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Analele Universitii Constantin Brncui din Trgu Jiu, Seria Economie, Nr.

2/2010 CONSECINELE CRIZEI FINANCIARE ASUPRA BNCILOR DIN ROMNIA THE ANALYSIS OF FINANCIAL CRISIS EFFECTS AT THE ROMANIAN BANK Izabella KRJNIK Universtatea Babe-Bolyai Cluj Napoca Lect. univ. dr. Laura OLTEANU Universtatea Babe-Bolyai Cluj Napoca Rezumat: Veniturile bancare i costurile reprezint o surs important de informaii cu pr ivire la rentabilitatea unei bnci. Lucrarea i propune s analizeze actuala criz financ iar mondial. Dup ce descrie cauzele i efectele sale, studiul se concentreaz asupra cr izei "impactul asupra economiei globale; Romnia este nucleul acestei analize, deo arece este o ar n care se simte foarte puternic efectele turbulenelor financiare int ernaionale. ntr-un mediu bancar, cum ar fi din Romnia, n schimbare continu i care fac obiectul presiunii de o concuren acerb, toate stau n atenia echipelor de gestionare a bncilor care sunt orientate spre reducerea costurilor i maximizarea profitului. n acest context, am considerat de o deosebit importan analiza costurilor bncii n cadrul sistemului bancar romnesc, analiza structurii lor, care vizeaz evoluia pe de o par te i eficiena acestora pe de alt parte. Cuvinte cheie: venituri, costuri, bnci, criz financiar Izabella KRJNIK Babe-Bolyai University, Cluj Napoca PhD OLTEANU LAURA Babe-Bolyai U niversity, Cluj Napoca Abstract: The banking incomes and costs represent an important source of informa tion regarding the profitability of a bank. The paper aims to analyse the curren t financial world crisis. After describing its causes and effects, the study foc uses on the crisis impact on the global economy; Romania is the core of this anal ysis, as it is a country which feels very strongly the effects of the internatio nal financial turmoil. In a banking environment such as Romanias, constantly ch anging and subject to the pressure of a fierce competition, all the attention of the banks management teams is oriented towards the costs and their possible red uction in regard to maximizing the profit. In this context we considered as part icularly important the analysis of the bank costs within the framework of the Ro manian banking system, analysis which targets their structure on one side and th eir evolution and efficiency on the other side. Key words: incomes, costs, banks , financial crisis Consideraii generale 1. Evoluia raportului venituri - cheltuieli pe ansamblul sist emului bancar 2. Analiza eficienei costurilor 3. Analiza costurilor operaionale Co ncluzii Prima parte a lucrrii are n vedere o prezentare a desfurrii evenimentelor din SUA, ar de unde s-a declanat criza. Analiza are n vedere perioada 2001-2009. Aceast criz din SUA are efecte directe i indirecte asupra celorlalte economii ale lumii: General 1. The evolution of income - spending the whole banking system 2. Cost-e ffectiveness analysis 3. Analysis of operational costs Conclusions In its first part, the paper presents the events which occurred in the USA, where the crisis had emerged. The analysis considers the period 2001-2009. This crisis which emer ged in the USA has expanded and has Annals of the Constantin Brncui University of Trgu Jiu, Economy Series, Issue 2/2010 211

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efecte directe privind expunerea bncilor la activele toxice i efecte indirecte cauza te de schimbrile n disponibilitatea capitalului i condiiile de lichiditate care impl ic o finanare extern mai mic. Deasemenea la partea decisiv a bncilor n sectorul financ ar, aceast lucrare se concentreaz asupra sectorului bancar n special, ca un segment esenial al economiei n ansamblul su i fr de care o economie modern nu este n msur easc rolul i funciile acestuia. Romnia, ca orice alt ar este interesat de a crea un s em bancar solid n msur s asigure o baz organizatoric n funcie de extinderea relaiilo etare n economie. Sistemelor bancare de echilibru sunt cele n msur s rmn eficient n i neateptate i pentru a oferi stimulare i piese credibile de informaii pentru toi par ticipanii financiari. A doua parte a lucrrii prezint propagarea turbulenelor financi are n economiile dezvoltate. Sunt evaluate aciunile luate de bncile centrale menite s restabileasc ncrederea n sistemul financiar i s previn repercutarea efectelor negat ve ale crizei asupra economiei reale; sunt prezenate aciunile coordonate ale guve rnelor SUA i rilor UE, precum i fondurile alocate. A treia parte este dedicat prezentr ii situaie Romniei. n Romnia s-au putut constata efectele indirecte ale crizei. n anu l 2008 am asistat la un impact limitat al crizei financiare asupra economiei romn eti. Rata anual a inflaiei (6,3%) se afla pe un trend descendent, dar se meninea la nivele ridicate deasupra intervalului de variaie, rata creterii economice a fost i n 2008 ridicat, deficitul de cont curent a crescut semnificativ (13,4% din PIB), i ar deficitul bugetar a ajuns la un nivel record de 5,4% din PIB. Prin msuri prude niale i administrative, BNR a acionat n mod constant pentru temperarea vitezei de cr etere a creditului acordat sectorului privat i susinerea creditrii n moneda naional n trimentul celei n valut. direct and indirect effects on the entire worlds economy, such as: direct effects from banks exposure to toxic assets and indirect effects caused by changes in the availability of capital and liquidity conditions that involve less external fina ncing. Owing to the decisive part played by the banks in the financial sector, t his thesis focuses on the banking sector especially, as an essential segment of the economy as a whole and without which a modern economy is unable to perform i ts role and functions. Romania as any other country is interested to create a so lid banking system able to ensure an organizational base according to the extens ion of the monetary relations in economy. Steady banking systems are those able to remain efficient in unexpected conditions and to give incentive and credible pieces of information to all financial