Catalog Alb 2012

Piaa Instituiilor Financiare Nebancare din Romnia - 2012
The Non-Banking Financial Institutions Market in Romania - 2012
60184_file_interior_lucian_v9.indd 1
11/5/2012 9:21:43 AM
Publicaie realizat de DIPLOMAT CONSULT SRL pentru ASOCIAIA SOCIETILOR FINANCIARE - ALB ROMNIA Preedinte: Antoaneta Curteanu Vicepreedinte: Gilles Zeitoun Secretar General: Adriana Ahciarliu Adresa: Str. Gaetano Donizetti nr. 3, et. 4, apart. 10, Bucureti, sector 2, cod postal 020182, Romnia Tel: 021/ 230.61.52; 021 230.03.50 Fax: 021/230.61.32 E-mail: office_alb@alb-leasing.ro Web: www.alb-leasing.ro Redactori i tehnoredactare computerizat: Diplomat Consult SRL Adriana Ahciarliu Gabriela Magheru Valeriu Bogdan Pciu Distribuie gratuit prin: Diplomat Consult SRL www.office@diplomatconsult.com Tiparit de: SC Best Print Services SRL ISSN: 2067 5232 ISSN-L 2067 5232 Acest catalog se distribuie gratuit
Made by DIPLOMAT CONSULT SRL for FINANCIAL COMPANIES ASSOCIATION ALB ROMANIA President: Antoaneta Curteanu Vicepresident: Gilles Zeitoun Secretary General: Adriana Ahciarliu Address: 3, Gaetano Donizetti Street, 4-th floor, apart. 10, Bucharest, district 2, postal code 020182, Romania Tel: 021/ 230.61.52; 021 230.03.50 Fax: 021/230.61.32 E-mail: office_alb@alb-leasing.ro Web: www.alb-leasing.ro Editors and DTP: Diplomat Consult SRL Adriana Ahciarliu Gabriela Magheru Valeriu Bogdan Pciu Distribution free of charge: Diplomat Consult SRL www.office@diplomatconsult.com Printed by: SC Best Print Services SRL ISSN: 2067 5232 ISSN-L 2067 5232 This catalogue is available only free of charge
11/5/2012 9:21:44 AM
11/5/2012 9:21:44 AM
Cuprins
I. Cuvnt inainte Antoaneta Curteanu
Table of Content
I. Foreword Antoaneta Curteanu
Pag./Page
7 11
II. De la istoria leasingului i a creditului II. From history of leasing & consumer de consum napoi la mediul macroeconomic credit back to present macroeconomic enactual Adriana Ahciarliu vironment Adriana Ahciarliu III. Criminalitatea de business Magda III. Criminal Business Law Magda Luminia Dnil Luminia Dnil IV. Romnia risc procedura de infringement pentru nerespectarea prevederilor directivei europene n domeniul TVA Daniel Anghel, Diana Coroab V. Provocri curente privind aplicarea practic a reglementrilor contabile de ctre instituiile financiare nebancare Angela Manolache VI. IV. Romania risks to face infringement procedure for failure to comply with the European VAT Directive Daniel Anghel, Diana Coroab V. Current challenges regarding practical application of accounting regulations by non-banking financial institutions Angela Manolache
57 62
67
Texte legislative pentru IFN-uri VI. Legislation for NBFI issued bepublicate n perioada iunie 2011 iunie tween June 2011 to June 2012 2012 (doar versiunea in l.englez) Regulamentul BNR nr. 24/2010 privind Regulation No. 24/2010 of the National creditele destinate persoanelor fizice Bank of Romania governing loans extended to individuals Regulamentul BNR nr. 24/2011 pri - Regulation No. 24/2011 of the National vind creditele destinate persoanelor fizice Bank of Romania governing loans extended modificri to individuals amendments Ordinul BNR nr. 25/2011 privind raporta rea situaiilor aferente aplicrii Regulamentului BNR nr. 11/2011 privind clasificarea creditelor i plasamentelor Order No. 25/2011 of the National Bank of Romania governing the status reports on the enforcement of Regulation No. 11/2011 of the National Bank of Romania governing the classification of credits and placements Annex to NBR Order no. 25/2011
83
Anexa la Ordinul BNR nr. 25/2011
11/5/2012 9:21:44 AM
Ordinul nr. 27 din 27.12.2011 pentru Order No. 27/ 27 December 2010 to approve aprobarea Reglementrilor contabile con- the accounting regulations harmonised with forme cu directivele europene the European directives Ordinul nr. 4 din 8.03.2012 referitor la raportarea situaiei privind clasificarea expunerilor din credite/credite legate de serviciile de plat i necesarul de provizioane specifice de risc de credit aferent acestora, aplicabil entitilor supravegheate de BNR, altele dect instituiile de credit + Anexa Regulamentul nr. 5 din 08.03.2012 privind clasificarea creditelor i constituirea, regularizarea i utilizarea provizioanelor specifice de risc de credit aplicabil entitilor supravegheate de Banca Naional a Romniei, altele dect instituiile de credit + Anexe Order No. 4 of 8 March 2012 governing the status reports on the classification of that are applicable to the entities monitored by the National Bank of Romania, others than the credit institutions + Annex
Regulation No. 5/8 March 2012 on credit classification and the establishment, adjustment and use of specific credit risk provisions, applicable to the entities supervised by the National Bank of Romania, other than credit institutions + Annex
Legea nr. 9/2012 privind taxa pentru emisi- Law 9/2012 on the motor vehicle emission ile poluante provenite de la autovehicule + tax + Annexes Anexe Ordonana de urgen nr. 1/2012 pentru suspendarea aplicrii unor dispoziii ale Legii nr. 9/2012 privind taxa pentru emisiile poluante provenite de la autovehicule, precum i pentru restituirea taxei achitate n conformitate cu prevederile art. 4 alin. (2) din lege. Ordonana de urgen nr. 24 din 6.06.2012 - pentru modificarea i completarea Legii nr. 571/2003 privind Codul fiscal i reglementarea unor msuri financiar fiscale Emergency Ordinance No. 1/2012 to suspend the enforcement of certain provisions of Law No. 9/2012 governing the tax chargeable on motor-vehicle pollution and to reimburse the tax paid according to Article 4, paragraph (2) of Law
Emergency ordinance no. 24 of 6 June 2012 amending and supplementing Law No. 571/2003 governing the Tax Code and regulating certain financial and tax measures
11/5/2012 9:21:44 AM
11/5/2012 9:21:44 AM
Antoaneta Curteanu Presedintele ALB
Cuvant inainte
Perioada iulie 2011 iulie 2012, pe care o tratam in acest anuar, va ramane probabil in istoria Asociatiei ca una dintre cele mai dificile de la nasterea ei in 2004. Au trecut 8 ani de la data la care membrii fondatori au decis sa creeze acest instrument de lobby al sinergiei unei industrii ce se definea a fi leasingul si care incepand cu 2006 a fost redefinita ca industria institutiilor financiare nebancare. Mandatul membrilor fondatori a fost unul de constructie a unui cadru legislativ propice unei asezari si dezvoltari sanatoase a leasingului financiar si operational in Romania, in contextul aderarii tarii la Uniunea Europeana. In doi ani de activitate intensa de lobby Asociatia a reusit sa lanseze la apa trei proiecte importante in domeniul legislatiei speciale: legea 287/2006 a leasingului, legea 266/2006 ce defineste cadrul legislativ al autorizarii, monitorizarii si supravegherii institutiilor financiare nebancare si amendarea, in iunie 2006, a articolelor 7, 8 si 25 din Codul fiscal (cu referire la definirea fiscala a leasingului financiar, operational si a statutului fiscal al locatorului si locatarului in cele doua produse principale ale leasingului). Cu acest pachet legislativ industria leasingului financiar precum si cea a creditului de consum au pornit, cu speranta, pe drumul unei dezvoltari concrete si sanatoase. Cu toate acestea criza care batea la usa Europei nu a permis acestui sector de activitate financiara sa atinga maturitatea sa.
Foreword
The period of time between July 2011 and July 2012 treated in this year-book will probably remain the most difficult one in the history of the Association since its establishment in 2004. Eight years ago the founding members decided to create this lobby instrument for the synergy of an industry defined as leasing which was redefined as the industry of the non-banking financial institutions in 2006. The mandate of the founding members was based on the building of a proper legal framework for setting up the financial and operational leasing in Romania on a healthy development basis in the context of the countrys accession to the European Union. During two years of intensive activity the Association managed to launch three important special legislative projects: law no. 287/2006, i.e. the leasing law, law no. 266/2006, i.e. the law defining the legal framework meant for the authorisation, monitoring and supervision of the non-banking financial institutions and, in June 2006, the amendment of articles 7, 8 and 25 of the Fiscal Code (related to the fiscal definition of the financial and operational leasing and of the fiscal statute of the lessor and of the lessee in the two main products of the leasing). Based on this legislative kit the start up of the financial leasing industry and the consumer credit industry relied on the expectation of a solid and healthy path of development. However, the crisis knocking at the frontiers of Europe did not allow this sector of financial activity to reach its maturity. 7
11/5/2012 9:21:45 AM
2008 a fost un an de referinta. Anul care a inregistrat cea mai mare crestere si cea mai mare scadere semestriala. Prapastia dintre cresterea semestrului 1 si scaderea semestrului 2 a fost construita atat de impactul crizei economice si financiare criza ce debuta la acea data si in Romania dar si de necesitatile fiscale macroeconomice identificate la acea data. Debutul crizei, cu o scadere de peste 50% semestru la semestru si cu inregistrarea primei scaderi anuale de 3%, a insemnat, de fapt, inceputul unei noi tendinte pentru industria leasingului, in special, cat si pentru creditul de consum. Contextul macroeconomic al scaderii consumului, al cresterii somajului si al reducerii puterii de cumparare, ce a urmat, a dus la o crestere rapida a creditului de consum tip IFN. Creditarea responsabila, coduri de buna practica, transparenta si prudentialitatea, promovate de Banca Nationala a Romaniei, in scopul alinierii la tendintele europene de limitare a creditarii neperformante si diminuarii nivelului de credit cu impact in nivelul de trai al persoanelor fizice, au devenit termeni cunoscuti pentru actorii pietei financiar bancare si implicit ai institutiilor financiare nebancare. Directiva Creditului de Consum armonizata in Romania a indus o scadere considerabila, in actualul context al bugetelor de austeritate, a creditului de consum manifestat sub forma leasingului. Leasingul si creditul - industrial si de consum - au ramas speranta institutiilor financiare nebancare, in contextul in care austeritatea tintea mai mult zona consumatorului si mai putin pe cea a agentilor economici. Cu toate acestea, intarzierea alinierii prevederilor fiscale la Directivele Europene, cu precadere in domeniul TVA sau al taxelor parafiscale, mentin un nivel ridicat de impredictibilitate si nesiguranta, simtit cu precadere in acest interval de referinta. In acest context rolul Asociatiei este acela de a pastra sinergia membrilor sai, de a gasi so8
2008 has been a reference year. It was the year registering the biggest growth and the highest decrease in a semester. The gap between the growth from semester 1 and the decrease in semester 2 was created both by the impact of the economic and financial crisis, a crisis that began at that time in Romania, too, and by the fiscal macroeconomic necessities identified at that time. The beginning of the crisis, with a decrease exceeding 50% from semester to semester and with the registration of the first annual decrease of 3% meant in fact the beginning of a new trend especially for the leasing industry, but also for the consumer credit. The further macroeconomic context involving a lower consumption, an increased unemployment and a reduced purchasing power led to a rapid growth of the consumer credit of a NBFI type. The responsible lending, the codes of best practices, the transparency and the prudential measures promoted by the National Bank of Romania aiming to reach an alignment to the European trends for limiting the non-performing credits and to diminish the level of credit with an impact over the living standard of the individuals became usual words for the players of the banking financial market and, implicitly, of the non-banking financial institutions. The Consumer Credit Directive harmonised in Romania induced an important decrease in the present context of the austerity budgets of the consumer credit manifested in the form of leasing. The leasing and the credit industrial and consumer ones remained the hope of the nonbanking financial institutions within the context of an austerity aimed more at the consumer area and less at the area of the economic agents. Nevertheless, the alignment delay of the fiscal provisions to the European Directives, particularly in the VAT field or in the field of the parafiscal taxes still maintain a high level of unpredictability and uncertainty, mostly felt in this period of reference. The role of the Association in this context is to preserve the synergy of its members, to find
11/5/2012 9:21:45 AM
lutii viabile de rezolvare a conflictelor fiscale, in sensul deschiderii usii dialogului social. Fara dialog social tendinta de scadere a volumului finantarilor in leasing nu poate fi usor controlata si stopata. Anul 2012 indica acea vointa a membrilor Asociatiei de a iesi din curba negativa, de a opri scaderea si a accelera din nou motoarele spre crestere. Chiar si o crestere modesta, pe care noi o estimam pana la maxim 10%, la finele anului 2012, poate fi un indiciu care sa renasca increderea agentilor economici intr-o industrie care in 2008 finanta aproape 4% din PIB-ul Romaniei!
viable solutions for solving the fiscal conflicts towards opening the door of the social dialogue. The trend of decreasing the leasing financed volume cannot be easily controlled and stopped without a social dialogue. 2012 is a year indicating the will of the Associations members to get out from the negative curve, to stop the decrease and to speed up the engines again towards a possible growth. Even a modest growth, estimated by us at maximum 10% at the end of the year 2012 can be a clue to revive the confidence of the economic agents in our industry which in 2008 used to finance about 4% from the Romanian GDP! Antoaneta Curteanu Presedintele ALB
11/5/2012 9:21:45 AM
Orice afacere ai avea,

www.garantileasing.ro 021 232 17 77 sau 0734 272 684
Garanti Leasing este marca sub care func\ioneaz[ compania Motoractive IFN S.A.
noi `\i finan\[m investi\iile
11/5/2012 9:21:51 AM
De la istoria leasingului si a creditului de consum inapoi la mediul macroeconomic actual 1. Perspectiva istorica a leasingului si creditului de consum ca instrumente de sustinere a dezvoltarii economice Este limpede ca produse ca leasingul si creditul de consum au raspuns unei anumite realitati economice si macroeconomice ale vremurilor respective. Poate ca formularea a fost diferita, insa efectele si functiile creditului de consum si ale leasingului erau similare cu cele ale produselor financiare prezente care sunt foarte bine definite. Imi asum curajul sa va prezint o scurta istorie a acestor doua produse financiare, precum si unele exemple care pot arata rolul si puterea unor astfel de produse financiare nebancare. Am ales aceste exemple deoarece ele reprezinta momente de istorie care au fost marcate de crize financiare si razboaie, momente ce au gasit ca solutie alternativa a disputelor folosirea leasingului ca acord de razboi intre state sau folosirea creditului de consum ca solutie alternativa pentru consolidarea nivelului de trai si pentru incurajarea asa-numitei indatorari productive! Pentru curiozitatea cititorilor acestui anuar al Asociatiei care reprezinta leasingul si creditul de consum din Romania am inclus unele
From history of leasing & consumer credit back to present macroeconomic environment 1. Historical perspective on leasing and consumer credit as supporting instruments for the economic development It is obvious that products like consumer credit and leasing have responded to a certain economic and macroeconomic reality of certain times. Wording may have been different but the effects and functions of credit and leasing were similar to todays very well defined financial products. I take the courage to present you a brief history of these two financial products as well as examples that may indicate the role and the power of such non-banking financial products. I choose these examples as they represent moments of history that were marked by financial crisis and wars, moments that have found as alternative dispute solution the use of lease as war agreements among states or the use of consumer credit as alternative solution for enhancing the lifestyle and encouraging the so named productive debt! For the curiosity of the readers of this annual book of the Association that represents leasing and consumer credit in Romania I have included 11
11/5/2012 9:21:51 AM
informatii interesante care pot vorbi in numele nostru despre rolul acestor doua produse in dezvoltarea marilor puteri economice, precum si in schimbarea in bine a stilului de viata in unele tari ca SUA ori in unele economii europene occidentale. Sursele aferente informatiilor de mai jos se regasesc la sfarsitul acestui capitol. Se stie bine ca prin definitie CREDITUL reprezinta un mod de plata care intervine atunci cand cel care ia cu imprumut primeste finante de la un finantator promitandu-i acestuia inapoierea banilor mai tarziu. Unul din cele mai timpurii exemple de folosire a creditului este finantarea de care a dispus Cristofor Columb pentru calatoriile sale din secoului XV. Dupa primirea fondurilor de la Regina Spaniei, Columb ar fi platit-o pe Maiestatea Sa impartind cu aceasta un procentaj din noile sale bogatii. Din punct de vedere istoric, creditul a fost folosit la inceput pentru bunuri cu scopul de a pune consumatorul in ceea ce se numea o indatorare productiva. Lendol Calder, autorul volumului Financing the American Dream: A Cultural History of Consumer Credit, (Finantarea visului american: o istorie culturala a creditului de consum) a citat chestorul de recensamant de la 1890 care a spus urmatoarele: motivul principal al datoriilor private a fost acela de a avea garduri mai bune, hambare mai bune, case mai bune si mai mult pamant pentru fermieri. In epocile moderne, scopul creditului este acela de a permite consumatorilor sa aiba teluri mai mari pentru care acestia nu dispun de bani. Achizitiile de acest tip sunt deseori considerate drept articole de lux. Desi nu toate achizitiile de bunuri prin credit ale consumatorilor sunt considerate drept lux, unele articole nu sunt privite ca fiind esentiale. Realitatea poate arata ca saracia poate fi invinsa prin folosirea creditului de consum ca sursa alternativa de 12
some interesting information that may speak, on our behalf, about the role of these two products for the development of the big economic powers as well as the change in better of lifestyle in countries like USA or some European Western economies. The sources of the below information are presented at the end of this chapter. It is well known that, by definition, CREDIT represents a way to stipulate the payment that occurs when a borrower receives finances from a lender by means of promising to pay him back at a later point in time. One of the earliest examples of credit usage is the financing made available to Christopher Columbus for his fifteenth century voyages. After receiving funds from the Queen of Spain, Columbus would pay Her Majesty back by sharing with her a percentage of his newfound riches. Historically, credit was used primarily for goods that would put a consumer into what was called a productive debt. Lendol Calder, author of Financing the American Dream: A Cultural History of Consumer Credit, quoted the 1890 census superintendent as saying, the prime motive in the private debt has been better fences, better barns, better homes and more land for the farmer. In modern times, the purpose of credit is to allow consumers to make larger purposes for which they might not have the money. Such purchases are often deemed luxury items. Although not all goods consumers purchase on credit are deemed luxurious, some items are not deemed as essential. Reality may show that poorness may be made up by using consumer credit as alternative source to finance everyday life of a family with poor resources.
