i#l o)#c"ia Pr
loa"are e5( )in br#" E5ce)en"#l
$0'%
H
188
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% $i =%rea*a sa ac%ivi%a%e
ecoo,ico7fiaciar&. Di%re i$ica%orii care eI"ri,& re%abili%a%ea ecoo,ic&F ar&%&,4
Re H
188
bilan* To"al
c#ren" br#" E5ce)en"
$00%
Re H
188
bilan* To"al
c#ren" 1#l"a"#l Re
$06%
Re H
188
bilan" To"al
are a#"ofinan" )e a Ca(aci"a"e
$08%
Re H
188
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#%4
Rf H
188
s"ric" sens in ne"e (ro(rii Ca(i"al#ri
are a#"ofinan" )e a Ca(aci"a"e
$0D%
Rf H
188
s"ric" sens in ne"e (ro(rii Ca(i"al#ri
#i e5erci"i#l al br#" 1#l"a"#l Re
$0I%
Rf H
188
s"ric" sens in ne"e (ro(rii Ca(i"al#ri
#i e5erci"i#l al ne" 1#l"a"#l Re
$6J%
Re%abili%a%ea br#%& $e
eI"loa%are
Re%abili%a%ea e%& $e
eI"loa%are
3)
(1!+ In)ica"ori ai risc#l#i financiar
Risc#l fiaciar a"are = ,o,e%#l = care se a"elea3& la cre$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&7;i s"oreasc& re%abili%a%ea fiaciar& = co$i'iile a"rob&rii $e cre$i%eF es%e ca re%abili%a%ea
ecoo,ic& s& fie s#"erioar& ra%ei $ob93ii. K ca3 co%rarF a"elarea la cre$i%e se face = co$i'iile = care ra%a re%abili%&'ii es%e
iferioar& ra%ei $ob93iiF co$#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'& $eosebi%& =%r#c9% ei "re3i%& i$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 $ob93iiF care ara%& ca"aci%a%ea socie%&'ii $e a "l&%i $ob9$a la
cre$i%ele a*a<a%eF as%fel4
(la"i"e Doban1i
(la"i"e Doban1i br#" ofi" Pr +
$61%
Ofi'erii $e cre$i%e a# obli*a'ia s& corobore3e re3#l%a%ele ;i i%er"re%area %#%#ror i$ica%orilor "re3e%a'i i%r7# sis%e, #i%ar
care s& scoa%& = evi$e'& "#c%ele %ari ;i cele slabe ale res"ec%iv#l#i a*e% ecoo,ic ;i ,ai ales s& "oa%& co$#ce la l#area #or
$eci3ii %e,eiic f#$a,e%a%e.
Aali3a boi%&'ii clie'ilor se va efec%#a $e c&%re bac& ori $e c9%e ori se solici%& # cre$i%F iar "e%r# cre$i%ele afla%e =
"or%ofoli# cel "#'i o$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 !.5+.
Dinaica in)ica"orilor (rivin) boni"a"ea clien"#l#i @5A
Tabel#l !.5
Nr.
cr%.
De#,irea i$ica%orilor $e boi%a%e
Da"a )e"erin&rii .1.LII.1IIM
'JJM
1. Cifra $e afaceri (,il. lei+
!. Ca"i%al#ri "ro"rii (,il. lei+
/. Re3#l%a%#l eIerci'i#l#i (,il. lei+
2. ?o$#l $e r#l,e% (,il. lei+
5. Necesar#l $e fo$ $e r#l,e% (,il.
lei+
1. Tre3oreria e%& (,il. lei+
>. Lic.i$i%a%e (R+
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 $a%a vii%oare (R+
5. Solvabili%a%ea (R+
6. Gra$#l $e =$a%orare (R+
18. Di%e3a $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 $ob93ii (R+
1/. Ra%a valorii a$&#*a%& (R+
12. 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"olea3& re3#l%a%ele =
%ri,es%r#l IF %ri,es%r#l II ;.a.,.$.F la ivel#l ##i aF "ri =,#l'irea c# 2F 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#
$e3vol%are. Di%re aces%ea re'ie,4
Inves"i*ia "o"al& care re"re3i%& vol#,#l ie;irilor $e lic.i$i%&'i "e%r# ives%i'ii ale a*e%#l#i ecoo,ic =%r7o "erioa$&
$e %i," (l#&F %ri,es%r#F a+.
31
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# ;i l#* "e%r#
ives%i'iiF $ob93ile afere%eF e%c. Baca va #r,&ri aco"erirea c# s#rse a ives%i'iei %o%ale.
Inves"i*ia s(ecific&> 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'ia4
N3f H
i . Ca
Sf /18
$6'%
#$e4 N3f H#,&r#l $e 3ile $#"& care s#% "l&%i'i f#ri3orii
Sf Hsol$ ,e$i# 3ilic al co%#rilor $e f#ri3ori "e%r# ives%i'ii
Ca.i Hcos%#l a"rovi3io&rilor "e%r# ives%i'ii
I$ica%or#lF re"re3i%& a,9area ,e$ie = 3ile a "l&'ii c&%re f#ri3orii "e%r# ives%i'ii. Es%e acce"%abil i$ica%or#l $ac& es%e $e
"9& la 18 $e 3ile. Dac& "la%a f#ri3orilor se face c# o =%9r3iere $e "es%e 158 3ileF es%e # se,al e*a%iv "rivi$ 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"re3i%& 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 ;i "#c% cri%ic. El se $e%er,i& as%fel4
PR H 188
CE P
CB
$6.%
= care4 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 v93are
Aali3a "#c%#l#i cri%ic es%e o %e.ic& $e s%#$i# al rela'iei =%re vei%#ri ;i cos%#ri. S%r#c%#ra cos%#rilor se =,"ar%e =4
Cos%#ri fiIe (cove'ioal cos%a%e+F for,a%e $i4 a,or%i3areF salariile "ersoal#l#i $e a$,iis%ra'ie ;i =%re'iereF
c.el%#ieli $e a$,iis%ra'ie ;i *os"o$&re;%iF c.iriiF re%eF %aIeF s"e3eF asi*#r&riF recla,eF co,#ica'iiF "o;%&F e%c.
C.el%#ieli variabile care c#"ri$ ,a%erii "ri,e ;i ,a%erialeF ,a%eriale a#IiliareF SDD7#riF eer*ie elec%ric&F
#%ili%&'iF c.el%#ieli $e %ras"or% a"rovi3ioareF ,ao"er& $irec%& (icl#siv asi*#r&ri sociale+.
C# c9% "ra*#l $e re%abili%a%e es%e ,ai sc&3#% 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;i ra,#r& $e ac%ivi%a%e.
C#rs#l )e revenire ne" ac"#ali1a" sa# NTes"#l Br#noO eI"ri,& cos%#l eI"ri,a% = 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#lea3& = #a $i #r,&%oarele si%#a'ii4
a+ c9$ reali3area "roiec%#l#i $e ives%i'ii "ro,ovea3& eI"or%#lF ca3 = care i$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$ reali3area "roiec%#l#i s#bs%i%#ie i,"or%#lF ca3 = 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%& $ac& "roiec%#l *eerea3& sa# # = ,o$ eficie% $evi3e. Dei%#rile $i "roiec% se
=,"ar% =4 7 co,erciali3abile (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 = $evi3e
c9;%i*a%e sa# ecoo,isi%eE 7 eco,erciali3abile (afere%e "&r'ii $i "ro$#c'ie ce se "reve$e a se co,erciali3a "e "ia'a i%er&+.
Sc&39$ $i vei%#rile Nbr#%eO = val#%&F c.el%#ielile %o%ale ($e ives%i'ie ;i "ro$#c'ie+ = val#%&F se ob'ie beefici#l e% =
val#%&.
De%er,iarea c#rs#l#i $e reveire e% ac%#ali3a% se face "ri ra"or%area c.el%#ielilor %o%ale = ,oe$a a'ioal& "e%r#
"ro$#c'ia $e eI"or%F la =cas&rile e%e = val#%&F $#"& for,#la4
C.R.N.A. H

+
+ +

+
+ +

D
"
"
D
"
% )evi1e I $
% CPv" Cv" Iv" $ Ev"
lei i
El" CP" C" I"
1
1
1
1
$60%
D H$#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 %4
CP% Hc.el%#ieli a#ale $e "ro$#c'ie (= lei+ = a#l %4
Dl% Hv93&ri = lei = a#l %4
Dv% Hv93&ri = val#%& = a#l %4
Iv% Hives%i'ii = val#%& = a#l %4
Cv% Hfo$#ri circ#la%e = val#%& = a#l %4
CPv% Hc.el%#ieli $e "ro$#c'ieF = val#%& = a#l %4
I Hfac%or $e ac%#ali3are.
Di rela'ia $e ,ai s#sF re3#l%& c& a%9% fl#I#l $e c.el%#ieli = leiF c9% ;i fl#I#l $e vei%#ri = val#%& se ac%#ali3ea3&. ?ac%orii $e
ac%#ali3are 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 $ob93ii ;i ra%a $e risc "e%r#
c.el%#ielile = lei. Iar fac%orii $e ac%#ali3are "e%r# fl#I#l $e vei%#ri = val#%& vor avea = ve$ere ra%a $ob93ii ;i ra%a ifla'iei "e%r#
aceas%& co,"oe%& a "roiec%#l#i.
C#rs#l $e reveire e% ac%#ali3a% se co,"ar& c# valoarea c#rs#l#i $e sc.i,b oficial al ,oe$ei a'ioale = ra"or% $e val#%a
ob'i#%& ;i $ac& c#rs#l $e reveire e% ac%#ali3a% "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 $e a asi*#ra "rofi% =%r7o a#,i%&
"erioa$& $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%i3area+ a ca"i%al#l#i
ives%i%. Ea se calc#lea3& as%fel4
R.I.R H
+

"
n
n
% i $
Cn En
1 1
F #$e4 $66%
R.I.R Hra%a i%er& $e re%abili%a%e a ives%i'ieiE
32
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 ;i cele s#"li,e%are $e "ro$#c'ie afere%e ives%i'iei = NO aiE
H#,&r#l $e aiE
% Hori3o%#l $e %i,"E
i Hra%a $e ac%#ali3areF care re"re3i%& # fac%or si%e%ic la a c&r#i $i,esioare coc#r& ra%a ifla'ieiF ra%a $ob93ii 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,obili3a%e cor"orale ;i ac%ivele circ#la%eF
c.el%#ielile $e "ro$#c'ie ;i =%re'iereF $ob93ile bacareF i,"o3i%ele ;i %aIele afere%e ives%i'iei.
A,or%i3area # se icl#$e = calc#l#l c.el%#ielilor $e "ro$#c'ieF $eoarece as%fel s7ar $#bla valoarea ives%i'iei.
La vei%#ri se icl#$e ;i cele ob'i#%e $i ac%ivi%&'ile coeIeF ca ;i valorile re3i$#ale ale ac%ivelor i,obili3a%e cor"orale ;i ale
ac%ivelor circ#la%e r&,ase la fiele "erioa$ei $e calc#l.
Se a"recia3& 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 $ob93ii $e referi'& a b&cii ce%rale.
K aali3a R.I.R. ofi'erii $e cre$i%e ia# = cosi$erare = afar& $e ra%a ,e$ie a $ob93ii $e referi'&F ra%a "revi3ibil& a ifla'iei ;i
o ,ar<& $e si*#ra'& $e !72R care s& aco"ere risc#l fa'& $e as"ec%ele ce # a# "#%#% fi a"recia%e.
D#ra"a )e rec#(erare a inves"i*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"re3i%& 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 $#"& rela'ia4
D.R.I. H
C( I
Ps
+
F #$e4 $68%
D.R.I H$#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 $e a"or%#l
Ives%i'iei
'...'. Eval#area as(ec"elor nefinanciare (rivin) clien*ii b&ncii
Aali3a efiaciar& vi3ea3& cre$ibili%a%ea clie%#l#i ca ele,e% "si.olo*ic ese'ial c# "rivire la for,area $e c&%re bac& a
covi*erilor referi%oare la cali%&'ile ,orale ;i "rofesioale ale co$#c&%orilor a*e'ilor ecoo,ici solici%a'i $e cre$i%eF a "rici"alilor
asocia'i ;i colabora%oriF "rec#, ;i a re"#%a'iei "rivi%& "ri cali%a%e a "ro$#selorF serviciilor ;i a ,o$#l#i $e =$e"liire a obli*a'iilor
as#,a%e = rela'iile c# "ar%eerii $e afaceri.
De aceeaF baca efec%#ea3& o eval#are c9% ,ai real& a risc#l#i = ac%ivi%a%ea $e cre$i%areF aali39$ a%9% risc#rile fiaciareF
c9% ;i cele efiaciare la care se eI"#e.
?ac%orii efiaciari care ifl#e'ea3& ac%ivi%a%ea clie%#l#i "o% fi4 i%eri sa# eI%eri.
'...'.1. Bac"orii nefinanciari in"erni
La f#$a,e%area $eci3iei $e acor$are a ##i cre$i%F ofi'erii $e cre$i%e 'i sea,a s#"li,e%ar ;i $e #r,&%oarele as"ec%e
i%ere4
$a% Con)#cerea ac"ivi"&*ii $ana!een"#l%
a+ "re*&%irea "rofesioal&F "res%i*i# ;i eI"erie'a = ra,#ra sa# sec%or#l $e ac%ivi%a%eE
b+ eI"erie'a = f#c'ii $e co$#cere ;i re"#%a'ia ec.i"ei ,aa*erialeE
c+ co$#cerea es%e asi*#ra%& $e o ec.i"& sa# $e o si*#r& "ersoa&F c#osc9$ c& = cele ,ai ,#l%e ca3#ri co$#cerea
= ec.i"& "oa%e avea re3#l%a%e ,ai b#e $ec9% l#area $eci3iilor $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 $e "ar%ici"are la ca"i%al es%e ,ai ,areE
f+ s%r#c%#ra co$#ceriiF s"eciali3area = f#c'ie $e a"%i%#$iile = $o,eiile %e.icF fiaciar7co%abilF ,ar)e%i*F e%c.E
*+ ,orali%a%ea co$#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 $e
ob'iere a ifor,a'iilor "ri #%ili3area %e.icii ,o$ere $e calc#lF e%c.+E
i+ ca"aci%a%ea $e a se ac.i%a $e obli*a'iiE
<+ "erioa$a $e ro%a'ie a "ersoal#l#iF =$eosebi a cel#i $e co$#cere ;i a s"eciali;%ilorF care "oa%e cos%i%#i # se,alF
a%#ci c9$ es%e "rea sc#r%& (c9%eva l#i+F sa# "rea =$el#*a%& (187!8 ai+.
$b% Ac"ivi"a"ea clien"#l#i
A. evol#'ia ac%ivi%&'ii ;i "rofil#l aces%#iaE
B. carac%er#l ac%ivi%&'ii4 "er,ae%eF se3oierF ciclicE
C. sfera $e ac%ivi%a%e4 "ro$#c'ieF co,er'F "res%&ri serviciiF e%c.E
D. "ro$#sele ;i serviciile s#%4 $e s%ric%& ecesi%a%e0$e l#IF $e serie0#ica%F vec.i0oiF co,"e%i%ive0,ai "#'i co,"e%i%iveF
"rofi%abile sa# e"rofi%abileE
E. i,"or%#lE
?. coc#re'i4 #,&r#l ;i ,&ri,ea coc#re'ilorF re"#%a'ia lorF carac%eris%icile "ro$#selor fabrica%e $e aceas%&F e%c.E
G. se*,e%#l $e "ia'& $e'i#%4 = cre;%ere 0$ecliF c#a%ificabil ori ec#a%ificabilE
T. "or%ofoli#l $e clie'i al aces%#ia4 #,&r#lF re"#%a'iaF $e"e$e'a $e a#,i'i clie'iF ,o$ali%a%ea $e v93are4 "e cre$i%
co,ercial0c# "la%a i,e$ia%&E
I. rela'ii c# f#ri3orii4 #,&rF $e"e$e'a $e a#,i'i f#ri3oriF ,o$ali%a%ea $e "la%& la ve$ere0la # a#,i% %i," $e la
ve$ereE
S. "oli%ica $e "re'#ri4 ivel fa'& $e coc#re'iF facili%&'iF
[. "#blici%a%e ;i recla,&E
L. res#rsele ,a%eriale4 cl&$iriF ,a;iiF is%ala'iiF ,i<loace $e %ras"or% ("ro"rie%a%eF ,e%o$e $e eval#areF $e a,or%i3areF s%are
fi3ic&F fiabili%a%eF fia'areF e%c.+E
B. res#rse #,ae4 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 7 "ersoal 7 si$ica%F e%c.
$c% S"ra"e!ia
1. eIis%e'a #ei s%ra%e*ii "e #r,&%orii /75 ai. Dac& aceas%a es%e realis%&F reali3abil& sa# c# orice riscE
33
!. ,o$ali%&'i $e reali3are a s%ra%e*iei "ro"#seE
/. al%era%ive ;i i,"lica'ii = ca3#l ereali3&rii s%ra%e*iei "ro"#seE
2. eIis%e'a sa# # a "la#rilor $e res%r#c%#rare ;i re$resare fiaciar&.
'...'.'. Bac"orii nefinanciari e5"erni
Ace;%i fac%ori efiaciari eI%eri %reb#ie av#'i = ve$ere = f#$a,e%area $eci3iei $e cre$i%are. Ei s#%4
(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*i3&riiF c.el%#ielilor $e ca"i%alF cos%#ri fiIe ri$ica%e sa# re$#seF "rici"alele fir,e care evol#ea3& = res"ec%iv#l $o,ei# $e
ac%ivi%a%eE
(!+ Kca$rarea ac%ivi%&'ii clie%#l#i = "oli%ica ecoo,ic& *eeral& ;i = %e$i'ele s%ra%e*iei vii%oare "rivi$ $o,ei#l
res"ec%iv $e ac%ivi%a%eE
(/+ I,"ac%#l le*isla'iei as#"ra ac%ivi%&'ii clie%#l#iE
(2+ I,"ac%#l #or fac%ori ,acroecoo,ici as#"ra ac%ivi%&'ii clie%#l#iE
(5+ De"e$e'a ;i "o3i'ia *eo*rafic& fa'& $e s#rsele $e a"rovi3ioare ;i "ie'ele $e $esfacereF fa'& $e cele $e %ras"or%F
e%c.
(1+ Carac%eris%ici sociale ale "ie'elor $e $esfacere4 obicei#ri ali,e%areF =clia'ia s"re # a#,i% %i" $e cos#,F reli*ieF
e%c.
Aali3a as"ec%elor efiaciare "rivi$ clie'ii b&cii se va efec%#a $e ofi'erii $e cre$i%e "o%rivi% fi;ei ,o$el (%abel !.6+F =
si%#a'iile4
(1+ c9$ a*e'ii ecoo,ici solici%& s& $evi& clie'ii b&ciiE
(!+ 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
(/+ = ,o$ obli*a%ori#F la solici%area "ri,#l#i cre$i%.
Re3#l%a%ele aali3ei as"ec%elor efiaciare "rivi$ clie'ii se vor #%ili3a $e b&ci =4 f#$a,e%area $eci3iilor $e "rel#are a
#or oi clie'i sa# $e cre$i%areF = aali3a si%#a'iei clie'ilor ;i a cali%&'ii "or%ofoli#l#i $e cre$i%eF e%c.
'.0. Deci1ia )e cre)i"are
Proces#l aali3ei "e%r# acor$area ##i cre$i% es%e co,"leI ;i el are s"ecifici%a%e = f#c'ie $e a%#ra cre$i%#l#iF obiec%#l ;i
$#ra%a aces%#ia. Aces% "roces i,"lic&F = ,o$ or,alF ;i $eci3ia $e cre$i%are. Ea are la ba3& o si%e3& a re3#l%a%elor aali3elor $e
cre$i%areF efec%#a%e $e f#c'ioarii b&cii
'.0.1. A(licarea ?n (rac"ic& a )eci1iei )e cre)i"are
Aali3a $e cre$i% s%ereo%i"& are # Nca$r# CO. cel ,ai frecve% #,&r al variabilei C "are s& fie cici OCO4 carac%erF ca"aci%a%eF
ca"i%alF cola%eral#l ;i co$i'ii. Carac%er#l se refer& la voi'a =,"r#,#%a%#l#i $e a ra,b#rsa. Ca"aci%a%ea se refer& la cas.7floJ ;i la
"osibili%a%ea ca aces%a s& asi*#re "la%a $a%oriei. Ca"i%al#l "rive;%e la for'a bila'#l#i =,"r#,#%a%#l#i. Cola%eral#l se refer& la valorile care
s#s'i =,"r#,#%#l (ca = =,"r#,#%#l ba3a% "e ac%ive+. Co$i'iile a# = ve$ere sesibili%a%ea =,"r#,#%a%#l#i fa'& $e for'ele eI%ere c#, ar
fi ra%a $ob93iiF cicl#l ecoo,ic ;i "resi#ile coc#re'ei. ?ac%or#l Nco$i'iiO se coce%rea3& as#"ra v#lerabili%&'ii =,"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 $a%oria. C# eIce"'ia rol#l#i
cola%eral#l#iF cei cici NCO "o% fi icl#;i c# #;#ri'& = ,o$el#l risc#l#i $e era,b#rsare care a fos% $escris a%erior. Ca o ,o$ali%a%e $e
aali3& $e cre$i%F i,"le,e%area celor cici NCO =cearc& s& c#a%ifice fiecare NCO = i$eea $e a $e3vol%a # "rofil al cre$ibili%&'ii
(boi%&'ii+ =,"r#,#%a%#l#i. C#a%ificarea i,"lic& s%r9*ereaF "rel#crarea ;i aali3a ifor,a'iilorF.
'.0.'. A)inis"rarea cre)i"#l#i
'.C.'.1. Proces#l cre)i"&rii ac"ivi"&*ii coerciale
K ci#$a "rolifer&rii serviciilor bacareF "roces#l $e ba3& al =,"r#,#%#l#i co,ercial ;i i$#s%rial r&,9e s9*ele vi%al al
b&cilor co,erciale. Proces#l $e =,"r#,#% co,ercial cos%& =%r7o 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#, s7a ar&%a% = aces% ca"i%ol L i,"lic&F = ese'&F #r,&%oarele e%a"e4 cererea $e =,"r#,#%F eval#area
cre$i%#l#iF revi3#irea =,"r#,#%#l#i ;i efec%#area ra,b#rs&rii. Dac& ra,b#rsarea # se $er#lea3& or,alF #r,ea3& "roce$#rile $e
"rescriere ;i re3olvare a cre$i%elor e"erfor,a%eE $ac& se $er#lea3& or,alF a$esea #r,ea3& o re=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%e4 "roces#l $e a"robare a =,"r#,#%#l#iE "roces#l $e
#r,&rireE "roces#l $e re3iliere a =,"r#,#%#l#i.
Si%e%i3area "roces#l#i $e =,"r#,#% e "er,i%e s& eval#&, ,ai bie co,"leIi%a%ea ;i i,"or%a'a aces%#i "rocesF $ar ;i o
eval#are ,ai b#& a aces%#ia.
O %recere = revis%& a "roces#l#i $e =,"r#,#% bacarF #%ili39$ 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 "re3i%& "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<e3e = 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#4
(1+ Plata dividendelor. Dac& o fir,& co%rac%ea3& o $a%orie eval#a%& "ori$ $e la s%abili%a%ea $eci3iei 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.
(!+ Diluarea debitelor. Dac& o fir,& co%rac%ea3& o $a%orie eval#a%& "ori$ $e la s#"o3i'ia c& # va fi a*a<a%& o o#&
$a%orieF valoarea crea'ei $ebi%or#l#i es%e $i,i#a%& "ri%r7o $a%orie s#"li,e%ar& $e aceea;i "riori%a%e sa# o "riori%a%e ,ai ,are.
(/+ Substituirea activelor. Dac& o fir,& co%rac%ea3& o $a%orie c# sco"#l $eclara% $e a se a*a<a = "roiec%e c# cos%#ri
,ai sc&3#%eF iar $a%oria es%e eval#a%& c# aces% risc sc&3#%F ca"i%al#l ac'ioar#l#i cre;%e ;i valoarea $a%oriei es%e re$#s& "ri "roiec%e $e
=loc#ire c# risc 0 cos%#ri $e c9;%i* ,ai ri$ica%e.
34
(2+ 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 "re3e%e "o3i%ive $ac& beefici#l "roiec%elor revie cre$i%orilor.
(5+ Nefurnizarea #or ifor,a'ii "ro,"%e ;i eIac%e. Aceas%& ac'i#e "oa%e = ,o$ evi$e% s& ,a<ore3e cos%#rile
,oi%ori3&rii.
Pri #r,areF a,bele "roble,e (selec'ia a$vers& ;i risc#l ,oral+ ,a<orea3& "robabili%a%ea ##i e;ec al =,"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#ri4 (1+ ScaareaF (!+ Ur,&rireaF (/+ S%abilirea #or
rela'ii c# clie'ii ;i liiile $e cre$i% "e %er,e l#*F (2+ Ceri'e $e *ara'ie ;i "rovi3ioaeF (5+ Ra'ioali3area cre$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& $ifere'ie3e risc#rile cre$i%elor b#e $e cele rele. Aceas%a se va
reali3a "ri scaareF care "res#"#e4 a+ s%r9*erea ifor,a'iilorF b+ aali3a s%a%is%ic&F c+eval#area ;i $+ s"eciali3area.
a+ S"r<n!erea infora*iilor
Pe%r# a reali3a o selec'ie eficie%&F b&cile %reb#ie s& a$#e ifor,a'ii serioase $es"re =,"r#,#%&%orii "o%e'iali. Ifor,a'iile
"rivi$ %rec#%#l icl#$ ifor,a'ii $es"re co%#riF "rofi% ;i "ier$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 #%ili3a%e $e bac& "e%r# a o a<#%a s&7;i for,#le3e eval#areaF a$ic&4
1 cocor$area "erfor,a'elor %rec#%e c# "roiec'iileE
!. realis,#l s#"o3i'iilor care s%a# la ba3a a"recierilor
/. ac%ivi%a%ea %rec#%& a ,aa*e,e%#l#i (res"ec%iv c#, s7a# reali3a% "revi3i#ile a%erioare+ ;i o o"iie "rivi$ cali%a%ea ;i
i%e*ri%a%ea sa.
Pe%r# aceas%a b&cile vor #%ili3a ,ai ,#l%e s#rse $e ifor,a'ii4 ecoo,ia = asa,bl#E i$#s%ria = asa,bl#.
Ca s#rse s"ecificeF b&cile a# = ve$ere4 a*e'ii $e cre$i% ra%i*F coc#re'aF vi3i%ele = loc#rile $e "ro$#c'ieF al'i
=,"r#,#%&%oriF 3iare ;i servicii $e selec'ie a ar%icolelor $e "res&F i%ervi#ri c# co$#cerea.
K sf9r;i%F o ,o$ali%a%e $e ob'iere a ifor,a'iilor $e c&%re b&ci cos%& = rela'iile $e l#*& $#ra%& c# clie'ii. Baca "oa%e s&
aali3e3e ac%ivi%a%ea %rec#%& ;i coc#re'a "e ba3&4 al%or co%#ri $e =,"r#,#%F co%#rilor c#re%e ;i a co%#rilor $e ;i ecoo,ii0$e"o3i%e.
Aali3a ofer& ifor,a'ii "rivi$ lic.i$i%a%eaF se3oali%a%eaF *r#"ele $e co%ac%e $e afaceri ;i "erfor,a'ele %rec#%e ale fir,ei
clie%.
K *eeralF rela'iile "o% re$#ce = ,o$ se,ifica%iv cos%#rile selec'iei ;i f#$a,e%&rii "roce$#rilor $e ,oi%ori3are. Pe $e al%&
"ar%eF rela'iile "e %er,e l#* "o% fi "rofi%abile a%9% "e%r# fir,&F c9% ;i "e%r# bac&. C9$ eIis%& o b#& rela'ie ;i # fl#I ifor,a'ioalF
fir,a b#& "oa%e s& ob'i& ,ai #;or # =,"r#,#% c# $ob9$& sc&3#%& =%r#c9% baca va "#%ea s& s%abileasc& ,ai #;or risc#rile $e
"ers"ec%iv& ;i va avea cos%#ri ,ai re$#se $e scaare ;i ,oi%ori3are.
K%r#c9% rela'ia bac& L =,"r#,#%a% es%eF $e ase,eeaF i,"or%a%& ;i "e%r# =,"r#,#%a%F aces%a va fi re'i#% = a o "ericli%a
"ri ac'i#i care s#% = $e3ava%a<#l b&ciiF i$ifere% $ac& s#% sa# # aco"eri%e $e cla#3e res%ric%ive c# "rivire la =,"r#,#%. Bai ,#l%F
rela'ia "oa%e fi =%&ri%& $e4
"ar%ici"area b&cii la ca"i%al#l fir,ei (#$e es%e "er,isF c#, es%e ca3#l = Sa"oiaF Ger,aiaF Ro,9ia+E
1. re"re3e%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 $e a ifl#e'a fir,a s& ac'ioe3e = i%eres#l b&ciiF
eives%i$ = "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 $ob93ii $e "ia'&.
K%r7a$ev&rF cea ,ai ,are "ar%e a =,"r#,#%#rilor co,erciale ;i i$#s%riale se $esf&;oar& = ca$r#l #or as%fel $e ara<a,e%e.
As%felF fir,a se "oa%e ba3a "e o s#rs& $e cre$i% ;i baca beeficia3& $e # sis%e, =,b#&%&'i% $e ob'iere a ifor,a'iilor. Bai cocre%F
ara<a,e%#l va i,"#e fir,ei s& f#ri3e3e b&cii ifor,a'ii = ,o$ co%i## = le*&%#r& c# ac%ivele ;i c# "asivele 0 vei%#rile ;i
ac%ivi%a%ea $e afaceri.
b+ Anali1a s"a"is"ic&
Aali3a s%a%is%ic& a ifor,a'iilor "oa%e s"ri<ii $e%ec%area "ers"ec%ivelor b#e fa'& $e cele "roas%e. Aali3a i$ica%orilor ;i al%e
,o$ele ca%i%a%ive "o% fi #%ili3a%e "e%r# a "reve$ea fali,e%#l ;iF = *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
Aali3a # "oa%e fi = =%re*i,e ,ecaic&. Baca %reb#ieF $e ase,eeaF s& fac& o eval#are b#&. Bo$el#l $escris a%erior
s#*erea3& c& %reb#ie acor$a%& a%e'ie fac%orilor care icl#$e #r,&%oarele4
(i+ Valoarea relaiei cu clienii
K aces% ca3F bacaF = ca$r#l aali3ei ce o efec%#ea3&F va %reb#i s& i$e%ifice4
(1+ ce al%e afaceri $e"i$ $e rela'ia c# clie'iiE
(!+ v93area $e servicii N=cr#ci;a%eOE
(/+ rela'iile c# fir,e =r#$i%eE
(2+ c#, ar fi afec%a%& re"#%a'ia b&cii (;i rela'ia c# al'i clie'i+ $e ref#3#l ##i =,"r#,#%a% sa# re%ra*erea cre$i%#l#i $e la aces% clie%.
(ii+ Reperele situaiei financiare
K ca3#l =,"r#,#%#rilor eI%ere acor$a%e $e o bac&F se eIa,iea3& o serie $e i$ica%ori "e%r# 'ara res"ec%iv&. De eIe,"l#F
= ca$r#l ac%ivi%&'ii Re3ervelor ?e$erale ale SUAF $e ,oi%ori3are a =,"r#,#%#rilor i%era'ioale ale b&cilor a,ericaeF Co,i%e%#l
i%er$e"ar%a,e%al $e aali3& a eI"#erii $e 'ar& =cearc& s& i$e%ifice '&rile c# "roble,e ;i s& ifor,e3e b&cile = le*&%#r& c# '&rile
care a# "roble,e = "re3e% sa# = ,o$ "o%e'ial. Co,i%e%#l a"lic& #r,&%orii i$ica%ori s%a%is%ici fiec&rei '&ri4
1. balan*a )e con" c#ren" "e%r# eI"or%#l $e b##ri ;i serviciiE
!. o)#l )e (la"& a )ob<n1ilor "e sea,a eI"or%#l#i $e b##ri ;i servicii ;i a re3ervelor i%era'ioaleE
/. (la"a servici#l#i )a"oriei $i eI"or%#l $e b##ri ;i servicii
(iii+ Factorii strategici
Baca va l#a = cosi$erare cas. LfloJ7#rile "revi3ioa%e ale =,"r#,#%a'ilor ;i risc#rile c&rora le s#% s#"#se aces%ea ($e
eIe,"l#F risc#rile $e afaceri ale =,"r#,#%a'ilor+. Coele care %reb#ie s& fie eIa,ia%e a;a c#, se ara%& = aces% ca"i%ol s#%4
1. Pro$#c'ia4 ,a%erii "ri,eF f#ri3oriF %e.olo*ieF co,b#s%ibilE
!. Bar)e%i*4 elas%ici%a%ea "re'#rilorF s#bs%i%#e'iE
/. Persoal4 $is"oibili%a%eF cos%F ar,oieE
35
2. ?ia'e4 v#lerabili%a%e la ,a<orarea ra%elor $ob93iiF co%rol#l cre$i%#l#i fir,ei ;i si%#a'ia =cas&rii $a%orieiE
5. Coc#re'a4 "o%e'ial#l $e sc.i,bareF res%ric'ii co,ercialeE
1. 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%ori3area cas. L floJ7#l#i vii%oare es%e o "ar%e cri%ic& a aali3ei $e cre$i% ;i
a eval#&rii risc#l#i. K "l#sF fa'& $e cas. L floJ7#l $eriva% $i eI%rasele fiaciareF aali3a i$ica%orilor ofer& # al% is%r#,e% al aali3ei
$e cre$i%.
(iv+ Reputaia managementului
NRe"#%a'iaO es%e o 3o& $e s%#$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"#3&%or al obli*a'i#ilor sale "e "ia'&.
(v+ Expunerea fa de risc
Risc#l $e cre$i% ;i "robabili%a%ea $e ra,b#rsare s#% o f#c'ie co,#& a a%rib#%elor s"ecifice =,"r#,#%a%#l#i ;i a "ara,e%rilor
co$i'iilor =,"r#,#%#rilor ;i a#,e4
(1+ A%rib#%e s"ecifice =,"r#,#%a%#l#i4
(1+ Cas. L floJ7#rile vii%oare "revi3ioa%e ;i variabili%a%ea lor4 s%r#c%#ra ca"i%al#l#iE risc#l afaceriiE ra%a $e cre;%ereE
$iversificareaE
(!+ Daloarea real& e%& a =,"r#,#%a%#l#iE
(/+ Carac%er#l a%#rii =,"r#,#%a%#l#i "o%e'ial ;i a%#ra ;i severi%a%ea "roble,elor re3i$#ale ale ,a$a%#l#i4
(1+ icl#$erea efec%#l#i re"#%a'iei ,aa*e,e%#l#i "e "ia'a $a%oriilor = "roble,ele ,a$a%#l#iE
(!+ cali%a%ea ifor,a'iilor $is"oibile ("ro,"%i%#$iea ;i ac#ra%e'ea+.
(!+ Tr&s&%#rile co%rac%#l#i $e =,"r#,#% (icl#siv+ ,oi%ori3area ;i ara<a,e%ele $e si*#ra'&4 "rive;%e ceri'ele
"rivi$ $e"o3i%ele $e co,"esareF si*#ra'aF *ara'iile ;i "ro,isi#ile co%rac%#ale $e ra,b#rsare acor$a%e $e %er'iE cla#3e afir,a%ive ;i
e*a%iveE ra%a $ob93ii (fiI& 0 variabil&+.
(vi+ !ondiii externe
Gra$#l $e risc al =,"r#,#%#rilor # "oa%e fi aali3a% co,"le% = i3olare. Ca a%areF $iversificarea re"re3i%& cea ,ai b#& re'ea
i%er& $e si*#ra'&. As"ec%ele care %reb#ie s& fie ,oi%ori3a%e s#% #r,&%oarele4 sco"#l 0 %i"#l $e =,"r#,#%E %i"#l $e *ara'ieE ra%a
$ob93ii flo%a%& fa'& $e cea fiI&E cre$i% ra%i*7#lE e%c.
(vii+ "li factori
K%re al'i fac%ori re'ie,4 "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"eciali3ea3& (*eo*rafic ;i 0 sa# "e ra,#ri+ "e%r# a avea as%fel
,ai ,#l%e c#o;%i'e "e ba3a ac#,#l&rii ifor,a'iilor releva%e care s&7i "er,i%& s& se"are fir,ele b#e $e cele "roas%e. Es%e $ificil s&
se reali3e3e a%9% s"eciali3areaF c9% ;i $iversificare. To%#;iF si$icali3area =,"r#,#%#l#i ;i al%e abor$&ri "o% face aces% l#cr# "osibil.
'.0.'... Ur&rirea $7i a(licarea cla#1elor res"ric"ive%
Pe%r# a a%e#a "roble,a risc#l#i ,oralF care eIis%& $#"& ce =,"r#,#%#l a fos% acor$a%F b&cile =scri# a$esea cla#3e
res%ric%ive = co%rac%ele $e =,"r#,#%. Aces%e cla#3e s#% ,ei%e s& asi*#re c& fir,a # "oa%e risca "rea ,#l% "e soco%eala b&cii. Dac&
cove'iile res%ric%ive #r,ea3& s& aib& "#%ere real&F baca %reb#ie s& #r,&reasc& co,"or%a,e%#l fir,ei. As%felF a#$i%#l s%r9*erii
ifor,a'iilor ;i #r,&rile %reb#ie s& fie o ac%ivi%a%e "er,ae%& b&cii.
Uele cla#3e %i"ice "e%r# =,"r#,#% s#% #r,&%oarele4
(1+ Res%ric'ii as#"ra "oli%icii $e ives%i'ie 0 "ro$#c'ie a fir,ei.
(1+ res%ric'ii as#"ra ives%i'iilorE
(!+ res%ric'ii as#"ra $is"o3i'iei "rivi$ ac%iveleE
(/+ %i%#lari3area $a%oriei as#"ra a#,i%or ac%iveE
(2+ res%ric'ii as#"ra f#3i#ilorE
(5+ 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$elor
(/+ Res%ric'ii "rivi$ "oli%ica fiaciar& vii%oareF cos%9$ =4
(1+ li,i%&ri "rivi$ $a%oria ;i "riori%&'ileE
(!+ li,i%&ri "rivi$ =c.irierileF leasi*#lF v93&rile ;i lease bac)s7#rileE
(/+ "rovi3ioae $e cover%ibili%a%e.
(2+ Cla#3e s"ecific9$ al%e ac%ivi%&'i ale fir,ei ($e eIe,"l#F ,ei%e s& re$#c& cos%#rile ,oi%ori3&rii+F "rivesc4
(1+ ra"oar%ele cer#%eE
(!+ s"ecificarea %e.icilor co%abile.
Cos%#rile $irec%e ;i cele $e o"or%#i%a%e ale =$e"liii aces%or res%ric'ii co%rac%#ale = cla#3ele "rivi$ $a%oria s#%
cosi$erabile. K "l#sF eIis%e'a aces%or res%ric'ii i$ic& ca"aci%a%ea cla#3elor $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 $a%oriei ;i ac'ioari. K%r7a$ev&rF "ersis%e'a ;i i*eio3i%a%ea c# care s#% re$ac%a%e aces%e
cla#3e $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 ca3#ri baca va cere =,"r#,#%a%#l#i s& ,e'i& $e"o3i%e $e co,"esare ca o for,& $e cola%eral. De eIe,"l#F
baca "oa%e s& cear& fir,ei s& o"ere3e = co%#l s&# c#re% $e cec c# bacaF ,e'i9$ co%#l la # a#,i% ivel. K "l#s fa'& $e
f#ri3area ##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'ioali3area cre$i%#l#i "o% fi #%ili3a%e $o#& ,o$ali%&'i4
(1+ C9$ o bac& ref#3& 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%e4 $e ce s& # se acor$e =,"r#,#%#l la o ra%& a $ob93ii ,ai ,are $ac&
=,"r#,#%a%#l "o%e'ial "re3i%& # 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 $ob93ii.
Pre%i$erea #ei ra%e a $ob93ii ,ai ri$ica%e "#r ;i si,"l# face "roble,a ,ai $ificil&F res"ec%iv ,&re;%e "robabili%a%ea ca baca s&
36
=,"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 $ob93ii ,ai ,areF ci s& se
a*a<e3e =%r7o ra'ioali3are a cre$i%#l#i ;i s& res"i*& =,"r#,#%#rile.
(!+ C9$ baca acor$& # =,"r#,#%F $ar res%ric'ioea3& ,&ri,ea =,"r#,#%#l#i la $i,esi#i ,ai re$#se $ec9% ar $ori
=,"r#,#%a%#l.
Aces% %i" $e ra'ioali3are a cre$i%#l#i es%e #%ili3a%F =%r#c9% "roble,a risc#l#i ,oral $evie ,ai *rav& = ca3#l =,"r#,#%#rilor
,ai ,ari. C# c9% es%e ,ai ,are =,"r#,#%#lF c# a%9% es%e ,ai ,are s%i,#le%#l $e a*a<are = ac%ivi%&'i care fac ,ai "#'i "robabil&
ra,b#rsarea =,"r#,#%#l#i.
'.0.'.8. S"r#c"#ra ?(r##"#l#i
O$a%& c# l#area $eci3iei $e acor$are a =,"r#,#%#l#i %reb#ie s%abili'i %er,eii cocre'iF icl#39$4
(1+ Ter,e#lF "re'#l ;i *rafic#l $e ra,b#rsare a =,"r#,#%#l#i. Cofor, *9$irii %ra$i'ioaleF cos%#l ##i =,"r#,#% se
ba3ea3& "e carac%eris%icile risc#l#iF clie'ii c# boi%a%ea ,ai ,are beeficii$ $e o ra%& a $ob93ii ,ai sc&3#%&. 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 ;i o
,ar<& $e "rofi% acce"%abil&. To%#;iF o abor$are $irec%& $e %i" boi%a%ea cre$i%#l#i (cre$i% 7 scori*+F # ia = cosi$erare carac%eris%ici
i$ivi$#ale clie%#l#iF "rec#, $e3vol%area ##i o# "ro$#sF ,&ri,ea fir,eiF sol$#rile ,e$iiF frecve'a =,"r#,#%#rilor ;i rela'ia is%oric& c#
baca. Aces%ea s#% cosi$era'ii foar%e i,"or%a%e ;i ar "#%ea ifl#e'a $eci3ia $e cre$i%are =%r7o ,aier& $iferi%& $e re3#l%a%ele ,e%o$ei
cre$i% scori*.
(!+ Co%#rile $e co,"esareF %aIa $e a*a<a,e%F $ac& eIis%&. Aces%e co%#ri "er,i% b&cii s& reali3e3e # "rofi% ,ai
,are as#"ra fo$#rilor ;i a*a<a,e%elor ;i s& cos%i%#ie # %a,"o = "erioa$a $e cri3&F a%9% "e%r# bac& c9% ;i "e%r# clie%. Es%e
"osibil ca aces%e co%#ri s& $is"ar& "e ,&s#r& ce se i%esific& coc#re'a "e%r# clie'i. Dac& ,ar<ele as#"ra =,"r#,#%#rilor se
$i,i#ea3& $a%ori%& =,"r#,#%#rilor c# $ob9$a variabil& ;i co%#rile $e co,"esare se ,a<orea3& =%r7o ,&s#r& ,ai re$#s&F a%#ci va
fi =c#ra<a%& %e$i'a c&%re ac%ivi%&'i $i afara bila'#l#i ;i vei%#rile ele*a%e $e $ob9$aF "e ,&s#r& ce b&cile se a$a"%ea3& la ivele
,ai re$#se $e $ob9$&.
(/+ Ceri'e "rivi$ *ara'iile. Ba<ori%a%ea =,"r#,#%#rilor "e %er,e l#* ;i ,#l%e =,"r#,#%#ri $e la b&ci ,ici s#%
asi*#ra%e. K%r7# =,"r#,#% asi*#ra%F clie%#l acor$& b&cii $re"%#l $e a vi$e cola%eral#l ;i $e a #%ili3a =cas&rile "e%r# res%i%#irea
=,"r#,#%#l#i $ac& =,"r#,#%a%#l # "oa%e s& ra,b#rse3e.
(2+ Ca#3e $e =,"r#,#%. C# c9% es%e ,ai =$e"&r%a%& sca$e'a cre$i%#l#iF c# a%9% ,ai ,are va fi #,&r#l cla#3elor
icl#se $e bac&. Cla#3ele afir,a%ive s%i"#lea3& res"osabili%&'i ale clie%#l#i $e a "re3e%a $eclara'ii fiaciareF $e a ,e'ie o
asi*#rare a$ecva%&F $e a "l&%i $ob9$a ;i ra%ele cofor, *rafic#l#i ;i $e a ifor,a baca as#"ra ac%ivi%&'ilor ,a<ore ale fir,ei. Cla#3ele
e*a%ive cer a#,i%e cri%erii $e "erfor,a'& ale fir,ei ;i i%er3ic a#,i%e ac%ivi%&'i ale =,"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%& ;i va fi s%ora%&
$i re3ervele s%abili%e "e%r# fiecare "erioa$& = aces% sco". ?#c'ia $e revi3#ire a =,"r#,#%#l#i $#"& acor$are l#iF es%e # "roces cri%ic
"e%r# re$#cerea aces%or "ier$eri ;i = ,oi%ori3area *eeral& a cali%&'ii =%re*#l#i "or%ofoli# $e =,"r#,#%#ri. Persoal#l s"eciali3a% =
revi3#irea =,"r#,#%#l#i %reb#ie s& se i,"lice = ac%ivi%a%ea $e sol#'ioare ;i rec#"erare. Revi3#irea =,"r#,#%#l#i cos%& = a#$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 revi3#ire
=cearc& s& $e%ec%e3e =,"r#,#%#rile c# "roble,e c9% ,ai $evre,e "osibilF s& f#$a,e%e3e "oli%ica $e =,"r#,#%#ri s%abili%& ;i s& se
asi*#re ca aceas%a es%e a"lica%& ;i s& ifor,e3e co$#cerea b&cii = le*&%#r& c# co$i'iile *eerale ale =,"r#,#%#rilor ;i cali%a%ea
cre$i%elor a#,i%or #i%&'i $e =,"r#,#%. O$a%& c# cre;%erea rece%& a e;ec#rilor = afaceriF = s"ecial = cele $e ,are aver*#r&F rol#l
s"eciali;%ilor = revi3#irea =,"r#,#%#rilor ;i *&sirea $e sol#'ii a cresc#% foar%e ,#l% ;i valoarea a$&#*a%& crea%& $e ace;%i s"eciali;%i a
$evei% "o%e'ial se,ifica%iv&. Uele "roce$#ri #%ili3a%e = $eci3ia $e acce"%are7res"i*ere s#% a"licabile ;i "roces#l#i $e revi3#ire.
Eval#area *eeric& a solvabili%&'iiF es%e "rac%ic ,ai #%ili3a%& = revi3#irea =,"r#,#%#l#i. K%r#c9% ,a<ori%a%ea b&cilor # "o% s&
revi3#iasc& %oa%e cre$i%ele =%r7o "erioa$& sc#r%& $e %i,"F ##l $i%re as"ec%ele cri%ice ale f#c'iei $e revi3#ire a =,"r#,#%#l#iF = s"ecial
la o bac& ,areF cos%& = alocarea eficie%& a res#rselor #,ae ("ersoal#l+ = 3oele cele ,ai cri%ice. De aiciF o ,o$ali%a%e $e
aver%i3are "ro,"%& ;i eIac%& es%e vi%al& = aceas%& fa3&.
CAPITOLUL III
;ANAGE;ENTUL OPERA=IUNILOR BANCARE
..1 ;ana!een"#l o(era*i#nilor (asive
O"era'i#ile bacare "asive re"re3i%& o"era'iile $e cos%i%#ire a res#rselor fiaciare ecesare for,&rii res#rselor $e
cre$i%are.
Bo$ali%&'ile $e cos%i%#ire a res#rselor fiaciare ale #ei b&ci s#%4
1. ca"i%al#l "ro"ri# ;i fo$#rile $e re3erv&E
!. $e"o3i%ele bacareE
/. reesco%#lE
2. 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 $e ca"i%al4
- ca"i%al "ro"ri#E
- ca"i%al s#"li,e%ar.
Ca(i"al#l (ro(ri# are = co,"oe'a sa4
- ca"i%al#l social v&rsa%E
- fo$#l $e re3erv&E
- al%e fo$#ri cos%i%#i%e $i "rofi%#l e%.
37
Ca"i%al#l "ro"ri# al #ei b&ciF careF $e re*#l&F s#% socie%&'i "e ac'i#iF se for,ea3& "ri e,isi#ea ;i s#bscrierea $e ac'i#i.
Al&%#ri $e ca"i%al#l "ro"ri# fo$#rile $e re3erv& "ar%ici"& la for,area res#rselor "ro"rii ale b&cii ;i ele se cos%i%#ie %re"%a%F "ri
re"ar%i3area #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 re3erv&F es%eF
$e re*#l&F "9& la ivel#l ca"i%al#l#i "ro"ri#. Ca"i%al#l "ro"ri# ;i fo$#rile $e re3erv&F a# =s& o "o$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 ca3#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 =*lobea3& la re3erveF care #l%erior "o% fi folosi%e "e%r# ,a<orarea ca"i%al#l#i socialF $ar #
,ai $evre,e $e # a $e la cos%i%#irea lor.
De ase,eeaF ca"i%al#l social se "oa%e ,o$ifica ;i "ri al%e o"era'i#i i%ere ale b&ciiF c#, ar fi $e eIe,"l# =cor"orarea
$e re3erve = 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 re3erv& se cos%i%#ie $e c&%re b&ci $i "rofi%#l br#%F as%fel4
- !8R $i "rofi%#l br#% "9& c9$ fo$#l $e re3erv& es%e e*al c# ca"i%al#l socialE
- 18R $i "rofi%#l br#% "9& c9$ fo$#l $e re3erv& es%e e*al c# $#bl#l ca"i%al#l#i social.
D#"& aceas%& li,i%&F fo$#l $e re3erv& es%e ali,e%a% $i "rofi%#l e% =%r7# "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,&%oarele4
7 $i ca"i%al#l "ro"ri# se vor $e$#ce4
7 c.el%#ielile $e cos%i%#ire ($ac& # a# fos% $e$#se $i vei%#ri+E
7 c.el%#ielile a%ici"a%e efec%#a%e "e%r# ac.i3i'ioarea ,i<loacelor fiIeE
7 c.el%#ielile "e%r# ives%i'ii = c#rs $e eIec#'ie ;i "e%r# ,a%eriale ecesare ives%i'iilor "e%r# care # s7a afec%a%
fo$#l $e $e3vol%areE
7 "ier$erile =re*is%ra%e = a#l c#re%.
Ca(i"al#l s#(lien"ar la #ei b&ci se co,"#e $i4
- fo$#l $e riscE
- re3erve $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% ;i $i "rofi%#l e% =%r7# "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% 188R $i ivel#l ca"i%al#l#i "ro"ri#.
Da%oria s#bor$oa%& va fi l#a%& = calc#l =%r7o "ro"or'ie ,aIi,& $e 58R $i ca"i%al#l "ro"ri# ;i va %reb#i s& =$e"lieasc&
#r,&%oarele co$i'ii4
s& fie = =%re*i,e v&rsa%&E
%er,e#l $e ra,b#rsare s& fie $e cel ,#l% 5 aiE
La calc#l#l ivel#l#i fo$#rilor "ro"riiF vol#,#l $a%oriei s#bor$oa%e va fi *ra$#al re$#s& c# !8R "e aF = "erioa$a $e 5 ai
a%erioar& sca$e'ei.
co%rac%#l $e cre$i% s& # "reva$& ra,b#rsarea a%ici"a%& a
$a%orieiF c# eIce"'ia ca3#l#i i%r&rii = lic.i$are a socie%&'ii bacareE
= ca3#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 $#"& ca3.
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&4 c#rs#l #ei ac'i#i es%e $e 1!888 UBE valoarea o,ial& a #ei ac'i#i es%e $e 18888 UBE r. $e ac'i#i vec.i H 18888
b#cE r. $e ac'i#i oi e,ise s#% 1888 b#c.E"re'#l $e e,isi#e es%e $e 1!188 b#c. Se cere4
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 $e e,isi#e H 1!188 L 18888 H !188 UB
b+ Bo$ificarea s#rvei%& = ca"i%al#l b&cii4
1!888 H 18888 7 ca"i%al social ;i !188 fo$ re3erv&
Ca"i%al social H (18888 I 18888+ V (18888 I 1888+ H 118888888 UB
?o$#l $e re3erv& cre;%e c# !188888 UB
c+ C#rs#l ac'i#ii $#"& e,isi#e
H ( ) +
+

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(18888 I 1!888 V 1888 I 1!188+ H 1!886F86 UB
Problea '2 Socie%a%ea bacar& NAL?AO "re3i%& #r,&%or#l bila' la $a%a $e /1 @II a#l N4
7,ii UB 7
D Bilan* C
Dis"oibil la BC 5288
N#,erar !!88
Dis". la al%e b&ci 6288
Ca"i%al 18888
Re3erve !888
De"o3i%e ale clie'ilor !5888
38
Cre$i%e acor$a%e 16888
Al%e ac%ive /888
7 la ve$ere 1!888
7 la %er,e ,i<loci# 11888
Al%e "asive !888
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 18 UBF ;i se $ore;%e e,isi#ea #or ac'i#i oi = #,&r
$e 188F se cere s& se calc#le3e4
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 188 UB
c+ C#rs#l ac'i#ii $#"& e,isi#e
Re1olvare2
Dreal& H
-r/ac
pr!prii *!nuri
ac 1)))
1)
1))))
ac
.-
0apital
-r/act/
?o$#ri "ro"rii H Ca"i%al V Re3erve
?o$#ri "ro"rii H 18888 V !888 H 1!888 UB
Dreal& H 12 12
1)))
12)))

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 $e e,isi#e V Daloarea o,ial&
Pri,a #i%ar& H
e$ise n!i ac e -r/
t!tal ,ri$a
Pri,a #i%ar& H 12 1
1))
1))

Pre'#l $e e,isi#e H 18 V 1 H 11 UB
C#rs#l ac'i#ii $#"& e,isi#e4
( )
( ) 12 113( 1)) 11 1))) 12
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Problea .2 Socie%a%ea bacar& ]@OF co%a%& la b#rs& c# o valoare a
c#rs#l#i b#rsier $e 15.888 UBF efec%#ea3& o e,isi#e $e oi ac'i#i4 ra"or%#l es%e $e o ac'i#e o#& la / vec.iF la "re'#l $e 12.588 UB.
Se cere s& se s%abileasc&4
- valoarea c#rs#l#i %eore%ic $#"& e,isi#ea %eore%ic&E
- efec%#l $e $il#'ie ;i valoarea DS ($re"%#l $e s#bscriere+E
- s#,& ce %reb#ie s& $e'i& # ives%i%or o# ce $ore;%e s&
ac.i3i'ioe3e 18.888 ac'i#i.
Re1olvare2
a+ 1487512
4
145)) 1 15))) 3
n -
e
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0t -
1
0t
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+
+

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%17C%8H158887125>5H1!5 UB
$+ # ives%i%or ce $ore;%e s& ac.i3i'ioe3e 18888 ac'i#i %reb#ie s&
"l&%easc&4
Daloarea %o%al& H (PeV/DS+F #$e valoarea unei aciuni H
Pe V/DS.
Daloarea #ei ac'i#i H 12588V/I1!5H125>5 UB
Daloarea %o%al& H125>5 I 18888H125.>58.888 UB.
PROBLE;E DE RENOLEAT
Problea 12 ?ie o socie%a%e bacar& c# #r,&%oarele $a%e4
- Ca"i%al social4 5122/888 ,ii UBE
- Re3erve4 !!!2888 ,ii UBE
- Nr. $e ac'i#i4 188888 b#c.E
- Nr. $e ac'i#i oi e,ise4 18888 b#c.
Se cere s& se calc#le3e4
a+ valoarea o,ial& a #ei ac'i#iE
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 18888 UB.
Problea '2 Baca ]@O are #r,&%oarele $a%e eI%rase $i bila'#l co%abil4
7Ca"i%al social4 115225!2/ ,ii UBE
7Re3erve4 5225!2/ ,ii UBE
7Nr. $e ac'i#i4 111!222 b#c.
Dac& se $ore;%e =cor"orarea a !225!2/ ,ii UB = ca"i%al#l social $i fo$#l $e re3erv&F s& se calc#le3e4
a+ valoarea o,ial& a #ei ac'i#iE
3(
b+ r. $e ac'i#i oi e,iseE
c+ "ier$erea $e valoare a #ei ac'i#i.
Problea .4 Socie%a%ea bacar& ]@O $ore;%e s& efec%#e3e o
,a<orare $e ca"i%alF folosi$ $o#& ,e%o$e4
- e,isi#ea $e 11.888 ac'i#i oiE Pe ("re'#l $e e,isi#e+ H!5.888UBE
- =cor"orare $e re3erve = valoare $e 588.888.888 UB.
M%ii$ c& $a%ele ii'iale era# #r,&%oarele4
- ca"i%al social4 5F1 ,iliar$eE
- fo$ $e re3erv&4 1 ,iliar$E
- r. ac'i#i vec.i4 !!!.888.
Se cere4
a+ S& se $e%er,ie valoarea $#bl#l#i $re"% $e a%rib#ire ;i
s#bscriereE
b+ S& se i%er"re%e3e re3#l%a%ele.
..1.' De(o1i"ele bancare
De"o3i%ele bacare re"re3i%& for,a "rici"al& $e ,obili3are a ca"i%al#rilor ;i ecoo,iilor ,oe%are %e,"orar $is"oibile =
ecoo,ie.
Cos%i%#irea $e"o3i%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&
$e"o3i%ele s#% #%ili3a%e "e%r# fia'area cre$i%elor ;i a ac%ivi%&'ilor $e ives%i'ii. B&cileF "ri cos%i%#irea ;i #%ili3area $e $e"o3i%e =;i
eIerci%& #a $i f#c'iile lor "rici"ale. Ele ofer& o varie%a%e $e %i"#ri $e $e"o3i%e = sco"#l a%ra*erii fo$#rilor $is"oibile $e la
"ersoaele fi3iceF fir,e ;i $i s#rse "#blice.
De"o3i%ele s#% s#rsa ,a<or& $e fo$#riF baca ac'io9$ ca s& le "ri,easc& ;i a"oi s& le #%ili3e3e = o"era'ii "rofi%abile.
A%ra*erea $e $e"o3i%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 fi3ice ;i ea
afec%ea3& %i"#rile $e co%#ri $e $e"o3i% care s#% oferi%e0#%ili3a%e $e c&%re socie%&'i sa# "ersoae fi3ice. Cele ,ai i,"or%a%e $ifere'e
s#% #r,&%oarele4
Socie%&'ile co,erciale a# evoie s& aib& = $e"o3i%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"o3i'ia #ei socie%&'i es%e ,ai ,are $ec9% s#,a ecesar&
"e%r# aco"erirea evoilor fo$#l#i $e r#l,e%F socie%a%ea "robabil c&F fie =;i va "l&%i =,"r#,#%#rile sca$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.
O al%& $ifere'& =%re socie%&'ile co,erciale ;i "ersoaele fi3ice es%e fa"%#l c&F socie%&'ile a# "ersoal s"eciali3a% L
co%abil ;i a$,iis%ra%iv L care #r,&re;%e $e"o3i%eleF s%r9*e $a%e ;i eval#ea3& %oa%e facili%&'ile oferi%e $e $iferi%ele %i"#ri $e $e"o3i%e.
Socie%&'ile co,erciale =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*7#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"o3i%elor bacare (cele ale "ersoaelor fi3ice fa'& $e cele ale fir,elorE $e"o3i%ele =
,oe$& a'ioal& fa'& $e $e"o3i%ele = val#%&F e%c.+ . To%#;iF cel ,ai #3#al ,o$ $e clasificare a $e"o3i%elor es%e = ra"or% c# sca$e'a ;i
c# carac%eris%icile co%#l#i.
Prici"alele carac%eris%ici ale celor ,ai i,"or%a%e %i"#ri $e co%#ri s#%4
Con"#ri c#ren"e/con"#ri (rin cec#ri
Co%#l c#re% es%e acel %i" $e $e"o3i% = care4
baca care cos%i%#ie $e"o3i%#l se a*a<ea3& s&4
"l&%easc& cec#rile e,ise $e $e"#&%or "e%r# co%#l s&#E
,e'i& sol$#l e% la $is"o3i'ia clie%#l#i = orice ,o,e%E
cre$i%e3e = co% $ob9$a covei%& ;i s& sca$& orice co,isio ;i c.el%#iala = le*&%#r& c# aces%a.
clie%#l se a*a<ea3& s&4
(a+ evi%e efec%#area oric&rei o"era'i#i care ar crea # sol$ is#ficie% = co%E
(b+ #%ili3e3e co%#l cofor, %er,eilor acor$#l#i =c.eia%.
K ca3#l #ei fir,eF $e obicei se ca$e $e acor$ =%re bac& ;i fir,& c&F $ac& "la%a ##i cec ar face sol$#l co%#l#i e*a%ivF
baca s& %rasfere = co%#l c#re% s#,a ecesar& $i%r7# co% $e over$raf% "e%r# a ,e'ie "o3i%iv sol$#l co%#l#iF $ac& # as%fel $e
co% eIis%&.
Co%#rile c#re%e ofer& $e obicei o ra%& ,ic& a $ob93ii sa# s#% f&r& $ob9$& ;i re"re3i%& o s#rs& $e fo$#ri c# co% re$#s
"e%r# bac&. Bo%iv#l $ob93ii ,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 fi4 "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 $ob93ii $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 ;i co%#rile c#re%eF $ar ofer& o ra%& a $ob93ii ;i s#% re*la%e = ,o$ $iferi%.
S#,ele $i co%#rile $e ecoo,iiF es%e %i"#l $e $e"o3i% la ve$ere. Co%#rile $e ecoo,ii a# o se,ifica'ie ecoo,ic& $iferi%& "e%r#
b&ciF $eoarece ele re"re3i%& $e"o3i%e "e %er,e ,e$i# sa# l#* (s"re $eosebire $e co%#rile c#re%eF care s#% cosi$era%e $e obicei
$e"o3i%e "e %er,e sc#r%+.
K ca3#l fer,elorF co%#rile $e ecoo,ii s#% folosi%e = ,#l%e sco"#riF ca $e eIe,"l#4 (a+ $e"o3i%e $e la o 3i la al%a (over
i*.%+ ;i b+ "l&'i $e salarii.
Prici"alele ceri'e ;i a;%e"%&ri ale $e"#&%orilor care =;i 'i baii = co%#ri $e ecoo,ii s#%4
si*#ra'a (fii$ 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 #%ili3area ##i care% $e co%+E
accesibili%a%ea ("ri "osibili%a%ea #%ili3&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+.
4)
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 $e ecoo,iiF c#, ar fi4
eI"e$ierea ##i eI%ras l#ar $e co%F f#ri39$ o "re3e%are aali%ic& a ,o$ific&rilor care a# av#% loc = co%E
ca"aci%a%ea $e a "l&%i a#,i%e obli*a'ii ale "ro"rie%ar#l#i "e ba3a aces%#i co% (co,isioae "e%r# car$#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%ili3area $e c&%re b&ci a s#,elor "rovei%e $i $e"o3i%ele la ve$ere ecesi%& ,#l%& "r#$e'&F $eoarece a*rearea
res#rselor $i aces%e $e"o3i%e = "ro"or'ii ,ari ar "#%ea crea $ific#l%&'i $e lic.i$i%a%e b&cilorF = ca3#l = care ar solici%a re%ra*erea
s#,elor = vol#,e i,"or%a%eF "es%e cele "rev&3#%e.
Con"#ri c# "eren fi5
Co%#rile c# %er,e fiI s#% acele $e"o3i%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
$ob93ii = 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
#%ili3a ace;%i baiF iar "e%r# bac& el re"re3i%& o s#rs& si*#r& $e fia'are "e %er,e ,e$i# ;i l#*.
O carac%eris%ic& i,"or%a%& a $e"o3i%elor "e %er,e fiI es%e c& "o% fi #%ili3a%e $re"% *ara'ie la # cre$i% ;i s#% $es%#l $e $es
#%ili3a%e = aces% sco".
Cer"ifica"e )e )e(o1i" $CD%