participants. The second part of the pape r presents the financial turmoil chain reaction and its wide spreading process i n developed economies. The paper also evaluates and discusses the measures under taken by central banks in order to regain the confidence in the financial system and to prevent the repercussion of the crisis negative effects on the real econo my; the coordinated actions of USA and the EU countries and also the funds grant ed for dealing with the crisis are approached here. The third part of this paper focuses on Romanias case. This crisis had an indirect impact on Romania. In 2008 , we witnessed a limited impact of the credit crunch on Romanian economy. The an nual inflation rate (6.3%) has a decreasing trend, but it is maintaining at a hi gh level above the variation interval, the economic growth rate in 2008 was stil l risen, the current account deficit has significantly risen (13.4% of GDP) and the budget deficit has reached a pick level of 5.4% of GDP. Through administrati ve and prudential measures, The National Romanian Bank has been taken continuous lines to moderate the degree of Annals of the Constantin Brncui University of Trgu Jiu, Economy Series, Issue 2/2010 212

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increasing the credits given to the private sector and supporting and encouragin g credits Condiii generale to be taken in national currency instead of n condiiile globalizrii economice este foreign. unanim recunoscut faptul c un sistem bancar snto s are la baz bnci profitabile i General Income and bank charges are a key capitaliz ate n mod adecvat. Profitabilitatea bncilor, fiind un indicator relevant al poziiei source of information regarding the competitive pe pieele bancare i al calitii prof itability of banks around the world but also in a difficult banking environment as that echipei manageriale a acestora. Veniturile i costurile bancare reprezint o of Romania, all attention is focused on costs their reduction targets. surs chei e de informaii n ceea ce privete and Optimizing the ratio of bank costs and profita bilitatea unei bnci, n toata lumea dar i, ntr-un mediu bancar dificil cum este cel a l revenues, is the main purpose of bank Romniei, toat atenia fiind ndreptat managemen t, having direct impact on bank asupra costurilor i posibilelor reduceri ale prof its, representing an important facet of the development bank performance. acesto ra. Optimizarea raportului dintre veniturile i In this context we consider partic ularly costurile bncii, reprezint obiectivul esenial important banking cost analysi s throughout al managementului bancar, avnd influen the Romanian banking system, an alysis direct asupra profitului bancar, constituind o aimed first structure, and on the other trends. latur important a evoluiei performanelor The first year of Roma nias EU accession brought Romanian banks in competition with bancare. n acest co ntext considerm deosebit de foreign ones, with market players face to face import ant o analiz a costurilor bancare pe with a genuine competition. Moreover, ansambl ul sistemului bancar romnesc, obtaining EU membership by our country analiz ce viz eaz pe de o parte structura will disseminate the effects over time, but it requir es new adjustments as are already acestora, iar pe de alta parte evoluia lor. Pri mul an al aderrii Romniei la observable in the local banking environment, Uniunea European a adus bncile romneti where in addition to gain market share at the n compet iie direct cu cele strine, punnd expense of competitors and retain customers, juctori i pieei fa n fa cu o concuren a major objective of credit institutions is to autentic altfel, obinerea statutului de reduce bank costs. Conversely, these days the int ernational membru al UE de ctre ara noastr i va disemina efectele n timp, dar ajustril pe financial turmoil is having a more powerful care le presupune noua calitate sunt deja impact on Romanian economy. And this fact observabile n mediul bancar a utohton, unde is expressed in terms of: availability and cost pe lng ctigarea unei c ote de pia n constraints of external financing major detrimentul celorlali competito ri i impact on the availability of foreignfidelizarea clientelei, un obiectiv maj or al exchange denominated credit, decline in the instituiilor de credit l reprezi nt reducerea volume of FDI inflows, negative impact on foreign demand, affecting Romanias exports, costurilor bancare. ns n ultima perioad se simte tot mai increased exchange rate volatility. There are accentuat efectele turbulenelor financiare es timations for the future stating that the internaionale asupra economiei romaneti. i economic activity will decelerate, but anume: disponibilitatea i constrngerile d e inflationary pressure will persist, a rise in cost privind finanarea extern impa ct unemployment will follow, while the fiscal major asupra disponibilitii creditul ui position is likely to deteriorate in the absence Annals of the Constantin Brncui University of Trgu Jiu, Economy Series, Issue 2/2010 213

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denominat n moned extern, scderea volumului influxului de ISD, scderea cererii extern e - care afecteaz exporturile Romniei, creterea volatilitii ratei de schimb. Pe viito r se estimeaz c activitatea economic va scdea, dar presiunile inflaioniste vor persis ta, o cretere a omajului va urma, n timp ce poziia fiscal este posibil s se deteriorez e n absena unor aciuni corective. Pentru contracarea acestor efecte vor trebui luat e o serie de msuri. Este necesar o diagnoz macroeconomic precis o abordare emoional rizei poate conduce la msuri inadecvate dat fiind creterea stimulilor negarantai n ce rerea intern. Un mix de politic coerent este esenial pentru o restabilire calm a ech ilibrului macroeconomic, deficitul contului curent trebuie s scad prin msuri adecva te de politic, un deficit bugetar mare trebuie evitat Romnia trebuie s i menin calenda ul anunat anterior pentru adoptarea euro, cu precizarea c intrarea la 1 ianuarie 2 012 n mecanismul