11/5/2012 9:21:51 AM
finantare a vietii cotidiene a unei familii care nu dispune de mari resurse. Nimeni nu stie data precisa a primului LEASING sau a primiei inchirieri din istoria omenirii. Cu toate acestea, prima marturie reala a unei astfel de activitati dateaza din jurul anului 2000 IC. In timpul sapaturilor care au avut loc in anul 1984 in orasul sumerian Ur, arheologii au descoperit prototipul primului contract de inchiriere. Acestea au fost tablitele de lut pe care partile expuneau obligatiile care le reveneau din inchirierea utilajelor agricole, din dreptul de a folosi sursele de apa etc. Tablitele de lut au indicat oamenilor de stiinta faptul ca primii finantatori au fost, ca de obicei, preotii care au trait in templele din orasul Ur. Prima companie de inchiriere Oamenii de stiinta au gasit dovezi ca intre anii 400 si 450 IC in sud-estul Babilonului, prima companie de inchiriere din istoria omenirii a fost condusa de familia Murashu din anticul oras Nippur. Murashu era un conducator remarcabil pe piata serviciilor de inchiriere din Imperiul Persan. Membrii acestei familii erau specializati in leasingul terenurilor, dar puneau totodata la dispozitie si alte servicii, precum inchirierea bovinelor, echipament agricol i semine de vnzare n rate. Leasingul in Evul Mediu In anul 1066 AD, Anglia a fost atacata pe neasteptate de regele norvegian si de ducele normand. La doua saptamani dupa inceperea expeditiei navele acestora au ajuns pe coastele Angliei. Nici regele norvegian, nici ducele normand nu aveau un numar suficient de mare de nave si nici timpul or banii necesari pentru a-si construi flota si pentru a plati desfasurarea unei astfel de expeditii. Pentru acele vremuri aceasta era o operatiune militare de anvergura. Britanicii nu puteau gasi o alta explicatie pentru acest fapt neobisnuit decat referirea Nobody has the evidence of the precise date of the first LEASE or rent deal in the history of mankind. However, the first real evidence of such activity dates to about 2000 BC. During the excavations, which took place in 1984 at the Sumerian city Ur, archaeologists discovered a prototype for the first rental agreement. These were clay tablets on which the parties set forth their obligations on rent agricultural implements, the right to use water resources etc. Clay tablets told the scientists that, as usual, the first lessees had been the priests who lived in the temples of Ur.
The first rental company Scientists have found evidence that between 400 and 450 BC to the South-East of Babylon, the first known in the history of mankind rental campaign was run by the Murashu family in the ancient city Nippur. The Murashu was an outstanding leader in the market of rental services in the Persian Empire. They specialized in land leasing, but also offered a number of the other services such as rent of cattle, agricultural equipment and seeds for sale in installments.
Lease in Middle Ages In 1066 AD, suddenly, England was attacked by the Norwegian king and the Norman duke. In two weeks since the beginning of the campaign their ships reached the coast of England. Neither the Norwegian king, nor the Norman duke had owned a sufficient number of ships, and did not have the money and time to build their fleets and pay for running such a campaign. It was a serious military operation for those times. The British could not find any other explanation for the phenomenon, but to refer Gods blessing. Actually, everything was much simpler: the 13
11/5/2012 9:21:51 AM
la binecuvantarea lui Dumnezeu. De fapt, totul era mult mai simplu: cei doi conducatori gasisera o sursa de finantare, inchiriasera vase si arme, angajasera echipajele si isi dusesera la bun sfarsit planul de afaceri. In Evul Mediu era ceva obisnuit sa fie inchiriati caii, precum si echipamentele si utilajele pentru industria agricola. Sunt fapte istorice bine cunoscute ca unii luau armurile cavalerilor cu chirie, ceea ce era foarte scump. De exemplu, in 1248, Cavalerul Bonfils Manganella Gaeta, care urma sa plece in cea de-a saptea cruciada, a inchiriat un lot intreg de armuri. Profitul s-a ridicat la circa 25% din costul armurii. Dezvoltarea relatiilor de leasing in secolul XIX In secolul XIX se constata o crestere semnificativa in activitatea de leasing, in special datorita cresterii diversitatii de articole inchiriate, folosite de comunitate. Leasingul a devenit mai important datorita dezvoltarii rapide a tehnologiei in agricultura, in industrie si transport. Spre exemplu, companiile de transport, care fabricau sinele ferate, dadeau altor companii, celor care asigurau conducerea trenurilor, dreptul de utilizare a sinelor prin inchiriere. Iar aceste companii dadeau companiilor de transport, prin leasing, trenurile. Construirea rapida a cailor ferate a constituit un stimul important pentru dezvoltarea ca ramura a leasingului in Statele Unite. Concomitent cu construirea cailor ferate, trusturile de echipamente se implicau in strangerea fondurilor deponentilor si investeau aceste fonduri in achizitionarea de material rulant si de diverse utilaje. Aceste trenuri si echipamente erau inchiriate companiilor de transport maritim si celor feroviare, transportatorilor, celor de marfa si de pasageri. Investitorii privati au primit certificate speciale. Prin folosirea lor ei isi primeau inapoi investitia cu dobanda. 14
two leaders had found a source of funding, they rented ships and weapon, hired crew and had completed their business plan successfully
It was popular to rent horses in the Middle Ages, as well as equipment and facilities for agricultural industry. It is well-known historical fact that some people took on lease knights armours, which was very expensive. For example, in 1248 Knight Bonfils Manganella Gaeta, who was going to the seventh crusade, rented a full set of knights armour. Profit amounted to about 25% of the cost of the armour. Development of leasing relations in the XIX century In the nineteenth century there was a significant increase in leasing activity, mainly due to the increasing diversity of rented items used by the community. Lease became more important because of the rapid development of technology in agriculture, manufacturing and transport. For example, the transport companies, which were building railways, gave other companies, that had driven the trains, to use their rails for rent. And these companies offered trains to the transport companies on lease.
The rapid construction of railways has been a great stimulus in the development of leasing as a branch of the United States. Whilst the railways were being built, equipment trusts were involved in raising depositors funds and invested these funds in the purchase of rolling stock and various equipment. These trains and equipment rented to shipping companies and rail companies, carriers, freight and passengers. Private investors received special certificates. Using them, they could get their investment back, plus interest.
11/5/2012 9:21:51 AM
Leasingul in prima jumatate a secolului XX In secolul XX leasingul a capatat o importanta si mai mare. Cresterea interesului in randul producatorilor de echipamente in leasing a devenit acum un stimul nou pentru dezvoltarea acestuia. La inceputul secolului, fabricantii au realizat ca este foarte greu sa obtina fonduri pentru achizitionarea concomitenta de echipamente scumpe si ca in majoritatea cazurilor este chiar imposibil. Un mare numar de producatori au definit leasingul drept un mijloc de a avea nu doar proprietatea, ci si tehnologia pe care se bazau echipamentele. De exemplu, compania de telefoane Bell a luat decizia de a da aparatele sale doar prin contract de leasing. Acelasi lucru s-a intamplat si in alte industrii atata vreme cat legislatia antitrust a fost adoptata, iar producatorii au fost fortati sa vanda aparatele. Leasingul a devenit o parte de viata in statele Unite si in Europa Occidentala in epoca masinilor. Prima tranzactie de achizitie a vehiculelor prin leasing dateaza din 1918. Cu toate acestea, Frank Zollia, un vanzator de vehicule din Chicago, este considerat drept parintele leasingului auto modern. El a fost cel care a propus nu doar inchirierea vehiculelor de transport individual la inceputul anilor 40 ai secolului XX, ci si un leasing pe termen lung pentru un intreg parc auto. Leasingul ca politica de razboi Conventia despre imprumut leasing semnata de SUA si Marea Britanie a fost un instrument care a servit scopului lui Roosevelt in vederea acordarii catre Anglia a tuturor posibilelor ajutoare de razboi. Acest program a fost intitulat oficial Un act suplimentar de promovare a Aprrii Statelor Unite. El s-a numit Conventia de Imprumut Leasing si a fost semnat ca lege pe 11 martie 1941. Drepturile & obligatiile finantatorului si ale utilizatorului in cadrul conventiei de imprumut si leasing din 1941, definitia valorii reziduale
Lease in the first half of the twentieth century In the twentieth century lease has become even more important. Now the increasing interest among producers of leasing equipment has become a new stimulus to its development. At the beginning of the century producers realized that it is very difficult to find the funds to purchase expensive equipment simultaneously and in most cases it is really impossible. A great number of producers defined the lease as a way of possessing not only property but the technology on which the equipment was based. For example, Bells telephone company made a decision to give its appliances only on lease. The same phenomena occurred in other industries as long as antitrust legislation was passed and manufacturers were forced to sell it.
Leasing has become a part of life in the United States and Western Europe in the era of cars. The first transaction of taking vehicles on lease was fixed in 1918. However, a car salesman from Chicago, Frank Zollia is considered to be the father of modern auto leasing. He was the first who proposed not only to rent the individual transport vehicles in the early 40s of XX century, but a long-term lease of a whole car park. Lease as war policy - The Lend-Lease Act of 1941 signed by the USA & UK was a tool that served the purpose of Roosevelt towards providing Britain with all possible aid short of war. The Program was officially titled An Act Further to Promote the Defence of the United States. It was named The Lend-Lease Act and signed into law on March 11, 1941.
Rights & Obligations of the lessor and lessee in Lend Lease Act of 1941, definition of residual value 15
11/5/2012 9:21:51 AM
Aceasta conventie l-a mandatat pe presedinte sa vanda, sa transfere titlul, sa schimbe, sa finanteze prin leasing, sa imprumute sau, cu alte cuvinte, sa dispuna de orice fel de articol de aparare in favoarea altui guvern (a carui aparare este considerata de Presedinte drept vitala pentru apararea Statelor Unite). De fapt, ea i-a permis Presedintelui SUA sa autorizeze transferul de echipamente militare catre Marea Britanie cu intelegerea ca la sfarsit sa fie platiti pentru ele sau ca echipamentele sa li se inapoieze daca nu au fost distruse. SPV-ul (Special Purpose Vehicle) urma sa serveasca scopului: pentru administrarea acestui program, Roosevelt a creat Biroul pentru Administrarea Imprumutului Leasingului, aflat sub conducerea fostului director al industriei siderurgice Edward R. Stettinius. Relatiile publice ale lui Roosevelt in vederea obtinerii sprijinului public pentru Conventia Leasingului Prin vanzarea acestui Program catre publicul american, Roosevelt l-a comparat cu imprumutarea furtunului unui vecin a carui casa a luat foc. Ce sa fac intr-o asemenea criza? a intrebat presedintele presa. Nu spun ... Vecine, furtunul meu de gradina ma costa 15$; trebuie sa-mi platesti 15$ pentru el nu vreau 15$ - vreau inapoi furtunul meu de gradina dupa ce focul este stins. Gradul de constientizare cu privire la Conventia Leasingului a fost unul pozitiv si a permis, in aprilie 1941, extinderea programului prin oferirea de ajutor de imprumut leasing catre China in razboiul lor contra japonezilor. Profitand rapid de pe urma acestui Program, britanicii au primit peste 1 miliard de dolari ca ajutor in octombrie 1941. Efectele Imprumutului Leasingului: Imprumutul si Leasingul au continuat dupa intrarea in razboi a SUA in urma atacului de la Pearl Harbor din decembrie 1941. Odata 16
The act empowered the president to sell, transfer title to, exchange, lease, lend, or otherwise dispose of, to any such government [whose defence the President deems vital to the defence of the United States] any defence article. In effect, it allowed the President of the USA to authorize the transfer of military materials to Britain with the understanding that they would ultimately be paid for or returned if they were not destroyed.
The SPV to serve the scope: to administer the program, Roosevelt created the Office of LendLease Administration under the leadership of former steel industry executive Edward R. Stettinius.
The Public Relations of Roosevelt towards getting public support for the Lease Act - In selling the program to the American public, Roosevelt compared it to loaning a hose to neighbour whose house was on fire. What do I do in such a crisis? The president asked the press. I dont say... Neighbour, my garden hose cost me $15; you have to pay me $15 for it - I dont want $15 I want my garden hose back after the fire is over. The awareness of the Lease Act was positive and it permitted, in April 1941, the expansion of the program by offering lend-lease aid to China for their war against the Japanese. Taking swift advantage of the program, the British received over $1 billion in aid through October 1941.
Effects of Lend-Lease: Lend-Lease continued after the US entry into the war following the attack on Pearl Harbour in December 1941. As the American military
11/5/2012 9:21:52 AM
cu mobilizarea americanilor pentru razboi, bunurile/materialele de imprumut-leasing sub forma de vehicule, aeronave, arme etc. au fost duse pe cale maritima catre celelalte natiuni aliate care luptau activ impotriva puterilor Axei. Odata cu incheierea Aliantei dintre SUA si Uniunea Sovietica din 1942, programul a fost extins pentru a permite participarea lor cu mari cantitati de bunuri care treceau prin convoaiele arctice, coridorul persan si ruta aeriana AlaskaSiberia. Reversul programului Imprumut-Leasing:
mobilized for war, Lend-Lease goods/materials in the form of vehicles, aircraft, weapons, etc. were shipped to other Allied nations who were actively fighting the Axis Powers. With the alliance of the US and Soviet Union in 1942, the program was expanded to allow their participation with large amounts of supplies passing through the Arctic Convoys, Persian Corridor, and the Alaska-Siberia Air Route.
Reverse Lend-Lease:
Concomitent cu programul Imprumut-Leasing prin care au fost in general livrate bunuri catre Aliati, a existat si o schema inversa de Imprumut-Leasing prin care au fost date SUA bunuri si servicii. Odata cu sosirea fortelor americane in Europa, Marea Britanie a oferit asistenta materiala. In plus, natiunile din Commonwealth au furnizat deseori hrana, baze, aeronave si alt suport logistic. In timpul razboiului, SUA au primit circa 7,8 miliarde $ in baza reversului programului de ajutor prin imprumut-leasing, din care 6,8 $ din Marea Britanie si natiunile din Commonwealth. Sfarsitul programului de imprumut-leasing / plata valorii reziduale: Initial creat drept un program decisiv pentru castigarea razboiului, conventia de imprumutleasing a ajuns la un final brusc odata cu incheierea acestuia. Deoarece Marea Britanie avea nevoie sa retina o mare parte din echipamentul obtinut prin imprumut-leasing pentru utilizare dupa incetarea razboiului, a fost semnat Creditul anglo-american prin care britanicii au convenit sa achizitioneze aceste articole cu circa zece centi din valoarea unui dolar. Valoarea totala a creditului a fost de circa 1,075 milioane . Plata finala a creditului a fost
While Lend-Lease generally saw goods being provided to the Allies, a Reverse Lend-Lease scheme also existed where goods and services were given to the US. As American forces began arriving in Europe, Britain provided material assistance. Additionally, Commonwealth nations often provided food, bases, aircrafts and other logistical support. Through the course of the war, the US received around $7.8 billion in Reverse Lend-Lease aid with $6.8 of it coming from Britain and the Commonwealth nations.
The End of Lend-Lease/ residual value payment: A critical program for winning the war, LendLease came to an abrupt end with its conclusion. As Britain needed to retain much of the LendLease equipment for post-war use, the AngloAmerican Loan was signed through which the British agreed to purchase the items for approximately ten cents on the dollar. The total value of the loan was around 1,075 million. The final payment on the loan was made in 2006. All told, Lend-Lease provided $50.1 billion worth of supplies to the Allies during the conflict, with $31.4 billion to Britain, $11.3 17
11/5/2012 9:21:52 AM
efectuata in 2006. Luand totul in considerare, conventia de imprumut-leasing a furnizat aliatilor marfuri in valoare de 50,1 miliarde $ in timpul conflictului, respectiv 31,4 miliarde $ Marii Britanii, 11,3 miliarde $ Uniunii Sovietice, 3,2 miliarde $ Frantei, si 1,6 miliarde $ Chinei. 2. Pietele financiare nebancare din Romania istoric si prezent Pe baza lectiilor istoriei in ceea ce priveste creditul de consum si leasingul, piata emergenta din Romania dupa revolutia din 1989 a inceput cu modestie sa foloseasca produse precum leasingul si creditul de consum pe o piata nereglementata. Legea creditului ipotecar si legea leasingului au fost unele din primele texte legislative care au recunoscut rolul acestor produse pentru economia emergenta din Romania. Asa cum am prezentat in anuarele noastre anterioare, Asociatia a avut scopul de a oferi sprijinul pentru lobby in favoarea unei mai bune reglementari a unei piete care a prezentat o crestere imensa si rapida in privinta cifrelor si a jucatorilor intre anii 1994 si 2008. In iulie 2005 Asociatia a informat in mod oficial, printrun comunicat de presa, ca membrii sai simt nevoia sa amelioreze legislatia din domeniul leasingului in sensul introducerii unui articol tranzitoriu in textul de lege pentru demararea unei autoritati de reglementare a leasingului ca parte a pietei financiare nebancare. Aceasta autoritate ar fi trebuit sa inceapa sa functioneze cat de urgent posibil sub umbrela BNR. Rolul sau ar fi vizat autorizarea, reglementarea si supervizarea acestui segment de piata, precum si pregatirea Romaniei in vederea intrarii in Uniunea Europeana. Acest fapt a exprimat in mod oficial intentia jucatorilor de a ajunge la o reglementare minima a pietei financiare nebancare, aratand maturitatea acestora, precum si dorinta de a investi in viitor 18
billion to the Soviet Union, $3.2 billion to France and $1.6 billion to China.