Cer%ifica%ele $e $e"o3i% 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# $e"o3i%ele c# %er,e fiI. Prici"alele carac%eris%ici ale CD s#%4
ele s#% foar%e lic.i$e ("o% fi %rasfor,a%e = #,erar la orice ,o,e% $e %i," L "ier39$ o "ar%e $i $ob9$aF ca
"eali3are+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& ;i $e"#&%or#l ii'ial+.
Acor)#ri )e r&sc#(&rare
U acor$ $e r&sc#,"&rare sa# # acor$ Nre"oOF es%e # acor$ =%re o socie%a%e co,ercial& ;i bacaF = care (a+ socie%a%ea
co,ercial& se a*a<ea3& s& $ea #,erar b&cii =%r7o a#,e 3i "e%r# a ac.i3i'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"o3i%F $eoarece ese'a aces%ei %ra3ac'ii cos%& = fa"%#l caF socie%a%ea co,ercial& se
obli*& s&7;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 fi3iceF (c&ci es%e evoie $e s#,e ,ii,e $e $e"o3i%+F iar ele s#% $e"o3i%e "e %er,e sc#r% (overi*.% sa#
$e c9%eva 3ile+F care a# evoie $e o ,oi%ori3are 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#% "re3e%e $e obicei = orice 'ar&4
- 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"o3i%e "e%r# %ieri (la care ra%a $ob93ii oferi%e es%e # s%i,#le% "e%r# "ro,ovarea $e"o3i%elor = r9$#l
%ierilor+ ;i
- a#,i%e co%#ri = 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"o3i%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 $e3vol%a% $e Berril LPc.F care co,bia bro)era<#l ;i co%#l bacarF
oferi$ clie'ilor $ob9$a 3ilic& "e%r# sol$#l $i co%F facili%&'i "ri cec#riF car$#ri $e $ebi% Disa ;i cre$i%e acor$a%e i,e$ia% la ra%e ale
$ob93ii ale co%#rilor $e bro)era<.
..1.'.' O(era*i#ni ?n f#nc*ia )e cons"i"#ire a )e(o1i"elor
O"era'i#ile = f#c'ia $e cos%i%#ire a $e"o3i%elor $i%r7o bac& a# loc = $o#& 3oe "rici"ale4
a+ la *.i;e#F = fro% officeF #$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#)4
oi $esc.i$eri $e co%#ri ("ri #%ili3area ##i for,#lar $e cerere a$ecva%F "ri cererea ifor,a'iilor $e $esc.i$ereF "ri
i%ro$#cerea $a%elor = ba3a $e $a%eF "ri e,i%erea car$#rilor ;i a care%elor $e co%F e%c.+E
%ra3ac'ii efec%#a%e $e f#c'ioar#l bacar $e la *.i;e# ("ri rec#oa;%erea L acce"%area clie%#l#iF =%oc,irea
$oc#,e%elor a$ecva%e sa# %as%area #,erelor $e co$ cores"#3&%oareF %rasfer#l bailorF e%c.+.
O(era*i#nile )in s(a"ele !-i7eelor 3 bac- office 3 incl#)4
41
a#%e%ificarea ;i s%abilirea sol$#l#i "e%r# %oa%e co%#rile clie'ilor ("ri %rascrierea sol$#rilor $i co%#ri = re*is%rele
co%abile *eeraleF "e ba3a $oc#,e%elor #%ili3a%e+E
co,"esarea cec#rilor "ri sis%e,#l casei $e co,"esa'ii ("ri sor%area cec#rilor ;i #r,&rirea lor = sis%e,#l $e
co,"esare+E
calc#larea $ob93ii ("ri a"licarea ra%elor cores"#3&%oare ale $ob93ii ;i a sca$e'elor covei%e+E
co,"le%area $oc#,e%elor "e%r# %oa%e %ra3ac'iileF e%c.
..1.'.. Calc#larea )ob<n1ii 7i #r&rirea con"#rilor
Calc#larea )ob<n1ii es%e # "roces a$eseori $es%#l $e co,"lica% $i #r,&%oarele ca#3e4
vol#,#l#i %ra3ac'iilor i,"lica%eE
ra%ele $ob93ii s#% ra"i$ cresc&%oareF c9$ as%fel $e ra%e s#% a"lica%eE
a"licarea $a%ei =re*is%r&rii %ra3ac'iei.
Pla%a $ob93ii "e%r# co%#rile "ri cec es%e i%er3is& = a#,i%e '&ri. K al%e '&riF #$e # era i%er3is& ($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 $e"o3i%F c# %er,ei ,ai b#i ;i c# ,ai
,#l%e "osibili%&'i. De ,#l%e oriF ase,eea co%#ri a# escala$a% ra%ele $ob93ii.
Ur&rirea con"#rilor es%e reali3a%& "ri bac) office7#l b&ciiF $ar as%fel =c9%4
s& facili%e3e ceri'ele $e ifor,are ale $e"#&%orilor ;i
s& cree3e # sis%e, $e =cre$ere = baca "e%r# $e"#&%ori.
Es%e %o% ,ai co,# "e%r# b&ci s& %ri,i%& clie'ilor eI%rase $e co% = care s& le "re3i%e %oa%e %ra3ac'iile care a# av#% loc =
ca$r#l #ei a#,i%e "erioa$e $e %i," ($e obicei l#ar sa# se,i7a#al+ ;i co,isioaele "erce"#%eF %aIeleF $ob9$a ac#,#la%&F re'ieri
$e i,"o3i%F e%c.
..1.'.0 Sis"e#l na*ional )e !aran"are
U sis%e, $e *ara%are a $e"o3i%elor a fos" crea" ?n #l"e *&ri> ca #rare a in)ica*iilor b&ncilor cen"rale sa# al"or
re!#li> )e obicei in"erna*ionale.
Cofor, aces%#i sis%e,F %oa%e b&cile co,erciale co%rib#ie la # fo$ co,# "ro"or'ioal c# vol#,#l $e"o3i%elor "e care le
$e'i. Sco"#l aces%#i fo$ es%e $e a aco"eri orice "ier$ere $e $e"o3i% care ar "#%ea a"&rea = vii%or = oricare $i b&cile ce fac "ar%e
$i aces% acor$F ca re3#l%a% al a#,i%or ac'i#i sa# si%#a'ii.
Mi = Ro,9ia s7a cos%i%#i% N?o$#l $e *ara%are a $e"o3i%elor = sis%e,#l bacarOF a"roba% = a#*#s% 1661.
?o$#l $e *ara%are a $e"o3i%elor = sis%e,#l bacar are ca sco" *ara%area ra,b#rs&rii $e"o3i%elor cos%i%#i%e la socie%&'ile
bacare $e c&%re $e"oe'iF "ersoae fi3iceF = co$i'iile ;i li,i%ele s%abili%e "ri s%a%#%#l N?o$#l#iO.
De"o3i%ele a"ar'i9$ "ersoaelor fi3iceF a c&ror ra,b#rsare es%e *ara%a%& $e N?o$OF re"re3i%& orice sol$ cre$i%or ce
re3#l%& $i s#,e $e"#se =%r7# co% bacar $e orice %i"F $esc.is "e #,ele #eia sa# al ,ai ,#l%or "ersoae fi3iceF s#"#se
ra,b#rs&rii c&%re $e"oe'i $e c&%re socie%a%ea bacar&F "o%rivi% le*ii ;i %er,eilor co%rac%#ali a"licabili.
N?o$#lO *ara%ea3& L = li,i%ele s%abili%e L "la%a c&%re $e"oe'i a fo$#rilor $e"o3i%a%eF = ca3#l = care o socie%a%e bacar&
# es%e = ,&s#r& s&7;i oore3e obli*a'iile fa'& $e ace;%ia.
N# s#% *ara%a%e "ri N?o$O #r,&%oarele $e"o3i%e4
$e"o3i%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"o3i%ele ,e,brilor cosiliilor $e a$,iis%ra'ieF ai co,i%e%#l#i $e $irec'ie ;i ai co,isiei $e ce3#ri $i socie%a%ea
bacar&E
$e"o3i%ele eI"er'ilor co%abili =s&rcia'i c# cer%ificarea bila'#l#i co%abil al socie%&'ii bacareE
$e"o3i%ele "ersoaelor fi3ice care $e'i ac'i#i ce re"re3i%& ,ai ,#l% $e 5R $i ca"i%al#l socie%&'ii bacareE
$e"o3i%e ale so'ilorF r#$elor ;i a fiilor "9& la *ra$#l al $oilea icl#sivF ale "ersoaelor "rev&3#%e la cele %rei "#c%e $e
,ai s#s (bF c ;i $+E
$e"o3i%e ale #or %er'e "ersoae fi3ice care ac'ioea3& = co%#l #or "ersoaeE
$e"o3i%e ale "ersoaelor fi3ice care a# ob'i#%F = ,o$ s"ecialF $e la aceea;i socie%a%e bacar&F $ob93i sa# al%e
ava%a<e fiaciareF = co$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"o3i%elor es%e foar%e i,"or%a% $i $iferi%e ,o%iveF "ri%re care (a+ vol#,#l ,are $e
%ra3ac'iiF $e cele ,ai ,#l%e ori $e a%#ra re"e%i%iv& ;i (b+ ,area lic.i$i%a%e a valorii $e"o3i%elor.
K ceea ce "rive;%e cele ,ai i,"or%a%e "#c%e $e co%rol i%erF se are = ve$ere #r,&%oarele4
f#c'ioarii $e la *.i;e# care l#crea3& 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"o3i%elor ;i la res"ec%iva ba3& $e $a%e es%e "er,is #,ai "e%r# "ersoal#l
a#%ori3a%E
42
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
%ra3ac'iile "ri a#%o,a%e $e "la%& L ATB L s#% revi3#i%eF %rascrise ;i $oc#,e%a%e corec%E
a#$i%7#l i%er al b&cii face co%roale "erio$ice "e%r# verificarea res"ec%&rii "oli%icilor ;i "roce$#rilor b&cii.
..1.'.8 Eii"or#l ac"ivi"&*ii )e cons"i"#ire )e )e(o1i"e
Dii%or#l cos%i%#irii $e $e"o3i%e va fi ifl#e'a% = ,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%i3areF cos%#l r#l&rii $e"o3i%elor va sc&$ea s#bs%a'ial.
C9%eva $i %r&s&%#rile "ro*o3a%e s#%4
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 $ob93ii ;i c#
sca$e'a eli,i%a%&+E
"resi#ea va cre;%e as#"ra clie'ilor "e%r# a avea %oa%e %i"#rile $e $e"o3i%eF $e cre$i%e ;i al%e servicii =%r7o 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 ;i "re3e%area co%#rilor $e $e"o3i% =%r7o for,& = care sol$#rile
$e"o3i%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"o3i%eleF es%e calc#l#l $ob93iiF = s"ecial c9$ eIis%&
ceri'a $e calc#lare a ca"i%ali3&rii la sf9r;i%#l "erioa$elor co%abile.
Dei%#l $i $ob93i es%e sc#%i% $e i,"o3i% "e%r# $e"#&%orii $i ,#l%e '&ri. To%#;iF = a#,i%e '&riF vei%#l $i $ob93i es%e
i,"o3i%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 $e"o3i%e c9$ calc#lea3& vei%#l
a$#s $e $ob9$& ;i s&7l "l&%easc& a#%ori%&'ilor fiscale = ca$r#l #ei a#,i%e "erioa$e $e %i,". K Ro,9ia %aIa s7a is%i%#i% $i a#l
1665F la # ivel $e 1R $i vei%#rile $i $ob93i.
..1.'.D Al"e (roblee le!a"e )e cons"i"#irea )e(o1i"elor
A#,i%e res%ric'ii = le*&%#r& c# $e"o3i%ele s#% i,"#se $e Banca cen"ral& a fiec&rei '&ri care afec%ea3& $irec% sa# i$irec%
ac%ivi%a%ea $e cos%i%#ire a $e"o3i%elor. Ase,eea res%ric'ii cos%a# =4
s%abilirea $e ra%e ale $ob93ii ,ii,e sa# ,aIi,e "e%r# a#,i%e %i"#ri $e $e"o3i%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"o3i%e la baca ce%ral& s#b for,a re3ervei ,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#,& $e"#s& =ce"e sa#
=ce%ea3& s& a$#c& vei% "ri $ob9$&. U $e"o3i% = #,erar are $e obicei ca $a%& $e =re*is%rare a %ra3ac'iei #r,&%oarea 3i
l#cr&%oare a 3ilei = care a fos% f&c#% $e"o3i%#l. U $e"o3i% = cec are $e obicei ca $a%& $e =re*is%rare a %ra3ac'ieiF #a "9& la o"% 3ile
l#cr&%oare $#"& 3i#a = care are loc $esc.i$erea $e"o3i%#l#i (= f#c'ie $e bacaF ora;#l ;i 'ara = 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#ri3e3e ifor,a'ii as#"ra $e"o3i%elor al%or "ersoae $ec9%
$e'i&%orilor. C.iar ;i "ersoaelor $i ec.i"a $e a#$i% a b&cilor sa# celor $i baca ce%ral& # li se "er,i%e s& #%ili3e3e ifor,a'ia
$es"re $e"o3i%eF ob'i#%& "e "erioa$a verific&riiF = 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 $e"o3i%elor cos%i%#i%e "es%e o a#,i%& s#,&F "e%r# a aali3a "roveie'a lor. U
ase,eea or*ais, a fos% cos%i%#i% = a#l 1665 ;i = Ro,9iaF ;i care a i%ra% = f#c'i#e = 1666. Po%rivi% a%rib#'iilor or*ais,#l#iF
s#bor$oa% *#ver#l#iF orice $e"o3i% cos%i%#i% la o bac& co,ercial& "es%e 18.888 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%r7# 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 #%ili3are 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
;i %o%o$a%& re,#erarea risc#l#i "e care =l i,"lica =,"r#,#%#l res"ec%iv.
Dob9$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& "re3e'a #or ra"or%#ri co%rac%#ale =%re $o#& ca%e*orii $e "ersoaeF av9$ rol#ri bie $eli,i%a%e4 creditorii
L care $a# baii s#b for,a $e =,"r#,#% ;i debitorii.
Dob<n)a si(l&. Dac& "e =%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 s7a efec%#a% = re*i, $e $ob9$& si,"l&.
Dob<n)a co(#s&. S"#e, c& o s#,& a fos% "lasa%& =
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 $ob93ii (s#,a "l&%i%& = ,e$ie "e a "e%r# fiecare 188 #i%&'i ,oe%are+.
43
Ra%ele $ob93ii L "e%r# $e"o3i%ele la %er,e F $e"i$ $e "erioa$a "e%r# care s7a f&c#% $e"o3i%#l ;i $ifer& $e la bac& la
bac&. Ra%ele $ob93ii se "o% ,o$ifica = f#c'ie ra%a $e referi'& a b&cii ce%raleF $e ivel#l ifla'ieiF $e evol#'ia $e asa,bl# a
$ob93ilor "e "ia'& sa# a $ob93ilor "rac%ica%e $e al%e b&ci. Ra%a $ob93ii s%abili%& = ,o,e%#l $esc.i$erii ##i co% $e $e"o3i% se
,e'ie esc.i,ba%& "e %oa%& "erioa$a "e%r# care s7a cos%i%#i% $e"o3i%#l. Ra%a $ob93ii "oa%e fi $iferi%&F = f#c'ie $e clie% ("ersoaa
fi3ic& sa# <#ri$ic&+.
Dob9$a se calc#lea3& "e%r# o l#& $e /8 $e 3ileF l#9$#7se = cosi$erare ra%a $ob93ii "e%r# # a $e /18 $e 3ile.
Calc#l#l se face l#arF l#9$#7se = cosi$erare ra%a a#al& a $ob93ii s%abili%& $e bac& "e%r# %i"#l res"ec%iv $e $e"o3i%
(,ai ,ic sa# ,ai ,are+. L#a es%e cosi$era%& $e /8 $e 3ileF iar a#l $e /18 $e 3ile ;i se o%ea3& /80/18.
Rela'ia $e calc#l a valorii $ob93ii es%e #r,&%oarea4
Daloare $ob9$& H
36)
nr/'ile !b/ pr!cent ep/ .al!are
$..1%
Ra%a $ob93ii se %rece = co%rac%#l $e $esc.i$ere a co%#l#i ;i es%e cea s%abili%& $e bac& = ,o,e%#l $esc.i$erii co%#l#i.
..1.'.I.' Pla"a )ob<n1ii
Dob9$a "e%r# co%#rile $e $e"o3i% se "l&%e;%e la sf9r;i%#l l#ii ;i se cos%i%#ieF se"ara%F =%r7# co% c#re%.
Re%ra*erile $i co%#l c#re% as%fel cos%i%#i% se "o% face l#ar. K ca3#l = care clie%#l =;i re%ra*e ca"i%al#l =ai%e $e %er,e#l
"e%r# care a cos%i%#i% $e"o3i%#l = co%F $ob9$aF "e%r# %oa%& "erioa$a "9& = ,o,e%#l re%ra*eriiF se calc#lea3& a"lic9$#7se ra%a
$ob93ii "e%r# co%#rile c#re%e.
De re*#l&F ra%a $ob93ii la co%#rile $e $e"o3i% (la %er,e+ es%e ,ai ,are $ec9% ra%a $ob93ii oferi%& la co%#rile c#re%e.
Difere'a =%re cele $o#& ra%e ale $ob93ilor =c#ra<ea3& ives%i%orii s&7;i "&s%re3e baii s#b for,a $e $e"o3i%e la %er,e.
..1.'. 1J Bacili"&*i (eranen"e
Pe%r# a ob'ie lic.i$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$ = ba3a #ei cereri =re*is%ra%eF care c#"ri$e = ,o$ obli*a%ori# #r,&%oarele ele,e%e4
- 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 $ob93ii la cre$i%ele lo,bar$+ es%e
s%abili% $e c&%re Cosili#l $e A$,iis%ra'ie al BNR ;i are carac%eris%ica $e obicei a ivel#l#i ,aIi, $e $ob9$& ce se "rac%ic& = sis%e,#l
bacar.
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$..'%
#$e Dl L $ob9$a lo,bar$
R$l L ra%a $ob93ii lo,bar$
Co L cre$i% ob'i#%
Dob9$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%&
$e cola%erali3area aces%#ia c# ac%ive eli*ibile "e%r# *ara'ie.
Daloarea *ara'iilor a$#se %reb#ie s& aco"ere = "ro"or'ie $e 188R valoarea cre$i%elor ;i a $ob93ilor afere%e ;i %reb#ie
$e"#se "9& la ,o,e%#l acor$&rii cre$i%#l#i.
K ca3#l = care sca$e'a cre$i%#l#i bacar es%e o 3i el#cr&%oareF ra,b#rsarea are loc = #r,&%oarea 3i l#cr&%oare bacar&.
A(lica*ii (rac"ice
PROBLE;E RENOLEATE
Problea 12 U a*e% ecoo,ic are "osibili%a%ea $e a7;i fr#c%ifica ecoo,iile b&e;%iF = valoare $e 58888888 leiF
$e"#9$#7i la o bac& =%r7# co% $e $e"o3i%F "e %er,e $e4 1 l#&F / l#iF 1 l#iF 1! l#iF boifica%e c# o $ob9$&F care varia3& =
f#c'ie $e %er,e#l "e%r# care se cos%i%#ie $e"o3i%#l4
- "e%r# $e"o3i%ele "e 1 l#& L 55R "e aE
- "e%r# $e"o3i%ele "e / l#i L 1!R "e aE
- "e%r# $e"o3i%ele "e 1 l#i L 15R "e aE
- "e%r# $e"o3i%ele "e 1! l#i L >/R "e a.
a+ Calc#la'i $ob9$a la s#,a $e"#s& "e%r# %oa%e %i"#rile $e $e"o3i% ;%ii$ c& for,#la $e calc#l es%e cea a $ob93ii si,"le.
b+ I%er"re%a'i re3#l%a%ele.
Re1olvare2
(a+
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7Tabel /.17
Teren Ealoarea ini*ial&
)e(#s& $lei%
Procen" )ob<n)&
$P/an%
To"al )ob<n)&
$lei%
1 l#& 58888888 55 !211111
/ l#i 58888888 1! >>58888
1 l#i 58888888 15 1>888888
1! l#i 58888888 >/ /1588888
(b+ Se "oa%e observa fa"%#l c& socie%a%ea bacar& acor$& cel ,ai ,are "roce% al $ob93ii "e%r# $e"o3i%#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"o3i%#l.
44
Problea '2 O "ersoa& fi3ic& a $e"#s =%r7# co% c# "la%a l#ar& a $ob93ii la %er,e $e / l#iF s#,a $e /888888 UB la
$a%a $e 5 ,ai a#l NF c# o ra%& a $ob93ii $e /2R "e a. Se cere s&4
a+ Calc#la'i $ob9$a "e care o va =casa "ersoaa fi3ic& "9& la $a%a $e /8 a#*#s% a#l N = s#,& br#%&.
b+ De%er,ia'i valoarea e%& a $ob93ii =casa%e.
Re1olvare2
(a+ P9& la $a%a $e /8 a#*#s% s#% 11> 3ileF $ar $ob9$a se "l&%e;%e $oar la / l#i $eci la 5 a#*#s%. As%fel4
U; > . 11 111 !18

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(b+ Pe%r# a se $e%er,ia valoarea e%& a $ob93ii se sca$e i,"o3i%#l "e vei%#rile $i $ob9$a $e 1R.
12 258)6)
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PROBLE;E DE RENOLEAT
Problea 12 S& se calc#le3e $ob9$a "e care o va =casa %i%#lar#l ##i co% $e $e"o3i% c# carac%eris%icile $e ,ai <os4
- %er,e#l / l#iE
- ra%a $ob93ii la %er,e 28RE
- ra%a $ob93ii la ve$ere 15RE
- valoarea $e"o3i%#l#i 1888888 UB.
= #r,&%oarele si%#a'ii4
a+ cla#3& $e re=oire a co%rac%#l#i a#%o,a% = ca3 $e ere%ra*ere a s#,ei $#"& / 3ile $e la sca$e'&E
b+s#,a ;i $ob9$a se re%ra*e $#"& cele / l#iE
c+s#,a ;i $ob9$a se re%ra*e $#"& ! l#i ;i 15 3ileE
$+s#,a ;i $ob9$a se re%ra*e $#"& / l#i ;i 18 3ile.
Problea '2 ?ie #r,&%oarele %i"#ri $e $e"o3i%e oferi%e $e socie%a%ea bacar&4
7Tabel /.!7
Nr. cr". Ti( Ra"a )ob<n1ii / an
1. De"o3i%e la ve$ere 15R
!. De"o3i%e la %er,e 1 l#& /5R
/. De"o3i%e la %er,e / l#i 2/R
2. De"o3i%e la %er,e 1 l#i 22R
5. De"o3i%e la %er,e 1! l#i 21R
S%abili'i arbi%ra<#l $e"#erii f&c#%& $e # ives%i%or care $ore;%e s& "lase3e o s#,& $e 2 888888 UBF "e o "erioa$& $e ,aIi,
2 l#i.
Problea .4 Baca co,ercial& ]^O are ac%ive eli*ibile = valoare $e 1F5 ,iliar$e UB. S%abili'i = ce co$i'ii baca "oa%e
beeficia $e # cre$i% lo,bar$ = valoare $e 1F1 ,iliar$e UB ;i care es%e $ob9$a ce se "l&%e;%e "e%r# aces% cre$i%F ;%ii$ c& ra%a
$ob93ii es%e $e >1R.
..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 $i sco%areaF care le ce$ea3& 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 ;i # "rofi% $i $ifere'a $i%re
$ob9$a la care se sco%ea3& ;i %aIa sco%#l#i L $ob9$& "rac%ica%& $e baca ce%ral& ($e e,isi#e+. Carac%eris%ici si,ilare a# ;i
o"era'i#ile $e =,"r#,#% "e *ara'ii c# efec%e "#blice (obli*a'i#iF cer%ifica%e $e $e"o3i%F bo#ri $e %e3a#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"o3i% 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 $e'ie = "or%ofoli#.
K %oa%e ca3#rileF se a# = ve$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"re3i%& %o%ali%a%ea "lasa,e%elorF aco"eri%e = ba3a res#rselor fiaciare ("asivelor bacare+ folosi%e =
sco"#l ob'ierii $e "rofi%. Ele se evi$e'ia3& = ac%iv#l bila'ierF s#b for,& $e "os%#ri bila'iere care se "o% *r#"a "e #r,&%oarele
ca%e*orii4
#,erar ;i $e"o3i%e cos%i%#i%e la baca ce%ral&E
cre$i%eE
%i%l#ri $e valoare ;i %i%l#ri $e cre$i%E
ac%ive cor"orale ;i al%e ac%ive.
45
A;e3area lor = bila' 'ie sea,a $e lic.i$i%a%ea ac%ivelorF eIis%9$ la ora ac%#al& $o#& coce"%e la ivel e#ro"ea4
a+ o)el#l an!lo 3 sa5on HW ac%ivele s#% a;e3a%e = bila' = or$iea $escresc&%oare a lic.i$i%&'ilor lor (fi*. /.1+.
Bila' =c.eia% la_.
ACTID PASID
Casa
De"o3i% la B.C.
Ti%l#ri $e valoare
Cre$i%e
Ac%ive cor"orale
SCADE
LICTIDITATEA
Fig. #.$. !onceptul bilanului dup modelul anglo%saxon
b+ o)el#l france1 HW ac%ivele s#% a;e3a%e = bila' = or$iea $escresc&%oare a lic.i$i%&'ii (fi*. /.!+.
Bila' =c.eia% la_.
ACTID PASID
Ac%ive cor"orale
!redite
Ti%l#ri $e valoare
De"o3i%e la B.C.
Casa
CREMTE
LICTIDITATEA
Fig. #.& !onceptul bilanului dup modelul francez
3.2.1 N#erar#l 7i )e(o1i"ele la Banca Cen"ral&
Es%e # ac%iv c# lic.i$i%a%e ,aIi,& ;i "er,i%e $esf&;#rarea ac%ivi%&'ii b&cii = co$i'ii o"%i,e.
De"o3i%ele cos%i%#i%e la Baca Ce%ral& a# = co,"oe'a lorF = s"ecialF $e"o3i%ele obli*a%orii "e care baca %reb#ie s& ;i le
cos%i%#ieF = 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%ea3& "ri ra%a
re3ervelor ,ii,e obli*a%oriiF s#,ele ecesare ce "o% fi $e"o3i%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"o3i%#l#i es%e si,bolic& sa# # eIis%&.
N#,erar#l es%e ac%iv#l as#"ra c&r#ia baca ia $eci3ii $e re#'are la # c9;%i* $i "lasa,e% = favoarea asi*#r&rii #ei b#e
lic.i$i%&'i.
EIis%& o $ile,& = arbi%ra<#l "e care =l efec%#ea3& baca ;i a#,e4
PRO?ITABILITATE vers#s LICTIDITATE
Cre;%erea lic.i$i%&'ii b&ciiF $#ce = ,o$ ecesar la $i,i#area "rofi%#l#i aces%oraF rela'ia "&s%r9$#7;i valabili%a%ea ;i = ca3#l
sc&$erii lic.i$i%&'iiF l#cr# ce va $#ce la cre;%erea "rofi%abili%&'ii b&cii.
Pe $e7o "ar%e lic.i$i%a%ea "er,i%e asi*#rarea #ei s%abili%&'i ecoo,ice a b&cii ;i =,"ie$ic& cri3ele $e isolvabili%a%eF "e $e
cealal%& "ar%e afec%ea3& "rofi%#l socie%&'ii bacare "ri i,obili3area $e res#rse "lasa%e c# re,#era'ie re$#s&.
Po3i'ia "e care %reb#ie s& o a$o"%e co$#c&%or#l socie%&'ii bacare %reb#ie s& fie o "o3i'ie ec.ilibra%&F = care va 'ie co% $e
si%#a'ia b&cii ;i $e risc#l sis%e,ic al ,e$i#l#i ecoo,icF ceea ce "res#"#e o *es%ioare 3ilic& a %re3oreriei b&cii.
Pri o"era'i#ea $e cre$i%are se ='ele*e ac%#l "ri care baca "#e sa# se obli*& s& "#& la $is"o3i'ia clie'ilor fo$#rile
solici%a%e sa# =7si 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 ba3ea3&F = "ri,#l r9$F "e aali3a viabili%&'ii ;i realis,#l afacerilor = ve$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 aali3a as"ec%elor fiaciare ;i efiaciare ale afacerilor a%9% $i
"erioa$ele %rec#%eF c9% ;i $i cele vii%oare ("ro*o3a%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& aali3e3e ;i s& verifice si%#a'ia cocre%& a solici%a%#l#i $e cre$i%F iar aces%a %reb#ie s& "#& la $is"o3i'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 $ob93ile afere%eF icl#siv ivel#l a%ici"a% al ifla'iei
;i $evalori3&rii care ero$ea3& valoarea cre$i%#l#i = %i,".
K ca$r#l ,aa*e,e%#l#i bacarF o"era'i#ile ac%ive ale b&cilor co,erciale oc#"& # loc ce%ral ;i i,"or%a%F ele cos%9$
= "lasa,e%#l res#rselor fiaciare $e care $is"#e = sco"#l ob'ierii $e "rofi%.
Aces%e o"era'i#i r&s"#$ ;i i%eres#l#i ,aifes%a%F a%9% $e fir,e c9% ;i $e "ersoaele fi3iceF $e a ob'ie =,"r#,#%#ri "e%r#
reali3area obiec%ivelor lor.
O fir,& are %rei "osibili%&'i $e a *&si fia'are eI%er& "e%r# o"era'i#ile sale4
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
;i a %reia cale es%e $e a e,i%e obli*a'i#i (= aces% ca3 fir,a coo"erea3& c# baca+
Prici"ala s#rs& o cos%i%#ie =,"r#,#%#l.
O"era'i#ile ac%ive ale #ei b&ci s#%4
o"era'i#ile $e cre$i%areE
46
o"era'i#ile $e ac.i3i'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 ;i %e.icilor $e
cre$i%are = 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%are4
cre$i%area socie%&'ilor co,erciale
cre$i%area "ersoaelor fi3ice
..'.'.1 O(era*i#ni )e cre)i"are a socie"&*ilor
Cre$i%ele acor$a%e socie%&'ilor co,erciale le re*&si, s#b for,a a $o#& ,ari ca%e*orii4
cre$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"ele3e $es la cre$i%e bacare.
Prici"alele ca%e*orii $e cre$i%e "e%r# fo$#l $e r#l,e% s#%4
$i% Bacili"a"ea )e over)raf"
K ca$r#l aces%ei facili%&'i socie%&'ile "o% #%ili3a aces% cre$i% a%9% c9% $oresc ;i "e%r# "erioa$a "e care o $orescF a;a =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 ;i vor s&7;i
,ic;ore3e s#,a $a%ora%&F "o% ra,b#rsa o "ar%e $i baii $a%ora'i. Se "oa%e =%9,"la ca sol$#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% ca3F el f#c'ioea3& ase,ei ##i co% $e $e"o3i%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%e3e b&cii fa"%#l c&7;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.i3i'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# ;i l#* sa# la b&cile
$e ra,#r&.
Cre$i%ele "e%r# fia'area ac%ivelor fiIe se =,"ar% = $iferi%e ca%e*orii4
(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 ! ;i 5 ai ;i "e
%er,e l#* $ac& es%e "es%e 5 ai+E
(!+ = 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
(/+ = f#c'ie $e %i"#l $e ra,b#rsare (a,or%i3are 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,"o3i%eF fie $i facili%&'i acor$a%e ca #r,are a "oli%icii *#ver#l#i "rivi$ $e3vol%area $iferi%elor sec%oare ale
ecoo,iei sa# a#,i%e 3oe *eo*rafice. K aces% ca3F 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%eriali3ea3& = 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% ;i $i
c#rs#rile $e sc.i,b val#%ar ;i $i ra%ele $ob93ii "e "erioa$a acor$&rii cre$i%#l#i. K ca3#l acor$&rii $e cre$i%e = val#%&F b&cile =;i
"ro%e<ea3& $e obicei "o3i'ia val#%ar&F $e cele ,ai ,#l%e ori "refer9$F # s& se "ro%e<e3e co%ra risc#l#iF ci s& s"ec#le3e.
K ca3#l = care fir,ele $oresc # cre$i% =%r7o s#,& ,are ;i0sa# "e o "erioa$& $e acor$are $e !75 ai sa# ,ai ,#l%F a%#ci se
a"elea3& la cre)i"e sin)icali1a"e (cosor'iale+
Cre$i%#l si$icali3a% es%e o cove'ie "ri care $o#& sa# ,ai ,#l%e b&ci acce"%& s& =,"r#,#%e $irec% acel#ia;i =,"r#,#%a%
sa# =,"r#,#%a'iF cofor, %er,eilor acor$#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 $e a "#e s#,a care li"se;%eF "e care baca care s7a a*a<a% s& o acor$eF # a acor$a%7o.
Cre$i%#l si$icali3a% $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 %9r3i# 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$i%#l#i si$icali3a%F =,"r#,#%a%#l ;i fiecare bac& i%r& = acor$#l $e cre$i% c# "re3#,'ia ca =,"r#,#%a%#l#i i se
va acor$a %o% cre$i%#l.
Prici"alele ,o%ive $e #%ili3are a cre$i%elor si$icali3a%e s#% #r,&%oarele4
a+ =,"&r'irea risc#l#i cre$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$icali3a% se ri$ic& $o#& "roble,e ,a<ore ;i a#,e4
i+ s%abilirea "re'#l#i risc#l#iF a$ic& risc#l fiec&rei b&ci $e a # ob'ie ra%a sa $e ba3& a $ob93ii ($ac& $e
eIe,"l# ra%a $e ba3& a $ob93ii 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 $e obicei c# baca a*e%.
Rol#l b&cii a*e% es%e cr#cial =%r7# cre$i% si$icali3a%F $#"& c#, #r,ea3&4
47
?nain"ea e5ec#*iei cre)i"#l#i2
Ii'ialF ,e,brii si$ica%#l#i abor$ea3& =,"r#,#%a%#l colec%ivF iar b&cilor # le es%e "er,is s& ac'ioe3e i$ivi$#al. K *eeralF
a*e%#l4
a+ asis%& =,"r#,#%a%#l = for,area cosor'i#l#i bacar care va "ar%ici"a la si$ica%E
b+ colec%ea3& 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%#rea3& co$i'iile cre$i%#l#i ;i
$+ se oc#"& $e "re*&%ire (cola%eraleleF e%c.+ ;i $e $oc#,e%a'ie.
$b% )#(& e5ec#*ia cre)i"#l#i2
D#"& s%abilirea cre$i%#l#iF rol#l b&cii a*e% es%e #r,&%or#l4
a+ coor$oea3& %rasfer#l fo$#rilor ("ri,e;%e baii $e la celelal%e b&ci ;i =i $& clie%#l#iF "ri,e;%e
ra,b#rs&rile $e la clie% ;i %ri,i%e co%ele "ar%e b&cilor $i si$ica%+E
b+ calc#lea3& ra%ele $ob93ii ce #r,ea3& a fi a"lica%eF = cocor$a'& c# co$i'iile co%rac%#l#i $e
cre$i% ;i le aloc& celorlal%e b&ci "ar%ici"a%eE
c+ #r,&re;%e cola%eraleleF =casarea %ra;elor cre$i%#l#i ;i co,#ic& b&cilor $i si$ica% $ac& clie%#l
# =;i ra,b#rsea3& cre$i%#lE
$+ se oc#"& $e orice "roble,& care s7ar "#%ea ivi = le*&%#r& c# aces% cre$i%.
..'.'.' O(era*i#ni )e cre)i"are a (ersoanelor fi1ice
Cre$i%area %i" Nre%ailO es%e =,"&r'i%& = $o#& ,ari ca%e*orii4
a+ cre$i%e $e cos#,
b+ fia'area "e%r# loc#i'e.
Ti"#rile $e cre$i%e "e%r# cos#, s#%4
cre$i%e c# $ob93i fiIe ;i cre$i%e c# $ob93i variabileE
cre$i%e ob'i#%e la "#c%ele $e v93are sa# cre$i%e ob'i#%e la bac&E
cre$i%e = ra%e sa# f&r& ra%e.
(a+ Ca%e*oriile "rici"ale $e cre$i%e $e cos#, s#%4
1. Cre)i"e (en"r# (ersoane fi1ice
S#% cre$i%e $e valoare fiI&F "e o "erioa$& $e %i," fiI&F la o ra%& a $ob93ii fiI&. As%fel $e cre$i%e s#% $is"oibile "re%#%i$ei
;i s#% foar%e "o"#lare "e%r# c#,"&rarea $e ,a;iiF ,obil& sa# al%e obiec%e $e #3 =$el#*a%F "e%r# vaca'eF e%c.+
'. Bacili"&*i over)raf" $con" )esco(eri"%
Pri aces%e facili%&'i clie'ii "o% #%ili3a co%#rile $e $e"o3i%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 $ob93ii 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* #%ili3a% ;i ofer& clie%#l#i b&cii "osibili%a%ea s& ia c# =,"r#,#% s#,e
"9& la a#,i%e li,i%e "ri #%ili3area car$#rilor. De cele ,ai ,#l%e oriF aceas%& cre$i%are are loc c.iar = "#c%ele $e v93areF =%r#c9%
car$#rile "o% fi $e obicei #%ili3a%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 =%r7# co% s"ecific ;i a"oi ei ob'i "er,isi#ea $e a l#a c#
=,"r#,#% o s#,& care es%e ,ai ,are "9& la o a#,i%& valoare fa'& $e $e"o3i%#l lor.
Binan*area (en"r# loc#in*e
?ia'area "e%r# loc#i'e a c#osc#% o cre;%ere cosi$erabil& = #l%i,ii /8 $e ai. Prici"alele ,o%ive ale aces%ei cre;%eri
s#%4
a+ cre;%erea vei%#l#i ,e$i# ;i a b#&s%&rii *eerale a oa,eilor = cea ,ai ,are "ar%e a '&rilor $e3vol%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,"o3i% oferi%e = ,#l%e '&ri (sc#%irea $e i,"o3i% a vei%#l#i ob'i#% $i c.irii = ca3#l "ro"rie%arilorF
s#,e care vor fi $e$#se $i i,"o3i%#l "e vei%F $i i,"o3i%#l "e ra%a i"o%eciiF $i i,"o3i%#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 varia3& =%re 58R ;i 58R $i valoarea %o%al& a casei ;i =
ca3#ri s"eciale "o% a<#*e c.iar "9& la 188R. U al% fac%or l#a% = cosi$erare la s%abilirea s#,ei acor$a%e es%e "ro"or'ia ra%elor l#are
$i%r7# a fa'& $e vei%#l a#al al beeficiar#l#i cre$i%#l#i (= ,o$ or,al aces% "roce% # ar %reb#i s& $e"&;easc& /8R+.
Perioa)a )e rab#rsare a aces%or cre$i%e "oa%e varia cosi$erabil. K a#,i%e '&ri aceas%& "erioa$& es%e $e circa 15 "9&
la !8 $e aiF = %i," ce = al%ele se "oa%e eI%i$e "9& la 58 sa# 18 $e ai.
K ce "rive;%e !aran*ia ob*in#"& "e%r# cre$i%#l acor$a%F aceas%a es%e $e obicei $re"%#l $e "ro"rie%a%e as#"ra caseiF care
r&,9e al b&cii ;i casa # "oa%e fi %rasfera%& al%#i "ro"rie%ar f&r& "er,isi#ea (;i "robabil re*larea+ b&cii care a acor$a% cre$i%#l.
O al"& carac"eris"ic& a cre)i"#l#i (en"r# loc#in*e> 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 $ob93ii L ba3a%e "e ra%e "e %er,e sc#r% ;i ra%e "e %er,e l#*
(!+ c# ra%e variabile ale $ob93ii L ba3a%e "e ra%e "e %er,e sc#r% ;i ra%e "e %er,e l#*
(/+ c# $ob93i s%abili%e "e ba3a r#la<#l#i "e "ia'a i"o%ecar&.
Dorbi$ = *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"#ri4
i+ 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 ;i $ob9$&E
ii+ i"o%eci ra,b#rsabile la sca$e'& "ri =casarea s#,elor $i%r7# co%rac% $e asi*#rare "e via'&E
iii+ i"o%eci c# $ob9$a "e o a#,i%& "erioa$& (5 "9& la 18 ai+ care s#% cover%i%e = i"o%eci c# ra,b#rsare a#al&
$#"& aceas%& "erioa$&E
iv+ "l&'i care cresc *ra$a%E
v+ i"o%eci lieareF care se ra,b#rsea3& "ri "l&'i e*ale ;i $eci $ob9$a $escre;%e = valoare absol#%&.
48
Cre$i%ele se acor$& a*e'ilor ecoo,ici care =$e"liesc = ,o$ c#,#la%iv #r,&%oarele co$i'ii4
s#% cos%i%#i'i cofor, le*iiE
"ose$& 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 aali3a fl#I#rilor $e lic.i$i%a%e re3#l%& c& eIis%& "osibili%&'i reale $e ra,b#rsare la sca$e'&E
"re3i%& *ara'ii ,a%eriale ;i ,orale "rivi$ ra,b#rsarea
=,"r#,#%#l#iE
a# $esc.ise co%#ri la o bac&F sa# la #a $i #i%&'i %eri%oriale ale
b&ciiE
"re3i%& si%#a'ia a*a<a,e%elor $i co%#rile $esc.ise la al%e socie%&'i bacare ;i a *ara'iilor afere%eE
acce"%& cla#3ele $i co%rac%#l $e cre$i%.
De ase,eea ;i "ersoaele fi3ice "o% beeficia $e cre$i%eF $ac& s#%
=$e"lii%e #r,&%oarele co$i'ii4
reali3ea3& vei%#ri cer%e ;i c# carac%er "er,ae%E
cos%i%#ie ;i #%ili3ea3& res#rse "ro"rii $e fia'areF
*ara%ea3&F c# *ara'ii realeF ra,b#rsarea cre$i%elor solici%a%eE
# =re*is%rea3& $ebi%e sa# al%e o"era'i#i eac.i%a%e la sca$e'&.
..'.'.. De1vol"area "e-nolo!iei ?n cre)i"are
De3vol%area Z #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 fi4
i+ Sis%e,ele $e "rel#crare0$oc#,e%are a cre$i%#l#i a#%o,a%i3ea3& "roces#l cererii ##i cre$i%F al a#%ori3&rii ;i $is"oibili3&rii
s#,ei ;i ecesi%& i%ro$#cerea $a%elor $oar = ##l sa# $o#& "#c%e $i "rocesE
ii+ Al%e sis%e,e co,"#%eri3a%e "er,i% a#%o,a%i3area co,#ic&rii c# sis%e,e ba3a%e "e cec#riF ecoo,ii ;i re*is%r#l co%abil
*eeralE
iii+ Sis%e,e $e colec%are a#%o,a%& care "ro*ra,ea3& c.e,&ri "ri %elefoF scrisoriF e%c.F a%#ci c9$ cre$i%ele $evi sca$e%eE
iv+ Sis%e,ele eI"er% care s#% #%ili3a%e = #ele oca3ii "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$ere4
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%& ;i
$eli,i%a%iv& "e%r# # sis%e, $e evi$e'iere "e %i"#ri $e res#rse "ro"rii ;i =,"r#,#%a%e ;i "e %i"#ri $e cre$i%e = f#c'ie $e $es%ia'ie ;i
%er,e.
!. Ele,e%ele $e aali3& L s%a# la ba3a acor$&rii ;i as#,&rii $e bac& a #or a*a<a,e%e. Aici %reb#ie %ra%a%e cele ;ase
%r&s&%#ri carac%eris%ice ale cre$i%#l#i. Aces%e ele,e%e s#%4
a+ Kca$rarea oric&r#i cre$i% = s%ra%e*ia *eeral& a b&ciiF av9$ la ba3& li,i%ele "oli%icii ,oe%are a B&cii Ce%raleF
,aIi,i3area risc#l#i ;i *es%i#ea eficie%& a res#rselor b&cii.
b+ Aali3a si%#a'iei fiec&r#i clie% "ri4
7 ivel#l $e lic.i$i%a%e al clie%#l#iE
7 boi%a%ea clie%#l#iE
7 solvabili%a%ea clie%#l#iE
7 ivel#l $e re%abili%a%eE
7 co%a $e "ia'& a clie%#l#i.
c+ Corelarea "osibili%&'ilor $e refia'are eIis%e%e = ,o,e%#l aali3ei cre$i%#l#i (corelarea =%re res#rsele $e care $is"#e
baca $i "#c% $e ve$ere al vol#,#l#i ;i %er,eelorF "rec#, ;i s%abilirea "osibili%&'ilor $e refia'are = %i,"+.
$+ Aali3a *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 "rovi3ioae 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 $eci3iei $e cre$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#, ;i a
#or "o$eri co,#e.
K ca$r#l aali3ei ecoo,ice fiaciare a ac%ivi%&'ii clie'ilor ;i a boi%&'ii aces%oraF ofi'erii $e cre$i% vor #r,&ri eIis%e'a
ca"aci%&'ii $e ra,b#rsare a =,"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,&%oarea4
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F = care4 $...%
CR L ca"aci%a%ea $e ra,b#rsare a =,"r#,#%#l#iE
K% L =cas&ri 3ilice reali3a%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 3ileE
Ra L ra%a $e ac%#ali3areF care re"re3i%& # fac%or si%e%ic la a c&rei $i,esioare coc#r&F ra%a ifla'ieiF ra%a $ob93ii 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*ai3are ;i a%#ra ca"i%al#l#i socialF $e c&%re #i%&'ile
bacareF %reb#ie s& se =ca$re3e "er,ae% = "lafoaele $e cre$i% "ri,i%e $e la Ce%rala b&cii.
Baca va #r,&ri rec#"erarea cre$i%elor ;i a $ob93ilor afere%e $i lic.i$i%&'ile a*e'ilor ecoo,ici = ca#3&F "o%rivi% le*iiF sa#
$i eIec#%area *ara'iilor.
K ca3#l #i%&'ilor ecoo,ice care = ,o$ co<#c%#ral a# =re*is%ra% "ier$eriF baca "oa%e rel#a cre$i%area $ac& aces%ea
=re*is%rea3& "rofi%F iar $i aali3ele efec%#a%e re3#l%& c& vol#,#l "ier$erilor se $i,i#ea3& $e la o "erioa$& la al%aF eIis%9$ "ers"ec%ive
cer%e c& #i%&'ile = ca#3& "o% rec#"era = %o%ali%a%e "ier$erileF as%fel =c9% ac%ivi%a%ea s& $evi& re%abil&.
4(
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 ;i =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% ;i $e *ara'ie efec%#a%e $e
bac& ;i $i care re3#l%& clar %o'i %er,eii ;i %oa%e co$i'iile res"ec%ivelor %ra3ac'ii ;i obli*a'iile reci"roce ale "&r'ilor.
Co%rac%ele $e cre$i%e se vi3ea3& = ,o$ obli*a%ori# $e co,"ar%i,e%#l <#ri$ic "e%r# le*ali%a%e.
Toa%e cre$i%ele care se acor$& clie'ilor b&ciiF i$ifere% $e for,a $e or*ai3are ;i a%#ra ca"i%al#l#i socialF %reb#ie s& se
=ca$re3e "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 $e =,"r#,#% =%re bac& ;i clie'ii s&i ;i acor$area $e oi cre$i%e se va face #,ai = li,i%a
"lafoaelor co,#ica%e ;i c# asi*#rarea res#rselor cores"#3&%oare.
Baca va #r,&ri rec#"erarea cre$i%elor ;i a $ob93ilor afere%e $i lic.i$i%&'ile a*e'ilor ecoo,ici = ca#3&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 $eci3iilor $e cre$i%areF $e re*#l&F %reb#ie "arc#rse o serie $e e%a"e ;i a#,e4
1+ Baca aali3ea3& 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& la4
$e#,irea clie%#l#iE
ra,#ra ;i sec%or#l $i care face "ar%eE
se$i#l social (a$resaF %elefoF faI+E
for,a <#ri$ic& ;i $a%a =re*is%r&rii la re*is%r#l co,er'#l#iE
ca"i%al#l social (valoareF a%#raF s%r#c%#ra 7 R+E
as"ec%e "rivi$ 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 ;i *ra$#l lor $e #%ili3areE
"oli%ici $e ,ar)e%i*.
'+ Dac& f#c'ioar#l b&cii es%e covis c& solici%a%#l cre$i%#l#i =$e"lie;%e co$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#i4
7 cererea $e cre$i%e se,a%& $e "ersoaele a#%ori3a%e s& re"re3i%e a*e%#l ecoo,ic solici%a%E
7 bila'#l co%abilF ra"or%#l $e *es%i#eF co%#l $e "rofi% ;i "ier$ereF =c.eia%e "e%r# #l%i,#l aF #l%i,ele si%#a'ii "rivi$
]Re3#l%a%ele fiaciareO ;i ]Si%#a'ia "a%ri,oi#l#iOF bala'a $e verificare =c.eia%& "e%r# #l%i,a l#&E
7 b#*e%#l $e vei%#ri ;i c.el%#ieli =%oc,i% cofor, "reci3&rilor Biis%er#l#i ?ia'elor (icl#siv =%re a*e'ii ecoo,ici c# ca"i%al
"riva%+E
7 si%#a'ia "ro*o3a%& a "l&'ilor ;i =cas&rilor afere%e "erioa$ei "e%r# care a*e%#l ecoo,ic solici%& =,"r#,#%#lE
7 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#3ele 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 $ob93ilorE
lis%a *ara'iilor "ro"#se b&cii "e%r# *ara%area cre$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,"o3i%#l "e "rofi%F e%c.+.
.+ Aali3a $oc#,e%a'iei $e"#se $e clie%F care are = ve$ere4
1. aali3a $osar#l#i <#ri$ic al clie%#l#iE
!. aali3a ecoo,ico L fiaciar& a ac%ivi%&'ii clie%#l#iE
/. verificarea *ara'iilor ,a%eriale reale.
Aali3a ecoo,ico L fiaciar& a ac%ivi%&'ii clie'ilor co'ie4
aali3a bila'#l#iE
aali3a vei%#rilorF c.el%#ielilor ;i co%#l#i $e "rofi% ;i "ier$ereE
aali3a fl#I#rilor $e fo$#ri ale "erioa$elor eI"ira%eE
aali3a 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 aali3ea3& si%#a'ia boi%&'ii clie'ilor "e ba3a ##i sis%e, $e i$ica%ori $e s%r#c%#r& ;i "erfor,a'&.
I$ica%orii care s%a# la ba3a aali3ei ;i eval#&rii boi%&'ii clie'ilor "o% fi *r#"a'i =4
$a% In)ica"ori )e nivel 7i s"r#c"#r&
a+ cifra $e afaceriE
b+ ca"i%al#ri "ro"riiE
c+ re3#l%a%#l eIerci'i#l#i ("rofi% 0 "ier$ere+E
$+ fo$#l $e r#l,e%E
ecesar#l $e fo$ $e r#l,e%E
%re3oreria e%&E
lic.i$i%a%ea4 7 i,e$ia%&E
7 c#re%&E
7 la o $a%& vii%oareE
solvabili%a%eaE
*ra$#l $e =$a%orare4 7 *eeral&E
7 fiaciar&E
vi%e3a $e ro%a'ie4
7 ro%a'ia ac%ivelor circ#la%eE
7 ro%a'ia s%oc#rilor $e ,a%erii "ri,eE
7 ro%a'ia s%oc#rilor $e "ro$#se = c#rs $e fabrica'ieE
7 ro%a'ia s%oc#rilor $e "ro$#se fii%e 0 ,&rf#riE
7 $#ra%a ,e$ie $e =casare a clie'ilorE
5)
7 $#ra%a ,e$ie $e "la%& a f#ri3orilor.
$b% In)ica"ori )e (erforan*&
1. Ra"a )e s"r#c"#r& a ac"iv#l#i
(i+ Ra%a ac%ivelor i,obili3a%e (ra"or%#l =%re ac%ivele i,obili3a%e ;i ac%ivele %o%ale I 188+4
Ra%a i,obili3&rilor cor"orale (ra"or%#l =%re i,obili3&rile
cor"orale ;i ac%ivele %o%ale I 188+E
Ra%a i,obili3&rilor fiaciare (ra"or%#l =%re i,obili3&rile
fiaciare ;i ac%ivele %o%ale I 188+E
(ii+ Ra%a ac%ivelor circ#la%e (ra"or%#l =%re ac%ivele circ#la%e ;i ac%ivele %o%ale I 188+E
A. Ra%a s%oc#rilor (ra"or%#l =%re ac%ivele circ#la%e ;i ac%ivele %o%ale I 188+E
B. Ra%a crea'elor co,erciale (ra"or%#l crea'elor co,erciale la ac%ivele %o%ale I 188+.
1. Ra%a $is"oibili%&'ilor (ra"or%#l $is"oibili%&'i la ac%ive
%o%ale I188+.

'. 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 188+E
!. Ra%a a#%oo,iei fiaciare *lobale (ra"or%#l ca"i%al "ro"ri# la "asive %o%ale I 188+E
/. 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 188+E
2. Ra%a $e =$a%orare *lobal& (ra"or%#l $a%orii %o%ale la "asive %o%ale I 188+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 188+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 188+E
(vi+Ra%a $e aco"erire a $ob93ilor (ra"or%#l c.el%#ielilor c# $ob93ile la CA reali3a%& I 188+.
.. 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"#3&%oare as#"ra boi%&'ii clie'ilorF ofi'erii $e cre$i%e vor #r,&ri coroborarea
re3#l%a%elor ;i i%er"re%area %#%#ror i$ica%orilor "re3e%a'i =%r7# sis%e, #i%arF care s& scoa%& = evi$e'& "#c%ele %ari ;i "e cele slabe
ale res"ec%iv#l#i a*e% ecoo,icF ;i ,ai ales s& "oa%& co$#ce la l#area #or $eci3ii %e,eiic f#$a,e%a%e.
Aali3a boi%&'ii clie'ilor se va efec%#a $e ofi'erii $e cre$i%e4
ori $e c9%e ori se solici%& # cre$i%E
"e%r# cre$i%ele afla%e = "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"& $e e*ociereF are = ve$ere4
1. 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 $ob93iiE
$#ra%ele $e "la%& a $ob93iiE
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 7 1/8R $i valoarea %o%al& a =,"r#,#%#rilorE
$re"%#rile b&cii $e valorificare a *ara'iilor = ca3#l eres"ec%&rii res%i%#iri ra%elor sca$e%e ;i c&ile $e rec#"erare a lorF "rec#, ;i
"osibili%&'ile = care baca "oa%e re'ie $irec% $i co%#l $e $is"oibili%&'i ale clie%#l#i eve%#ale $ob93i ;i co,isioae e"l&%i%e.
6+ A"robarea cre$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% ;i se,area aces%ora $& $re"%#l beeficiar#l#i $e a =ce"e %ra*erile $i cre$i%#l res"ec%iv.
C+ Co%rol#l #%ili3&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& "reavi3F #%ili3area $e c&%re clie% a ##i cre$i% a"roba% = ca3#l = care aces%a a =c&lca%
co$i'iile co%rac%#l#i $e cre$i% "rivi$ $es%ia'iaF #%ili3areaF *ara'iileF sa# = ca3#l = care si%#a'ia ecoo,ico L fiaciar& a aces%#ia #
,ai asi*#r& co$i'ii $e *ara'ie ;i ra,b#rsare.
Ra,b#rsarea a%ici"a%& L = co$i'iile co%rac%#l#i $e cre$i%e 7 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 ;i se va face =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 "eali3&ri.
Baca acor$& cre$i%e "e %er,e sc#r%F ,e$i# ;i l#*F = lei ;i val#%& "e sea,a res#rselor "ro"rii ;i a celor a%rase =
cofor,i%a%e c# "reve$erile $i "la#l $e cre$i%e ;i res#rselor $e aco"erire a aces%ora.
S#rsele $e $a%e ;i ifor,a'iile #%ili3a%e = "roces#l $e f#$a,e%are ;i elaborare a "la#rilor $e cre$i%e s#%4
7 "ro*o3ele $e $a%eE "ro*ra,ele ecoo,ice "riori%are la ivel ,acroecoo,icE ceri'ele ecoo,iei a'ioaleE s%ra%e*ia $e
$e3vol%are a b&ciiE "oli%ica "ro"rie a b&cii = $o,ei#l cre$i%&riiE "ro"#erile s#c#rsalelor <#$e'ee.
Clie'i b&cii s#% "ersoaa fi3ice ;i <#ri$ice i$ifere% $e for,a $e or*ai3are ;i a%#ra ca"i%al#l#i socialF ro,9e sa# s%r&ieF
re3i$e%e = Ro,9ia care a# co%#ri $esc.ise la bac& ;i =7;i $er#lea3& 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#%4
7 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
7 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
7 socie%&'i c# ca"i%al i%e*ral s%r&i sa# = asociere c# "ersoae fi3ice sa# <#ri$ice ro,9eE
7 asocia'ii fa,iliale ;i "ersoae fi3ice a#%ori3a%e s& $esf&;oare o ac%ivi%a%e i$e"e$e%&E
7 "ersoae fi3ice.
S#c#rsalele <#$e'ee vor aali3a ;i f#$a,e%a cre;%erea sa# re$#cerea vol#,#l#i cre$i%#l#i = a#l $e "la fa'& $e ivel#l
reali3a% = a#l = c#rsF a%9% = leiF c9% ;i = val#%& ;i aco"erirea c# res#rse $e cre$i%are cores"#3&%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 ba3ea3& $eci3ia $e cre$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 ;i acce"%area l#i = c#o;%i'& $e ca#3&F
"roble,& ce es%e %ra%a%& =%r7# ca"i%ol $is%ic%.
Pe%r# eli,iarea risc#l#i baca # acor$& cre$i%e4
7 a*e'ilor ecoo,ici care =re*is%rea3& "ier$eri ;i s#% f&r& "ers"ec%ive $e re$resareF c# eIce"'ia ca3#l#i = care "ri ac%e
or,a%ive s7a re*le,e%a% as%felE
51
7 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 reali3area "roiec%elor $e
$e3vol%areE
7 #i%&'ilor ecoo,ice "ri care s7a is%i%#i% "roce$#ra $e reor*ai3are sa# lic.i$are <#ri$ic&.
K sco"#l s#"rave*.erii ;i *es%io&rii risc#rilor ce "o% a"are = ac%ivi%a%ea $e acor$are a cre$i%elor ;i scrisorilor $e *ara'ieF =
lei ;i val#%&F se va "roce$a as%fel4
a+ K ac%ivi%a%ea $e acor$are a cre$i%elor ;i eliberare a scrisorilor $e *ara'ie "e%r# o"era'i#i co,erciale ;i 0 sa#
eco,erciale care "rivesc afaceri c# "ar%eeri s%r&iiF baca va #r,&ri =ca$rarea = li,i%a $e eI"#ere s%abili%& = ra"or% c# risc#l $e
'ar&.
K ra"or% c# clie'ii s&iF baca va #r,&ri acor$area $e cre$i%e ;i eliberarea $e scrisori $e *ara'ieF s& se efec%#e3e #,ai =
ca3#l o"era'i#ilor c# "ar%eeri eI%eri a"ar'i9$ '&rilor $i ca%e*oria ]AO s%abili%& "ri re*le,e%&ri = $o,eii ale BNR.
b+ K o"era'i#ile $e acor$are $e cre$i%e ;i eliberare $e scrisori $e *ara'ie "e care baca le efec%#ea3& c# socie%&'ile
bacare $i 'ar& sa# s%r&i&%a%eF = #,e "ro"ri# sa# = #,ele clie'ilor s&iF se va asi*#ra =ca$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 ba3a "ro"#erilor $irec'iilor $e s"eciali%a%eE
c+ I,e$ia% $#"& a*a<areF cre$i%eleF scrisorile $e *ara'ie ;i al%e a*a<a,e%e = lei ;i val#%&F "e %er,e sc#r%F ,e$i# ;i l#*F
acor$a%e ##i si*#r $ebi%orF care c#,#la%e $e"&;esc 18R $i fo$#rile "ro"rii ale b&cii vor fi co,#ica%e = 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 $e18 ale l#ii #r,&%oare celei "e%r# care se face ra"or%areaF s#c#rsalele <#$e'ee vor ra"or%a Direc'iei
$e Poli%ici $e Cre$i%e4
1. vol#,#l cre$i%elor a*a<a%eF a scrisorilor $e *ara'ie ;i a al%or
a*a<a,e%e as#,a%eF = lei sa# val#%&F "e %er,e sc#r%F ,e$i# ;i l#* "e%r# #i%&'ile care "o%rivi% s%a%#%elor "ro"rii $e or*ai3are ;i
f#c'ioareF a"ar'i ##i si*#r $ebi%orE
!. si%#a'ia =,"r#,#%#rilor ,ari care va c#"ri$e4 $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# ;i l#*F vol#,#l scrisorilor $e *ara'ie afla%e = %er,e $e valabili%a%e ;i al%e a*a<a,e%e as#,a%e se"ara% "e%r# lei ;i "e%r#
val#%&.
S#,a %o%al& a =,"r#,#%#rilor acor$a%e "ersoaelor afla%e = rela'ii s"eciale c# baca # "oa%e $e"&;i !8R $i fo$#rile
"ro"rii ale socie%&'ilor bacare.
Baca # va "#%ea acor$a "ersoaelor c# care se afl& = rela'ii s"eciale =,"r#,#%#ri "e%r# c#,"&rarea "ro"riilor ac'i#i.
Se"ara% $e aces%e $a%e se va #r,&ri l#ar ;i =scrie = re*is%r# si%#a'ia sol$#rilor c#re%eF res%a%e ;i =$oielice la fiele
fiec&rei l#i "9& la ra,b#rsarea i%e*ral& a =,"r#,#%#l#i.
K sco"#l co%rol#l#i #%ili3&rii cre$i%elorF #i%&'ile bacare %eri%oriale vor #r,&ri ca beeficiarii $e cre$i%e L "ersoae <#ri$ice L
s& "re3i%e b&cii #r,&%oarele $oc#,e%e4
/. bala'a $e verificare "e%r# l#a eI"ira%& se va $e"#e l#arF "9& la $a%a $e !5 ale l#ii #r,&%oareE
2. re3#l%a%#l fiaciarF si%#a'ia "a%ri,oi#l#i ;i si%#a'ia =cas&rilor ;i
"l&'ilor = 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
5. ra"or%#l $e *es%i#eF bila'#l co%abil ;i aeIele la aces%ea se vor
$e"#e a#al la bac&F "9& la $a%a s%abili%& $e Biis%er#l ?ia'elor "e%r# $e"#erea aces%ora la or*aele $e $re"%E
1. b#*e%#l $e vei%#ri ;i c.el%#ieliF =%oc,i% cofor, "reci3&rilor
Biis%er#l#i ?ia'elor ;i fl#I#l $e lic.i$i%&'i "ro*o3a%F se vor "re3e%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# reali3a%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 reali3area c.el%#ielilor efec%#a%e ;i a ,e'i#ilor =scrise $e
=,"r#,#%a% "e $oc#,e%#l $e "la%&F res"ec%iv = eIec#'ie a "reve$erilor $i $oc#,e%a'ia %e.ico7ecoo,ic& ;i =ca$rarea =
"reve$erile $evi3#l#i "e ba3a c&r#ia s7a f#$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 $evi eIi*ibile ;i %reb#ie
ra,b#rsa%e as%fel4
a+ Cre$i%ele acor$a%e $i co%#ri se"ara%e $e =,"r#,#% se ra,b#rsea3& la %er,e#l ;i = s#,ele "rev&3#%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 ba3a $e or$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#,#lea3& =cas&ri $e s#,e re3oabileF baca $e co,# acor$ c# clie%#l va "#%ea
#%ili3a 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 ba3& $e or$i $e "la%&
e,is $e clie% sa# o%a co%abil& =%oc,i%& $e ofi'erii $e cre$i%e.
C# 15 3ile =ai%ea sca$e'eiF ofi'erii $e cre$i%e vor aali3a ,o$#l $e #%ili3are al liiilor $e cre$i%eF #r,&ri$#7se =$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#, ;i r#la<#l =cas&rilor ;i "l&'ilor $er#la%e "e sea,a liiilor res"ec%ive.
b+ Cre$i%ele $e co% se ra,b#rsea3& c# oca3ia =cas&rii la sca$e'& a
co%ravalorii %i%l#rilor sco%a%e "ri $ebi%area co%#l#i c#re% al %ras#l#i ;i cre$i%area co%#l#i ]Sco% ;i o"era'i#i asi,ila%eO.
c+ Cre$i%ele "e cec#ri re,ise s"re =casare se ra,b#rsea3& $i
$is"oibili%&'ile co%#l#i c#re% "e ba3& $e o%e co%abileF =%oc,i%e $e ofi'er#l $e cre$i%e ;i se,a%e $e ;ef#l co,"ar%i,e%#l#i co%#ri
;i vira,e%eF = aceea;i 3i = care a av#% loc =casarea cec#rilorF "o%rivi% bor$ero#rilor $e"#se $e =,"r#,#%a'i.
$+ Cre$i%ele = lei "e%r# val#%aF v9$#%&F se ra,b#rsea3& la sca$e'& $i co%#l c#re% "e sea,a co%ravalorii = lei a
val#%ei v9$#%e "e ba3& $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 ;i "res%&ri $e
servicii = s%r&i&%a%e ;i = ,o$ eIce"'ioal "e ba3a val#%ei ob'i#%e "ri "ar%ici"area la "ia'a val#%ar& i%erbacar&.
f+ K ca3#l =,"r#,#%#rilor acor$a%e "ersoaelor fi3iceF la $a%a =scris& = co%rac%#l $e cre$i%e ;i = sca$e'arF refere%#l $e
*.i;e# va o"era "e cre$i%#l co%#l#i se"ara% $e =,"r#,#%F s#,a re"re3e%9$ ra%a $e cre$i%F sca$e'aF iar = co%#l $e vei%#ri $i
$ob93iF ra%a $e $ob9$& "e ba3& $e4
1. foaia $e v&rs&,9%F = ca3#l $e"#erilor = #,erarE
>. or$i $e "la%& e,is $e socie%a%e #$e s7a 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 = ca3#l = care =,"r#,#%a'ii a#
$esc.is la bac& co%#ri c#re%e "ersoaleF "o%rivi% cla#3ei =scrise = co%rac%#l $e =,"r#,#%.
K ca3#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 $ifere'a era,b#rsa%& se %rece la
3i#a sca$e'ei = co%#l ]cre$i%e res%a%e "9& la /8 3ileOF "e ba3& $e o%& co%abil& =%oc,i%& $e ofi'erii $e cre$i%e.
La $a%a =re*is%r&rii = co%#l ]cre$i%e res%a%e "es%e /8 3ileO 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% = ba3a co%rac%#l#i $e cre$i% $evi sca$e%e $ac& $i aali3a efec%#a%& re3#l%& c& # ,ai s#%
"osibili%&'i reale $e re$resare a si%#a'ie fiaciare ;i =,b#&%&'irii servici#l#i $a%oriei res"ec%iv#l#i clie%.
52
..'.'.8 A(lica*ii (rac"ice
PROBLE;E RENOLEATE
Problea 12 ?ie ca3#l ##i cre$i% c# cove'ie $e ra,b#rsare = ra%e cos%a%e c# #r,&%oarele carac%eris%ici4
s#,a cre$i%#l#i 1.888.888 U.B.E
$ob9$a a#al& 58RE
$a%a acor$&rii !8 a"rilie a#l ]NOE
$#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&4
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 3/)))/)))
2
6/)))/)))
UB
Tri, I
Dob l#a I4 1.888.888` 25)/)))
12
1
6
1))
5)
UB
A#i%a%e l#a I4 !58.888
Dob. l#a II4 1.888.888` 25)/)))
12
1
6
1))
5)
UB
A#i%a%e l#a II4 !58.888
Dob. l#a III4 1.888.888` 25)/)))
12
1
6
1))
5)
UB
A#i%a%e l#a III4 /.888.888 V!58.888H/.!58.888UB
Tri, II
Dob. l#a ID4 /.888.888` 125/)))
12
1
6
1))
5)
UB
A#i%a%e l#a ID4 1!5.888
Dob. l#a D4 /.888.888` 125/)))
12
1
6
1))
5)
UB
A#i%a%e l#a D4 1!5.888
Dob. l#a DI4 /.888.888` 125/)))
12
1
6
1))
5)
UB
A#i%a%e l#a DI4 /.888.888V1!5.888H/.1!5.888 UB
b+ Tabel $e ra,b#rsare a =,"r#,#%#l#i4
Tabel /./7 UB 7
Perioa$a Dal.ii'ial& Dal.r&,as& Ra%& Dob9$& A#i%a%e
L#a 1 1.888.888 1.888.888 7 !58.888 !58.888
L#a ! 1.888.888 1.888.888 7 !58.888 !58.888
L#a / 1.888.888 /.888.888 /.888.888 !58.888 /.!58.888
L#a 2 /.888.888 /.888.888 7 1!5.888 1!5.888
L#a 5 /.888.888 /.888.888 7 1!5.888 1!5.888
L#a1 /.888.888 7 /.888.888 1!5.888 /.1!5.888
To%al $e "la%& H !58.888 I !V/.!58.888V1!5.888 I !V/.1!5.888 H >.1!5.888 UB
Problea '4 Se $esc.i$e o liie $e cre$i% c# #r,&%oarele carac%eris%ici4
li,i%a cre$i%#l#i cofir,a% L 5.888.888 UBE
$ob9$a 18RE
co,isio a*a<a,e% L 8./RE
$a%a $esc.i$erii 15 se"%e,brie a#l ]NOE
%er,e / l#iE
"e 5 oc%o,brie la cererea clie%#l#i se "#e la $is"o3i'ie "ri virare = co%#l c#re% /.888.888 U.B.E
"e !1 oc%o,brie clie%#l ra,b#rsea3& 1.888.888 UBE
"e /1 oc%o,brie se virea3& !.888.888 U.B.E
"e 18 oie,brie se "l&%e;%e 1.888.888E
"e !8 oie,brie se "l&%e;%e /.888.888.
S& se calc#le3e $ob9$a "e%r# o"era'i#ile $i l#a oc%o,brie ;i oie,brie.
Re1olvare2
La $a%a $e 15 se"%e,brie se =casea3& co,isio#l.
5.888.888`8./RH15.888 U.B.
Pe%r# calc#l#l $ob93ii "e%r# o"era'i#ile $i "erioa$a oc%o,brie ;i oie,brie se s%abilesc "erioa$ele $e $ob93i.
7Tabel /.27
53
Nr.
O".
Da%a S#,a
L ,il. UB L
Dob9$a
a (R+
Nr.3ile Sol$
liie $e
cre$i% L
,il. UB
D C
1. 5 oc%o,brie 7 / ,il. 18R !1 / ,il.
!. !1 oc%o,brie 1 ,il. 7 18R 5 ! ,il.
/ /1 oc%o,brie 7 ! ,il. 18R 18 2 ,il.
2. 18 oie,brie 1 ,il. 7 18R 18 / ,il.
5. !8 oie,brie / ,il. 7 18R 7 7
K ba3a $i %abel vo, calc#la $ob9$a la sol$#l co%#l#i4
12 5))))
36)))
91) 3))))))96)
44
12 66666366
36)))
91) 4))))))96)
43
12 16666366
36))))
95 2))))))96)
42
12 1)5)))
36)))
921 3))))))96)
41