ratelor de schimb ERM-II i parcurgerea perioadei minime obligator ii de doi ani n interiorul acestui mecanism este condiionat de nevoia c pn n 2012, n ia, trebuie fcute multe reforme, dar reforme adecvate i competente. La alegerea ac estei teme am avut n vedere faptul c funcionarea economiei de pia nu poate fi imagina t fr puternice bnci profitabile. Astfel, mpreun cu creterea economiei i mbuntirea e afaceri din Romnia, sistemul bancar a marcat o dezvoltare mai rapid cantitativ i c alitativ, mai ales n alte sectoare economice. De aceea am considerat c vom analiza cu reforma din sistemul bancar romnesc, ca un segment esenial care nc de la nceput a avut un rol important de a aciona n procesul de tranziie de la o economie controlat la o economie de pia liber i care a reprezentat una din principalii furnizori de cap ital n acest proces. Am subliniat consecina impactului of corrective action. In order to counteract these effects, a series of measures would have to be undertaken. It is necessary a macroeconomic accurate diagnosis - an emotional approach of crisis can lead to inadequate measures given the inc rease of unwarranted stimulus in domestic demand. A coherent policy mix is essen tial for a smooth restoration of macroeconomic equilibrium, the current account deficit must be brought down through adequate policy measures, and a large budge t deficit must be avoided. Romania needs to maintain its previously announced ti metable for euro adoption, indicating that the entry on 1 January 2012 to the ex change rate mechanism ERM-II and during the minimum mandatory two years in this mechanism is subject to that need by 2012, Romania must do many reforms, but ade quate and competent ones. When choosing this theme I had in view that the functi oning of the market economy cannot be imagined without strong profitable banks. Thus together with the raising of the economy and the upgrading of the business environment in Romania, the banking system has marked a more rapid quantitative and especially qualitative development than other economic sectors. Within the c hallenges induced by globalization, the internationalization of the banking acti vity as a consequence of the opening of the financial market for foreign investo rs - cannot be achieved without a performant banking system, able to stand the s harp competition among the world countries. Hence we considered that we ought to begin we analyze with the Romanian banking system reform, as an essential segme nt which still from the beginning had an important part to act in the process of transition from a controlled economy to a free market economy and which represe nted one of the main capital suppliers in this process. In we approach I have em phasized the consequence of the transition impact on the Romanian banking system starting from the functions of the trade banks and those of the Annals of the Constantin Brncui University of Trgu Jiu, Economy Series, Issue 2/2010 214

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tranziiei asupra sistemului bancar romnesc de la funcii ale bncilor comerciale i cele ale Bncii Centrale i la extinderea larg de servicii financiar-bancar, un fapt care duce la consolidarea pieei bancare i financiare pentru reconsiderarea larg de oper aiuni bancare. Cu toate acestea, nu se poate vorbi despre reform fr prezentarea medi ului bancar contemporan sub impactul reorganizrii i privatizrii ca i componenele prin cipale ale reformei sistemului bancar. n prezent, piaa financiarbancar din Romnia tr averseaz un proces de reorganizare, efectuat de la apariia unui fenomen economic, c a urmare a modificrii rolului Bncii Centrale, amplificare de concuren care conduce l a dezintermediere financiar. Criza financiar a avut efecte i asupra evoluiilor cursu lui de schimb. ntr-o perioad relativ scurt de timp din iulie 2007 i pn n prezent l -a depreciat cu aproximativ 35%. Echilibrul de pe piaa valutar s-a realizat n condii ile unui mix de politic caracterizat printr-o politic monetar restrictiv, cu rate nal te ale dobnzii, o politic fiscal insuficient de strict i supus n continuare unor presi ni pentru majorarea cheltuielilor publice concomitent cu diminuarea veniturilor, n timp ce creterile salariale s-au situat de mai mult timp peste creterile de prod uctivitate. Acest mix s-a dovedit a fi nesustenabil. Fig. 1 Evoluiile cursului de schimb (%, septembrie 2008 = 100) Central Bank and going up to the world-wide extension of the financial banking s ervices, a fact leading to the strengthening of the financial banking market and to the wide reconsideration of banking operations. Nevertheless one cannot spea k about reform without the presentation of the contemporary banking environment under the impact of reorganization and privatization as the principal components of the banking system reform. Presently, the financial banking market in Romani a crosses a reorganization process, carried out by the appearance of an unsettle ment phenomenon as a consequence of the modification of the Central Bank role, t he competition amplification leading to the financial disintermediation, by the development of financial institutions assuming the role to turn to account the t emporary available funds in economy, together with the banks. The financial cris is has had an impact on exchange rate developments. In a relatively short period of time - from July 2007 until the present - leu depreciated by about 35%. The balance of foreign exchange market in the conditions of a policy mix characteriz ed by a restrictive monetary policy with high interest rates, fiscal policy and subject to strict enough to continue to push for increased public spending while reducing revenue, while that wage increases were located more time than product ivity gains. This mix has proved to be unsustainable. Sursa: date Eurostat Source: Eurostat data n opinia noastr, principala strategie de In we opinion, the main strategy of reorg anizare a sistemului bancar romnesc reorganizing the Romanian banking system is e ste reprezentat de recapitalizarea financiar, represented by the financial recapi talization, Annals of the Constantin Brncui University of Trgu Jiu, Economy Series, Issue 2/2010 215