2. Non-banking financial markets Romania history and present
in
Following the lessons to learn from the history of consumer credit and leasing the emerging market of Romania after the 1989 revolution has modestly started to use products like leasing and consumer credit in a non-regulated market. The mortgage credit law and the leasing law were some of the first texts of legislation recognizing the role of these products for the emerging economy of Romania. As we have already presented within our previous yearly books the Association has been aimed to offer the necessary lobby support towards better regulation of a market that was showing huge and rapid increase in figures and players from 1994 to 2008. In July, 2005 the Association was officially informing, within its press release, that its members feel the need to amending leasing legislation with respect to introducing a transitory article within the text of law towards starting up of a regulatory authority of leasing as part of non-banking financial market. This authority should start its activity a.s.a.p. and would work under the umbrella of NBR. Its role would be to authorize, regulate and supervise this segment of market as well as prepare it for Romanias accession into European Union. This officially expressed intention of the players towards minimal regulation of the nonbanking financial market shows the maturity of the players as well as the well intention to
11/5/2012 9:21:52 AM
in aceasta piata locala. Exista nevoia de a avea un cadru juridic si de a constientiza importanta acestor produse financiare pentru dezvoltarea economiei. Conjunctura economica era pozitiva, iar piata, inclusiv piata de leasing si de credit, cunoastea o intensa crestere. Aceasta crestere trebuia sa fie sprijinita de un anumit nivel de reglementare! Raspunsul legislativ a fost unul pozitiv, iar anul 2006, chiar inainte de intrarea Romaniei in Uniunea Europeana, a marcat intrarea in vigoare a noii legi a leasingului special ameliorata, a legii institutiilor financiare nebancare, precum si a modificarilor aduse tratamentului fiscal si definitiei leasingului financiar si operational. Acest nou set legislativ este inca in vigoare si reprezinta baza legala pe care se sprijina aceasta industrie specifica. Aceasta baza a fost apoi dezvoltata din punct de vedere prudential de catre Banca Nationala a Romaniei. Mai exista inca voci care considera ca aceasta piata nu ar fi trebuit sa fie reglementata sau voci care au opinia ca nivelul pietei leasingului si al creditului de consum continua sa fie interesant dupa acesti ani de criza tocmai datorita faptului ca piata este reglementata, iar acest nivel de reglementare da in continuare incredere investitorilor prezenti si viitori. 3. Gradul de constientizare al institutiilor financiare nebancare precum leasingul si creditul de consum din Romania are o mare importanta pentru toate partile implicate. Una dintre cele mai importante parti este reprezentata de puterea legislativa. Atentia indreptata asupra dialogului social ne arata ca rolul puterii legislative, fie ca e vorba de Executiv ori de Parlament, este acela de a actualiza cadrul legislativ la realitatea economica. Aici apare rolul Asociatiei de zona de tampon intre jucatorii din piata si factorii decizionali, inclusiv presa! Dupa cum puteti vedea in graficele din acest capitol, leasingul a avut un rol de mare importanta in 2008 cand finanta aproape 4% din
further invest in this local market. There was the need for a legal framework and for official awareness of the importance of these financial products for the development of the economy. The economic conjuncture was positive and the market, including leasing and credit market, was growing intensively. This growth had to be supported by a certain level of regulation! The legislative response was positive and the year 2006, just before Romanias accession into European Union, had marked the entering into force of the newly amended special leasing law, the non-banking financial institutions law as well as amendments to the fiscal treatment and definition of leasing, both financial and operational. This new legislative kit is still in force and represents the legal base for supporting this specific industry. This base was further developed from the prudential point of view by the National Bank of Romania. There are still voices that do consider that this market should not have been regulated or voices that do express the opinion that the level of leasing and consumer credit market keeps being interesting after these years of crisis just because the market is regulated and such level of regulation keeps the confidence for the present and future investors. 3. The awareness of non-banking financial institutions like leasing and consumer credit in Romania is of great importance for all involved parties. One of the most important parties is represented by the legislative power. A focus on the social dialogue shows that the role of the legislative power, being it the Executive or the Parliament, is to upgrade the legislative framework to the reality of the economy. Here comes also the Associations role as a buffer zone between the players in the market and the decision makers, including media! As you may see in the graphics in this chapter the role of leasing was of high importance in 2008 when it was financing almost 4% of GDP. It became 19
11/5/2012 9:21:52 AM
PIB. El a devenit mai putin important in iunie 2012 cand acelasi indicator a atins circa 1%. Analistii ar spune ca cel mai important factor al acestei evolutii negative a fost criza financiara, atat la nivel european, cat si la nivel local. As mentiona ca un alt motiv important a fost acela de sprijinire din ce in ce mai mica a leasingului, si nu numai a leasingului! din punct de vedere fiscal. Cresterea TVA de la 19% la 24% din iunie 2010, diversele tipuri de taxa de poluare care au lovit in mod direct majoritatea portofoliului de leasing, respectiv piata vehiculelor, precum si decizia din martie 2011 de a considera din punct de vedere fiscal bunurile finantate prin leasing din contractele reziliate ca bunuri lipsa, contrar Directivei TVA a UE, pot constitui o lista de motive care au inlesnit reducerea leasingului ca sursa alternativa de finantare a economiei. As vrea totodata sa adaug aici si faptul ca lobby-ul competitiv al comunitatii bancare care a avut o mare parte din cofinantarea cu fonduri UE, precum si neintelegerea intentionata cu privire la utilizarea terminologiei nebancar in necceptarea garantiilor IFN-urilor la nivel guvernamental sunt alte surse de reducere a increderii in acest produs financiar. 4. Conjunctura macroeconomica din anii 2011 2012 Eforturile autoritatilor fiscale din acesti ani de criza pe fondul agravarii mediului extern financiar si bancar au fost intensificate de cele ale Bancii Nationale a Romaniei care a actionat ca factor de aparare pentru a monitoriza riscurile externe si canalele de contagiune din sectoarele bancare si cele reale din Romania. Unul din riscurile care au atins in mod direct activitatea de creditare a fost acela care privea creditele in devize. Ca atare, Banca Nationala a Romaniei a elaborat Reglementarea nr. 24/2011 care vizeaza supraindatorarea si asumarea de riscuri pe care debitorul nu le poate intelege sau gestiona. Acest act legislativ impune criterii mai stricte cu privire la acordarea de credite de 20
less important in June 2012 when the same indicator reaches around 1%. The analysts would say that the most important factor of this negative evolution would be the financial crisis both at European and local level. I would say that another important reason was the lower and lower support leasing, and not only leasing! has received from the fiscal point of view. The increase of VAT from 19% to 24% in June, 2010, the several models of pollution tax hitting directly on the majority of leased portfolio, meaning the vehicles market, as well as the March 2011 decision to fiscally declare leased assets in early terminated contracts as missing goods, contrary to VAT EU Directive may be a list of reasons that helped the decrease of leasing as an alternative source for financing the economy. I would also like to add here the competition lobby of the banking community that took the great part of EU Funds co-financing and also the intended misunderstanding of the non-banking use of terminology in not accepting the guarantees issued by NBFIs at the Governmental level are also sources of creating less confidence in this financial product. 4. Macroeconomic conjuncture of 2011 - 2012 The efforts made by the fiscal authorities during these years of crisis against the background of a worsening of the external financial and economic environment were enhanced by the ones of the Romanian National Bank that has acted as a guardian to monitor external risks and contagion channels to the banking and real sectors in Romania. One of the risks that directly have touched the credit activity was related to the foreign currency loans. Thus, the National Bank of Romania issued Regulation No. 24/2011 aimed at precluding over-indebtedness and assumption of risks that the debtor cannot understand or manage. This piece of legislation imposes stricter criteria on
11/5/2012 9:21:52 AM
consum, in special cele in devize (doritorii sunt obligati sa prevada garantii acoperitoare de cel putin 133 la suta din finantarea totala; durata creditului nu trebuie sa depaseeasca cinci ani; au fost introduse constrangeri suplimentare pentru debitorii expusi riscului valutar etc.) fara a impiedica insa accesul la creditele ipotecare imobiliare. Aceasta Reglementare include cerinta explicita pentru creditor de a-si informa si avertiza clientii asupra riscurilor asociate cu imprumuturile in devize. In 2012 organismul de reglementare si-a exprimat in mod clar intentia de a extinde aceasta Reglementare la entitatile juridice cu privire la constientizarea si asumarea riscurilor pe care debitorul nu le poate intelege ori gestiona. Din punct de vedere al reglementarii, anul 2011 a fost marcat de adoptarea Standardelor Internationale de Raportare Financiara (IFRS) care implica schimbari ale cadrului de reglementare sub aspectul capitalizarii, provizionarii, nivelelor de lichiditate ale institutiilor de credit fara a include IFN-urile sub umbrela acestei noi reglementari! Aceste cerinte prudentiale noi legate de IFRS, care au scopul de a acoperi riscurile in mod adecvat, sunt extrem de asteptate pentru a fi implementate si in piata IFN-urilor. In Raportul anual al Bancii Nationale a Romaniei din 2011 cu privire la realitatea economica se arata ca cele mai afectate au fost IMM-urile, deoarece rata de credite neperformante a acestora a avut cea mai rapida crestere si cel mai inalt nivel (20,9 la suta la sfarsitul lunii martie 2012). A crescut si riscul de credit cu privire la imprumuturile legate de bunurile de uz casnic, insa cu un ritm mai mic (de 9,0 la suta la sfarsitul lunii martie 2012 de la 7,9 la suta la sfarsitul anului 2010), vulnerabilitatile cele mai mari ramanand cele de mare indatorare si cele privind devizele considerabile pe termen scurt. Rata creditelor neperformante din sectorul marilor clienti a ramas la 3,7 la suta la sfarsitul lunii martie 2012, cele mai importante riscuri
granting consumer loans, especially foreign currency-denominated lending (applicants are bound to provide collateral covering at least 133%of the total financing; loan term shall not exceed five years; supplementary constraints for unhedged borrowers were introduced etc.) without hampering access to real estate mortgage loans. The Regulation includes the explicit requirement for the creditor to inform and warn its clients about the risks associated with foreign currency-denominated lending. In 2012 the regulator has expressed its intention to extend this Regulation to legal entities with respect to awareness and assumption of risks that the debtor cannot understand or manage. Year 2011 was marked from the regulatory point of view by the adopting of the International Financial Reporting Standards (IFRS) that meant changes to the regulatory framework in terms of capitalization, provisioning, liquidity levels of credit institutions without including the NBFIs under the umbrella of this new regulation! This new IFRS prudential requirements that are aimed to cover risks in an adequate manner are highly expected by the NBFI market to be implemented, too.
According to the 2011 Annual Report of the National Bank of Romania with respect to the economic reality the hardest hit were smalland medium-sized enterprises, as their nonperforming loan ratio posted the fastest growth and the highest level (20.9%at end-March 2012). Credit risk attached to household loans also expanded, albeit at a slower pace (to 9.0% at end-March 2012 from 7.9%at end-2010), with high indebtedness and the substantial short foreign currency position remaining the major vulnerabilities. The corporate sectors non-performing loan ratio stood at 3.7% at end-March 2012, with the most significant risks coming from a relatively low debt servicing capacity and loose payment discipline among business partners. 21
11/5/2012 9:21:52 AM
provenind de la un nivel relativ scazut al capacitatii serviciului datoriei si de la pierderea disciplinei de plata in randul partenerilor de afaceri. Clientul tinta al institutiilor financiare nebancare de leasing financiar este in principal constituit de IMM-uri. Leasingul financiar si operational sunt produse care pot oferi stimulente pentru entitatile juridice, ceea ce depinde bineinteles de cadrul fiscal la nivel local, precum si de costurile prudentiale ale activitatii pentru acele companii de leasing financiar care se afla in Registrul Special al Bancii Nationale a Romaniei. Banca Nationala a Romaniei a adus la cunostinta prin Raportul anual din 2011 faptul ca, la fel ca in anii precedenti, anul 2011 a atestat in continuare restructurarea IFN-urilor, un proces generat de nevoia de adaptare la performanta economiei interne si de conformare cu cerintele juridice si de reglementare aplicabile in acest domeniu. In consecinta, la sfarsitul anului 2011, un numar de 203 IFN-uri au fost inregistrate in Registrul General, cu sapte IFN-uri mai putin decat in anul precedent, ca urmare a inregistrarii a patru noi companii si a deregistrarii a 11 institutii. Sapte institutii au fost deregistrate la cererea lor, trei au fost deregistrate ca sanctiune pentru violarea prevederilor legale aplicabile si o institutie a fost deregistrata in urma fuziunii prin absorbtie a doua IFN-uri. Dupa tipul de activitate, cele 11 deregistrari au fost raportate dupa cum urmeaza: opt la sectiunea Activitati multiple de creditare si trei la leasing financiar. Prima jumatate a anului 2012 a inregistrat o evolutie similara. Ca atare, totalul de IFN-uri
grafice mici bune_V2.pdf 1 10/29/2012 3:08:44 PM
The target client of the financial leasing nonbanking financial institutions is mainly the SMEs. Financial and operational leasing are products that may offer incentives for the legal entities, depending of course, on the fiscal framework at local level as well as on the prudential costs of activity for those financial leasing companies that are under the Special Registry of the National Bank of Romania. The National Bank of Romania has informed within its 2011 Annual Report that similar to the prior years, 2011 further witnessed the restructuring of NBFIs, a process generated by the need to adjust to the performance of domestic economy and to comply with the applicable legal and regulatory requirements in this field. Accordingly, at end-2011, a number of 203 NBFIs were listed in the General Register, seven NBFIs less from the previous year, as a result of the registration of four new companies and the erasure of 11 institutions. Seven institutions were erased upon request, three were erased as a sanction for breaching the applicable legal provisions, and one institution was erased following the merger through absorption of two NBFIs. By type of activity, the 11 erasures were reported as follows: eight under section Multiple lending activities and three under Financial leases. The first half of year 2012 has registered a similar evolution. Thus, the total number of
grafice mici bune_V2.pdf 2 10/29/2012 3:08:45 PM
22
11/5/2012 9:21:52 AM
inregistrate in Registrul General, s-a redus la grafice mici bune.pdf 4 10/25/2012 5:48:59 PM ce priveste 189 cu urmatoarea distributie in ceea obiectul principal de activitate:
registered NBFIs in the General Registry went grafice mici bune.pdf 10/25/2012 5:48:59 PM distribution down to 189 with 3 the following related to the main object of activity:
Registrul Special pastreaza numarul total de 52 de IFN-uri cu urmatoarea componenta in privinta obiectului principal de activitate: De la inceputul procesului de notificare a institutiilor financiare nebancare din august 2006 au fost deregistrate 82 de IFN-uri din Registrul General si 20 din Registrul Special. Majoritatea lor erau autorizate pentru activitate multipla de creditare (32 in Registrul General si 12 in Registrul Special) si pentru leasing (45 in Registrul General si 7 in Registrul Special). Diferenta o reprezinta activitatea de credit de consum (3 in General Registrul General si 1 in Registrul Special) , activitatea de microcreditare (3 in Registrul General) si finantarea tranzactiilor comerciale (1 in Registrul General). 5. Piata romaneasca de leasing la sfarsitul lunii iunie 2012 in cifre Piata romaneasca de leasing financiar a inregistrat o tendinta de stagnare in prima jumatate a anului 2012 in comparatie cu aceeasi perioada din anul precedent. Cu toate acestea putem spune ca aceasta este o tendinta pozitiva in comparatie cu tendinta anului precedent de dinamica negativa! Totalul de finantari acordate a insumat 649 milioane de Euro (pe baza valorii bunurilor finantate) acoperind diverse domenii, mai precis 25%
The Special Register keeps the total number of 52 NBFIs having the following composition in terms of main object of activity: From the beginning of the notification process of the non-banking financial institutions in August 2006, 82 NBFIs were erased from the General Registry and 20 from the Special Registry. The majority of them were authorized as multiple credit activity (32 in General Registry and 12 in Special Registry) and financial leasing (45 in General Registry and 7 in Special Registry). The difference is represented by the consumer credit activity (3 in General Registry and 1 in Special Registry) , microcredit activity (3 in General Registry) and financing of commercial transactions (1 in General Registry). 5. Romanian Leasing Market as of end of June, 2012, in figures The Romanian financial leasing market has registered in the first half of year 2012 a stagnation trend when compared to the same period of the previous year. Yet, we may say that this is a positive trend when compared to the last years tendency of negative dynamic! The total granted financings amounted at 649 million Euros (based on the value of the financed assets) covered various fields, namely 25% the industrial equipment, 3% 23
11/5/2012 9:21:53 AM