Deci $ob9$a %o%al& care se va =casa $e c&%re bac& va fi4
D %o%al H D1 V D! V D/ V D2
D %o%al H !/5 ///F/! UB
..'.'.C Anali1a )e boni"a"e 7i ren"abili"a"e a firei care solici"& cre)i"e
Aali3a $e boi%a%e i,"lic& calc#l#l #or i$ica%ori care "o% fi *r#"a'i "e ,ai ,#l%e ca%e*orii4
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
/+ Re1#l"a"#l e5erci*i#l#i 4 Eeni"#ri "o"ale 3 C-el"#ieli )e)#c"ibile
$..8%
2+ 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#lea3& "e ba3a bila'#l#iF =cerc9$#7se c#a%ificarea ec.ilibr#l#i bila'ier.
5+ 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%.
1+ TN4 BR 3 NBR 4F rela*ia )e "re1orerie. $..I%
>+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
1 <

$..1J%
5+ 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%
6+
Gra)#l )e ?n)a"orare !eneral&4 188 Q
res"rans sens in ne"e (ro(rii . Ca(
"o"ale Da"orii
$..1'%
18+ 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*&
54
(a+7Ra%a eI"loa%are br#%& H 1))
ec!n!$ic :ctiv
e9pl!atare e brut E9ceentul
$..10%
(b+7Ra%a eI"loa%are e%& H 1))
ec!n!$ic :ctiv
;$p!'it - i e9pl!atari ,r!"itul
$..16%
(c+7Ra%a $e re%abili%a%e ecoo,ic&H 1)) 6
activ 7!tal
;$p!'it - brut ,r!"itul
$..18%
($+7Ra%a $e re%abili%a%e fiaciar&H
1)) 6
strict/ nete pr!prii 0ap/
net ,r!"itul
$..1C%
(e+7 Ra%a $e aco"erire a $ob93ilorH 1)) 6
reali'ata 0:
!ban'ile cu 0%eltuieli
$..1D%
(f+7 Ra%a valorii a$&#*a%e H 1))
reali'ata 0:
aau#ata .al/

$..1I%
(*+7 Poli%ica $e $ivi$e$H
net Re'ultatul
4iviene
$..'J%
?oar%e i,"or%a'i s#% i$ica%orii $e re%abili%a%e fiaciar& ;i re%abili%a%e eoo,ic&. As%felF "e%r# ca o afacere s& fie viabil&
%reb#ie ca Rf W Re. De ase,eeaF a$&#*9$ s#,ele =,"r#,#%a%e la ca"i%al#rile "ro"rii se "oa%e a<#*e la # efec%e $e levier fiaciar
$ac& Rf W R$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%fel4
Rf4 R Re H $Re 9 R)%Q
0,R
4:7
S Q $1 9
<
% $..'1%
U$e4 Rf H re%abili%a%ea fiaciar&
Re H re%abili%a%ea ecoo,ic&
R$ H ra%a $ob93ii
0,R
4:7
H levier#l fiaciar
<
H co%a $e i,"o3i% "e "rofi%
..'.'.D A(lica*ii (rac"ice
PROBLE;E RENOLEATE
Problea 14 S.C. ]GABAO S.A. are #r,&%oarele $a%e eI%rase $i co%#l $e "rofi% ;i "ier$eri ;i $i bila'4
ACTID PASID
7UB7
1.I,obili3&ri
cor"orale !1.!16
!. S%oc#ri $i care4 /2.115
7 ,&rf#ri /2.115
7 s%oc#ri evalorifica%e 8
/. Crea'e co,erciale c# sca$e'a 2.15>
s#b 1 aF $i care4
7 clie'i icer'i 8
7 al%e crea'e 1.225
7 f#ri3ori $ebi%ori !.>2!
2. Co%#ri $e re*#lari3are
;i asi,ila%e 11.22!
7 c.el%#ieli efec%#a%e
= avas 11.22!
7 $ifere'e $e coversie 8
5. Dis"oibil#l la bac& !6!
1.Ca"i%al social 1.188
!.Co%#l =%re"ri3&%or#l#i 5!.858
/.Re3erve !!8
2.Re"ar%i3area "rofi%#l#i !.!8>
5.?o$#ri 1./81
1 Da%orii c# sca$e'a W 1 a 1.181
>.Da%orii s#b 1 aF $i care4 /.>61
7 cre$i%e %re3orerie !58
TOTAL A >1.585 TOTAL P >1.585
Di co%#l $e "rofi% ;i "ier$ere4
7 v93&ri $e ,&rf#ri 152.65! UBE
7 cos%#l ,&rfii v9$#%e 125.615 UBE
7 "ro$#c'ia s%oca%&4 8E
7 "ro$#c'ia i,obili3a%&4 8E
7 c.el%#ieli c# ,a%erii "ri,eF ,a%eriale4 11.>65 UBE
55
7 b##ri ;i servicii eIec#%a%e $e %er'i4 1!.158 UBE
7 re3#l%a%#l e% al eIerci'i#l#i4 1.1!6 UB.
Se cere s& se calc#le3e i$ica%orii $e ivel ;i s%r#c%#r& ;i i$ica%orii $e "erfor,a'&.
Re1olvare2
Eo calc#la2
In)ica"orii )e nivel 7i s"r#c"#r&
1+ CA H v93&ri ,&rf#ri V "ro$#c'ia v9$#%& H 152.65! UB
Bar<a co,ercial& H v93&ri $e ,&rf#ri L cos%#l ,&rfii v9$#%e H 152.65! L 125.615 H /6.81> UB
!+ Ca"i%al#rile "ro"rii4
- 7 ca"i%al#ri "ro"rii = ses s%ric% H ca"i%al social V co%#l =%re"ri3&%or#l#i V "ri,e le*a%e $e ca"i%al V re3erve V re3#l%a%#l
re"or%a% V al%e fo$#ri 7 ca"i%al#ri "ro"rii = ses s%ric% H 1.188 V 5!.858 V !!8 V !.!8> V 1./81 H 11.685UB
- ca"i%al#ri "ro"rii e%e = ses lar* H ca"i%al#ri "ro"rii = ses s%ric% V $ifere'e $i reeval#are V "rovi3ioae re*le,e%a%e
H 11.685UB
/+ Re3#l%a%#l eIerci'i#l#i L aces%a es%e $e<a calc#la%
ReI. H vei%#ri %o%ale L c.el%#ieli $e$#c%ibile H 1.1!6UB
2+ ?o$#l $e r#l,e% e%
?RN H Ca"i%al "er,ae% L A. i,obili3a%e
?RN H 15.812 L !1.!16 H 21.>25 UB
Ca"i%al "er,ae% H ca"i%al "ro"ri# V "rovi3ioae "e%r# risc#ri ;i c.el%#ieli V $a%orii W 1 a H 15.812 UB
5+ Nevoia fo$ 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 %re3orerie+
A. circ#la%e H s%oc#ri Vcrea'e V $is"oibil H/6.862 UB
N?R H (/2.862 L /5.!11+ L (/.>61 7 !58+ H /5.!11 UB
1+ Rela'ia $e %re3orerie
TN H ?R L N?R
TN H 21.>25 L /5.!11 H 11.252 U.B. W 8
?R N?R
TN
Si%#a'ia fir,ei es%e "o3i%iv&F fo$#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 ;i # s#r"l#s $e %re3orerie.
>+ Lic.i$i%a%ea fiaciar& H
an 1 4at
0i =n :c
<

H 1)) 6
3/7(1
3(/)(4
18/1F!/R
Daloarea foar%e b#e a lic.i$i%&'ii fiaciare c#re%e %reb#ie s& fie W
188RF si%#a'ie "o3i%iv& = ca3#l S.C. NGa,aO S.A.
(Ac+ Ac%ive circ#la%e H S%oc#ri V Crea'e co,erciale V Dis"oibili%&'i la bac& H /2.115 V 2.15> V !6! H /6.862 UB
(S+ S%oc#ri evalorifica%e H 8
(Ci+ Clie'i icer'i H 8
(Da%+ Da%orii a 1 a H /.>61 UB
5+ Solvabili%a%ea H 725352 1)) 6
(/8(7
71/8)5
4c 4t
0i - =n - :ctiv 7!t/

R
(D%+ Da%orii %o%ale H /.>61V1.181H6.56> UB
(Dc+ Difere'e $e coversie H 8
Solvabili%a%ea =re*is%rea3& o valoareF $e ase,eeaF foar%e b#&F fii$ c# ,#l% ,ai ,are fa'& $e li,i%a 58 L >8R acce"%a%&.
6+Gra$#l $e =$a%orare
H
153(8> 1)) 6
61/()8
3/(87
1)) 6
restr&ns sens in net /pr!priu 0ap
t!tale 4at/

Ca". "ro"ri# = ses res%r9s H Ca". social V co%#l =%re"ri3&%or#l#i V
Re3erve V Re". Profi%#l#i V Al%e fo$#ri H 11.888 V 5!.858 V !!8 V !.!8> V 1./81 H 11.685 UB
Gra$#l $e =$a%orare al fir,ei es%e re$#s ;i acce"%abil.
18+ Di%e3a $e ro%a'ie a ac%ivelor circ#la%e H 4373
3(/)(4
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circ :
0:
ori.
I$ica%orii $e s%r#c%#r& s#% foar%e b#i ;i $a%ori%& fa"%#l#i c& socie%a%ea =;i $esf&;oar& ac%ivi%a%ea = 3oa co,ercial& ;i are o
vi%e3& $e ro%a'ie a ca"i%al#l#i foar%e b#&F av9$ o ac%ivi%a%e foar%e eficace.
In)ica"ori )e (erforan*&
(a+Rec H
1)) 6
activ 7!tal
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Rec H 2336> 1)) 6
71/8)5
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56
Rec W R$ HW "o%rivi% %eoriei fiaciare "e%r# ca fir,a s&7;i $esf&;oare o ac%ivi%a%e eficie%&.
(b+Rf H
1)) 6
restrins sens in pr!priu 0ap/
net ,r/
Rf H 2363> 1)) 6
61/()8
1/62(

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

As%fel rela'ia ce %reb#ie s& se verifice es%e4
Rf W Rc W R$.
Dac& R$ a !F1R a%#ci "rici"alii i$ica%ori ai "erfor,a'ei fiaciare s#% "o3i%ivi.
Re a RfF l#cr# care ara%& c& socie%a%ea beeficia3& $e efec%#l $e levier al =$a%or&rii.
K ba3a $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.i3i'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.i3i'ia $e %i%l#ri fiaciare re"re3i%& #a $i%re o"era'i#ile cele ,ai re%abile ;i care $#c la
,aIi,i3area averii ac'ioarilorF ceri'& $e ba3& a #ei $eci3ii fiaciare eficie%e s#% ac.i3i'iile $e %i%l#ri fiaciare.
Profi%#l re"re3i%& 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#, v93area 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 ;i cele $e cre$i%areF i,"lic9$ r&s"#$erea
"ersoal#l#i b&cii a*a<a% = ase,eea o"era'i#i. Prici"ale ac%ivi%&'i = le*&%#r& c# aces%e o"era'i#i s#%4 "rel#crarea %i%l#rilor
(a$,iis%rarea ;i co%rol#l valorilor ,obiliare ;i colec%area vei%#l#i+F servicii $e co%abili%a%e (eval#area "or%ofoliilor ;i co%abili%a%ea
fo$#rilor colec%ive+.
..'...1 Prel#crarea "i"l#rilor financiare $valorilor obiliare%
Es%e o ac%ivi%a%e ase,&&%oare c# cea care are loc = s&lile $e $eali* ale b&ciiF = ses#l c& ea se =,"ar%e = $o#&4
i+ ac"ivi"&*i fron"9en) care c#le* ifor,a'ii $es"re evei,e%ele $e "e "ia'&F le "ros"ec%ea3& ;i le eval#ea3& c#
sco"#l $e a facili%a l#area $eci3iei = "roces#l ac.i3i'iei sa# v93&rii $e %i%l#riE
ii+ ac"ivi"&*i bac+9en) care a# ca sco"4
- co%rol#l valorilor ,obiliareE
- ,oi%ori3area livr&rii lorE
- colec%area vei%#rilor re3#l%a%e.
..'...1.1. A)inis"rarea 7i con"rol#l valorilor obiliare
U "as ,a<or = a ob'ie co%rol#l as#"ra valorilor ,obiliare es%e Nco$ificareaO lor. Es%e $e fa"% "roces#l $e s%r9*ere $e
ifor,a'ii ;i $e elaborare a #ei ba3e $e $a%e referi%oare la carac%eris%icile fiec&r#i %i" $e valoare ,obiliar&F ca $e eIe,"l#4 e,i%e%#lF
b#rsele #$e se %ra3ac'ioea3&F is%oria ivel#l#i $ivi$e$elor %i%l#l#i sa# a ra%ei $ob93iiF $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#rse4
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 =casea3& la sca$e'& ($ac& obli*a'i#ile se %ra3ac'ioea3& la al%& $a%& $ec9% la
e,i%erea lorF $ob9$a ca"i%ali3a%& ;i ra%a $ob93ii s"o% ;i forJar$ se ia# = 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 "reci3a%& $e la =ce"#%. Ci#a "l&'ii es%e ;i ea a#'a%& c# c9%eva 3ile ,ai =ai%e. K #ele ca3#ri
s#,a se ;%ie $iai%e (= ca3#l $ob93ii fiIe+F iar = al%e ca3#ri s#,a es%e flo%a%&F $e"i39$ $e ,ai ,#l'i fac%ori.
U fac%or i,"or%a% ce afec%ea3& colec%area vei%#l#i "e valori ,obiliare es%e %i"#l valorii ,obiliare ($ac& s#% %i%l#ri la "#r%&%or
sa# =re*is%ra%e+. K ,a<ori%a%ea ca3#rilorF c#"oaele a%a;a%e cer%ifica%elor %reb#ie $ec#"a%e ;i $#se la a*e%. K #ele ca3#riF %i%l#rile s#%
e,ise = for,a $e,a%eriali3a%&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"4
$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 reali3a aces%e $e3i$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,&%oarele4
$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*7#l#i. De ,#l%e oriF $iferi%e %i"#ri $e ac%ive
(ac'i#iF obli*a'i#iF e%c.+ s#% or*ai3a%e = "or%ofolii $iferi%e. K aces% ca3F clie%#l are ,ai ,#l%e "or%ofolii.
?iecare "or%ofoli# es%e eval#a% "erio$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 $eosebi%& a%e'ie s#%4
i,"le,e%area co%abili%&'ii cosoli$a%eE
%recerea s#,elor $i%r7o ,oe$& = al%a ;i re*larea = co%abili%a%e a $ifere'elor $e c#rs val#%ar.
$b% Con"abili"a"ea fon)#rilor colec"ive
57
K ca3#l fo$#rilor colec%iveF %reb#ie acor$a%& o a%e'ie s"ecial& aloc&rii corec%e ;i $is%rib#'iei vei%#rilor. Aces% "roces $evie
;i ,ai co,"lica% = ca3#l ?ITS (fo$#ri $e ives%i'ii "e %er,e sc#r%+.
Pe%r# a "lasa fo$#rile $is"oibile ale b&cii $#"& ce s7a# cos%i%#i% re3ervele ,ii,e obli*a%orii ;i = co$i'iile =$e"liirii
cri%eriilor $e ca"i%ali3areF se reali3ea3& ives%i'ii care %reb#ie s& 'i& sea,a $e4
a+ L risc#l ;i re%abili%a%ea ives%i'iei
b+ L "erioa$a $e %i," = care se i,obili3ea3& res#rsele fiaciare = sco"#l ,e'ierii #ei lic.i$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 aali3a 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% ;i re%abili%a%ea es%e ,ai b#& ;i ivers $i,i#area risc#l#i $#ce la ob'ierea #ei
re%abili%&'i ,ai "#'i b#e.
?i* /./. Rela'ia Risc L Re%abili%a%e
D#"& c#, se "oa%e observa es%e o rela'ie $irec% "ro"or'ioal& =%re risc ;i re%abili%a%e.
b% Perioa)a )e "i( "e%r# care se i,obili3ea3& res#rsele fiaciare are # rol i,"or%a%F $eoarece ea afec%ea3& = ,o$
$irec% lic.i$i%a%ea ;i "rofi%abili%a%ea b&cii.
La efec%#area "lasa,e%#l#i = %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.i3i'iile $e %i%l#ri "e "ia'a fiaciar& se reali3ea3& = sco"#l "las&rii (ives%irii+ res#rselor ,oe%are a%rase $e c&%re bac&.
S%r#c%#ra "ie'ei fiaciare ifl#e'ea3& la r9$#l s&# ives%i'iile reali3a%e = "or%ofolii $e %i%l#ri $e c&%re b&cile co,erciale.
Pia'a fiaciar&F "e care o"erea3& b&cile "oa%e fi a"recia%& ca fii$ alc&%#i%& $i "ia'a $e ca"i%al ;i "ia'a ,oe%ar&.
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 $e 1 a ;i c#"ri$e4
- %i%l#ri "ri,are (ac'i#i ;i obli*a'i#i+E
- %i%l#ri $eriva%e (co%rac%eF o"'i#i+.
Di%re is%r#,e%ele c# care o"erea3& b&cile "e "ia'a $e ca"i%alF "o% fi ,e'ioa%e4
Ac*i#nile> 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$ ;i al $re"%#l#i la vo%
"e care =l cofer&F ele "#%9$ fi $e $o#& fel#ri4
- 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 ;i cofer& $re"% $e vo%.
Obli!a*i#nile> 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 $ob93ii.
K f#c'ie $e a%#ra e,isi#ii obli*a'i#ile "o% fi4 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 $e3vol%&rii rela'iilor ecoo,ice L fiaciare ;i a ,#l%i"lic&rii
risc#l#i feo,eelor ecoo,ice.
Pri co%rac% se fiIea3& # a#,i% c#rs $e eIec#'ieF la o a#,i%& $ob9$&F #r,&ri$#7se 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$r#l co%rac%elor la %er,eF c9% ;i = ca3#l o"'i#ilor se "l&%e;%e o "ri,& "e%r# =c.eierea aces%ora.
Dac& =s& la co%rac%ele la %er,e "ier$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& $e 1 a ;i c#"ri$e4
- efec%ele co,ercialeE
- cer%ifica%ele $e $e"o3i%E
- bo#rile $e %re3orerieF e%c.
Efec"ele coerciale ia# for,a #or %i%l#ri $e cre$i% c# sca$e'e varia%e c#"rise =%re 171! l#i. Ele "o% fi4
- ca,biaE
- bile%#l la or$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%r7o 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<ea3& 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.
Bile"#l la or)ine 3 es%e # %i%l# $e cre$i% "ri care o "ersoa& se a*a<ea3& s& "l&%easc& #ei al%e "ersoae o a#,i%& s#,&
$e baiF la $a%a ;i loc#l s%abili%e $e co,# acor$.
Cer"ifica"ele )e )e(o1i" 3 s#% =scris#ri care cofir,& c& o a#,i%& s#,& $e bai se afl& =%r7# $e"o3i% bacar. Aces%
=scris "oa%e fi r&sc#,"&ra% $e bac& la o a#,i%& $a%& ;i c# o a#,i%& ra%& a $ob93ii.
RISC RENTABILITAT
E
Cre;%e Cre;%e
58
Aces%e cer%ifica%e s#% la "#r%&%orF fii$ lic.i$eF "#%9$ fi v9$#%e "ri e*ociere liber& "e "ia'& =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 $e c&%re b&cile co,erciale. Di%re aces%ea cele ,ai i,"or%a%e s#%4
- sco%area efec%elor co,ercialeE
- l#area %i%l#rilor = "esi#eE
- lo,bar$area %i%l#rilor $e cre$i% e,ise "e %er,e l#*E
- ac.i3i'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& ;i sco%.
S fial&(=casa%&%4 Dal. o,ial& L Sco% $..''%
$b% L#area "i"l#rilor ?n (ensi#ne
Es%e o o"era'i#e $e v93are a #or %i%l#ri "ri%r7# co%rac% c# cla#3&F "ri care v93&%or#l se obli*& s& r&sc#,"ere la o
a#,i%& $a%& %i%l#rile v9$#%eF la acela;i "re' ;i c# o $ob9$& calc#la%& la valoarea o,ial& a %i%l#rilorF = f#c'ie $e "erioa$a $e %i,"
"e%r# care se efec%#ea3& 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 RENOLEATE4
Problea 14 ?ie # co%rac% $e "esi#e c# #r,&%oarele $a%e4
- $#ra%a e*ocia%& $e v93are4 18 3ileE
- $a%a v93&rii4 1 se"%e,brie a#l ]NOE
- ra%a $ob93ii4 !8RE
- valoarea o,ial& a %i%l#l#i4 1888 UB.E
- #,&r#l $e %i%l#ri v9$#%e4 188 b#cE
- valoarea $e v93are4 1188 UB.
S& se calc#le3e "re'#l "l&%i% la r&sc#,"&rare $e baca co,ercial&.
Re1olvare2
D#ra%a o"era'i#iiH 18 3ile
Daloarea %o%al& a %i%l#rilor (o,ial&+HDN I Nr. %i%l#ri H 1888`188H188888UB
Daloarea %o%al& a %i%l#rilor v9$#%eHDR I Nr. %i%l#ri H 1188`188H118888UB
Dob9$a o"era'i#ii H 188888` 3333333
36)
6)
6
1))
2)
UB
Pre'#l "l&%i% la r&sc#,"&rare H DR V Dob9$& H 118888 V ////F//H11////F// UB
Problea '4 Baca $e E,isi#e a '&rii ]@O vi$e bo#ri $e %e3a#r. Dac& "re'#l ##i %i%l# es%e $e 655 UBF iar valoarea
o,ial& a aces%#ia $e 1888 UBF 'i9$ co% c& sca$e'a es%e "es%e 68 $e 3ileF s& se s%abileasc& %aIa sco%#l#i "e%r# aceas%&
o"era'i#e.
Re1olvare2
Dac&4
SCH
1)) 6 36)
-r/'ile 6 7s 6 .-
a%#ci4
TsH
-r/'ile 6 .-
1)) 6 36) 6 =0
SCHDN 7 Dv93are
SCH18887655H1! UB
TsH 438>
() 6 1)))
1)) 6 36) 6 12

PROBLE;E DE RENOLEAT
Problea 1 4 S& se s%abileasc& c&r#i se*,e% al "ie'ei fiaciare a"ar'i #r,&%oarele %i%l#ri $e valoareF ;i s& se *r#"e3e =
or$iea cresc&%oare a lic.i$i%&'ii4
- obli*a'i#i *#vera,e%aleE
- ca,biiE
- bile%e $e or$iE
5(
- cer%ifica%e $e $e"o3i%E
- ac'i#i ale co,"aiilor i$ivi$#ale.
Problea '4 ?ie o ca,bie c# DN $e 18888 UBF av9$ "9& la sca$e'& 18 3ile. O Bac& co,ercial& ]@OF ac.i3i'ioea3&
aceas%& ca,bie la o TsH15RFefec%#9$ o"era'i#ea $e sco%are. R&,as& = cri3& $e lic.i$i%a%eF la /8 3ile $e la r&sc#,"&rare Baca
Co,ercial& resco%ea3& ca,bia la o %aI& a sco%#l#i $e 15F5R.
Calc#la'i re3#l%a%#l o"era'i#ilor "e%r# Baca co,ercial&.
6)
CAPITOLUL IE
;ANAGE;ENTUL RISCURILOR BANCARE
0.1 Conce("#l )e risc bancar. Evol#*ie
Risc#l es%e "robabili%a%ea ca =%r7o %ra3ac'ie s& # se ob'i& "rofi%#l a;%e"%a% ;i c.iar s& a"ar& o "ier$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$verse "e%r# s#biec%.
Si%e%i39$F riscul bancar es%e #4
Co,"leI $e evei,e%e c# coseci'e a$verse "e%r# bac&E
Evei,e% icer%F "osibil ;i vii%orF care "oa%e afec%a =%rea*a ac%ivi%a%e a #ei socie%&'i bacare.
K aces% co%eI%F si%e%i39$ cele $e ,ai s#sF managementul riscului
bancar %reb#ie s& #r,&reasc&4
Bii,i3area c.el%#ielilorF a "ier$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 ;i la =re*is%rarea $e c.el%#ieli s#"li,e%are ;i c.iar
$e "ier$ereF ceea ce afec%ea3& = fial f#c'ioarea b&cii.
B&cileF ca i%er,e$iari fiaciariF a# o aversi#e fa'& $e risc ;iF $re"% #r,areF ca#%& s&7;i ,ii,i3e3e eI"#erea
"lasa,e%elor la "ier$eri.
Risc#l bacar es%e "rovoca%F $e re*#l&F $e c&%re clie'ii b&cii care co%rac%ea3& #ele =,"r#,#%#ri "e care # le
ra,b#rsea3& la %er,e ;i ici # s#% aco"eri%e $e *ara'ii cores"#3&%oareF ceea ce "rovoac& "ier$eri b&cii. D#"& c#,F risc#l "oa%e
fi ca#3a% ;i $e ,e$i#l coc#re'ial eI%er socie%&'ii bacare = care aceas%a =;i $esf&;oar& ac%ivi%a%ea.
De aceeaF f#$a,e%area $eci3iilor #ei b&ci = co$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 ;i eI%er al ac%ivi%&'ii bacare.
Eval#area co<#c%#rii ecoo,iceF fiaciareF social L "oli%ice "e o a#,i%& "erioa$& $e %i," ;i s#r"ri$erea %e$i'elor
aces%eiaF %reb#ie "rivi%& s#b $#bl# as"ec%4
Es%e ecesar ca =%re"ri3&%orii s& rece"'ioe3e corec% eve%#alele "ericole care "o% s& a"ar&F "rec#, ;i "robabili%a%ea $e
a"ari'ie a feo,eelor a*re*a%e c# ivel#l "a*#belor "osibile.
Beeficiarii $e servicii bacareF icl#siv socie%a%ea = asa,bl#l s&#F s& c#oasc& ofer%ele $e cos#, "e%r# fiecare $i
serviciile oferi%e ;i cos%#rile ecesare "e%r# sa%isfacerea evoilor #,ae.
K aceas%& acce"'i#eF elaborarea ##i sis%e, a$ecva% $e li,i%are a si%#a'iilor $e risc ;i icer%i%#$ieF co$i'ioa% $e ceri'ele
ecoo,iei $e "ia'& i,"lic& c#le*ereaF s%ocarea ;i "rel#crarea =%r7o for,& a$ecva%& a #or ifor,a'ii $iversifica%e ;i i$ivi$#ali3area lor
= 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 $eci3iilor. As%felF %reb#ie av#%e = ve$ere #r,&%oarele as"ec%e "e%r#
l#area $eci3iei4
K f#$a,e%area $eci3iei %reb#ie s& se aib& = ve$ere carac%er#l
$eci3iilor l#a%e $e or*ai3a'iile bacare.
L#area $eci3iei es%e $e"e$e%& $e $ivi3ibili%a%ea risc#l#i a%9% "e sec%oarele $e ac%ivi%a%eF c9% ;i "e veri*i ale la'#l#i $e ac'i#i. C9$ #
risc $e i,"or%a'& $eosebi%& "oa%e fi $ivi3a%F "rec#, ,&rirea #,&r#l#i $e ac%ivi%a%e sa# "e ba3a cre;%erii vol#,#l#i #ei ac%ivi%&'i c#
ele,e%e ce # s#% co$i'ioa%e =%re eleF res%ric'ioarea aces%#ia es%e "osibil&F iar ob'ierea re3#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"re3i%& ac'i#ea "ri care o "ar%e $i
efec%ele fac%orilor $e risc se %ras,i% al%or or*ai3a'ii "ar%ici"a%eF $irec% sa# i$irec%F la reali3area ;i valorificarea "ro$#selor ;i serviciilor
bacareF f&r& $es"&*#bire sa# "re'.
Treb#ie av#%e = ve$ere i%eresele co,#e ale "&r'ilor co%rac%a%e = $e%er,iarea risc#l#i.I$ifere% $e for,aF s"a'i#l ;i
%i,"#l = care se ,aifes%& risc#l =ca$r#l fiec&rei or*ai3a'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 $eci3iei = co$i'ii $e risc $& "osibili%a%ea co%i#&rii sa# rel#&rii ac%ivi%&'ii. Gra$#l $e
"osibili%a%e = a"ari'ia risc#l#i ,o%ivea3& acor$#l sa# ref#3#l cos%i%#irii fo$#rilor ecesare "e%r# aco"erirea risc#l#i ;i as%fel evoia $e
lic.i$i%a%e a b&cilor es%e = co%ra$ic'ie c# obiec%iv#l aces%ora $e ,aIi,i3are 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 ;i risc. Necesi%a%ea $e a avea
lic.i$i%a%e ;i $e a asi*#raF = acela;i %i,"F c9;%i*#ri si*#reF obli*& b&cile s& ,e'i& o "ar%e $i fo$#rile lor s#b for,a #or "lasa,e%e
care =$e"liesc co$i'iile referi%oare la lic.i$i%a%e ;i sec#ri%a%eF c.iar $ac& ra%a $ob93ii 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 reali3a%.
K a"recierea risc#l#i es%e ecesar s& se ia = cosi$erare *ra$#l $e s"eciali3are a ac%ivi%&'iiF ava%a<ele ;i $e3ava%a<ele "e
care s"eciali3area le *eerea3&.
O co,"oe%& i,"or%a%& = *es%ioarea risc#l#i o cos%i%#ie ;i eI"erie'a f#c'io&rii b&cilor = ca$r#l ecoo,iei $e "ia'& ;i
ivel#l "erfor,a% sa# ,ai "#'i "erfor,a% al "ersoal#l#i ce7;i $esf&;oar& ac%ivi%a%ea = 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 $#"& aii G68.
Pe "la ,o$ial *es%ioarea risc#rilor bacare # a# av#% $i %o%$ea#a "e%r# b&cii i,"or%a'a "e acre o are = "re3e%.
P9& = aii G>8F *es%i#ea risc#rilor bacare se re3#,a la *es%i#ea risc#l#i $e cre$i%areF = rela'iile c# clie'ii ;i = 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 re3#l%a%#l a $oi fac%ori ,a<ori4 "e $e o "ar%eF risc#rile efec%ive era# rela%iv re$#seF iar "e $e al%& "ar%eF
,ar<ele $ob93ii rela%iv ,ari. U ase,eea cli,a% era *eera%F = "ri,#l r9$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 $ob93ii "e "ia'& # era# foar%e "ro#'a%eF iar ale c#rs#rilor val#%are era#
co%rola%e $e ,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"o3i%elor bacareF fa"% ce a f&c#% ca
ra%ele $ob93ilor la $e"o3i%e s& fie sc&3#%e ;i ,ai ales rela%iv s%abile. K aces% felF ,ar<ele s#bs%a'iale ale $ob93ii "#%ea# fi folosi%e
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"e%r# a a,or%i3a ;oc#l fl#c%#a'ieiF a$esea ciclice a re%abili%&'ii "lasa,e%elorF "#%9$#7se recos%i%#i fo$#rile bacare f&r& a a"ela la
"ia'&.
D#"& aii G>8F is%abili%a%ea s7a acce%#a% $evei$ o %r&s&%#r& a ,e$i#l#i = care o"era# or*ai3a'iile fiaciareF fii$
*eera%& $e4
"roces#l ifla'iois% *eera% $e cri3ele ecoo,ice ;i $e ,a%erii "ri,e care a# f&c#% ca fl#c%#a'iile ra%elor o,iale ale
$ob93ii s& fie $i%re cele ,ai ri$ica%e $i secol#l %rec#%E
abolirea "rici"iilor $e f#c'ioare a sis%e,#l#i ,oe%ar i%era'ioal a$o"%a%e = aii G22 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 58F s7a 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 ba3&4 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 $e3i%er,e$ierea ;i a"ari'ia i%er,e$iarilor ebacariE $e3vol%area ra"i$& a oilor %e.olo*ii $e co,#ica'ii ;i $e
"rel#crare a ifor,a'iilorF care a# sc.i,ba% s%r#c%#ra cos%#rilor bacare = favoarea celor fiIe.
Coseci'a i,e$ia%& a fos% a"ari'ia ;i ,#l%i"licarea res#rselor bacare = 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,ile3e 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% ;i $e ecesi%a%ea reali3&rii
obiec%iv#l#i ese'ial al b&cilorF cre;%erea "erfor,a'elor bacareF obli*a b&cile s&7;i asi*#re ;i o i,a*ie cores"#3&%oare "e "ie'ele
fiaciare.
K ca3#l = care i,a*iea b&cilor es%e $efici%ar&F a;a c#, es%e ca3#l #or b&ci $i Ro,9iaF ele risc& s& fie %ra%a%e $e c&%re
"ar%eeri ,ai s"eciali3a'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 ico;%ie%e
$e ca"aci%a%ea e%& $e c9;%i* sa# risc#rile s"ecifice.
K cocl#3ieF risc#rile bacare s#% o s#rs& $e c.el%#ieli e"rev&3#%eF *es%i#ea lor a$ecva%& "#%9$ s%abili3a vei%#rile =
%i,"F c# rol $e a,or%i3or la ;oc#ri.
C# $eosebire = Ro,9ia b&cile ;i is%i%#'iile fiaciare %reb#ie s&7;i =,b#&%&'easc& ='ele*erea ;i "rac%ica *es%i#ii
res#rselor bacare "e%r# a7;i a$,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.
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 $efie;%e ca fii$ ;i
= ca3#l b&cilor4 ,aIi,i3area "rofi%#l#i.
Av9$ = ve$ere a%9% f#c'iile b&cii c9% ;i carac%eris%icile $e eI%re,& valabili%a%e a ,a<ori%&'ii serviciilor ;i "ro$#selor bacareF
le*&%#ra $i%re "rofi% ;i risc es%e obli*a%orieF iar ,aa*e,e%#l risc#l#i se reliefea3& ca fii$ # $o,ei# $e "ri,& i,"or%a'& al
co$#cerii ac%ivi%&'ii bacareF a%9% $e i,"or%a% =c9%F "ori$ = 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 $e a5ii1are a (rofi"#l#i ?n con)i*iile )e inii1are a
risc#l#i.
K%r7o ecoo,ie ,o$er& o bac& se cosi$er& c& %reb#ie s& =$e"lieasc& #r,&%oarele "rici"ale f#c'ii4
f#c'ia $e "ro%e<are a res#rselor fiaciare = eIce$e% ale e%i%&'ilor ecoo,ice ;i "ersoaelor fi3iceF "ri "&s%rarea aces%ora =
$e"o3i%e bacareE
f#c'ia $e i%er,e$iere =%re fir,ele care $is"# $e res#rse = eIce$e% ;i le "lasea3& = $e"o3i%e bacare = cali%a%e $e =,"r#,#%&%ori
;i e%i%&'ile ecoo,ice care se afl& la # ,o,e% $a% = $efici% $e res#rse fiaciare ;i care "ar%ici"& "e "ia'a ,oe%ar& = 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 "ar%ic#lari%&'ile ac%ivi%&'ii bacare co,"ara%iv c# al%e %i"#ri $e ac%ivi%&'i.
K acela;i %i,"F o bac& face "ar%e $i%r7# sis%e, care f#c'ioea3& or*aic ;i se afl& = i%er$e"e$e'& c# celelal%e b&ciE
aces% sis%e, es%e ecesar ;i es%e coor$oa% ;i s#"ervi3a% $e baca ce%ral&F $eoarece b&cile =$e"liesc $i "#c% $e ve$ere
,acroecoo,icF al&%#ri $e rol#l "ro"ri# $e socie%a%e co,ercial& ;i #r,&%oarele4
fiecare bac& es%e a*e% socialF "ar%ici"9$ "ri f#c'iile sale la $e3vol%area ecoo,iei $i 3oa = care ac%ivea3&E
es%eF ,ai alesF # is%r#,e% $e ba3& "ri care baca ce%ral& =;i reali3ea3& ,acro7"oli%icile ,oe%are.
Pri a%ra*erea res#rselor ,oe%are %e,"orar $is"oibile $i ecoo,ie ;i "lasarea lor = cre$i%e = N3oeO ecoo,ice afla%e =
$efici% $e res#rse fiaciareF b&cile reali3ea3& o re$is%rib#ire a bailor = ecoo,ie. K acela;i %i,"F b&cile f#c'ioea3& ca # veri%abil
sis%e, circ#la%or al #,eral#l#i = 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 ;i clie'ilor
aces%ora.
De ase,eeaF b&cile s#% or*aic $e"e$e%e $e s%area ecoo,ic& a 3oei = care7;i $esf&;oar& ac%ivi%a%eaF ivel#l ;i
orie%area "oli%icii "ro"rii $e $e3vol%are fii$ $e%er,ia%& $e cali%a%ea ;i vol#,#l ac%ivi%&'ii ecoo,ice = care =;i $esf&;oar& rol#l $e
i%er,e$iar fiaciar.
B#%a'iile i%ervei%e = ecoo,ia ,o$ial& a# $e%er,ia% ,o$ific&ri ale fl#I#rilor $e ca"i%al ;i = coseci'& ale "lasa,e%elor
efec%#a%e $e b&ciF as%fel4 $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 ;i ca #r,are o ofer%& $i ce = 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&3#%e ca fac%or a%rea% $e cre;%ere ecoo,ic&F i,"lic& o cre;%ere a ifla'iei care $evie as%fel
o variabil& $e eI%re,& i,"or%a'& = aali3a "lasa,e%elor ,oe%are ;i as#"ra $e3vol%&rii ecoo,iceE a"ari'ia ;i $e3vol%area #or
is%i%#'ii fiaciare o L bacare (fo$#ri ,#%#aleF socie%&'ile $e ives%i'ii fiaciareF socie%&'ile $e bro)era< e%c.+,ai "#'i re*le,e%a%e
;iF = coseci'& ,ai libere = efec%#area "lasa,e%elor ,oe%are "rofi%abileF acce%#ea3& sis%e,#l coc#re'ial "e "ia'a res#rselor
fiaciareF $ar ;i a risc#rilor.
K $o,ei#l bacarF ,ai ,#l% $ec9% = 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 reali3area obiec%ivelor b&cii $e ,aIi,i3are a "rofi%#l#i s#b co$i'ia
re$#cerii *ra$#l#i $e risc sa# "&s%r&rii ##i ivel ,ii, al risc#l#i.
62
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 ;i "oli%icilor ,aa*eriale.
Cre;%erea "o$erii cre$i%elor = %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 reali3a # ivel re$#s al vei%#rilor $i $ob93i
;i co,isioaeF ceea ce va ifl#e'a e*a%iv vol#,#l "rofi%#l#i.
K acela;i %i,"F o bac& "oa%e $eci$e reali3area #ei s%ra%e*ii $e $e3vol%are "ori$ $e la $e3i$era%#l ,ii,i3&rii risc#rilorF
as#,9$#7;i = coseci'& reali3area #or "rofi%#ri ,ai ,iciF $ar si*#re. K%r7o ase,eea si%#a'ie baca va #r,&riiF efec%#area $e
"lasa,e%e erisca%e = $irec'ii c# *ra$ s"ori% $e si*#ra'& ;i ,ai "#'i "rofi%abileF c#, ar fi ives%i'iile = %i%l#ri "#blice sa# "lasa,e%e
i%erbacare. K aces% felF baca va =*r&$i acces#l la cre$i%e "ri "rac%icarea #or $ob93i ,ai $ras%ice = ce "rive;%e obiec%#l
cre$i%#l#iF cali%a%ea *ara'iilor ;i a =,"r#,#%#l#i. To%o$a%&F baca va s%i,#la cre;%erea $e"o3i%elor la %er,e (,ai sc#,"e $ar ,ai "#'i
vola%ile+F =%&ri$#7;i as%fel lic.i$i%a%ea.
Necesi%a%ea reali3&rii ##i ,aa*e,e% eficie% ;i ,ai ac%iv al risc#l#i bacar i,"#eF a;a$ar a%#ci c9$ se are = ve$ere
elaborarea ;i a"licare s%ra%e*iilor ;i "oli%icilor b&cii = $o,ei#l cre$i%elorF ives%i'iilor $e %i%l#riF "ar%ici"a'iilor ;i "lasa,e%elor i%er7
bacareF "e $e o "ar%eF iar "e $e al%& "ar%eF = 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 aali3& ;i co%rolF ivel#rile la #
,o,e% $a% ale %#%#ror ca%e*oriilor $e risc ;i $e a ,oi%ori3a aces%e ivel#riF as%fel =c9% baca s& "oa%& reali3a obiec%iv#l s%abili% "ri
"oli%ici ;i s%ra%e*ii $e%er,ia%eF ivel#l "roiec%a% al "rofi%#l#i.
Pe%r# reali3area aces%ei f#c'iiF ,aa*erii b&cii a# la $is"o3i'ie sa# =;i "o% crea or*ais,e ;i is%r#,e%e s"ecifice careF
"e%r# a fi eficie%e %reb#ie s& $is"#& "er,ae% $e4
O s%ra%e*ie bie $e%er,ia%& a b&cii = ceea ce "rive;%e $e3vol%area vii%oareF a%9% "e "la ca%i%a%iv ($e3vol%area re'elei $e #i%&'i
%eri%orialeF cre;%erea #,&r#l#i $e "ro$#se ;i servicii bacare+F c9% ;i "e "la cali%a%iv (cre;%erea re%abili%&'ii b&ciiF "rofi%abili%a%ea
fiec&rei #i%&'iF eficie'a "rev&3#%& "e ca%e*orii $e "ro$#se ;i servicii+ = ve$erea reali3&rii ivel#l#i s%abili% al "rofi%#l#i.
Ifor,a'ii obiec%ive ;i ac%#ali3a%e care s& "er,i%& aali3a 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#"#e4
# 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 $eci3ieE
# ca$r# $e rela'ii ale b&cii c# sis%e,#l bacar ;i c# sis%e,#l ifor,a'ioal $i ecoo,ie = *eeralF care s& asi*#re
circ#la'ia ifor,a'iei = a,bele ses#ri.
U sis%e, $e aali3& #i%ar care s& aib& la ba3& ,e%o$eF %e.ici ;i # is%r#,e%ar ;%ii'ific s%abili%e ;i care s& "oa%& asi*#ra o
co,es#rare realis%& ;i a%ici"a%iv& a %#%#ror ca%e*oriilor $e risc#riF as%fel =c9% s& f#ri3e3e ,aa*erilor b&cii cocl#3iile ;i
reco,a$&rile ecesare = ve$erea cos#,&rii #or $eci3ii =%e,eia%e ;i bie f#$a,e%a%e = ce "rive;%e ivel#rile $e risc eval#a%e
"e%r# o a#,i%& ac'i#eF "rec#, ;i ivel#l *eeral $e risc "e care baca ;i ac'ioarii s& =l "oa%& acce"%a la # ,o,e% $a%.
Baa*e,e%#l risc#l#i # se "oa%e reali3a eficie% $ec9% =,"re#& c#
celelal%e $o,eii ale co$#cerii b&ciiF ,aa*e,e%#l risc#l#i re"re3e%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*ai3a%oricF b&cile reali3ea3& f#c'ia $e ,aa*e,e% al risc#l#i "ri4
Crearea ##i sis%e, $e re*le,e%&riF or,e ;i or,a%ive i%ere la s%a$ar$e #ai, rec#osc#%e "ri care s& asi*#re o
,e%o$olo*ie "ro"rie "e%r# "ro,ovarea "ro$#selor ;i serviciilor bacare = co$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;%e4 $esc.i$erea ;i
f#c'ioarea co%#rilor $e $e"o3i% ale clie'ilorE sis%e, "ro"ri# $e $eco%are care s& c#"ri$& ,e%o$e $e aali3& ;i "roce$#ri
$e acor$are a cre$i%elorF "lafoae (li,i%& $e eI"#ere+ "e $iferi%e ca%e*orii $e "ersoae i,"lica%e = 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 ;i c.el%#ielilor "e o l#&F %ri,es%r#F se,es%r#F aF as%fel =c9% s& se reali3e3e
ivel#l es%i,a% al "rofi%#l#iE
or*ai3area ##i sis%e, ;%ii'ific ;i fleIibil $e "laificare fiaciar& = care s& se reflec%e "ri ,i<loace co%abile ;i a<#s%&ri
eI%ra co%abileF ivel#l la # ,o,e% $a% al res#rselor fiaciare ;i "lasa,e%elor ;i al reali3&rii b#*e%#l#i $e vei%#ri ;i
c.el%#ieliF "rec#, ;i "roiec%e = vii%or a ac%ivi%&'ii = ve$erea reali3&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 $e #i%a%eF c9% ;i "e fiecare "ro$#s sa# servici# oferi% $e bac&E
elaborarea ##i ,o$el "ro"ri# $e $e%er,iare a $iferi%elor ca%e*orii $e riscF = cofor,i%a%e c# or,a%ivele = vi*oare ;i
s%a$ar$ele i%era'ioale.
Crearea = ca$r#l b&cii a ##i ,ecais, s"eciali3a% $e aali3& ;i co%rol al risc#l#iF care s& f#ri3e3e ,aa*erilor b&cii es%i,&rile
sale "rivi$ ivel#l risc#l#i "e $iferi%e %i"#ri $e ac%ivi%a%e.
Aces% or*ais, are rol#l cos#l%a%iv ;i es%e for,a%F $e re*#l&F $i re"re3e%a'ii %#%#ror $e"ar%a,e%elor b&cii c# rol $e a%ra*ere
a res#rselor ;i $e "lasare a aces%ora4 %re3orier#l b&ciiF ofi'erii $e co%F re"re3e%a%#l casierieiF re"re3e%a%#l $e"ar%a,e%#l#i $e
ifor,a%ic& ;i s%a%is%ic&F $e"ar%a,e%#l#i val#%arF <#ris%#l b&ciiE
Or*ai3area ,aa*e,e%#l#i risc#l#i "res#"#eF = acela;i %i,"F o orie%are a "oli%icii b&cii $e la $irec'ia ,aIi,i3&rii
"rofi%#l#i "e ba3a ac#,#l&rii cali%a%ive care s& $e%er,ie ob'ierea ##i "rofi% "laifica% ri*#ros = co$i'ii $e risc. K aces% sesF
cocre%i3area s%ra%e*iei ;i a "oli%icii b&cii "e $iverse $o,eii = "la fiaciarF care s& c#"ri$& ivel#l "osibil $e reali3a% ;i care s&
$e%er,ie ob'ierea #or vei%#ri "rev&3#%e ;i efec%#area #or c.el%#ieli es%i,a%e corec% ;i ,ai ales elaborarea ##i ,o$el coere% ;i
s#s'i#% ;%ii'ific care s& co,es#re3e "rofi%abili%a%ea b&ciiF s#% ele,e%ele s%ra%e*ice $e ba3& care "o% crea "re,isele #ei ac%ivi%&'i
eficie%e $esf&;#ra%e s#b # co%rol realis% ;i ri*#ros al risc#rilor.
0.'.. ;ana!een"#l risc#l#i (e (ia*a bancar& )in Ro<nia )#(& anii TIJ
Pe%r# o bac& ro,9easc& es%e evoie ca la s%abilirea ori3o%#rilor $e $e3vol%are "ro"rie s& aib& = ve$ere a%9% si%#a'ia real&
a ecoo,iei ro,9e;%i = ;i $i ,o,e%#l elabor&rii s%ra%e*ieiF c9% ;i "oli%icile ;i %e$i'ele ce se ,aifes%& la ivel ,acroecoo,ic
"e%r# a "#%ea $e%er,ia ca$r#l *eeral = care baca =;i "oa%e fiIa obiec%ivele.
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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 re3ervelor val#%are+.
La sf9r;i%#l $e secol @@ ecoo,ia ro,9easc& se *&sea =%r7o s%are $e %ra3i'ie $e la s%r#c%#rile ce%rali3a%e "e ba3a
sis%e,#l#i #ic ;i "re"o$ere'a "ro"rie%&'ii $e s%a% as#"ra ,i<loacelor "ro$#c%iveF la s%r#c%#rile ecoo,ice $e "ia'& ba3a%e "e sis%e,#l
coc#re'ialF av9$ ca s#"or% "ro"rie%a%ea "riva%&. Aceas%& "erioa$& $e %ra3i'ie = care sis%e,#l bacar se res%r#c%#rea3& f#$a,e%alF
a%9% $i "#c% $e ve$ere al "ro"rie%&'iiF c9% ;i al is%r#,e%ar#l#i ;i %e.icilor $e l#cr#F se carac%eri3ea3& $i "#c% $e ve$ere al
,aa*e,e%#l#i risc#l#i bacar "ri eIis%e'a #or "#%erice $e3ec.ilibre =%re ra,#rile ecoo,ice ;i =%re $iferi%e 3oe *eo*raficeF
is%abili%a%e fiaciar&F $is%orsi#i ,oe%areF ifla'ie ri$ica%& ;i $e"reciere "#%eric& a ,oe$ei a'ioale "e "ia'a val#%ar&F fac%ori care
a# $e%er,ia% o re$#cere $ras%ic& a i$ica%orilor ,acroecoo,ici la co%e ce a# carac%eri3a% ecoo,ia ro,9easc& ca fii$ =%r7o
"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% = %ra3i'ie $e la s%r#c%#rile
,ooli%iceF ce carac%eri3ea3& ac%ivi%a%ea co,ercial bacar& =ai%e $e a#l 1668F la #,&r#l ,are $e b&ci ba3a%e "e $iverse for,e $i
ecoo,ieF c9% ;i la a"ari'ia ;i $e3vol%area coc#re'ei i%ere ;i eI%ere. As%felF b&cile ro,9e;%i a# %reb#i% s&7;i asi*#re risc#ri ,ai
,ari "e%r# a reali3a o ac%ivi%a%e =$ea<#s $e "rofi%abil& care s& fac& "osibile a<#s%&rile s%r#c%#rale ;i $iversificarea ofer%elor "e%r# a
face fa'& coc#re'ei.
Baa*e,e%#l risc#rilor = sis%e,#l bacar ro,9esc are # a#,i% s"ecific i,"#s $e si%#a'ia ecoo,iei = %ra3i'ieF $ar ;i $e
"ar%ic#lari%&'ile ,e$i#l#i coc#re'ial bacar i%erF $e%er,ia% ;i $e a"ari'ia ##i #,&r $e b&ci s%r&ie c# %ra$i'ie ;i "erfor,a%e =
ecoo,ia $e "ia'&.
As%felF $ac& =%r7o ecoo,ie $e "ia'& %i"ic& = care ra"or%#rile co,"e%i'ioale ;i s"eciali3area "e $o,eii = ca$r#l sis%e,#l#i
bacar a# o a#,i%& %ra$i'ieF aali3a co,"ara%iv& a risc#l#i ;i "rofi%abili%&'ii "res#"#e or*ai3area $i "#c% $e ve$ere coce"%#al a
b&cilor "e *r#"#ri $ifere'ia%e = f#c'ie $e4
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 $e "lasa,e%e "e %er,e l#* sa# ives%i'iiF b&ci co,erciale
%i"iceF s"eciali3a%e la r9$#l lor "e%r# ac%ivi%&'i ale "ersoaelor fi3ice 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"eciali3a%e = a%ra*erea $e res#rse $e la "o"#la'ie ;i "lasarea aces%ora = ca$r#l
sis%e,#l#i bacar+.
K Ro,9iaF or*ai3area b&cilor $i "#c% $e ve$ere al aali3ei "e *r#"#ri # es%e #%il& $i #r,&%oarele cosi$ere%e4
Pre3e'a cvasi#iversal& a b&cilor co,erciale c# carac%er #iversal care ofer& sa# "res%ea3& %oa%& *a,a $e "ro$#se ;i
servicii bacare $e %i" re%ail "e%r# "o"#la'ieF "9& la ives%i'ii $e %i%l#ri fiaciareE
N#,&r#l re$#s $e b&ci ce ac%ivea3& = Ro,9ia E
Rela%iva o,o*ei%a%e a 3oelor ecoo,ice = care ac%ivea3& aces%e b&ciE
S%a$i#l ici"ie% al or*ai3&rii ;i res%r#c%#r&rii sis%e,#l#i bacarF "rec#, ;i li"sa $e ac#ra%e'e a sis%e,#l#i ifor,a'ioal = "li
"roces $e i,"le,e%are la s%a$ar$e i%era'ioaleF care s& f#ri3e3e ifor,a'ii *eeraleF = "ri,#l r9$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 $e aali3&
co,"ara%iv&.
K cocl#3ieF "roces#l s%ra%e*iei ,aa*eriale "rivi$ 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 $e ba3&4
K ce ,&s#r& varia'iile ivel#l#i risc#rilor as#,a%e afec%ea3& "rofi%#l b&cii = "ers"ec%iv&E
Cali%a%ea ,aa*e,e%#l#i b&ciiF "rec#, ;i carac%eris%icile "o3i%ive ;i e*a%ive ale ,e$i#l#i ecoo,ic = care baca =;i
$esf&;oar& ac%ivi%a%eaE
De%er,iarea corec%& a obiec%ivelor = 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#,e4
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
- risc fiaciarE
- risc $e fali,e%.
III. K f#c'ie $e natura lor4
a+ risc#ri co,ercialeE
b+ risc#ri "rovoca%e $e cla#3e $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$e3e c# "ier$eriF c#, ar fi4
a1. Risc#ri fi3ice ($is%r#*eriF acci$e%eF avarii+E
a!. Risc#ri fiaciare (*eera%e $e o"era'i#i bacare %ra$i'ioale+E
a/. Risc#ri cri,iale ;i fra#$#loase (fra#$eF f#r%#riF $e%#r&ri $e fo$#ri+E
a2. Risc#ri c# r&s"#$ere (eres"ec%area or,elor bacare+.
b. risc#ri l#cra%ive (s"ec#la%ive+E = aces% ca3 eI"#erea la risc es%e *eera%& $e =cercarea $e a ob'ie "rofi% ,aIi,. Aces%ea
s#%4
b1. Risc#ri $e "ia'& (varia'ia co$i'iilor $e "ia'&+E
b!. Risc#ri $e afaceriE
b/. 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 fi4
a1. Risc#l $e cre$i%are ("robabili%a%ea e=cas&rii cre$i%elor acor$a%e+E
64
a!. Risc#l $e lic.i$i%a%eE
a/. Risc#l $e "ia'& (varia'ia ra%ei $ob93ilorF risc#l val#%ar e%c.+
K cofor,i%a%e c# "reve$erile B&cii Re*le,e%&rilor I%era'ioale $e la Basel (Elve'ia+F clasificarea risc#rilor es%e f&c#%& =4
A. Risc#ri fiaciare4
1+ risc#l ra%ei $ob93iiE
!+ risc#l c#rs#l#i $e sc.i,bE
/+ risc#l $e lic.i$i%a%eE
2+ risc#l %i%l#rilor $e vei% variabil.
B. Risc#ri le*a%e $e "ar%eeri4
1+ risc#l clie%eleiE
!+ risc#l a"&r#% "e "ia'a i%erbacar&E
/+ risc#l $e 'ar&E
2+ risc#l $e cre$i% (f#ri3orF "ia'&+.
C. Risc#l co,ercial4
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 $e4
1. cali%a%ea o"era'i#ilorE
!. ivel#l $e ifor,a%i3are ;i %eleco,#ica'ii.
?. Risc#l *es%i#ii i%ere4
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 ;i fiaciar.
Ges%ioarea risc#rilor bacare %reb#ie or*ai3a%& = a;a fel =c9% s& se reali3e3e a%9%a "e fiecare %i" $e risc = "ar%eF c9% ;i la
ivel *lobal.
0... Risc#l )e lic-i)i"a"e
(ic)iditatea #ei b&ci es%e4
$. ca"aci%a%ea ac%ivelor $e a se %rasfor,a ra"i$ ;i c# c.el%#ial& ,ic& = ,oe$& lic.i$& (#,erar ;i $is"oibil = co%+E ori
&. ca"aci%a%ea b&cii $e a7;i fia'a o"era'iile c#re%e.
Lic.i$i%a%ea es%e o "ro"rie%a%e *eeral& a ac%ivelor bacareF o "roble,& a *es%i#ii ac%ivelor ;i "asivelor bacare.
Gra$#l $e lic.i$i%a%e al ac%ivelor es%e "rivi%F = *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% $a%F =s& ceea ce i%eresea3& o bac& = ceea ce "rive;%e lic.i$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&7;i "oa%& ac.i%a = %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 ba3e 3ilice 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 3ilice. 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'& $e ac'ioarii ei ;i av9$ o sca$e'& eI%re, $e =$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 $e reali3area a%9% a f#c'iei f#$a,e%ale a b&ciiF aceea a ,aIi,i3&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 $e ac%ive lic.i$e4
Ca #r,are a #%ili3&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+ ;i a #%ili3&rii cvasi*eerale a #,eral#l#i ca ,i<loc $e "la%& =%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 ;i ,oe3ile afla%e = casieriile ;i %e3a#rele b&cii.
Da%ori%& is%abili%&'ii *eerale ,aifes%a%e = ecoo,ieF c# re"erc#rsi#i as#"ra s%abili%&'ii b&cilorF "lasa,e%ele i%erbacare
(c# eIce"'ia celor overi*.% re3#l%a% $i sol$#l e% al co,"es&rilor 3ilice ;i care s#% cosi$era%e =,"r#,#%#ri acor$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 $e a ,ii,i3a "ier$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 $e ase,eea cos%#ri
"eali3a%oare ri$ica%e+F es%e o c.es%i#e $e abili%a%e ,aa*erial&F $ar ;i $e co%eI% ecoo,ic ;i $e"i$e = ,are ,&s#r& ;i $e cali%a%ea
;i $iversi%a%ea clie'ilor b&cii.
O bac& = care clie'ii efec%#ea3& "e%r# o "erioa$& 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& = $ific#l%a%eF evoi%& s& a"ele3e la cre$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 cri3ele $e lic.i$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&7;i
$iversifice s#rsele $e fo$#riF as%fel =c9% %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 = "re3e%F b&cile =;i ,o%ea3& "lasa,e%ele s"re $irec'ii ,ai "#'i eI"#se risc#l#iF a%#ci c9$ aces%ea a"ar ca ofer%& "e
"ia'a fiaciar L bacar&.
A"ari'ia aces%#i %i" $e risc es%e $a%ora%F = "rici"alF #r,&%oarelor ca#3e4
si%#a'ia ecoo,iei realeE
ifl#e'a ,ass L ,e$iaE
i$isci"lia fiaciar& a clie'ilorE
$e"e$e'a $e "ia'a fiaciar&E
ecorelarea =%re sca$e'ele $e"o3i%elor ;i a cre$i%elor.
65
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#% "re3e%a%e ,ai <os4
A. Principalele surse de lic)iditate sunt'
1. #,erarE
!. $e"o3i%e la baca ce%ral&E
/. $e"o3i%e la b&ci cores"o$e%eE
2. "or%ofoli#l $e bo#ri $e %e3a#rF cer%ifica%e $e %re3orerie ;i al%e %i%l#ri e*ociabileE
5. ra%ele sca$e%e la cre$i%ele acor$a%e clie'ilorE
1. =,"r#,#%#ri s#b for,a e,isi#ilor $e cer%ifica%e $e $e"o3i%E
>. =,"r#,#%#ri $e la al%e b&ci (icl#siv s#b for,a #or $e"o3i%e a%rase "e "ia'a i%erbacar&+E
5. =,"r#,#%#ri $e la baca ce%ral& (icl#siv cre$i%e $e refia'are+.
B. Principalele destinaii ale lic)iditii s#%4
(a+ Re3erva ,ii,& obli*a%orie la baca ce%ral&E
(b+ Eve%#alele cereri $e =,"r#,#% ;i evoile $e bai lic.i3i ale clie'ilorE
(c+ Aco"erirea eve%#alelor cereri ale clie'ilor "ersoaelor fi3ice ;i0sa# <#ri$ice $e re%ra*ere $e fo$#ri.
C. *estionarea lic)iditii bancare'
Tre3oreria oric&rei b&ci are ca "rici"al a%rib#% *es%ioarea lic.i$i%&'ii. Aceas%a se reali3ea3& "ri4
*es%ioarea "o3i'iei ,oe%areE
*es%ioarea "o3i'iei lic.i$i%&'iiE
elaborarea ;i aali3a NRa"or%#l#i $e lic.i$i%a%eO.
Ges"ionarea (o1i*iei one"are
Pri poziie monetar ='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 ;i = %e3a#r. Necesar#l $e
#,erar es%e es%i,a% = f#c'ie $e vol#,#l =cas&rilor 0 "l&'ilor 3ilice c# #,erar (*rafic#l $e =cas&ri ;i "l&'i c# #,erar+.
b. Disponibilul +n contul de rezerv la banca central, res"ec%iv re3erva ,ii,& obli*a%orie sa# = $e"o3i%e la %er,e.
c. Disponibilul la alte bnci, res"ec%iv $e"o3i%ele cos%i%#i%e "e "ia'a i%erbacar&.
$. Sume de +ncasat de la alte bnci' s#,e = %ra3i% 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 "o3i'iei ,oe%are "res#"#e4
(i+ asi*#rarea =ca$r&rii = ivel#l ,ii, al re3ervelor obli*a%oriiE
(ii+ i$e%ificarea %#%#ror %ra3ac'iilor i,"or%a%e care afec%ea3& $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 %ra3ac'iilor as#"ra "o3i'iei ,oe%are.
O"era'iile care cos%i%#ie *es%i#ea "o3i'iei ,oe%are a #ei b&ci s#% o"era'ii 3ilice ;i o"era'ii "er,ae%e.
O(era*iile 1ilnice se $er#lea3& o$a%& "e 3iF $e re*#l& la =ce"#%#l fiec&rei 3ile l#cr&%oare ;i a# ,eirea s& $e%er,ie
valoarea eIce$e%#l#i0$efici%#l#i es%i,a% al co%#l#i $e re3erv&. Ele cos%a# =4 =s#,area re3ervelor 3ilice es%i,a%e ;i a re3ervelor
c#osc#%eE $e%er,iarea eIce$e%#l#i0$efici%#l#i rela%iv es%i,a% al co%#l#i $e re3erv&E corec%area aces%#ia c# valoarea o"era'iilor cer%e
"laifica%e (o"era'ii "e "ia'a re3ervelor bacare ;i o"era'ii c# %i%l#ri ale $a%oriei "#blice+E calc#larea eIce$e%#l#i0$efici%#l#i efec%iv
es%i,a% si,"l# ;i c#,#la%.
Ges"ionarea (o1i*iei lic-i)i"&*ii b&ncii
Poziia lic)iditii se $e%er,i& ca $ifere'& =%re vol#,#l ac%ivelor lic.i$e ;i "asive vola%ile.
Pe%r# a es%i,a "o3i'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 $e"o3i%elorF re3#l%9$ 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 $e"o3i%elorF re3#l%9$ # "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.
Po3i'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 %re3orerie ;i es%e calc#la%
"e%r# aco"erirea evoilor $e lic.i$i%a%e "e %er,e sc#r% a fiec&rei b&ci. Aces% i$ica%or se calc#lea3& "e 3ileF s&"%&,9i ;i "e l#iF iar
o"%i,i3area l#i cos%& = reali3area ##i ec.ilibr# =%re ac%ive lic.i$e ;i "asive i,e$ia%e.
K "rac%ica bacar& c#re%& "o% eIis%a #r,&%oarele si%#a'ii4
(a+. c9$ "o3i'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$ia%e c#, ar fi4
=,"r#,#%#ri "e "ia'a i%erbacar&E
lic.i$area =ai%e $e %er,e a #or ac%ive $i "or%ofoli#E
=,"r#,#%#ri $e la baca ce%ral&.
(b+. c9$ "o3i'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
"lasea3& "e %er,e sc#r% s#b for,a $e"o3i%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 %re3oreria folose;%e o serie $e
is%r#,e%e s"ecifice $e aali3& "rivi$ gradul de lic)iditate al b&cii. As%felF se calc#lea3& ;i aali3ea3& #r,&%orii indicatori ai
lic)iditii'
1. (ic)iditatea global
Aces% i$ica%or reflec%& "osibili%a%ea ele,e%elor "a%ri,oiale $e ac%iv $e a se %rasfor,a "e %er,e sc#r% = lic.i$i%a%e "e%r#
a sa%isface obli*a'iile $e "l&'i eIi*ibile.
Rela'ia $e calc#l es%e #r,&%oarea4
L.G. H
DC
AL
$0.1%
= care4
L.G. H lic.i$i%a%e *lobal&E
AL H ac%ive lic.i$eE
66
DC H $a%orii c#re%e.
"ctivele lic)ide s#%4
7$is"oibili%&'i b&e;%iF icl#siv sol$#l co%#l#i c#re% al socie%&'ii bacare la baca ce%ral&E
7$e"o3i%e cos%i%#i%e la al%e b&ciE
7cer%ifica%e $e %re3orerie (al%e %i%l#ri $e s%a%+E
7al%e ac%ive.
Datoriile curente re"re3i%& $is"oibili%&'ile b&e;%i ale al%or is%i%#'ii fiaciar L bacareF fir,eF "ersoae fi3ice.
!. (ic)iditate imediat .de trezorerie/.
Reflec%& "osibili%a%ea ele,e%elor "a%ri,oiale $e %re3orerie $e a face fa'& $a%oriilor "e %er,e sc#r%.
I$ica%or#l se calc#lea3& as%fel4
LI H 188
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 !8F5R.
Elementele patrimoniale de trezorerie s#%4
7#,erarE
7$is"oibili%&'ile $i co%#l c#re% $e la baca ce%ral&E
7"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 ;i =,"r#,#%#ri "e %er,e sc#r% $e
la al%e b&ci.
/. (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'& $a%oriilor re"re3e%9$ %o%al#l
$e"o3i%elor ($is"oibili%&'i ;i $e"o3i%e ale al%or b&ciF fir,eF "ersoae fi3ice e%c.+
2. (ic)iditatea +n funcie de total depozite 0i +mprumuturi.
Se s%abile;%e as%fel4
LDI H
i i(r##"#r incl#siv r> )e(o1i"elo "o"al#l
ac"iv )e le (a"rionia r eleen"elo "o"al#l
$0.0%
5. "li indicatori ai lic)iditii bancare.
Calc#l#l aces%ora "ore;%e $e la clasificarea ac%ivelor ;i "asivelor bacare c9% ;i a #or ele,e%e $i afara bila'#l#i = f#c'ie
$e *ra$#l lor $e lic.i$i%a%e.
Ace;%i i$ica%ori s#%4
a. Pasive nete
Pri,a e%a"& = calc#l#l aces%#i i$ica%or es%e clasificarea ac%ivelor ;i "asivelor la # ,o,e% $a% = f#c'ie $e sca$e'&. A"oi
"asivele e%e se calc#lea3& ca $ifere'& =%re "asive ;i ac%iveF res"ec%iv se $e%er,i&4
a1. Pasivele nete simple .succesive/F care4
se calc#lea3& "e%r# fiecare "erioa$& ca $ifere'& =%re "asive ;i ac%ive c# aceea;i sca$e'&E
ara%&F "e%r# fiecare "erioa$& ,&s#ra = care ac%ivele sca$e%e aco"er& obli*a'iile sca$e%e.
a!. Pasive nete cumulateF care4
se calc#lea3& ca $ifere'& =%re "asivele ;i ac%ivele c#,#la%e cores"#3&%oare fiec&rei "erioa$& $e %i,"E
s#% folosi%e "e%r# a se,ala "erioa$a $e ,aIi,& evoie $e lic.i$i%a%e.
b. 1ndicele lic)iditii
Rela'ia $e calc#l es%e #r,&%oarea4
IL H