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dezvoltarea instituional a bncilor existente, n paralel cu promovarea unui managemen t eficient bazat pe un profesionalism puternic. n scopul de a scpa de mprumuturi ne performante bncilor din ara noastr, care se repet de msuri de recapitalizare. n acest sens, ageniile au avut un rol important de valorificare a activelor bancare, al cr or obiectiv esenial a fost de a face mai uoar reorganizarea bancar, care aduce la o valoare mbuntirea metodele de monitorizare i de acordare de credite. Reorganizarea ba ncar i de consolidare au determinat dezvoltarea rapid a sectorului bancar romnesc, n umrul de bnci comerciale n cretere de la 12 n 1991, la 38 la sfritul anului 2003, prec m i creterea de capital mai mult de 6 ori n termeni nominali, ntre anii 1998 - 2002. Datorit reorganizrii bancare msurile luate de Banca Naional Romn, precum i mbunt ului macroeconomic, piaa bancar romneasc a avut o evoluie ascendent n ultimii trei ani financiar i bancar indicele de precauie care a fost analizat nregistra o valoare po zitiv n perioada respectiv. Aa cum am declarat deja de mai sus, privatizarea bancar r eprezint principala component a unui proces de reorganizare n cadrul sistemului ban car, i are un impact att asupra mediului economic i a bncilor comerciale. Privatizar ea bncilor de stat are n vedere eliminarea unui cerc vicios prin care statul acord credite prefereniale pentru companii neperformante, privatizarea fiind bazat pe id eea c proprietatea privat asigur o eficien mai mare, de o mai mare oportunitate de in iiativ de conducere i de intervenie redus a statului de a aplica fr dovezi obiective e onomice. Avnd n vedere preocuparea principal a rilor ntr-o perioad de tranziie de la ntral i est-europene, Ungaria, Polonia, Cehia i Bulgaria de a adera la Uniunea Eur opean, un pas n aceast direcie principal este de privatizare a bncilor. n ceea ce priv e privatizarea bancar din Romnia-am prezentat aspectele legate de the institutional development of the existing banks, alongside with the promotio n of an efficient management based on a strong professionalism. In order to get rid of unperformant loans of the banks in our country, repeated measures of reca pitalization had to be taken. In this respect the agencies had an important role of turning to account of banking assets, whose essential objective was to make easier the banking reorganization bringing to a maximum the retrieved value and to improve the methods of monitoring and granting of credits. The banking reorga nization and strengthening have determined the rapid development of the Romanian banking sector, the number of commercial banks growing from 12 in 1991 to 38 at the end of 2003, and the equity increasing more than 6 times in nominal terms b etween 1998 - 2002. Due to the banking reorganizing measures taken by the Romani an National Bank and the improving of the macroeconomic climate, the Romanian ba nking market had an upward evolution in the last three years, all financial and banking precaution index that had been analyzed recording positive value during the respective period. As We have already stated above, the banking privatizatio n represents the main component of a reorganization process within the banking s ystem, and has an impact both on the economic environment and on the commercial banks. The privatization of the state banks has a view to eliminate the vicious circle by which the state grants preferential credits to nonperformant companies , the privatization being based on the idea that the private property ensures a higher efficiency by a greater opportunity of managerial initiative and reduced intervention of the state to enforce objectives without economic evidence. Havin g in view the main concern of the countries in a transition period from the Cent ral and Eastern European countries, Hungary, Poland, Czech and Bulgaria to acced e the European Union, a main step in Annals of the Constantin Brncui University of Trgu Jiu, Economy Series, Issue 2/2010 216

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metode de privatizare, privatizarea bncilor principale romneti: BRD - Group Societe Generale, Bancpost, Banca Agricol i Banca Comercial Romn (BCR), care este n mijlocul procesului de privatizare, precum i limitele de realizare a respectivul proces. U n mediu n schimbare, n care bncile sunt de exploatare, genereaz noi oportuniti de afac eri, dar n acelai timp, implic mai complexe i mai diverse riscuri. Cele ultima sunt o provocare pentru abordrile tradiionale de gestionare a bancare care banca are de a gestiona n mod corespunztor n care este posibil, pentru a rezista la ncercare de concuren i de a sprijini creterea economic indus de ctre sectorul privat. De aceea, n ntinuare-am prezentat, n afar de conceptul i tipologia riscurilor bancare, principa lele instrumente de monitorizare a riscurilor bancare, metode i tehnici de gestio nare a riscurilor bancare, precum i de instituionalizare a riscurilor. Am consider at doar de la nceput dup cum este necesar pentru a trage o linie de demarcaie ntre m etodele de management i instrumentele de monitorizare a riscurilor bancare. n opin ia noi prin monitorizarea riscurilor bancare vreau s spun de identificare, estima re i verificarea a politicilor i practicilor n ceea ce privete gestionarea unui risc bancar, care permit detectarea problemelor de o banc se confrunt cu. Gestionarea riscurilor bancare const n totalitatea metodelor de gestionare a riscurilor bancar e, cu scopul de a limita, divizare i de finanare a acestora, precum i de a reduce p osibilitatea pentru fiecare banc pentru a rula un risc. Am selectat printre riscu rile de la o banc cele ce s e confrunt cu cei care au cel mai puternic impact asup ra activitii lor, i anume: riscul de credit, riscul de rat a dobnzii, riscul de lichi ditate i de cea a capitalului. Riscul de credit trebuie s