echipamente industriale, 3% domeniul imobiliar si 72% cel al transportului. Acest declin al ariilor de interes arata ca, chiar dupa anii de criza financiara in care jucatorii cautau noi nise de piata pentru o mai buna gestionare a bunurilor, dar si a riscurilor financiare, finantarea agentilor economici concentrata pe ariile activitatii de transport ramane una din pietele cele mai de incredere. In privinta finantatorilor, piata romaneasca de leasing financiar este dominata de societatile de leasing detinute de marile grupuri financiarbancare. Ca atare, cea mai mare cota de piata este cea din sectorul companiilor subsidiare ale bancilor, cu 62% din total, urmata de sectorul companiilor captive cu 24% i de sectorul companiilor independente, cu 14%. n domeniul transporturilor, evoluia finanrilor dupa trimestrul al II-lea din 2012 indic pstrarea unei ponderi relativ constante pe categorii de vehicule, dup cum urmeaz: autoturismele dein o cot de 61%, vehiculele comerciale grele 27% i vehiculele comerciale uoare 12% din total. In domeniul finantarii de echipamente este interesant de menionat faptul c ponderea sectorului construciilor este n cretere fa trimestrul al II-lea al anului 2011, de la 17% la 33%, ponderea industriei metalurgice este de asemenea n cretere de la 4% la 9%, in timp ce ponderea echipamentului agricol, a echipamentelor medicale i a aparatelor electrice este n scdere de la 22% la 18%, de la 6% la 4%, respectiv de la 14% la 8%, iar finanarea celorlalte sectoare ale economiei pstreaz o pondere relativ constant (2-3% industria de prelucrare a lemnului, 3-4% n domeniul echipamentelor IT i software), precum i alte domenii. Aceasta evolutie indica o intentie sporita a finantatorilor de a investi in noi domenii de interes, alaturi de piata auto care ramane cea mai importanta. Finantarea sectorului imobiliar arata intre anii 2009 si 2012 o evolutie contrara in comparatie cu criza specifica din acest domeniu de 24
the real estate field and 72% the transport field. This breakdown of areas of interest proves that, even after the financial crisis years when the players were looking for new market niches in order to better manage both the asset and the financial risks, the financing of the economic agents focused on transport areas of activity remain ones of the most confident markets. The Romanian financial leasing market, in terms of lessors is dominated by the leasing companies owned by the big financial & banking groups. Thus, the biggest market quota is registered by the sector of the banks subsidiaries, with 62% out of the total, followed by the captive companies sector with 24% and by the independent companies sector with 14%. In the transport field the evolution of the financings after the second quarter of 2012 indicates a constant weight related to the vehicle categories, namely: the passenger cars have a quota of 61%, the heavy commercial vehicles 27% and the light commercial vehicles cover 12% out of the total. In terms of equipment financing it is interesting to mention that compared to the same period of 2011 the weight of the construction field is increasing from 17% to 33%, the metal processing segment from 4% to 9% while the shares of agricultural field, medical equipment and electrical devices dropped from 22% to 18%, from 6% to 4% and from 14% to 8% respectively, whereas the financing of the other economic sectors have still a weight relatively constant (2-3% wood processing industry, 3-4% IT and software equipment) as well as other sectors. This evolution shows an intensive intention of the lessors to invest in new fields of interest, besides the vehicles market that remains the most important one. The financing of the real estate sector shows between 2009 and 2012 an antagonist evolution when compared to the specific crisis of this
11/5/2012 9:21:53 AM
activitate. In timp ce dezvoltarea imobiliara cunoaste o evolutie negativa, contractele de sale & lease back dedicate zonei imobiliare au reprezentat o sursa alternativa pentru acei finantatori care au avut incredere si know-how in a supravietui in aceste vremuri dificile din punct de vedere macroeconomic. In consecinta, dinamica acestui sector ar trebui sa fie analizata mai mult caz cu caz si nu din perspectiva unei analize de nisa. In acest sens, cifrele de la H1 2012 comparate cu cele de la H1 2011, arata o crestere de la 1% la 57% in privinta ponderii finantarii hotelurilor, in timp ce ponderea finantarii cladirilor rezidentiale a crescut de la 5% la 6%. In contrast cu aceasta, s-au nregistrat scderi in pondere ale finanrilor cladirilor industriale de la 40% la 5%, ale terenurilor de la 31% la 16%, a categoriei retail-outlet de la 5% la 1% i a finanrii cldirilor de birouri clasa A, B i C de la 18% la 15%. Datorita stimulentelor fiscale oferite de legislatia romaneasca in principal finantatorilor care sunt organizati ca agenti economici, clienii persoane juridice au atras cea mai mare pondere (90%) din totalul finanrilor, urmai de persoanele fizice (10%) i de sectorul public (0%). Este interesant de mentionat faptul ca sectorul public nu are inca experienta utilizarii leasingului ca sursa de finantare, chiar daca legislatia parteneriatului public privat a fost armonizata cu respectiva Directiva europeana. Penetrarea leasingului in PIB-ul Romaniei indica o tendinta pozitiva in timpul perioadei premergatoare crizei si una negativa dupa criza financiara. Astfel, daca in 2008, primul an de declin pentru aceasta piata, indicele de penetrare este de 3,52%, in 2011 acelasi indice a atins nivelul de 0,99%. Cauza este una foarte transparenta si nu constituie un secret: criza financiara atat la nivel european, cat si la nivel local. Acest indice indica faptul ca piata de leasing din Romania este una emergenta care a supravietuit mediului macroeconomic foarte dificil la nivel european si acest fapt ne da
field of activity. While the development of the real estate is on a negative evolution, the sale and lease back contracts dedicated to the real estate area, represented an alternative source of financing for those lessors that have proven confidence and know-how in surviving these difficult macroeconomic times. Consequently, the dynamics of this sector should be analysed much more on a case by case basis and not as a niche analysis. Thus, the figures of H12012 compared to H1 2011, show an increasing from 1% to 57% related to the financing of the hotels in terms of weight, while the financing of the residential buildings weight increased from 5% to 6%. On the contrary, the financing of the industrial buildings decreased from 40% to 5%, land financing from 31% to 16%, retail-outlet from 5% to 1% and the financing of the offices areas class A, B and C from 18% to 15%. Due to fiscal incentives offered by the Romanian legislation mainly to lessors that are organized as economic agents, the legal clients attracted the largest part (90%) of the total financings, followed by the individuals (10%). It is interesting to mention that the public sector has no experience yet in using leasing as a source of financing, even if the public private partnership legislation has been harmonized with the respective European Directive. The leasing penetration into Romanian GDP shows a positive trend during the pre-crisis period and a negative one after the financial crisis. Thus, if in 2008, the first year of decline for this market, the penetration index is at 3.52% in 2011 this index has reached the level of 0.99%. The cause is very transparent and not a secret: the financial crisis both at the European and local level. This index indicates that the Romanian leasing market is an emerging one that has survived over the very difficult macroeconomic environment at the European level and that promises confidence in future 25
11/5/2012 9:21:53 AM
incredere in viitoarea sa evolutie. Este important de mentionat faptul ca pentru moment principalii jucatori reprezinta capitalul european investit in piata financiara din Romania in timpul ultimelor doua decade si ca acest capital a fost direct afectat de evolutia monetar-financiara la nivel global si continental. 6. Piata creditului de consum a ALB in cifre la sfarsitul lunii iunie 2012 Membrii ALB, reprezentani ai creditului de consum au acordat credite n valoare de 225,8 milioane Euro, din care 206,5 milioane Euro (91,4%) credite destinate consumului personal, 14,6 milioane Euro (6,5%) credite industriale si 4,7 milioane Euro (2,1%) credite auto, astfel: n domeniul creditelor destinate consumului personal, imprumuturile de tip nevoi personale detin o cota de 52%, creditele de tip revolving (inclusiv cardurile de credit) au o pondere de 34%, iar credite la POS 14%. Din totalul finantarilor de tip credit auto acordate, 95% au fost destinate achizitiei de vehicule noi si doar 5% achizitiei de vehicule second hand. Din totalul finantarilor acordate in functie de valoarea creditului, 59% au fost credite intre 0 si 1000 Euro, 24% intre 1000 si 5000 Euro, 9% intre 5000 si 10 000 Euro si 8% mai mult de 10 000 Euro. In ceea ce priveste creditele acordate pe categorii de varsta, 29% au fost acordate persoanelor cu varste cuprinse intre 35 si 45 de ani, 26% persoanelor care au peste 55 de ani, 20% persoanelor cu varste cuprinse intre 25 i 35 de ani, 20% persoanelor cu varste cuprinse intre 45 i 55 de ani, si doar 5% persoanelor sub 25 de ani. Din totalul finantarilor acordate in functie de sex si din punct de vedere al situatiei civile a clientilor 50% au fost credite pentru persoane de sex feminin si 50% pentru persoane de sex masculin, din care 70% declara ca sunt casatoriti i 30% necasatoriti. In funcie de gradul de educare 52% au fost 26
development. It is important to mention that for the time being the main players represent the European capital invested in the financial market in Romania during the last two decades and this capital has directly been affected by the monetary and financial evolution at the global and continental level. 6. ALBs market of consumer credit in figures as of end of June 2012 The ALB members representing the consumer credit granted credits amounting 225.8 million Euros, out of which 206.5 million Euros (91.4%) consumer credits for personal consumption, 14.6 million Euros (6.5%) industrial credits and 4.7 million Euros (2.1%) credits for vehicles, namely: In the field of consumer credits for personal consumption, the personal loans have a quota of 52%, the revolving credits 34% and credits at the point of sale 14%. Out of the granted financing for the vehicle credits, 95% were dedicated to the acquisition of new vehicles and only 5% to the acquisition of second-hand vehicles. Out of the total granted financing depending on the loan amount, 59% were loans between 0 and 1000 Euros, 24% between 1000 and 5000 Euros, 9% between 5000 and 10 000 Euros and 8% for more than 10 000 Euros. In terms of loans based on age, 29% were granted to people between ages of 35 and 45 years old, 26% to people who are over 55 years old, 20% to people aged between 25 and 35 years old, 20% to people aged between 45 and 55 years old and only 5% to people under 25 years old. Out of the total granted financing, taking into consideration the clients sex and marital status, 50% were loans granted to women and 50% to men, out of which 70% declared they are married and 30% unmarried. Considering the level of education 52% were loans granted to people with medium studies,
11/5/2012 9:21:53 AM
credite acordate persoanelor cu studii medii, 30% persoanelor cu studii superioare si 18% persoanelor cu studii elementare. ALB reprezinta conform statisticilor ALB si BNR 93% din totalul pietei creditului de consum IFN din Romania. 7. Participarea ALB la diverse organisme nationale si internationale In conformitate cu politicile membrilor si cu reprezentarea, Asociatia este membra a Federatiei Europene de Leasing Leaseurope si a Federatiei Europene de Credit de Consum Eurofinas. Ca urmare, ea este parte a dialogului cu anumite organisme si directii europene precum Autoritatea Bancara Europeana, DGTAXUD, DGSANCO, si DGMARKT in privinta activitatii de lobby referitoare la schimbarile directivelor europene cu privire la aria de interes si activitatea industriei. In ceea ce priveste principiile statutare de buna practica, ALB a semnat protocoale de cooperare sau s-a angajat in programe comune cu urmatoarele autoritati romanesti: Inspectoratul General al Politiei Romane, Autoritatea Nationala pentru Protectia Consumatorului, Consiliul Concurentei; echipa de experti ALB este parte activa a comisiilor de dialog social la nivelul Ministerului de Finante Publice si al Bancii Nationale a Romaniei. ALB este totodata membru activ al Comisiei Nationale de Formare Profesionala a Adultilor care functioneaza sub auspiciile Ministerului Muncii si care este gazduita de Institutul Bancar Roman. Asociatia si membrii ei au aratat un mare interes pentru programele de educatie destinate consumatorului de servicii financiare, fiind un membru activ al echipei pentru Strategia de Educatie Nationala cu scopul de a semna protocoale cu inspectoratele scolare locale in vederea inceperii programelor de educatie in licee. Asociatia este membra a Uniunii Nationale a Patronatelor cu Capital Privat din Romania UNPCPR si din 2010 Secretarul General al Asociatiei este vicepresedinte al acestei uniuni a patronatelor.
30% to people with superior studies and 18% to people with elementary studies. Based on the ALB and NBR statistics, ALB is representing 93% of the NBFI consumer credit & leasing total market in Romania. 7. ALBs participation in various national and international bodies In line with its members policies and representation the Association is member of the European Leasing Federation Leaseurope and European Consumer Credit Federation Eurofinas. Consequently it is part of the dialogue with certain European bodies and directorates like European Banking Authority, DGTAXUD, DGSANCO, and DGMARKT in lobbying changes to the European Directives with respect to industrys area of interest and activity. With respect to its statutory principles of best practice ALB has signed protocols of cooperation or engaged in common programs with the following Romanian authorities: Romanian General Inspectorate of Police, National Authority for Consumer Protection, Competition Council; the ALBs team of experts is actively part of the social dialogue commissions at the level of Ministry of Public Finance and National Bank of Romania. ALB is also active member of the National Commission for Professional Training of Adults that functions under the auspices of the Ministry of Labour and is hosted by the Romanian Banking Institute. The Association and its members have shown a high interest in educational programs for financial services consumer being an active member of the National Educational Strategy Team and aiming to sign protocols with the local educational inspectorates for starting dedicated educational programs in high schools. The Association is member of the National Union of Employers of Private Equity in Romania UNPCPR and functions through its Secretary General as vice president of the Employers since 2010. 27
11/5/2012 9:21:53 AM
8. Creditare responsabila in mai a intrat in vigoare Codul de Bune Practici semnat si asumat de industria creditului de consum. Textul acestui cod de autoreglementare a fost revizuit si aprobat de Autoritatea Nationala pentru Protectia Consumatorului si produce efecte juridice pentru semnatari si clientii acestora. Acest Cod impune ALB sa monitorizeze respectarea principiilor de creditare care sunt definite de Codul de Bune Practici. Adunarea Generala Anuala din 2012 a decis ca industria leasingului ar trebui sa inceapa si ea sa elaboreze Codul de bune practici al acestei industrii cu scopul ca finantatorii sa transparentizeze si sa respecte principiile de buna practica in relatiile contractuale cu utilizatorii, fie ca acestia sunt persoane fizice ori juridice. Concluzie: Piata financiara nebancara din Romania este inca la inceputuri in comparatie cu istoria acestor produse in alte economii! Unii ar putea spune c mediul actual financiar nu ar trebui s sprijine dezvoltarea n continuare a acestor produse . Altii ar putea spune ca in principal aceste doua servicii financiare speciale ar putea fi o solutie alternativa pentru rezolvarea problemelor financiare ale economiilor. Creditul de consum ar putea inlesni mentinerea increderii populatiei intr-un stil de viata care nu este in mod necesar definit prin consum, ci prin ideea de indatorare productiva! Leasingul ar putea servi, in lipsa lichiditatilor, ca sursa alternativa pentru rezolvarea situatiilor economice si conjuncturale dificile ... realitatea economica romaneasca a aratat faptul ca agentii economici au inceput sa inteleaga rolul leasingului in astfel de vremuri dificile din punct de vedere financiar atunci cand au cerut sale & lease back! Istoria a aratat ca leasingul poate sprijini de-a lungul secolelor marile bugete de razboi! El are bineinteles nevoie de doua elemente importante: sprijinul statului si increderea 28
8. Responsible lending in May 2012 the Code of Best Practice signed and assumed by the Consumer Credit industry has entered into force. The text of this self-regulatory code has been revised and approved by the National Authority of Consumer Protection and produces legally effects towards its signatories and their customers. The Code enforces ALB to monitor the respect of the responsible lending principles that are defined by the Code of Best Practice. The Annual General Assembly in 2012 has decided that the leasing industry should also start working on the text of industrys Code of best practice aimed to better transparency and best practice principles respect by lessors in their contractual relationship with lessees, being those individuals or legal entities. Conclusion: Non-banking financial market in Romania is yet at its beginnings when compared with the history of these products in other economies! Some may say that the present financial environment should not support further development of these products. Other may say that mainly these two special financial services may be an alternative solution to solving the financial problems of the economies. Consumer credit may help the maintenance of the population confidence in a life style that is not necessarily defined by consumption but by the idea of productive debt! Leasing may serve, when lack of liquidities, as alternative source for solving conflict situations.the Romanian economic reality has shown that the economic agents have started understanding the role of leasing in such difficult financial times when asking for sale & lease back! History has proved that leasing can support, through centuries, big war budgets! It needs, of course, two important elements: state support and confidence in its power and economic role. Personally, I trust that the decision makers in Romania will understand the role leasing and consumer credit may
11/5/2012 9:21:53 AM
acestuia in puterea si in rolul sau economic. In ceea ce ma priveste, eu sunt convinsa ca factorii decizionali din Romania vor intelege rolul pe care leasingul si creditul de consum l-ar putea juca in viitoarea dezvoltare a economiei romanesti si in principal rolul acestor produse in punerea la dispozitie a unui cadru economic reglementat acolo unde sunt mai putine lichiditati. Asadar, leasingul poate fi un produs clasic care nu rivalizeaza, ci este o solutie alternativa creditului pentru a oferi sursele finaciare adecvate de exemplu pentru viitoarele parteneriate public private in construirea infrastructurii atat de necesara in Romania.
play in the near future development of the Romanian economy and mainly the role of these products in offering an economic framework agreement where is less liquidity. Thus, leasing may be a classic product that does not compete but alternates with credit in offering the adequate financial sources for instance for the future public private partnerships in building the so much needed infrastructure in Romania.