A(
P(
F = care4 $0.6%
IL 4 in)icele lic-i)i"&*ii

Pp H s#,a "asivelor "o$era%e c# #,&r#l $e 3ile sa# c# #,&r#l c#re% al sca$e'elor res"ec%iveE

Ap H s#,a ac%ivelor "o$era%e c# #,&r#l $e 3ile sa# c# #,&r#l c#re% al *r#"ei $e sca$e'e res"ec%ive.
Aces% i$ica%or "oa%e fi4
egal sau apropiat de $ H ca3 = care baca # %reb#ie s& fac& %rasfor,are $e sca$e'eE
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 $ob93iiE
supraunitar 2 baca %rasfor,& "asivele "e %er,e l#* = ac%ive "e %er,e sc#r% ;i re3#l%& # risc de lic)iditate.
c. Rata lic)iditii
Es%e # i$ica%or rela%iv care eI"ri,& = "roce%e evol#'ia *ra$#l#i $e =$a%orare a b&cii fa'& $e "ia'a ,oe%ar&.
Se calc#lea3&4
67
RLP H 188
IS
IN
F = care4 $0.8%
RLR H ra%a lic.i$i%&'ii = "roce%eE
IN H =,"r#,#%#ri oi co%rac%a%eE
IS H =,"r#,#%#ri sca$e%e = aceea;i "erioa$&.
Aces% i$ica%or "oa%e fi4
supraunitar L cre;%erea *ra$#l#i $e =$a%orare HW lic.i$i%a%e = sc&$ereE
subunitar7 sc&$erea *ra$#l#i $e =$a%orare HW lic.i$i%a%e = cre;%ere.
d. "li indicatori.
$1. Ra"or%#l cre$i%e 0 $e"o3i%e4
C/D H 188
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% =%r7o ecoo,ie rela%iv s%abil& c& # "oa%e fi ,ai ,are $e 68R.
$!. Ra"or%#l ac%ive lic.i$e 0 $e"o3i%e la ve$ere4
AL/DH 188
+
ve)ere la )e(o1i"e
banci% al"e la ve)ere la )e(o1i"e n#erar $ i)e ac"ivelic-
$0.D%
$/. Ra"a bre7ei $RB% H
Pasive 9 Ac"ive
(la"i"e Doban1i 9 incasa"e Doban1i
$0.I%
sa#
RBH (DI7DP+ L CPB0A7PF = care4
CPB H Cos%#l ;i "rofi%#l bacar
Aces% i$ica%or # "oa%e fi ,ai ,ic $e 28R.
0..... Ra(or"#l )e lic-i)i"a"e
Ra"or%#l $e lic.i$i%a%e re"re3i%& is%r#,e%#l cel ,ai i,"or%a% $i "#c% $e ve$ere al ac%ivi%&'ii $e %re3orerie bacar& care
reflec%& evol#'ia ,oe%ar&.
Ra"or%#l *lobal $e lic.i$i%a%e s%& la ba3a l#&rii #or serii $e .o%&r9ri ;i $eci3ii eficie%e "rivi$4
asi*#rarea #ei lic.i$i%&'i bacare or,aleE
a$,iis%rarea risc#rilor a%9% $e lic.i$i%a%e c9% ;i a al%or %i"#ri $e risc#ri bacare.
3odaliti de reducere a influenei riscului lic)iditii.
Di%re aces%e ,o$ali%&'i s#% $e "reci3a%4
7asi*#rarea ec.ilibr#l#i "e sca$e'e =%re res#rse ;i "lasa,e%eE
7$iversificarea sis%e,#l#i $e"o3i%elorE
7"osibili%a%ea #%ili3&rii res#rselor co,"le,e%areE
7,e'ierea ##i ivel o"%i, al ac%ivelor4
/8R ives%i'ii L risc ,ii,E
/8R cre$i%e i"o%ecareF obli*a'i#i L risc ,e$i#E
28R risc =al%E
7ob'ierea *ara'iilor $e s%a% la cre$i%ele "roble,&E
7"osibili%a%ea ob'ierii = s%a%#% $e #r*e'& a cre$i%elor overi*%. (!2 ore+.
0...0. A(lica*ii (rac"ice
PROBLE;E RENOLEATE2
Problea 12 Socie%a%ea bacar& Delfi "re3i%& la sf9r;i%#l l#ii ,ar%ie a#l NF #r,&%oarea si%#a'ie4
Si%#a'ia ac%ivelor lic.i$e (%abel 2.1+ "e%r# l#a ,ar%ie a#l N 4
7Tabel 2.17
7,il UB7
Nr.
cr%.
Perioa$a
7,ar%ie a#l N7
N#,erar
(,oe$a+
Plasa,e%e sca$e%e
$e =casa%
To%al
1. 1 L 2 11.888 111.888 1!!.888
!. 5 L 11 12.888 115.888 1!6.888
/. 1! 7 15 1/.888 11/.888 1!1.888
5. 16 L !5 15.888 112.888 1!6.888
2. !1 7 /1 12.888 115.888 1!6.888
68
Si%#a'ia "asivelor i,e$ia%e (%abel 2.!+ "e%r# l#a ,ar%ie a#l N4
7Tabel 2.!
7,ii UB7
Nr.
cr%.
Perioa$a
7,ar%ie a#l N7
De"o3i%e
vola%ile
K,"r#,#%#ri
sca$e%e
$e ra,b#rsa%
To%al
1. 1 L 2 18!.888 !1.888 1!/.888
!. 5 L 11 181.888 !8.888 1!1.888
/. 1! 7 15 181.888 !8.888 1!1.888
2. 16 L !5 62.888 15.888 186.888
5. !1 7 /1 6!.888 15.888 18>.888
Se cere s&4
1. calc#la'i "o3i'ia lic.i$i%&'ii "e%r# fiecare "erioa$& = "ar%eE
!. i%er"re%a'i $a%ele ob'i#%e.
Re1olvare2
a. Po3i'ia lic.i$i%&'ii H Ac%ive lic.i$e L Pasive lic.i$e
Calc#l#l "o3i'iei lic.i$i%&'ii socie%&'ii bacare Delfi "e l#a ,ar%ie a#l N (%abel 2./+F es%e #r,&%or#l4
7Tabel 2./7
7,ii UB7
Nr.
Cr%.
Perioa$a To%al ac%ive
lic.i$e
To%al "asive
i,e$ia%e
Po3i'ia
lic.i$i%&'ii
1. 1 L 2 1!!.888 1!/.888 7 1888
!. 5 L 11 1!6.888 1!1.888 V/888
/. 1! 7 15 1!1.888 1!1.888 V5888
2. 16 L !5 1!6.888 186.888 V!8888
5. !1 7 /1 1!6.888 18>.888 V!!888
b. I%er"re%are "rivi$ "o3i'ia lic.i$i%&'ii4
a+ K "erioa$a 1 L 2 ,ar%ie re3#l%& c&4
7"o3i'ia lic.i$i%&'ii H 71888
7si%#a'ie $e $efici% HW 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 5011F 1!015F 160!5 ;i !50/1
7"o3i'ia lic.i$i%&'ii "o3i%iv& (ve3i %abel >.5+E
7si%#a'ie $e eIce$e% HWecesi%a%ea li,i%&rii eIce$e%#l#i "ri "lasarea cel#i "es%e li,i%a or,al& = $e"o3i%e "e %er,e sc#r% sa# "ri
=,"r#,#%#ri acor$a%e "ersoaelor fi3ice ;i for,elor.
Problea '2 Socie%a%ea bacar& Oracol "re3i%& #r,&%oarea si%#a'ie a ac%ivelor ;i a "asivelor sale = f#c'ie $e sca$e'a la /1
,ar%ie $i a#l N. a c&ror clasificare = f#c'ie $e sca$e'& (%abel 2.2+F es%e #r,&%oarea4
7Tabel 2.27
Nr.
Cr%.
Perioa$a Pasive
,ii UB
Ac%ive
,ii lei
1. S#b > 3ile 25.888 2!.888
!. 5 L /8 3ile 12.888 58.888
/. 1 L / l#i 51.888 52.888
2. / L 1 l#i 55.888 2!.888
5. 1 l#i L 1 a !8.888 !2.888
1. 1 L 5 ai !2.888 1/.888
>. Pes%e 5 ai 15.888 28.888
Se cere s&4
(a+. calc#la'i4
a1. "asivele e%e si,"le ;i c#,#la%e "e%r# fiecare "erioa$& = "ar%eE
a!. "o$erile ;i i$icele $e lic.i$i%a%e %e,"orar&E
a/. %rasfor,area ,e$ie a sca$e'elorE
(b+. i%er"re%a'i re3#l%a%ele ob'i#%e
6(
Rezolvare
Calc#l#l "asivelor e%e (si,"le ;i c#,#la%e+
Pasive e%e si,"le H P7A c# aceea;i sca$e'&
Pasive e%e c#,#la%e H P7A c#,#la%e
(a1+ Calc#l#l "asivelor e%e (si,"le ;i c#,#la%e+4
7Tabel 2.57
7,ii lei7
Perioa$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 > 3ile 25.888 2!.888 1.888 25.888 2!.888 1.888
5 3ileL1 l#& 12.888 58.888 12.888 11!.888 6!.888 !8.888
1 7/ l#i 51.888 52.888 /!.888 165.888 121.888 5!.888
/ 7 1 l#i 55.888 2!.888 11.888 !51.888 155.888 15.888
171! l#i !8.888 !2.888 72.888 !>1.888 !1!.888 12.888
17 5 ai !2.888 1/.888 7/6.888 /88.888 !>5.888 !5.888
5718 ai 15.888 28.888 7!5.888 /15.888 /15.888 8
To%al /15.888 /15.888
b. i%er"re%area re3#l%a%elor
1. Pasive e%e si,"le4
(iv+ Pe%r# "erioa$ele s#b > 3ileF 5 L /8 3ileF 1 L / l#iF / L 1 l#i valorile
s#% pozitive, $eci a"are "roble,a "las&rii res#rselor eIce$e%are ("lasarea = $e"o3i%e la al%e b&ciF acor$area $e =,"r#,#%#ri "e
%er,e sc#r% "ersoaelor fi3ice ;i <#ri$iceF ac.i3i'ioarea $e %i%l#ri $e valoare e%c.+
(v+ Pe%r# "erioa$ele 1 L 1! l#iF 1 L 5 ai ;i "es%e 5 ai valorile s#%
negative, ;i ca #r,are a"ar "roble,e $e *es%ioare $eoarece "e%r# aco"erirea s#r"l#s#l#i %reb#iesc *&si%e res#rse s#"li,e%are
(a%ra*erea "e $iferi%e c&i4 $e"o3i%e a%rase $e la al%e b&ci F =,"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 $e valoare+.
!. Pasive e%e c#,#la%e4
re3#l%& c& "e%r# "erioa$a / L 1 l#i se a%i*e ivel#l ,aIi, al $efici%#l#i $e lic.i$i%a%e $e 15.888 ,ii UB.
(a!+. Calc#l&, "o$erile4
ani) luni3 3 ti$p('ile e peri!aa
2
$a9
;
)
;
i
,
+

)3)1?
36)
2
) 7
1
,
+

)337?
12
2
7 3
4
,
+

)3)5
36)
2
3) 7
2
,
+

E
)375?
12
2
12 6
5
,
+

)316?
12
2
3 1
3
,
+

235?
1
2
5 1
6
,
+

735?
1
2
1) 5
7
,
+

Calculul pasivelor nete !si"ple i cu"ulate# i a indicatorului de lic$iditate cu pondere anual% se prezint ast&el

7Tabel 2.17
7,ii UB7
Nr. Perioa$a Pasive Ac%ive Po$ere Pasive Ac%ive
7)
Cr% (ai+ "o$era%
e
"o$era%e
1. S#b > 3ile 25.888 2!.888 8F81 258 2!8
!. 5 L /8 3ile 12.888 58.888 8F85 /.!88 !.588
/. 1 L/ l#i 51.888 52.888 8F11 1/.>18 5.128
2. / L 1 l#i 55.888 2!.888 8F/> !1.218 15.528
5. 1 L 1! l#i !8.888 !2.888 8F>5 15.888 15.888
1. 1 L 5 ai !2.888 1/.888 !F58 18.888 15>.588
>. Pes%e 5 ai 15.888 28.888 >F58 11!.588 /88.888
To%al /15.888 /15.888 I !!1.288 58!.188
1ndicele de lic)iditate'
IL H

A(
P(
IL 4 ''8.0JJ / 6J'.8JJ 4 J>06
a/. Trasfor,area ,e$ie a sca$e'elor
,
,,
,
:,
7= = careF
TS H%rasfor,area sca$e'elor
AP Hac%ive "o$era%e
A H%o%al ac%ive
PPH"asive "o$era%e
P H%o%al "asive
)388(ani) )371 135(
315)))
2264))
315)))
5)26))
7=
I$icele $e lic.i$i%a%e c# "o$erea a#al& es%e $e 8F25F $eci subunitar.
El %reb#ie s& fie $e ,ii, ##. K aces% ca3 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 $ob93ii cresc&%oare.
Trasfor,area ,e$ie s sca$e'elor e s#*erea3& risc#l $e lic.i$i%a%e al b&cii Oracol.
Problea .. Socie%a%ea bacar& S#"er "re3e%a = "erioa$a !8 7 !1 oc%o,brie a#l NF #r,&%oarea si%#a'ie a =,"r#,#%#rilor
(%abel 2.>+.
Tabel 2.>
Da%a. Ci#a N#,&r
K,"r#,#%#ri
oi
K,"r#,#%#ri
sca$e%e
!8. L#i 18 18
!1. Bar'i 18 !8
!!. Bierc#ri 18 /8
!/. Soi 18 !8
!2. Dieri !8 /8
!5. S9,b&%& 7 !8
!1. D#,iic& 7 !8
Calc#la'i ;i i%er"re%a'i ra%a lic.i$i%&'ii bacare a socie%&'ii bacare = ca#3& "e%r# "erioa$a !8 L !1 oc%o,brieF a#l N.
Re1olvare
Ra%a lic.i$i%&'ii bacare 1))?
;=
;-

Tabel 2.5.
Da%a Ci#a N#,&r Ra%a
lic.i$i%&'ii
R
K,"r#,#%#ri
oi
K,"r#,#%#ri
Sca$e%e
!8 L#i 18 18 188
!1 Bar'i 18 !8 58
!! Bierc#ri 18 /8 //
!/ Soi 18 !8 58
!2 Dieri !8 /8 11
!5 S9,b&%& 7 !8 7
!1 D#,iic& 7 !8 7
Pe%r# "erioa$a aali3a%& re3#l%& c& ivel#rile s#b#i%are ale ra%elor lic.i$i%&'ii 3ilice i$ic& %e$i'a socie%&'ii bacare
]S#"erO $e a sc&$ea *ra$#l s&# $e =$a%orare ;i $e $e"e$e'& fa'& $e "ia'a ,oe%ar&F $eci o si%#a'ie i$eal&.
71
PROBLE;E DE RENOLEAT
Problea 14 ?ie socie%a%ea bacar& @ care "re3i%& #r,&%oarea si%#a'ie a ac%ivelor ;i "asivelor = f#c'ie $e sca$e'a lor la
/1 ,ar%ie a#l N (%abel 2.6+.
7Tabel 2.67
7,ii lei7
Nr.
Cr%.
Perioa$a Pasive Ac%ive
1. S#b 18 3ile 118.888 68.888
!. 117/8 3ile 115.888 1!8.888
/. 1 l#&7 / l#i 128.888 188.888
2. / l#i71 l#i !/8.888 !!8.888
5. 1 l#i76 l#i !28.888 !58.888
1. 6 l#i71! l#i 158.888 118.888
>. 175 ai 28.888 /5.888
5. 5718 ai /8.888 28.888
Se cere s& se4
calc#le3e i$icele $e lic.i$i%a%e folosi$ ca "o$ere or$iea #,&r#l#i c#re%E
calc#le3e i$icele $e lic.i$i%a%e folosi$ $re"% "o$ere ra"or%#l ,e$i# al "erioa$ei $e %i,"E
co,"are ;i s& se i%er"re%e3e re3#l%a%ele.
Problea '4 ?ie socie%a%ea bacar& @ care "re3i%& #r,&%oarea si%#a'ie "e 3ile a =,"r#,#%#l#i
7Tabel 2.187
Nr.
Cr%.
N#,&r
K,"r#,#%#ri oi K,"r#,#%#ri
sca$e%e
1.18 188 115
!.18 112 112
/.18 1/8 118
2.18 128 1/5
5.18 1/5 1/1
Se cere s&4
calc#la'i ra%a lic.i$i%&'ii 3iliceE
i%er"re%a'i re3#l%a%ele.
Problea .2 ?ie socie%a%ea bacar& @ care "re3i%& "e%r# l#a ,ai
#r,&%oarele $a%e4
7Tabel 2.117
7,ii lei7
Nr.
Cr%.
Perioa$a Ac%ive lic.i$e Pasive i,e$ia%e
1. 1 L 1 1/1.888 1//.888
!. > L 1/ 155.888 112.888
/. 12 L !8 115.888 158.888
2. !1 L !> 155.888 !12.888
5. !5 L /1 1!8.888 1>8.888
De%er,ia'i "o3i'ia lic.i$i%&'ii ;i i%er"re%a'i re3#l%a%ele.
Problea 02 ?ie o socie%a%e bacar& c# #r,&%oarele $a%e = $ec#rs#l
l#ii i#lie a#l N4
7Tabel 2.1!7
Nr.
Cr%.
Perioa$a Ac%ive (UB+ Pasive (UB+
72
1. 1 L 2 N#,erar
Ti%l#ri $e s%a%
Cre$i%e $e
ra,b#rsa%
188
15
!5
De"#eri la ve$ere
De"#eri la sca$e'&
K,"r#,#% $e
ra,b#rsa%
58
5
15
!. 5 L 11 N#,erar
Ti%l#ri $e s%a%
Cre$i%e $e
ra,b#rsa%
52
1/
11
De"#eri la ve$ere
De"#eri la sca$e'&
K,"r#,#% $e
ra,b#rsa%
188
5
1
/. 1! L 15 N#,erar
Ti%l#ri $e s%a%
Cre$i%e $e
ra,b#rsa%
55
12
!8
De"#eri la ve$ere
De"#eri la sca$e'&
K,"r#,#% $e
ra,b#rsa%
18
1!
1!
2. 16 L !5 N#,erar
Ti%l#ri $e s%a%
Cre$i%e $e
ra,b#rsa%
22
15
1/
De"#eri la ve$ere
De"#eri la sca$e'&
K,"r#,#% $e
ra,b#rsa%
52
11
!
5. !1 7 /1 N#,erar
Ti%l#ri $e s%a%
Cre$i%e $e
ra,b#rsa%
1!
12
11
De"#eri la ve$ere
De"#eri la sca$e'&
K,"r#,#% $e
ra,b#rsa%
21
18
1!
Se cere s&4
1. s%abili'i valoarea #,erar#l#i ;i a "lasa,e%elor sca$e%e "e%r# ac%iveE
!. s%abili'i valoarea $e"o3i%elor vola%ile ;i a =,"r#,#%#rilor sca$e%eE
/. $e%er,ia'i "o3i'ia lic.i$i%&'iiE
2. i%er"re%a'i re3#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.
B&cile *es%ioea3& aces% riscF = "rici"alF "ri4
Deci3ii ec.ilibra%e $e cre$i%areF "ri care risc#l cre$i%#l#i es%e corec% eval#a% ;i a"recia%E
Asi*#rarea #or $ebi%ori $iver;iF as%fel =c9% "ier$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 #%ili3area ##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*orii4
risc#l %ra3ac'iei L care se refer& la $iferi%e as"ec%e f#c'ioale ;i o"era'ioale ale risc#l#i afacerilorE
risc#l "ro"ri#73is 7 care se refer& la "rofi%abili%a%ea afacerii.
Risc#l afacerii aco"er& # #,ai a%#raF s%r#c%#raF s#,a cre$i%#l#i ;i "erioa$a $e riscF $ar ;i $irec'ia $e a$,iis%rare a re'elei
;i i,"lica'iile $e a%#r& <#ri$ic&F "oli%ic&F ecoo,ic& ;i "rac%ic& fa'& $e =,"r#,#%.
Risc#l "ro"ri#73is $e cre$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&7;i ac.i%e
obli*a'iile as#,a%e fa'& $e bac&. De aceeaF baca %reb#ie s& eval#e3e %oa%e co,"oe%ele risc#l#i fa'& $e clie%.
Pe%r# a "revei "ier$eri "o%e'iale la cre$i%areF b&cile =;i $e3vol%& %e.ici a$ecva%e "e%r# aco"erirea aces%#i %i" $e riscF
c#, s#%4
b#& c#oa;%ere a clie'ilor (<#ri$icF ecoo,icF fiaciarF co,"or%a,e%#l = rela'ia c# baca+E
aali3a cre$i%#l#i (s%r#c%#ra %ra3ac'ieiF eficie'aF ra$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&4
*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'ii4
si%#a'ia la 3i 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,al4
%i"#l ac%iv#l#i "re3e%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.
73
Pri,ele $o#& %i"#ri $e ifor,a'ii ($a%e+ "er,i% calc#larea "ier$erii "robabile. Daloarea *ara'iei re"re3i%& s#,a "e care
baca o va rec#"era.
C9$ eval#ea3& # a#,i% ac%iv "re3e%a% $re"% *ara'ieF ,#l%e b&ci $i,i#ea3& valoarea ac%iv#l#i = f#c'ie $e %i"#l
aces%#ia ;i $e eI"erie'a av#%& = %rec#%. De eIe,"l#F valoarea #ei ,a;ii "oa%e fi $i,i#a%& c# //R c9$ 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 aali3area a cel "#'i $o#& as"ec%e4
U#l eI%er cre$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%ea3& 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 aali3ei "ri,are a $oc#,e%a'iei $e cre$i%F $ar ;i $e co$i'iile i$e"e$e%e $e
bac& (cali%a%ea =,"r#,#%#l#i ;i co$i'iile $e ,e$i# ecoo,ic = care or*ai3a'ia ecoo,ic& beeficiar& a cre$i%#l#i =;i $esf&;oar&
ac%ivi%a%ea+.
Pori$ $e la si%#a'ia cocre%& $i Ro,9iaF = *eeral b&cile =;i
s%abilesc "rici"ii $e cre$i%are ba3a%e "e s%ra%e*ii "r#$e%eF =s& "roble,ele care a"ar $a%ori%& i%erac'i#ii c# efec% e*a%iv a
feo,eelor $e cri3& f#$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 $i #l%i,a "erioa$& ;i a "e#riei croice $e res#rse fiaciare care se
,e'ie ;i la ivel#l a#l#i !88/.
Te.icile #%ili3a%e $e ,aa*eri "e%r# a co%rola risc#l $e cre$i% s#% sa# %reb#ie icl#se = re*le,e%&rile i%ere ale b&cii
s%abili%e "ri s%ra%e*ia ;i "oli%ica $e cre$i%F care %reb#ie a$a"%a%& "erio$ic.
De o i,"or%a'& ,a<or& es%e ;i res"ec%area or,elor $e "r#$e'iali%a%e. As%felF "e%r# evi%area risc#l#i =,"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"&;i !8R $i fo$#rile "ro"rii ale b&cii.
0.0.' A(lica*ii (rac"ice

PROBLE;E RENOLEATE
Problea 12 U clie% al #ei b&ci a c#,"&ra% o ,a;i& c# /8 ,ilioae leiF c# a<#%or#l ##i =,"r#,#% $e la o bac&. Baca
"reia ,a;ia $re"% *ara'ieF a%ici"9$ o ra%& $e $i,i#are a *ara'iei $e //R. :i9$ co% $e eI"erie'a a%erioar&F baca eval#ea3&
risc#l acor$&rii cre$i%#l#i ca fii$ 1 4 188. Se cere s& se calc#le3e "ier$erea "o%e'ial&.
Re1olvare
Daloarea $i,i#a%& a *ara'iei4
/8.888.888 ( 17
188
//
+ H !8.188.888 lei
(i+ Pier$erea "o%e'ial&4
(/8.888.888 L !8.188.888+
188
1
H 66.888 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$ecva%& re"re3i%& # ele,e% ese'ial al *es%io&rii cre$i%elor. EIis%& %o%#;i si%#a'ii = care # s#% solici%a%e
*ara'ii (=,"r#,#%#ri "ersoale+F sa# ca3#ri = care valoarea *ara'iilor sca$e $i%r7o $a%&. K aces%e ca3#riF b&cile %reb#ie s& calc#le3e
c9% ,ai corec% "ier$erile "osibile (risc#l+ ;i s& se asi*#re c& # es%e "#s& = "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#,#%4
Daloarea =,"r#,#%#l#i4 58 ,iliar$e leiE
Daloarea *ara'iei4 55 ,iliar$e leiE
Ra%a $e $i,i#are a *ara'iei4 !5RE
Probabili%a%ea $e reali3are a "ier$erii4 1 4 188.
Re1olvare2
o Daloarea $i,i#a%& a *ara'iei4
55 ,iliar$e
188
>5
H 21F!5 ,iliar$e lei.
o Pier$erea "robabil&4
(58 ,l$. L 21F!5 ,l$.+
188
1
H 5F>5 ,ilioae lei
PROBLE;E DE RENOLEAT
Problea 12 S& se calc#le3e risc#l fiaciar al =,"r#,#%#l#i c# #r,&%oarele $a%e4
7 valoarea =,"r#,#%#l#i 188 ,l$. Lei
7 valoarea *ara'iei 1!8 ,l$. Lei
7 ra%a $e $i,i#are a 15R
*ara'iei
7"robabili%a%ea $e =re*is%rare a 14188
74
"ier$erii
Problea '2 ?ie %rei ca%e*orii $e cre$i%e acor$a%e $e baca @ c# #r,&%oarele $a%e4
7Tabel 2.1/7
N#,&r cre$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 11 8F15
Cre$i%#l %i"
B
1/8 12 8F1/
Cre$i%#l %i"
C
188 2 8F11
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%e4
Cre$i% %i" A 1 ,l$. UB
Cre$i% %i" B ! ,l$. UB
Cre$i% %i" C / ,l$. UB
Problea .4 a+ S& se $e%er,ie risc#l fiaciar al ##i =,"r#,#% c# #r,&%oarele $a%e4
valoarea =,"r#,#%#l#i !88 ,l$. leiE
valoarea *ara'iei !/8 ,l$. leiE
ra%a $e $i,i#are a *ara'iei 18R.
b+ Dac& valoarea *ara'iei sca$e la !18 ,l$ leiF care es%e valoarea risc#l#i asocia% = co$i'iile aceleia;i ra%e $e $i,i#are $e
18R.
("robabili%a%ea $e =re*is%rare a "ier$erii es%e 14188+
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 $e rela'iile b&cii c# clie'ii s&i a f&c#% ca %o% ,ai ,#l'i ecoo,i;%i s& fie "re3e'i "e%r#
i$e%ificarea #or ,e%o$e $e i$e%ificare a cre;%erii risc#l#i $e fali,e% al $ebi%orilor b&ciiF =%r7o "erioa$& = care se ,ai "o% l#a ,&s#ri
$e evi%are a aces%#ia. K aces% sesF s7a# cris%ali3a% $o#& ,e%o$e4
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 ba3a 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 !7/
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#*ere3e $i %i," =$re"%area c&%re
fali,e%F c#, ar fi4 ra"or%#l lic.i$i%a%e0$a%orie %o%al&F sa# vei% e%0$a%orie %o%al&F ori "re'#l ac'i#ilor. Ase,eea i$ica%ori # a# fos%
s#ficie'i $e releva'i. Ca #r,areF a# a"&r#% o serie $e ,o$ele ;i a#,e4
'odelul (lt"an
Pri aces% ,o$el s7a re#;i% s& se si%e%i3e3e = a#l 1615F o f#c'ie $e ,ai ,#l'i i$ica%oriF "e ba3a aali3ei ##i e;a%io $e "es%e
!88 $e fir,e a,ericae care $&$#ser& fali,e% =%r7o "erioa$& $e ! ai. ?#c'ia s%abili%& $e Al%,a a $e#,i%7o ]COF sa# "#c%a<#l ]CO.
Aces% ,o$el ]COF se "re3i%& as%fel4
N41>'L1H1>0L'H.>.L.HJ>8L0H1>6L6 $0.1J%
= care variabilele I1FI!FI/F_FI5 s#% i$ica%ori ecoo,ico fiaciari #%ili3a'i = "rac%ica $e s"eciali%a%eF iar cos%a%ele c# care
s#% a,"lifica%e i$ica%orii s#% $e a%#r& s%a%ic& ;i eI"ri,& "o$erea sa# i,"or%a'a variabilei = eval#area risc#l#i $e fali,e% ;i
a#,e4
activ 7!tal
circulant 0apital
1
9 $0.11%
Dariabila I1 e i$ic& o ,&s#r& a flexibilitii fir,ei. Ea e ara%& "o$erea ca"i%al#l#i circ#la% = %o%al#l ac%ivelor. Re3#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 7!tal
reinvestit ,r!"it
2
9 $0.1'%
Dariabila I! re"re3i%& ,&s#ra capacitii de finanare a fir,eiF fii$ reco,a$a%& ca valoarea ra"or%#l#i s& fie c9% ,ai ,are.
activ 7!tal
!ban'il!r plata si i$p!'itare e inainte ,r!"it
3
9 $0.1.%
I$ica%or#l sa# variabila I/ 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 4at!rii
bursiera rea 0apitali'a
4
9 $0.10%
I$ica%or#l I2 eI"ri,& gradul de +ndatorare a fir,ei "ri =,"r#,#%#ri "e %er,e l#*. K "rac%ica eval#&rii fir,elor $i 'ara
oas%r& la #,&r&%or#l ra"or%#l#i se #%ili3ea3& ca"i%al#l social. Re3#l%a%#l ra"or%#l#i es%e reco,a$a% s& fie c9% ,ai ,are.
activ 7!tal
a"aceri e 0i"ra
5
9 $0.16%
75
Dariabila I5 es%e # indicator de eficien economic a utilizrii activelor ;i eI"ri,& ro%a'ia ac%iv#l#i %o%al "ri cifra $e afaceri.
C# c9% ac%ivi%a%ea es%e ,ai eficie%&F c# a%9% v93&rile vor fi ,ai ,ariF iar ac%ivele se vor re=oi ,ai re"e$e "ri cifra $e afaceri.
K cocl#3ieF ivel#l celor cici i$ica%ori s#% c# a%9% ,ai b#e c# c9% =re*is%rea3& valori absol#%e ,ai ,ari.
I%er"re%area $a%& $e Al%,a scor#l#i ]COF a fos% #r,&%oarea4
7 C a1F5 L s%area $e fali,e% es%e i,ie%&E
7 C W!F> L si%#a'ia fiaciar& es%e b#& ;i baca "oa%e avea =cre$ere = fir,a res"ec%iv&F ca fii$ solvabil& = #r,&%orii $oi
aiE
7 1F5 a C W!F> L si%#a'ia fiaciar& es%e $ificil&F c# "erfor,a'e vi3ibil $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"#3&%oare.
2. 'odelul lui ).Conan i '. *older
Es%e # ,o$el ce "oa%e fi a"lica% fir,elor c# # a#,i% #,&r $e 18 "9& la 588 $e salaria'i. El se ba3ea3& "e analiza
lic)iditii 4 exigibilitii.
S%abilirea ,o$el#l#i a fos% f&c#%& = 16>5F "ri observarea ##i e;a%io $e 168 $e fir,e ,ici ;i ,i<lociiF $i care <#,&%a%e a#
$a% fali,e% = "erioa$a 16>8716>5.
Bo$el#l are cici variabile4
N4 J>'051HJ>''5'HJ>185.HJ>D509J>1J56 $0.18%
= care4
t!tale 4at!rii
e9pl!atare e brut E9ceent
1
9 $0.1C%
t!tal :ctiv
per$anente 0apitaluri
2
9 $0.1D%
t!tal :ctiv
st!curi) ("ara circulante :ctive
3
9 $0.1I%
a"aceri e 0i"ra
"inanciare 0%eltuieli
4
9 $0.'J%
aau#ata .al!area
pers!nal e 0%eltuieli
5
9 $0.'1%
Risc#l $e fali,e%F "o%rivi% aces%#i ,o$elF $e"i$e $e valoarea scor#l#i ;i a#,e4
N FJ>18 L si%#a'ia fir,ei es%e foar%e b#&F risc#l $e fali,e% fii$ ,ai ,ic $e 18RE
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 18R la /8RE
J>J6 G N FJ>1 L si%#a'ia fir,ei es%e aler%&F risc#l $e fali,e% fii$ $e la /8R la 15RE
NG J>J0 L e;ecF risc#l $e fali,e% es%e ,ai ,are $e 68R.
C# c9% valoarea l#i ]CO $i aces% ,o$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 ba3ea3& "e #r,&%or#l "#c%a< ]CO4
N4J>6.51HJ>1.5'HJ>1D5.HJ>1850 $0.''%
= care variabilele folosi%e re"re3i%& al'i i$ica%ori4
curente ,asive
i$p!'abil ,r!"it
1
9 $0.'.%
pasive 7!tal
circulante :ctive
2
9
$0.'0%
pasive 7!tal
curente ,asive
3
9
$0.'6%
I2 H
a :$!rti'are pr!uctie e 0!stul
curente ,asive i$eiate :ctive

$0.'8%
D#"& TofflerF "#c%#l $e ec.ilibr# =%re s#"ravie'#irea clie%#l#i ;i a"ari'ia si,"%o,elor $e fali,e% es%e $e 8F!.
Be%o$a "#c%a<#l#i es%e $es%#l $e eficie%&F $ar "re3i%& ;i #ele $e3ava%a<eF ce %reb#ie av#%e = ve$ere4
7"#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
7"e%r# a fi c# a$ev&ra% releva%F aces% "#c%a< ar %reb#i s& fie =so'i% $e o
eval#are cri%ic&4 a ,aa*e,e%#l#iF ra"oar%elor a#$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.
76
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 ;i0sa# "osibili%&'ii $e fali,e%F ,e%o$ele bacare i$e%ific& ;i
aali3ea3& ]se,alele $e "ericolO sa# %r&s&%#rile s"ecifice i$e%ifica%e = 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#$4
,#%area co%#l#i la o al%& bac&E
cre;%erea e<#s%ifica%& a li,i%elor facili%&'ilor fiaciare acor$a%e $e cre$i%ori (a%9% f#ri3oriF c9% ;i bac&+E
$e"&;irea li,i%elor $e facili%&'i f&r& o eI"lica'ie sa%isf&c&%oareE
eres"ec%area cla#3elor li,i%a%ive $i co%rac%#l $e cre$i%E
%ri,i%erea la bac& c# =%9r3iere a ifor,a'iilor fiaciareE
ieIis%e'a "la#rilor ;i b#*e%elorE
sc.i,barea ce3orilorF a#$i%orilor sa# co$#ceriiE
=cerc&ri rece%e $e $iversificare ;i0sa# ac.i3i'ii.
0.0.... A(lica*ii (rac"ice
PROBLE;E RENOLEATE
Problea 14 Socie%a%ea co,ercial& ]De%#raO S.A. are $esc.is co% la Baca Alfa ;i a a*a<a% cre$i%e care s#% = $er#lareF
"re3i%& #r,&%oarele $a%e fiaciare la /1 $ece,brie a#l N (%abel 2.12+
7Tabel 2.127
Nr cr%.
1ndicatori
Bii lei
1. Ca"i%al circ#la% 1!!.258
! Cifra $e afaceri !>2.558
/. TOTAL ACTIE 0JJ.1JJ
2. Profi% reives%i% 15.!58
5. Profi% (=ai%e $e i,"o3i%+br#% /5.>88
1. Dob93i "l&%i%e 5./58
>. Da%orii "e %er,e l#* ("es%e 1 a+ 18.>88
5. Ca"i%ali3area b#rsier& 56.188
Calc#la'i L $#"& ,o$el#l Al%,a7 "#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!@1V1F2@!V/F/@/V8F1@2V1F5@5
activ 7!tal
circulant 0apital
1
9 )33)
4))/1))
122/45)

activ 7!tal
reinvestit ,r!"it
2
9 )3)38
4))/1))
15/25)

activ 7!tal
!ban'il!r plata i$p!'itare e inainte ,r!"it
3
9
+
)31)
4))/1))
5/35) 35/7))

an) un lun#(peste ter$en pe 4at!rii

bursiera rea 0apitali'a
4
9 )3(7
6)/7))
5(/1))

activ 7!tal
a"aceri e 0i"ra
5
9 )386
4))/1))
274/55)

CH(1F! I 8F/+V(1F2 I 8F8/5+V(/F/ I 8F18+V(8F1 I 8F6>+V(1F8 I 8F15+
CH!F885!
DeciF valoarea "#c%a<#l#i C 7 $#"& ,o$el#l Al%,a face ca aces%a s& fie 1F5aCa!F885!F ceea ce reflec%& fa"%#l c& si%#a'ia
fiaciar& a socie%&'ii co,erciale es%e $ificil&F c# "erfor,a'e vi3ibil $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"#3&%oare.
77
Problea '4 ?ir,a ]Sil#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 /8 i#ie a a#l#i N es%e re$a%& = %abel#l 2.15.
7Tabel 2.157
Nr
cr"
,ndicatori 'ii lei
1
!
/
2
5
1
>
5
6
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
58.188
15.258
18.188
288.188
/88.288
8JJ.6JJ
158.!88
58.158
181.!88
S%abili'i "#c%a<#l C $#"& ,o$el#l CONAN ;i B.TOLDER "e%r# a ve$ea $ac& socie%a%ea es%e = "ericol $e fali,e%.
Re1olvare2
CH 8F!2I1V8F!!I!V8F11I/V8F5I278F18I5
t!tale 4at!rii
e9pl!atare e brut E9ceent
1
9 )367
15)/2))
1)1/2))

t!tal :ctiv
per$anente 0apitaluri
2
9 )313
6))/5))
8)/1))

t!tal :ctiv
st!curi) ("ara circulante :ctive
3
9
)35
6))/5))
3))/4))

a"aceri e 0i"ra
"inanciare 0%eltuieli
4
9 )3)3
4))/75)
15/45)

aau#ata .al!area
pers!nal e 0%eltuieli
5
9 165 1>
5)/15)
6)/1))
CH(8F!2 I 8F1>+V(8F!! I 8F1/+V(8F11 I 885+V(8F5 I 8F8/+7(8F18 I 1F165+ CH8F/5
Re3#l%& c& valoarea C W8F!2 res"ec%iv 8F/5F 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 18R. Ca #r,areF baca "oa%e fi si*#r& c& fir,a # fali,e%ea3& = #r,&%orii 17! ai ;i ca #r,are # "re3i%& # risc $e
cre$i%e.
Problea .. ?ir,a ]De*aO S.A. c# co% la Baca ]AOF av9$ a*a<a%e cre$i%e i,"or%a%eF "re3i%& #r,&%oarea si%#a'ie
fiaciar& la /8 se"%e,brie a a#l#i N (%abel 2.11+4
7Tabel 2.117
Nr. cr" In)ica"ori ;ii lei
1 Ac%ive i,e$ia%e 158.588
! Ac%ive circ#la%e !18.288
/ Cos%#ri $e "ro$#c'ie 1!8.>88
2 To"al ac"ive 6JJ..JJ
5 A,or%i3are !8.588
1 Profi% br#% 58.158
> Pasive c#re%e 288.188
5 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 $e fali,e%
Re1olvare2
CH8F5/I1V8F1/I!V8F15I/V8F11I2
curente ,asive
i$p!'abil ,r!"it
1
9 )312
4))1))
5)15)

pasive 7!tal
circulante :ctive
2
9
)342
5))3))
21)4)))

pasive 7!tal
curente ,asive
3
9
)38)
5))3))
4))1))

I2H
a :$!rti'are pr!uctie e 0!stul
curente ,asive i$eiate :ctive

26 !>
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4))1)) - 15)5))
78
CH(8F5/ I 8F1!+V(8F1/ I 8F2!+V(8F15 I 8F58+V(8F11 I (7!F16++
CH8F12
Av9$ = ve$ere c& "#c%a<#l $e ec.ilibr# =%re s#"ravie'#irea fir,ei ;i a"ari'ia si,"%o,elor $e fali,e% es%e $e 8F!F iar = ca3#l
fir,ei ]De*aOF "#c%a<#l es%e e*a%ivF e reflec%& %e$i'a $e fali,e% a fir,ei.
PROBLE;E DE RENOLEAT
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 "re3i%& la /1
,ar%ie a a#l#i NF #r,&%oarea si%#a'ie fiaciar& la /1 $ece,brie a a#l#i N
(%abel 2.1>+
7Tabel 2.1>7
Nr cr". ,ndicatori ;ii lei
1. Ca"i%al circ#la% 188.258
! Cifra $e afceri !52.588
/. To"al ac"iv .DJ.1JJ
2. Profi% reives%i% 5.!58
5. Profi% (=ai%e $e i,"o3i%+br#% 15.>88
1. Dob93i "l&%i%e /./58
>. Da%orii "e %er,e l#* ("es%e 1 a+ 28.>88
5. Ca"i%ali3area b#rsier& /6.188
Problea '4 S%abili'i valoarea l#i ]CO $#"& ,o$el#l CONAN ;i B.TOLDER "e%r# risc#l $e fali,e% la fir,a ]^OF care are
#r,&%oarea si%#a'ie fiaciar& la /8 i#ie a a#l#i N (%abel 2.15+4
7Tabel 2.157
Nr
cr"
,ndicatori 'ii lei
1 !apital permanent $56.566
! C.el%#ieli fiaciare 5.258
/ C.el%#ieli $e "ersoal 28.188
2 Cifra $e afaceri /88.>88
5 Ac%ive circ#la%e (f&r& s%oc#ri+ 188.288
1 To"al ac"iv 6JJ.6JJ
> Da%orii %o%ale 58.!88
5 Daloarea a$&#*a%& /8.158
6 EIce$e% br#% $e eI"loa%are 18.!88
Problea .4 Calc#la'i risc#l $e fali,e% $#"& ,o$el#l TofflerF "ri s%abilirea valorii "#c%a<#l#i C la fir,a ]Se%aO care are
#r,&%oarea si%#a'ie fiaciar& la /8 se"%e,brie a a#l#i N (%abel 2.16+4
7Tabel 2.167
Nr. cr" In)ica"ori ;ii lei
1 Ac%ive i,e$ia%e 58.588
! Ac%ive circ#la%e 118.288
/ Cos%#ri $e "ro$#c'ie !8.>88
2 To"al ac"ive .JJ..JJ
5 A,or%i3are 18.588
1 Profi% br#% !8.158
> Pasive c#re%e !88.188
5 To"al (asive .JJ..JJ
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 cri3ei $e lic.i$i%a%eF # re3#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 $i si%#a'iile4
o baca # a oora% i%e*ral crea'ele cer%eF lic.i$e ;i eIi*ibile $e cel "#'i /8 3ileE
o valoarea obli*a'iilor b&cii $e"&;e;%e ac%iv#l s&#.
Riscul insolvabilitii a"are ca #r,are a $e3ec.ilibr#l#i "e sca$e'e =%re ac%ivele ;i "asivele bacareF a "oli%icii $e $ob93iF
"rec#, ;i a e=$e"liirii co%rac%#l#i $e cre$i% $e c&%re clie%.
Pe%r# evi%areaF "reveirea ;i $i,i#area ac'i#ii fac%orilor $e riscF socie%&'ile bacare s# obli*a%e s& a"lice ;i s& res"ec%e o
serie $e or,e "r#$e'iale. U rol $eosebi% =l a# or,ele care se refer& la4
asi*#rarea ##i ivel ,ii, al ca"i%al#l#iE
o *es%ioare corec%& ;i eficie%& a lic.i$i%&'iiE
o "oli%ic& $e $ob93i ec.ilibra%&E
7(
res"ec%area #or or,e clareF "recise "rivi$ acor$area $e cre$i%eE
calc#l#l ;i aali3a ra%ei $e aco"erire a risc#l#i.
I$ica%or#l $e calc#l al risc#l#i $e re%abili%a%e es%e4
Ra"a risc#l#i )e insolvabili"a"e H
188
(on)era"e > 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 s7a# $e%a;a%4
,a<orarea ca"i%al#l#i "ro"ri#E
,ic;orarea "e c9% "osibil a risc#l#i $e "or%ofoli#E
crearea $e re3erve ("rovi3ioae+ "e%r# crea'e =$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+ ;i $eci risc#l $e fali,e% se "oa%e face "ri4
cre;%erea "o$erii vei%#rilor $i servicii bacare = %o%al vei%#ri
bacare (eIe,"l#4 = ,#l%e '&ri occi$e%ale a cresc#% "o$erea co,isioaelor = %o%al Pro$#s I%er Bacar $e la a"roIi,a%iv 15R la
21R = Sa"oia+E
cre;%erea fo$#rilor bacare $e re3erve ;i riscF care s"oresc as%fel ca"i%al#l "ro"ri#.
0.0.8 A)ecvarea ca(i"al#l#i
Po%rivi% "rac%icii bacareF o "ar%e $i cre$i%ele acor$a%e a<#* s& # fie ra,b#rsa%e = =%re*i,e.
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 ca3#l = care # $ebi%or #7;i "l&%e;%e $a%oria fa'& $e bac&F efec%#l i,e$ia% =l cos%i%#ie $i,i#area lic.i$i%&'iiF ca#3a%& $e
re$#cerea fl#I#l#i i%r&rilor $e #,erar.
Re*le,e%&rile i%ere ;i i%era'ioale s%i"#lea3& c& %oa%e b&cile s& fia'e3e o"era'i#ile lor c# o "o$ere a$ecva%& $i
ca"i%al#l lor "er,ae%F "e%r# a # $evei "rea =$a%ora%e ;i s#sce"%ibile $e a =re*is%ra "ier$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 %ra3ac'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&7;i fia'e3e "ro"riile o"era'i#i. Dac&
baca # "oa%e sa%isface aces%e li,i%eF baca ce%ral& "oa%e solici%a # a#,i% ivel al $is"oibil#l#i care se re*&se;%e = $e"o3i%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<e3e aceas%& o"era'i#eF va boifica aces%e $e"o3i%e c# ra%e ale $ob93ii sc&3#%e.
A%9% ivel#l $e ca"i%al cer#%F c9% ;i a%#ra ele,e%elor care s#% icl#se = re*le,e%&rile "rivi$ a$ecvarea ca"i%al#l#i varia3&
$e la o 'ar& la al%a ;i a#,e4
(a+ Pri,#l s%a$ar$ a fos% .o%&r9% $e *#vera%orii b&cilor ce%rale $i '&rile NGr#"#l#i celor 18O care s7a# =%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 s7a s%abili% ivel#l ,ii, $e ca"i%al "e care %reb#ie s&7l aib& o bac&
(= f#c'ie $e $i,esi#ea risc#l#i afere% ac%ivelor sale+ ;i ,o$#l $e calc#l al indicatorului de adecvare a capitalului. S7a av#% = ve$ere
c& *ra$#l o"%i, $e a$ecvare a ca"i%al#l#i "ro%e<ea3& 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 #%ili3a% 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#, ;i $iversificarea ac%ivi%&'ii bacare.
Proble,a isolvabili%&'ii bacare a f&c#% obiec%#l #or $e3ba%eri = l#,ea bacar&. As%felF = 1655 !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 l7a re"re3e%a% =,b#&%&'irea ca"i%ali3&rii sec%oarelor bacare ;i #ifor,i3area c9,"#l#i $e
ac'i#e a "ie'elor coc#re%e (= s"ecial ale Barii Bri%aii ;i ale S.U.A.+. O "re,is& a aces%#i acor$ a cos%i%#i%7o ,&ri,ea ca"i%al#l#i ca
%a,"o =,"o%riva isolvabili%&'ii sa# a "ier$erilor e"rev&3#%e.
(b+ Directivele 9niunii Europene privind "decvarea !apitalului
K%r7o ,o$ali%a%e si,ilar& ceri'elor $e la BaselF $irec%ivele Ui#ii E#ro"ee s%abilesc %i"#l ;i s#,ele $e ca"i%al care s#%
solici%a%e "e%r# aco"erirea o"era'i#ilor bacare. K "l#sF ele i,"# ca ecesar#l $e ca"i%al s& fie calc#la% se"ara% "e%r# ! %i"#ri $e
ac%ivi%&'i bacareF ;i # co,"#s ca = ca3#l Cove'iei $e la Basel.
Es%e "ri #r,are o ,&s#r& ,#l% ,ai "r#$e%& $e a$ecvare a ca"i%al#l#iF care 'ie co% $e reali%&'ile bacare ,o$ere. Ca
#r,areF ;i Co,i%e%#l $e la Basel a a$o"%a% o abor$are si,ilar& =ce"9$ c# sf9r;i%#l a#l#i 1665.
Direc%ivele Ui#ii E#ro"ee "rivi$ ac%ivele fiaciare i,"# ca ac%ivi%&'ile b&cii s& se $ivi3e3e = $o#&4
ac%ivi%&'i bacare "ro"ri# L3ise (re*is%r#l bacar+E
ac%ivi%&'i co,erciale (re*is%r#l co,ercial+.
Ac%ivi%&'ile bacare "ro"ri# L3ise se refer& la "rici"alele ac%ivi%&'i ale b&cii (cre$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 %ra3ac'ioea3& 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 $e eI"#ere la risc a b&cii = %ra3ac'iile care s#% evi$e'ia%e = "ro"riile
re*is%re co,erciale.
Aces% l#cr# es%e f&c#% "ri reac%#ali3area valorii $e "ia'& a re3#l%a%elor "o3i'iilor lor 3iliceF ceea ce "res#"#e calc#larea
$ifere'ei $i%re c9;%i*#rile a;%e"%a%e ale %ra3ac'iei ii'iale ;i cos%#l "rel#&rii #ei %ra3ac'ii ec.ivale%e = aceia;i 3i.
De e5e(l#F $ac& o bac&F = #,e "ro"ri# a e,is o o"'i#e val#%ar& call "e%r# a c#,"&ra 188.888b = $o#& l#iF la #
c#rs $e 1bH !2.588 leiF a%#ci ea va %reb#i s& co,"are valoarea aces%ei %ra3ac'ii la c#rs#l $e sc.i,b c#re% le# 7 $olar.
Dac& c#rs#l la ve$ere "e%r# # $olar es%e = "re3e% !2.588 leiF o"'i#ea # va fi eIec#%a%&. Daloarea eI"#erii evi$e'ia%&
= re*is%r#l co,ercial va fi = aces% ca3 8.
Dac& %o%#;iF c#rs#l la ve$ere ar fi $e !5.888 leiF a%#ci eI"#erea b&cii evi$e'ia%& = re*is%r#l co,ercial es%e $ifere'a =%re
c#rs#l $e "e "ia'& ;i cel s%abili% "ri co%rac%.
8)
K aces% eIe,"l#F $ifere'a es%e $e 588 lei 0 bF ea re"re3e%a o eI"#ere $e 58 ,ilioae lei L valoare "e care baca va %reb#i
s& o =re*is%re3e = re*is%r# s&# co,ercial.
K ,o$ 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 s7a i,"lica% = aceas%& %ra3ac'ie soli%ar "e%r# a e#%rali3a risc#rile asocia%e #ei eI"#eri a ##i clie% $e7al
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'ie4
IAC 4
creitare e riscul e "unc @n aAustate :ctivele
ba' e 0apitalul
*ie
$0.'D%
= care4
!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$e4
ca"i%al#l "er,ae% (ac'i#ile+E
re3ervele $eclara%e.
Bai $e%alia%F ca"i%al#l $e ra*#l I es%e for,a% $i4
ca"i%al#l social (fo$#rile ac'ioarilor+E
re3ervele $eclara%e $e'i#%e $i "rofi%#l ere"ar%i3a%E
"rofi% e$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,#, 188R $i ca"i%al#l $e ra*#l IF es%e for,a% $i4
$a%orii s#bor$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 0 obli*a'i#i e,ise $e fo$#ri ,#%#ale ;i ca"i%al $e risc = 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 $#"& c#, #r,ea3& 4
(i+ pondere risc 6'
7 #,erarE
c&%re *#ver ;i b&ci ce%rale (= ,oe$& a'ioal&+E
al%e s#,e $e rec#"era% $e la *#vere ce%rale 0 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.
(ii1+ pondere de risc &6:; se a"lic& ele,e%elor cos%i%#i%e $i4
s#,e $e rec#"era% *ara%a%e $e b&ci $e $e3vol%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 $e =casare.
(ii!+ pondere de risc 56:'
7 cre$i%e *ara%a%e "ri i"o%eci "e "ro"rie%&'i re3i$e'iale.
(iii+ pondere de risc $66:'
%oa%e celelal%e ac%iveF icl#39$4
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&3#%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 ;i al%e ives%i'iiE
is%r#,e%e $e ca"i%al e,ise $e c&%re al%e b&ci.
1nstrumentele +n afara bilanului l#a%e = calc#l "e%r# "o$erarea c#
risc#l s#% =,"&r'i%e = 5 ca%e*orii4
"o3i'ii asi,ila%e cre$i%elorE
a#,i%e %ra3ac'ii care ar "#%ea s& aib& locE
obli*a'ii "e %er,e sc#r% le*a%e $e %ra3ac'io&riE
a*a<a,e%e "e %er,e sc#r%E
is%r#,e%e $eriva%e "rivi$ $ob93ile ;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 $i afara bila'#l#i (ve3i %abel#l >.!2F "a*. !18+ s#%4
"o$ere $e risc 8 L al%e a*a<a,e%e c# sca$e'& "9& la # aE
"o$ere $e risc !8R 7 is%r#,e%e $e fia'are co,ercial& "e
%er,e sc#r%E
"o$ere $e risc 58R 7 "o3i'ii co%i*e%e c#, ar fi4 *ara'ii $e
"erfor,a'&F acre$i%ive s%a$ L bP4
facili%&'i "e%r# e,i%erea $e bile%e la or$i ;i "e%r# s#bscrieriE
al%e a*a<a,e%e c# sca$e'e "es%e # a.
"o$ere $e risc 188R 7 efec%e co,erciale asi,ila%e = ,o$ $irec% cre$i%#l#i4 *ara'ii ;i r&sc#,"&rareF v93are $e ac%ive c#
$re"% $e rec#rsE a*a<a,e%e vii%oare (forJar$+.
Principiile de baz privind adecvarea capitalului s%i"#la%e $e Cove'ia $e la Basel s#%4
,ii,#, 5R $i ac%ivele a<#s%a%e = f#c'ie $e risc %reb#ie s& fie $e'i#%e s#b for,& $e ca"i%al $e ba3& (ca"i%al $e ra*
IVII+E
,ii,#, 58R $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 ba3& "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 $i afara bila'#l#i (*ara'iiF ca,bii+E
81
fiecare 'ar& =;i "oa%e s%abili ;i a"lica "ro"riile cri%erii "rivi$ *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 "re3e% 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% =%re4
I.S. H
e
neta E9punerea
pr!prii *!nurile
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 $e ca"i%al4
ca"i%al "ro"ri#E
ca"i%al s#"li,e%arE
!apitalul propriu icl#$e4
ca"i%al#l social v&rsa%E
"ri,ele le*a%e $e ca"i%alF i%e*ral v&rsa%E
re3ervele le*aleE
re3ervele *eerale "e%r# risc#l $e cre$i%E
re3ervele $i ifl#e'ele $e c#rs val#%ar afere%e a"recierii $is"oibili%&'ilor = val#%&F re"re3e%9$ ca"i%al social = val#%&E
re3ervele cos%i%#i%e $i "ri,ele le*a%e $e ca"i%al ;i re"ar%i3&ri $i "rofi%#l e%E
re3ervele $i $ifere'ele favorabile $i reeval#area "a%ri,oi#l#iE
fo$#l i,obili3&rilor cor"oraleE
fo$#l "e%r# cre;%erea s#rselor "ro"rii $i fia'areE
fo$#rile cos%i%#i%e $e b&ciE
re3ervele s%a%#%areE
re3#l%a%#l ra"or%a% re"re3e%9$ "rofi% ere"ar%i3a%E
re3#l%a%#l e% al eIerci'i#l#i fiaciar c#re% re"re3e%9$ "rofi%E
fo$#rile c# carac%er "er,ae% "#se la $is"o3i'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 $e$#ce4
s#,ele re"re3e%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%i3a%& a c.el%#ielilor $e cos%i%#ireE
valoarea e%& a fo$#l#i co,ercialE
s#,e $i "rofi%#l e% al eIerci'i#l#i fiaciar c#re% re"re3e%9$
$ivi$e$eF "ar%ici"area "ersoal#l#i la "rofi% ;i co%a $e "ar%ici"are a ,aa*er#l#i la "rofi%F "rec#, ;i re"ar%i3&rile $e
fo$#riE
s#,ele re"re3e%9$ c.el%#ielile $e re"ar%i3a% ;i c.el%#ielile =re*is%ra%e = avasE
re3#l%a%#l re"or%a% re"re3e%9$ "ier$erea eaco"eri%&E
re3#l%a%#l e% al eIerci'i#l#i fiaciar c#re% re"re3e%9$ "ier$ereE
re"ar%i3area "rofi%#l#iE
$a%oriile "e%r# #i%&'ile "ro"rii $i s%r&i&%a%e.
!apitalul suplimentar se co,"#e $i4
al%e re3erve $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$ere #r,&%oarele4
ca"i%al#l s#"li,e%ar s& fie l#a% = cosi$erare la calc#l#l fo$#rilor "ro"rii #,ai = co$i'iile =re*is%r&rii ##i ivel "o3i%iv al
ca"i%al#l#i "ro"ri# = "ro"or'ie $e cel ,#l% 188R $i aces%aE
$a%oria s#bor$oa%& va fi l#a%& = calc#l#l fo$#rilor "ro"rii =
"ro"or'ie $e ,aIi,#, 58R $i ca"i%al#l "ro"ri# ;i va %reb#i s& =$e"lieasc& a#,i%e co$i'iiE
$e$#cerea $i ivel#l fo$#rilor "ro"rii a #or ele,e%e
"rev&3#%e $e re*le,e%&ri.
K or,a%ivele elabora%e $e baca ce%ral& se $efiesc4
Expunerea net, ca fii$ eI"#erea e%& $i ac%ive bila'iere ;i $i ele,e%e = afara bila'#l#iE
Expunerea net din active bilaniere re"re3e%9$ 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"#3&%or #or cri%erii $e =ca$rare s%abili%e $e re*le,e%&ri.
CRITERII
)e ?nca)rare a eleen"elor )e ac"iv bilan*iere
?n ca"e!orii )e risc )e cre)i"
7Tabel 2.!87
Gra$#l $e
risc $e cre$i%
Ele,e%e l#a%e = calc#l
$i ca$r#l bila'#l#i
8R 1. #,erar ;i valori $i a#rF ,e%ale ;i "ie%re "re'ioase
!. ele,e%e $e ac%iv cos%i%#i$ crea'e as#"ra sa# *ara%a%e = ,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.
/. ele,e%e $e ac%iv cos%i%#i$ crea'e as#"ra sa# *ara%a%e = ,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'ii ce%raleF b&ci ce%rale $i '&rile $i ca%e*oria
82
A sa# Co,#i%&'ile E#ro"ee.
2. 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 $i ca%e*oria BF eI"ri,a%e ;i
fia'a%e = ,oe$a a'ioal& a $ebi%orilor.
5. ele,e%e $e ac%iv cos%i%#i$ crea'e *ara%a%e = ,o$ eI"resF
irevocabil ;i eco$i'ioa% $e c&%re a$,iis%ra'iile ce%rale sa#
b&cile ce%rale $i '&rile $i ca%e*oria BF eI"ri,a%e ;i fia'a%e =
,oe$a a'ioal& co,#& *ara%#l#i ;i $ebi%or#l#i.
1. ele,e%e $e ac%iv *ara%a%e c# $e"o3i%e cola%erale "lasa%e la
baca =s&;i sa# c# cer%ifica%e $e $e"o3i% sa# is%r#,e%e si,ilare
e,ise $e baca =s&;i ;i =cre$i'a%e aces%eia.
>. ele,e%e $e ac%iv $e$#se $i fo$#rile "ro"rii.
!8R 5. ele,e%e $e ac%iv cos%i%#i$ crea'e as#"ra sa# *ara%a%e = ,o$
eI"resF irevocabil ;i eco$i'ioa% $e c&%re sa# *ara%a%e c# %i%l#ri
e,ise $e b&cile $e $e3vol%are ,#l%ila%eral& sa# $e Baca
E#ro"ea& $e Ives%i'ii.
6. ele,e%e $e ac%iv cos%i%#i$ crea'e as#"ra sa# *ara%a%e = ,o$
eI"resF irevocabil ;i eco$i'ioa% $e c&%re a$,iis%ra'iile locale $i
Ro,9ia.
CRITERII
)e ?nca)rare a eleen"elor ?n afara bilan*#l#i ?n ca"e!orii )e risc )e "ransforare ?n cre)i"
9Tabel 2.!17
Gra$ $e risc
$e
%rasfor,are =
cre$i%
Ele,e%e = afara bila'#l#i
188R 1. a*a<a,e%e = favoarea al%or b&ci
!. a*a<a,e%e = favoarea clie%elei.
/. %i%l#ri v9$#%e c# "osibili%a%ea $e r&sc#,"&rareF "e%r# care
o"'i#ea $e r&sc#,"&rare a fos% fer, eI"ri,a%&.
2. a*a<a,e%e =$oielice.
5. al%e a*a<a,e%e $a%e.
58R 1. ca#'i#iF aval#ri ;i al%e *ara'ii $a%e al%or b&ci.
>. *ara'ii $a%e "e%r# clie%el&.
5. %i%l#ri v9$#%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%&.
18. ele,e%e $e ac%iv cos%i%#i$ crea'e as#"ra sa# *ara%a%e = ,o$
eI"resF irevocabil ;i eco$i'ioa% $e c&%re b&cile $i Ro,9ia.
11. ele,e%e $e ac%iv cos%i%#i$ crea'e as#"ra sa# *ara%a%e = ,o$
eI"resF irevocabil ;i eco$i'ioa% $e c&%re a$,iis%ra'iile re*ioale sa#
locale $i '&rile $i ca%e*oria A.
1!. ele,e%e $e ac%iv cos%i%#i$ crea'e as#"ra sa# *ara%a%e = ,o$
eI"resF irevocabil ;i eco$i'ioa% $e c&%re b&cile $i '&rile $i
ca%e*oria A.
1/. ele,e%e $e ac%iv cos%i%#i$ crea'eF c# sca$e'& $e ,aIi,#, #
aF as#"ra sa# *ara%a%e = ,o$ eI"resF irevocabil ;i eco$i'ioa% $e
c&%re b&cile $i '&rile $i ca%e*oria B.
12. ele,e%e = c#rs $e =casare (cec#ri ;i al%e valori+.
58R
11. vei%#ri $e "ri,i%
1>. 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 $i ca%e*oria BF c# eIce"'ia
celor eI"ri,a%e ;i fia'a%e = ,oe$a a'ioal& a $ebi%or#l#i.
15. 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.
16. 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.
!8. 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,obili3&ri cor"orale.
!!. al%e ac%ive.
83
8R 6. %i%l#ri $a%e = *ara'ie.
0.0.8.1. In)ica"orii a)ecv&rii ca(i"al#l#i #nei b&nci
A$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 ;i es%e
folosi%& "e%r# a a<#%a la "ro%e<area b&cii =,"o%riva cola"s#l#i = ca3#l ##i as%fel $e e;ec.
Di%re al'i i$ica%ori ai a$ecv&rii ca"i%al#l#i $ec9% IAC ;i IS ,e'ioa'i a%eriorF = "rac%ica bacar& i%era'ioal& ,ai s#%
folosi%e4 *radul de +ndatorare .=*earing7/ 0i P<rg)ia Financiar .=(everage7/.ace;%i i$ica%ori s#% calc#la'i as%fel4
(a+
1))
pr!priu 0apital
@$pru$utat 0apital
B;
$0..J%
(b+
1))
capital 7!tal
@$pru$utat 0apital
,*
$0..1%
S& l#&, # exe"plu c# "rivire la si%#a'ia fiaciar& a #ei b&ci4
7Tabel 2.!!7
I$ica%ori4 ,ii lei
7 Ca"i%al social
7 Cre$i%e
7 Dei%#ri (=cas&ri+
588
588
!888
7 Profi% =ai%e $e "la%a
$ob93ilor
7 Dob9$a
7 Profi% $#"& "la%a $ob93ilor
!88
>5
1!5
Pres#"#9$ c& =cas&rile ;i "rofi%#l =ai%e $e "la%a $ob93ilor r&,9 = aceea;i "ro"or'ieF ;i c& ra%a $ob93ilor r&,9e
esc.i,ba%&F s& se refac& si%#a'ia fiaciar& 'i9$ co% $e #r,&%oarele as"ec%e4
7se =,"r#,#%& al%e 588 ,iliar$e lei ;i =cas&rile #l%erioare cresc c# 58RE
7se "l&%esc %oa%e $a%oriile ;i #l%erior =cas&rile se re$#c c# 58RE
Care es%e varia%a cea ,ai b#&Q
Rspuns
Ra%a $e re%abili%a%e c#re%& es%e $e P 188
588
1!5
H !5R
D#"& ,o$ificarea ivel#l#i =,"r#,#%#l#i si%#a'ia es%e #r,&%oarea4
si%#a'ia fiaciar& va fi #r,&%oarea4
7Tabel 2.!/7
I$ica%ori4 ,ii lei
7 Ca"i%al social
7 Cre$i%e
588
1888
7 Dei%#ri
7 Profi% =ai%e $e "la%a $ob93ilor
7 Dob9$a
7 Profi% $#"& "la%a $ob93ilor
/888
/88
158
158
Aceas%a si%#a'ie fiaciar& ofer& o ra%& a re%abili%&'ii $e P 188
588
158
H /8R.
si%#a'ia fiaciar& va fi #r,&%oarea4
7Tabel 2.!27
I$ica%ori4 ,ii lei
7 Ca"i%al social
7 Cre$i%e
588
8
7 Dei%#ri
7 Profi% =ai%e $e "la%a $ob93ilor
7 Dob9$a
7 Profi% $#"& "la%a $ob93ilor
1888
188
8
188
K aces% ca3 ra%a $e re%abili%a%e es%e $e P 188
588
188
H !8R
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%& (/8R fa'& $e !8R varia%a (b+. %o%#;i $eci3ia %reb#ie s& se ba3e3e "e4
a;%e"%&rile c# "rivire la evol#'ia ra%elor $ob93iiE
84
=cre$erea = ac#ra%e'ea ;i valabili%a%ea "revi3i#ilor c# "rivire la =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
PROBLE;E DE RENOLEAT
Problea 14 Se $a# #r,&%oarele $a%e $e bila' "e%r# Baca NSORE@O S.A.4
7Tabel 2.!57
Ele,e%e bila'iere Biliar$e lei
7 Dis"oibil
7 Ac%ive lic.i$e
7 Cre$i% acor$a% socie%&'ii N@O (1+
7 Cre$i% acor$a% socie%&'ii N^O (!+
7 Cre$i% acor$a% socie%&'ii NCO (/+
7 Al%e ac%ive
7 Al%e "asive
7 ca"i%al ivel 1
7 Ca"i%al ivel !
18
!5
158
58
58
15
!51
1
5
Care es%e i$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 $#"& c#,
#r,ea3&4
7 cre$i%e acor$a%e (1+ 188R
7 cre$i%e acor$a%e (!+ 58R
7 cre$i%e acor$a%e (/+ 18R
Re1olvare2
La sol#'ioarea "roble,ei ave, = ve$ere re*le,e%&rile care "reci3ea3& 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 $e ivel 1F res"ec%iv4
Eval#area risc#l#i ac%ivelor4
7Tabel 2.!67
I$ica%ori Biliar$e lei Risc Daloarea risc#l#i
(,iliar$e lei+
7 cre$i% acor$a% (1+
7 cre$i% acor$a% (!+
7 cre$i% acor$a% (/+
158
58
58
188R
58R
18R
158
!5
5
Risc "o"al al ac"ivelor con"abile
Bi#s2 N#,erar ;i "lasa,e%e = %i%l#ri fiaciare
1DJ
.6
Risc#l e% al ac%ivelor co%abile 125
Risc#l ac%ivelor es%e $eci H
c!ntabile activel!r al net Riscul
i capitalulu al 2 1 -ivel +
H P 188
125
1!
H 5F!>R
$0..'%
iar i$ica%or#l $e a$ecvare a ca"i%al#l#i es%e #r,&%or#l4
91))
creitare e riscul "unc in aAustare :ctive
ba'a e 0apital
:0
;
)e ie