fie estimat n raport cu p rofiturile banca se ateapt s obin de la acordare de credit. Astfel, funcia cea mai imp ortant a gestionrii bancare este this direction is the privatization of banks. As to the banking privatization in Romania I have presented aspects of the privatization methods, the privatizatio n of the principal Romanian banks: BRD - Group Societe Generale, BancPost, Banca Agricola and the Romanian Commercial Bank (BCR), which is in the middle of the privatization process, as well as limits and achievements of the said process. T he changing environment, wherein banks are operating, generates new business opp ortunities, but the same time, implies more complex and various risks. The last ones are a challenge for the traditional approaches of the banking management th at the bank has to manage as adequately as possible in order to stand the test o f competition and to support the economic increase induced by the private sector . That is why further on I have presented, besides the concept and the typology of the banking risks, the main instruments for monitoring the banking risks, the methods and techniques of banking risk management, as well as the institutional ization of the risks. We have considered just from the beginning as necessary to draw a dividing line between the management methods and the instruments of moni toring the banking risks. In we opinion by monitoring the banking risks I mean t he identification, the estimation and the checking of the policies and practices regarding the management of a bank risk, which allow the detecting of the probl ems a bank is confronted with. The management of banking risks consists in the t otality of the methods of banking risks management with a view of limiting, divi ding and financing them as well as of reducing the possibility for each bank to run a risk. We have selected among the risks a bank is confronted with, those ha ving the strongest impact on their activity, i.e.: the credit risk, the risk of interest rate, the risk of liquidity and that of capital. The credit risk has to be estimated as Annals of the Constantin Brncui University of Trgu Jiu, Economy Series, Issue 2/2010 217

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faptul c de verificare si analiza calitii portofoliului de credite ca o slab calitat e a creditelor este una din cauzele principale ale falimentului. O banc trebuie s dispun de sisteme eficiente de revizuire i de contabilitate n msur s informeze Consili ul de banca cu privire la modul n care politicile de creditare sunt puse n aplicar e tiind c calitatea i caracteristicile portofoliului de credite al unei bnci reflect aspecte cum ar fi poziia i cererea de pe pia, de afaceri i strategia de risc, precum i capacitatea unei bnci de a acorda credite. De gestionare a riscului de credit re flect politicile menite a limita sau de a reduce riscul de credit, cum ar fi poli ticile cu privire la concentrarea i expunerilor mari, politicile privind clasific area activelor, politicile n ceea ce privete dispoziiile referitoare la condiiile de neateptate. Analiza de risc n ceea ce privete rata dobnzii are o importan deosebit da orit faptului c modificrile neateptate de rata dobnzii poate determina modificri semni ficative de un profit banc i a valorii de pia a capitalului su, din cauza unei mri sau micora din venitul net de interese, ca o consecin a activelor i pasivelor-fluxurile de numerar caracteristici ale unei bnci. De gestionare a riscului de rat a dobnzii ar trebui s gseasc modalitatea de a obine o marj ct mai mare posibil, n timp pstrnd lai timp rentabilitatea i valoarea capitalului bncii ca fiind mai puin modificate n c are este posibil, n ciuda variaiilor neateptat a ratei dobnzii cu numerar fluxurilor generate de activele bancare i pasivelor. Noi considerm c n ceea ce privete riscul de lichiditate, din cauza lipsei de corelare a termenilor ntre activele i pasivele p oziii, gestionarea unei bnci are o sarcin cele mai importante pentru a estima corec t activele necesare lichide, dup cum rentabilitate a unei bnci ar putea fi tulbura te pe una pe termen lung n cazul n care portofoliul su a ajuns la mai multe active lichide n comparaie cu nevoile sale. Pe de alt parte, compared with the profits the bank expects to gain from credit granting. Hence t he most important function of the banking management is that of checking and ana lyzing the quality of the credit portfolio as a poor quality of credits is one o f the principal causes of bankruptcy. A bank should have efficient systems of re vision and accounting able to inform the bank board about the way the crediting policies are implemented knowing that the quality and the characteristics of the credit portfolio of a bank reflect such aspects as position and demand on the m arket, business and risk strategy, as well as the capacity of a bank to grant cr edits. The management of the credit risk reflects the policies meant to limit or to reduce the credit risk, such as the policies about the concentration and big exposures, the policies on the classification of assets, policies regarding the provisions for unexpected conditions. The analyze of the risk concerning the in terest rate has a special importance due to the fact that unexpected modificatio ns of the interest rate may determine significant changes of a bank profit and o f the market value of its capital due to an increase or decrease of the net inco me from interests as a consequence of the assets and liabilities cashflows chara cteristics of a bank. The management of the interest rate risk should find the w ay of obtaining a margin as high as possible in time while keeping the profitabi lity and the value of the bank capital as less modified as possible in spite of unexpected variations of the interest rate with the cash-flows generated by the bank assets and liabilities. We consider that regarding the liquidity risk, due to a lack of correlation of terms between assets and liabilities positions, the management of a bank has a most important task to estimate the necessary correct liquid assets, as the rentability of a bank could be troubled on a long term if its portfolio has got to many liquid assets in comparison with its Annals of the Constantin Brncui University of Trgu Jiu, Economy Series, Issue 2/2010 218