Surse bibliografice selectate

Selected Sources

US Navy: Lend-Lease Act Text U-boat.net: The Lend-Lease Act Library of Congress: Lend-Lease & the Soviet Union British War Economy: Lend-Lease Microcredit site WBK eHow.com Brief history of consumer credit BNR: Raport anual 2011
US Navy: Lend-Lease Act Text U-boat.net: The Lend-Lease Act Library of Congress: Lend-Lease & the Soviet Union British War Economy: Lend-Lease Microcredit site WBK eHow.com Brief history of consumer credit NBR 2011 Annual Report
9. Grafice
9. Graphics
Adriana Ahciarliu Secretar General ALB Romnia
29
11/5/2012 9:21:53 AM
Asociatia Societatilor Financiare - ALB Romania The Financial Companies Association ALB Romania
Piaa de leasing financiar n Romnia Financial Leasing Market in Romania 30.06.2012
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE ALB ROMANIA
11/5/2012 9:21:53 AM
(000 euro)
Evolutia pietei de leasing financiar (cresteri anuale) Financial Leasing Market Evolution (annual growth rates)
2,943,533
35%
2,103,643
2,170,399
37% -76%
-74%
1,537,173
476,158
36% -76%
507,149 192,512
647,378
776,653
-30%
543,719
22% 17% 69%
663,314 397,756 184,220 81,338
-2% 17% -12%
648,685 464,745 161,678 22,262
157,068
23%
117,307 30.06.2008 30.06.2009
-39% -19%
-33% 338,992 152,197 -28% 95,407

109,320 30.06.2010
30.06.2007
-15%
30.06.2011
-73%
30.06.2012
TOTAL
Equipment/Echipamente
Vehicles/Vehicule
Real Estate/Imobiliar
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE ALB ROMANIA Issued by Diplomat Consult for ALB Romania
11/5/2012 9:21:56 AM
Piata de leasing financiar in Romania - Ponderea segmentelor in total finantari Romanian Financial Leasing Market - Weight per Good Segment
76% 71% 65% 62% 60% 71%
72%
20% 22% 22% 20% 15% 30.06.2009
28% 20% 25% 18% 30.06.2010

Vehicles/Vehicule
4% 7% 30.06.2007
Equipment/Echipamente
7%
12% 30.06.2011
Real Estate/Imobiliar
3% 30.06.2012
30.06.2006
30.06.2008
11/5/2012 9:21:56 AM
Piata de leasing financiar din Romania dupa categoria utilizatorului Romanian Financial Leasing Market Structure by Customer Type
120%
100%
93% 100% 100% 96% 95% 93% 100% 95% 90% 86%
91%
88%
80%
60%
40%
20% 9% 7% 5% 0% 0% CORPORATE / COMPANII PUBLIC / PUBLIC 2%2%3% RETAIL / RETAIL 30.06.2010

TOTAL ALB
6% 4%3% RETAIL / RETAIL
0%
0%
1%1%1% 0% PUBLIC / PUBLIC 30.06.2011 CORPORATE / COMPANII
13% 10% 5%
0% RETAIL / RETAIL 30.06.2012

Vehicle / Vehicule Real Estate / Imobiliar
0%0% 1% 0% PUBLIC / PUBLIC
CORPORATE / COMPANII
Equipment / Echipamente
11/5/2012 9:21:56 AM
Piata de leasing din Romania (echipamente si vehicule) dupa tipul achizitiei Romanian Leasing Market (Equipment and Vehicles) Structure by Acquisition Type
100% 93% 86% 84% 79% 76%76% 80% 82% 86% 85% 85% 88%
90%
80%
70%
60%
50%
40% 24% 24% 21% 14% 7% 15%
30%
20%
18%
20% 16% 14% 12% 15%
10%
0% New / Noi 30.06.2009 30.06.2010 Used / Second Hand New / Noi
Used / Second Hand
New / Noi
Used / Second Hand 30.06.2011
New / Noi
Used / Second Hand 30.06.2012
TOTAL ALB
Equipment / Echipamente
Vehicle / Vehicule
11/5/2012 9:21:56 AM
Piata de leasing financiar (echipamente si vehicule) din Romania dupa originea bunului Romanian Financial Leasing Market (Equipment and Vehicles) Structure by Origin
100% 78% 81%
92%
90%
80%
70%
60%
50%
40% 10% 12% 8% 0% 30.06.2010

Domestic RO
30%
20%
8%
11%
10% 30.06.2011
Domestic EU
0%
30.06.2012
Import
11/5/2012 9:21:57 AM
Piata de leasing financiar din Romania dupa durata contractului Romanian Financial Leasing Market Structure by Duration of Contract
30% 26% 25% 23% 22% 19% 20%
25%
20%
15% 13% 14%
30.06.2011 30.06.2012
10% 8% 8%
5%
5%
4% 1% 1%
4% 2%
3% 1%
0%
>15 YEARS 1 YEAR / 1 1-2 YEARS / 2-3 YEARS / 3-4 YEARS / 4-5 YEARS / 5-7 YEARS / 7-10 YEARS 10-15 AN 1-2 ANI 2-3 ANI 3-4 ANI 4-5 ANI 5-7 ANI / 7-10 ANI YEARS / 10- / >15 ANI 15 ANI Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE ALB ROMANIA Issued by Diplomat Consult for ALB Romania
11/5/2012 9:21:57 AM
Piata de leasing financiar din Romania - finantarea vehiculelor Romanian Financial Leasing Market - Vehicle Financing
70% 58% 57% 56% 61%
60%
50%
40% 30% 27% 25% 19% 17% 16% 13% 12%
30%
20%
10% 0%
PASSENGERS CARS/ Autoturisme LIGHT COMMERCIALS / Vehicule Comerciale Usoare
6%
2% 1% 0%
OTHERS/Alte vehicule
HEAVY COMMERCIALS/ Vehicule Comerciale Grele
30.06.2009
30.06.2010
30.06.2011
30.06.2012
11/5/2012 9:21:57 AM
Piata de leasing financiar din Romania - finantarea echipamentelor Romanian Financial Leasing Market - Equipment Financing 30.06.2012 vs 30.06.2011
H1 2012
Forklift 3% Car service 1% Others 19% Car Service 4% Construction 17% Others 12%
Agriculture 18% Construction 33% Agriculture 22%
Metal processing 4%
Electrical devices 8%
Printing & Packaging 2% Furniture 1% Office + IT 2% Wood processing 2% Food & Beverage 5% Metal processing 9%
Electrical devices 14%
Food & Beverage 7% Wood processing Office + IT 3% 4% Medical 6%
Medical 4%
H1 2011
11/5/2012 9:21:57 AM
Piata de leasing financiar din Romania - finantarea sectorului imobiliar Romanian Financial Leasing Market Real - Estate Financing
70% 57%
65%
60%
50% 40% 39% 31% 18% 22% 18% 15% 5% 0% 1%

RETAIL OUTLETS RESIDENTIAL/ Rezidential
40%
31%
30%
20% 5% 1% 1% 0%
OFFICE HOTEL / Hoteluri
16% 5% 5% 5% 6% 7% 7%
10%
0%
INDUSTRIAL / Industriale
LAND/ Teren
30.06.2009
30.06.2010
30.06.2011
30.06.2012
11/5/2012 9:21:57 AM
Piata de leasing din Romania dupa restante ale contractelor terminate anticipat cu bunuri nerecuperate / Romanian Leasing Market by Outstanding of Early Terminated and not Repossessed Leased Assets (000 Euro)
59,803 54,991
-8%
60,000
50,000
40,000 33,679
+5%
35,319
30,000
31.03.2012 30.06.2012
20,000 9,028
-33%
6,093
10,000
0 EQUIPMENT / ECHIPAMENTE
VEHICLE / VEHICULE
REAL ESTATE / IMOBILIAR Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE ALB ROMANIA Issued by Diplomat Consult for ALB Romania
11/5/2012 9:21:57 AM
Piata de leasing din Romania dupa numarul activelor reposedate Romanian Leasing Market by No. of Repossessed Assets
4,500
4,003
4,000
-34%
3,500 2,638
3,000
2,500
30.06.2011 30.06.2012
2,000
1,500 429 352
-18% +57%
33 52
1,000
500
VEHICLE / VEHICULE
REAL ESTATE / IMOBILIAR Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE ALB ROMANIA Issued by Diplomat Consult for ALB Romania
11/5/2012 9:21:57 AM
Piata de leasing din Romania dupa numarul activelor revandute Romanian Leasing Market by No. of Remarketed Assets
3,876
4,000
3,500 2,919
-25%
3,000
2,500 30.06.2011 30.06.2012
2,000
1,500
1,000 286 322
+13%
-85%
32
500
5 REAL ESTATE / IMOBILIAR
VEHICLE / VEHICULE
11/5/2012 9:21:57 AM
Piata de leasing din Romania dupa numarul de angajati Romanian Leasing Market by No. of Employees
-3,5%
1659 1604
1800
-3%
1384 1341
1600
1400
1200
1000
31.03.2012 30.06.2012
800
600 275 263
-4%
400
200
0 Number of employees in HO / Nr. de angajati in sediul central
Number of employees in branches / Nr. de angajati in sucursale
Total employees / Total angajati
11/5/2012 9:21:57 AM
The Financial Companies Association ALB Romania Asociatia Societatilor Financiare - ALB Romania
Consumer Credit Market in Romania Piata creditului de consum in Romania 30.06.2012
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE ALB ROMANIA
15
11/5/2012 9:21:58 AM
Outstanding by Loan Type Portofoliul dupa tipul de credit

30.06.2012
4.2% 0.1%
Consumer credit for personal consumption / Credite destinate consumului personal
742,297 million
Credits for Vehicles / Credite auto
Industrial Credit/ Credite Industriale
95.8%
11/5/2012 9:21:58 AM
New Credit Granted Credite noi acordate

30.06.2012
6.5% 2.1%
Consumer credit for personal consumption / Credite destinate consumului personal Credits for Vehicles / Credite auto
225,875 million
Industrial Credit/ Credite Industriale
91.4%
11/5/2012 9:21:58 AM
New Credit for Personal Consumption Credite noi acordate pentru consum personal
30.06.2012
14%
52% Direct personal loans Imprumuturi de tip nevoi personale

52%
14%
34%
Credit at the point of sale Credit la POS
206,515 million
34% Revolving credits, including credit cards Credite de tip revolving, inclusiv carduri de credit
11/5/2012 9:21:58 AM
New Credit Granted by Value Credite noi acordate dupa valoare

30.06.2012
8% 9% 0-1000 Euro 1000 - 5000 Euro 5000-10000 Euro 59% >10000 Euro
24%
225,875 million
11/5/2012 9:21:58 AM
New Credit Granted by Client Age Credite noi acordate dupa varsta clientilor
30.06.2012
5% 26% 20% < 25 years old 25-35 years old 35-45 years old 45-55 years old >55 years old 20% 29%
225,875 million
11/5/2012 9:21:58 AM
New Credit Granted by Client Residential Areas Credite noi acordate dupa zona de resedinta a clientilor
30.06.2012
24%
225,875 million
76%
Rural Urban
11/5/2012 9:21:58 AM
New Credit Granted by Client Macro-Regions Areas Credite noi acordate dupa zona de macro-regiune a clientilor
30.06.2012
10% 10% 11%
8% Nord - Vest Centru Nord - Est 11% Sud-Est Sud-Muntenia Bucuresti-Ilfov Sud-Vest 14% Vest
225,875 million
21%
15%
11/5/2012 9:21:58 AM
New Credit Granted by Client Gender Credite noi acordate dupa sexul clientilor
30.06.2012
50% 50%
225,875 million
F M
11/5/2012 9:21:58 AM
New Credit Granted by Marital Status Credite noi acordate dupa starea civila
30.06.2012
30%
225,875 million
70%
Married / Casatoriti Unmarried / Necasatoriti
11/5/2012 9:21:58 AM
New Credit Granted by Education Credite noi acordate dupa gradul de educatie
30.06.2012
18% 30%
225,875 million
Elementary (1-8 clase) Medium (Liceu+ profesionala) Superior
52%
11/5/2012 9:21:58 AM
New Credit Granted by Net Income of Applicant Credite noi acordate dupa venitul net al solicitantului
30.06.2012
1% 1% 2%
3% 8%
9% 0-500 RON 501-1.000 RON 1.001-1.500 RON 1.501-2.000 RON
21%
2.001-2.500 RON 2.501-3.000 RON 3.001-4.000 RON 55% >4.000 RON
11/5/2012 9:21:59 AM
11/5/2012 9:21:59 AM
Criminalitate de Business Intrebare: DANILA, PETRE & ASOCIATII a constituit si dezvoltat un department specializat in Dreptul penal al afacerilor. Cum si cand a aparut interesul pentru specializarea avocatilor DPA intr-un astfel de domeniu al dreptului? Dreptul penal a constituit unul dintre domeniile dreptului abordat de Casa noastra de avocatura inca de la infiintarea sa, in luna ianuarie 2003. Ca judecator, timp de 14 ani mai inainte de a alege sa parasesc magistratura pentru a imbatisa cariera de avocat, avusesem spre solutionare foarte multe dosare penale, unele extrem de complexe, astfel incat problemele de fond si de procedura specifice imi erau foarte cunoscute. Si partenerul meu, Cristian Petre, pledase ca avocat in cauze penale anterior asocierii noastre. Departamentul de Drept penal al afacerilor a fost insa constituit in anul 2006. A fost perioada in care am realizat ca, in proportie covarsitoare, cauzele penale in care eram implicati ca si avocati, erau cauze legate de sfera afacerilor, in special cauze ce afectau patrimonial, uneori si ca imagine, firme carora le acordam consultanta juridica sau pe care le reprezentam in litigii civile sau in fata autoritatilor fiscale. Atunci a aparut necesitatea constituirii si dezvoltarii departamentului de Drept penal al afacerilor in Cadrul casei noastre de avocatura. Intrebare: Drept penal al afacerilor - Drept penal. Exista o diferenta? Dreptul penal al afacerilor trateaza incalcari ale normelor de drept penal ce au loc in special in legatura cu afacerile sau companiile: spalare de bani, fraude fiscale, infractiuni legate de falimentarea businessului, cele prevazute de Legea societatilor comerciale nr. 31/1990, manipularea pietei de capital, intocmire si utilizare de documente false in scopul de a ascunde anumite venituri sau de a inventa anumite cheltuieli, ignorarea unor conflicte de interese, a normelor privitoare la protectia datelor personale, constituirea de grupuri
Criminal Business Law Question: DANILA, PETRE&ASSOCIATES (DPA) founded and grew a department specialized in Criminal business law. How and when did the interest for specializing DPA lawyers in this area of law appeared? The Criminal Law is one of the areas of law practiced by our law firm since its foundation in January 2003. Being a judge for 14 years before deciding to become a lawyer I have had numerous criminal cases to judge and therefore the specific legal aspects were very well known to me. Cristian Petre, my partner, had as well assisted clients as a lawyer in criminal cases, previous to our association. The Criminal Business Law Department was, however, created in 2006. At that time we realised that the majority of the criminal cases that we managed as lawyers were connected to the business environment, mainly cases that had an impact on the patrimony or on the image of the companies that we were providing legal consultancy or we were representing in civil cases or in front of the fiscal authorities. Thus it became necessary to create and to grow the Criminal Business Law Department.
Question: Criminal Business Law Criminal Law. Is there a difference? The Criminal Business Law approaches the breach of the legal provisions of the criminal law norms that are primarily connected to the business environment or with the companies: money laundering, fiscal frauds, crimes connected to the bankruptcy of a business, crimes provided by the Company Law no. 31/1990, manipulating and rigging the capital market, compiling and using false documents for the purpose of hiding certain incomes or generating false expenses, ignoring certain conflicts of interests, the norms regarding the 57
11/5/2012 9:21:59 AM
infractionale - uneori transfrontaliere - in scopul fraudarii unei afaceri, obtinerea si folosirea neadecvata a fondurilor europene, incalcarea legislatiei privitoare la achizitiile publice, folosirea ilegala a fondurilor bugetar etc. Fie ca businessul, compania, prin persoanele cu drept de dispozitie este cel care incalca normele de drept penal, fie ca businessul este victima incalcarii de catre un tert a respectivelor norme, fie ca este vorba de persoane cu functii publice implicate in procese decizionale, vorbim despre o categorie aparte de infractiuni ce se circumscrie sferei afacerilor. Intrebare: Prin ce se deosebeste un departament de Drept penal al afacerilor de un departament de Drept penal, in cadrul unei case de avocatura? Din punct de vedere managerial, noi am gandit si dezvoltat acest departament astfel incat sa asiguram activitatea de asistare si reprezentare a clientilor nostri de catre echipe mixte de avocati, unii specializati in arii ale dreptului ce tin strict de business (civil, proprietate intelectuala, fiscal, contencios administrativ, drept societar, bancar, vamal etc.) si altii cu competente speciale in domeniul dreptului penal. Constituirea unei astfel de echipe prezinta avantajul indiscutabil al unei depline intelegeri a tuturor aspectelor de business care au capatat sau pot genera o situatie ce sa implice incidenta legii penale. Pe de o parte, avocatii care asigura asistenta / reprezentarea efectiva a clientilor in cauzele penale cunosc in amanunt si sunt in masura sa expuna organelor de urmarire penala / judecatorilor modul in care businessul a fost afectat de sau a generat incalcarea legii penale. Pe de alta parte, conlucrarea avocatilor cu specializari distincte in cadrul echipei mixte creeaza posibilitatea pentru DPA de a oferi in cadrul serviciilor de consultanta juridica acordate in special companiilor, sfaturi avocatiale menite sa previna posibilitatea ca prin incheierea sau executarea unui contract, sa 58
protection of the personal data, organising groups sometimes cross-border groups with the purpose of defrauding a business, attaining and using the European funds improperly; breaching the norms regarding public acquisitions, using illegally the budgets etc. No matter whether the business, the company, by the legal representatives is breaching the criminal law norms, or the business is the victim of such a breach by a third party or if we are talking about people with public positions involved in the decisional process, we are referring to a special category of crimes that includes the business environment. Question: What is the difference between a Criminal Business Law Department and a Criminal Law Department within a law firm? From a managerial point of view, we structured and grew this department so that it enables us to provide our clients the legal assistance and representation by mix teams of lawyers, some specialised in areas of law that are strictly linked to business (civil law, intellectual property law, fiscal law, company law, banking law etc.) and others with special skills in criminal law. Joining such team offers the indisputable advantage of complete understanding of all business aspects that have or may generate a situation that falls under the incidence of the criminal law.
The lawyers specialised in criminal law know in detail and are able to explain to the criminal authorities or judges the manner in which the business was affected by or led to the breach of the criminal norms. On the other hand, the cooperation of the lawyers with distinct specialisations that are part of the mix teams enables DPA to advice its clients, mainly companies, how to prevent the possible risk of breaching certain criminal law norms or to become victims of such breaches when concluding or executing a contract. Our clients, that are mostly financial institutions,
11/5/2012 9:21:59 AM
se expuna incalcarii anumitor prevederi legale din domeniul dreptului penal, sau sa devina victimele unor astfel de incalcari de catre cealalta parte contractanta. Clientii nostri, care sunt in cea mai mare parte institutii financiare, sunt interesati in cel mai inalt grad de o astfel de consultanta si pana in prezent, foarte multumiti de rezultate. Intrebare: Spuneti ca ati creat Departamentul de Drept penal al afacerilor in 2006. Experienta acumulata va ajuta? Indiscutabil. Am invatat si continuam sa ne perfectionam pe baza experientei. In primul rand am reusit sa asiguram o foarte buna colaborare in cadrul departamentului intre avocatii penalisti si colegii care sunt specializati in alte domenii ale dreptului. Atunci cand un client ne incredinteaza analizarea unui anumit caz, pentru a se stabili daca aceasta are sau poate capata o conotatie de natura penala, avocatul civilist constata care este situatia contractuala sau de fapt a cazului, iar avocatul penalist analizeaza daca din aceasta situatie, sunt sau pot aparea consecinte penale. Opinia juridica ca rezultat al analizei mixte - este prezentata clientului caruia ii apartine decizia finala. In al doilea rand, am reusit sa dezvoltam relatii de colaborare profesionala foarte bune cu institutiile statului si cu organele de urmarire penala, in procedura legala care se desfasoara atunci cand sunt inregistrate cauze penale in care sunt implicati clientii DPA - ca faptuitori sau victime. Avem relatii de colaborare profesionala foarte bune si cu autoritati politienesti din alte state, precum si cu colegi avocati din statele respective. Intrebare: Cum vedeti evolutia activitatii desfasurate de Departamentul de Drept penal al afacerilor? Va avea mai mult sau mai putin de lucru in viitor? Cred ca activitatea acestui departament al DPA va spori. Am in vedere faptul ca in aceasta perioada, criza economica ce se incapataneaza sa nu ne paraseasca va continua sa constituie un climat propice actiunilor infractionale, inclusiv
are interested by this type of legal consultancy and until present, very satisfied of the outcomes.
Question: You mentioned that the Criminal Business Law Department was created in 2006. Does the experience accumulated help you? Absolutely. We learned and continue to improve based on our experience. We have also managed to facilitate a very good cooperation between the lawyers specialised in criminal business law and the lawyers that are focused on other areas of law. When a client entrusts us a certain case, for assessing if it has or may generate criminal implications, the lawyer specialised in civil law establishes the contractual or factual status of the case and the lawyer specialised in criminal law analyses if the case has or may trigger criminal consequences. The legal opinion as the outcome of the mix analysis is presented to the client, which has the final decision. In addition, we established very good professional cooperation with the state authorities and the criminal authorities. Such cooperation is also very successful with the police authorities from other countries as well as with our colleagues from abroad.
Question: What is your opinion about the activity of the Criminal Business Law Department? Will this department have more or less activity in the future? In my opinion the activity of this department from DPA will increase. I have in mind that the economic crises which persists will continue to encourage the criminal activities, including those connected with the business 59
11/5/2012 9:21:59 AM
celor legate de activitatea de business. Nu mai putin, infractorii ce actioneaza in legatura cu afacerile au devenit mai inventivi, mai sofisticati, tot mai mult actioneaza organizat in retele ce se desfasoara in mai multe tari, uneori cu concursul unor reprezentanti ai autoritatilor din tarile respective. Datele prezentate pe site de catre DIICOT in raportul de activitate aferent anului 2011 evidentiaza cresterea numarului de cauze si a complexitatii modurilor de actiune a infractorilor. Dar, cel mai mult ma bazez, atunci cand afirm ca previzionez cresterea activitatii Departamentului de Drept penal al afacerilor din cadrul DPA, pe statistica interna. In mod cert, activitatea acestui departament - care asigura o pondere importanta in cadrul cifrei de afaceri a DPA - a avut un trend ascendent. In prezent, in cadrul Departamentului, se afla peste 480 cauze penale in care DPA asigura asistenta si reprezentare juridica clientilor in legatura cu afacerile, achizitiile publice, spalare de bani, fonduri europene, evaziune fiscala, constituire de grupari infractionale s.a. DANILA, PETRE & ASOCIATII a dobandit o buna reputatie in piata avocaturii si pe aceasta arie de activitate. De altfel, anul acesta, a fost distinsa ca Echipa anului Criminal Business Law de catre prestigioasa retea de business avocat.net.ro. Va multumesc pentru raspunsurile detaliate. Si eu va multumesc.
environment. Nevertheless, the perpetrators became more inventive and sophisticated, acting in international criminal organisations, sometimes with the help of the representatives of the authorities in the respective countries. The information presented on the web site of DIICOT in the activity report for 2011 shows the increase of the number and complexity of the modus operandi of the perpetrators. However, when I foresee the increase of the activity in the Criminal Business Law Department I am relying on our internal statistics. It is indubitable that the activity of this department that generates an important percentage of our turn-over had an increasing trend. At present, our department manages over 480 criminal cases connected to the business environment (SPA, public procurement, money laundering, European funds and tax evasion) in which we offer legal conciliation or representation for our clients. DANILA, PETRE & ASSOCIATES has a good reputation on the legal market as well in this area of practice. This year DPA was distinguished by the prestigious business portal avocat.net.ro as The team of the year Criminal Business Law.