$0...%
6366> 91))
18)
12

Re3#l%& c&F ca"i%al#l $e ba3& al b&cii %reb#ie s& creasc& c# cel "#'i 5F/2R (1!R71F11R+F ceea ce reflec%& o si%#a'ie
fiaciar& *reaF corobora%& ;i c# risc#l ri$ica% al ac%ivelor.
Problea '2 Care es%e risc#l asocia% #r,&%oarelor s#rse $e fo$#ri "e %er,e l#*4 ca"i%al socialF "rofi% reives%i%F
=,"r#,#%#ri ;i $e"o3i%e $e ba3& a clie'ilorQ
Re1olvare2
Risc#l asocia% fiec&rei s#rse $e fo$#ri s#%4
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 $e
85
ac'i#i care e;#ea3& = aces% felF va co$#ce "robabil la o a#,i%& "erce"'ie $i "ar%ea "ie'ei le*a%& $e cre;%erea risc#l#i ;i la
sc#,"irea =,"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 ;i "oa%e fi ifl#e'a% $e #,ero;i
fac%ori.
c+ !apitalul +mprumutat 4 s#b $iversele sale for,eF es%e "robabil cea ,ai risca%& s#rs& $e fo$#riF $ar cea ,ai accesibil&.
Risc#l $e ra%& a $ob93ii va a"&rea = ca3#l = care baca =,"r#,#%& fo$#ri la o ra%& fiI&F $ar ofer& cre$i%e clie'ilor la o ra%& variabil&.
Evol#'iile ra%ei $ob93ii "o% face cre$i%ele ere%abile. Risc#l $e c#rs val#%ar a"are c9$ baca a%ra*e fo$#ri =%r7o a#,i%& val#%& ;i le
=,"r#,#%& la al%a4 $e eIe,"l#F a*a<ea3& # cre$i% = $olari ;i ofer& ##l = 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"o3i%e.
Problea .4 La baca co,ercial& AF s& se $e%er,ie res"ec%area or,ei Coo)eF av9$ la ba3& #r,&%oarele $a%e bila'iere4
Bila' 7,ii U.B.7
A P
Casa (risc 8 R+
De"o3i%e la Baca Ce%ral&
B&ci cores"o$e%e (risc !8R+
A$,iis%ra'ie local&
Cre$i%e "e%r# i$#s%rie (risc
188R+
Cre$i%e i"o%ecare (risc 58R+
I,obili3&ri
!8
/8
588
588
!888
1888
188
De"#eri la %er,e
?o$ re3erv&
De"#eri = co%#l c#re%
De"#eri la ve$ere
Ca"i%al social
158
55
525
1688
158
TOTAL 2158 TOTAL 2158
Re1olvare2
Se "o$erea3& ac%ivele "e ca%e*orii $e risc4
(casa V $e"#eri la b&cile co,erciale+

8R H 58

8R H 8
B&ci cores"o$e%e

!8R H 588
188
!8
H 188
Cre$i%e i"o%ecare

58R H 1888

188
58
H 588
Cre$i%e "e%r# i$#s%rie

188R H !888

188
188
H !888
To%al ac%ive a<#s%a%e f#c'ie $e risc H !188
Nc H
188
risc )e f#nc"ie a:#s"a"e Ac"ive
(ro(rii Bon)#ri
H 188
+
'8JJ
Br Cs
H
!188
55 158 +
H >F55Ra5R.
Re3#l%& c& or,a "rivi$ IAC a fos% =c&lca%&. Pe%r# ca ea s& fie res"ec%a%& %reb#ie ca vol#,#l fo$#rilor "ro"rii s& fie4
!188
L
H
188
5
HW @ H
188
!188 L
H !85
?o$#rile "ro"rii H !85F a$ic& V/ fa'& $e si%#a'ia ii'ial&.
PROBLE;E DE RENOLEAT
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 "re3i%& #r,&%or#l bila'4
86
Bila' 7,ii U.B.7
A P
N#,erar
De"#eri la B.C
Crea'e *ara%a%e $e %re3orerie
B&ci cores"o$e%e
Cre$i%e i"o%ecare
Cre$i%e "e%r# i$#s%rie
I,obili3&ri
28
/8
18
188
1!88
!888
1!8
De"#eri la %er,e
?o$ re3erv&
De"#eri = co% c#re%
De"#eri la ve$ere
Ca"i%al social
1188
58
!58
1288
!!8
TOTAL /558 TOTAL /558
Proble"a 2. ?ie o bac& c# # ac%iv %o%al $e 1!8.888 UBF clasifica% "e clase $e risc. Pasiv#l c#"ri$e fo$#ri "ro"rii =
valoare $e 5.588 UB.
Risc 8R
Risc !8R
Risc 58R
Risc 188R
!2.888
/8.888
12.888
5!.888
TOTAL 1!8.888
Baca are a*a<a,e%e = o"era'i#i eI%rabila'iereF $#"& c#, #r,ea3&4
,ii lei risc
Scrisori $e cre$i% co,ercial 15.888 !8R
?acili%&'i $e e,i%ere a obli*a'i#ilor !8.888 58R
Gara'ii $e cre$i% 2/.888 188R
TOTAL >5.888 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 $a%e4
Risc 8R
Risc !8R
Risc 58R
Risc 188R
28.888
18.888
25.888
55.888
TOTAL !88.888
Mi c# fo$#ri "ro"rii = valoare $e >.888 UB
b+ Ce valoare ar %reb#i s& aib& fo$#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
$ob93i ;i co,isioae "9& la sca$e'&. K ,o$ %ra$i'ioal "lasa,e%#l = ac%ive fiaciare a fos% %ra%a% ca "lasa,e% re3i$#al4 b&cile
=;i cos%i%#ie ,ai =%9i re3ervele ,ii,e obli*a%oriiF a"oi se cos%i%#ie re3erva $e ac%ive lic.i$eF se aco"er& cererea $e cre$i%e ;i = 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 "revi3ibile $e lic.i$i%a%eF f&r& cos% $e o"or%#i%a%e.
Tra%a,e%#l re3i$#al a"lica% "or%ofoli# $e %i%l#ri *eerea3& "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 cererile $e cre$i%e s#% sc&3#%eF b&cile a# ,ai ,#l%e res#rse $is"oibile "e%r#
a fi "lasa%e = %i%l#riF $ar ;i c#rs#l aces%ora es%e rela%iv ri$ica%. K "erioa$ele $e av9% ecoo,icF c9$ cererea $e cre$i%e es%e ,areF
r&,9 "#'ie res#rse $is"oibile "e%r# "lasare = %i%l#ri ;i c.iar o "ar%e a "or%ofoli#l#i $e<a cos%i%#i% es%e lic.i$a%&F $ar = co$i'ii #
%oc,ai ava%a<oaseF $a%ori%& sc&$erii c#rs#l#i %i%l#rilorF #r,are v93&rii lor $e c&%re ,a<ori%a%ea b&cilor.
A$,iis%rarea ##i "or%ofoli# $e cre$i%e se ba3ea3& "e "re3#,'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 reali3e3e a*re*a% es%e ,ai ,ic&F
$ec9% "robabili%a%ea ca fiecare $i%re ele s& se reali3e3e i$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#ea3& "9& la a"roIi,a%iv /8 $e risc#ri i$ivi$#ale ecorela%e (= aces% ca3F risc#ri
"e%r# cre$i%e acor$a%eF care "o% fi cosi$era%e ca # "or%ofoli#+. C.iar ;i "es%e /8 $e ele,e%e ale ##i "or%ofoli#F risc#l se "oa%e
$i,i#aF $ar =%r7# "roce% ,#l% ,ai ,ic.
Dac& risc#rile s#% corela%e e*a%iv(cre;%erea "robabili%&'ii $e a se reali3a # risc co$#ce la sc&$erea "robabili%&'ii $e
reali3are "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#, s7a "reci3a% 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#, ;i "robabili%a%ea $e reali3are a risc#l#i ("ier$ere "o%e'ial&+F
$a# o i$ica'ie "rivi$ Ncali%a%eaO "or%ofoli#l#i $e cre$i%e.
87
Dac& # sec%or $e ac%ivi%a%e # es%e re"re3e%a% = "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.
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#4 $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&%oare4 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"re3i%& 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 $e "ia'&. K%r7o "erioa$& $e recesi#e ecoo,ic&F "robabili%a%ea $e is#cces a afacerilor cre;%e. K coseci'&F cre;%e ;i risc#l $e
cre$i%are. A$,iis%r9$ risc#l afere% fiec&r#i sec%or $e ac%ivi%a%e ;i a"lic9$ %e.icile $e *es%ioare a "or%ofoli#l#i $e cre$i%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 ;i a*re*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 ;i s& co%role3e
$ifere'iereaF "e c9% "osibilF a sca$e'elor =,"r#,#%#rilor.
Risc#l = cre$i%are are # fac%or i,"or%a% = fali,e%#l bacar. Di%r7# s%#$i# $e "ia'& reali3a% = Barea Bri%aie "e%r# !!
fali,e%e bacareF a reie;i% c& 11 $i%re ele se $a%orea3& ##i sis%e, $efec%#os $e *es%ioare a $osarelor $e cre$i%F $eci a "or%ofoli#l#i
ce7l avea#.
Bo$#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
PROBLE;E DE RENOLEAT
Problea 1' S%abili'i $e ce ifor,a'ii are evoie o socie%a%e bacar& NAs%raO S.A "e%r# a7;i a$,iis%ra eficie% "or%ofoli#l $e
cre$i%e (cosi$er9$ # "or%ofoli# $e cre$i%e $iversifica% $i %rei ra,#ri "ro$#c%ive+Q
C#, "o% fi ob'i#%e ;i *es%ioa%e aces%e ifor,a'iiQ
Corela'i sca$e'ele =,"r#,#%#rilor acor$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%e4
"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
ori "robabili%a%ea ca o varia'ie a c#rs#l#i val#%ar "e "ia'& s& ifl#e'e3e e*a%iv ,ar<a $ob93ii 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#%4
Expunerea de translaie 4
Aceas%& eI"#ere a"are = ca3#l b&cilor c# ac%ivi%a%e i%era'ioal&. Socie%&'ile afla%e = aceas%& "o3i'ie %reb#ie s& ra"or%e3e
$a%e ;i s&7;i cosoli$e3e re3#l%a%ele fiaciare = ,oe$a '&rii $e referi'& a socie%&'ii ,a,&. Coversia se "oa%e face la c#rs#l 3ilei
"e%r# "erioa$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 re3#l%& $i fa"%#l c&F o serie $e o"era'ii se $esf&;oar& = val#%&F iar c#rs#rile fl#c%#ea3&F ifl#e'9$ ,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 reali3a%e = %oa%e val#%ele $e o"erare.
Ac%#ali3area se face folosi$ cos%#l ,e$i# "o$era% al ca"i%al#l#i.
.11/ 1ndicatorii riscului valutar
I$ica%orii $e ba3& "e%r# a"recierea risc#l#i val#%ar s#% $oi4
Poziia valutar individual
Es%e calc#la%& "e%r# fiecare val#%& $e *es%ioa% ;i "oa%e fi $e $o#& %i"#ri4
.$.$/ Poziia valutar scurt (AaP+
O ase,eea "o3i'ie val#%ar& e i$ic& fa"%#l c& a%#ci c9$4
7c#rs#l val#%ar es%e = cre;%ere vo, avea o si%#a'ie efavorabil&E
7c#rs#l val#%ar es%e = sc&$ereF si%#a'ia es%e favorabil&.
($.&/ Poziia valutar lung (AWP+
K aces% ca34
7c9$ c#rs#l val#%ar es%e = cre;%ereF si%#a'ia es%e favorabil&E
7c9$ 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 = $evi3eF fa'& $e "asivele = $evi3eF a,bele cover%i%e = ,oe$a $e referi'& "e%r#
co,"arabili%a%e.
88
Ca i$ica%or re"re3i%& ava%a<#l oferirii #ei i,a*ii *lobale as#"ra eI"#erii val#%are a b&cii ;i "re3i%& $e3ava%a<#l
oric&r#i i$ica%or *lobal ;i a#,e co$#ce la a#larea "rac%ic a si%#a'iei "recise "e val#%e care %reb#ie *es%ioa%& = fa"%. El se folose;%e
"e%r# ra"or%&ri *lobale.
$III% Ges"i#nea risc#l#i val#"ar
Risc#l val#%ar es%e *es%ioa% $e fiecare bac& "ri i,#i3area b&ciiF res"ec%iv "ri a<#s%area "erio$ic& a "o3i'iilor val#%are
"e%r# a s#"ri,a "o3i'iile l#*i ;i sc#r%e.
Aceas%a es%e o o"era'ie sc#,"&F care # "er,i%e s& se s"ec#le3e o a#,i%& "o3i'ie = 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 ;i %e.ici s"ecificeF = s"ecialF a is%r#,e%elor $eriva%e
(.e$*i*+. De;i i,"lic& c.el%#ieli %ra3ac'ioale ,ariF *es%i#ea "ri aco"erire "res#"#e as#,area #or risc#ri re3oabileF 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$e%ifica%e #r,&%oarele e%a"e4
Defiirea "erio$ic& a eI"#erii ;i i$e%ificarea %i"#rilor $e eI"#eri care "o% afec%a baca.
Eval#area risc#l#i "ri $e%er,iarea valorii absol#%e a eI"#erilor e%e "e%r# fiecare val#%& = co%eI%#l vola%ili%&'ii a%ici"a%e a "ie'elor
val#%are.
Co%rol#l risc#l#i "ri4
for,#larea "oli%icii val#%are a b&ciiE
$ese,area "roce$#rilor $e eI"#ere la riscE
s%abilirea li,i%elor $e eI"#ere.
eIec#%area %ra3ac'iilor "ro"ri# L 3ise.
0.6.'. Princi(alele ins"r#en"e )e aco(erire a risc#l#i )e sc-ib val#"ar
Prac%ica bacar& i%era'ioal& a i$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#%ar4
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 $e7a $o#a ,o$ali%a%e es%e folosi%& ,ai $esF $eoarece c#rs#rile $e sc.i,b varia3& = ,o$ co%i##F "ri a<#s%area ra%elor
la ve$ere = f#c'ie $e cererea ;i ofer%a $e val#%&F = %i," ce ,ar<ele la %er,e fl#c%#ea3& corela% c# ra%ele $ob93ii "rac%ica%e "e "ie'ele
fiaciareF $e"i39$F bie='elesF $e %er,e (1 l#&F / l#iF 1 l#i e%c.+.
Bar<a la %er,e se calc#lea3& $#"& #r,&%oarea for,#l&4
; H
% R P $
% R R $ S P
B
B A
+

/15
F
#$e4 $0..0%
BH ,ar<a la %er,eE
P H "erioa$a "e%r# care se =c.eie co%rac%#l = 3ile ($e eIe,"l#F / l#i H 68 3ile+E
S H ra%a $e sc.i,b la ve$ere (s"o% ra%e+ =%re val#%a A ;i val#%a BE
RA H ra%a a#al& a $ob93ii = ca3#l val#%ei AF eI"ri,a%& 3eci,alE
RB H ra%a a#al& a $ob93ii = ca3#l val#%ei BF eI"ri,a%& 3eci,al.
($e eIe,"l#F >R H 8F>+
Bar<a la %er,e "oa%e fi pozitiv sa# negativ.
O ,ar<& "o3i%iv& se a$a#*& ra%ei la ve$ereE = ca3#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#le3e $ifere'ele care eIis%& =%re ra%ele
$ob93ii (la $e"o3i% sa# la cre$i%+ =%re $iferi%e val#%e.
De eIe,"l#F se =,"r#,#%& 1 ,ilio $olari c# o ra%& a $ob93ii $e 2RE se sc.i,b& aceas%& s#,& = lire s%erlie ;i se $e"#e
la o al%& bac&F #$e se ob'ie o $ob9$& la $e"o3i% $e 1R.
K acela;i %i,"F "e%r# aco"erirea risc#l#i $e sc.i,bF se =c.eie # co%rac% la %er,e "e%r# a sc.i,ba lira s%erli& = $olari la o ra%&
care se calc#lea3& "ri a$&#*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 ba3a 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%4
$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"r9
o 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# 158 $e 3ile $e o s#,& $e 18 ,ilioae GBPF ea se "oa%e a$resa #ei b&ciF care
va i%ra =%r7# co%rac% forJar$ $e livrare la acea $a%&. Baca "oa%e solici%a fir,ei "e%r# aces% co%rac% # eve%#al $e"o3i% $e
si*#ra'&. Pes%e 158$e 3ileF fir,a ac.i3i'ioea3& 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 $ob93ilorF a<#s%9$ c#rs#l s"o% c# $ifere'a
8(
$i%re ra%ele $ob93ii val#%elor care fac obiec%#l co%ac%#l#i. Aceas%& $ifere'&F care re"re3i%& "#c%e forJar$ sa# S-APF "oa%e fi
"o3i%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 $o#& ra%e4 ra%a la care baca va c#,"&ra
val#%a (bi* ra%e+ ;i o ra%& ,ai ri$ica%& la care baca va vi$e val#%a res"ec%iv& (as)e$ sa# offer ra%e+. Ecar%#l $i%re aces%e ra%eF a;a
#,i%#l s"rea$F cos%i%#ie ,ar<a $i care baca =;i va aco"eri cos%#rile a%rea%e "e%r# efec%#area %ra3ac'iei. K ca3#l #ei "ri,e
forJar$F "#c%#l forJar$ bi$ a "#c%#l forJar$ as)F iar = ca3#l ##i $isco#% forJar$F "#c%#l forJar$ bi$ W"#c%#l forJar$ as). Calc#l#l
"#c%elor forJar$ se face $#"& #r,&%oarea rela'ie4
1)) 3))
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-
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= care4
D$ H $ifere'a ra%elor $ob93ilor celor $o#& val#%eE
Cs H c#rs#l s"o%E
N3 H #,&r#l $e 3ile al "erioa$ei $e co%a'ie forJar$.
Co%rac%ele forJar$ re"re3i%& # 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 "re3e%9$ ava%a<#l #or cos%#ri rela%iv ,ai sc&3#%eF a# $e3ava%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 $e %ra3ac'ioare la %er,e a# ,#l%e ra,ifica'iiF ele "#%9$ fi4 risc#ri $e cre$i%areF risc#ri le*aleF
risc#ri $e %re3orerie ;i risc#ri a$,iis%ra%ive.
Der#larea ##i co%rac% la %er,e "res#"#e "arc#r*erea a $o#& "erioa$e4 "erioa$a $e la =c.eierea co%rac%#l#i "9& la
%ras,i%erea is%r#c'i#ilor $e "la%& la o bac& cores"o$e%& ;i "erioa$a #l%i,elor $o#& 3ile "9& la sca$e'a co%rac%#l#i.
O co,"oe%& a risc#l#i $e cre$i%are cos%& = "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% #3a'elor i%era'ioaleF is%r#c'i#ile la care es%e $esc.is co%#l os%r#F es%e c# o 3i
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& # livre3e baii "e careF cofor, co%rac%#l#iF %reb#ie s&7i "l&%easc& la $a%a val#%ei. Aces% risc
$e $eco%are "oa%e fi aco"eri% cre9$F "e%r# a,bele $evi3e 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"7#l val#%ar+.
$B% S,AP 3#l val#"ar $al ra"ei )e sc-ib%.
Es%e o %ra3ac'ie co,"leI&F ce "res#"#e co,biarea a $o#& o"'i#i si,"le $e v93are L c#,"&rare $e val#%&F o"era'i#i
care se reali3ea3& si,#l%aF $ar a# sca$e'e $iferi%e. S-AP7#l val#%ar a a"&r#% $i ecesi%a%ea $e aco"erire a #or a*a<a,e%e =%r7o
val#%&F f&r& a ,o$ifica la %er,e s%r#c%#ra a*a<a,e%elor ;i a $is"oibili%&'ilor = 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 %ra3ac'ii S-APF $is%i*e,4
S-AP ] b#P a$ 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%& $e val#%&.
S-AP ]sell a$ 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 $a%a val#%ei cores"#3&%oare fiec&rei o"era'i#iF %ra3ac'iile S-AP "o% fi4
S-AP ]s"o% eI%O L #$e "ri,a ra,#r& $e S-AP are ca $a%& a val#%ei #r,&%oarea 3i l#cr&%oareF iar a $o#a ra,#r& are $a%a
val#%ei s"o%E
S-AP ]s"o%0forJar$O L #$e "ri,a ra,#r& are $a%a val#%ei s"o%F iar cea $e7a $o#a la # ,o,e% #l%eriorF =ce"9$ c# a %reia
3i l#cr&%oare $e la $a%a =c.eierii %ra3ac'iei ;i "9& la # aE
S-AP ]forJar$0forJar$O 7 #$e a,bele ra,#ri a# $a%a val#%ei #l%erioar& s"o%#l#i.
S-AP L#l i,"lic& efec%#area o"era'i#ilor = acela;i %i,"F f&r& ,o$ific&ri = cele $o#& c#rs#ri Ls"o% ;i la %er,e 7 =%r#c9% orice
sc.i,bare ar =se,a # c9;%i* sa# o "ier$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% ;i cele la %er,e. Ca a%areF co%a'ia care i se face clie%#l#i es%e #a aco"eri%oare "e%r#
bac& = aces% ca3F 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 = $evi3e afla%e = eIcesF $ar
"o% fi efec%#a%e #,ai = le*&%#r& c# val#%ele cele ,ai i,"or%a%e care co%ea3& a%9% s"o%F c9% ;i la %er,e. Ca ;i = ca3#l co%rac%elor
forJar$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 "re3i%& boi%a%e ;i "erfor,a'e fiaciare acce"%abileF #r,&ri$ ca baca s&7;i s%abileasc& li,i%e $e eI"#ere "e%r#
fiecare clie%.
Prici"alele $ifere'e =%re %ra3ac'iile la %er,e ;i cele S-AP cos%a#F = ce "rive;%e4
sca$e'a4 %ra3ac'iile S-AP se #%ili3ea3& "e%r# sca$e'e ,ai ,ariF $e "9& la 18 aiF = %i," ce %ra3ac'iile la %er,e c#
sca$e'e =%re / 3ile ;i 5 aiE
"la%a $ifere'ei $e $ob9$& =%re cele $o#& val#%e4 la %ra3ac'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 %ra3ac'iile S-APF $ifere'a $e ra%& a $ob93ii se
"l&%e;%e = ,o$ c#re% =%re cele $o#& "&r'i ;iF "ri #r,areF c#rs#l $e sc.i,b es%e acela;i la =ce"#% ;i la sca$e'&.
S& "res#"#e,F $e eIe,"l#F c& # clie% $ore;%e co%a'ia GBP fa'& $e USD la s"o% ;i la %er,e la %rei l#i. Dealer7#l cos#l%&
ifor,a'iile f#ri3a%e la bro)eri ;i sis%e,ele ifor,a%ice s"eciali3a%e L Re#%ersF Telera%e 7 = "re3e'a clie%#l#i #r,&re;%e co%a'iile
GBP0USD s"o% ;i forJar$ la / l#i4
s"o% 1 GBP H 1F5>1501F5>!5 USD
/ l#i 1 GBP H 1F1521501F52/1 USD
]$isco#%O !6>7!62 "#c%e.
Clie%#l $ore;%e s& c#,"ere GBP 588888 L c# sca$e'a "es%e %rei l#iF la c#rs#l $e 1 GBP H1F52/1 USDF o"era'ie c# care
$ealer7#l es%e $e acor$. Pri co%a'ia f&c#%& s7a aco"eri% =%r7o oarecare ,&s#r& $e o sc.i,bare "rea ,are = ses#l e$ori% $e elF c#
li,i%a $e !62 "#c%e "e care le7a ce$a% clie%#l#i $eoarece $#"& aali3ele sale GBP7#l se va $e"recia = ra"or% c# USD. K aces%
,o,e%F $elear7#l "ri v93area $e GBP are o "o3i'ie ]s.or%O "e GBPF iar "ri c#,"&rarea $e USD are o "o3i'ie ]lo*O
"e USD.
Po3i'ia ]s.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
re3olva aceas%& "roble,& $ealer7#l va cere o co%a'ie GBP0USD la %rei l#i al%ei b&ci sa# ##i bro)erF iar $ac& c#rs#l "ri,i% asi*#r&
acoperirea, $ealer7#l va efec%#a o"era'i#ea $e a c#,"&ra 588888 GBP co%ra USD.
()
O al%& "osibili%a%e $e acoperire a "o3i'iei es%e efec%#area $e c&%re $ealer a #ei %ra3ac'ii co,bia%e s"o%0forJar$F $#"& c#,
#r,ea3&4
c#,"&r& 588888 GBP c# val#%& s"o%F la c#rs#l "ie'ei $i acel ,o,e% (eI"l4 1 GBP H1F>125 USD+E
face # sJa" ]sell a$ b#PO s"o%0forJar$ la / l#i c# 188 "#c%e = favoarea saE
DeciF o"era'i#ea se va re"re3e%a sc.e,a%ic as%fel4
L c#,"&rare $e 588888 GBP L val#%& s"o% la c#rs#l $e 1 GBP H1F>125E
L v93are $e 588888 GBP L "e%r# sJa" la c#rs#l $e 1 GBP H1F52/1 USD (55!F888 USD+E
7 c#,"&rare $e 588888 GBP L "e%r# sJa" la c#rs#l $e 1 GBP H1F>528 USD (188 "#c%e = favoarea sa la sca$e'a "e /
l#i_.5>>F888 USD+E
7 v93are $e 588888 GBP clie%#l#i c# sca$e'a la / l#i la c#rs#l $e 1 GBP H1F>558 USD_..5>>F588 USD.
Cocl#3ie4
baca are c9;%i* $e 188 "#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 $ec9% =,"r#,#%#l obi;#i%E
sJa"7#l val#%ar es%e #%ili3a% ;i "e%r# deplasarea +n timp a
scadenei #ei o"era'i#i si,"le = s"o% sa# forJar$.
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"re3i%& # acor$ $e a c#,"&ra sa# $e a vi$e o s#,& $e%er,ia%& $i%r7o val#%&F la # "re' s%abili% =
,o,e%#l =c.eierii co%rac%#l#iF $ar c# eIec#%area %ra3ac'ie la o $a%& vii%oare. De;i are o f#c'ie si,ilar& co%rac%#l#i forJar$F
co%rac%#l f#%#res se $eosebe;%e $e aces%a "ri fa"%#l c& es%e %ra3ac'ioa% la b#rs& ;i # e*ocia% =%re cele $o#& "&r'iF ca = "ri,#l
ca3. Ievi%abilF aceas%a se,ific& o fleIibili%a%e ,ai sc&3#%&. Se l#crea3& c# cifre ro%#$e $e re*#l& !5888 USDF sa# !5888 GBPF iar
sca$e'ele s#% li,i%a%eF = *eeralF la ,aIi,#, 2 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%0"ri,i% va oscila vi3ibil = f#c'ie $e a%rac%ivi%a%ea ra%elor $e sc.i,b.
Co%ac%ele f#r#res s#% co%a%e 3ilic la b#rsa L f#%#resF as%fel =c9% "ier$erile #ei "&r'i s#% %rasfera%e ca vei%#ri celeilal%e
"&r'i. Aco"erirea #ei "o3i'ii ]s.or%O ($a%orii la %er,e =%r7o val#%&+F sa# ]lo*O (crea'e =%r7o val#%&+ se "oa%e reali3a "ri l#area #ei
"o3i'ii $e ses co%rar.
Co%rac%ele f#%#res "o% fi c#,"&ra%e ;i v9$#%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 Lf#%#resF $re"%
*ara'ie a livr&rii fo$#rilor la sca$e'&.
Co%ac%ele f#%#res "e%r# e#%rali3area risc#l#i val#%ar s#% "#'i #%ili3a%e = E#ro"aF $a%ori%& rela%ivei ei ifleIibili%&'iF
co,"ara%iv c# o "ia'& forJar$ bie $e3vol%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 "esos7#l ,eIicaF la care "ia'a forJar$ "oa%e fi lic.i$&.
K Ro,9ia o "ia'& f#%#res a fos% or*ai3a%& ;i se $esf&;oar& $e c9'iva ai la B#rsa $i Sibi#F f&r& a avea =s& o $e3vol%are
"rea ,are.
$D% O(*i#ni val#"are
O"'i#ea re"re3i%& # acor$ "ri care v93&%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
# ;i obli*a'iaF $e a reali3a o a#,i%& %ra3ac'ie val#%ar& = a#,i%e co$i'ii ("re'F %er,e $e valabili%a%e+. Pe%r# aces% $re"%F
c#,"&r&%or#l "l&%e;%e o "ri,& la "rel#area o"'i#ii. S#,a ;i sca$e'a o"'i#ii "o% fi alese $e c&%re c#,"&r&%or. K "re3e%F o"'i#ile
val#%are s#% $is"oibile = ,a<ori%a%ea ,oe$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 ba3& $e o"'i#i4 CALL ($e c#,"&rare+ ;i PUT ($e v93are+. O"'i#ea CALL $& $re"%#l $e'i&%or#l#iF $ar
# ;i obli*a'iaF $e a c#,"&ra o val#%& co%ra al%eia la o a#,i%& $a%& (o"'i#i co,erciale+ ;i la # a#,i% "re'F = %i," ce o"'i#ea PUT
$& $re"%#lF $ar # ;i obli*a'iaF $e a vi$e o val#%& co%ra al%eia = 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 reali3ea3& %ra3ac'ia. Difere'a $i%re "re'#l $e
eIerci%are ;i "re'#l "revale% al "ie'eiF re"re3i%& valoarea i%risec& a o"'i#ii.
A%#ci c9$ "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 ]a%7%.e7,oePO ;i # a$#ce "rac%ic ici c9;%i*F ici "ier$ere.
O"'i#ea PUT se #,e;%e ]i7%.e7,oePOF $ac& are valoarea i%risec&F a$ic& "re'#l $e eIerci%are es%e ,ai b# $ec9% "re'#l
"revale% al "ie'ei.
O ase,eea o"'i#e es%eF = *eeralF ,ai sc#,"& $ec9% cea ]a%7%.e7,oePO.
K si%#a'ia ivers&F res"ec%iv a%#ci c9$ o"'i#ea # are valoare i%risec&F ea se #,e;%e ]a#%7%.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,ea3& "robabil c& varia'ia val#%ar& va fi
= favoarea lor.
O"'i#ea CALL es%e ]i7%.e7,oePO $ac& "re'#l $e eIerci%are es%e ,ai ,ic $ec9% "re'#l 3ileiF ceea ce =sea,& c& $e'i&%or#l
o"'i#ii $eci$e eIec#%area %ra3ac'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 3ileiF o"'i#ea CALL es%e ]a#%7%.e7,oePO.
O"'i#ile val#%are a# fos% %ra3ac'ioa%e "ri,a oar& la B#rsa $i P.ila$el".iaF = 165!F $#"& care vol#,#l o"era'i#ilor a#
cresc#% ra"i$. K "re3e% eIis%& o $iversificare co%i#& a %i"#rilor $e o"'i#iF $i%re care4
$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 PUT0USD CALL la o ra%& ]a#%7%.e7,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%&.
$D'% O(*i#nile co(#seF re"re3i%& = 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
# ;i obli*a'iaF $e a c#,"&ra o al%& o"'i#e la o $a%& fiI& = vii%or ;i la o "ri,& fiI& "res%abili%&. Pri,a es%e "l&%ibil& = $o#& e%a"e4 o
(1
"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 $o#a o"'i#e. O"'i#ile co,"#se
f#c'ioea3& cel ,ai bie a%#ci c9$ "ri,a o"'i#e are o sca$e'& ,ai sc#r%& $ec9% cea $e7a $o#a.
$D.% O(*i#nile Uloo+9bac+A
Aces%e o"'i#i "er,i% c#,"&r&%or#l#i s& "ri,easc& cea ,ai b#& ra%& ($efii%&F $e obiceiF ca # "#c% fiI = fiecare 3i+ "e
"arc#rs#l "erioa$ei o"'i#ii. De;i aceas%a "are a fi o si%#a'ie i$eal&F "ri,a "e%r# o ase,eea o"'i#e es%e foar%e cos%isi%oare.
$D0%O(*i#nile U+noc+9o#"A
Ele $a# $re"%#l c#,"&r&%or#l#i s& efec%#e3e o %ra3ac'ie val#%ar& = "erioa$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 U+noc+9inA
Aces%ea s#% ase,&&%oare c# o"'i#ile ])oc)7o#%OF c# eIce"'ia fa"%#l#i c& # se ac%ivea3& "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*7#l risc#l#i val#%ar re"re3i%& $oar # ,i<loc ;i # # sco" = 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 / l#iF "e%r# #r,&%or#l eIe,"l#4
$ob9$a "e%r# USDF "e%r# / l#i4 5F!5RE
$ob9$a "e%r# lire s%erlieF "e%r# / l#i4 2F58RE
ra%a $e sc.i,b la ve$ere lir& 0 $olar4 1 lir& H 1F51!5 $olari.
Re1olvare2
B H
825 8 68 /18
825 8 85!5 8 51!5 1 68
>
% > > $ >
+

H 8F812
RS H 1F51!5V8F812 H1F5!15
Problea '2 S& se eI"lice c#, "oa%e fi aco"eri% risc#l $e sc.i,b val#%ar = #r,&%oarele si%#a'ii4
Treb#ie "l&%i%& o fac%#r& = USDF "e a.
Es%e $e f&c#% o "la%& = leiF ec.ivale% a USD 18.888F c9$va = #r,&%oarele %rei l#i ;i se $ore;%e *es%ioarea risc#l#i $e sc.i,b
val#%ar.
Re1olvare2
(a+ Pe%r# a eli,ia risc#l $e sc.i,b val#%ar se "oa%e =c.eia as%&3i # 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 #3 $e co%rac%#l Ncall
o"%ioO c#,"&r9$ $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 $o#a sol#'ie es%e =c.eierea ##i co%rac% la %er,eF care va fiIa "re'#l = vii%or ;i va "er,i%e eIec#'ia oric9$ =
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*ai3a'ie ecoo,ic& are la # ,o,e% $a% T8#r,&%oarea si%#a'ie4
$is"oibil co% !28 888 USDE
"es%e / l#i are $e ac.i%a% # i,"or% = E#ro = valoare $e !51 888 E#roE
c#rs#l = ,o,e%#l T8 1 USD H 1F!1 E#ro.
Se es%i,ea3& o =%&rire a ,oe$ei E#ro = ra"or% c# $olar#l 1 USD H 1F15 E#ro.
Pre3e%a'i ,o$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$ali%a%e "ri care baca reali3ea3& o
o"era'i#e la ve$ere = #,e "ro"ri# sa# = #,ele clie'ilor s&i.
O"era'i#ea la ve$ere efec%#a%& es%e #r,&%oarea4
se v9$ $olari ;i se c#,"&r& E#ro4
!28 888 I 1F!1 H !68 288 E#ro
As%fel $ac& se =$e"lie;%e es%i,area s"eciali;%ilor fir,a c9;%i*&4
(1F!171F15+ I !28 888 H 12 288 E#ro ;i re#;e;%e s&7;i "l&%easc& $a%oria $e !51 888 E#ro.
O"era'i#ea la ve$ere "er,i%e ca =%r7# i%erval sc#r% o bac& sa# o
socie%a%e co,ercial& s& sca"e $e o val#%& = s#feri'&F orie%9$#7se s"re o val#%& ,ai s%abil& $e#,i%& Nval#%& $e ref#*i#O.
Problea 02 La $a%a $e !5.85. a a#l#i N # clie% solici%& b&cii sale # c#rs forJar$ USD0ROL c# $a%a val#%ei "es%e > 3ile
(1.81+F "e%r# s#,a $e 1.888.888 USD. Baca =i va co%a c# 5.26105.526F c#rs ob'i#%F folosi$ c#rs#l s"o% 5.25805.588F $ob93ile le#01
s&"%&,9& 15R0/5R ;i $ob93ile USD 01 s&"%&,9& 5./5R 0 5.5/R.
Re1olvare2
Calc#l&, "#c%ele forJar$ "o%rivi% for,#lei4
(2
1)) 36)
'
4
s
0

4
*C4

;i ob'ie, "#c%ele forJar$ 15026F ca o "ri,& ce se a$#& la c#rs#l s"o%F $eoarece $ob93ile "e%r# le# s#% ,ai
,ari $ec9% cele "e%r# # $olar.
Acele calc#le se s"ri<i& "e ,o$#l = care baca aco"er& %ra3ac'iile ;i a#,e4
$ac& clie%#l $ore;%e s& v9$& b&cii 1.888.888 USD c# $a%a val#%ei "es%e > 3ileF ca s& ob'i& leiF baca va c#,"&ra # co%rac%
forJar$F c#rs#l val#%ei la %er,e fii$ $e 5.261 lei "e%r# 1 USDF cofor, for,#lei $e ,ai s#s4
1)) 36)
7) 5353) (15 (848) 848)

+
Pe%r# a oora co%rac%#lF baca se =,"r#,#%& $e 1.888.888 USD "e%r# > 3ileF la o $ob9$& $e 5F5/R ".a.F ceea ce
ec.ivalea3& c# o c.el%#ial& $e 18>5 USDF res"ec%iv $a%oria $e a ra,b#rsa la sca$e'& 1.881.8>5 USD. I,e$ia%F s#,a =,"r#,#%a%& o
vi$e s"o% la # c#rs $e 5258Fob'i9$ 5.258.888.888 leiF "e care =i "lasea3& i,e$ia% =%r7# $e"o3i% "e > 3ile c# o $ob9$& $e 15R
".a.
De"o3i%#l va c9;%i*a o $ob9$& $e !2.>//./!5 leiF ceea ce =sea,& ca la sca$e'& baca va avea 5.582.>//./!5 lei. Pe
ba3a s#,elor = lei ;i = USDF "re'#l la %er,e (c#rs#l le#0 USD+ "oa%e fi calc#la% as%fel4
leiD1=4 8/4(6
1/))1/)75
328 8/5)4/733/

D#"& > 3ileF clie%#l va livra b&cii 1.888.888 USDF iar aceas%a va livra clie%#l#i 5.261.888.888 lei ;i va ra,b#rsa =,"r#,#%#l
= USD. Re3#l%& $e aici c&F clie%#l es%e cel care "l&%e;%e c.el%#ielile c# $ob9$a la =,"r#,#% = USD ;i "ri,e;%e $ifere'a $e $ob9$&
$i%re cele $o#& ,oe$eF ca o "ri,& la c#rs#l la ve$ere $e la ,o,e%#l = care es%e =c.eia% co%rac%#l la %er,e.
K si%#a'ia = care clie%#l $ore;%e s& c#,"ere 1.888.888 USD co%ra leiF baca va vi$e # co%rac% la %er,e = USDF "re'#l fii$ $e
1)) 36)
7) 5353) (15 (848) 848)

+
H5.261 lei0 USD.
EI"lica'ia "re'#l#i cos%& = fa"%#l c&F baca c#,"&r& s"o% 1.888.888 USD $e "e "ia'a val#%ar&F la # c#rs $e 5.588 lei0 USD
;i face # $e"o3i% $e 1.888.888 USD "e > 3ileF c# o $ob9$& $e 5F5/R ".a.E "e%r# a c#,"&ra $olariF baca se =,"r#,#%& $e
5.588.888.888 leiF "e%r# > 3ileF c# o $ob9$& $e /5R ".a.
La sca$e'&F baca va #%ili3a $e"o3i%#l = USD "e%r# a livra clie%#l#i 1.888.888 USDF iar s#,a = lei "ri,i%& $e la aces%a va
fi #%ili3a%& "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# $ob93ile la
=,"r#,#%#l = lei ;i "ri,e;%e vei%#l $i $ob93i $e la $e"o3i%#l = USD.
Problea 62 O fir,& elve'ia& i%e'ioea3& s& e,i%& obli*a'i#i = valoare $e !F5 ,ilioae CT?F la o ra%& a $ob93ii $e
>F5RF "e o "erioa$& $e # a. Pe o "erioa$& $e # a fir,a are evoieF $e fa"%F $e o s#,& $e ! ,ilioae USD "e%r# ac.i3i'ioarea
#or ,a%erii "ri,e. Dac& ar c#,"&ra baii $e "e "ia'a val#%ar&F ar %reb#i s& "l&%easc& 6F>5R. Pe $e al%& "ar%eF o fir,& a,erica&
i%e'ioea3& s& e,i%& obli*a'i#i = valoare $e ! ,ilioae USDF la o ra%& a $ob93ii $e 18R "e aceea;i "erioa$&F $ar are evoie
i,e$ia%& $e !F5 ,ilioae CT?. Dac& ar c#,"&ra s#,a $e "e "ia'a val#%ar& ar %reb#i s& "l&%easc& 5F5R "e a. A,bele fir,e se
a$resea3& ##i $ealer S-AP.
Re1olvare2
Pe%r# efec%#area S-AP7#l#iF fir,a elve'ia& e,i%e obli*a'i#ile ;i "l&%e;%e cele !F5 ,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 $ealer7#l#iF iar aces%a
o %rasfer& fir,ei elve'iee. Re3#l%a%#l e% es%e c& fiecare fir,& =;i "ri,e;%e s#,ele $e bai = val#%a ecesar&.
La fiele a#l#i se efec%#ea3& "la%a $ob93ilor. Dealer7#l S-AP ara<ea3& "e%r# fir,a elve'ia& o $ob9$& $e 6F>5R "e a
"e%r# cele ! ,ilioae USDF iar "e%r# fir,a a,erica& o $ob9$& $e 5R "e a "e%r# cele !F5 ,ilioae CT?. As%felF fir,a elve'ia&
"l&%e;%e $ealer7#l#i 8F86>5 I ! ,ilioae USD H8F165 ,ilioae USD. Dealer7#l %rasfer& 8F! ,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 8F85 I !F5 ,ilioae CT? H8F!!2
,ilioae CT? $ealer7#l#iF care %rasfer& fir,ei elve'iee 8F!1 ,ilioae CT?F "e%r# ac.i%area $ob93ilor la obli*a'i#ile e,ise. Re3#l%&
# c9;%i* a#al $e 12.888 CT? ;i o "ier$ere e%& $e 5.888 USD. Pres#"#9$ c& o"erea3& = USDF "e care are o "ier$ereF $ealer7#l
es%e eI"#s risc#l#i $e fl#c%#a'ie a c#rs#l#i $e sc.i,b la care ar "#%ea cover%i cei 12.888 CT?F fii$ obli*a% s& se "ro%e<e3e. El ar "#%ea
s%r#c%#ra ra%ele $ob93ilor $e a;a a%#r& =c9% s& # aib& ici o eI"#ereF $ar = acela;i %i," el %reb#ie s& asi*#re o ofer%& a%rac%iv&. K
"l#sF $ealer#l S-AP es%e eI"#s risc#l#i $e cre$i%F = si%#a'ia = care #a $i%re fir,e #7'i oorea3& obli*a'iile.
La sca$e'&F fir,a elve'ia& "l&%e;%e ! ,ilioae USD $ealer#l#iF care =i %rasfer& fir,ei a,ericaeF aceas%a #%ili39$ s#,a
res"ec%iv& "e%r# r&sc#,"&rarea obli*a'i#ilor.
?ir,a a,erica& "l&%e;%e !F5 ,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 %ra3ac'iei es%e c& fir,a elve'ia& a cover%i obli*a'i#i $e !F5 ,ilioae CT?F c# o $ob9$& $e >F5R "e a =
obli*a'i#i $e ! ,ilioae USDF c# o $ob9$& $e 6F>5R "e aF ecoo,isi$ as%fel 105 "#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 18R "e a = obli*a'i#i $e !F5
,ilioae CT?F c# o $ob9$& $e 5R "e aF ecoo,isi$ 8F5 "#c%e $ob9$& $i ceea ce ar "l&%i la # =,"r#,#% $e CT?. Profi%#l
$ealer#l#i re3#l%& $i $ifere'a =%re $ob93ile =casa%e ;i $ob93ile "l&%i%e. El a "l&%i% CT? la o ra%& $e 5R "e aF $ifere'a fii$ $e
8F5RE a "ri,i% USD la o ra%& a $ob93ii $e 6F>5R "e a ;i a "l&%i% USD la 18R "e aF "ier39$ 8F!5RF c9;%i*#l *lobal fii$ $e 8F!5R.
Re3#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% ;i # a#,i% risc $e cre$i%.
Problea 82 O fir,& a,erica& $e'ie o "o3i'ie ]s.or%O "e%r# 1F!5 ,ilioae CT?F sca$e%e "es%e 1 l#i. A"recii$ c&F =
"erioa$a #r,&%oareF res"ec%iva val#%& se va a"reciaF fir,a se aco"er& c#,"&r9$ 18 co%rac%e f#%#res a c9%e 1!5.888 CT?F al c&ror
"re' =l aco"er& = USD. Cosi$er&, c& = "re3e% c#rs#l $e sc.i,b es%e $e 8F2128 CT? "e%r# 1 USD iar $#"& 1 l#i va fi $e 8F2528.
S%abili'i re3#l%a%#l aces%#i co%rac% f#%#res la %er,e.
Re1olvare2
?ir,a va "ier$e la "o3i'ia sa s.or%4
8F252878F2128H8F8! CT? la 1 USDF res"ec%iv
1.!58.888 I 8F8!H!5.888 CT?
Pe co%rac%#l f#%#res = sc.i,bF fir,a va c9;%i*a o s#,& ec.ivale%& c# care =;i va co,"esa "ier$erea s#feri%& la "o3i'ia s.or%.
Problea C2 Pres#"#e, c& = l#a se"%e,brie a a#l#i NF fir,a ]APOLLOO es%i,ea3& c& va avea =ce"9$ 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 $ob93ii "e %rei l#i s& sca$&F ceea ce ar $e%er,ia o "lasare a fo$#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.
(3
Re1olvare2
Etapele operaiunii4
K se"%e,brie (T8+fir,a c#,"&r& # co%rac% ?UTURES "e %rei l#i la 6!.>5F asi*#r9$#7'i as%fel "lasa,e%#l fo$#rilor sale = $olari la
%rei l#iF la ra%a $ob93ii $e >F!5R (18876!F>5+. La =c.eierea co%rac%#l#i fir,a "l&%e;%e ,ar<a $e >58 USD.
b+ D#"& c9%eva 3ile (T1+ "re'#l co%rac%#l#i sca$e la 6!F58F ra%a
$ob93ii a<#*9$ la >F58R (18876!F58+. ?ir,a %reb#ie s& s#"li,e%e3e *ara'ia sa (are o "o3i'ie lo* ;i "re'#l co%rac%#l#i a sc&3#%+F
"l&%i$ 1.888.888 I 8F!5 I (680/18+H1!5 USD.
c+ D#"& al%e c9%eva 3ile (T!+ "re'#l co%rac%#l#i #rc& la 6!F>5F $eci ra%a $ob93ii es%e $e 18876!F>5H>F!5RF ceea ce =sea,&
c& fir,a va "ri,i = co%#l s&# ,ar<a $e 1!5 USD. (6/F8876!F>5+I(680/18+I1.888.888 USDH1!5 USD.
$+ K #l%i,a 3i $e %ra3ac'ii = l#a $ece,brie (T/+ "re'#l a<#*e la 6/F $eci ra%a $ob93ii sca$e la >R (188 7 6/+. ?ir,a vi$e
co%rac%#l sa# ?UTURES ob'i9$ # c9;%i* $e 1!5 USD.
(6/F8876!F>5+I(680/18+I 1.888.888 USD H1!5 USD.
Re3#l%& #ele cocl#3ii ese'iale4
7 Cel care "lasea3& fo$#ri la %er,e =ce"9$ c# # ,o,e% T! la o $ob9$& fiI& ;i vrea s& se aco"ere =,"o%riva risc#l#i
$e cre;%ere a ra%ei $ob93ii $e "ia'&F av9$ = ve$ere $ob9$a c#re%& D8F va vi$e # co%rac% ?UTURES "e ra%a $ob93ii =
,o,e%#l T8 "e%r# ,o,e%#l T!7T/E $ac& ra%a $ob93ii va cre;%e (D!7D8+F va "ier$e la "lasa,e%F $ar va c9;%i*a lic.i$9$ "o3i'ia
?UTURES la # "re' P!aP8.
7 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 $ob93ii va
c#,"&ra # co%rac% ?UTURES "e ra%a $ob93ii4 eve%#ala "ier$ere va fi co,"esa%& "ri%r7# c9;%i* la b#rs&.
7 Cel care =,"r#,#%& la %er,e c# o $ob9$& variabil& ;i vrea s& se aco"ere =,"o%riva risc#l#i $e cre;%ere a ra%ei $ob93ii va
"ier$e # co%rac% ?UTURES.
7 Cel care vrea s& "lase3e $ob9$a variabil& ;i vrea s& se aco"ere =,"o%riva risc#l#i $e re$#cere a ra%ei $ob93ii va c#,"&ra
# co%rac% ?UTURES.
Problea D2 Baca Na'ioal& $i 'ara UCA efec%#ea3& #r,&%oarea o"era'i#e $e %i" sJa"4
7 c#,"&r& 188.888 USD la c#rs#l $e !F1! UBE
7 ;i vi$e "es%e 1 l#iF 188.888 USD la c#rs#l $e ve$ere.
S%abili'i fiali%a%ea o"era'i#ii sJa" = #r,&%oarele co$i'ii4
c#rs#l es%e $e 1 USD H !F!5 UBE
c#rs#l es%e $e 1 USD H !F1! UBE
c#rs#l es%e $e 1 USD H !F88 UB.
Re1olvare2
C#,"&r& 188.888 USD I !F1! H !1!.888 UB ("l&%e;%e+
K ca3#l (a+ "es%e 1 l#i vi$e 188.888 USD I !F!5 H !!5.888 UB (=casea3&+.
O"era'i#ea %o%al&4 !!5.888 L !1!.888 H 1/.888 UB (c9;%i*+.
K ca3#l (b+ "es%e 1 l#i vi$e 188.888 USD I !F1! H !1!.888 UB
Pl&%e;%e !1!.888 UB
O"era'i#ea %o%al&4 !1!.888 H 8
Baca # c9;%i*&F ici # vi$e $ar re#;e;%e s&7;i eIerci%e "oli%ica ,oe%ar& "ri i<ec%area ;i absorb'ia $e ca"i%al la
,o,e%#l la care $ore;%e.
K ca3#l (c+ "es%e 1 l#i vi$e 188.888 USD I !F88 H !88.888 UB
Pl&%e;%e !1!.888 UB
O"era'i#e %o%al&4 !88.888 L !1!.888 H 7 1!.888 UB ("ier$e+
Problea I2 O bac& are la # ,o,e% T8 # $is"oibil $e 158.888 USD ;i = acela;i ,o,e% are $e "la%& 158.888 EURO.
K co$i'iile = care "es%e %rei l#i (T1+ are $e =casa% 158.888 EURO ;i $e "l&%i% 158.888 USDF s%abili'i e%a"ele aco"eririi risc#l#i val#%ar
"ri o"era'i#ea $e sJa" (c#rs#l USD4 1 USDH1F! EUROF c#rs la ve$ereF 1 USDH1F15 c#rs la %er,eF co,isioae 8F5R+.
To T1
158.888 USD L $is"oibil 158.888 EURO L $is"oibil
158.888 EURO L $e "la%& 158.888 USD L $e "la%&
Der#larea o"era'i#ii sJa"4
7 vi$e 158.888 USD @ 1F!8 H EURO ;i =;i ac.i%& $a%oria la ,o,e%#l T8E
7 = acela;i %i," bacaF co%ra ##i co,isio $e 8F5R se a*a<ea3& = o"era'i#i la %er,e "e%r# ,o,e%#l T1 la c#rs#l $e
1F15 EURO = sco"#l c#,"&r&rii $e EURO = sc.i,b#l $olarilor.
158.888 EURO4 1F15H151.5!1F>2 USD
Co,isio
78236)
1315
)/5> 18)/)))

C9;%i*#l b&cii4 (1515!1F>27158.888+7>5!F18H5>/6F12 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 4
co%#l $e $is"oibil 4 1F/ ,ilioae EUROE 1 ,ilio USDE
are $e ac.i%a% "es%e 1 l#i !F1 ,ilioae EUROE
c#rs#l la ,o,e%#l ii'ial 1 b H 1F!8 EUROE
se es%i,ea3& o =%&rire a c#rs#l#i $olar = ra"or% c# E#ro 1 b H 1F!! EURO.
Pre3e%a'i ,o$ali%a%ea $e aco"erire la ve$ere a risc#l#i val#%ar.
Problea '4 O bac& are la # ,o,e% $a% T) $is"oibil $e / ,ilioae USD ;i are $e ac.i%a% ! ,ilioae EURO. K co$i'iile
= care "es%e / l#i are $e =casa% 1.618.888 EURO ;i $e "l&%i% !F6 ,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 8F5R+
(la %er,e 1 USD H1F!1 EURO+.
(4
Problea .4 Baca Na'ioal& a '&rii ]@O efec%#ea3& #r,&%oarele o"era'i#i $e %i" sJa"4
7c#,"&r& 58.888 EURO la c#rs#l $e 5F12 USDE
7vi$e "es%e / l#i la c#rs#l la ve$ere.
S%abili'i fiali%a%ea o"era'i#ii sJa"F $ac& "es%e 6 l#i c#rs#l la ve$ere es%e $e 1 EURO H 5F/5 USD.
Pre3e%a'i ,o$ali%a%ea $e aco"erire la ve$ere a risc#l#i val#%ar.
Problea 04 Calc#la'i ra%a $e sc.i,b "e%r# # co%rac% "e %er,e $e 1 l#iF "e%r# #r,&%or#l eIe,"l#4
$ob9$a "e%r# US bF "e%r# 1 l#i4 /F!5RE
$ob9$a "e%r# lire s%erlieF "e%r# 1 l#i4 !F!5RE
ra%a $e sc.i,b la ve$ere lir& 0 $olar 1 lir& H 1F/1!5 $olari.
Problea 62 Calc#la'i ra%a $e sc.i,b la # co%rac% "e %er,e $e / l#i c# #r,&%oarele $a%e4
$ob9$a EURO 2F1RE
$ob9$a DOLAR /F!RE
ra%a $e sc.i,b la ve$ere DOLAR0 EURO7 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#, ;i re,#erarea risc#l#i "e care =l i,"lic& =,"r#,#%#l res"ec%iv.
Rata dob<nzii es%e sesibili%a%ea re3#l%a%elor fiaciare la varia'ia ivel#l#i ra%elor $ob93iiF 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 $ob93ilor "e "ia'&.
K li%era%#ra $e s"eciali%a%eF risc#l ra%ei $ob93ii ,ai es%e $efii% ca fii$ vola%ili%a%ea vei%#l#i e% $i $ob9$& ;i a valorii b&cii
$a%ora%& sc.i,b&rilor ivel#l#i ra%elor $ob93ilor.
Di "#c% $e ve$ere al aces%#i %i" $e risc o bac& =;i "oa%e as#,a # risc substanial, fie ##l sczut.
K ca3#l risc#l#i s#bs%a'ialF ,ar<a e%& a $ob93ii ;i valoarea $e "ia'& a ca"i%al#l#i = ac'i#i "re3i%& varia'ii ,ari = f#c'ie
$e ,o$ificarea ra%elor $ob93ilor.
C9$ =;i as#,& # risc sczut, socie%a%ea bacar& s#fer& "#'ie ,o$ific&ri = "erfor,a'ele ei $a%ori%& sc.i,b&rilor ra%elor
$ob93ilor.
Factorii care ifl#e'ea3& a"ari'ia ;i $e3vol%area risc#l#i $ob93ii s#%4
Factori endogeniF care s#% i,"or%a'i "e%r# *es%ioarea risc#l#iF $eoarece "ri ac'ioarea as#"ra lor se "oa%e ,ii,i3a eI"#erea la
risc. Prici"alii fac%ori e$o*ei s#%4
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 $ob93ii "e "ia'& ;i #
"o% fi co%rola'i sa# ifl#e'a'i $e bac&F $ar "o% fi "revi3ioa'i c# $es%#l& "reci3ieF ,ai ales "e%r# ra%ele "e %er,e sc#r%. Ace;%i fac%ori
s#%4
,e$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
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 $ob93ii are dou componente ese'ialeF ;i a#,e4
riscul venitului care es%e risc#l reali3&rii #or "ier$eri = ce "rive;%e vei%#l e% $i $ob93iF ca #r,are a fa"%#l#i c& ,i;c&rile ra%elor
$ob93ilor la =,"r#,#%#rile l#a%e # s#% "erfec% sicroi3a%e c# cele ale =,"r#,#%#rilor acor$a%eE
riscul investiiei, es%e risc#l "ro$#cerii #or "ier$eri = "a%ri,oi#l e%F ca re3#l%a% al #or sc.i,b&ri ea;%e"%a%e ale ra%ei $ob93ii.
Aali3a risc#l#i ra%ei $ob93ii "ore;%e $e la clasificarea ac%ivelor ;i a "asivelor bacare =4
ac%ive ;i "asive c# $ob93i fiIe care $ifer& ca sca$e'e ;i co$i'ii $e re,#erareE
ac%ive ;i "asive c# $ob93i variabile care a# "erioa$e $e reeval#are ,ai ,ari sa# ba3e $e i$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 $ob93ii es%e acela $e a $e%er,ia o mar- a $ob93ii c9% ,ai ,are ;i c9%
,ai s%abil& = %i,".
Ges%ioarea ,ar<ei $ob93ii
3ar-a dob<nzii'
Bar<a $ob93ii es%e "rici"al#l i$ica%or $e re%abili%a%e bacar&. Ea
re"re3i%& $ifere'a =%re vei%#rile ob'i#%e $i $ob93i la cre$i%ele acor$a%e ;i c.el%#ielile f&c#%e c# "la%a $ob93ilor la $e"o3i%e a%rase
$e la al%e socie%&'i bacareF $e la "o"#la'ie ;i $e la al%e fir,eF "rec#, ;i cele boifica%e la cer%ifica%ele $e $e"o3i%.
I$ica%orii ,ar<e $ob93ii s#%4
3ar-a absolut a dob<nzii bancare .3"/
Aceas%& ,ar<&F re"re3i%& $ifere'a $i%re s#,a vei%#l#i $i $ob93i (la =,"r#,#%#rile acor$a%e+ ;i s#,a c.el%#ielilor c#
$ob93ile boifica%e (la $e"o3i%eF cer%ifica%e $e $e"o3i%+4