Analele Universitii Constantin Brncui din Trgu Jiu, Seria Economie, Nr. 2/2010 prea puine active lichide ar putea cauza probleme financiare importante sau chiar de faliment a bncilor mici. De gestionare a riscurilor de lichid activele se axe az pe finanarea n comun de la mare i creditorilor mici, cu privire la expunerea la r iscul de a deponenilor mare i pe faptul dac banca se bazeaz sau nu pe surse de finana re individuale. Acesta trebuie s fie subliniat faptul c o estimare corect a riscuri lor bancare trebuie s ia n considerare ceea ce managerul este vizeaz. Astfel, dac sc opul manager este de a dubla profitul, el i va asuma consciently un risc mai mare, dar dac administratorul are n vedere o strategie de a aduce la un nivel minim de risc profiturile vor fi mai mici, dar sigur. Bncile comerciale ar trebui s i asume r iscurile specifice ale acestui proces, innd seama de respectarea cerinelor de preca uie, astfel cum a solicitat de ctre autoritatea naional de decontare, motivatia a ex punerii la riscul asumat, de msurare a riscului, astfel ca pierderile cauzate de materializare sale pot fi considerate normale pentru activitatea i interne i imagi nea extern a bncii. Deciziile adoptate de ctre bncile ar trebui s fie corelate cu niv elurile de rezultate i de riscurile cu care doresc s se presupun, astfel nct aceste n iveluri ar putea fi atins, cunoaterea i aplicarea de msuri-cheie n adoptarea de deci zii viitoare cu privire la profitul legtur cu risc a fi mpreun un obiectiv central p entru managementul bancar. needs. On the other side too few liquid assets could cause important financial p roblems or even bankruptcy of small banks. The management of the liquid assets r isks focuses on the joint financing from the great and small creditors, on the e xposure to the risk of the great depositors and on the fact whether the bank is based or not on individual financing sources. It must be underlined the fact tha t a correct estimation of the banking risks shall take into account what the man ager is aiming at. Thus if the manager purpose is to double the profits, he will assume consciently a higher risk, but if the manager has in view a strategy of bringing to a minimum the risk the profits will be smaller but sure. The commerc ial banks should assume the specific risks of this process, taking into account the observance of the precaution requirements as requested by the national settl ement authority, the motivation of the exposure to the assumed risk, the measuri ng of the risk so that the loss caused by its materialization can be considered normal for the activity and the internal and the external image of the bank. The decisions adopted by the banks should be correlated with the levels of the resu lts and of the risks they want to assume, so that these levels could be reached; the knowledge and the application of key measures in adopting future decisions regarding the relation profit-risk being together a central objective for the ba nking management. 1. Evoluia raportului venituri - cheltuieli 1. The evolution of income - spending the whole banking system pe ansamblul sistemului bancar Analiznd situaiile financ iare publicate de BNR la finele anului 2007 prin comparaie cu anii precedeni obser vm o revigorare a ritmului de cretere a profitului n comparaie cu cel nregistrat n ult imii ani, pe fondul unor performane superioare realizate, n special, la nivelul in stituiilor de credit de talie mare. Ratele de rentabilitate i-au continuat trendul uor descendent, dei Analyzing financial statements published by the NBR in late 2 008 compared with previous years we see a revival of the growth of profits in co mparison with that recorded in recent years, a background of superior performanc e achieved, in particular, to the credit institutions class big. Rates of return and continued slightly downward trend, although the development of operational efficiency Annals of the Constantin Brncui University of Trgu Jiu, Economy Series, Issue 2/2010 219

Analele Universitii Constantin Brncui din Trgu Jiu, Seria Economie, Nr. 2/2010 evoluia eficienei operaionale a fost pozitiv was positive in 2008, amid an increased focus n 2007, pe fondul unei atenii crescute din from credit institutions on judi cious partea instituiilor de credit asupra administration costs. administrrii judi cioase a costurilor. Chart. 2. Evolution of major groups of FIG 2. Evoluia princi palelor grupe de expenditure for the whole banking cheltuieli pe ansamblul siste mului bancar Interest 3000000 2500000 2000000 1500000 1000000 500000 0 2008 2007 2006 2005 cheltuieli cu taxe si comisioane cheltuieli din operatiuni valutare cheltuieli din operatiu ni cu titluri cheltuieli cu dobanzile 3000000 2500000 2000000 1500000 1000000 500000 0 2008 2007 2006 2005 expense Fee s and commissions expense expenses of foreign operations costs of transactions i n securities Source: own calculations after reports NBR Sursa :Calcule proprii dup rapoartele BNR 2. Cost-effectiveness analysis The ability of credit institutions to control ope rating costs in the context of rapid expansion of lending, has improved during 2 007, the cost-effectiveness indicator (costincome ratio), by 65.3 percent, reduc ed by about 2, 2 percentage points from the level recorded in the previous year. 2. Analiza eficienei costurilor Capacitatea instituiilor de credit de a controla c osturile operaionale, n contextul expansiunii rapide a activitii de creditare, sa mbu ntit pe parcursul anului 2007, valoarea indicatorului eficiena costurilor (cost inco me ratio), de 65,3 la sut, reducndu-se cu aproximativ 2,2 puncte procentuale fa de n ivelul nregistrat n anul anterior. FIG 3 Chart 3 This performance was achieved against a Aceast performan a fost obinut pe fondul unei dinamici superioare a veniturilor background of high dynamics operating operaion ale comparativ cu cea a income compared with operating expenses. Structural Anal ysis of operating income Annals of the Constantin Brncui University of Trgu Jiu, Economy Series, Issue 2/2010 220