Thank you for your answers. I thank you as well.
Magda Luminita Danila, Partener fondator al DPA
60
11/5/2012 9:22:00 AM
11/5/2012 9:22:00 AM
Romania risca procedura de infringement pentru nerespectarea prevederilor Directivei europene in domeniul TVA
Romania risks to face infringement procedure for failure to comply with the European VAT Directive
Problema tratamentului TVA aplicabil bunurilor nereposedate de societatile de leasing, urmare rezilierii contractelor cu utilizatorii rau platnici, este foarte bine cunoscuta de piata de leasing financiar din Romania. Istoricul acestei probleme a debutat in luna martie 2011 si care, speram noi, se va incheia cu happy -end indecembrie 2012. Rezumand, amintim faptul ca legislaia TVA n vigoare n prezent, prevede ca, atunci cand bunurile nu mai exista in gestiunea unei companii, exceptand anumite situatii expres mentionate in lege (bunuri disparute urmare a unor evenimente precum calamitati naturale, forta majora, furt dovedit legal), se impune autocolectarea TVA. In situatia particulara a vehiculelor acordate n leasing i care nu au reintrat n posesia societilor de leasing la rezilierea contractelor, incepand cu luna martie 2011, normele de aplicare a Codului fiscal mentioneaza ca in cazul in care societatile de leasing nu recupereaza aceste bunuri in termen de 30 de zile de la data rezilierii contractului, au obligatia de a autocolecta TVA aferenta valorii de capital si dobanzilor ramase nefacturate. Asadar, prin aparitia acestor modificari in legislatia secundara privind TVA, societatile de leasing, deja profund afectate de criza economica, primeau o noua lovitura, prin faptul ca nu doar erau pagubite de anumite bunuri de catre utilizatorii care nu le returnau, dar li se mai cere sa plateasca si TVA aferenta acestora. Este adevarat ca legiuitorul acorda operatorilor de leasing un ragaz de 30 de zile in care societatile de leasing trebuie sa recupereze aceste bunuri 62
The issue of the VAT treatment applicable to goods which cannot be re-possessed by leasing companies, following early termination of contracts with defaulting customers, is very well known by the Romanian financial leasing market. This all started in March 2011 and hopefully it will have a happy-end in December 2012. To summarize, we have to recall that the VAT legislation currently in force stipulates that, when goods no longer exist in a companys inventory, with the exception of certain situations (i.e. missing goods as a consequence of events such as natural disasters, force majeure and legally proven theft), VAT self-charge is due. For vehicles subject to leasing agreements, which have not been repossessed by leasing companies following the early termination of the leasing agreements, the Implementing Rules of the Fiscal Code, in force as of March 2011, stipulate that when leasing companies do not recover such goods within 30 days from the contracts cancellation date, they are obliged to self-charge VAT on the value of the outstanding capital and interest. As a result of these amendments to the secondary VAT legislation, leasing companies, already deeply affected by the economic crisis, receive a new hit, as they are not only losing the goods the users do not return, but they are also required to pay the VAT related to these goods. While it is true that the lawgiver offers leasing companies a deadline of 30 days to recover the goods in question in order to avoid having to pay VAT for them, the term itself is entirely
11/5/2012 9:22:00 AM
pentru a evita astfel plata TVA la buget, insa acest termen este total nerealist, tinand cont de faptul de procedura legala de recuperare poate dura de la cateva luni, in cele mai bune cazuri, pana la doi trei ani, in cazurile cele mai frecvente. Asadar, impactul financiar negativ asupra societatilor de leasing este unul foarte mare si, practic, potrivit actualelor prevederi legale, de neevitat. Trebuie spus faptul ca, pe cat sunt de surprinzatoare aceaste prevederi legale, pe atat sunt in neconcordanta cu legislatia europeana in domeniul TVA, mai exact cu prevederile Directivei TVA. Acum, problema descrisa mai sus pare a fi mai acuta ca oricand desi, in mod constant, a reprezentat o preocupare pentru operatorii de leasing din Romania. Acestia, prin Asociatia Societatilor Financiare ALB Romania (care reprezinta 91% din piata de leasing financiara si 63% din piata creditului de consum acordat de institutii financiare non-bancare din Romania), cu ajutorul constant al PricewaterhouseCoopers (PwC) Romania, au depus in permanenta eforturi pentru solutionarea ei. Astfel, este cunoscut faptul ca ALB Romania a depus toate diligentele, inclusiv la institutiile relevante de la Bruxelles, pentru semnalarea si solutionarea situatiei in discutie, care practic provenea dintr-o interpretare eronata a cadrului legal european relevant in ceea ce priveste tratamentul TVA aplicabil acestor bunuri nerecuperate. Eforturile ALB Romania au intrat acum intr-o noua etapa, care, spre deosebire de cele precedente, este caracterizata si de un nivel mai mare de incredere ca problema pentru a carei solutionare au fost intreprinse aceste eforturi va fi intr-adevar rezolvata. Concret, urmare corespondentei purtate intre ALB Romania si Comisia Europeana, aceasta
unrealistic. It is therefore impossible for these companies to meet the 30 day deadline since the legal procedure for recovery may last from a few months, in a best case scenario, to twothree years, which happens most of the time. Therefore, the negative financial impact on leasing companies is overwhelming and, practically, according to the current legal provisions, unavoidable. It has to be said that, these legal provisions are as surprising as they are inconsistent with the European VAT Directive.
However, the problem described above seems to be more acute than ever, even though Romanian leasing companies have constantly strived to overcome it. Their efforts towards a beneficial resolution have been channelled by The Financial Companies Association ALB Romania (which stands for 91% of the Romanian financial leasing market and 63% of the market for consumer credit granted by nonbanking financial institutions) with the constant support of PricewaterhouseCoopers (PwC) Romania. Thus, it is a well known fact that ALB Romania has diligently followed up on this issue with the relevant bodies from Bruxelles and not only. The purpose was to raise awareness and to find a solution for this issue which basically derives from the misinterpretation of the relevant European VAT legal framework as concerns the VAT treatment applicable for unrecovered leased goods. The efforts of ALB Romania have reached a new stage, which unlike the previous ones, is characterized by an even higher level of confidence that the problem will be indeed solved. Specifically, following the correspondence between ALB Romania and the European 63
11/5/2012 9:22:00 AM
din urma s-a sesizat cu privire la cadrul legal incorect din Romania in privinta bunurilor nerecuperate de societatile de leasing in circumstantele descrise mai sus, motiv pentru care a avertizat in acest sens autoritatile fiscale din tara noastra. Avertizarea s-a concretizat prin declansarea mpotriva Romniei a primei etape a fazei precontencioase a aciunii n constatarea nendeplinirii obligaiilor care i revin n temeiul Directivei TVA. Acesta actiune din partea Comisiei Europene a provocat o prima reactie a autoritatilor din Romania, care, in luna august a acestui an, au abrogate, cu efect din 1 ianuarie 2013, prevederile din Codul fiscal ce impuneau autocolectarea TVA pentru bunurile constatate lipsa din gestiune. Aceasta abrogare va avea un impact direct si asupra societatilor de leasing, care, in teorie, n-ar mai trebui sa autocolecteze TVA pentru bunurile nereposedate. Totusi, potrivit noile reglementari TVA, care vor intra in vigoare la data de 1 ianuarie 2013, s-ar putea sa existe obligatia in sarcina societatilor de leasing de ajusta TVA dedusa initial pentru bunurile nerecuperate la care am facut referire in acest articol, obligatie care impune practic societatilor de leasing plata aceluiasi TVA la buget, doar ca acesta va fi calculat utilizand o alta formula. In acest context, este lesne de inteles nemultumirea din randul operatorilor de leasing din Romania, care asa cum spuneam la inceputul acestui articol, continua acum, cu eforturi sustinute, sa clarifice si sa solutioneze problema. Cu toate acestea, ramane sa vedem daca autoritatile competente din Romania vor folosi in mod intelept ocazia data de faptul ca normele de aplicare ale Codului fiscal urmeaza a fi actualizate in raport cu ultimele modificari din Codul fiscal, pentru a oferi un remediu companiilor de leasing pentru prejudicial creat. 64
Commission, the latter took note of the incorrect Romanian VAT legal framework concerning goods which cannot be repossessed by leasing companies, in the above described circumstances, and, as a result, has given a notice to the fiscal authorities from our country. This notice was in fact the launch of the first phase of litigation against Romania, in the action of assessing its failure to fulfil the obligations under the VAT Directive. This action undertaken by the European Commission has provoked a first reaction in the Romanian authorities, which, in August this year (with effect from 1 January 2013), have abolished the Fiscal Code provisions that required companies to self-charge VAT on missing goods. This amendment will also have a direct impact on leasing companies who, in theory should no longer be required to self charge VAT for goods which cannot be repossessed. On the other hand, it seems that according to the new VAT rules, applicable as of 1st of January 2013, leasing companies may be required to adjust the VAT initially deducted for those goods that cannot be repossessed; this obligation basically requires leasing companies to pay the same VAT to the budget, but using a different formula. Within this context, it is easy to understand the discontent of Romanian leasing market, which, as we said at the beginning of this article, is actively trying to clarify and solve this issue.
Nevertheless, it remains to be seen if the competent authorities will use the opportunity given by the fact that the Implementing rules to the Fiscal code also need to be updated and amended (in accordance with the changes to the Fiscal Code), in order to repair the damage done to leasing companies.
11/5/2012 9:22:00 AM
Incepeam acest articol prin a spune ca speram la o rezolvare a problemei tratamentului TVA al bunurilor nerecuperate de societatile de leasing, favorabila acestora din urma, undeva pana in luna decembrie a acestui an. Speranta noastra se bazeaza pe faptul ca avem incredere ca autoritatile responsabile cu reglementarea legala a acestei probleme nu doresc declansarea impotriva Romaniei a procedurii de infringement, ce ar urma in mod logic dupa avertizarea pe care tara noastra a primit-o deja de la Comisia Europeana. Asadar, asteptam sa fie luate masurile necesare pentru a elimina din legislatia TVA din Romania a prevederilor neconforme cu cadrul legal comunitar in domeniu.
We started this article by saying that we hope for a favourable solution for leasing companies before December this year.
We dare to hope because we are confident that the lawgiver does not want an infringement procedure to be launched against Romania, which is the logical next step after the notice that our country already received from the European Commission. For that reason, we expect that the necessary measures will be taken, so that the Romanian VAT legislation will be in line with the European legal framework.
Daniel Anghel, Partener Diana Coroab, Director PricewaterhouseCoopers Tax Advisors & Accountants S.R.L.
65
11/5/2012 9:22:00 AM
11/5/2012 9:22:01 AM
Provocri curente privind aplicarea practic a reglementrilor contabile de ctre instituiile financiare nebancare
Current challenges regarding practical application of accounting regulations by non-banking financial institutions
Convergena la Standardele Internaionale de Raportare Financiar (IFRS) reprezint un aspect de interes major pentru organismele de reglementare din Romnia. Cea mai recent cerin n acest sens este stabilit prin Ordinul 881/2012 emis de Ministerul Finanelor Publice, aplicabil societilor comerciale ale cror valori mobiliare sunt admise la tranzacionare pe o pia reglementat, care stabilete obligativitatea acestora de a ntocmi situaiile financiare individuale anuale n conformitate cu IFRS ncepnd cu anul financiar 2012 i de a aplica IFRS ca baz a contabilitii de la 1 ianuarie 2013. Astfel, dup adoptarea IFRS ca baz a contabilitii de ctre instituiile de credit ncepnd cu 1 ianuarie 2012 i solicitarea de ctre Comisia Naional a Valorilor Mobiliare i Comisia de Supraveghere a Asigurrilor pentru entitile pe care le supervizeaz s ntocmeasc un al doilea set de situaii financiare individuale conforme cu IFRS n scopuri informative, IFRS vor deveni de asemenea obligatorii pentru toate societile comerciale romneti listate pe o pia reglementat din Romnia. Aplicarea practic a principiilor IFRS reprezint o mare provocare pentru orice entitate i n mod special pentru entitile care adopt pentru prima dat IFRS, ntruct acestea
Convergence to International Financial Reporting Standards (IFRS) is a major focus point for regulatory bodies in Romania. The most recent development is Order 881/2012 issued by the Ministry of Finance, applicable to companies whose shares are traded on a regulated market, which are required to prepare their individual financial statements in accordance with IFRS starting with 2012 financial year and to convert to IFRS as basis of accounting as of 1 January 2013.
Thus, after credit institutions have adopted IFRS as basis of accounting starting 1 January 2012 and the National Securities Commission and the Insurance Supervisory Commission have requested entities falling under their regulatory requirements to prepare a second set of individual financial statements in line with IFRS for information purposes, IFRS will also become mandatory for all listed entities.
Practical application of IFRS principles is a great challenge for any company and especially for first time adopters, as they will be facing both complex professional judgements on technical 67
11/5/2012 9:22:01 AM
se vor confrunta att cu necesitatea emiterii unor raionamente profesionale complexe n ceea ce privete aspecte tehnice de natur contabil, ct i cu probleme operaionale legate de implementare. Alte provocri constau n necesitatea de a reproiecta procesele interne i raportrile externe ctre investitori, precum i experiena limitat n ceea ce privete aplicarea IFRS a personalului propriu implicat n procesul de conversie. n prezent, instituiile financiare nebancare (IFN) nu sunt obligate de ctre organismul de reglementare s ntocmeasc situaii financiare IFRS. Totui, principiile IFRS sunt relevante pentru acestea ntruct multe dintre entiti fac parte din grupuri mai mari i trebuie s respecte cerinele de raportare ctre grup, care sunt aliniate la IFRS. De asemenea, multe IFN-uri ntocmesc situaii financiare n conformitate cu IFRS la cererea bncilor i a altor instituii finanatoare. n acest sens, prezentm n cele de urmeaz cteva aspecte care necesit atenie special att n aplicarea IFRS, ct i a Reglementrilor Contabile Romneti (RAS), cum ar fi: aplicarea contabilitii de acoperire, principiile privind derecunoaterea activelor i achiziiile de portofolii de creane. n final, descriem modificrile anticipate n IFRS relevante pentru IFN-uri, modificri care ar putea avea un impact semnificativ asupra activitilor desfurate i care ar putea ridica provocri suplimentare n ceea ce privete aplicarea practic. Aplicarea contabilitii de acoperire Conform bunelor practici n domeniu, contabilitatea de acoperire trebuie implementat n conformitate cu o metodologie bine documentat, care s includ att principiile IFRS ct i principiile RAS, avnd n vedere diferenele dintre cele dou cadre de raportare. 68
accounting topics and operational issues related to implementation. Other challenges include the need to redesign the business processes and external reporting to investors, as well as limited IFRS experience of own staff involved in the convergence process.
At this point, non-banking financial institutions (NBFIs) are not required by the regulatory body to prepare IFRS financial statements. However, IFRS principles are still relevant as many are part of larger groups and need to comply with group reporting requirements aligned to IFRS. Also many NBFIs prepare IFRS financial statements at the request of banks and other financing institutions.
In this respect, we present below some of the transactions that require a special consideration under both IFRS and Romanian Accounting Standards (RAS), such as: application of hedge accounting, principles for asset derecognition and receivables portfolio acquisitions. Finally, we describe the expected changes in IFRS relevant for NBFIs, which could have a significant impact over NBFIs activities and potentially raise additional challenge for practical application.
Hedge accounting application As a best practice, hedge accounting should be implemented according to a well documented methodology, which needs to incorporate both IFRS principles and RAS principles, given the differences between the two reporting frameworks.
11/5/2012 9:22:01 AM
Exist trei tipuri de relaii de acoperire definite de IFRS: (a) acoperirea valorii juste (fair value hedge - FVH): acoperirea expunerii la modificrile valorii juste a unui activ sau a unei datorii recunoscut(e) sau a unui angajament ferm nerecunoscut, ori a unei poriuni identificate dintr-un astfel de activ, datorie sau angajament ferm, care sunt atribuibile unui anumit risc i care pot afecta contul de profit i pierdere. (b) acoperirea fluxurilor de trezorerie (cash flow hedge - CFH): acoperirea expunerii la variabilitatea fluxurilor de trezorerie care (i) este atribuibil unui anumit risc asociat unui activ sau unei datorii recunoscut(e) (cum ar fi toate sau o parte din plile viitoare de dobnzi aferente unei datorii cu dobnd variabil) sau asociat unei tranzacii previzionate foarte probabile i (ii) care poate afecta contul de profit sau pierdere. (c) acoperirea unei investiii nete ntr-o operaiune din strintate.
There are three types of hedging relationships defined under IFRS: (a) fair value hedge (FVH): a hedge of the exposure to changes in fair value of a recognized asset or liability or an unrecognized firm commitment, or an identified portion of such an asset, liability or firm commitment, that is attributable to a particular risk and could affect profit or loss.
(b) cash flow hedge (CFH): a hedge of the exposure to variability in cash flows that (i) is attributable to a particular risk associated with a recognized asset or liability (such as all or some future interest payments on variable rate debt) or a highly probable forecast transaction and (ii) could affect profit or loss.
(c) hedge of a net investment in a foreign operation.
Numai relaiile FVH i CFH sunt prezentate mai jos, acestea avnd probabilitatea de a fi relevante pentru orice IFN. Aplicarea contabilitii de acoperire nu reprezint o cerin obligatorie a nici unui cadru de raportare (IFRS sau RAS). Contabilitatea de acoperire reprezint un privilegiu acordat entitilor, o excepie de la tratamentele contabile aplicabile n mod normal, cu condiia ca anumite cerine specifice s fie ndeplinite. Contabilitatea de acoperire are rolul de a reflecta din punct de vedere contabil o relaie economic de acoperire mpotriva riscurilor implementat de ctre un IFN. n acest scop, efectele asupra contului de profit sau pierdere ale elementului acoperit i ale instrumentului de acoperire sunt recunoscute n aceeai perioad.