4
0
4
. 2:
$0..8%
Bar<a absol#%& eI"ri,& ca"aci%a%ea b&cii $e a aco"eri c.el%#ielile c# $ob93ile boifica%e la $e"o3i%eF cer%ifica%e $e $e"o3i%
e%c.F $i vei%#rile ob'i#%e $i =casarea $ob93ilor la cre$i%ele acor$a%e.
(5
Bar<a $ob93ii %reb#ie s& fie $e%er,ia%& as%fel =c9% s& asi*#re4
s#s'ierea sarciii bacare ($ifere'a $i%re al%e c.el%#ieli ;i al%e vei%#ri bacare+E
ob'ierea ##i "rofi% sa%isf&c&%or = cocor$a'& c# obiec%ivele s%ra%e*ice s%abili%e $e c&%re socie%a%ea bacar& = ca#3&.
3ar-a procentual brut a dob<nzii bancare(BBR+
Aceas%& ,ar<& se calc#lea3& rela%iv "ri ra"or%area ,ar<ei absol#%e a $ob93ii la s#,a ac%ivelor ives%i%e ($e la care se
=casea3& $ob9$a+F res"ec%iv4
1))
i
:
2:
2B>

$0..C%
3ar-a procentual net a dob<nzii bancare(BNR+
Se calc#lea3& ca ra"or% =%re ivel#l ,e$i# al ra%ei $ob93ii "erce"#%e (

i
R)
+ ;i ivel#l ,e$i# al ra%ei $ob93ii boifica%e (

i
R)(
+ ;i a#,e4
;NP2
188

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 ba3& $e "orire *r#"area ele,e%elor $e ac%iv ;i "asiv = f#c'ie $e varia'ia
(sesibili%a%ea+ vei%#rilor ;i c.el%#ielilor i,"lica%e = varia'ia ra%ei $ob93ii.
Pri active sensibile ='ele*e, is%r#,e%ele $e cre$i% c# $ob93i variabileF res"ec%iv crea'ele ;i %i%l#rile $e "or%ofoli#l
co,ercial.
Pasivele sensibile "o% fi $efii%e ca fii$ $e"o3i%ele c# $ob93i variabile ;i =,"r#,#%#rile acor$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 $ob93ii4
1+ Ecart 4 ul .*ap 4 ul/ , care re"re3i%& $ifere'aF la # ,o,e% $a% =%re vol#,#lF ac%ivelor ;i cel al "asivelor sesibile la
varia'ia ra%ei $ob93ii.
Rela'ia $e calc#l es%e4
GAP H
As 7
Ps
U$e4
As H s#,a ac%ivelor sesibile la varia'ia ra%ei $ob93iiE
Ps H s#,a "asivelor sesibile la varia'ia ra%ei $ob93ii.
!+ 1ndicele de sensibilitate (*ra$#l $e sesibili%a%e+ a b&cii la varia'ia $ob93ii "e "ia'&.
Rela'ia $e calc#l es%e4
Is H

Ps
As
F = care4
Is H i$icele $e sesibili%a%eE
As H s#,a ac%ivelor sesibile la varia'ia ra%ei $ob93iiE
Ps H s#,a "asivelor sesibile la varia'ia ra%ei $ob93ii.
I$icele $e sesibili%a%e "oa%e fi4
7s#b#i%ar4
= co$i'iile #ei %e$i'e cresc&%oare a ra%elor $ob93ilor si%#a'ia es%e nefavorabil "e%r# socie%a%ea bacar&.
= co$i'iile #ei %e$i'e $escresc&%oare a ra%elor $ob93ilor si%#a'ia es%e favorabil "e%r# bac&.
7s#"ra#i%ar'
= ca3#l #ei %e$i'e cresc&%oare a ra%elor $ob93ilor si%#a'ie es%e favorabil;
= ca3#l #ei %e$i'e $escresc&%oare a ra%elor $ob93ilor 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 ;i "asivelor b&cii c# $ob93ile fiIe se "oa%e $e%er,ia "o3i'ia b&cii. Aceas%a se calc#lea3&
ca $ifere'& =%re vol#,#l ac%ivelor ;i vol#,#l "asivelor c# $ob9$a fiI& (esesibile+.
Po3i'ia b&cii "oa%e fi4
a+ scurt , c9$ vol#,#l ac%ivelor c# $ob93ile fiIe es%e ,ai ,ic& $ec9% vol#,#l "asivelor c# $ob93ile fiIe.
Si%#a'ia es%e favorabil "e%r# bac& a%#ci c9$ eIis%& o %e$i'& cresc&%oare a ra%elor $ob93ilor.
b+ lung , a%#ci c9$ vol#,#l ac%ivelor c# $ob93ile fiIe es%e ,ai ,are $ec9% vol#,#l "asivelor c# $ob93i fiIe.
Pe%r# bac& si%#a'ia es%e favorabil&F = aces% ca3F $ac& eIis%& o %e$i'& $escresc&%oare a ra%elor $ob93ilor.
c/ neutr, o si%#a'ie a"are% i$eal& "e%r# o bac&F =s& $ificil $e reali3a%. Aceas%& "o3i'ie =,"ie$ic& socie%a%ea bacar& s&
s"ec#le3e varia'ia ra%elor $ob93ilor "e "ia'& = favoarea sa.
(6
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 $ob93ilor "oa%e ,o$ifica se,ifica%iv4
"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 ;i "asivelor #ei b&ci L sc.i,b&rile = ra%ele $ob93ilor "o% cre;%e vei%#l e% $i $ob93i
;i 0 sa# s& re$#c& valoarea $e "ia'& a ac%ivelor ;i "asivelor. B#l%e b&ci a# av#% "roble,e serioase c# fl#I#rile $e cas. L floJF ca
#r,are a #or ,ar<e ale $ob93ii e%e re$#se.
Pe%r# a$,iis%rarea risc#l#i ra%elor $ob93ilorF o bac& %reb#ie s& =;i s%abileasc& o serie $e obiec%ive fiaciare s"ecifice a%9%
"e%r# vei%#l e% $i $ob93iF c9% ;i "e%r# valoarea $e "ia'& a ca"i%al#l#i. U al% obiec%iv #r,&ri% = a$,iis%rarea aces%#i %i" $e risc =l
re"re3i%& ,&s#rarea eI"#erii la risc ;i for,#larea #or s%ra%e*ii "e%r# a%i*erea obiec%ivelor.
K ve$erea a$,iis%r&rii risc#l#i ra%elor $ob93ilorF s#% #%ili3a%e $o#& "rici"ale ,o$ele $e aali3&4
Bo$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% #%ili3a% = *es%ioarea ac%ivelor ;i "asivelor bacareF = a$,iis%rarea vei%#l#i e% $i
$ob93i ;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 $ob93i "e %er,e sc#r% (/ L 1 l#i+. Risc#l ra%ei
$ob93ilor es%e ,&s#ra% "ri calc#larea $ifere'elor = i%ervale $e %i," $iferi% ba3a% "e $a%e $i bila'#l a*re*a% la # "#c% fiI $e %i,".
>biectul fundamental =l re"re3i%& ,&s#rarea "erfor,a'ei b&cii.
*"P re"re3i%& $ifere'a =%re ac%ivele ;i "asivele sesibile or$oa%e $i "#c% $e ve$ere al sca$e'ei aces%oraF res"ec%iv4
GAP 4 ASD 3 PSDF = care4
ASD H ac%ive sesibile la ra%a $ob93ii (cre$i%eF is%r#,e%e e*ociabile+.
PSD H "asive sesibile la ra%a $ob93ii ($e"o3i%e+.
"naliza *"P "res#"#e4
reali3area #ei "laific&ri s%ra%e*ice a "rofi%#l#i $e reali3a%F a #or "ro*o3e "e %er,e sc#r% ;i ,e$i#E
a$,iis%rarea risc#l#i $e varia'ie a ra%ei $ob93iiE
eval#area ac%ivelor ;i "asivelor b&cii.
K ses res%r9sF aali3a GAP "res#"#e focali3area "e ,ar<a e%& a $ob93ii(BND+F calc#la%& $#"& rela'ia4
!bana e purtat!are activel!r 7!talul
!ban'i in nete .eniturile
4
2-
$0..I%
Etapele analizei *"PF s#%4
1. Clasificarea "realabil& a ac%ivelor 0 "asivelor = f#c'ie $e sesibili%a%ea la varia'ia ra%elor =4
ac%ive 0 "asive sesibile la varia'ia ra%elor $ob93ilorE
ac%ive 0 "asive c# $ob9$& fiI&E
ac%ive e"#r%&%oare $e $ob9$& 0 "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 ori3o%#l#i $e %i," "e%r# aali3a ac%ivelor ;i "asivelor sesibile .
.. Gr#"area ac%ivelor ;i "asivelor "e ori3o%#ri $e %i,"F = 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 $ob93ii.
0. Calc#larea GAP $e $ifere'&F a vei%#l#i e% $i $ob93iF a ,ar<ei e%e a $ob93ii "e fiecare i%erval $e %i,"4
(a+ GAP 4 ASD 3 PSD $0.0J%
(b+ END 4 E) 3 C)
(c+ ;P Br#"& H 188
abile fr#c"ific A
END
F = care4 $0.01%
GAP H A L P sesibile la varia'ia $ob93iiE
ASD H ac%ive sesibile la varia'ia $ob93iiE
PSD H "asive sesibile la varia'ia $ob93iiE
DND H vei%#ri e%e $i $ob93iE
D$ Hvei%#ri $i $ob93iE
C$ H c.el%#ieli c# $ob93ile.
BR Br#%& H ,ar<a "o%e'ial& br#%& a $ob93ii.
6. I%er"re%area ifor,a'iilor ob'i#%e $irec% ;i "ri aali3a $e sesibili%a%e. Aceas%a are $re"% sco"4
(A+. Pro%e<area vei%#l#i e% $i $ob9$& fa'& $e ,o$ificarea ra%ei $ob93ii. Aceas%a i,"lic& o re$#cere a vola%ili%&'ii vei%#l#i
e% $i $ob93i "ri4
a<#s%area ac%ivelor 0 "asivelor sesibileE
#%ili3area #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 $ob93ilor+.
(B+. Bo$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 $ob93i.
Aceas%a se reali3ea3& "ri #%ili3area s"ec#la%iv& a ,o$ific&rilor ra%elor $ob93ilorF ceea ce "res#"#e "ro*o3a #ei ra%e a $ob93ii c9%
,ai a"roa"e $e cea $e "ia'&.
?ac%ori care afec%ea3& vei%#l e% $i $ob93i
$. 3odificarea nivelului ratelor dob<nzilor
Ra%ele $ob93ilor fl#c%#a%e "o% s& #rceF s& coboare sa# s& # afec%e3e vei%#l e% $i $ob93iF = f#c'ie $e s%r#c%#ra
"or%ofoli#l#iF valorii GAP L #l#i. EIis%& %rei si%#a'ii4
(a+. *"P negativ' baca are ,ai ,#l%e "asive sesibile $ec9% ac%ivele sesibile.
a.1.7 $ac& ra%a $ob93ii "e %er,e sc#r% #rc& = i%erval#l $e %i," aali3a%F baca "l&%e;%e ra%e ,ai ri$ica%e "e%r#
%oa%e "asivele sesibile ("asive c# "re'#ri oi+.
(7
7 $ac& ra%a $ob93ii "e %er,e sc#r% cre;%e c# s#,e e*ale = acela;i i%erval $e %i,"F c.el%#ielile c# $ob93ile
cresc ,ai ,#l% $ec9% vei%#rile $i $ob93iF $eoarece li se fiIea3& # "re' o# ,ai ,#l%or "asiveF s"rea$7#l $i%re vei%#l ,e$i# $i
$ob93i a b&cii (la ac%ive sesibile+ ;i cos%#l ,e$i# c# $ob93ile (la "asive sesibile+ sca$e.
K cocl#3ie vei%#l e% $i $ob93i sca$e.
a.!. L c9$ ra%a $ob93ii "e %er,e sc#r% sca$e = ori3o%#l $e %i," aali3a%F ,ai ,#l%e "asive sesibileF "ri,esc
# "re' o# ,ai ,are $ec9% ac%ivele sesibile la ra%a $ob93ilorF s"rea$7#l cre;%e ;i vei%#l e% $i $ob93i cre;%e.
(b+. *"P 4 ul pozitiv' baca are ,ai ,#l%e ac%ive sesibile $ec9% "asive sesibile.
b.1. $ac& ra%a $ob93ii "e %er,e sc#r% cre;%e = i%erval#l $e %i," aali3a%F vei%#l $i $ob93i cre;%e ,ai ,#l%
$ec9% c.el%#ielile c# $ob93ileF $eoarece li se fiIea3& # "re' o# ,ai ,#l%or ac%ive.
(c+. *"P 4 ul nul' baca reali3ea3& # ec.ilibr# =%re ac%ivele ;i "asivele sesibile. Sc.i,b&rile e*ale = ra%a $ob93ii #
,o$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# $ob93ile.
&. 3odificarea mar-ei dob<nzii
Dei%#l e% $i $ob93i $ifer& $e cel "ro*o3a% $ac& s"rea$ L #l $i%re vei%#ri ;i c.el%#ieli varia3&. C9;%i*#rile $i ac%ive "o%
varia = f#c'ie $e cos%#l c# $ob93i $i ca#3a4
#ei $e"las&ri = c#rba c9;%i*#l#i (c9;%i*#ri ee*ale la ivel#l $iferi%elor ra%e ale $ob93ii+E
o cre;%ere sa# o re$#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$ 7#l se =*#s%ea3&.
#. 3odificri ale volumului activelor 0i pasivelor
Orice varia'ie a s%r#c%#rii "or%ofoli#l#i ,o$ific& = ,o$ "o%e'ial vei%#l e% $i $ob93i. As%felF ,aa*erii "o%4
7 s& creasc& ra%a ac%ivelor = ,o$ sesibil "ri fiIarea $e "re' la ,ai ,#l%e =,"r#,#%#ri "e o ba3& $e ra%& fl#c%#a%& sa#
re$#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 $e"o3i% "e %er,e ,ai l#* "e%r# fo$#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 GAP7#l#i se ba3a "e calc#l "erio$ic al i$ica%or#l#i "e ba3a $a%elor $i co%abili%a%eF a%ici"area
evol#'iei ivel#l#i ra%ei $ob93ii "e "ia'& ;i varia'ia cores"#3&%oare a s%r#c%#rii A0P = 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;%e4 ale*erea i%erval#l#i $e %i," "e%r# a"recierea
sesibili%&'ii (A0P+ = f#c'ie $e varia'ia ra%ei $ob93iiE eIac%i%a%ea "ro*o3elor "rivi$ ses#lF a,"li%#$iea ;i ,o,e%#l varia'iei ra%elor
$e $ob93iE fleIibili%a%ea a<#s%&rii A0P 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 s7a "erfec'ioa% for,a ii'ial& "ri !es"i#nea GAP9#rilor !r#(a"eF ca3 = care s7a =cerca% eli,iarea
"roble,elor ,e'ioa%eF iar aali3a risc#l#i $e varia'ie a $ob93ii s7a a"ro"ia% $e aali3a risc#l#i $e lic.i$i%a%e. K aces% ca3F ac%ivele
0"asivele s#% *r#"a%e = f#c'ie $e "erio$ici%a%ea ac%#ali3&rii ivel#l#i ra%ei $ob93ii la fiecare $i ele. Aceas%& s%r#c%#r& es%e =s&
$iferi%& = f#c'ie $e sca$e'eF $eoarece $a%a ac%#ali3&rii ra%ei $ob93ii ;i sca$e'a # coici$.
Ac%ivele ;i "asivele s#% =,"&r'i%e = sesibile ;i isesibile "e%r# fiecare *r#"& $e sca$e'eF iar GAP7#l se calc#lea3& "e%r#
fiecare *r#"&.
K "rici"i# se "o% *es%ioa %oa%e *r#"ele $e sca$e'eF $ar $e fa"% ,a<ori%a%ea b&cilor "refer& s& o"%i,i3e3e c.el%#ielile
coce%r9$#7;i efor%#rile $oar "e #r,&rirea #,ai a #or *r#"e $e sca$e'e.
Ges%i#ea $ia,ic& a GAP7#rilorF es%e o abor$are ,ai o#&F care i,"#e folosirea %e.icii $e calc#l. Pe %er,e sc#r% se face
"ro*o3a $ia,ica ra%elor $e $ob93i ;i "e%r# fiecare i"o%e3& $e evol#'ie se recalc#lea3& Ecar%7#rile *r#"a%e "e # ori3o% $e
"ro*o3& $e c9%eva l#i =ai%e.
Si%e%icF inconvenientele privind utilizarea analizei *"PF s#%'
aali3a 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#ea3& risc#l ra%elor $ob93ilor #%ili39$ ;i ,o$el#l $e $#ra%& a GAP L #l#i (DURATION+. Aces% ,o$el se
coce%rea3& "e vei%#l e% $i $ob9$& sa# valoarea $e "ia'& a ca"i%al#l#i $e'i#% $e ac'ioariF #r,&ri$ sicroi3area %#%#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. Aali3a $e $#ra%& rec#oa;%e fa"%#l c&
risc#l ra%ei $ob93ii a"are ca #r,are a ecorel&rii = %i," a i%r&rilor ;i ie;irilor $e #,erar.
K %i," ce aali3a GAP clasic& ($e $ifere'&+ co,"ara ac%ivele ;i "asivele sesibile "e %er,e sc#r%F aali3a $e $#ra%&
s%abile;%e eIis%e'a #ei le*&%#ri $irec% "ro"or'ioale =%re ,o$ificarea "or%ofoli#l#i (ac%ive ;i "asive+ ;i ,i;c&rile ra%elor $ob93ilor. Orice
socie%a%e bacar& es%e "reoc#"a%& $e eI"#erea ei %o%al& la risc. A%#ci c9$ baca =casea3& #,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#%& = sicroi3area cas. L floJ L #l#i
ac%ivelor ;i "asivelor se reflec%& = $#ra%ele ,e$ii. Aali3a GAP $e $#ra%& "res#"#e s%abilirea ##i obiec%iv 'i%&F c#, ar fi $e eIe,"l#F
valoarea $e "ia'& a ca"i%al#l#i ;i a$,iis%rarea $ifere'ei =%re $#ra%a ,e$ie a ac%ivelor %o%ale ;i $#ra%a ,e$ie a "asivelor %o%ale. Risc#l
ra%ei $ob93ii es%e evi$e'ia% $e e"o%rivirea =%re $#ra%ele ,e$ii ale ac%ivelor ;i cele ale "asivelor. C9$ ra%ele $ob93ilor oscilea3&F
valoarea ac%ivelor ;i "asivelor se ,o$ific& = "ro"or'ii $iferi%eF iar vei%#l vii%or $i $ob93i se sc.i,b& fa'& $e c.el%#ielile vii%oare c#
$ob93ile.
Aali3a GAP $e $#ra%& es%e %o%o$a%& #%ili3a%& ;i "e%r# "revi3ioarea cre;%erii ra%ei $ob93ilorF = co$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 GAP7#l#i $e $#ra%& es%e #r,&%oarea4
D H
SA
"i BNA
F = care4 $0.0'%
D H $#ra%io (GAP L #l $e $#ra%& a ac%ivelor ;i "asivelor+E
?NA H fl#I #,erar #%ili3a%E
%i H #i%a%ea $e %i," la care are loc aces% fl#I $e #,erar #%ili3a%E
SA H s#,a a*a<a%& $e bac& "e%r# "ro$#s.
(8
'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
/. 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 $ob93ii =l re"re3i%& $eci3ia $e a =,"r#,#%a sa# $e a cre$i%aF la ra%e
fiIe sa# variabile ale $ob93ii.
Deci3ia $e a o"%a "e%r# # a#,i% %i" $e ra%& a $ob93ii (fiI& sa# flo%a%&+ es%e ba3a%& "e "ro*o3ele "rivi$ %e$i'a $e
evol#'ie a ra%ei $ob93ii.
Dac& ra%ele $ob93ii a# o %e$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 5R+F iar cele variabile se eI"ri,& "ri a$&#*area #or "#c%e (1 "#c% H
188
1
$i%r7# "roce%+ la ra%ele $ob93ii i%erbacare ($e eIe,"l#F 2 LOBBARD V 58 "#c%e+.
0.8.C SOa(s ale ra"ei )ob<n1ii $In"eres" ra"e sOa(s%
UeoriF cei care =,"r#,#%& la o ra%& fiI& a $ob93ii ar $ori o ra%& flo%a%& "e%r# acela;i =,"r#,#% (sa# viceversa+. Ei =;i "o%
*&si # "ar%eer care s& $oreasc& s& sc.i,be %i"#l $e ra%& a $ob93ii4 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 $ob93ii. Aces%e %ra3ac'ii "oar%& #,ele $e interes rate s?aps (sJa"s ale ra%ei
$ob93ii+.
O as%fel $e %ra3ac'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 %ra3ac'ii se "oa%e faceF "o%rivi% #r,&%or#l#i eIe,"l#4
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 V 58 "#c%eF fie la o ra%&
fiI& $e 5F>5R.
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 >F>RF fie la o ra%& flo%a%&
LIBOR V /8 "#c%e.
Difere'a $i%re ra%e es%e $e 185 "#c%e Y(5F>57>F>8+

188Z F iar $ifere'a $i%re ra%ele variabile $e !8 "#c%e (587/8+.

Aces%e $ifere'e fac "osibil& reali3area %ra3ac'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 V 58 "#c%eF $ar es%e $e acor$ s& "l&%easc& #ei b&ci i%er,e$iare o ra%&
fiI& $e 5F85RF "ri,i$ = sc.i,b o ra%& LIBOR V 15 "#c%e. Ea se afl& = #r,&%oarea si%#a'ie4

7Tabel 2.!>7
Dob9$a "l&%i%& Dob9$a "ri,i%& Pla%a efec%iv&
Da%oria ii'ial&4
LIBOR V 8F5R
SJa"4 5F85R
SJa"4
LIBOR V 8F15R
8F/5R
5F85R
Efec%#l %o%al es%e o ra%& fiI& $e 5F28R "e%r# co,"aia AF c# 8F/5R ,ai b#& $ec9% ii'ial.
!ompania 8 ale*e o ra%& fiI& $e >F>RF $ar es%e $e acor$ s& "l&%easc& b&cii i%er,e$iare LIBOR V 8F!8R ;i "ri,e;%e =
sc.i,b o ra%& $e >F65R. Ea se afl& = #r,&%oarea si%#a'ie4

7Tabel 2.!57
Dob9$a "l&%i%& Dob9$a "ri,i%& Pla%a efec%iv&
Da%oria ii'ial&4
>F>R
SJa"4
LIBOR V !F!8R
SJa"4
>F65R 8F!5R
LIBOR V 8F!8R
Efec%#l %o%al es%e o ra%& LIBOR L 8F85RF c# 8F/5R ,ai b#& $ec9% ii'ial.
8anca intermediar are #r,&%oarele fl#I#ri $e $ob9$&4
7Tabel 2./!7
Dob9$a "l&%i%& Dob9$a "ri,i%& Pla%a efec%iv&
((
Co,"aia A4
LIBOR V 8F15R
Co,"aia B4
>F65R
Co,"aia B4
LIBOR V 8F!8R
Co,"aia A4
5F85R
8F85R
8F18R
DeciF baca i%er,e$iar& "ri,e;%e 8F15R.
Co%rac%ele $e %i" SJa" s#% carac%eri3a%e "ri fa"%#l c&4
,ar<ele $e "rofi% s#% foar%e ,iciF a%9% "e%r# fir,ele i,"lica%e c9% ;i "e%r# baca i%er,e$iar&. De aceeaF s#% #%ili3a%e #,ai
= %ra3ac'iile c# s#,e foar%e ,ariE
# s#% %rasfera%e valorile cre$i%elorF ci #,ai %i"#l ra%elor $ob93ilor (fiI&F flo%a%&+E
s#,ele ii'iale ale cre$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 ;i ecar%#l =%re ra%ele fiIeE
K %ra3ac'iile $e %i" sJa"F ra%a $ob93ii es%e i$e"e$e%& $e ,asa
cre$i%#l#i. Tra3ac'iile $e aces% %i" "er,i% co,"aiilor care # a# acces la "ie'ele fiaciare s& sc.i,be %i"#l $e ra%& a $ob93ii "e%r#
# cre$i% "ri,i%.
Ter,e#l $e ra%& flo%a%& a $ob93ii es%e #;or =;el&%orF $eoarece = ,o$ #3#al es%e e*al c# o ra%& a $ob93ii c#, ar fiF $e
eIe,"l#F ra%a LOBBARD "e%r# / l#i. Aces% l#cr# =sea,& c& ra%a LOBBARD covei%& va fi = vi*oare %rei l#iF $#"& care se "oa%e
s%abili o al%& ra%&. De aici re3#l%& fa"%#l c& %ra3ac'iile sJa" se =c.eie la sf9r;i%#l #ei "erioa$e "e%r# care a fos% s%abili%& o ra%& flo%a%&
a $ob93iiF $#"& #r,&%oarea for,#l&4
TsO H Ra%a fiI& sa# ra%a flo%a%& "e%r# "erioa$a s%abili%& sEap tip ei tran'acti u$a
365
,eri!aa
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 $ob93ii "e%r# o %ra3ac'ie = vii%orF c#,"&r&%or#l (clie%#l+ ;i v93&%or#l (baca+ =c.eie
# co%rac% "e%r# o "erioa$& $e%er,ia%& ;i "e%r# o a#,i%& s#,&F evi$e'ii$ o ra%& fiI& a $ob93ii.
Pe%r# a ='ele*e aces% %i" $e co%rac% s& cosi$er&, #r,&%or#l eIe,"l#4
O co,"aie ;%ie c&F "es%e %rei l#i =ce"9$ $e a3iF va %reb#i s& =,"r#,#%e /88 ,iliar$e U.B. "e%r# ;ase l#i. Co,"aia va
c#,"&ra $e la bac& # co%rac% la %er,e "rivi$ ra%a $ob93ii (?RA 7 forJar$ ra%e a*re,e%+ $e %i" /76F la o $ob9$& $e !5R.
Cifra ]/O se,ific& fa"%#l c& aces% %i" $e co%rac% i%r& = vi*oare "es%e %rei l#iF iar cifra ]6O se,ific& fa"%#l c& $#ra%a
co%rac%#l#i es%e $e o#& l#i (/V1 l#i+.
La $a%a i%r&rii = vi*oare a co%rac%#l#i ("es%e / l#i+F co,"aia va =,"r#,#%a /88 ,iliar$e U.B. "e%r# 1 l#i "e "ia'a liber&.
Dac& ra%a $ob93ii "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 $i%re ra%a LOBBARD ;i ra%a co%rac%#l#iF "o$era%& c# "erioa$a ;i c# valoarea =,"r#,#%#l#i (ra%a $ifere'ial&+.
Ra%a $ifere'ial& se calc#lea3& $#"& #r,&%oarea for,#l&4
RDH
365
,
piai pe !b&n'ii Rata 1
su$a
365
,
uiF c!ntractul Rata (GO2B:R4) piat pe !b&n'ii HRata
+

$ 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 $ob93ii $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& $e 58 ,iliar$e U.B.F la o ra%& a $ob93ii LOBBARD V !8 "#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& = %ra3ac'ie $e %i" sJa"F #$e va "ri,i o ra%& a
$ob93ii $e %i" LOBBARD ;i va "l&%i o ra%& fiI& $e 1!F!R. Se cere4
Care vor fi "l&'ile efec%#a%e la sf9r;i%#l "erioa$ei (1 i#lie+Q
Dac& ra%a LOBBARD "e 1 i#lie a fos% fiIa%& la 1!F/RF care vor fi "l&'ile la sf9r;i%#l #r,&%oarei "erioa$e (1 oc%o,brie+Q Ce cocl#3ii
%ra*e'iQ
Re1olvare2
a+ Co,"aia are $e f&c#% $o#& "l&'i4
C&%re "ri,#l cre$i%or4
8F1!! iliar)e 58
/15
61
H 1F5!1 ,iliar$e U.B.
Pe%r# %ra3ac'ia sJa"4
(8F1!! L 8F1!8+ iliar)e 58
/15
61
H 8F8/5 ,iliar$e U.B.
TOTAL4 1F5!1 V 8F8!5 H 1F521 ,iliar$e
b+ Pl&'ile se vor face as%fel4
C&%re bac&4
8F1!/ iliar)e 58
/15
6!
H 1F5>5 ,iliar$e U.B.
1))
Pe%r# %ra3ac'ia sJa"4
(8F1!! L 8F1!/+ iliar)e 58
/15
6!
H 8F81/ ,iliar$e U.B.
TOTAL4 1F5>5 L 8F81/ H 1F51! ,iliar$e U.B.
Se ob'ie aceea;i s#,& ca la "#c%#l (a+F $eoarece aici P H 6! 3ile.
(1F51!
(2
(1
H 1F525 ,iliar$e U.B.+
Efec%#l %ra3ac'iei sJa" es%e $e a acor$a Co,"aiei o ra%& a $ob93ii fiI& $e 1!F2R.
Problea '2 Pe $a%a $e 15 i#ie a#l N o co,"aie =c.eie # co%rac% $e %i" ?RA /71F "ri care $ore;%e s& =,"r#,#%e
"es%e %rei l#i 188 ,ilioae lei "e%r# o "erioa$& $e %rei l#iF la o ra%& a co%rac%#l#i $e !5R.
Pe 15 a#*#s%F ra%a $ob93ii "e "ia'& (LOBBARD "e %rei l#i+ a fos% $e !5F/R.
S& se calc#le3e valoarea ra%ei $ob93ii $ifere'ia%& care %reb#ie "l&%i%&F ar&%9$ cie va %reb#i s& fac& "la%a.
Re1olvare2
Da%a i%r&rii = vi*oare a co%rac%#l#i4 15 a#*#s%.
Ra%a co%rac%#l#i4 !5R.
Ra%a LOBBARD4 !5./R.
Perioa$a4 6! 3ile
RD H
365
(2
)3253 1
1)$il
365
(2
)325) ()3253
+

H>F185 ,ilioae
Aceas%& s#,& va fi "l&%i%& $e bac& "e 15 a#*#s% "e%r# a co,"esa cre;%erea $e ra%& a $ob93ii fa'& $e cea co%rac%a%&.
Problea .' Pres#"#e, c& socie%a%ea bacar& ]?la,i*oO "re3i%& "e%r# "erioa$a N17N/ #r,&%oarea si%#a'ie4

7Tabel 2./87
Nr.
cr%
I$ica%ori /1.@II..N1 /1.@II.N! /1.@II.N/
1.
!.
/.
2.
Dei%#ri $i $ob93i
C.el%#ieli c# "la%a
$ob93ilor
Ac%ive fr#c%ificabile
Res#rse =,"r#,#%a%e
258.888

!68.888
1./88.888
1.158.888
5>8.888
!>8.888
1.158.888
1./88.888
565.888
/15.588
!.5/8.888
!./28.888
Se cere s& se calc#le3e4
a+ ,ar<a absol#%& a $ob93iiE
b+ ,ar<a "roce%#al& br#%e a $ob93ii.
Re1olvare2
a+ Bar<a absol#%& H S#,a vei%#rilor $i $ob93i L S#,a c.el%#ielilor $i $ob93i
K a#l N14 BA H 258.888 L !68.888 H 118.888
K a#l N!4 BA H 5>8.888 L !>8.888 H /88.888
K a#l N/4 BA H 565.888 L /15.888 H !15.588
b+ Bar<a "roce%#al& br#%& a $ob93ii4 1))
investite :ctive
abs!luta 2arAa

K a#l N14
Bar<a "roce%#al& br#%& H 1))
1/3))/)))
16)/)))
H 1!F/1R
K a#l N!4
Bar<a "roce%#al& br#%& H 1))
1/65)/)))
3))/)))
H 15F16R
K a#l N/4
Bar<a "roce%#al& br#%& H 1))
2/53)/)))
226/5))
H 5F65R
Problea 02 O socie%a%e bacar& "re3i%& #r,&%oarea si%#a'ie bila'ier& la $a%a $e /1 ,ar%ie a#l ]NO4
7,ii U.B.7
Ac"ive Pasive
N#,erar
Cre$i%e
Plasa,e%e "e "ia'a
i%erbacar&
Ti%l#ri $e s%a%
Re3erva ,ii,& obli*a%orie
188
1!.888
/./88
5.188
1.888
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.!88
!8.888
/.>88
/88
2.588
1)1
TOTAL ACTIE .J.JJJ TOTALPASIEE .J.JJJ
Si%#a'ia ra%elor $ob93ii la /1 ,ar%ie a#l ]NOF "e *r#"e $e ac%ive ;i "asiveF es%e #r,&%oarea4
7 ac%ive sesibile la varia'ia ra%ei $ob93ii (cre$i%e+
_____________.. 55R
7 ac%ive c# $ob9$& fiI& ("lasa,e%e "e "ia'a i%erbacar&F %i%l#ri
$e s%a%F re3erva ,ii,& obli*a%orie+________...
15R
7 "asive sesibile la varia'ia ra%ei $ob93ii ($is"oibil ;i $e"#eri
la ve$ere ;i la %er,e+_____________..
58R
7 "asive c# $ob9$& fiI& (cer%ifica%e $e $e"o3i%F =,"r#,#%#ri $e
la al%e b&ci+_... 18R
A"lica'i aali3a GAPF calc#l9$4 Ga" L #lF vei%#l e% $i $ob93i ;i ,ar<a "roce%#al& br#%& a $ob93ii = co$i'iile = care4
a+ $ob9$a ,e$ie la cre$i%e se ,a<orea3& c# 5RF iar la $e"o3i%e r&,9e esc.i,ba%&E
b+ $ob9$a ,e$ie la $e"o3i%e se re$#ce c# /RF 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 5.188 la # vol#, $e 15.888 ,l$. U.B.F re$#c9$#7se
"o$erea cre$i%elorE
$+ se re$#ce "o$erea $e"o3i%elor = %o%al "asive $e la !8.888 ,iliar$e la 11.888 ,iliar$eF cresc9$ coco,i%e% "o$erea
cer%ifica%elor $e $e"o3i%.
Re1olvare2
a+ Aali3a GAP la /1 ,ar%ie ]NO L ii'ial&4
7Tabel 2./17
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 $ob93i
188 7 Pasive
e"#r%&%oare
$e $ob93i
2.588 7
!.Ac% 1!.888 55 Pasive !1.!88 58
1)2
ive
ses
ibile
(cre$
i%e+
sesibile
($is"oibil+
/. Ac%ive c#
$ob9$& fiI&4
7"lasa,e%e
i%erbacare
7 %i%l#ri $e s%a%
7 re3erva
,ii,&
1>.288 15
Pasive c#
$ob9$& fiI&4
7 cer%ifica%
$e"#eri
7 =,"r#,#%#ri
$e la al%e
b&ci
2.888 18
TOTAL .J.JJJ
@
TOTAL .J.JJJ
@
GAP H ASD L PSD H 1!.888 L !1.!88 H 76.!88 ,iliar$e
DND H D$ L C$ H Y(1!.888

55R V 1>.288

15R+Z L Y(!1.!88

58R+V(2.888

18R+Z H 2.618 ,iliar$e lei

BBR H
te "ructi"ica :ctive
.-4
H 1))
2(/4))
4/(1)
H 11F>R.
Aali3a GAP = co$i'iile ,a<or&rii c# 5R a $ob93ii la cre$i%eF $ob9$a la $e"o3i%e r&,99$ esc.i,ba%&4
7Tabel 2./!7
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 $ob93i
188 7 1.Pasive
e"#r%&%oare
$e $ob93i
2.588 7
!.Ac%ive
sesibile la
varia'ia ra%ei
$ob93ii
1!.888 18 !.Pasive
sesibile la
varia'ia ra%ei
$ob93ii
!1.!88 58
/. Ac%ive c#
$ob9$&
fiI&4
1>.288 15 /.Pasive c#
$ob9$& fiI&4
2.888 18
TOTAL .J.JJJ
@
TOTAL .J.JJJ
@
GAP H ASD L PSD H 1!.888 L !1.!88 H 76.!88 ,iliar$e lei
DND H D$ L C$ H Y(1!.888

18R+V(1>.288

15R+Z L Y(!1.!88

58R+ V (2.888

18R+Z H 5.518 ,iliar$e lei

BRBr#%e H
te "ructi"ica :ctive
.-4

188 H 1))
2(/4))
5/51)
H 15F>2R
1)3
b+ Aali3a GAP = co$i'iile re$#cerii $ob93ii la $e"o3i%e ("asive sesibile la varia'ia ra%ei $ob93ii+ c# /RF $ob9$a la
cre$i%e (ac%ive sesibile la varia'ia ra%ei $ob93ii+ r&,99$ esc.i,ba%&4
7Tabel 2.//7
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 $ob93i
188 7 1.Pasive
e"#r%&%oare $e
$ob93i
2.588 7
!. Ac%ive
sesibile la
varia'ia ra%ei
$ob93ii L
7 cre$i%e
1!.888
1!.888
55
!.Pasive
sesibile la
varia'ia ra%ei
$ob93ii4
7 $is"oibilF
$e"o3i%e la
ve$ere
7 $e"o3i%e la
%er,e
!1.!88

1.!88
!8.888

2>
/. Ac%ive c#
$ob9$& fiI&4
7"lasa,e%e
i%erbacare
7 %i%l#ri $e s%a%
7re3erva
,ii,&
1>.288
/./88
5.188
1.888
15
/.Pasive c#
$ob9$& fiI&4
7 cer%ifica%
$e"#eri
7 =,"r#,#%#ri
$e la al%e b&ci
2.888
/.>88
/88
18
TOTAL .J.JJJ TOTAL .J.JJJ
GAP H ASD L PSD H 1!.888 L !1.!88 H 76.!88 ,iliar$e lei
DND H D$ L C$ H (1!.888

55R+V(1>.288

15R+ L (!1.!88

2>R+ 7 (2.888

18R+ H 5.521 ,iliar$e lei

BRBr#%e H
te "ructi"ica :ctive
.-4

188 H 1))
2(/4))
5/546
H 15F51R
c+ Aali3a GAP = co$i'iile cre;%erii "o$erii %i%l#rilor $e s%a% = %o%al ac%ive ($e la 5.188 ,l$. U.B.+ la # vol#, $e 15.888 ,l$
U.B. ;i re$#cerii coco,i%e%e a "o$erii cre$i%elor = %o%al ac%ive ($e la 1!.888 ,l$. lei la 5.188 ,l$. U.B.+4

7 Tabel 2./27
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 $ob93i
188 7 1.Pasive
e"#r%&%oare
$e $ob93i
2.588 7
!.Ac%ive
sesibile la
varia'ia ra%ei
$ob93ii4
7 cre$i%e
5.188
5.188
55
!.Pasive
sesibile la
varia'ia ra%ei
$ob93ii4
7 $is"oibilF
$e"o3i%e la
ve$ere
7 $e"o3i%e la
%er,e
!1.!88

1.!88
!8.888

58
/. Ac%ive c#
$ob9$&
fiI&4
7"lasa,e%e
i%erbacare
7 %i%l#ri $e
s%a%
7 re3erva

!2./88

/./88

15.888

1.888
15
/.Pasive c#
$ob9$& fiI&4
7cer%ifica%
$e"#eri
7=,"r#,#%#ri
$e la al%e
b&ci
2.888
/.>88
/88
18
1)4
,ii,&
TOTAL .J.JJJ L TOTAL .J.JJJ L
GAP H ASD L PSD H 5.188 L !1.!88 H 711.188 ,iliar$e lei
DND H D$ L C$ H (5.188

55R+V(!2./88

15R+ L (!1.!88

58R+ 7 (2.888

18R+ H 5.188 ,iliar$e lei

BRBr#%e H
te "ructi"ica :ctive
.-4

188 H 1))
2(/4))
5/6))
H 16F85R
$+ Aali3a GAP = co$i'iile re$#cerii "o$erii $e"o3i%elor = %o%al "asive ($e la !8.888 ,iliar$e U.B la 11.888 ,iliar$e U.B.+ ;i
s"oririi coco,i%e%e a "o$erii cer%ifica%elor $e $e"o3i% ($e la /.>88 ,iliar$e U.B. la >.>88 ,iliar$e U.B.+4


7Tabel 2./57
"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 $ob93i
188 7 1.Pasive
e"#r%&%oare $e
$ob93i
2.588 7
!. Ac%ive
sesibile la
varia'ia ra%ei
$ob93ii4
7 cre$i%e
1.!88
1.!88
55
!.Pasive
sesibile la
varia'ia ra%ei
$ob93ii4
7 $is"oibilF
$e"o3i%e la
ve$ere
7 $e"o3i%e la
%er,e
1>.!88

1.!88
11.888

58
/. Ac%ive c#
$ob9$& fiI&4
7"lasa,e%e
i%erbacare
7 %i%l#ri $e s%a%
7 re3erva
,ii,&

1>.288
/./88
5.188
1.888
15
/.Pasive c#
$ob9$& fiI&4
7 cer%ifica%
$e"#eri
7 =,"r#,#%#ri $e
la al%e b&ci
5.888
>.>88
/88
18
TOTAL .J.JJJ @ TOTAL .J.JJJ @
GAP H ASD L PSD H 1!.888 L 1>.!88 H 75.!88 ,iliar$e lei
DND H D$ L C$ H (1!.888

55R+V(1>.288

15R+ L (1>.!88

58R+ 7 (5.888

18R+ H 2.518 ,iliar$e lei

BRBr#%e H
te "ructi"ica :ctive
.-4

188 H 1))
2(/4))
4/51)
H 15F/2R
I ve$erea ale*erii varia%ei o"%i,e vo, "re3e%a = "realabil si%e3a re3#l%a%elor ob'i#%e = cele "a%r# si%#a'ii4
7Tabel 2./17
Si"#a*ii
GAP
,l$. U.B.
DND
,l$. U.B.
BR Br#%&
R
/1 ,ar%ie a#l N 76.!88 2.618 28F68
a+ Ba<orarea c# 5R a $ob93ii la cre$i%e 76.!88 5.518 25F68
b+ Re$#cerea c# /R a $ob93ii la $e"o3i%e 76.!88 5.521 21F!8
c+ Cre;%erea "o$erii %i%l#rilor $e s%a% ;i
re$#cerea coco,i%e%& a "o$erii
cre$i%elor/>F18
711.188 5.188 186F58
1)5
$+ Re$#cerea "o$erii $e"o3i%elor ;i
cre;%erea coco,i%e%& a "o$erii
cer%ifica%elor $e $e"o3i%e
75.!88 2.518 />F18
D#"& c#, re3#l%& $i %abel#l $e ,ai s#s varia%a o"%i,& $i "#c% $e ve$ere a DND ;i a BBR es%e cea care "res#"#e
sc.i,b&ri = s%r#c%#ra ac%ivelor (cre;%erea "o$erii %i%l#rilor $e s%a% ;i re$#cerea coco,i%e%& a cre$i%elor+ = co$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 $ob93ii la
aces%ea es%e c# 18 "#c%e "roce%#ale "es%e cea $e la cre$i%e.
BBR s"ore;%e $e BND H
1))
p
R
i
R

ori fa'& $e si%#a'ia $e la /1 ,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% $e4 risc#l $e sis%e,F fra#$aF risc#l s%ra%e*ic ;i risc#l le*isla%iv.
0.C.1. Risc#l )e sis"e
U#l $i%re risc#rile o"era'ioale i,"or%a%e =l re"re3i%& 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 1661 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&3#% $a%ori%& s#"ra=c&rc&rii. Ca re3#l%a%F ,#l%e "l&'i "ri i%er,e$i#l b&cilor # a# fos% efec%#a%eF icl#siv "l&'i salariale. K
coseci'&F %#%#ror clie'ilor care # ;i7a# "ri,i% la %i," fo$#rile li s7a# 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 2./>+F c9%eva ca%e*orii $e risc $e sis%e,F "rec#, ;i ,o$#l c#, "o% fi a$,iis%ra%e aces%e risc#ri4
7Tabel 2./>7
Ti"#l risc#l#i Bo$ $e *es%ioare
7 Defec%area ##i co,"#%er ;i "ier$erea
ifor,a'iilor $i ,e,oria aces%#ia.
7 Is%i%#irea #or "roce$#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
7 I,"osibili%a%ea $e a folosi # co,"#%er
care s7a $efec%a%.
7 Calc#la%oarele foar%e i,"or%a%e
%reb#ie s& aib& o re3erv& ce "oa%e fi
folosi%& = as%fel $e ca3#ri.
7 K%rer#"erea %esi#ii. 7 Ali,e%are $#bl& "ri ba%erii $e
ac#,#la%ori "e%r# sis%e,ele elec%roice
i,"or%a%e.
7 De3as%re a%#raleF c#, ar fi ice$iile
sa# i#$a'iile.
7 Desf&;#rarea o"era'i#ilor = al%e
loca'iiF cofor, "roce$#rilor s%abili%e
"e%r# as%fel $e ici$e%e.
7 De"&;irea co,"e%e'elor $e c&%re #ii
salaria'i.
7 S%abilirea co,"e%e'elor "e%r#
"ersoal ;i co%roale eficie%e.
C# %oa%e c& risc#l o"era'ioal # "oa%e fi eli,ia% = %o%ali%a%eF ,area ,a<ori%a%e a si%#a'iilor = care a"are aces% risc "o% fi
"rev&3#%e ;i "o% fi *es%ioa%e "ri "roce$#ri a$ecva%e.
0.C.'. Risc#l )e fra#)&
?ra#$a re"re3i%& # risc o"era'ioal s"ecificF "rovoca% fie $e "ersoal#l b&ciiF fie $e "ersoae $i afara b&ciiF care #
"oa%e fi eli,ia% = %o%ali%a%e.
Di%re for,ele cele ,ai frecve%e $e eIec#%are a fra#$ei bacare ,e'io&,4
fra#$& i%er&E
fra#$& "ri co,"#%er.
?ra#$a i%er& es%e ca#3a%& $e "ersoal#l b&cii (= ,#l%e ca#3e a# ca ba3a sol#'ioarea #or "roble,e "ersoale+. C.iar
ca$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$i'ii4 reali3ea3& c&
"roble,ele lor fiaciare # "o% fi sol#'ioa%e "e c&i or,aleE a# =cre$ere ca "ri *ra$#l ri$ica% $e c#oa;%ere a "rac%icilor ;i
"roce$eelor i%ereF "rec#, ;i "ri ab#3#l $e =cre$ere $e care se b#c#r& "o% s&7;i re3olve "roble,ele "ersoale "resa%eE "o% s&7;i
<#s%ifice co,"or%a,e%#l cosi$er9$#7se # ca "ersoae $e =cre$ereF ci ca #%ili3a%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%r7# %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 aIe3e "e #r,&%oarele re"ere4 sis%e,ele $e calc#l cele ,ai
"erfor,a%e s#% ;i cele ,ai "eric#loaseE s& # se eIa*ere3e c# c.el%#ieli eIcesive "e%r# "ro*o3e $e sec#ri%a%e $e re'ea sc#,"eE
aali3a "erio$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 ;i obiec%iveE risc#rile $e violare a sis%e,#l#i $e sec#ri%a%e =
re'elele $e calc#la%oare a# $o#& carac%eris%ici4 "robabili%a%ea ;i "ier$erea "o%e'ial&E rela'ia =%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&+.
1)6
K Barea Bri%aie s7a es%i,a% c& 11R $i fra#$e s#% co,ise $e "ersoal#l fir,ei. Ca#3ele # s#% =%o%$ea#a $e a%#r&
fiaciar&. EIis%& ca3#ri c9$ 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 $e la =ce"#% ;i #$e
# s#% l#a%e ,&s#rile ecesare "e%r# a fi "revei%e.
Di%re aces%e ,&s#ri s#% $e "reci3a%4
K,"&r'irea a$ecva%& a res"osabili%&'ilorF as%fel =c9% fiecare a*a<a% s& fie r&s"#3&%or #,ai $e #a $i #r,&%oarele ac%ivi%&'i4
=c.eierea #ei %ra3ac'iiE
efec%#area #ei "l&'iE
=re*is%rarea %ra3ac'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 ;i a sis%e,elor $e sec#ri%a%e ;i i$e%ificarea "#c%elor slabe care ar "#%ea re"re3e%a # risc
$e fra#$&.
Co,#icarea ;i ifor,area clar& a "roce$#rilor ce %reb#ie a"lica%e = a#,i%e si%#a'ii. Persoal#l %reb#ie s& c#oasc& foar%e eIac%
*ra$#l $e co,"e%e'& ;i risc#l "e care ;i7l as#,&.
0.C... Risc#l s"ra"e!ic
As"ec%ele s%ra%e*ice = ,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 $e3vol%& o s%ra%e*ie ia$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 $e s"eciali%a%eF ceea ce va avea # efec% e*a%iv as#"ra cos%#l#i c# care
baca va a%ra*e ca"i%al#l = vii%or.
Revi3#irea "erio$ic& a s%ra%e*iilorF 'i9$ co% ;i $e re3#l%a%ele ob'i#%eF va "er,i%e a$o"%area s%ra%e*iilor ori $e c9%e ori es%e
ecesar.
0.C.0. Risc#l le!isla"iv
EIis%& $o#& %i"#ri $e risc#ri care se =ca$rea3& = aceas%& ca%e*orieF "e%r# $o,ei#l bacar4
risc#l $e sc.i,bare a le*isla'ieiE
risc#l $e e=ca$rare = re*le,e%&rile = vi*oare.
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% !888 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 $eclaraser& ile*al ;i b&ci+.
K aces%e ca3#riF socie%&'ile bacare %reb#ie s&7;i ,o$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#% "recoi3a%e "e%r# i$#s%ria bacar& ;i s& fie
co;%ie%e $e i,"ac%#l "e care o#a le*isla'ie =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"re3i%& =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 ;i # i$ivi$#al la ivel#l #ei b&ci.
0.C.0.'. Risc#l )e ne?nca)rare ?n re!leen"&rile ?n vi!oare
Da%ori%& i,"ac%#l#i "e care =l are =%rea*a ecoo,ieF i$#s%ria bacar& es%e foar%e s%ric% re*le,e%a%& ;i s#"rave*.ea%& "ri
le*i sa# or,e ;i or$oa'e ale b&cii ce%rale.
Cos%#l eres"ec%&rii re*le,e%&rilor = vi*oare es%e foar%e ,areF "#%9$ $#ce "9& la re%ra*erea a#%ori3a'iei $e f#c'ioare
($e eIe,"l#F = #l%i,ii ai Baca Na'ioal& a Ro,9iei a re%ras a#%ori3a'ia $e f#c'ioare #or b&ci "e%r# eres"ec%area
re*le,e%&rilor aces%eiaF c#, a fos% ca3#l B&cii AlbiaF B&cii I%era'ioale a Reli*iilorF Baca Col#,aF Cre$i% Ba)F Baca T#rco7
Ro,9& e%c.+.
De aceeaF = aces% $o,ei#F cali%a%ea ;i ac#ra%e'ea ifor,a'iei "#s& la $is"o3i'ia co$#cerii b&cii es%e cr#cial&. K aces%
sesF b&cile ;i7a# crea% $e"ar%a,e%e s"eciali3a%eF care a# sco"#l $e a ve*.ea la =$e"liirea ;i res"ec%area s%ric%& a or,elor ;i
re*le,e%&rilor = 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 $a%e
r&s"#s#rile s#b for,a sol#'iilor ,o$el4
Ce re"re3i%& "ier$erea asocia%& risc#l#i $e cre$i%are ;i c#, "oa%e fi calc#la%&Q
Ce se ='ele*e "ri%r7o o"'i#e $e %i" call ;i care s#% i,"lica'iile ei (riscF "rofi%+F a%9% = ca3#l e,i%e%#l#iF c9% ;i = ca3#l
beeficiar#l#iQ
Ce $ifere'& es%e =%re o %ra3ac'ie sJa" (i%eres ra%e sJa"+ ;i # co%rac% la %er,e "rivi$ ra%a $ob93ii (forJar$ ra%e +Q
Ce ac'i#i %reb#ie =%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"re3i%& cos%#l "e care baca l7ar s#"or%a = ca3#l erec#"er&rii cre$i%elor
acor$a%e.
Pier$erea se calc#lea3& "o$er9$ $ifere'a $i%re valoarea cre$i%#l#i ;i valoarea $i,i#a%& a *ara'iei c# "robabili%a%ea ca
=,"r#,#%#l s& # fie ra,b#rsa%.
!. O o"'i#e $e %i" call es%e # co%rac% care $& $re"%#l beeficiar#l#i (# ;i obli*a'ia+ $e a c#,"&ra o a#,i%& ca%i%a%e $i%r7
o val#%&F la # "re' fiIa% a%erior ("re'#l eIerci'i#l#i+F la o $a%& sa# =%r7# 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 =;i "oa%e
eIerci%a $re"%#l $e a c#,"&ra o a#,i%& ca%i%a%e $i%r7o val#%& la "re'#l fiIa% a%erior ("re'#l eIerci'i#l#i+F care es%e ,ai ,ic $ec9% cel al
1)7
"ie'ei = ,o,e%#l res"ec%ivF ob'i9$ 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 ;i es%e e*al c# "ri,a "e care a "l&%i%7o beeficiar#l la =c.eierea co%rac%#l#i (se vor s%abili $ia*ra,ele $e "rofi% "e%r#
o"'i#ea $e %i" call+.
/. Tra3ac'iile $e %i" sJa" (i%eres ra%e sJa"+F re"re3i%& 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 $ob93ii "e care =l "l&%esc cofor, #or co%rac%e $e =,"r#,#% ($ob9$& fiI& 0 $ob9$& flo%a%&+.
Aces%e %ra3ac'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 $ob93iiF re"re3i%& # ,o$ $e a s%abili # cos% c# $ob9$a "e%r# o a#,i%& s#,&F =%r7o
"erioa$& vii%oareF f&r& a eIis%a co$i'ia ##i co%rac% $e cre$i% ii'ial sa# vii%or.
2. Pe%r# a li,i%a risc#l $e fra#$& se "o% l#a #r,&%oarele ,&s#ri4
K,"&r'irea a$ecva%& a res"osabili%&'ilorF as%fel =c9% fiecare a*a<a% s& fie r&s"#3&%or #,ai $e #a $i #r,&%oarele ac%ivi%&'i4
=c.eierea #ei %ra3ac'iiE
efec%#area #ei "l&'iE
=re*is%rarea %ra3ac'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 ;i a sis%e,elor $e sec#ri%a%e ;i i$e%ificarea "#c%elor slabe care ar "#%ea re"re3e%a # risc $e
fra#$&.
Co,#icarea ;i ifor,area clar& a "roce$#rilor ce %reb#ie a"lica%e = 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 ;i7l as#,&.
0.D Risc#l )e banc&
Risc#l $e bac& re"re3i%& eI"#erea #ei b&ci la4
risc#l $e cre$i% (a%#ci c9$ acor$& cre$i%e+E
i,"osibili%a%ea rec#"er&rii #or $e"o3i%e "lasa%e ;i a $ob93ilor afere%eE
"osibili%a%ea =c.i$erii br#;%e a #ei b&ci cores"o$e%eE
"osibili%a%ea f#3io&rii #or b&ci cores"o$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
%re3orerie (?ORE@F ?UTURESF S-APSF BONDSF OPTIONSF E\UITIES+. Na%#ra eI"#erii $e aces% %i" varia3& $e la o ac%ivi%a%e la al%aF
sa# = ca$r#l $iferi%elor e%a"e ale aceea;i %ra3ac'ii. De eIe,"l#F = ca3#l "lasa,e%elor la b&ci s%r&ieF eI"#erea es%e fa'& $e
=%rea*a s#,& a %ra3ac'ieiF "l#s $ob9$a. K ca3#l %ra3ac'iilor la %er,e = val#%eF eI"#erea a"are la $ifere'a $e "re' $i%re cel
e*ocia% ;i cel c#re%F re3#l%9$ 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%r7o "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#l4
loc#l b&cii = ca$r# '&rii ;i = l#,eE
ca"i%al#l b&ciiE
,&ri,ea b&ciiE
,&ri,ea fo$#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 ;i fac%orii care se ia# = calc#l#l risc#l#i $e bac&F care "o% fi4
S"ecifici sis%e,#l#i bacar4
si%#a'ia "re3e%& 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%eere4
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 aali3a%e c# o bac& "ar%eer&E
i%eres#l fa'& $e baca "ar%eer&E
risc#l ;i ava%a<#l rela'iei res"ec%ive "e ba3a %ra3ac'iei a%erioareE
re*le,e%&ri i%ereE
c#, ;i cie a a*a<a% cre$i%#lE
s%r#c%#ra ac%ivelorE
"o3i'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 %ra3ac'iilor.
1)8
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#lea3& "e #r,&%oarele ca%e*orii $e %ra3ac'ii4
!ategoria 1 4 $e"o3i%e cola%erale "e%r# $eco%&ri co,erciale sa# a"or%#ri $e %re3orerieE
!ategoria 11 4 $e"o3i%e co,erciale ;i eco,erciale (c#,"&rare c# CEC L #ri $e c&l&%orieF c#,"&rarea 0 e*ocierea cec#rilor
bacareF %ra%e e,ise $e bac& = #,e "ro"riiF cofir,&ri $e acre$i%iveF e,i%ere $e *ara'iiF avali3area ca,biilor L la 158 $e 3ileF /18
$e 3ile LF c#,"&rarea ca,biilorF a bile%elor $e or$i e,iseF acce"%a%e ;i avali3a%e $e bac&F "9& la 158 $e 3ileF acce"%area = *ara'ie
a cocesio&rilor =casa%e $i acre$i%ive+.
!ategoria 111 4 "lasa,e%eF =,"r#,#%#riF $e"o3i%e "9& la 68F 58F /18 $e 3ileE
!ategoria 1V 4 sc.i,b val#%ar 0 %re3orerie ($eco%&ri 3iliceF co%rac%e "9& la ,aIi,#, 158 3ile+.
!ategoria V L servicii $e c#s%o$ie.
Observa'ie L Li,i%a $e eI"#ere se s%abile;%e "e fiecare s#b ca%e*orie = "ar%eF ob'i9$#7se = 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 $e fac%ori ai risc#l#iF ;i a#,e4
Eval#area '&rii ("o$ere 18R+E
A#%ori%a%ea ce%ral& bacar& ("o$ere 5R+E
S%r#c%#ra "ro"rie%&'ii ("o$ere 5R+E
Cali%a%ea ,aa*e,e%#l#i ("o$ere 5R+E
Po3i'ia $e "ia'& ("o$ere 5R+E
Cali%a%ea ac%ivelor ("o$ere 15R+E
I$ica%orii re%abili%&'ii ("o$ere 5R+E
Gra$ $e a$ecvare a ca"i%al#l#i ("o$ere 18R+E
Acces#l la ifor,a'ie ("o$ere 18R+E
A*e'iile $e eval#are ("o$ere /8R+.
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 $e calc#l al risc#l#iF a;a
#,i%#l DAR (val#e a% ris)+.
DAR es%e valoarea ,ii,& acce"%a%& la ivel#l #ei b&ciF calc#la%& 3ilic ca i$ica%or a*re*a%.
Aces% i$ica%or a*re*a% se calc#lea3& ca s#,& a valorii risc#l#i acce"%a% "e %oa%e o"era'iile #ei b&ci.
Teore%icF eIis%& ! ,e%o$e $e calc#l a DAR4
o Be%o$a Bo%e L Carlo
o Be%o$a Probabilis%ic&
;e"o)a ;on"e 3 Carlo
Aceas%& ,e%o$& ecesi%& #%ili3area ##i sis%e, ifor,a%ic = %i,"i reali "ri care s& se "rel#cre3e coco,i%e% ifor,a'ii $e la
cel "#'i 5 b#rse ,ari.
;e"o)a Probabilis"ic&
Aceas%& ,e%o$& "res#"#e eval#area "#c%elor $e ba3& la $ob93iF
calc#l9$#7se $is"ersia aces%ora cofor, clo"o%#l#i GAUSS.
Aces%e ,e%o$e s#% %eore%ice ;i $a%ori%& ecesar#l#i ##i vol#, ,are $e ifor,a'ii $e ,are ac#ra%e'eF s#% foar%e *re#
#%ili3abile. K "rac%ic& # a# fos% =c& calc#la% DAR "ri ,e%o$ele ,ai s#s ,e'ioa%e.
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 $efii% = ,ai ,#l%e ,o$#ri4
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&7;i oore3e a*a<a,e%ele fa'& $e "ar%eerii eI%eriE
$ebi%orii $i%r7o 'ar& care a co%rac%a% # =,"r#,#% s& # fie = ,&s#r& s&7;i oore3e a*a<a,e%ele $a%ori%& #or fac%ori
i$e"e$e'i $e voi'a sa# ca"aci%a%ea lor.
Bai "oa%e a"are aces% risc ;i = al%e si%#a'ii c#, ar fi4
*#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 =%r7o 'ar& "o% =*re#a re"a%rierea "rofi%#l#i ob'i#%F =%r7o val#%& "#%eric&.
Aali3a risc#l#i $e 'ar& es%e o $isci"li& = sie. K #r,a aces%ei aali3e # eIis%& r&s"#s#ri si*#reF =%o%$ea#a se
es%i,ea3&. Aceas%& aali3& es%e f&c#%& $e or*ais,e s"eciali3a%eF a%#ci c9$ %reb#ie s& se eval#e3e o 'ar& care solici%& # =,"r#,#%
eI%er.
Or*ais,ele care efec%#ea3& as%fel $e aali3e s#%4
or*ais,e fiaciare i%era'ioale (?BIF BIRDF BERD+E
#iversi%&'i (= s"ecial a,ericae+E
b&ci co,erciale a#%ori3a%eE
a*e'ii s"eciali3a%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 aali3ei "e%r# eval#area risc#l#i $e 'ar& "rivesc fa"%#l c&4
# eIis%& coce"% bila'ier #i%arE
$a%ele ecoo,ice # s#% elabora%e c# aceea;i ,e%o$olo*ieE
# eIis%& o ba3& #ic& "e%r# s%abilirea "re'#rilor ;i a valorilorE
# se "oa%e a"lica aali3a i$ica%or#l#i "rofi%#l#i sa# cos%#l#ica"i%al#l#i la ivel#l #ei '&riE
1)(
# eIis%& ac%ive care "o% fi l#a%e = *ara'ie = ca3#l e=$e"liirii obli*a'iilor as#,a%e $e c&%re o 'ar&.
O$a%& c# cre;%ereaF =%r7# ri%, ra"i$F a is%abili%&'ii ecoo,iceF "oli%ice ;i fiaciareF aali3a risc#l#i $e 'ar& a c9;%i*a% # rol
%o% ,ai i,"or%a% = "rac%ica or*ais,elor fiaciare i%era'ioale.
Aali3a risc#l#i $e 'ar& es%e #%ili3a%& a%#ci c9$ o bac& sa# al%& is%i%#'ie fiaciar&4
face "lasa,e%e = s%r&i&%a%eE
cofir,& acre$i%ive "e%r# b&ci s%r&ieE
=;i $efie;%e s%ra%e*ia $e ,ar)e%i* eI%erE
se ifor,ea3& c# "rivire la ac%ivi%a%ea al%or b&ci ("ar%eeri sa# "o%e'iali "ar%eeri+ "e $iverse "ie'e i%era'ioaleE
=;i "ro"#e ,e'ierea ##i "or%ofoli# ec.ilibra%E
s%abile;%e cos%#rile ;i "rovi3ioaele 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#%4 risc#l "oli%ic ;i risc#l ecoo,ic.
Risc#l (oli"ic2
Risc#l "oli%ic es%e le*a% $e $ori'a '&rii $e a7;i =$e"lii a*a<a,e%ele eI%ere. Is%abili%a%ea "oli%ic& "oa%e *eera "e%r#
cre$i%ori4
re"#erea = ca#3& sa# ree*area co%rac%elorE
li,i%area sa# i%er$ic'ia ives%i'iilor s%r&ieE
li,i%area sa# i%er3icerea scoa%erii $e ca"i%al $i 'ar&E
a'ioali3area c# sa# f&r& $es"&*#biriE
ref#3#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%er3icerea #ei o"era'i#i $e i,"or%0eI"or%.
Risc#l econoic2
Aces% %i" $e risc es%e le*a% $e ca"aci%a%ea '&rii $e a7;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;i fir,a "oa%e fi solvabil&F
li"sa re3ervelor = $evi3e $e%er,i9$ 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 $evi3e (risc "oli%ic+.
K%re risc#l "oli%ic ;i cel ecoo,ic eIis%& rela'ii $e i%er$e"e$e'&F is%abili%a%ea "oli%ic& *eer9$ cri3a ecoo,ic&F iar cri3a
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"eciali3a%e $e ra%i* sa# al%e or*ais,e fiaciare abili%a%e care facF "e %er,e l#* ;i
,e$i#F aali3e $e risc $e 'ar& ;i $e bac&.
Aali3a risc#l#i $e 'ar& es%e ba3a%& "e # #,&r $e cri%erii ca%i%a%ive ;i cali%a%ive =,"&r'i%e = "a%r# clase $e riscF reflec%9$
ra%a i$ivi$#al& "e%r# 'ara res"ec%iv&.
Sis%e,#l $e "#c%a< se ba3ea3& "e cosi$era'ii $e or$i "oli%ic ;i ecoo,icF "ri l#area = calc#l a clasific&rilor reali3a%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 re3#l%9$ "#c%a<#l. EIis%& "a%r# clase $e risc $e 'ar& ;i a#,e4
!lasa de risc $4 risc foar%e sc&3#%F care es%e carac%eris%ic '&rilor $e3vol%a%e. Aces%or '&ri li se "o% acor$a =,"r#,#%#ri "e
%er,e l#*.
!lasa de risc &' risc sc&3#%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.
!lasa de risc #' risc cresc#%F carac%eris%ic '&rilor = $e3vol%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&4 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 !5R $i %o%al eval#are.
Aceas%a "res#"#e acor$area $e "#c%a<F #r,&%oarelor ele,e%e4
for,a *#ver#l#iE
s%abili%a%ea *#ver#l#i ;i a sis%e,#l#i "oli%icE
s%abili%a%ea i%er&E
rela'iile c# '&rile vecieE
rela'iile i%era'ioaleE
co$i'ii socialeE
clasific&ri ale "o"#la'iei = f#c'ie $e li,b&F reli*ieF rase.
EDALUAREA ECONOBIC ("o$ere 25R+F "res#"#e "#c%area #r,&%oarelor ele,e%e4
ecoo,ie i%er&E
re*le,e%area %rasfer#rilor val#%are 0 $e ca"i%alE
ecoo,ia eI%er&E
re3erveE
$a%orii eI%ere.
EDALUAREA ?CUT DE AGEN:II DE EDALUARE ("o$ere /8R+F "res#"#e # "#c%a< $iferi% = f#c'ie $e %er,e#l $e
eval#are (%er,e l#* ;i sc#r%+.
Principalele elemente de evaluare'
11)
K ca3#l evalurii politice'
for,a *#ver#l#i (5 R+E
s%abili%a%ea *#ver#l#i ;i a sis%e,#l#i "oli%ic (5R+E
s%abili%a%ea i%er& (5R+E
rela'ii c# '&rile vecie (!F5R+E
rela'ii i%era'ioale (!F5R+E
co$i'ii sociale (!F5R+E
clasific&ri ale "o"#la'iei4 li,b&F reli*ieF ras& (!F5R+.
K ca3#l evalurii economice'
ecoo,ie i%er& .18R/;
re*le,e%area %rasfer#rilor val#%are 0 $e ca"i%al (5R+E
ecoo,ie eI%er& (18R+E
re3erve (18R+E
$a%orii eI%ere (18R.
K ca3#l evalurii fcute de agenii de evaluare'
eval#area "e %er,e l#* (!8R+E
eval#area "e %er,e sc#r% (18R+.
?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#4
La eval#area for,ei $e *#ver&,9% "#c%a<#l ,aIi, (188 "#c%e+ =l re"re3i%& $e,ocra'ia "arla,e%ar& sa# ,oar.ia
cos%i%#'ioal& $e ,ai ,#l% $e 15 ai.
La eval#area re3ervelor val#%are (s#,a "e #l%i,ii / ai+ se ob'ie cosec#%iv = cre;%ereF iar aco"erirea i,"or%#rilor se
reali3ea3& "e ,ai ,#l% $e 1 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 =;i $esf&;oar& ac%ivi%a%ea =%r7o 'ar& ^. C#a%ifica'i risc#l $e 'ar& folosi$ ,o$el#l B.R.I "e ba3a
#r,&%oarelor $a%e4
7Tabel 2./57
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
$e sc.i,bare
/F8 1!R !
!. A%i%#$iea a#%ori%&'ilor locale fa'& $e
ives%i'ii s%r&ie ;i %rasfer#l $e
beeficii
1F5 1R 2
/. Te$i'e s"re a'ioali3are 1F5 1R !
2. Cos%r9*eri birocra%ice 1F8 2R 8
5. Res"ec%area acor$#rilor
co%rac%#ale
1F5 1R 1
1. Cali%a%ea serviciilor $e
s#"ras%r#c%#r&
8F5 !R 1
>. Cali%a%ea ifras%r#c%#rii 1F8 2R /
5. Cali%a%ea res"osabililor $e
=%re"ri$ere care solici%& cre$i%#l
1F8 2R /
6. Cre;%erea ecoo,ic& a '&rii !F5 18R 1
18. Ifla'ia ,oe%ar& 1F5 1R !
11. Bala'a $e "l&'i eI%ere 1F5 1R 1
1!. ?acili%&'i $e coversie a ,oe$ei
locale = $evi3e
!F5 18R 1
1/. Cos%#l ,9iii $e l#cr# 0
"ro$#c%ivi%a%e
!F8 5R 8
12. Cre$i%e "e %er,e sc#r% !F8 5R !
15. Posibili%&'i $e =$a%orare "e %er,e
l#*
!F8 5R /
TOTAL
'6
Observa'ie4 No%ele = %abel s#% c#"rise =%re 8 ;i 2 (o%a 8 L risc ri$ica%F o%a 2 L risc slab+.
Re1olvare2
Crisc 'ar& H 1c1 V !c! V _.V)c)
Crisc 'ar& H !I/ V 2I1F5 V !I1F5 V 8I1 V 1I1F5 V 8F5I1 V 1I/ V 1I/ V !F5I1 V 1F5I! V 1F5I1 V !F5I1 V !F8I8 V !F8I! V !F8I/ H
2!F5 $0.6'%
111
I%er"re%area re3#l%a%#l#i4
=%re 8 ;i 28 L risc iacce"%abilE
=%re 21 ;i 55 L risc ri$ica%E
=%re 51 ;i 16 L risc ,o$era%E
=%re >8 ;i 188 L risc slab.
Dac& se folosesc "o$erileF f#c'ia scor se va ,o$ifica4
CG risc 'ar& H 1f1 V !f! V _.V)f)
CG risc 'ar& H !I8F1! V 2I8F881 V !I8F881 V 8I8F82 V 1I8F8! V /I8F82 V /I8F82 V /I8F82 V 1I8F1 V !I8F81 V 1I8F81 V 1I8F1 V
8I8F85 V !I8F85 V /I8F85 H 1F>1 $0.6.%
CG risc 'ar& se afl& =%re Y8F2Z. C# c9% coeficie%#l calc#la% es%e ,ai a"roa"e $e 8F risc#l es%e ,ai ri$ica%.
PROBLE;E DE RENOLEAT
Problea 12 A*e'ia $e eval#are ]TOBEROF sa a*a<a% s& elabore3e "e%r# a*e'ii eI"or%a%ori $i 'ara ]@O # ra"or% $e
ra%i* as#"ra risc#l#i $i 'ara ]^O. K aces% ses $e'ie #r,&%oarele $a%e4
A. Pentru evaluarea politic P#c%a< ,aIi, ce
"oa%e fi acor$a%
(a+ for,a *#vera,e%al&4 re"#blic& "re3i$e'ial& 5R
(b+ s%abili%a%ea *#ver#l#i ;i a sis%e,#l#i "oli%ic4 *#ver#l s7a
sc.i,ba% = #r,& c# %rei aiF iar sis%e,#l "oli%ic i,"lic&
"ar%ici"area la *#verare a o"% "ar%i$eF #ele c# i$eolo*ii
"oli%ice $iferi%e
5R
(c+ rela'ii c# '&ri vecie4 'ara ]^O 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 ere3olva%e
!F5R
($+ s%abili%a%ea i%er&4 b#&
5R
(e+ rela'ii i%era'ioale4 %ara "ar%ici"& la %oa%e or*ais,ele
"oli%ice i%era'ioaleF a$o"%9$ ,a<ori%a%ea %ra%a%elor
i%era'ioale !F5R
(f+ co$i'ii sociale4 eIis%& # ivel rela%iv ri$ica% $e ;o,a< L
12R ;i o ocro%ire social& rela%iv sa%isf&c&%oare
!F5R
(*+ clasificarea "o"#la'ie $#"& li,b&F reli*ieF raseF e%c4 'ara
are $o#& li,bi oficialeE reli*ia "re"o$ere'& es%e ca%olic&F ;i
o "o$ere $e 18R $i "o"#la'ie av9$ reli*ii $iferi%e
("ro%es%a'iF ,#s#l,aiF ie.ovi;%iF e%c+E = 'ar&F eIis%& circa
1! ce%&'ei $e al%e a'ioali%&'i (%#rciF arabiF evreiF e%c+
!F5R
O ase,eea eval#are %reb#ie "#c%a%& as%fel =c9% s& se
a%rib#ie ,ii, !5R $i rai%i* *eeral !5R
B. Pe%r# eval#area ecoo,ic& P#c%a< ,aIi, ce
"oa%e fi acor$a%
(a+ Ecoo,ia i%er&4 ivel#l $e "riva%i3are es%e $e circa !R
$i ecoo,ieE PIB are o cre;%ere a#al& = #l%i,ii %rei ai $e
1F5 RF !F2RF ;i res"ec%iv /F/RE are # $efici% al bala'ei
co,erciale = #l%i,#l a $e !F5 ,iliar$e $olari ;i al bala'ei
$e "l&'i $e /F> ,iliar$e $olari. Defici%ele b#*e%are $i #l%i,ii
%rei ai a# fos% /F5R $i PIBF /F/R ;i res"ec%iv /F1RF e%c
18R
(b+ re*le,e%area %rasfer#rilor val#%are $e ca"i%al4 'ara are
re*le,e%a% re*i,#l $e liberali3are a o"era'i#ilor val#%are
$e co%F f&r& o liberali3are a %rasfer#rilor "ie'ei $e ca"i%al
5R
(c+ re3erve = #l%i,ii %rei ai4 re3erva val#%ar& 18 ,iliar$eF
18F5 ;i res"ec%iv 11 ,iliar$e $olariE re3erva $e a#r4 ! ,iliar$e
$olariF !F! ;i res"ec%iv !F2E 18R
($+ecoo,ie eI%er&4 eI"or%#ri =%re 187!8 R $i PIBE
i,"or%#ri 1!R 18R
(e+ $a%orii eI%ere4 $efici%#l co,ercial !F5 ,iliar$e $olari ;i al
bala'ei $e "l&'i /F> ,iliar$e $olari 18R
P#c%a< ,aIi, "osibil $e acor$a% 25R