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cheltuielilor operaionale. Analiza structural a veniturilor operaionale evideniaz div ersificarea surselor de ctig ale bncilor, pe fondul unei mai bune valorificri a opor tunitilor oferite de piaa financiar. Observm c veniturile nete din operaiuni de schimb valutar au reprezentat componenta cea mai dinamic a veniturilor operaionale, pe cnd , veniturile din comisioane i-au meninut ponderea de aproximativ 18 la sut n venitur ile operaionale nregistrat i n 2006, valoarea lor crescnd ntr-un ritm similar celui al veniturilor operaionale. Veniturile nete din dobnzi i-au redus ponderea n veniturile operaionale pe fondul unei creteri mai lente a veniturilor din dobnzi comparativ c u cea a cheltuielilor cu dobnzile, majorarea substanial fa de aceeai perioad a anului nterior a cheltuielilor cu dobnzile se datoreaz n principal creterilor nregistrate la nivelul dobnzilor pltite pentru depozitele atrase de la alte instituii de credit, precum i celor aferente mprumuturilor atrase de la acestea. Recentele turbulene de pe pieele financiare internaionale au sporit i mai mult volumul cheltuielilor cu do bnzile prin creterea ratelor de dobnd asociate resurselor interbancare. 3. Analiza c osturilor operaionale highlights the successful diversification of banks, amid increasing value of fin ancial market opportunities. Note that net income from foreign exchange operatio ns were the most dynamic component of operating income, while revenues from fees and maintained the share of around 18 percent in operating income recorded in 2 006, their value increasing at a rate similar to operating income. Net interest income and reduced their share of operating revenues amid slower growth of inter est income compared with that of interest costs, the substantial increase over t he same period the previous year of interest costs is mainly due to increases re corded in interest rates paid on deposits from credit institutions and those rel ated to loans drawn from them. The recent turmoil in international financial mar kets increased further by increasing the volume of interest costs associated res ources interbank interest rates. 3. Analysis of operational costs The structure of operational costs, as shown in the chart below, staff costs still represent t he main component amidst growing number of banking officials to 7 648 people fro m 58 536 persons in 2006 n structura cheltuielilor operaionale, dup cum observm n graficul de mai jos, Chart 4 cheltuielile cu personalul continu s reprezinte componenta principal pe fondul cret erii numrului de funcionari bancari cu 7 648 persoane, de la 58 536 persoane n anul 2006. FIG4 Meanwhile, costs of materials, works and services of third parties, and depreciation costs have been significant slippage. Expenditure provisions ha ve increased in real terms in 2007, mainly as a result of nonAnnals of the Consta ntin Brncui University of Trgu Jiu, Economy Series, Issue 2/2010 221

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n acelai timp, cheltuielile cu materialele, lucrrile i serviciile prestate de teri, p recum i cheltuielile cu amortizrile nu au nregistrat derapaje semnificative. Cheltu ielile cu provizioanele au crescut n termeni reali n 2007, n principal ca efect al expansiunii creditului neguvernamental, dar i al schimbrilor legislative. Meninerea la niveluri exigente a obiectivelor de profitabilitate stabilite de acionari i co ncurena din ce n ce mai intens de pe piaa bancar romneasc reprezint factori de presiu asupra instituiilor de credit n gsirea de soluii adecvate n vederea continurii dinamic ii pozitive a eficienei activitii bancare. Profiturile se realizeaz din ce n ce mai m ult din volumul activitii, cu efecte benefice asupra intermedierii financiare din Romnia. Discrepana preurilor pentru segmentul de retail bancar a fost calculat la 46 %, Romnia plasndu-se n UE dup Danemarca, unde diferena ntre tarifele bancare poate aju nge i la 154%, Irlanda cu 51%, Spania - 50% i Slovacia - 47%. Analitii consider c ret ailul este nc o afacere naional i au analizat discrepana dintre preurile practicate la nivel de ar. Discrepanele fiind, n general, asociate cu piee n care ritmul schimbrilor este rapid, precum n Spania i Irlanda n zona euro, Danemarca, Romnia i Slovacia, n afa ra zonei euro, sau China i India n Asia-Pacific se precizeaz n raportul realizat de Banca Mondial, Capgemini, ING i Asociaia European de Management i Marketing Financiar . Analitii noteaz c n pieele mature tarifele practicate de bnci sunt de valoare apropi at, government credit growth, but also legislative changes. Keeping the exacting lev els of profitability targets set by shareholders and competition becoming more i ntense by the Romanian banking market are factors of pressure on credit institut ions in finding appropriate solutions to continue the positive dynamics of banki ng efficiency. Profits are made increasingly more of the volume of activity, wit h beneficial effects on financial intermediation in Romania. Romania ranks in th e top five European Union Member States according to the discrepancy between the prices charged by banks for their services, according to a World Bank report, C apgemini, ING and the European Association of Financial Management and Marketing . The discrepancy in prices for retail banking was calculated at 46%, Romania pl acing it in the EU after Denmark, where the difference between bank rates can re ach up to 154%, Ireland 51%, Spain - 50% and Slovakia - 47%. Analysts believe th at retail is still a national affair and discussed the discrepancy between price s at the country level. Discrepancies are generally associated with markets wher e the pace of change is rapid, as in Spain and Ireland in the euro area, Denmark , Romania and Slovakia, outside the euro area, or China and India in Asia-Pacifi c states in the report by World Bank, Capgemini, ING and the European Associatio n of Financial Management and Marketing. Analysts noted that the rates charged b y banks in mature markets are worth close, amid competition. According to the re port, this year, 40% of revenues for services rendered to Romanian banks will be obtained from the administration of accounts, 32% of payments, 27% of charges f rom the use of cash and 1% of various operations performed by exceptional employ ees of credit institutions, such as stop payments and searching for documents. I n all EU Member States, but have not Annals of the Constantin Brncui University of Trgu Jiu, Economy Series, Issue 2/2010 222