Only the FVH and CFH relationships are discussed below as they are more likely to be relevant to any NBFI. Hedge accounting application is not a requirement, neither under IFRS or RAS. It is a privilege granted, an exception to the application of normal accounting rules, provided some specific requirements are met. Hedge accounting is aimed to reflect from an accounting point of view any economic hedging relationship already undertaken by an NBFI. Having this purpose in mind, the profit or loss effects of the hedged item and hedging instrument should be recognized in the same period. There are both differences and similarities between hedge accounting rules under RAS and IFRS. The differences relate to the applicable 69
11/5/2012 9:22:01 AM
Exist att diferene ct i asemnri ntre regulile contabilitii de acoperire potrivit RAS i IFRS. Diferenele se refer la modelele de contabilizare a operaiunilor de acoperire (i.e. cum este atins scopul) i la anumite cerine de prezentare. Asemnrile se refer, n principal, la cerinele de aplicare a contabilitii de acoperire, inclusiv testarea eficienei. Contabilitatea de acoperire se aplic unei relaii de acoperire dac sunt ntrunite, fr excepie, urmtoarele condiii, att potrivit IFRS, ct i RAS:
hedge accounting models (i.e. how the purpose is achieved) and to certain disclosure requirements. Similarities mainly relate to hedge accounting application requirements, including effectiveness testing.
In order to qualify for hedge accounting, any hedge relationship should fulfil, with no exception, the following criteria under both IFRS and RAS:
La iniierea operaiunii de acoperire exist o desemnare i o documentaie formal privind relaia de acoperire precum i obiectivul i strategia IFN-ului de administrare a riscului,. Documentaia trebuie s includ identificarea instrumentul de acoperire, tranzacia sau elementul acoperit, natura riscului acoperit i modul n care IFN-ul va evalua eficiena instrumentului de acoperire n a compensa expunerea la modificrile valorii a elementului acoperit sau a fluxurilor de trezorerie ce pot fi atribuibile riscului acoperit; Operaiunea de acoperire se preconizeaz a fi foarte eficace n procesul de compensare a modificrilor valorii juste sau fluxurilor de trezorerie aferente riscului acoperit, n concordan cu strategia de gestionare a riscului pentru relaia de acoperire respectiv; Pentru operaiunile de acoperire a fluxurilor de trezorerie o tranzacie prognozat ce face obiectul operaiunii de acoperire trebuie s aib un grad ridicat de probabilitate i trebuie s reprezinte o expunere la variaiile fluxurilor de trezorerie ce ar putea, n final, afecta profitul sau pierderea; Eficiena operaiunii de acoperire poate fi evaluat n mod credibil, respectiv valoa70
At the inception of the hedge there is formal designation and documentation of the hedging relationship and the NBFIs risk management objective and strategy for undertaking the hedge. That documentation shall include identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the NBFI will assess the hedging instruments effectiveness in offsetting the exposure to changes in the hedged items fair value or cash flows attributable to the hedged risk; The hedge is expected to be highly effective in achieving offsetting changes in fair value or cash flows attributable to the hedged risk, consistently with the originally documented risk management strategy for that particular hedging relationship; For cash flow hedges, a forecast transaction that is the subject of the hedge must be highly probable and must present an exposure to variations in cash flows that could ultimately affect profit or loss; The effectiveness of the hedge can be reliably measured, e.g. the fair value or cash flows of the hedged item that are attributable to the hedged risk and the fair value of the hedging instrument can be reliably measured;
11/5/2012 9:22:01 AM
rea just sau fluxurile de trezorerie aferente elementului acoperit care sunt atribuibile riscului acoperit i valoarea just a instrumentului de acoperire pot fi evaluate n mod credibil; Operaiunea de acoperire este evaluat n mod continuu i se constat c aceasta a avut un grad nalt de eficien pe parcursul perioadelor de raportare financiar pentru care a fost desemnat relaia de acoperire Pentru ca operaiunea de acoperire s fie considerat a avea un grad ridicat de eficien, rezultatul efectiv al operaiunii de acoperire trebuie s se ncadreze n intervalul 80%-125% att potrivit IFRS, ct i RAS. n timp ce criteriile privind intervalul de eficien 80%-125% sunt similare conform IFRS i RAS, ineficiena n cadrul intervalului este recunoscut n contul de profit i pierdere numai n cazul IFRS. Diferenele dintre modelele de contabilizare a operaiunilor de acoperire conform IFRS i RAS sunt ilustrate prin prezentarea a dou exemple practice de relaii de acoperire mpotriva riscurilor. Acoperirea valorii juste S presupunem ca un IFN care primete pli de dobnd fix (aferente unor credite acordate cu dobnd fix) preconizeaz c dobnzile pe pia vor crete i astfel va fi expus modificrilor valorii juste aferente creditelor acordate, ca urmare a riscului de rat a dobnzii. n acest caz, IFN-ul ar putea s ia n calcul schimbarea fluxurilor de trezorerie fixe aferente creditelor cu fluxuri de trezorerie variabile pentru a se acoperi mpotriva creterii ratelor de pia. Acest lucru va fi realizat prin ncheierea unui contract swap pe rata dobnzii (interest rate swap - IRS), de tipul pltete fix primete variabil. IFN
% dobanda % dobanda % dobanda fixa
The hedge is assessed on an ongoing basis and determined actually to have been highly effective throughout the financial reporting periods for which the hedge was designated. In order for a hedge to be regarded as highly effective the actual result of the hedge should be within a range of 80%-125% under both IFRS and RAS. While similar criteria apply regarding the 80-125% efficiency corridor under both IFRS and RAS, inefficiency within the corridor is recognized in profit or loss account under IFRS only. The differences between IFRS and RAS hedge accounting models are illustrated on two simple practical examples of hedging relationships.
Fair value hedge Lets assume a NBFI that receives fixed interest payments (from fixed-income loans granted) expects that interests on the market will increase and therefore is exposed to changes in fair value of the fixed rate loans due to interest rate risk. In this case, the NBFI could consider changing the fixed cash flows received on the loans into variable ones in order to hedge the increasing market rates. This will be achieved by contracting a fixed for floating Interest Rate Swap (IRS).
Credit cu venit fix
NBFI
% fixed interest % variable interest
% fixed interest
Fixed income loan
Contrapartida pentru IRS
Counterparty of IRS 71
11/5/2012 9:22:02 AM
Prin implementarea scenariului de mai sus, IFN-ul a creat din punct de vedere economic un credit cu rata de dobnd variabil. Cum va fi nregistrat aceast tranzacie din punct de vedere contabil n conformitate cu IFRS i RAS? Modelele contabile aplicabile sunt sintetizate n tabelul urmtor (n ipoteza c documentaia i cerinele de eficien sunt respectate pe deplin). Conform tratamentelor contabile aplicabile n mod normal, creditul ar fi evaluat la cost amortizat, n timp ce IRS-ul ar fi evaluat la valoare just, iar modificrile valorii juste ar fi recunoscute n contul de profit sau pierdere. Conform contabilitii de acoperire, att n scopul contabilizrii IFRS ct i RAS, elementul acoperit i instrumentul de acoperire vor afecta contul de profit sau pierdere simultan (neconcordanele contabile vor fi eliminate). Element Element Element acoperit (credit) Hedged item (loan)
By implementing the above scenario, the NBFI created a variable interest rate loan from an economical point of view. How will this transaction be accounted for under IFRS and RAS? We summarize the applicable accounting models in the table below (assuming documentation and efficiency requirements are fully met). Under normal accounting rules, the loans would be measured at amortised cost, while the IRS would be measured at fair value, with changes in fair value recognized in profit or loss. Under hedge accounting rules, both for IFRS and RAS purposes, the hedged item and the hedged instrument will affect profit or loss simultaneously (the accounting mismatch will be eliminated).
Modelul contabil RAS IFRS FVH accounting model Evaluat la valoare just numai n Nicio modificare (cost amortilegtur cu riscul acoperit. Modi- zat) ficrile valorii juste recunoscute No changes (amortized cost) n contul de profit sau pierdere.
Modelul contabil IFRS FVH
Re-measured at fair value only relating to the hedged risk. Fair value changes recognized in profit or loss. Instrumentul de acoperire (IRS) Nicio modificare (evaluat la va- Modificrile valorii juste sunt loare just prin contul de profit recunoscute temporar ntr-un Hedging instrument (IRS) cont de regularizare special sau pierdere) (post din bilan) i sunt transfeNo changes (recognized at fair rate n mod sistematic n contul value through profit or loss) de profit sau pierdere n perioadele n care riscul acoperit afecteaz contul de profit sau pierdere. Fair value changes are temporary recorded in a dedicated settlement account (balance sheet item) and are transferred symmetrically to profit or loss in the periods when the hedged risks affects profit or loss. 72
11/5/2012 9:22:02 AM
Acoperirea fluxurilor de trezorerie S presupunem c un alt IFN care pltete o rat de dobnd variabil pentru o linie de finanare contractat preconizeaz c dobnzile pe pia vor crete i astfel va fi expus la variaiile fluxurilor de trezorerie aferente liniei de finanare, ca urmare a riscului de rat a dobnzii. n acest caz, IFN-ul ar putea s ia n calcul schimbarea fluxurilor de trezorerie variabile aferente liniei de finanare cu fluxuri de trezorerie fixe pentru a se acoperi mpotriva creterii ratelor de pia, prin ncheierea unui IFN
% dobanda fixa % dobanda fixa % dobanda variabila
Cash flow hedge Lets now assume that another NBFI that pays floating interest on its financing line expects that interest rates on the market will increase and therefore it will be exposed to the variability in cash flows related to the financing line due to interest rate risk. In this case, the NBFI could turn the variable cash flows paid on the financing line into fixed ones in order to protect against increasing market rates by contracting a floating to fixed Interest Rate Swap (IRS).
Linie de finantare
NBFI
% fixed interest % variable interest
% variable interest
Financing line
Contrapartida pentru IRS contract swap pe rata dobnzii, de tipul pltete fix primete variabil. Prin implementarea scenariului de mai sus, IFN-ul a creat din punct de vedere economic o finanare cu rata de dobnd fix. Care sunt diferenele ntre modelele contabile RAS i IFRS? S urmrim tabelul de mai jos: Element
Counterparty of IRS By implementing the above scenario, the NBFI created a fixed interest rate financing from an economical point of view. What are the differences between RAS and IFRS accounting models? Lets have a look at the following table: Modelul contabil RAS
Modelul contabil IFRS CFH
Element IFRS CFH accounting model RAS accounting model Element acoperit (linie Nicio modificare (evaluat la cost Nicio modificare (evaluat la cost amortizat) amortizat) de finanare) Hedged item (financing line) Instrumentul de acoperire (IRS) Hedging (IRS) No changes (measured at amortized cost) Modificrile valorii juste aferente prii eficiente a contractului de acoperire sunt recunoscute instrument n alte elemente ale rezultatului global. No changes (amortized cost)
Modificrile valorii juste sunt recunoscute temporar ntr-un cont de regularizare special (post din bilan) i sunt transferate n mod sistematic n contul de profit sau pierdere n perioadele n care riscul acoperit afecFair value changes related to the teaz contul de profit sau pierdere. effective portion of the hedge are recognized in other comprehen- Fair value changes are temporary recorded in a dedicated settlement sive income. account (balance sheet item) and are transferred symmetrically to profit or loss in the periods when the hedged risks affects profit or loss. 73
11/5/2012 9:22:02 AM
Aplicarea contabilitii de acoperire reprezint un aspect complex i necesit un efort important n ceea ce privete documentarea. IFN-urile care fac parte din grupuri mari din domeniul serviciilor financiare pot beneficia de experiena grupului, dar trebuie s ia n considerare i limitrile suplimentare care pot fi impuse (de exemplu replicarea instrumentului de acoperire n afara grupului). Totui, aplicarea contabilitii de acoperire poate oferi beneficii oricrui IFN, ntruct utilizatorii situaiilor financiare vor avea acces la informaii care reflect i din punct de vedere contabil deciziile economice luate de IFN n ceea ce privete acoperirea riscurilor. Derecunoaterea activelor n cazul transferului unui portofoliu de creane ctre o ter parte Transferul activelor a devenit un subiect din ce n ce mai important n ultimii ani, n principal ca urmare a contextului economic. Entitile analizeaz diferite alternative pentru mbuntirea poziiei lor financiare prin renunarea la activele toxice/ neperformante. Cui s vindem? Care este preul corect? Care sunt riscurile asociate? - acestea sunt doar cteva dintre ntrebrile pe care i le pun entitile care vor s vnd. Dar dincolo de considerentele de afaceri exist i o alt provocare perspectiva contabil. Derecunoaterea activelor financiare este unul dintre cele mai complexe aspecte tratate de IFRS. Acesta necesit o analiz detaliat a tuturor faptelor i circumstanelor i deseori, n practic, rezultatul este modificat de o anumit clauz inclus n documentaia tranzaciei. Conform cerinelor IFRS, o entitate trebuie s derecunoasc un activ financiar numai atunci cnd:
drepturile contractuale aferente fluxurilor de
Hedge accounting application is a complex aspect and requires an important documentation effort. NBFIs part of larger financial services group may benefit from parent experience but also need to take into consideration additional limitations that may be imposed (e.g. replication of the hedging instrument outside the group).
However, hedge accounting application may bring benefits to any NBFI as financial statement users will have access to information that reflects, also from an accounting point of view, the economic decisions taken by the NBFI in terms of risk hedging. Derecognition of assets in case of receivables portfolio transfer to a third party The issue of asset transfer had become increasingly important in the past years, mainly driven by the economical environment. Entities are exploring various alternatives to improve their financial position by getting rid of the toxic/ nonperforming assets. Who do I sell to? What is the correct price? What are the risks associated? these are only few of the questions entities intending to sell are asking themselves. But beyond the business considerations lies another challenge the accounting perspective. Derecognition of financial assets is one of the most complex aspects in IFRS. It requires detailed analysis of all facts and circumstances and often, in practice, the outcome is changed by a certain clause included in the transaction documentation. In accordance with IFRS requirements, an entity shall derecognise a financial asset when and only when:
the contractual rights to the cash flows from
trezorerie care decurg din activul financiar expir; sau
the financial asset expire; or
it transfers the financial asset and the trans-
74
11/5/2012 9:22:02 AM
transfer activul financiar, iar transferul
ndeplinete condiiile pentru derecunotere.
fer qualifies for derecognition. Usually, the expiration of contractual rights is not relevant in a portfolio transfer. The attention is focused on whether the transfer qualifies for derecognition, in accordance with relevant accounting criteria, The analysis that needs to be performed usually takes places in successive steps, following the structure of a decision tree. The main steps include: consolidation of all subsidiaries and associates involved in the process, identification of cash flows subject to the transfer, evaluation of pass through arrangements, risk and reward analysis and control evaluation. Form a legal perspective, a portfolio transfer can take many forms. Transfer of contractual rights to receive cash flows can be achieved through a novation agreement, a contract of assignment of receivables or a risk participation agreement. Regardless of the legal form of the transfer, the accounting result might be the same.
De obicei, expirarea drepturilor contractuale nu este relevant n cazul transferului unui portofoliu. Accentul se pune pe ndeplinirea condiiilor pentru derecunoterea transferului, n conformitate cu criteriile contabile relevante. Analiza necesar n acest caz se efectueaz, de obicei, n mai muli pai succesivi, i mbrac forma unui arbore decizional. Principalii pai includ: consolidarea tuturor filialelor i a entitilor asociate implicate n proces, identificarea fluxurilor de trezorerie care fac obiectul transferului, evaluarea angajamentelor cu fluxuri identice, analiza riscurilor i beneficiilor i evaluarea controlului. Din punct de vedere juridic, transferul unui portofoliu poate mbrca mai multe forme. Transferul drepturilor contractuale de a primi fluxuri de trezorerie se poate realiza prin contract de novaie, contract de cesiune de creane sau printr-un contract de participare la risc (risk participation agreement). Indiferent de forma juridic a transferului, rezultatul din punct de vedere contabil poate fi acelai. Chiar dac din punct de vedere juridic creanele sunt transferate, un IFN poate alege s pstreze relaiile de afaceri cu clienii i s continue s ncaseze sumele aferente portofoliului transferat. n general, pstrarea drepturilor de administrare a portofoliului nu mpiedic derecunoaterea, cu condiia ca IFN-ul s nu-i asume obligaia de a face pli, cu excepia cazului n care acesta ncaseaz sume echivalente de la debitori. Unul dintre cei mai complicai pai n evaluarea derecunoterii este analiza riscurilor i beneficiilor. IFN-ul trebuie s in cont n efectuarea acestei analize de diferitele riscuri care pot afecta expunerea la variabilitatea fluxurilor de trezorerie: riscul de credit, riscul
Even if the receivables are transferred from a legal point of view, a NBFI may choose to maintain the business relations with the clients and continue to collect amounts on the transferred portfolio. Generally, maintaining servicing rights over the portfolio does not preclude derecognition, provided that the NBFI does not assume an obligation to make payment unless it collects similar amounts from the debtors. One of the most complex steps in the derecognition assessment is the risk and rewards analysis. The NBFI should consider in this analysis the different types of risk that can affect its exposure to variability in cash flows: credit risk, late payment risk, interest rate risk, 75
11/5/2012 9:22:02 AM
ntrzierii la plat, riscul de rat a dobnzii, riscul valutar. De exemplu, creanele vndute cu recurs (cazul n care IFN-ul se angajeaz s compenseze cumprtorul pentru pierderile rezultate din imposibilitatea de a recupera creanele) sau creanele vndute prin contracte de cesiune prin care IFN-ul i asum obligaia s cumpere napoi la un pre prestabilit activele vndute, n general nu ndeplinesc condiiile pentru derecunotere. Chiar dac din punct de vedere juridic drepturile i obligaiile asociate fluxurilor viitoare de trezorerie sunt transferate, aceste tipuri de tranzacii nu ndeplinesc condiiile pentru derecunoatere deoarece vnztorul pstreaz majoritatea riscurilor, iar tranzacia va fi recunoscut de vnztor ca un mprumut garantat. n cadrul RAS nu exist cerine specifice cu privire la condiiile de derecunoatere a activelor financiare. n acest context, aplicarea principiilor IFRS privind derecunoaterea n scopul contabilizrii conform RAS este o practic acceptat pe pia. Totui, ca urmare a diferenelor de tratament contabil ntre IFRS i RAS, valorile contabile nete ale creanelor transferate determinate conform celor dou cadre de reglementare vor fi diferite, n principal din cauza valorilor diferite ale ajustrilor pentru depreciere constituite (de obicei mai mici potrivit IFRS). Transferul portofoliilor de creane ctre tere pri este de natur s afecteze calitatea activelor i profitabilitatea IFN-urilor. Dac transferul este fi stabilit la un pre egal cu valoarea just a creanelor, profitabilitatea IFN-ului se va mbunti dac valoarea just a mprumuturilor transferate este mai mare dect valoarea lor contabil net.
foreign exchange risk. For example, receivables sold with recourse (in which the NBFI commits to compensate the buyer for losses resulting from inability to recover the receivables), or receivables sold through assignment contracts that require the NBFI to buy back the assets disposed of at a predetermined price, generally do not qualify for derecognition. Even if from a legal point of view the rights and obligations associated to the future cash flows are transferred, this type of transaction does not meet the criteria for derecognition because the seller retains substantially all of the risks and will be accounted for by the seller as a secured loan. There are no specific requirements regarding the criteria for derecognition of financial assets under RAS. In this context, it is an acceptable market practice to apply the derecognition principles under IFRS for RAS purposes as well. However, due to differences in accounting treatment between IFRS and RAS, the net carrying amounts of receivables transferred under the two regulatory frameworks will be different, primarily due to different levels of impairment loss allowances (usually lower for IFRS purposes). Transfer of loans to a third party is likely to impact the asset quality and profitability of NBFIs. Provided that the transfer will be established at a price equal to the fair value of the receivables the NBFIs profitability will improve if the fair value of the loans transferred is greater than their net book value.