Perioa$a av#%& = ve$ere la eval#are P#c%a< ,aIi, ce "oa%e fi acor$a%
(a+ "e %er,e l#* !8R
(b+ "e %er,e sc#r% 18R
P#c%a< ,aIi, "osibil $e acor$a% /8R
112
S& se calc#le3e 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 $e
solvabili%a%e a '&rii ;i s& se =ca$re3e "#c%a<#l fial = clasele $e risc 1 L 2.
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
P#c%a<#l ,aIi, "osibil $e acor$a% s"ecial $e c&%re or*ai3a'iile S.U.AF ,o$el c# 15 cri%erii ;i c# s#,a coeficie'ilor ($e la 8F5
la /+ e*al& c# !5.
0.1J. A(e"i"#l fa*& )e risc
Ives%i%oriiF fie c& s#% b&ciF is%i%#'ii fiaciare ;i $e cre$i% sa# orice ives%i%or fiaciar a#F = "rici"i#F aversi#e fa'& $e
risc.
Dalorile $e #%ili%a%e ale ##i ives%i%or $ese,ea3& 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 ;i risc#l ce7l =so'e;%e.
?iecare ives%i%or "oa%e $ese,a # *ra$ $e b#&s%are sa# #%ili%a%e "e%r# "or%ofoliile bacare sa# fiaciare afla%e =
co,"e%i'ieF ba3a% "e "rofi%abili%a%ea ;i risc#l es%i,a%e ale acelor "or%ofolii.
Gra$#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 $e risc7"rofi%abili%a%e.
Baa*e,e%#l b&ciiF c9$ $eci$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 ca3#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 %i,"F co%rac%#l $e cre$i% c# aces% clie% $evie ,ai risca% (baca =;i as#,& ,ai ,#l%e risc#ri+.
K%r7# cli,a% carac%eri3a% "ri%r7o coc#re'& ,areF baca %reb#ie s& acor$e cre$i%e "e%r# a *eera # "rofi% "e%r#
$e"o3i%ele a%raseF care #eori # "o% avea o $ob9$& corela%& c# *ra$#l $e risc al =,"r#,#%#l#i.
K aces% ca3F co$#cerea b&cii %reb#ie s& ia $eci3ia as#,&rii aces%#i risc (cre$i%e e"erfor,a%e+F sa# s&7;i as#,e risc#l $e
a # re#;i s& *eere3e # fl#I ,oe%ar s#ficie% "e%r# "la%a $ivi$e$elor ac'ioarilor ;i a $ob93ilor la $e"o3i%ele a%rase.
Kn"rebare )e a#"oeval#are2
A"recia'i careF $i #r,&%oarele ca%e*orii "re3i%& # a"e%i% la risc ,ai acce%#a%4
1. De"#&%oriE
!. Ac'ioariE
/. B&ci.
R&s(#ns2
1. K ,o$ or,alF depuntorii a# a"e%i%#l la risc cel ,ai sc&3#%F ei "las9$ baii = b&ci "e%r# si*#ra'& ;i "e%r# $ob9$&.
U#l $i sco"#rile re*le,e%&rilor = $o,ei# bacar es%e $e a ,e'ie =cre$erea $e"#&%orilor.
!. K or$ie #r,ea3& 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 $ob93ilor "e%r# s#,ele a%rase.
/. P&s%r9$ 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.
2. Cel ,ai ,are a"e%i% la risc =l au cei care +mprumut bai. Ei re"re3i%& =%re"ri3&%orii care folosesc ca"i%al#l lor ;i ca"i%al#l
$e risc a%ras "e%r# a co$#ce o ac%ivi%a%e "rofi%abil&.
0.1J.1. C#rbele in)iferen*ei fa*& )e risc
Risc#l re"re3i%&F = ,o$ or,alF "robabili%a%ea ca o %ra3ac'ie ($e eIe,"l#F co%rac% $e cre$i%+F = #r,a c&reia se a;%ea"%&
# a#,i% "rofi%F s& e;#e3e (s& # se ob'i& "rofi%#l sco%a%+.
Pe%r# ='ele*erea ,ai b#& a ra"or%#l#i =%re risc ;i "rofi% se a"elea3& la re"re3e%area *rafic& a "rofi%#l#i ,ii, "e care #
ives%i%or l7ar a;%e"%aF = ,o$ or,alF "e%r# $iferi%ele ivele ale risc#l#i. Liia care re3#l%& se #,e;%e curba indiferenei fa de risc.
!urba nr. $ Pri,#l "#c% l#a% = cosi$erare re"re3i%& "rofi%#l "e care7 l a;%e"%&, $e la o %ra3ac'ie f&r& risc. Aces%a # es%eF
= ,o$ or,alF 3eroF = 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 a7i fi #%ili3a'i baii. Aces% l#cr# es%e ecesar $eoarece "ersoaa res"ec%iv& ar "#%ea #%ili3a baii s&i (ecoo,iile+ = al%e
sco"#ri L c#,"&rarea #ei loc#i'eF eIc#rsii L ceea ce i7ar a$#ce al%e beeficii efiaciare.
?i*. 2.1 C#rba 1 a i$ifere'ei fa'& $e risc
Pe%r# o ives%i'ie fiaciar& a #ei b&ci = bo#ri $e %e3a#r (e,iseF $e eIe,"l#F $e *#ver#l a,erica+F aceas%a se
a;%ea"%& la # risc ,ic sa# 3ero. N# eIis%& risc#l (sa# eIis%& # risc foar%e ,ic+ $e a # "ri,i la sca$e'& $ob9$a res"ec%iv&. De
5)
45
4)
35
3)
25
2)
15
1)
5
) )3))1 )3))2 )3))3 )3))4 1
Ra%a "rofi%#l#i R
Risc
113
ase,eeaF ives%i'ia fii$ $eo,ia%& =%r7o val#%& cover%ibil&F = *eeral foar%e "#%eric&F =;i "&s%rea3& valoarea = %i,"F av9$ ;i o
,are lic.i$i%a%e.
Dac& $ob9$a la bo#rile $e %e3a#r a,ericae (A,erica Treas#rP Bills+ es%e $e 1RF "ri,#l "alier al *rafic#l#i (fi*. 2.!+ ar fi4
A,erica Treas#rP Bills
8 1
?i*.2.! C#rba ! a i$ifere'ei fa'& $e risc = ca3#l b##rilor
$e %e3a#r a,ericae
Aali39$ "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 ;i $e a ale*e varia%a care
asi*#r& cel ,ai b# "rofi% la ca%e*oria ei $e risc.
S& revei, la curba riscului. M%i, c& # ives%i%or ar $ori o $ob9$& $e 1R "e%r# a ives%i =%r7o %ra3ac'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 1R.
Ives%i%or#l "oa%e a"recia risc#l $e e;ec al afacerii ca fii$F $e eIe,"l#F 1 la 1888 (8F881+. Ce $ob9$& ar %reb#i s& I se ofere
"e%r# a L ;i ives%i baii = aceas%& afacereQ
Ra%a $ob93ii 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
$ob93ii 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 8E risc 141888E risc
!41888+.
O as%fel $e c#rb& ara%& = fel#l #r,&%or (fi*.2./+4
?i*.2./. C#rba / a i$ifere'ei fa'& $e risc
Aces% eIe,"l# al c#rbei / a fos% cos%r#i% "res#"#9$ c& "e%r# # risc $e 141888 ra%a $ob93ii es%e $e 1F5RF iar "e%r# #
risc $e !41888 ra%a $ob93ii es%e $e >F1R.
A"lec9$ 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 ;i "e%r# #
ives%i%or c# # a"e%i% ,are la risc (fi*#ra 2.2+

Ra%a
"rofi%#l#i
>
Risc
Rata pr!"itului >
Risc
) )3))1 )3))2 )3))3 )3))4
)3))5
1)
(
8
7
6
5
4
3
2
1
A"e%i% sc&3#%
A"e%i% ri$ica% la risc
Ra%a "rofi%#l#i R
114
?i*. 2.2 C#rba i$ifere'ei fa'& $e risc "e%r#
# a"e%i% sc&3#% sa# ri$ica% la risc
0.1J.'. ;&s#rarea risc#l#i
U i$ica%or afla% = a%e'ia ives%i%orilor (icl#siv a b&cilor+ "e "ie'ele $e ca"i%al ;iF = *eeralF = %ra3ac'iile fiaciareF es%e
ra%a "rofi%#l#i. Aceas%& ra%& es%e co,"ara%& c# *ra$#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 =;i vor folosi "#%erea lor $e vo% "e%r# a se sc.i,ba ,aa*e,e%#l fir,ei sa#F $ac&
ac'i#ile "e care le $e'i a# lic.i$i%a%e "e "ia'& =;i vor vi$e ac'i#ile. A,bele varia%e vor avea $re"% efec% re$#cerea "re'#l#i ac'i#ii
res"ec%ive.
O ,e%o$& si,"l& $e es%i,are a *ra$#l#i $e risc al #ei %ra3ac'ii es%e $e a calc#la ra%a "rofi%#l#iF oferi%& = co,"ara'ie c#
ra%ele "rofi%#l#i ce se "o% ob'ie $i al%e %ra3ac'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.
0.1J.'.1 A(lica*ii (rac"ice
PROBLE;E RENOLEATE
Problea 12 Mase b&ci ofer& o ra%& a $ob93ii $e $e"o3i% $e 2>R "9& la 26RF = %i," ce a ;a"%ea bac& ofer& o ra%& $e
18R "e%r# acela;i %er,e. De ce es%e ,ai ri$ica%& $esc.i$erea ##i $e"o3i% la aceas%& bac&Q
Re1olvare2
Difere'a ,ic& (2> L 26R+ =%re ra%ele $ob93ii oferi%e $e cele 1 b&ci co,ercialeF ara%& # ,e$i# coc#re'ial "e "ia'&F
referi%or la ra%a $ob93ii acor$a%& "e%r# $e"o3i%ele la acela;i %er,e.
Cea $e a > bac& areF = ,o$ evi$e%F $ific#l%&'i = a%ra*erea $e fo$#ri la o ra%& a $ob93ii a"ro"ia%& $e cea $ic%a%& $e "ia'&.
Cri3a $e lic.i$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
$e"oe'ilor. Aces% l#cr# face ca orice "lasa,e% la aceas%& bac& s& fie risca%.
Problea '2 U%ili39$ coce"%#l $e riscF eI"lica'i $ifere'a $i%re ra%a $ob93ii "e%r# # $e"o3i% bacar ;i ra%a $ob93ii la
cre$i%ele bacare.
Re1olvare2
Probabili%a%ea ca o bac& s& # "ri,easc& baii =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
$ob93ii "e%r# cre$i%ele oferi%e $e bac& s& fie ,ai ,areF $ec9% ra%a $ob93ii la $e"o3i%ele a%rase.
Problea .2 Dis"#e'i $e 188 ,ilioae $e lei "e%r# a L i ives%i. K #l%i,#l aF ra%a $ob93ii "e%r# # $e"o3i% bacar $e /
l#i a fos% $e4 18RF 55RF 18RF 5>RF 1!RF 55RF 12RF 1!RF 11RF 1!RF 12RF 1!RF
Care es%e ra%a "rofi%#l#i "ro*o3a%& ;i risc#l asocia% eiQ
Kai%e $e a a"ela la aces% $e"o3i% bacar # "rie%e v& ofer& a al%& "osibili%a%e ives%i'ioal& %o% "e%r# / l#i. Cele / ra%e
a%erioare ale "rofi%#l#i "e%r# aces% %i" $e ives%i'ie fiaciar& a# fos% >5RF 58R ;i 28R. Prie%e#l $#,eavoas%r& are evoie $e #
r&s"#s i,e$ia%. Care es%e $eci3ia ce %reb#ie l#a%& ;i $e ceQ
Re1olvare2
a. De"o3i% bacar la / l#i4
7Tabel 2./67
Nivel#l ra%ei $ob93ii(R+
(D+
?recve'a $e a"ari'ie
(f+
Probabili%a%ea
5> 1 141!H8F85/
55 ! !41!H8F11>
18 ! !41!Q8F11>
11 1 141!H8F85/
1! 2 241!H8F///
12 ! !41!H8F11>
R H ra%a "rofi%#l#i "ro*o3a%
Risc
115
RH

fi
Eifi
H
! 2 1 ! ! 1
! 12 2 1! 1 11 ! 18 ! 55 1 5>
+ + + + +
+ + + + + % $ % $ % $ % $ % $ % $
$0.06%
R H 18F5/R
Risc#l asocia% aces%ei ra%e a "rofi%#l#i "ro*o3a% es%e aba%erea s%a$ar$ (+4
H

fi
% Ei R $
!
H !F16R $0.08%
b. Cealal%& "osibili%a%e $e ives%i'ie fiaciar&
R H
/
28 58 >5 + +
H 15R
H
/
1!5 !!5 188 + +
H 1>F5R
C# %oa%e c&F = ca3#l (b+ se "oa%e ob'ie # "rofi% "ro*o3a% "#'i ,ai ,are (15R fa'& $e 18F5/R+F risc#l es%e $e 5 ori ,ai
ri$ica% (1>F5R fa'& $e !F16R+F fii$ $e "refera% "ri,a varia%&.
A,9$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;i %i,"F = varia%a a II L a ra%a "ro*o3a%& a $ob93ii are o aba%ere ,ai ,are $ec9% = ca3#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 = ca3#l = care varia%a a $o#a # *eerea3& # "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 $ob93ii care "#%ea fi ob'i#%& "ri "lasa,e% la # $e"o3i% bacar ;i ra%a
$ob93ii (,ai ,ic&+ ob'i#%& = 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#4 "ia'a lo$oe3&+F ac'i#ile s#% =,"&r'i%e = a#,i%e ca%e*orii (Al".aF Be%aF Ga,,a+
care reflec%& vol#,#l %ra3ac'iilor ;i *ra$#l $e risc (ac'i#ile Al".a cele ,ai "#'i risca%e+.
U ives%i%or #r,&re;%eF = "ri,#l r9$F s& L ;i rec#"ere3e baii ives%i'i = %ra3ac'ie ;i s& "ri,easc& o $ob9$& "e%r#
ca"i%al#l folosi%. Dac& o ac'i#e # es%e %ra3ac'ioa%& =%rL# vol#, s#ficie% $e ,areF ;i $eci ives%i%or#l # ;i le "oa%e vi$eF el # va
"#%ea s& L ;i rec#"ere3e ives%i'ia ii'ial&. De aceeaF es%e ,ai risca%&.
Acela;i l#cr# se =%9,"l& c9$ o bac& acor$& # cre$i%.
Ueori baca # =;i "oa%e rec#"era baii =,"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 ;i
fiaciare s#% co%a%e $e a*e'ii i%era'ioale (Boo$POsF S%a$ar$ c PoorGsF IBCA+. Aces%e co%a'ii eI"ri,& "osibili%a%ea $e e;ec a
co,"aieiF = vii%or. Aces% l#cr# "er,i%e ives%i%orilor s& c#oasc& risc#l asocia% c# is%i%#'ia fiaciar& res"ec%iv& ;i co,"ar9$ "rofi%#l
"o%e'ial al #or ives%i'ii ase,&&%oareF s& ia o $eci3ie = c#o;%i'& $e ca#3&.
Acor$area ##i =,"r#,#% es%e ase,&&%oare c# efec%#area #ei ives%i'iiF $i #r,&%oarele cosi$ere%e4
Se ce$ea3& ##i %er' o a#,i%& s#,& $e baiF fie efec%#9$ o ives%i'ieF fie cos%i%#i$ # $e"o3i% 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$e'&F va =cerca s&7i #%ili3e3e c9% ,ai eficie% "e%r# a7;i ,aIi,i3a
"rofi%#lE
La sca$e'&F "e l9*& s#,a =,"r#,#%a%&F ives%i%or#l se a;%ea"%& s& "ri,easc&F "e%r# risc#l acce"%a% o $ob9$&.
?#$a,e%alF =,"r#,#%#rile ;i ives%i'iile fiaciare s#% la fel. Difere'ele =%re ele cos%a#F = "rici"alF = co$i'iile s%i"#la%e
= co%rac%ele =c.eia%e =%re "&r'i.
Se "oa%e face "reci3area 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%r7# i%ervi#F $i care s&
re3#l%e #r,&%oarele as"ec%e4
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 ;i s#rse $e fia'are.
Aces% i%ervi# la care es%e s#"#s& o co,"aieF =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%ea3& co,"aiile "ri eI"#erea "osibili%&'ii $e e;ec a aces%oraF = #r,&%orii 18 ai.
K co%i#are es%e "re3e%a% # eIe,"l# al ,o$#l#i $e a"reciere al a*e'iei $e ra%i* IBCA "e%r# o fir,&4
Co%are Probabili%a%ea $e e;ec = #r,&%orii 18 ai
AAA 1
AA 1F5
A !
BBB 5
BB !8
B /5
Deci o fir,& co%a%& c# BBBF "re3i%& # risc $e 5R. U l#cr# i,"or%a% $e re'i#% es%e c& aces% "roce%a< se refer& la =%rea*a
"erioa$& $e 18 ai ;i $eciF "robabili%a%ea $e a7;i rec#"era baiiF $ac& ives%i'ia a fos% f&c#%& "e # %i," ,ai sc#r%F es%e ,are.
116
EIis%& #ele $ifere'e = co%a'iile acor$a%e $e a*e'ii. De eIe,"l#F De#%sc.e Ba) a fos% co%a%& = 1661 c# AAA $e ! a*e'ii
;i AA $e a %reia.
Pe%r# "rici"alele is%i%#'ii co%a%eF ra%a $ob93ii "e care %reb#ie s& o ac.i%e es%e $e%er,ia%&F "e $e o "ar%eF $e %i"#l $e
=,"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 ca3#riF cos%#rile a$,iis%r&rii #or risc#ri (re$#cerii risc#l#i+
s#% ,ai ,ari $ec9% s#,a care s7ar "#%ea "ier$e (risc#l "ro"ri# L 3is+. K aces%e ca3#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 $eci3iei $e aco"erire a risc#l#iF efec%#9$ a#,i%e c.el%#ieliF se calc#lea3& "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 $e 14188F iar b##rile =s#,ea3& 1 ,iliar$ $e leiF cos%#l risc#l#i es%e4
1.888.888.888.
188
1
H 18.888.888 lei
Pe%r# a "re=%9,"ia o ase,eea %9l.&rie se $e%er,i& $ac& o is%ala'ie $e alar,& ecesi%& a fi ac.i3i'ioa%&F co,"ar9$
cos%#l is%ala'iei c# cos%#l risc#l#i. Dac& is%ala'ia $e alar,& are # cos% ,ai ,ic $e 18 ,ilioae leiF a%#ci ac.i3i'ioarea #ei as%fel $e
is%ala'ii "oa%e fi o sol#'ie re3oabil&.
Dac& is%ala'ia $e alar,& ar re$#ce risc#l $e la 14188 la 14588F cos%#l aces%eia ar %reb#i s& fie ,ai ,ic $ec9% $ifere'a $i%re
cele ! cos%#ri ale risc#l#i4
1.888.888.888 ( %
588
1
188
1
H 5.888.888 lei
0.1J.6.1 A(lica*ii (rac"ice
PROBLE;E RENOLEATE
Problea 12 Ca ;i ,aa*er al #ei afaceriF a i$e%ifica% %rei risc#riF $#"& c#, #r,ea3&4
Risc#l AF av9$ o "robabili%a%e $e reali3are $e 141888F "e%r# o "ier$ere = valoare $e 588 ,iliar$eE
Risc#l BF av9$ o "robabili%a%e $e reali3are $e !4!888F "e%r# o "ier$ere $e 588 ,iliar$eE
Risc#l CF av9$ o "robabili%a%e $e reali3are $e 14588F "e%r# o "ier$ere $e 188 ,iliar$eE
Pe%r# a$,iis%rarea risc#l#iF se "ro"# ! sol#'ii4
(vi+ Sol#'ia IF care re$#ce "robabili%a%ea $e reali3are a risc#rilor A ;i C la 1418888F cos%#l fii$ $e 288 ,ilioae leiE
(vii+ Sol#'ia IIF care =<#,&%&'e;%e valorile "ier$erilor "robabile "e%r# %oa%e risc#rile AF B ;i CF cos%#l fii$ $e /88 ,ilioae lei.
Ce sol#'ie %reb#ie a$o"%a%& ;i $e ceQ
Re1olvare2
Pier$erea "robabil& asocia%& risc#l#i A H
l) 588
1888
1

H 588 ,ilioae lei

Pier$erea "robabil& asocia%& risc#l#i B H
l) 588
!888
1

H !58 ,ilioae lei

Pier$erea "robabil& asocia%& risc#l#i C H
l) 188
588
1

H !88 ,ilioae lei

Pier$erea "robabil& AVBVC H 588V!58V!88 H 658 ,ilioae lei
Sol#'ia I
Pier$erea "robabil& asocia%& risc#l#i A H
l) 588
18888
1

H 58 ,ilioae lei
Pier$erea "robabil& asocia%& risc#l#i B H
l) 588
!888
1

H !58 ,ilioae lei

Pier$erea "robabil& asocia%& risc#l#i C H
l) 188
18888
1

H 18 ,ilioae lei
Pier$erea "robabil& %o%al& H 58V!58V18H/18 ,ilioae lei
La aceas%& "ier$ere se a$a#*& cos%#l sol#'iei IF re3#l%9$ # cos% %o%al H /18 V 288 V H >18 ,ilioae lei.
Sol#'ia II
Pier$erea "robabil& asocia%& risc#l#i A H
l) !58
18888
1

H !58 ,ilioae lei

117
Pier$erea "robabil& asocia%& risc#l#i B H
l) !58
!888
1

H1!5 ,ilioae lei

Pier$erea "robabil& asocia%& risc#l#i C H
l) 58
588
1

H 188 ,ilioae lei

Pier$erea %o%al& H !58 V 1!5 V 188 H 2>5 ,ilioae lei
K ca3#l sol#'iei IF cos%#l %o%al "e%r# aco"erirea risc#l#i ("o$erea %o%al& $e 658 ,ilioae lei+ es%e $e >!8 ,ilioae lei. Re3#l%&
o $ifere'& (beefici#+ $e !/8 ,ilioae lei.
K ca3#l sol#'iei IIF cos%#l %o%al "e%r# aco"erirea risc#l#i ("ier$erea %o%al& $e 658 ,ilioae lei+ es%e $e >>5 ,ilioae lei.
Re3#l%& o $ifere'& (beefici#+ $e 1>5 ,ilioae lei.
Do, ale*e sol#'ia I.
PROBLE;A '2 Dac& c#oa;%e, #r,&%oarele varia%e es%i,a%ive "rivi$ c9;%i*#l "e care =l "oa%e ob'ie o bac& (%abel 2.2/+F
ca #r,are a i%ro$#cerii ##i servici# bacar o#4
7Tabel 2.287
Daria%e Dei% (UB+ Cos% (UB+ Probabili%a%e
Daria%a A
Daria%a B
Daria%a C
588
188
158
288
288
188
8F!
8F2
8F2
S%abili'i care es%e valoarea risc#l#i asocia% $eci3iei ,aa*eriale.
Rezolvare
Do, calc#la s"era'a ,a%e,a%ic& $e c9;%i*4
i
,
n
1 i
)
i
0
i
(.
I
E

$0.0C%
E(I+H (5887288+ I 8F! V (1887288+ I 8F2 V (1587188+ I 8F2H H!8V58V!8H1!8
Calc#l&, $is"ersia4
i
,
2
F
(9)
E )
i
0
i
H(. (9)
2
J
$0.0D%
2188 1618 !518 58
2 8
!
1!8 58 2 8
!
1!8 !88 ! 8
!
1!8 188
+ +
+ + > % $ > % $ > % $
(9)
2
J
Risc#l4
67382
2
J J $0.0I%
Daloarea c9;%i*#l#i c# cea ,ai ,are "robabili%a%e $e a"ari'ie es%e $e 1!8. aba%erea ,e$ie "&%ra%ic& es%e $e 1>F5!.
K co$i'ii or,ale c9;%i*#l "oa%e varia = i%erval#l
Y1!871>F5!ZF c# "robabili%a%ea $e 15F/R.
PROBLE;E DE RENOLEAT
Problea 12 ?ie / evei,e%e AFBFC c# #r,&%oarele $a%e (%abel 2.22+F care "o% afec%a re3#l%a%ele fiaciare ale b&cii4
7Tabel 2.217
Ti"
evei,e%
?recve'& $e
a"ari'ie
Pier$erea
"ro$#s&
7,l$ UB7
Observa'ii
A ! 188 ,l$. A a"&r#% = "erioa$e
cosec#%ive
B ! 128 ,l$. 7
C 1 !88 ,l$. 7
To%al 5 228 ,l$. 7
Se cere4
S%abili'i "ier$erea ,e$ie la care se "oa%e a;%e"%a baca.
Dac& eIis%& "osibili%a%ea folosirii #ei s#,e $e !8 ,l$. UB Pe%r# re$#cerea risc#l#i %o%al c# 58R. Ce $eci3ie va l#a ,aa*er#lQ
Problea '2 ?ie # "roiec% $e i%ro$#cere a #ei %e.olo*ii oi = $o,ei# sis%e,#l#i ifor,a%ic c# #r,&%oarele varia%e4
7
Tabel 2.2!7
Daria%e Cre;%erea sa# re$#cerea re%abili%&'ii(t+ Probabili%&'ii
118
A
V/R 8F1
B
71R 8F2
S%abili'i risc#l asocia% $eci3iei fiaciare.
0.1J.8. Kn"reb&ri )e a#"oeval#are
a. K%reb&ri
Descrie'i "e sc#r% o ,e%o$& *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"re3i%& o c#rb& a i$ifere'ei fa'& $e riscQ
b. R&s"#s#ri ,o$el
1. Be%o$a *eeral& $e ,&s#rare a risc#l#i se ba3ea3& "e calc#l#l ,e$iei "o$era%e ;i a aba%erii s%a$ar$.
EIe,"l#4 U#i a#,i% %i" $e %ra3ac'ie =i cores"#$ = $ec#rs#l ##i aF ,ai ,#l%e ra%e ale "rofi%#l#i. Be$ia "o$era%& a
aces%or ra%e ale "rofi%#l#i re"re3i%& ra%a "rofi%#l#i "ro*o3a%& "e%r# o %ra3ac'ie $e aces% %i"F iar aba%erea s%a$ar$ re"re3i%& ,&s#ra
risc#l#i "e%r# ra%a "ro*o3a%&.
!. K aces% ca3F %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 reali3&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%& ;i # %reb#ie a"lica%&.
/. Risc#rile "o% =,br&ca #r,&%oarele for,e4
(i+ Risc o"era'ioalE
(ii+ Risc $e "ia'&E
(iii+ Risc fiaciarE
(iv+ Risc s%ra%e*ic
(v+ Risc le*isla%iv.
2. C#rba i$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.
11(
CAPITOLUL E
PRODUSE VI SEREICII BANCARE
Socie%&'ile bacare efec%#ea3& 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&7;i asi*#re s#cces#l "e "ia'a bacar& "ri "ro$#sele ;i serviciile ce le ofer& clie'ilor s&iF "e ba3a ##i ,aa*e,e%
eficie%F reali3a% "e ba3& $e "ro*ra,areF creare $e "re,iseF "rovocare.
Prici"alii fac%ori care afec%ea3& $e3vol%area #ei socie%&'i bacare ;i $iversificarea "ro$#selor ;i serviciilor oferi%e s#%4
1. ca"i%al#l ;i fo$#rile "ro"rii #%ili3a%e $e bac&E
!. re'ea#a $e filialeF s#c#rsale ;i a*e'iiE
/. re*le,e%&rile *#vera,e%aleE
2. $eci3iile co$#cerii b&cii.
Pro$#s#l bacar cel ,ai i,"or%a% al #ei socie%&'i =l cos%i%#ie cre$i%#l acor$a% clie'ilor lor ("ersoae <#ri$ice sa# fi3ice+
"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"eciali3ea3& socie%&'ile bacareF s#%4
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 ;i serviciile socie%&'ilor bacare care se =ca$rea3& = aceas%& s"eciali3areF s"ecifice "e%r# "ersoae fi3iceF s#%4
cos%i%#irea $e $e"o3i%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'ioa4 serviciile $e "la%&F %ra3ac'ii ;i servicii $e ives%i'iiF
servicii $e ives%i'ii $e fo$#ri (%r#s% services+ ;i al%e servicii (servicii $e "&s%rare ;i si*#ra'&F asi*#rareF sco%areF i%erve'ii =
cos%r#irea ;i v93area $e loc#i'eF sc.i,b val#%ar ;i servicii "e%r# c&l&%oriiF e%c.+
6.1.1.1. Servicii )e (la"&
Serviciile $e "la%& oferi%e $e o socie%a%e bacar& $ifer& $e al%e "ro$#se bacare ($e"o3i%eF cre$i%eF e%c.+F = ses#l c& "la%a
serviciilor es%e oferi%& $e bac& clie%#l#i sa# f&r& a fi ecesar s& se,e3e # co%rac%.
K sco"#l f#ri3&rii efec%ive a servici#l#iF es%e ecesar "e%r# b&ci s& aib& # sis%e, $e reali3are ;i co,"esare a "l&'ilor
=%re b&ci. Aces% sis%e, se #,ea = "ri,ii ai Ncasa $e co,"esa'ie "e .9r%ieO ;i ,ai %9r3i# Ncasa $e co,"esa'ie a#%o,a%&O (care
es%e ec.ivale%#l elec%roic al casei $e co,"esa'ie "e .9r%ie+. To%#;iF %e$i'a rece%& "e%r# b&ci es%e s& cree3e le*&%#ri $irec%e $e
%eleco,#ica'ie =%re eleF #%ili39$ sis%e,e $e co,#%are ba3a%e "e co,"#%er sa# re'elele a'ioale ;i i%era'ioale.
EIis%& %rei ,e%o$e f#$a,e%ale $e efec%#are a "l&'ilor. Aces%ea icl#$4
"l&'i = #,erar (cas.+E
"l&'i "e ba3& $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 #%ili3a%e = #l%i,ii aiF = s"ecial $a%ori%& "roble,elor ce le ri$ic& "e%r# asi*#rarea sec#ri%&'ii L
= ci#$a fa"%#l#i c& #,erar#l es%e4 ra"i$ ca ,i<loc #%ili3a% = %ra3ac'iiE %rasfer& valoarea is%a%ae# L # s#% icl#se $a%ele efec%#&rii
%ra3ac'ieiE es%e *ara%a% ;i #;or $e i$e%ifica%E es%e foar%e ief%i = %er,ei $e cos% "er %ra3ac'ie.
Pl&*i (e ba1& )e )oc#en"e
Pl&'ile "e ba3& $e $oc#,e%e s#% = cea ,ai ,are "ar%e reali3a%e "ri #%ili3area cec#rilorF $eoarece aces% ,o$4 "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.e3e
cec#rile =ai%e $e a fi "l&%i%e.
Es%e $e re'i#% c& e;ec#l = f#ri3area ##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 %ra3ac'iilor "ri car$#ri.
U al% ,o$ $e reali3are a "l&'ilor "e ba3& $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 #%ili3ea3& "ri "la%a "e ba3& $e $oc#,e%eF es%e "ri cec#ri $e c&l&%orie. Aceas%a es%e %o%#;i o ,e%o$&
,ai "#'i #%ili3a%&F = 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 #%ili3&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 #%ili3a %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 $e "l&'i elec%roice s#%4
a+ or$ie = l#cr# (s%a$i* or$ers+E
b+ cre$i%e $irec%eE
12)
c+ $ebi%e $irec%eE
$+ %rasfer elec%roic a$7.oc $e fo$#ri.
Ceea ce va $evei ,ai "o"#lar "e vii%or va fi #%ili3area b&cilor $e c&%re $e"#&%ori "e%r# "la%a obli*a'iilor aces%oraF c#, ar
fi4 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 %ra3ac'ii ;i servicii $e ives%i'ii s#%4
$1% Tran1ac*ii )e fon)#ri #"#ale
B&cile #%ili3ea3& re'ea#a $e filiale ;i s#c#rsale ca ,i<loc $e "ro,ovare ;i reali3are a v93&rii $e fo$#ri ,#%#ale "e%r#
clie'i. Socie%&'ile $e ?o$ B#%#al s#% $e obicei fir,e s#bsi$iare ale b&cilor. Prici"alii "a;i = o"era'i#ile bacare le*a%e $e
%ra3ac'iile $e fo$#ri ,#%#ale icl#$4
(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 $e co%F ac%#ali3area
ifor,a'iilorF e%c.+E
(e+ #r,&rirea sol$#rilor ;i a %ra3ac'iilor ;i recocilierilor c# Socie%a%ea $e a$,iis%rare a ?o$#l#i B#%#al.
$'% Obli!a*i#ni !#vernaen"ale 7i bon#ri )e "re1orerie
U servici# = "l#s oferi% $e b&ci "ri sec%or#l lor co,ercial es%e v93area obli*a'i#ilor *#vera,e%ale ;i a bo#rilor $e
%re3orerie c&%re clie'i. Aceas%& v93are are loc fie "e ba3a e,i%erii obli*a'i#ilor ;i bo#rilorF fie ,ai %9r3i#F "e "ia'a fiaciar&
sec#$ar&. Ava%a<ele b&cii cos%a# $i4
A+ co,isio#l c9;%i*a% $i v93areE
(a+ co,isioae "l&%i%e $e clie'i = ca3#l = care ace;%ia v9$ obli*a'i#ile sa# bo#rile =ai%e $e sca$e'&F s"e3e
"erce"#%e ca sac'i#eE
(b+ "ers"ec%iva a%ra*erii $e oi clie'i "e%r# al%e servicii ($e"o3i%eF c9$ $oresc s&7;i $e"#& s#,a ob'i#%& la
sca$e'a %i%l#rilorF servici#l $e "&s%rare = 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 $e3vol%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 ;i varia3& $e la "&s%rarea = si*#ra'& a ac%ivelor $e valoareF "9& la aali3e sofis%ica%e
le*a%e $e $eci3ii $e ives%i'ii.
B&cile a# evoie s& a*a<e3e "ersoal bie califica% = sco"#l oferirii serviciilor $e ives%i'ii $e fo$#ri ;i $e ,#l%e ori b&cile
ac'ioea3& ca le*&%#r& =%re clie'ii lor ;i s"eciali;%ii $e "e "ia'&.
6.1.1.0 Al"e servicii
a% Servici#l )e (&s"rare ?n si!#ran*&
K sc.i,b#l #ei c.irii ;i av9$ ca sco" a%ra*erea clie'ilor ;i c&%re al%e serviciiF b&cile =c.iria3& seif#ri clie'ilor. Toa%e
serviciile = aces% sec%or s#% reali3a%e c# eI%re,& "r#$e%&. S#% #r,a%e "roce$#ri s#"li,e%are = ca3#rile4 (a+ #%ili3&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 ;i a*e'iiF coo"erea3& c# socie%&'i $e asi*#rareF care s#% $e
obicei fir,e afilia%e b&cilorF v939$ asi*#r&ri clie'ilor. De ase,eeaF = sco"#l "ro,ov&rii $e"o3i%elorF "ro$#sele $e asi*#rare s#%
oferi%e $e obicei $e b&ci clie'ilor care =;i ,e'i sol$#l $e"o3i%elor "es%e o a#,i%& s#,&.
Pa%roii f&r& co%rac% $e ,#c& ;i al%e "ersoae =;i s%abilesc a$esea "ro"riile "la#ri "e%r# fo$#l $e "esie = 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 $ob93ii ;i a co,isio#l#i. K
aces% fel baca $evie "ro"rie%ar#l $ebi%#l#i ;i =l colec%ea3& a%#ci c9$ $evie sca$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 ;i a b##rilorF asi*#rarea "e via'& "e%r# aco"erirea s#,ei l#a%e c# =,"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&%orii4
v93area $e val#%& (careF $e ,#l%e oriF es%e li,i%a%& la a#,i%e s#,e "e "ersoa& ;i "e c&l&%orieF $ac& aces%
l#cr# es%e cer#% $e baca ce%ral&+. O ase,eea ac%ivi%a%e a$#ce # vei% b&ciiF = f#c'ie $e $ifere'a s%abili%&
=%re "re'#l $e v93are ;i "re'#l $e c#,"&rare a val#%eiE
e,i%erea $e cec#ri $e c&l&%orie (care s#% c#,"&ra%e $e ,#l%e ori c# ,#l% %i," =ai%eF f#ri39$ = aces% ,o$ #
vei% s#"li,e%ar b&cilor care le7a# 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 = v93area b##rilor (c# eIce"'ia a#r#l#iF care a fos% co,erciali3a% $e ,#l%e
b&ci+. Kce"9$ 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 ;i c.iar
a"ara%e $e fo%o*rafia% ;i %elevi3oare la "re'#ri b#eF ca s%i,#le% "e%r# $esc.i$erea $e co%#ri. K s"ecial baca C.ase Ba.a%%a a
s%abili% # acor$ c# IBB "e%r# v93area ec.i"a,e%elor $e biro%ic& = $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 = v93area b##rilor $e cos#,.
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6.1.'. De1vol"area "e-nolo!iei (en"r# serviciile )e Re"ail Ban+in!
S#% %rei sec%oare = care a# av#% loc ,ari "ro*rese = #l%i,#l %i," "rivi$ ,o$#l $e f#ri3are 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%
ATB7#rile s#% #%ili3a%e %o% ,ai ,#l% $e c&%re b&ci = #l%i,#l %i," $i #r,&%oarele ,o%ive4
$e*revea3& f#c'ioarii bacariF l&s9$#7i s& efec%#e3e o"era'i#i ,ai $ificile $ec9% cele reali3a%e "ri ATBE
serviciile oferi%e s#% !2 $e ore $i !2F "e "arc#rs#l celor > 3ile $i s&"%&,9&E
s#% foar%e ra"i$e = reali3area %ra3ac'iilor ;i = =%oc,irea $oc#,e%elor cores"#3&%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,"#%eri3a% al b&cii ;i
reali3area #or %ra3ac'iiF c#, ar fi verific&ri $e sol$#riF or$ie $e "la%&F e%c.
$.%Banca la )oicili# $-oe ban+in!+
Aces% servici# es%e oferi% clie'ilor c# s#,e ,ari = co% sa# c# vol#, ,are $e %ra3ac'ii. Lor li se ofer& # sis%e, care le
"er,i%e s&7;i coec%e3e calc#la%or#l "ersoal la sis%e,#l co,"#%eri3a% al b&cii ;i reali3area #or %ra3ac'ii si,ilare c# cele efec%#a%e
"ri %elefo (".oe ba)i*+F av9$ =s& ;i "osibili%a%ea s&7;i i,"ri,e re3#l%a%ele.
6.'. Cor(ora"e ban+in!
S"eciali3area b&cilor $e %i" cor"ora%e ba)i*F "rive;%e "ro$#sele ;i serviciile "e%r# "ersoaele <#ri$ice ;i a#,e4
cos%i%#irea $e $e"o3i%e (ve3i "c%. 6.1.!+E acor$&ri $e cre$i%e (ve3i ca". DIII+E leasi* (ve3i ca". DIII+E fia'area ;i i%er,e$ierea
i,"or%#rilor ;i eI"or%#rilor (ve3i ca". DIII+E e,i%erea $e scrisori $e *ara'ieE car$#ri "e%r# afaceriE %rasfer#l $e fo$#riE =casarea
crea'elor co%#ri "e%r# "la%a salariilorE %ra3ac'ii val#%areE ,aa*e,e%#l %re3orerieiE v93area $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& $a%oriile #ei "ersoaeF #ei %er'e "&r'iF = ca3#l =
care "ersoaa res"ec%iv& # =;i =$e"lie;%e obli*a'iile ea =s&;i.
Ti"#rile $e scrisori $e *ara'ie4 s#% = f#c'ie $e %i"#rile $e obli*a'ii ce le aco"er&F ;i a#,e4
- Scrisori )e !aran*ie )e (ar"ici(are (c# aces% %i" $e scrisoareF baca *ara%ea3& c& "ersoaa = ca#3& va "ar%ici"a la
lici%a'ie sa# la orice al% %i" $e "roce$#r& L se folose;%e $e obicei = ca3#l cos%r#c'iei #ei #3ie sa# al ac.i3i'io&rii $e
,a%erii "ri,e "e%r# care "ersoaa vars& o $ob9$& = avas. Dac& res"ec%iva "ersoa& # "ar%ici"&F baca eIec#%&
scrisoarea $e *ara'ie ;i =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 ;i va cos%r#i #3ia res"ec%iv& sa# va f#ri3a ,a%erialele
covei%e. Ea es%e valabil& "e %oa%& "erioa$a cos%r#c'iei sa# c.iar ,ai ,#l% %i,"F $#"& c#, se s%abile;%e "ri
co%rac%#l $e f#ri3&ri =c.eia%.
1. Scrisori )e !aran*ie (en"r# (la"a ?n avans. Pri aceas%& scrisoare $e *ara'ie baca *ara%ea3& c& "ersoaa res"ec%iv& va
=a"oia s#,a "e care o "ri,e;%e ca "la%& = avasF $ac& # =;i va =$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 #%ili3a%&F $e obiceiF ;i "e%r# "l&'i = avas "ri,i%e = ca3#l cos%r#c'iilor.
!. 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 ;i se refer&
la "la%a i%e*ral& a cos%r#c%orilorF o"#s& "l&'ii "ar'ialeF c# obli*a'ia cos%r#c%or#l#i $e a =a"oia baii $ac& #7;i =$e"lie;%e obli*a'iile.
Pri scrisoare se "reve$e c& baca *ara%ea3& aceas%& res%i%#ire a bailor.
/. 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.
2. Scrisori )e !aran*ie (en"r# va& . As%fel $e %i"#ri $e scrisori $e *ara'ie s#% e,ise $e bac& ;i $a%e la va,& $e c&%re
i,"or%a%or "e%r# a "#%ea i%ra = "osesia b##rilor care le7a# fos% %ri,ise. Se "rac%ic& = ca3#l #or "ro$#se "erisabile ;i care #
%reb#ie s& r&,9& ,#l% %i," = va,&. Pri scrisoareF baca *ara%ea3& v&,ii c& "ersoaa = ca#3& va "l&%i baii =%r7o "erioa$& $e %i,"
ce $e"i$e $e %ras,i%erea $oc#,e%elor+.
5. Al"e scrisori )e !aran*ie. Ele s#% #%ili3a%e "e%r# a *ara%a "la%a i,"o3i%elor sa# a #or %i,breF e%c.
Baca =;i as#,& # *ra$ ,are $e risc la e,i%erea #ei scrisori $e *ara'ie. Risc#l cos%& = 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
ca3#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&4
1. baca cere ;i "ri,e;%e a#,i%e *ara'ii "e%r# a e,i%e o scrisoare $e *ara'ieE
!. la "re*&%irea si%#a'iilor fiaciare se ia = cosi$erare e,i%erea $e scrisori $e *ara'ie al&%#ri $e cre$i%ele acor$a%eF
calc#l9$#7se "rovi3ioae "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 ;i a#,e4
1. beefici#l $e $isc#'i#eF a$ic& $re"%#l b&cii *ara%e $e a7i cere beeficiar#l#i $e a rec#r*e ,ai =%9i la "rici"al#l
$a%oric ;i #,ai $ac& # es%e sa%isf&c#% $e a a"ela la bac&E
!. cla#3a i%er&F a$ic& cla#3a c&F = ca3#l eIec#%&rii scrisorii $e *ara'ie ( c# eIce"'ia ca3#l#i "e%r# care "ar%ea
"rici"al& a $a%oriei s7a s%abili% ;i o $ob9$&+ se acor$& o a#,i%& ra%& a $ob93ii "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 =casea3& "e%r# scrisorile $e *ara'ie e,ise clie'ilor sa#F calc#la%e "e %rei ivele4
a+ co,isio #ic "e%r# scrisori $e *ara'ie %i"iceF c# *ra$ sc&3#% $e riscE
b+ co,isio "e%r# scrisori $e *ara'ie c# co'i#% $e ba3&F risc ,e$i#.
c+ scrisori $e *ara'ie c# co'i#% $e ba3&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%& ;i scrisori $e *ara'ie $esc.ise.
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6.'.' Car)#ri (en"r# afaceri
Serviciile oferi%e $e baca socie%&'ilor co,erciale "ri car$#ri $e cre$i% se "o% l#a = cosi$erare $i $o#& "#c%e $e ve$ere4
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 ca3#riF aces%ora li se "er,i%e s& foloseasc& aces%e car$#ri ;i "e%r# c.el%#ielile lor "ersoaleF "9& la a#,i%e
li,i%eF "ri,i$ as%fel o re,#erareF "e l9*& aceea re3#l%9$ $i beeficii.
b% Socie"&*ile acce("& (l&*i (rin car)#ri )e cre)i"
K ca3#l = care o socie%a%e <oac& rol#l e*#s%or#l#i = cicl#l #ei o"era'ii c# car$#ri $e cre$i%F a%#ci baca =i ofer& aces%#i %i"
$e socie%a%eF #r,&%oarele servicii4
a+ =i "roc#r& ec.i"a,e%#l ecesar "e%r# a face v93&ri "ri car$#ri $e cre$i%E
a+ #r,&re;%e "ri,irea $oc#,e%elorF co,isioaeleF s"e3eleF c.el%#ielileE
b+ re*le,e%ea3& "erio$ic co%#rile.
Aces% %i" $e servici#F # #,ai c& *eerea3& vei% "e%r# bac& $i co,isioaele "e v93&rile c# car$#rile $e cre$i%F $ar
*eerea3& ;i al%e servicii c#, ar fi4 $e"o3i%eF "l&'i salariiF e%c.+
Pe%r# a or*ai3a ;i a s"ri<ii aces% servici#F baca %reb#ie s& =fii'e3e # $e"ar%a,e% s"ecialF care r&s"#$e $e4
a+ efor%#rile $e ,ar)e%i* "e%r# a a%ra*e socie%&'ile ca ;i clie'i oiE
b+ s%abile;%e c# socie%a%ea %er,eii coo"er&riiE
c+ re3olv& orice "roble,& care se ive;%e ;i s"ri<i&F = *eeralF re'ea#a ;i v93&rile.
6.'... Transfer#l fon)#rilor
Ac%ivi%&'ile le*a%e $e %rasfer#l fo$#rilor s#% ,#l% ,ai obi;#i%e = 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 %ra3ac'iilor ;i al s#,elor i,"lica%e. K coseci'&F ele *eerea3& ,#l%e vei%#ri b&ciiF $e;i
ele s#% oferi%e socie%&'ilor la ra%e ale $ob93ii ,ai ,ici $ec9% cele "rac%ica%e = ca$r#l re%ail ba)i*7#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 ;i (b+ "ri or$ie $e "la%& "ri %elefoF %eleI ori
S-I?T sa# "ri (c+ scrisori $e cre$i%.
6.'.0. Kncasarea crean*elor
Servici#l "e%r# =casarea crea'elor es%e # servici# si,ilar acor$&rii ##i cre$i%F "ri fa"%#l c& se acce"%& ca ;i cola%eral
s#,e ce #r,ea3& a fi =casa%e. Kcasarea aces%or crea'e "oa%e =,br&ca $o#& for,e4
a. %ra%e scon"a"e> $e eIe,"l#F a%#ci c9$ calc#l#l vei%#l#i se ba3ea3& "e o ra%& a $ob93ii 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 ca3#l fac%ori*#l#i i%era'ioalF ave, $o#& b&ci i,"lica%eF fac%or#l i,"or%a%or#l#i ;i cel al eI"or%a%or#l#i. O"era'iile b&cilor
care se refer& la =casarea #or crea'e s#% $es%#l $e co,"lica%e ;i risca%e ;i es%e evoie $e ,#l%& a%e'ie $e7a l#*#l =%re*#l#i
"roces $e la s%a$i#l acor$#l#iF la "ri,irea efec%elor $e co,er' ;i "9& la fa3a fial& $e =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"o3i%. 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 $e"o3i%.
Proce$#rile b&cii "e%r# a "l&%i salariile "ri%r7# as%fel $e co% al cor"ora'iei ;i $esc.i$erea $e co%#ri $e $e"o3i% "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"o3i'ia salaria'ilor.
6.'.8 Tran1ac*ii val#"are
Serviciile oferi%e $e baca socie%&'ilor le*a%e $e %ra3ac'iile val#%are se eI%i$ la foar%e ,#l%e %i"#ri $iferi%e $e %ra3ac'ii ;i
%reb#ie s& 'i& co% $e o ,#l%i%#$ie $e fac%oriF c#, s#%F $e eIe,"l#F re*le,e%&rile s%abili%e $e baca ce%ral&F e%c.
Tra3ac'iile val#%are $evi $i ce = ce ,ai obi;#i%e $a%ori%& i%era'ioali3&rii ecoo,iilor ;i a $ere*le,e%&rilor = ca$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 $evie ;i el %o% ,ai ,#l% folosi% av9$ = ve$ere c& ,aa*e,e%#l %re3oreriei #ei
socie%&'i i,"lic& c#o;%i'e vas%e ;i ifor,a'ii s"eciali3a%e.
6.'.D E<n1area )iferi"elor valori
Baca <oac& $e ,#l%e ori rol#l $e i%er,e$iar = v93area 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 ;i aceas%& ac%ivi%a%e a%ra*e clie'ii = a
#%ili3a ;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 $e ifor,a'ii s& o fac& c.iar clie%#lF f&r& a fi
ecesar s& vi& "e%r# as%a la bac&. Baca la biro# "er,i%e socie%&'ilor s&7;i coec%e3e calc#la%oarele la o "ar%e a sis%e,#l#i
co,"#%eri3a% al b&cii. As%felF socie%a%eaF #%ili39$ a#,i%e co$#ri #,ericeF "oa%e4 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 %ra3ac'ii.
123
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 $e clie'iF care s#%4
,ari fo$#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 ;i ac%ivi%&'ile oferi%e $e $e"ar%a,e%#l $e "riva%e ba)i* al #ei b&ci ($e $e"ar%a,e%ele $e ives%i'ii $e
fo$#ri L %r#s% L = 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'ea3& = b#&
,&s#r& or*ai*ra,a b&ciiF =,"&r'irea sarciilor ;i fi;a "os%#l#i a*a<a'ilor i,"lica'i = ac%ivi%a%ea $e "riva%e ba)i*. Aces%e cici f#c'ii
s#%4 a$,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 $eci3iilor referi%oare la
a$,iis%rarea ;i la ives%irea ac%ivelor care a"ar'i clie'ilor b&cii. Ave, as%fel4
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 ca3 = care $e"ar%a,e%#l $e "riva%e ba)i* =i "ro"#e clie%#l#i c#, s&7;i ives%easc&
ac%iveleF iar aces%a $eci$eF ba39$#7se "e ifor,a'iile ce i se ofer&.
K "ri,#l ca3F baca ac'ioea3& ca # c#ra%or. C# al%e c#vi%eF b&cii i se $a# a#,i%e ac%ive ce %reb#ie ives%i%e = beefici#l
clie%#l#iF folosi$ ca"aci%a%ea "rofesioal& ,aIi,& a b&cii.
Prici"alele "ro$#se ;i servicii oferi%e $e o socie%a%e bacar& = ca$r#l s"eciali3&rii $e "riva%e ba)i*F s#%4
A$,iis%rarea clie'ilorF ac%ivi%a%e care cos%& =4 $esc.i$erea co%#rilorF acor$#ri ;i co,isioaeF servicii "rivi$
"la%a i,"o3i%elorF a$,iis%rarea $e "ro"rie%&'iF elaborarea $e si%#a'ii fiaciare.
Baa*e,e%#l ives%i'iilor s#b for,a4 cos#l%a'ei fiaciareF $eci3iilor $e ives%i'iiF eval#area "erfor,a'ei.
A$,iis%rarea #,erar#l#iF ac%ivi%a%e care i,"lic&4 =cas&ri ;i "l&'i = #,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,4
Desc-i)erea con"#rilor
La $esc.i$erea ##i co% "o% fi i,"lica%e ,ai ,#l%e "&r'i4
a$,iis%ra%or#l co%#l#iF care es%e "ersoaa care ia co%ac% c# clie%#l ;i coor$oea3& ac%ivi%a%ea referi%oare la co%F ca ;i
celelal%e ac%ivi%&'i le*a%e $e clie%#l res"ec%ivE
al'i ,aa*eri $e ives%i'iiF = ca3#l #or "or%ofolii co,"leIeE
aalis%#l "e%r# i,"o3i%e care eIa,iea3& %oa%e $a%ele releva%e "e%r# a $e%er,ia ivel#l i,"o3i%elor.
K ca$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& $e fa"%#l c& aces% co% es%e ali,e%a% ;iF = sf9r;i%F #,erar#l ;i al%e ac%ive se "re$a# b&cii ;i se =re*is%rea3& ;i =
co%#rile b&cii.
Acor)#ri 7i coisioane
Kc.eierea $e acor$#ri cos%& = fa"%#l c&F se =%oc,e;%e ;i se se,ea3& # co%rac% le*al care s& =i "er,i%& b&cii s&
ac'ioe3e ca ;i c#ra%or sa# a*e%. EIis%& ,ai ,#l%e fel#ri $e as%fel $e acor$#riF ca $e eIe,"l#4
a. a*e'ie "ersoal&F #$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 fi3ice (icl#39$ %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#4
valoarea $e "ia'& a ac%ivelor saleF #,&r#l $e %ra3ac'ii ale clie%#l#iF %i,"#l cos#,a% $e "ersoal#l b&cii ;i c.el%#ielile "e care le
ic#b& clie%#l. A$,iis%ra%or#l co%#l#i es%e r&s"#3&%or c# s%r9*erea $a%elor "e%r# calc#larea co,isioaelorF =%oc,irea fac%#rilor ;i
=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 ;i o si%#a'ie
"revi3ioal& "rivi$ ivel#l co,isioaelorF ba39$#7se "e $a%e si,ilare referi%oare la clie%.
Servicii (rivin) (la"a i(o1i"elor
Aces%e servicii s#% oferi%e $e s"eciali;%ii = fiscali%a%e ai b&cii. EIis%& $e ase,eea "rac%ica ca b&cile s& a"ele3e la
s"eciali;%i $i afar&. Prici"alele servicii oferi%e $e b&ci referi%oare la "la%a i,"o3i%elorF = ca$r#l ac%ivi%&'ii $e "riva%e ba)i*F s#%4
"re*&%irea $eclara'iilor $e vei%#ri "e%r# a fi i,"o3i%a%eE
es%i,area ivel#l#i "l&'ilor i,"o3i%elor ;i "la%a %ra;elor sa# a s#,elor *lobale la %er,eele s%abili%e $e le*eE
re'ieri $e s#,e "e%r# "la%a i,"o3i%elor.
A)inis"rarea )e (ro(rie"&*i
Aces%e servicii s#% #%ili3a%e #,ai = #ele '&riF sa# ele a# o #%ili3are li,i%a%&. U s"ecific a"ar%e =l re*&si, = SUAF #$e
baca a$,iis%rea3& i,obileF valori i,obiliareF fer,e sa# al%e ac%ive. Ges%ioarea aces%or ac%ive se face $e c&%re bac& "ri%r7# fo$
$e ives%i'ii.
Elaborarea )e si"#a*ii financiare
K ca$r#l aces%ei ac%ivi%&'i baca se a*a<ea3& s& "#& la $is"o3i'ia clie'ilor s&i o sea,& $e si%#a'ii fiaciare. Aces%e si%#a'iiF
elabora%e $e bac& ;i %ri,ise clie'ilor eiF co'i ifor,a'ii $e $o#& %i"#ri4
ifor,a'ii referi%oare la %ra3ac'ii efec%#a%e =%r7o a#,i%& "erioa$& $e %i," L cea ,ai rece%& $e fa"% L c#, ar fiF $e eIe,"l#
=cas&rile ;i "l&'ile efec%#a%eF ac.i3i'ii sa# v93&ri $e %i%l#ri $e valoareF e%cE
124
ifor,a'ii referi%oare la sol$#l fiec&r#i co% la sf9r;i%#l res"ec%ivei "erioa$e.
K ca3#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 $i %es%a,e%eF
fa,ilii ,ariF e%c.+ ,ai ,#l%e "ersoae "ri,esc aces%e si%#a'ii ale co%#rilor res"ec%ive.
K #l%i,#l %i,"F se folosesc "e scar& %o% ,ai lar*& #l%i,ele c#ceriri ale %e.olo*iei = elaborarea ;i eI"e$ierea la beeficiar a
aces%or si%#a'ii fiaciare sa# c.iarF ,#l'i clie'i =;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# v93are "e%r# clie'ii ei ;i o%ific& clie%#l $#"& ce a av#% loc %ra3ac'ia. K al%e
ca3#riF baca face "ro"#eriF clie%#l $eci$eF iar baca eIec#%& or$iele clie%#l#i s&#.
?o$#rile colec%iveF # %er,e obi;#i% = "riva%e ba)i*F f#c'ioea3& ase,ei fo$#rilor ,#%#ale. Ac%ivele i$ivi$#ale ale
clie'ilor s#% #ifica%e $e c&%re sec%or#l $e "riva%e ba)i* ;i s#% a$,iis%ra%e = re*i, $e # si*#r "or%ofoli# ;i # $is"ersa%e = ,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 %ra3ac'iilor $e ives%i'ii.
D#"& acela;i "rici"i# $e f#c'ioare a fo$#rilor colec%ive se bloc.ea3& = ,o$ si,ilar ;i al%e "or%ofoliiF $e obicei "e%r#
%ra3ac'ii a$ .oc.
Alocarea ac%ivelor es%e # al% %er,e folosi% = 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 ca3#riF se folosesc o serie $e
i$ica%ori "e%r# a facili%a "roces#l $e alocare al ac%ivelorF "e ba3a #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#%4
Cons#l"an*a financiar&
Serviciile $e cos#l%a'& fiaciar& oferi%e $e bac& clie'ilor lorF ia# = cosi$erare aali3e ba3a%e "e4
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$ere "rofi%#l %rec#%F "re3e% ;i vii%orE
*ra$#l $e risc "e care clie%#l es%e *a%a s& ;i7l as#,e (c# c9% risc#l es%e ,ai ,are c# a%9% ;i "rofi%#l es%e ,ai ,are+.
Aali;%ii ;i cos#l%a'ii b&cii "ro"# sol#'ii al%era%iveF ba39$#7se "e cerce%&rile b&cii sa# "e cos#l%a'i eI%eri.
Deci1ii )e inves"i*ii
Deci3ia "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%& $eci3ia $e ives%i'ie l#a%&F or$iele se =ai%ea3& $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 $i %ra3ac'ii se "o% re3olva c.iar = ca$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 = ca3#l "or%ofoliilor $e %i%l#ri. Sco"#l lor es%e $#bl#4
s&7;i ifor,e3e clie'ii as#"ra ra$a,e%#l#i ac%ivelor lor fiaciare = %i,"#l "erioa$ei $e $isc#'ieE
s& eval#e3e "erfor,a'a ;i eficie'a a$,iis%ra%orilor $e co%.
Eval#&rile s#% eIec#%a%e ;i co,"le%a%e co,"ar9$#7se s#,ele clie%#l#i ;i %i"#l $e ives%ire c# (a+ risc#lF (b+ cifrele $i b#*e% ;i
(c+ a#,i%e eval#&ri ale "erfor,a'elor si,ilare = $o,ei# (bec.,ar)s+F fie $i aces% %i" $e ac%ivi%a%eF fie $i i$icii $e b#rs& ;i al'i
i$ici. Aces%e s%a$ar$e s#% #eori *re# $e s%abili% ;i ca #r,areF = vii%or se "reve$e s& aibe loc o $e3vol%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 $evie "e 3i ce %rece %o% ,ai co,"leI& ;i ,ai sofis%ica%&. Persoal#l care se
oc#"& c# aceas%& "roble,& = ca$r#l "riva%e ba)i*7#l#iF %reb#ie s& fie bie "re*&%i% ;i ca"abil s& (a+ fac& %ra3ac'ii $e %i"#l NsJee"O
"e%r# clie'ii lor ;i (b+ s& se a*a<e3e = s%ra%e*ii ,ai sofis%ica%e c#, ar fiF $e eIe,"l#F arbi%ra<#l. Tra3ac'iile $e %i" dsJee"dF re"re3i%&
o"era'i#ile $e v93are ;i c#,"&rare $e ac'i#i sa# al%e %i%l#ri =%r7# fo$ $e ives%i'ii "e %er,e sc#r% (?ITS+.
Di%re aces%e servicii re'ie,4
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?T7#l ;i liii $irec%e c# b&ci $i s%r&i&%a%e.
Aceas%& ac%ivi%a%e are o i%erfa'& c#"ri3&%oare ;i colaborea3& ,#l% c# celelal%e $e"ar%a,e%e ale b&cii. Doc#,e%ele ;i
%ra3ac'iile referi%oare la "l&'i %reb#ie f&c#%e i,e$ia%F "referabilF "ri ,i<loace elec%roice.
EIis%& ,#l%e ,o%ive care s& e $e%er,ie s& #%ili3&, serviciile $e =cas&ri ;i "l&'i = cas. = ca$r#l ac%ivi%&'ii $e "riva%e
ba)i*F c#, ar fi4 co%rib#'iile $e la clie'i ;i s"osoriE $is%rib#'iile la clie'i ;i beeficiariE ac.i3i'iile ;i v93&rile $e %i%l#ri ;i al%e ac%iveE
%rasfer#rile =%re co%#riE co,isioaele ;i s"e3ele b&ciiF s#,ele re'i#%e "e%r# i,"o3i%eF e%c.