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pe fondul concurenei. Potrivit raportului, n acest an, 40% din veniturile aferente serviciilor prestate de bncile romneti vor fi obinute din administrarea de conturi, 32% din pli, 27% din tarifele percepute de pe urma utilizrii numerarului, iar 1% d in diverse operaiuni excepionale efectuate de angajaii instituiilor de credit, precu m oprirea unor pli sau cutarea de documente. La nivelul tuturor statelor membre ale UE, dar care nu au adoptat euro, 20% din aceste venituri provin din administrar ea de conturi, 16% din utilizarea de numerar, 9% din operaiuni excepionale. Cea ma i mare pondere n venituri din servicii bancare, de 55%, va fi reprezentat de plile e fectuate de clienii bncilor Concluzii n opinia noastr principala provocare pentru si stemul bancar romnesc este s intre n competiie pentru reducerea costurilor bancare d eoarece pn n prezent a fost o competiie frenetic ntre bnci urmrindu-se n principal o ea cotei de pia. De asemenea considerm c anul 2008 ar putea fi unul mai dificil pent ru sectorul bancar din Romnia. Profitabilitatea bncilor este posibil s scad sub pres iunea reducerii marjelor de dobnda i a concurenei, a creterii costurilor cu investiii le pentru extinderea reelelor, dar i a crizei mondiale de lichiditi. Un alt factor i mportant care poate reduce rata profitului la nivelul sectorului bancar romnesc, n opinia noastr este reprezentat de, creterea necesarului de provizioane ca efect a l dinamicii susinute a creditrii, continuarea investiiilor n dezvoltarea reelelor ter itoriale, precum i costurile legate de implementarea Acordului Basel II. Riscul d e a nu dispune de rezerve proprii riscul de capital - este supra-dimensionate n s ectorul bancar, datorit funciei de banc de intermediere. Prin urmare, pentru a cont racara aceast tendin, o banc trebuie s se ridice la un maxim de profit sale, de adopted the euro, 20% of this revenue derived from management accounts, 16% of t he use of cash, 9% of exceptional operations. The largest share of income from b anking, 55%, will be the payments made by bank customers. Conclusion In our opin ion the main challenge for the Romanian banking system is to compete to reduce b ank costs - as far was a frantic competition between banks mainly aiming at fill ing the market share Also consider that 2008 could be a more difficult for the b anking sector in Romania. The profitability of banks is likely to fall under pre ssure to reduce interest margins and competition, increase investment costs for expanding networks, but also the global liquidity crisis Another important facto r which may reduce the profit rate in the Romanian banking sector, in our opinio n is the increased provisioning as a result of sustained dynamics of credit, con tinuing investment in development of regional networks and the costs of implemen ting Basel II . The risk of not disposing of own reserves for all contingencies - the risk of capital - is overdimensioned in the banking sector due to the bank function of intermediating. Therefore, in order to counteract the trend, a bank has to raise to a maximum its profit, by an intensive employment of its funds, the supervision authorities placed some restrictions. Hence, the Basel Agreement has introduced a standard of capital adequacy, which guarantees the keeping of an adequate value of the capital and of the reserves in order to protect solvabi lity. The more and more complex risks confronting the banks working at an intern ational level determined the Basel Committee to work out a New Agreement with a view limiting the capital risk by increasing the security of the international f inancial system, paying more importance to Annals of the Constantin Brncui University of Trgu Jiu, Economy Series, Issue 2/2010 223

Analele Universitii Constantin Brncui din Trgu Jiu, Seria Economie, Nr. 2/2010 ctre un ocuparea forei de munc intens din fondurile sale, autoritile de supraveghere p lasate unele restricii. La nivel internaional a determinat Comitetul de la Basel d e a elabora un nou acord, n vederea limitrii de capital de risc, prin creterea de s ecuritate a sistemului financiar internaional, acordnduse o mai mare importan auditu lui intern i pentru gestionarea bncilor, precum i la procesul de supraveghere i la d isciplin de pia. Bibliografie: 1. Berea, A.O., Strategie bancar, Editura Expert, Buc ureti, 2007; 2. Paraschiv, Dorel Mihai, Tehnica plilor internaionale, Ed. Economic, 2 008; 3. Spulbar ,C., Nanu, R., Berceanu, O., Sisteme bancare comparate, Editura Sitech, Craiova, 2005; 4. eitan, Oana, Pli i garanii internaionale, Ed. Reprograph, 20 08; 5. Turcu, Ion, Operaiuni i contracte bancare, Ed. Lumina Lex, 1995; the internal auditing and to the own management of the banks, as well as to the supervision process and to the market discipline. Bibliography: 1. Berea, A.O., Strategie bancar, Editura Expert, Bucureti, 2007; 2. Paraschiv, Dorel Mihai, Tehnica plilor internaionale, Ed. Economic, 2008; 3. Spulba r ,C., Nanu, R., Berceanu, O., Sisteme bancare comparate, Editura Sitech, Craiov a, 2005; 4. eitan, Oana, Pli i garanii internaionale, Ed. Reprograph, 2008; 5. Turcu, Ion, Operaiuni i contracte bancare, Ed. Lumina Lex, 1995; Annals of the Constantin Brncui University of Trgu Jiu, Economy Series, Issue 2/2010 224