B. Inves"irea s#r(l#s#l#i )e n#erar
Bi<loacele "re3e%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 3ilic "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 ;i
c#,"&ra ac'i#i =%r7# fo$ ?ITS s#% %ra3ac'ii $e %i" @sOee(A.
C. Prevenirea )efici"elor )e n#erar
K acela;i ,o$ = care se calc#lea3& s#r"l#s#rile $e #,erar =ai%e $e a fi ives%i%eF se elaborea3& ;i si%#a'iile "revi3ioale
referi%oare la ecesi%&'ile $e #,erarF "e%r# a se "revei $efici%ele vii%oare. To%#;iF c.iar ;i = ca3#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 $e a7i acor$a o facili%a%e $e over$raf% ("es%e oa"%eF $eci !2 $e ore+ = loc $e a $esfii'a
o ives%i'ie.
125
K #l%i,ii aiF s7a observa% o $e3vol%are ,a<or& a $e"ar%a,e%elor $e "riva%e ba)i* $i b&ci. De;i #ele b&ciF "oa%e #
cosi$era# ecesar s& aib& ase,eea ac%ivi%&'iF %o%#;iF ele a# fos% evoi%e s& =fii'e3e 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#%44
B+ clie'ii sec%or#l#i $e "riva%e ba)i* s#%F = *eeralF clie'i ,ariF care a# ;i al%e %ra3ac'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+ $e3vol%area %e.olo*iei "er,i%e o co,#icare ,ai b#& c# clie%#l ;i c# s#rsele $e ifor,a'ii ecesare "e%r#
l#area $eci3iilor.
6.0 Universal Ban+in! $Banca Universal&%

S"eciali3area $e %i" dBanc& Universal&d cos%& = fa"%#l c& ofer& =%rea*a *a,& $e "ro$#se ;i servicii fiaciar 7 bacareF fie "e
"ia'a i%er&F fie L a;a c#, se =%9,"l& $e obicei L "e cea i%era'ioal&. B&cile #iversale %i$ s& "res%e3e %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 ;i cor"ora%e ba)i*F
s#%4
- v93area $e asi*#r&ri (co,"aiilorF "ersoaelor fi3iceF or*ai3a'iilor+
- s#bscrierea $e %i%l#ri (#$erJri%i*+E
- %ra3ac'ioarea $e %i%l#ri = #,ele al%or ives%i%oriE
(1+ "ar%ici"area la ca"i%al = $iverse co,"aiiF icl#39$ cele o7fiaciare E
- "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 s7a $e3vol%a% = %rec#% serviciile $e #iversal ba)i*F s#% Ger,aia ;i Sa"oia. A# #r,a% ;i al%e '&ri e#ro"eeF =
%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%&3i $ar ;i = secolele I@ ;i @@. B&cile
#iversale *er,ae se oc#"a# $oar $e valori ,obiliare ;i $e o"era'iile efec%#a%e $e o bac& co,ercial&F = %i," ce ac%ivi%&'ile le*a%e $e
asi*#r&riF i"o%eciF a$,iis%rarea $e "or%ofolii ;i servicii $e ives%i'ii s#% oferi%e $e filialeF care a"ar'i #or .ol$i*7#ri fiaciare.
Sis%e,#l $e #iversal ba)i* a *r&bi% cosi$erabil $e3vol%area ecoo,ic& ra"i$& a Ger,aiei = secol#l I@7leaF oferi$ if#3iile
ecesare $e ca"i%alF =%r7# ,o,e% al is%oriei = care "#blic#l lar* # $orea s&7;i as#,e as%fel $e risc#ri.
Al"e *&ri e#ro(ene
Deoarece #ificarea ecoo,ic& e#ro"ea& "er,i%e b&cilor co,#i%are s& o"ere3e = %oa%e '&rile Co,#i%&'ii e#ro"eeF la fel
c#, o"erea3& = '&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 ;i la %i"#rile $e servicii oferi%e $e ele.
Ul%i,ele i$icii ara%& c&F '&rile occi$e%ale fac "a;i %o% ,ai se,ifica%ivi s"re serviciile $e #iversal ba)i*.
Wa(onia
De;i b&cile <a"oe3e a# fos% foar%e $esc.ise = a oferi ;i al%e servicii $ec9% $e"o3i%e ;i cre$i%eF $#"& cel $e7al $oilea r&3boi
,o$ialF ele a# fos% for'a%e s&7;i res%r9*& *a,a serviciilor. To%#;iF =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"oe3F = 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"eciali3a%e. Poa%e fi eIe,"lifica% ca3#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 %ra3ac'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 o7fiaciar sa# s& fac& "ar%e $i cosiliile $e
a$,iis%ra'ie ale aces%or socie%&'i.
K #l%i,a vre,e s7a# "#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&3#% $e acor$ as#"ra ,ai ,#l%or "roble,e $e fo$. S#% $e re'i#% #ele "&reri = aceas%& $irec'ie ;i a#,e4
Sa#$ers ;i -al%er (1662+ s#s'i ,o$el#l e*le3F #$e o"era'iile c# valori ,obiliare ;i al%e as%fel $e ac%ivi%&'i s#%
eIec#%a%e = filiale ale b&cilor c# ca"i%al se"ara%E
Bes%o (1662+ 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&4 (a+ %reb#ie se"ara%& ac%ivi%a%ea co,ercial& $e cea $e ives%i'ii = ca$r#l #ei b&ci ;i c&
(b+ orice al%e res%ric'ii referi%oare la *a,a $e servicii "e care le "oa%e oferi o bac&F %reb#ie eli,ia%e = sis%e,#l bacar $i SUA.
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.i3i'ioarea ##i ac%iv $es"re care se "res#"#e c& va a$#ce = vii%or # "rofi%. Deci3ia celor care a#
#,erar sa# al%e for,e $e "ro"rie%a%e $e a ives%iF ecesi%&4 (a+ eIis%e'a c#o;%i'elor $es"re al%era%ivele $e a ives%i ;i (b+
$e3vol%area #or abili%&'i ecesare "e%r# a eval#a aces%e al%era%ive ives%i'ioale.
O $isc#'ie referi%oare la ives%i'ii cere ,ai =%9i o "re3e%are a ac%ivelor $e "e "ie'ele fiaciare.
EIis%& $o#& as%fel $e %i"#ri $e ac%ive4
a+ ac%ive reale (ca valorile i,obiliareF ,e%alele "re'ioaseF e%c.+E
b+ ac%ive fiaciare care s#%4
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%r7o co,"aie $e ives%i'ii+E
c+ crea'e 7 cre$i%or oferi%e $e is%i%#'ii fiaciareE
$+ crea'e 7 cre$i%or oferi%e $e "ia'a fiaciar& ("ia'a ,oe%ar& ;i %i%l#rile $e "e "ie'ele $e ca"i%al+.
A%rib#%ele ac%ivelor care afec%ea3& l#area $eci3iilor "rivi$ %ra3ac'iile $e "e "ie'ele fiaciare s#%4
lic.i$i%a%eaF res"ec%iv ca"aci%a%ea $e a %rasfor,a ac%iv#l = #,erar ra"i$ f&r& o sc.i,bare se,ifica%iv& a "re'#l#i fa'& $e "re'#l
c#re% $e "e "ia'&E
126
va$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 v93areF $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% ;i oferi%e s"re v93are.
Pe%r# e,isi#i ,ariF $o#& sa# ,ai ,#l%e b&ci $e ives%i'ii se #esc ;i for,ea3& si$ica%e. K as%fel $e ca3#riF eIis%& o bac&
$e ives%i'ii $e ori*ie c# res"osabili%&'i ese'iale = e,isi#e ;i a"oi ,e,brii si$ica%#l#i care ca$ $e acor$ as#"ra v93&rii ##i
a#,i% ivel $i valorile ,obiliare care ies "e "ia'&. D#"& ce s7a %er,ia% e,isi#eaF si$ica%#l se $i3olv&.
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 $o#& abor$&ri4
s#bscrie (#$erJri%es+ %i%l#rile4 = aces% ca3 baca $e ives%i'ii ac'ioea3& ca # "rici"al ;i ac.i3i'ioea3& e,isi#ea $e la e,i%e%F
=cerc9$ s& o rev9$&. Baca $e ives%i'ii *ara%ea3& e,i%e%#l#i c&7;i va "ri,i baii $#"& vi$erea e,isi#i ;i sc&$erea
co,isioaelor ;i c.el%#ielilor b&cii. K aces% ca3F baca $e ives%i'ii risc& s& # "oa%& vi$e %oa%& e,isi#ea ;i $eci s& # "oa%&
a%ra*e $es%#i ives%i%oriE
ac'ioea3& ca a*e%4 = aces% ca3F baca $e ives%i'ii # "reia e,isi#eaF ci *ara%ea3& $oar e,i%e%#l#i c& va face %oa%e efor%#rile
s& v9$& valorile ,obiliare e,ise. De;i # risc& ca"i%alF f&c9$ %oa%e efor%#rile $e a le vi$eF b&cii $e ives%i'ii i se "oa%e $e%eriora
re"#%a'ia $ac& # vi$e %o%.
c% B#nc*ia )e cons#l"an*&
Ca s"ecialis%& = ac%ivi%&'ile $e "e "ia'a fiaciar&F baca $e ives%i'ii ofer& sfa%#ri #%ile e,i%e'ilor referi%or la4 (a+ for,a
e,isi#ii "recoi3a%eE (b+ c9$ 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 $i v93area ac'i#ilor lor
"#blic#l#i (res"ec%iv ie;i$ = "#blic+. K aces% ca3F baca $e ives%i'ii ac'ioea3& ca ;i cos#l%a%F "re*&%i$ co,"aiile ;i eval#9$
c9$ s#% =$e"lii%e co$i'iile "e%r# ca socie%a%ea s& =cerce s& a%ra*& fo$#riF ie;i$ "e "ia'&.
B&cile $e ives%i'ii s#% i,"lica%e = v93&ri "riva%e ;i "#blice. K ca$r#l ac%ivi%&'ii $e "riva%e ives%,e% ba)i*F baca $e
ives%i'i ac'ioea3& ca o le*&%#r& =%re or*ai3a'iile care a# evoie $e fo$#ri ;i is%i%#'iile fiaciare care a# 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#%4
a+ s#bscrierea e*ocia%& $e valori ,obiliare (e*ocia%e$ #$erJri%i*+
K as%fel $e ca3#riF e,i%e%#l ;i baca $e ives%i'ii $isc#%& %er,eii %ra3ac'iei ;i fiIea3& # "re'. Se a<#*e la # acor$ =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 ca3#rile lici%a'iilorF or*ai3a'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*ai3a'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& oca3ia 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.i3i'ioa%e $e ac'ioari.
127
CAPITOLUL EI
COSTURILE BANCARE
8.1. Con*in#"#l cos"#rilor bancare
?#$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 fiaciar7bacare es%e re"re3e%a% $e ,ii,i3area cos%#rilor
bacare.
De fa"%F #a $i%re "re,isele ,o$ere $e $e3vol%are a %eoriilor fiaciare ;i ,aa*eriale es%e aceea $e a ,ii,i3a cos%#l ;i
$e a # ,o$ifica cresc&%or co%a $e "rofi% "e "ro$#s sa# servici# bacar efec%#a%.
Se "oa%e a"recia eIis%e'a #ei clasific&ri acce"%a%e a c.el%#ielilor bacare = f#c'ie $e $o,ei#l $e l#cr# $e care a"ar'iF as%fel4
c.el%#ieli f#c'ioale
C.el%#ieli %o%ale
c.el%#ieli c# $ob93ile
De ase,eea $i "#c% $e ve$ere al i,"or%a'eiF c.el%#ielile bacare se "o% *r#"a =4

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

c.el%#ieli c# $ob93ile



al%e c.el%#ieli
K ba3a clasific&rilor a%erioare se "o% calc#la o serie $e ra"oar%e a c&ror co,"ara'ie e "re3i%& "o$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.
7 c.el%#ieli f#c'ioale
o"era'ioaleE
7 al%e c.el%#ieli f#c'ioale.
7 c.el%#ieli c# $ob9$a "e%r# $e"o3i%e
la %er,eE
7 c.el%#ieli c# $ob9$a "e%r# $e"o3i%e
la ve$ereE
7 al%e c.el%#ieli c# $ob9$a.
7 c.el%#ieli c# salariileE
7 "ier$eri $i =,"r#,#%#riE
7 %o%al c.el%#ieli c# ifor,a%ica.
7 c.el%#ieli c# $ob9$& "e%r# $e"o3i%e
la ve$ereE
7 c.el%#ieli c# $ob9$a "e%r# $e"o3i%e
la %er,eE
7 al%e c.el%#ieli c# $ob9$a/
128
188
1
Q
e f#nc"ional C-el"#ieli
(rinci(ale C-el"#ieli
R (1.1+
Aces% i$ica%or es%e $e obicei s#b#i%arF se,ific9$ "ro"or'ia c.el%#ielilor "rici"ale = ca$r#l c.el%#ielilor f#c'ioale
188
!
Q
c-el"#ieli To"al
(rinci(ale C-el"#ieli
R (1.!+
Es%e # i$ica%or s#b#i%ar c# "ro"rie%a%ea c& R!aR1 ;i se,ific& "o$erea C "rici"ale = %o%al c.el%#ieli.
B. In)ica"ori ai c-el"#ielilor c# )ob<n1ile.
188
/
Q
e f#nc"ional c-el"#ieli
)oban1ile c# C-el"#ieli
R (1./+
Es%e # i$ica%or ce "oa%e avea ;i valori s#b#i%areF co,"ar9$ valoarea c.el%#ielilor c# $ob9$a fa'& $e c.el%#ielile f#c'ioale.
188
2
Q
"o"ale C-el"#ieli
)oban)a c# C-el"#ieli
R (1.2+
Aces% i$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 "re3i%& 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*ai3a'ii ecoo,ice ce areF $e fa"%F rol#l $e i%er,e$iere =%re cererea ;i ofer%a $e
ca"i%al = co$i'iile eIis%e'ei "e "ia'& a #or variabile $e re*lare ;i co%rol.
C.el%#ielile "rici"ale efec%#a%e = ca$r#l #ei b&ci "o% fi *r#"a%e "e #r,&%oarele ,ari ca%e*orii4
I L c.el%#ieli c# $ob93ile ;i co,isioaeE
II L c.el%#ieli c# "rovi3ioaeleE
III L c.el%#ieli c# "ier$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# "rovi3ioaele se "o% "re3e%a "e cele $o#& ca%e*orii $i care s#% alc&%#i%e4
- c.el%#ieli c# "ier$eri ;i crea'e erec#"erabileF aco"eri%e c# "rovi3ioaeE
- c.el%#ieli c# "ier$eri ;i crea'e erec#"erabileF eaco"eri%e c# "rovi3ioae.
O =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# $ob93i ;i co,isioae care $evasea3& e% celelal%e %i"#ri $e c.el%#ieli.
K ceea ce "rive;%e vei%#rile reali3a%e $e bac&F aces%ea se "o% *r#"a "e ,ai ,#l%e ca%e*oriiF = f#c'ie $e s#rsa care le7a
$e*a<a%4
I L vei%#ri $i $ob93i la cre$i%eE
II L vei%#ri $i co,isioaeF %aIeF s"e3eE
III L vei%#ri $i "rovi3ioaeE
ID L vei%#ri $i rec#"erarea $e crea'e a,or%i3a%eE
D L vei%#ri $i eIce$e% $e res#rseE
DI L al%e vei%#ri.
K ca$r#l aces%or ca%e*orii $e vei%#ri "o$erea cea ,ai i,"or%a%& o a# vei%#rile $i $ob93i la cre$i%e ;i vei%#rile $i
co,isioae.
K ca$r#l #ei b&ci cos%#l ,ar*ial %reb#ie ='eles ca fii$ cre;%erea cos%#l#i $e%er,ia%& $e reali3area #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 $e servicii ;i "ro$#se
bacareF fii$ $e fa"% cos%#rile i$#se $e $ob93i ;i co,isioae = ac%ivi%a%ea bacar&.
,=B
07
$
0

F = care4 (1.5+
C, 7 cos% ,ar*ialE
eCT L varia'ia cos%#l#i %o%alE
ePSB L varia'ia "ro$#selor ;i serviciilor bacare.
Daria'ia serviciilor ;i "ro$#selor bacare se "oa%e eI"ri,aF a%9% valoricF c9% ;i = #i%&'i $e "ro$#s.
8.0 P#nc"#l cri"ic al ac"ivi"&*ii b&ncii $(#nc"#l or"%
P#c%#l cri%ic al ac%ivi%&'ii b&cii se reali3ea3& = ,o,e%#l = care vei%#rile %o%ale s#% e*ale c# c.el%#ielile %o%ale ;i = care
re3#l%a%#l es%e #l.
Cre;%erea vei%#rilor b&cii = co$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# $ob93ile ;i co,isioaele
C.el%#ieli f#c'ioale
EIis%& "osibili%a%ea s& se calc#le3e #,&r#l $e o"era'i#i care %reb#ie co,isioa%e = co$i'iile "res%abili%e ;i valoarea
vei%#rilor ce %reb#ie s& se reali3e3e $i $ob93iF $#"& #r,&%oarele rela'ii4
12(
(a+ Co,isio#l ,e$i# "e o"era'i#e H

n
"
n
"
N"
C" N"
1
1
(1.1+
(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%iv4
t
- 0
70
.

(1.>+
(c+ Dei%#rile %o%ale $i $ob93i (DTD+ H

n
"
D"
1
(1.5+
= care4
D% L $ob9$& la "lasa,e% $e %i" N%O
($+ Rela'ia =%re c.el%#ieli ;i vei%#ri "ri care se =re*is%rea3& (#nc"#l or" al ac%ivi%&'ii bacare
C.el%#ieli c# $ob93i ;i co,isioae V C.el%#ieli f#c'ioale V Al%e c.el%#ieli H Dei%#ri %o%ale $i $ob93i V Dei%#ri %o%ale $i
co,isioae V 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 "revi3ioa%e (%abel 1.1+4

7Tabel 1.17
7UB7
Nr. $e o"era'i#i co,isioa%e 1!12/
Dei%#rile $i co,isioae /81.221.888 UB
Dei%#rile $i $ob93i 68/.22/.888 UB
Al%e vei%#ri 1!1.251.888 UB
a+ K co$i'iile $ori'ei eIis%e'ei ##i "rofi% $e 18RF 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 18R $i %o%al#l c.el%#ielilorF s%abili'i s#,a absol#%& a aces%ora.
Re1olvare2
a+ Dei%#ri %o%ale H /81.221.888 V68/.22/.888 V 1!1.251.888 H 1./!1./28.888 UB
Nivel#l ,aIi, al c.el%#ielilor a$,ise H 1./!1./28.888 (1L8F1+ H 1./!1./28.888 I 8F6 H 1.16/.>81.888 UB
b+ S#,a c.el%#ielilor c# $ob93ile H 8F1 I 1.16/.>81.888 H
H >.11!.!/1.888 UB
Problea '4 Se "re3i%& ! *r#"#ri $e b&ci c# #r,&%oarele carac%eris%ici "rivi$ s%r#c%#ra cos%#rilor4
7Tabel 1.!7
7 lei 7
Nr.
Cr%.
Ar%icol
c.el%#ial&
B&ci c# $e"o3i%e
s#b 58 ,il.
B&ci c# $e"o3i%e
=%re 58 L !88 ,il.
B&ci c# $e"o3i%e
"es%e !88 ,il.
S#,e
absol#%e
S#,e
rela%ive
R
S#,e
absol#
%e
S#,e
rela%ive
R
S#,e
absol#%e
S#,e
rela%ive
R
1 Salarii
"ersoal
co$#cere
!62/16 16F26 5/62!
5
16F8> /5!6611 16F5>
! Salarii
f#c'ioari
!5/!/1 11F1> 5!/56
1
15F>1 /1!5215 11F!/
/ C9;%i*#ri
s#"li,e%are
1/!>8/ 5F58 285!1
6
6F!> 152111/ 6F55
2 C.el%.
is%alare
co,"#%ere
55>5/ /F16 158>6
/
6F11 118555> 5F>2
5 Obiec%e $e
ive%ar
18/6>! 1F55 !68/5
5
1F18 1115151 1F81
1 C.el%#ieli c#
"a"e%&rie ;i
i,"ri,a%e
51165 /F>1 11525
1
!F16 215516 !F2!
> Po;%&F
c&l&%orie
/868/ !F85 616/5 !F86 /58/61 1F6>
5 C.el%#ieli
"#blici%a%e
/5215 !F/5 181>8
8
!F2! 215/58 !F2/
13)
6 C.el%#ieli
<#ri$ice
/1551 !F86 18>>5
5
!F25 565565 /F11
18 C.el%. %elefoF
%ele*raf
11511 1F18 5815/ >F15 !22156 1F!>
11 C.el%. c.irie 18/!>> 1F52 /15!/
6
>F11 12!11!6 >F/>
1! C.el%. eval#&ri
i%ere
!1565 1F25 55822 1F!5 15/>25 8F58
1/ C.el%. c#
"ro%ocol#l
!5>62 1F61 5>!/2 1F/8 1!1/55 8F1/
12 C.el%. c#
asi*#rarea
$e"o3i%elor
!6>15 1F6> 6/6// !F1/ /51/51 1F65
15 C.el%. c# al%e
asi*#r&ri
!/686 1F55 562/5 1F/5 15!6>2 8F65
11 C.el%. c#
$e"lasarea
6181 8F12 !1/1/ 8F1 182>22 8F52
1> Al%e co%rib#'ii 5151 8F5> !82!5 8F21 55/82 8F/8
15 Doa'ii 1/1/ 8F2! !15!1 8F58 6511> 8F58
16 C.el%. c# c&r'iF
"erio$iceF al%e
servicii
55/1 8F/> 1!618 8F!6 5/66> 8F!5
!8 Pier$eri $i
=,"r#,#%#ri
188!11 1F12 //666
1
>F>! 12!!181 >F/5
!1 C.el%. c# sof% !2125 1F1/ !1266 8FF26 15/556 8F58
!! Al%e c.el%#ieli 1/56!1 6F88 /181/
5
5F16 1555>15 6F58
'. TOTAL
C-el"#ieli
f#nc*ionale
16JIC00 1JJP 00J'0
81
1JJP 1I'C.1C
.
1JJP
!2 Al%e c.el%. c#
ifor,a%ica
5>261 188R !16//
5
188R 1/6!662 188R
!5 C.el%. $ob93i
la $e"o3i%e la
ve$ere
!8/5!5 18F! 161!2
/
6F1 !/2626 >F1
!1 C.el%. $ob93i
la $e"o3i%e la
%er,e
1152661 >1F5 5//66
15
>/F> !!/2>58
5
>!F1
!> C.el%. $ob93i
la o
$e"o3i%e
2125>5 15 1!1/8
>5
11F> 18>185! 16F5
'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 cere4
a+ s& se a"recie3e *r#"#l $e b&ci ava%a<a% "ri "ris,a c.el%#ielilor "rici"aleE
b+ s& se calc#le3e i$ica%orii c.el%#ielilor "rici"ale ;i i$ica%orii c.el%#ielilor c# $ob93ileE
c+ s& se i%er"re%e3e re3#l%a%ele.
Re1olvare2
a+ Do, calc#la c.el%#ielile "rici"ale "e%r# cele / *r#"#ri $e b&ci.
C.el%#ieli "rici"ale H C.el%#ieli c# salariile V Pier$erile $i =,"r#,#%#ri V C.el%#ieli c# ifor,a%ica
C.el%#ieli salariale H Salarii "ersoal co$#cere V Salarii f#c'ioari V C9;%i*#ri s#"li,e%are
C.el%#ieli c# ifor,a%ica H C.el%#ieli is%alare V C.el%#ieli c# sof% V Al%e c.el%#ieli c# ifor,a%ica
8ncile cu depozit sub 56 milioane.
C.el%#ieli salariale H !62/16V!5/!/1V1/!>8/H158!5/
C.el%#ieli c# ifor,a%ica H 55>5/V!2125V5>661H115/62
C.el%#ieli "rici"ale H 158!5/V11>562V188!11H62521/
8ncile cu depozite +ntre 56 4 &66 milioane.
C.el%#ieli salariale H 5/62!5V5!/561V285!16H!8>1!28
C.el%#ieli c# ifor,a%ica H 158>6/V!1266V!16//5H2>11!>
C.el%#ieli "rici"ale H !8>1!28V2>11!>V//6661H!55!555
8ncile cu depozite peste &66 milioane.
C.el%#ieli salariale H /5!6611V/1!5215V151211/H55!!52>
C.el%#ieli c# ifor,a%ica H 118555>V15/556V1/6!662H!15!1>8
C.el%#ieli "rici"ale H 55!!52>V!15!1>8V12!!181H1!561>5/
131
Gr#"#l $e b&ci care es%e favori3a% "ri "ris,a c.el%#ielilor "rici"ale es%e *r#"#l b&cilor c# $e"o3i% s#b 58 ,ilioaeF l#cr#
$e al%fel <#s%ifica% ;i $e ivel#l ,ai res%r9s $e ac%ivi%a%e efec%#a% $e aces%ea.
b+ Se vor calc#la i$ica%orii c.el%#ielilor "rici"ale ;i c.el%#ielilor c# $ob93i "e *r#"#ri $e b&ci.
8ncile cu depozit sub 56 milioane.
188
11 15! 188
1586>22
!/82551
188
/1 !2 188
/68!861
62521/
188
5! 1! 188
1586>22
62521/
188
2
/
/
!
!
1
1
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 56 188
/68!861
!/82551
2

8ncile cu depozit sub 56 4 &66 milioane.
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
51 18 188
116!18/!
>!26!/1
188
11 112 188
228!211
>!26!/1
188
15 !2 188
116!18/!
!55!555
188
25 15 188
228!211
!55!555
188
2
2
/
/
!
!
1
1

B&cile c# $e"o3i%e "es%e !88 ,ilioae.

132
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
5! 56 188
512/25!!
/8>15/55
188
12 156 188
16!>/1>/
/8>15/55
188
8> !5 188
512/25!!
1!561>5/
188
6! 11 188
16!>/1>/
1!561>5/
188
2
2
/
/
!
!
1
1

b+ I%er"re%area re3#l%a%elor ce%rali3a%e ob'i#%e (%abel 1./+4

7Tabel 1./7
7R7
Ti"
Bac&
Ra%&
B&ci c# $e"o3i%e
s#b 58 ,ilioae
B&ci c# $e"o3i%e
=%re 58 L!88
,ilioae
B&ci c# $e"o3i%e
"es%e !88 ,ilioae
R1 1!F5!R 15F25R 11F6!R
R! !2F/1R !2F15R !5F8>R
R/ 15!F11R 112F11R 156F12R
R2 56F8>R 18F51R 56F5!R
7 Pri "ris,a "ri,ei ra%e es%e ava%a<a% "ri,#l *r#" $e b&ci ;i a#,e b&cile c# $e"o3i%e s#b 58 ,il. leiF ce se,ific& fa"%#l
c& "o$erea c.el%#ielilor es%e ,ai ,ic&.
7 K ra"or% c# a $o#a ra%& es%e ava%a<a% *r#"#l $e b&ci c# $e"o3i%e =%re 587!88 ,il. leiF care are o "o$ere ,ai ,ic& a
c.el%#ielilor "rici"ale = %o%al#l c.el%#ielilor.
7 Ra%ele / ;i 2 s#% favorabile b&cilor c# $e"o3i%e s#b 58 ,il.F si,boli39$ # c#a%#, ,ai ,ic al c.el%#ielilor c# $ob93ile.
K cocl#3ieF c.el%#ielile "rici"ale favori3ea3& "ri,#l *r#" $e b&ciF ca ;i = ca3#l c.el%#ielilor c# $ob93ile.
PROBLE;E DE RENOLEAT
Problea 12 ?ie 5 %i"#ri $e b&ci c# #r,&%oarele $a%e carac%eris%ice (%abel 1.2+4

9Tabel 1.27 9 lei7
In)ica"or Banca A Banca B Banca C Banca D Banca E
C. "rici"ale !1225!! /2!!515 52>5522 2/1!18! 18215551
C. f#c'ioale 5115888 181!1888 15512888 !8118888 /2122888
C. c# $ob93i 111!1888 162//188 111!12/8 1!/11588 !6222888
Al%e c.el%#ieli 18212!11 6188888 5/!8888 15211888 !5188888
To%al c.el%#ieli /1>62>// 2!851115 58>/1!>2 5!12268! 6618/551
Se cere4
a+ S& $e calc#le3e i$ica%orii C.el%#ieli "rici"ale.
b+ S& se calc#le3e i$ica%orii C.el%#ieli c# $ob93i.
c+ S& se co,"are ;i i%er"re%e3e re3#l%a%ele.
Problea '4 Baca co,ercial& ]@O =re*is%rea3& #r,&%oarele $a%e
"revi3ioa%e (%abel 1.5+4
Tabel 1.5.
7 lei 7
Nr. $e o"era'i#i co,isioa%e 11.1!8
Dei%#rile $i co,isioae !28.888
Dei%#rile $i $ob93i 688.12/
133
Al%e vei%#ri 12/.888
S%abili'i4
a+ Daloarea co,isio#l#i ,e$i# "e o"era'i#eE
b+ Nivel#l "#c%#l#i cri%ic al ac%ivi%&'ii b&cii.
134
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 $e al%& "ar%eF b&cile o"erea3& = co$i'ii $e
icer%i%#$ie ;i $e aceea =;i as#,& # risc. Risc#l = 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& #7l ra,b#rse3e. 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 $ob93iiF care es%e eI"#erea b&cii la variabilele ra%ei $ob93iiF a"are # #,ai le*a% $e cre$i%ele acor$a%e
$e o bac&F ci ;i ca re3#l%a% al o"era'i#ilor sale ca $ealer ;i a$,iis%ra%or $e "or%ofoli#. Baca =fr#%& ;i # al %reilea riscF risc#l $e
lic.i$i%a%eF care es%e $e fa"% risc#l $e a # avea res#rse =$es%#l&%oare "e%r# a7;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# a7;i fia'a o"era'i#ile. Risc#l $e lic.i$i%a%e es%e risc#l
ca baca s& # "oa%& la # ,o,e% $a% s& a%ra*& s#,ele $e care are evoieF la # "re' coveabil sa#F ,ai r&#F la ici # "re'.
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 $e a7;i
,aIi,i3a "rofi%#lF ,e'i9$#7;i coco,i%e% risc#l la # ivel acce"%abil.
De ase,eeaF =%r#c9% aali;%ii b&ciiF $e"#&%orii ;i ives%i%orii acor$& o ,are i,"or%a'& vei%#l#i c#re%F bac.erii a# o
real& "referi'& "e%r# acele ,o$ele $e ob'iere a "rofi%#l#i care ara%& o cre;%ere s%abil& = %i,".

C.1.' Perforan*a !lobal& a #nei b&nci
Perfor,a'a *lobal& a #ei b&ci carac%eri3ea3& re3#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*. 5.1+. Re3#l%& c&F "erfor,a'a *lobal& a #ei b&ci e es%e $a%& $e rela'ia "rofi% L risc.
S%r#c%#ra ca"i%al#l#i sa#
*ra$ $e =$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
7 S%r#c%#ra ac%ivi%&'ilor
7Dei% $i eI"loa%are
7Cali%a%e cre$i%e
7Co%rol c.el%#ieli
7A$,iis%rare i,"o3i%
Perfor,a'a
*lobal& a
b&cii
Risc $e cre$i%are
Risc#l ra%ei $ob93ii
Bila' sa#
risc $e
"or%ofoli#
135

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 $e afiliere
?i*. >.1 Sc.e,a rela'ia risc L "rofi% "e%r# eval#area "erfor,a'ei #ei b&ci.
Re%abili%a%ea ca"i%al#l#i (ROE H Re%#r o EX#i%P+ ;i varia'ia sa s#% ele,e%ele c.eie ale aces%ei abor$&ri. Desco,"#erea celor
$o#& ele,e%e ofer& i,a*ii = s%r#c%#ra i%er& a b&cii "rivi$ risc#rile ;i beeficiile.
Di "#c%#l $e ve$ere al eficie'eiF re%abili%a%ea ca"i%al#l#i (ROE+ se =,"ar%e = 4
re%abili%a%ea ac%ivelor (ROA H Re%#r o Asse%s+ ;i
s%r#c%#ra ca"i%al#l#i (EB H EX#i%P B#l%i"lier sa# Levera*eF ori *ra$ $e =$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 ;i eco%rolabili s#% $e%er,ia'i "e%r# ivel#l re%abili%&'ii ac%ivelor
(ROA+. K *eeralF co$i'iile $e ba3& "rivi$ cererea ;i ofer%a "e care b&cile le =fr#%&F re"re3i%& fac%orii eco%rolabili ($e eI. risc#l
ra%ei $ob93ii ca fac%or eco%rolabil+. K%r#c9% varia'iile reale ale ra%ei $ob93ii s#% e*ale c# sc.i,b&rile a%ici"a%eF "l#s cele
e"rev&3#%eF ,o$ific&rile a%ici"a%e ar %reb#i icl#se = "or%ofoli#l $e $eci3ii. K ,o$ cores"#3&%orF #,ai varia'iile e"rev&3#%e
afec%ea3& valorile.
?ac%orii as#"ra c&rora b&cile a# # oarecare *ra$ $e co%rol icl#$4 %i"#rile $e afaceriF vei%#l $i eI"loa%areF cali%a%ea
cre$i%#l#iF c.el%#iala c# verific&rileF a$,iis%rarea i,"o3i%#l#i ;i "laificarea = %i," a sca$e'elor = ca$r#l a$,iis%r&rii ac%ivelor ;i
"asivelor.
Sc.e,a evi$e'ia3& risc#rile "e care le =fr#%& o bac& ;i care $e%er,i& varia'ia ivel#l#i re%abili%&'ii ca"i%al#l#i (ROE+4 (1+
risc#l $e bila' sa# "or%ofoli#F (!+ risc#l le*a% $e re*le,e%areF (/+ risc#l le*a% $e %e.olo*ieF (2+ risc#l eficie'ei o"er&riiF (5+ 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 (1+ risc#l $e s#bor$oare (aces% risc s7a
a,"lifica%F #r,are #or evei,e%e c#, ar fi a"ari'ia $e socie%&'i ,iI%e ;i eI"asi#i *eo*rafice+. Di "#c% $e ve$ere "rac%icF risc#l $e
"or%ofoli# ;i cel $e o"erare a# cel ,ai $irec% efec% as#"ra varia'iei c9;%i*#rilor. Risc#rile $e ba3& "e%r# "or%ofoli# = bac& s#% risc#l $e
cre$i%areF risc#l ra%ei $ob93ii ;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"%e3e 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 ;i "re'#l ac'i#ilor. ROE ,&soar& "rofi%#rile b&cii $i "#c% $e ve$ere
co%abil "er #i%a%e ,oe%ar& a ca"i%al#l#i "ro"ri# s#bscris. El es%e $efii% ca vei% e% =,"&r'i% la ca"i%al "ro"ri# ,e$i#. K%r#c9% ROE
"oa%e fi $esco,"#s = s%r#c%#ra ca"i%al#l#i (EX#i%P B#l%i"lier H EB+ ;i re%abili%a%ea ac%ivelor (Re%#r o Asse%s H ROA+F el "oa%e fi
eI"ri,a% "ri rela'ia4
ROE H ROA I EB $C.1%
Ren"abili"a"ea ac"ivelor $ROA%F $efii%& ca vei%#l e% =,"&r'i% la ,e$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 ;i EB
$e 1!F *eerea3& # ROE $e 1!R. U fac%or EB $e 1! i,"lic& # i$ica%or ca"i%al0ac%ive $e 101! sa# 5F//R.
A $o#a e%a"& $e aali3& a ROE $es"ar%e ROA = $o#& co,"oe%e4
,ar<a "rofi%#l#i (Profi% Bar*i H PB+
#%ili3area ac%iv#l#i (Asse% U%ili3a%io H AU+
Rela'ia $i%re ace;%i i$ica%ori es%e #r,&%oarea4
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 $ob93i "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 (v93&ri+ ;i #%ili3area ac%iv#l#i (AU+
eI"ri,& %o%al#l vei%#rilor (v93&ri+ "er #i%a%e ,oe%ar& $i ac%ive.
O bac& ce are ,ar<a "rofi%#l#i (PB+ $e 1!R ;i #%ili3area ac%iv#l#i (AU+ $e 1!RF are o re%abili%a%e a ac%ivelor (ROA+ $e
1.22R.
Dariabilele ;i co,"oe%ele ,o$el#l#i re%abili%&'ii ca"i%al#l#i (ROE+ s#% si%e%i3a%e = %abel#l >.1
Tabel#l >.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%ili3are ac%iv I S%r#c%#ra
ca"i%al#l#i
H PB I AU I EB
136
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 aali3a re%abili%&'ii ca"i%al#l#i (ROE+ s#% ecesare "a%r# ifor,a'ii4 vei%#l e%E vei%#l %o%al $i o"era'i#i
sa# Nv93&riOE ac%ive ,e$iiE ca"i%al "ro"ri# ,e$i# (eIcl#siv ca"i%al#l ce re"re3i%& $ebi%e+.
Da%ele ;i ifor,a'iile "rivi$ 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 $e bila'. Di bila' %reb#ie s& se #%ili3e3e valori ,e$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#39$ ca"i%al#l re"re3e%9$ $ebi%e $i #,erar.
Bo$el#l re%abili%&'ii ca"i%al#l#i (ROE+F co'ie %rei al%era%ive $e ,&s#rare a "rofi%abili%&'ii4
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% "o3i%iv ar "re3e%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& $es"&r'i, re%abili%a%ea ca"i%al#l#i (ROE+F = re%abili%a%ea ac%ivelor (ROA+ ;i s%r#c%#ra
ca"i%al#l#i (EB+.
I$ica%or#l ren"abili"a"ea ac"ivelor $ROA% es%e ,e%o$a "refera%& "e%r# a"recierea "erfor,a'ei $e asa,bl# a b&cii. El
,&soar& ,o$#l = 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 #%ili3area ac%ivelor (AU+F e coce%r&, as#"ra celei $e7a %reia eval#&ri a "rofi%abili%&'iiF c# a<#%or#l i$ica%orilor ,ar<a
"rofi%#l#i (PB+ ;i #%ili3area ac%iv#l#i (AU+ sa# as#"ra vi"e1ei )e ro"a*ie a ac"ivelor (=%r#c9% b&cile # *eerea3& vol#, $e o"era'i#i
,ai ,are $ec9% %o%al#l ac%ivelorF #%ili3area ac%ivelor $escrie "roces#l ,ai bie $ec9% vi%e3a $e ro%a'ie a ac%ivelor+. Da%& fii$ "osibili%a%ea
#ei b&ci $e a *eera vei%#ri (v93&ri+ ,&s#ra%& "ri #%ili3area ac%iv#l#i (AU+F co,"oe%a ,ar<a "rofi%#l#i (PB+ a ,o$el#l#i
re%abili%&'ii ca"i%al#l#i (ROE+ se coce%rea3& as#"ra ca"aci%&'ii b&cii $e a7;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 $P;% c9% ;i a i$ica%or#l#i #"ili1area ac"iv#l#i $AU%.
Rela'ia $e calc#l a aces%or i$ica%ori es%e #r,&%oarea4
PB H
R
D
F = care variabilele4 $C.8%
D

,
_

(rofi" sa#
ne" veni"
H To%al vei% (R+ L C.el%#iala c# $ob9$a (C+ L C.el%#ieli c# al%e o"era'i#i ;i al%e c.el%#ieli (O+ L I,"o3i%ele
"e "rofi% (T+
Deci4 D H R7C7O7T
R H To%al vei%.
;i res"ec%iv4
AU H
A
R
F = care variabilele4 $C.C%
R H %o%al vei%.
A H %o%al ac%ive ,e$ii
137
Si%e%i39$F i$ica%orii re%abili%&'ii ca"i%al#l#i (ROE+ re%abili%a%ea ac%ivelor (ROA+ ;i ,ar<ei "rofi%#l#i (PB+F s#% c&i al%era%ive
$e ,&s#rare a "rofi%abili%&'ii b&cii. K acela;i %i,"F ele,e%#l c.eie = $e%er,iarea "erfor,a'ei es%e cali%a%ea cre$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 ;i es%e $escris "ri #r,&%oarea ec#a'ie4
* H
S
E; % ROA $ E 1 +
E = care variabilele4 $C.D%
* H "robabili%a%ea $e isolvabili%a%eE
E(ROA+ H vei%#l "ro*o3a% $i ac%iveE
10EB H ivers#l l#i EB (s%r#c%#ra ca"i%al#l#i+ sa# i$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+.
C# c9% es%e ,ai re$#s EBF c# a%9% "rofi%#rile "ro*o3a%e s#% ,ai ,ari ;i c# c9% es%e ,ai re$#s& varia'ia l#i ROAF c# a%9% es%e
,ai ,ic& "robabili%a%ea $e isolvabili%a%e L # i$ica%or N*O $e valoare ,are. B&cile = "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&3#%.
C.1.'.. Ec-ilibr#l ?n"re lic-i)i"a"e 7i (rofi"abili"a"e
Pe%r# a face fa'& ceri'elor 3ilice $e lic.i$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 ;i s& fie ca"abile
= acela;i %i," s& fac& fa'& ceri'elor $e #,erar "e%r# o"era'i#ile c#re%e. Cre;%erea coc#re'ei = i$#s%ria serviciilor fiaciare ;i
eli,iarea "lafoaelor "e%r# ra%a $ob93ii la $e"o3i%e a# s"ori% ecesi%a%ea ca b&cile s&7;i ,ii,i3e3e "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 re3erv& # 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 re3erva $e lic.i$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 ba3& s#% co%#rile c#re%eF $e"o3i%e la ve$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 ca3#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 $e %ra3ac'ioare c#"ri$ *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"#3&%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 ;i es%e folosi%& "e%r# a a<#%a la "ro%e<area b&cii =,"o%riva cola"s#l#i = ca3#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 reali3a ac%ivi%a%ea $e cre$i%are ;i
"lasa,e% fiaciarF re*&si, ca"i%al#l socialF s#bscris ;i v&rsa%F $re"% co%rib#'ie $e c&%re ac'io&rii b&ciiF fo$#rile "ro"rii crea%e "e
sea,a "rofi%#l#i e% eives%i% ;i s#rsele a%rase s#b for,a =,"r#,#%#rilor "e %er,e sc#r%F ,e$i# ;i l#*.
Desi*#r c&F ca"i%al#l social cos%i%#ie ba3a $e cos%i%#ire ;i $e =ce"ere a f#c'io&rii #ei socie%&'i bacare. Ks& f&r&
a%ra*erea $e s#rse eI%ereF baca #7;i "oa%e i,"le,e%a obiec%ivele sale ;i $e3vol%a ac%ivi%a%ea.
Asi*#rarea ##i ec.ilibr# =%re aces%e s#rse es%e # ele,e% al "oli%icii $e "r#$e'iali%a%e bacar&F ;i %reb#ie av#% = ve$ere
"er,ae% $e co$#cerea s#"erioar& ;i eIec#%iv& a #ei b&ci.
EIis%& $o#& ,o$#ri folosi%eF si,#l%aF "e%r# a co,"ara ac%ivele ,oe%are a%rase s#b for,& $e =,"r#,#%#ri $e o socie%a%e
bacar& c# ives%i'ia $e ca"i%al ("ar%ici"area la ca"i%al#l social+ al ac'ioarilor ;i a#,e4
*ra$#l $e =$a%orare (= e*le3&4 *eari*+E
"9r*.ia fiaciar& (= e*le3&4 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 $o#& s#rse ,e'ioa%eF =,"r#,#%#rile ;i ca"i%al#l (social sa# "ro"ri#
L socialF "l#s fo$#rile "ro"rii+
Rela'ia $e calc#l es%e #r,&%oarea4
Gra$ $e =$a%orare H
188
(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&3#% $e =$a%orareF = f#c'ie $e valoarea aces%#i i$ica%or4
1. # *ra$ ,are $e =$a%orare va a"are = ca3#l = care $a%oriile (=,"r#,#%#rile+ vor fi ,ai ,ari $ec9% ca"i%al#l "ro"ri# (ra"or%#l
es%e ,ai ,are $e 188R+E
!. # *ra$ ,ai sc&3#% $e =$a%orare va fi reflec%a% $e i$ica%or#l care va fi ,ai ,ic $e 188R.
138
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'ie4
P9r*.ia fiaciar& H
ca(i"al To"al
i(r##a" Ca(i"al
$C.1J%
O "9r*.ie fiaciar& ri$ica%& re"re3i%& # 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
PROBLE;E DE RENOLEAT
Problea 12 ?ie baca N@O care "re3i%& la /1.1! a#l NNOF #r,&%or#l bila'4
7 ,ii lei 7
Ac"iv Pasiv
Dis"oibil la BC ! 1!8 888 Ca"i%al 2 188 888
N#,erar 1 888 888 De"o3i%e ale clie'ilor 1 5>! 888
Dis"oibil la al%e b&ci 2 888 888 7 la ve$ere 2 !88 888
Cre$i%e acor$a%e 2 1!5 688 7 la %er,e ,i<loci# ! />! 888
Al%e ac%ive 1 !2! 188 Al%e "asive 1 6>! 888
TOTAL A 1! >/8 188 TOTAL P 1! >/8 188
Di co%#l $e "rofi% ;i "ier$eri $is"#e, $e #r,&%oarele $a%e4
- vei%#ri %o%ale4 155 888 ,ii UBE
- c.el%#ieli %o%ale4 !2! 888 ,ii UB
- co%a $e i,"o3i% "e "rofi%4 !5R.
S& se $e%er,ie4
$+ I$ica%orii $e "erfor,a'& bacar&.
e+ S& se verifice rela'iile $i%re ace;%ia.
Re1olvare2
8. Ra"a ren"abili"&*ii financiare
1))
0apital
net ,r!"it
,r
R H 1F>/ R
Pr. br#% H D%o%ale 7 C%o%ale
Pr. br#% H 155888 L !2!188 ,ii UB
Pr. br#% H 21!688 ,ii UB
Pr. e% H Pr. br#% (17f+
Pr. e% H 21!688 (178F!5+ H /861>5 ,ii UB
Aces% i$ica%or $e,os%rea3& *ra$#l $e *eerare a "rofi%#l#i ;i eficie'a o"era'ioal& Rrf W Rre
C. Ra"a ren"abili"&*ii econoice
23433> 1))
1273)1))
3)(675
e
R
1))
t!tal :ctiv
net ,r!"it
re
R


Re W ra%a $ob93ii "e "ia'&
D. Efec"#l )e (<r!-ie
23767
46)))))
1273)1))
p
E
0apital
t!tal :ctiv
p
E

Es%e # i$ica%or b#F =%r#c9% "re3i%& *ra$#l = care #%ili3area #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
1))
t!tal .enit
net ,r!"it
,r
R
13(
47328> 1))
655)))
3)(675
,r
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 /8758R.
1J. Gra)#l )e #"ili1are a ac"ivelor
1))
t!tal :ctiv
t!tale .enituri
B1:
5315> 1))
1273)1))
655)))
B1:
Es%e # i$ica%or care se reco,a$& a fi c9% ,ai ,are.
!)ei de control .relaii/
Rrf H Rre I E"
8F81>/ H 8F8!2// I !F>1> 7 se verific&
Rre H R"r I GUA
8F8!2// H 8F2>!5 I 8F8515 7 se verific&
PR>8(E3E DE REC>(V"D
Problea 12 Baca N@O care "re3i%& #r,&%oarele $a%e eI%rase $i bila' ;i co%#l $e "rofi% ;i "ier$ere4
7 Ac%iv %o%al4 15.166.2// lei
7 ?ia'a% $i4
Ca"i%al "ro"ri#4 5.!21./// lei
Provi3ioae $e risc ;i $a%orii4 6.65/.188 lei
Profi% br#%4 5/1.622 lei
Co%a $e i,"o3i% "e "rofi%4 !5R
Se cere4
b+ S& se verifice rela'ia 1 $e co%rol "e ba3a i$ica%orilor calc#la'i.
c+ S& se i%er"re%e3e re3#l%a%ele
Problea '2 Do#& b&ci co,erciale NAO ;i NBO "re3i%& #r,&%oarele $a%e bila'iere (= lei+4
7UB7
A Baca NAO P
Dis". la BC 11!!888
N#,erar 588125
Dis". la al%e b&ci /2221!/
Cre$i%e acor$a%e 2155!28
Al%e ac%ive >>526!
Ca"i%al "ro"ri# 25//188
De"o3i%e ale clie'ilor 511/!88
Al%e "asive 5/>88
TOTAL 18888888 TOTAL 18888888
Dei%#ri Baca A H 25//11 UB
C.el%#ieli Baca A H15521/ UB
Co"a )e i(o1i"2 '6P
7UB7
A Baca NBO P
Dis". la BC !588888
N#,erar 1588888
Dis". la al%e b&ci 5258888
Cre$i%e acor$a%e 1!58888
Al%e ac%ive 1/88888
Ca"i%al "ro"ri# 1158888
De"o3i%e ale clie'ilor 5658888
Al%e "asive 1688888
TOTAL 1>888888 TOTAL 1>888888
Dei%#ri Baca A H 1512// UB
C.el%#ieli Baca A H/5/155 UB
Co"a )e i(o1i"2 '6P
Se cere4
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 re3#l%a%ele
Problea .4 Baca ]@O "re3i%& #r,&%oarele $a%e eI%rase $i bila' ;i co%#l $e "rofi% ;i "ier$ere4
7UB7
A Baca NBO P
Dis". la BC 121888
N#,erar 15888
Dis". la al%e b&ci /18888
Cre$i%e acor$a%e 215888
Ca"i%al "ro"ri# /!8888
De"o3i%e ale clie'ilor 1!1888
Al%e "asive 188888
14)
Al%e ac%ive 11!888
TOTAL 1821888 TOTAL 1821888
Di co%#l $e "rofi% ;i "ier$ere $is"#e, $e #r,&%oarele $a%e4
- vei%#ri %o%ale4 52.1// UBE
- c.el%#ieli %o%ale $e$#c%ibile4 /1.122 UBE
- i,"o3i% "e "rofi%4 !5R.
Se cere4
a. s& se $e%er,ie i$ica%orii $e "erfor,a'& bacar&E
b. i%er"re%a'i re3#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"elea3& "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 ;i o'i#ea $e cos% ,ar*ialF ca fii$ cos%#l ecesar "e%r# ac.i3i'ioarea #ei #i%&'i $e
res#rs& a$i'ioal&. C# al%e c#vi%eF e afl&, = 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 "re3e%a%& ca4
)
0
1
0
0
K
De ase,eea varia'ia res#rselor fii$4
)
R
1
R
R
K
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
K
0
K
02
$C.11%
#$e4
7 CB L cos%#l ,ar*ialE
7
0
K
7 varia'ia cos%#l#iE
7
R
K
7 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 re3ervelor eIce$e%are "e o c.el%#ial&
care se ,ii,i3ea3&.
?olosirea res#rselor s#"li,e%are afec%ea3& "erfor,a'ele bacare "ri "ris,a cos%#rilor.
K aces% co%eI%F "e%r# o"%i,i3area "erfor,a'elor bacare %reb#ie s& se 'i& sea,a $e fa"%#l c&4
- %reb#ie locali3a%e ;i e"#i3a%e %oa%e s#rsele $e fo$#ri ief%ieE
- cos%#rile ,ar*iale s& fie ,oi%ori3a%eF $eoarece ele s#% ,o$ificabile = %i,"E
- re3ervele ,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 $ob93ii 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&.
=
4
a
R
1
R + $C.1'%
= care4
Ra L ra%a la care s7a a%ras $e"o3i%#l
R$1 L ra%a la care se "oa%e face "lasa,e%#l
D L valoarea $e"o3i%elor a%rase
S L s#,a "lasa%&
'. ;o)el (rivin) )e"erinarea )ob<n1ii la (lasaen"e (en"r# )e(o1i"e c# obli!a"ivi"a"ea cons"i"#irii )e re1erve
inie obli!a"orii> c# o )ob<n)& acor)a"& )e c&"re Banca Cen"ral&.
=
"$in
R
$in
R
=
4
a
R
2
R

$C.1.%
= care4
R$! L ra%a la care se "oa%e face "lasa,e%#l
Ra L ra%a la care s7a a%ras $e"o3i%#l
D L valoarea $e"o3i%elor a%rase
S L s#,a "lasa%&
R,i L re3erva ,ii,&
Rf,i L ra%a $e"o3i%elor afere%e re3ervei ,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 $ob93iiF vo,
"leca $e la $efiirea a $o#& o'i#i4
7 C?P L c.el%#ielile $e f#c'ioare "laifica%&F ca fii$ c.el%#ielile "e care baca ;i7a "ro"#s s& le reali3e3e "e o "erioa$& $e 1
aF la # a#,i% vol#, al res#rselor.
7 SBP L sol$#l ,e$i# "laifica%F ca fii$ valoarea ,e$ie a "lasa,e%elor "e care baca ;i le7a "ro"#s s& le efec%#e3e =
$ec#rs#l ##i a.
Rela'ia $e calc#l es%e4
141
1))
36)
-
=2,
0*,
2
R
i
R

+ $C.10%
#$e4
N L $#ra%a = 3ile a "lasa,e%#l#i
R$i L ra%a i%er,e$iar& a $ob93ii
2. Bo$el $e $e%er,iare a ra%ei fiale a $ob93iiF icl#39$ ;i co%e $e "rofi%4
1))
36)
-
=2,
,
i
R
"
R + $C.16%
#$e4
R$f H ra%a fial& a $ob93ii
P L "rofi%#l %o%al "ro*o3a% "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 re3ervei ,ii,e
obli*a%orii $e /8RF "e%r# care # se aloc& $ob9$&F "e%r# o s#,& $e !888888 UB ;i o ra%& a $ob93ii acor$a%e $e bac& $e 25R.
Re3olvare4
Dob9$a acor$a%& $e bac& H !888888 12 (6))))
1))
48

Re3erva ,ii,& $e /8R
68357>
14)))))
2))))))
48
6))))) 2))))))
2))))))
48
1
R
12 6)))))
1))
3)
2))))))

Problea '2 Pori$ $e la R$1calc#la% a%erior ("roble,a 1+ calc#la'i ra%a $ob93ii la care o bac& =;i "oa%e face
"lasa,e%#lF ;%ii$ c& baca ce%ral& acor$& o ra%& a $ob93ii $e !8R "e%r# $e"o3i%ele cos%i%#i%e.
Re3olvare4
6)>
14)))))
2) 6)))))
14)))))
2))))))
48
2
R
=
r$in
R
$in
R
=
4
a
R
2
R

Problea .2 M%ii$ c& baca ;i7a "ro"#s s& reali3e3e "lasa,e%e = ,e$ie "e 1 a $e /8 ,l$. UBF iar s#,a %o%al& a
c.el%#ielilor "laifica%e es%e $e 5 ,l$. UBF $#ra%a ,e$ie a ##i "lasa,e% fii$ $e 158 3ileF $e%er,ia'i ra%a i%er,e$iar& a $ob93ii.
Re3olvare4
1))
36)
-
=2
0,*
2
R
i

+
68333> 8333 6)
i
R
1))
36)
18)
3)
5
6)
i

R
+
+
Problea 04 Dac& baca $ore;%e s& ob'i& # "rofi% $e 1 ,l$. UBF calc#la'i valoarea fial& a ra%ei $ob93iiF "e ba3& $a%elor
$i "roble,a a%erioar& (r. /+.
Re3olvare4
6(3((5 1366 68333
"
R
1))
36)
18)
3)
1
68333
"
R
1))
36)
-
=2,
,
i
R
"
R
+
+
+
PROBLE;E DE RENOLEAT
Problea 12 ?ie baca co,ercial& NIO care cos%i%#ie $e"o3i%e = valoare $e !8 ,l$. UBF la o ra%& a $ob93ii $e 58R.
M%ii$ c& ra%a re3ervelor ,ii,e obli*a%orii es%e $e !5R ;i c& baca ce%ral& acor$& o $ob9$& $e 18R "e%r# re3ervele
cos%i%#i%e $e b&cile co,ercialeF s& se $e%er,ie ra%a $ob93ii la care se "oa%e face "lasa,e%#l.
Problea '2 M%ii$ c& ave, o ra%& a $ob93ii la "lasa,e% $e 52R ;i c& baca co,ercial& ;i7a "ro"#s #r,&%orii i$ica%ori4
- s#,a c.el%#ielilor "laifica%e gCP? H 2 ,l$. UBE
- sol$#l ,e$i# SB H 15 ,l$. UBE
- r. 3ile or$i $e "lasa,e% N H !18 3ileE
- "rofi% P H 1F5 ,l$. UB.
S%abili'i ra%a fial& a $ob93ii.
Problea .4 S%abili'i la ce ra%& a $ob93ii "oa%e baca ]@O s&
142
cos%i%#ie $e"o3i%e ale clie'ilor = #r,&%oarele co$i'ii4
- ra%a re3ervelor ,ii,e obli*a%orii4 !5F5RE
- Baca Ce%ral& acor$& o $ob9$& $e /8R.
143
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b&cilor co,ercialeF ivel#l re3ervelor ,ii,e obli*a%oriiF calc#l#l solvabili%&'ii ;i lic.i$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 "rovi3ioae s"ecifice $e riscF li,i%area risc#l#i $e cre$i% al
b&cilor e%c.
144