76
11/5/2012 9:22:02 AM
Achiziia unui portofoliu de creane de la o ter parte Achiziia de portofolii de creane este mai puin frecvent n cazul IFN-urilor, dar este o tranzacie ce merit adus n discuie deoarece tratamentele contabile difer semnificativ ntre RAS i IFRS. Potrivit Legii 93/2009 privind instituiile financiare nebancare, portofoliile de credite pot fi achiziionate doar de instituiile de credit, instituiile financiare i instituiile financiare nebancare, cu excepia cazului n care:
creditele
Acquisition of a receivables portfolio from a third party Acquisition of receivables portfolios is less relevant to NBFIs, however they are worth discussing as the accounting treatment between RAS and IFRS differs significantly for such transactions. According to Law 93/2009 regarding nonbanking financial institutions the acquisition of loan portfolios is permitted only to credit institutions, financial institutions and nonbanking financial institutions, except when:
loans
respective sunt ncadrate n categoria pierdere, conform reglementrilor privind clasificarea creditelor; sau achiziionate sunt folosite drept garanii reale pentru emisiunea de instrumente financiare securitizate.
are classified in loss category according to the regulations regarding classification of loans; or collateral for the issuance of securitised financial instruments.
portofoliile
the purchased portfolios are used as
Conform RAS, creanele achiziionate sunt recunoscute iniial la o valoare egal cu valoarea creanei preluate (i.e. valoarea nominal), diferena dintre valoarea creanelor transferate i suma de achitat cedentului reprezentnd venit la data transferului drepturilor i obligaiilor, potrivit clauzelor contractuale. n conformitate cu reglementrile n vigoare, IFN-urile sunt obligate s evalueze i s recunoasc n contul de profit sau pierdere orice pierdere din depreciere aferent portofoliului achiziionat. Aceast pierdere din depreciere se determin ca diferen ntre costul amortizat al creanelor i valoarea actualizat a fluxurilor de numerar viitoare preconizate a fi ncasate. Conform RAS, IFN-urile trebuie s respecte nivelul minim al pierderilor din depreciere aferente creditelor i creanelor calculat n conformitate cu reglementrile prudeniale emise de Banca Naional a Romniei1. Avnd n vedere cerina privind recunoaterea iniial a creanelor achiziionate la valoare nominal, n cazul creditelor neperformante se va nregistra 1 Regulament BNR nr. 5/2012 privind clasificarea creditelor i constituirea, regularizarea i utilizarea provizioanelor specifice de risc de credit aplicabil entitilor supravegheate de Banca Naional a Romniei, altele dect instituiile de credit
Under RAS, acquired receivables are initially recognised at the face value of the transferred receivables (i.e. the nominal value), the difference between the value of the receivables transferred and the amount to be paid to the assignor representing revenue at the date of transfer of all rights and obligations, according to the contractual terms and conditions. In accordance with applicable regulations, NBFI are required to assess and recognize in profit or loss any impairment losses on the acquired portfolio. The amount of the loss is measured as the difference between the amortized cost of the receivables in the portfolio and the present value of future cash flows expected to flow from them. Under RAS, NBFIs have to comply with the minimum level of loan loss allowances calculated in accordance with the prudential regulations issued by National Bank of Romania1. Given the requirement to record the receivables acquired at their nominal value at initial recognition, in case of non-performing receivables an impairment loss would be booked immediately in profit or 1 Regulation no. 5/2012 regarding the classification of loans as well as their recording, regularization and use of credit risk provisions applicable to entities supervised by National Bank of Romania, other than credit institutions 77
11/5/2012 9:22:02 AM
la data achiziiei o pierdere din depreciere n contul de profit sau pierdere. Conform IFRS, un activ financiar se recunoate iniial la valoarea just plus costurile tranzaciei direct atribuibile achiziiei acelui activ financiar (dac este cazul). n general, n cazul tranzaciilor care au loc ntre pri independente i n condiii obiective de pia, valoarea just este egal cu preul de tranzacionare. Recunoaterea unei pierderi din depreciere la momentul achiziiei nu este permis de IFRS. La momentul recunoaterii iniiale, IFNurile pot opta pentru clasificarea creditelor achiziionate n una din urmtoarele categorii definite n IAS 39:
credite i creane; sau active financiare disponibile pentru vnzare.
loss at the acquisition date. Under IFRS, a financial asset is initially recognized at fair value plus directly attributable transaction costs (if applicable). Generally, in transactions taking place between unrelated parties at arms length, fair value is given by the transaction price. Recognition of day 1 impairment is not allowed under IFRS.
At initial recognition, NBFIs have a free choice of classifying the acquired loan portfolio in one of the following categories defined in IAS 39:
Loans and receivables; or Available for sale financial assets.
n funcie de opiunea IFN-ului, evaluarea ulterioar a creanelor achiziionate va fi diferit pentru fiecare dintre cele dou categorii: evaluarea la valoare just n cazul clasificrii ca active financiare disponibile pentru vnzare i respectiv evaluarea la cost amortizat n cazul clasificrii n categoria credite i creane. Ajustrile pentru pierderi din depreciere sunt calculate pe baza fluxurilor de numerar viitoare preconizate asociate creanelor, fr a lua n considerare cerinele prudeniale, ceea ce n general determin un nivel mai redus al ajustrilor pentru depreciere conform IFRS n comparaie cu RAS. Dup recunoaterea deprecierii, veniturile din dobnzi sunt recunoscute n continuare prin aplicarea ratei efective a dobnzii la valoarea contabil net a creanelor, dup deducerea ajustrilor pentru pierderi din depreciere. Avnd n vedere tratamentele contabile diferite conform RAS i IFRS aa cum au fost prezentate mai sus, un IFN care raporteaz i n conformitate cu IFRS s-ar putea confrunta 78
According to the NBFs choice, the subsequent measurement of the acquired portfolio would be different under the two categories; fair value for available for sale classification and amortised cost for loans and receivables classification.
Impairment loss allowances are determined based on expected future cash flows associated with the receivables, without consideration to prudential requirements, which generally leads to lower levels of provisions than under RAS. After impairment, interest income is recognised by applying the effective interest rate of the loans to their net book value, after deducting the impairment loss allowance.
Given the differences between RAS and IFRS accounting treatments as outlined above, a NBFI which reports also under IFRS would face operational difficulties arising from
11/5/2012 9:22:02 AM
cu dificulti operaionale care decurg din inerea unei evidene contabile paralele pentru portofoliile de creane achiziionate n ceea ce privete ajustrile pentru pierderi din depreciere, recunoatere venitului din dobnzi etc.
parallel accounting for portfolios acquired, in terms of, impairment loss allowances, interest income recognition etc.
Sumar al evoluiilor IFRS relevante pentru IFN-uri Asemenea oricrui cadru de raportare, Standardele Internaionale de Raportare Financiar sunt n continu schimbare. Exist numeroase informaii detaliate disponibile cu privire la amendamentele i modificrile preconizate ale standardelor, provocarea fiind n a nelege care sunt schimbrile relevante pentru compania dumneavoastr i de la ce dat v sunt acestea aplicabile, precum i de a v asigura c resursele de care dispunei sunt aliniate cu noile cerine. Modificrile propuse relevante pentru IFN-uri se refer la contractele de leasing i la instrumentele financiare, conform celor prezentate mai jos.
Contractele de leasing
Summary of IFRS developments relevant for NBFIs Like any other reporting framework, IFRSs are continually subject to amendments. There is plenty of detailed information available on the amendments and expected changes to IFRS, the challenge is to understand which changes are relevant to your company and when they become applicable and to ensure that your resources are up to date with the new requirements. For non-banking financial institutions, the relevant proposed amendments refer to leases and financial instruments, as detailed below.
Leases
n 2010, Consiliul pentru Standarde Internaionale de Contabilitate (IASB) precum i Consiliul pentru Standarde Financiar-Contabile (FASB) (Consiliile) au emis un proiect de expunere privind nlocuirea IAS 17 Contracte de leasing. Proiectul de expunere propune o abordare consecvent pentru toate tipurile de leasing, att pentru locatari ct i pentru locatori, bazat pe dreptul de utilizare (right of use - ROU) a activului, care va rezulta n recunoaterea unei obligaii de plat aferent contractului de leasing i a unui drept de utilizare a activului ce face obiectul contractului de leasing n situaiile financiare ale locatarului. Dup o perioad de discuii i investigaii cu privire la acest proiect, Consiliile au ajuns la un consens n urma ntlnirii din luna iunie 2012, i o variant revizuit a proiectului de expunere privind contractele de leasing este ateptat n a doua jumtate a anului 2012.
In 2010, International Accounting Standard Boards (IASB) and the Financial Accounting Standard Boards (FASB) (the Boards) issued an exposure draft that would result in a replacement of IAS 17 Leases. The exposure draft proposes a consistent approach for all types of leases for both lessees and lessors, based on the right of use (ROU) of the asset, resulting in the recognition of a payment obligation related to the lease and the right of use of the asset that is subject to the lease in the lessees financial statements. Following a period of outreach and research on the leases project, at their meeting held in June 2012 the Boards returned to a decision-making mode and a revised leases exposure draft is expected in the second half of 2012.
79
11/5/2012 9:22:02 AM
nc de la iniierea proiectului cu privire la leasing, IASB i-a exprimat dorina de a menine un singur model bazat pe dreptul de utilizare (ROU) pentru locatari, aa cum este prevzut n primul proiect de expunere. Una dintre dificultile ntmpinate n elaborarea propunerilor de ctre Consilii nc de la nceputul proiectului, care a determinat o stagnare a deliberrilor n anul 2012, a fost legat de ncrcarea cheltuielilor n perioada iniial a contractelor de leasing care ar rezulta din aplicarea unui model unic model bazat pe dreptul de utilizare. Cu toate acestea, la ntlnirea din luna iunie, membrii IASB n cele din urm au optat pentru convergena conceptelor i au fost de acord cu utilizarea modelului dual pentru contabilitatea locatarului, care este preferat de ctre membrii FASB. Modelul dual presupune un nou test de clasificare a contractelor de leasing n funcie de gradul de utilizare a activului suport pe durata contractului de leasing. Pe de o parte, contractele de leasing ar putea fi contabilizate ca tranzacii de finanare cu recunoaterea veniturilor/ cheltuielilor ntr-o manier accelerat; acesta ar fi cazul multor contracte de leasing de echipamente. Pe de cealalt parte, veniturile i cheltuielile aferente leasing-ului ar putea fi recunoscute pe baz liniar; acesta ar fi cazul multor contracte de leasing imobiliar. Toate contractele de leasing care intr n sfera de aplicare a noilor propuneri vor fi prezentate n bilan de ctre locatari, cu un model liniar nou pentru contractele de leasing care se consider c nu au o component financiar. Consiliile au n vedere s emiterea unui standard final cu privire la leasing n cursul anului 2013.
Instrumente financiare
Since the start of the leases project, the IASB expressed their preference to retain the single right-of-use (ROU) model on conceptual grounds for lessees as set out in the first exposure draft. A cornerstone of the Boards proposals since the project began that has stalled the re-deliberations in 2012 was the front-loaded pattern of expense for leases that results from the single ROU model. However, at the meeting in June, IASB members ultimately chose convergence over concepts and agreed to accept the dual model for lessee accounting favoured by FASB members.
The dual model would feature a new lease classification test based on the extent of consumption of the underlying asset over the lease term. On one side of this drawn line, leases would be accounted for as financing transactions with an accelerated pattern of income/ expense recognition; this would be the case for many equipment leases. On the other side of this line, lease income and expense would be recognized on a straight-line basis; this would be the case for many real estate leases. All leases within the scope of the proposal would be on-balance sheet for lessees, with a new straight-line model for leases that are not considered to have a financing component. The Boards hope to issue a final lease standard during 2013.
Financial instruments
IAS 39 va fi nlocuit de un nou standard IFRS 9 Instrumente financiare n cadrul unui proiect structurat n patru faze. n prima faz a proiectului au fost adoptate regulile privind clasificarea i evaluarea instrumentelor financiare, acestea 80
IAS 39 will be replaced by IFRS 9 Financial Instruments within a project divided into four phases. In the first phase the rules on classification and measurement of financial instruments have been adopted, providing the classification
11/5/2012 9:22:02 AM
prevznd clasificarea n dou categorii: instrumente financiare evaluate la cost amortizat si instrumente financiare evaluate la valoarea just, n funcie de termenii contractuali afereni instrumentului i de modelul de afaceri. n cadrul celei de-a doua faze, referitoare la deprecierea activelor financiare, a fost emis un nou proiect de expunere care propune nlocuirea actualului model bazat pe pierderi ntmplate cu un model bazat pe pierderi ateptate, care va conduce la o recunoatere accelerat a pierderilor aferente riscului de credit. IASB a mprit faza referitoare la contabilitatea de acoperire n dou pri: abordarea general privind contabilitatea de acoperire i contabilitatea de acoperire la nivel de portofoliu (macrohedging). Un proiect de expunere pentru abordarea general privind contabilitatea de acoperire a fost publicat n 2010 i o variant revizuit a modelului general de contabilitate de acoperire a fost publicat n luna septembrie a anului 2012. IASB are, de asemenea, n vedere emiterea unui document de discuie privind contabilitatea de acoperire la nivel de portofoliu n cursul anului 2012. *** Pentru a fi la curent cu ultimele evoluii, fiecare IFN care raporteaz conform IFRS trebuie s monitorizeze modificrile anticipate n IFRS i s planifice resursele adecvate pentru a le implementa. n plus, lund n considerare tendina actual a autoritilor de reglementare din Romnia, IFN-urile trebuie s fie pregtite pentru situaia n care vor fi obligate s adopte sau vor avea opiunea de a adopta IFRS ca baz a contabilitii n urmtorii ani.
into two categories: financial instruments measured at amortized cost and financial instruments measured at fair value, based on the contractual terms of the instrument and on business model. During the second phase, related to the impairment of financial assets, an exposure draft was issued which proposes the replacement of the current model based on materialized losses with a model based on expected losses that will result in an accelerated recognition of credit losses. The IASB has split the hedge accounting phase into two parts: general hedging and macro hedging.
An exposure draft on general hedging was issued in 2010 and a review draft of the general hedging model was issued in September 2012. The IASB is also working towards issuing a discussion paper on macro hedging during 2013. ***
In order to be up to date with the latest developments, each NBFI which reports under IFRS should monitor the expected changes in IFRS and plan appropriate resources to accommodate them. Moreover, considering the current focus of regulatory bodies in Romania, NBFIs should be prepared to be required or given the option adopt IFRS as basis of accounting in the following years.
La elaborarea acestui articol au contribuit: Ctlin Cadaru, Senior Manager Andreea Vldescu, Manager Risk Consulting, KPMG Romnia
81
11/5/2012 9:22:02 AM
R6 - AGER Leasing Thursday, October 25, 2012 4:50:52 PM
11/5/2012 9:22:03 AM
VI. Texte legislative pentru IFN-uri publicate n perioada iunie 2011 iunie 2012
VI. Legislation for NBFI issued between June 2011 to June 2012
83
11/5/2012 9:22:03 AM
THE NATIONAL BANK OF ROMANIA Regulation No. 24/2011 of the NBR on loans extended to individuals Having regard to the provisions of Article 4, paragraph (1), Article 45, paragraph (1) and Article 61 of Government Emergency Ordinance No. 99/2006 on credit institutions and capital adequacy, approved as subsequently amended and supplemented, to the provisions of Article 1 paragraph (1) and Article 44 of Law 93/2009 on non-bank financial institutions, as subsequently amended and supplemented, to the provisions of Article 62 paragraph (1) of Government Emergency Ordinance No. 113/2009 on payment services, approved as amended by Law 197/2010, as subsequently amended and supplemented, and to the provisions of Article 61, paragraph (1) of Law 127/2011 on the emission of electronic money, Based on the provisions of Article 420, paragraph (1) of Government Emergency Ordinance No. 99/2006, approved as subsequently amended and supplemented by Law 227/2007, as subsequently amended and supplemented, of Law 93/2009, as subsequently amended and supplemented, of Article 186 paragraph (1) of Government Emergency Ordinance No. 113/2009, approved as subsequently amended by Law 197/2010, as subsequently amended and supplemented, of Law 127/2011 and of Article 48 of Law 312/2004 on the Statutes of the National Bank of Romania, The National Bank of Romania hereby issues this Regulation. CHAPTER I - ENFORCEABILITY Article 1 (1) This Regulation shall apply to credit institutions, Romanian legal entities and to the branches of credit institutions, foreign legal entities, to non-bank financial institutions, Romanian legal entities, and to the branches of foreign financial institutions, recorded in the Special Registry, to the payment institutions, Romanian legal entities, having a significant level of lending activity under the Regulation of the National Bank of Romania No. 21/2009 on payment institutions, as subsequently amended and supplemented, and to institutions issuing electronic money, Romanian legal entities, having a significant level of lending activity according to the Regulation of the National Bank of Romania No. 8/2011 on institutions issuing electronic money, hereinafter referred to as lenders, and regulates the minimum requirements for granting and conducting loans to individuals, in order to maintain financial stability. (2) The financial institutions governed by the provisions of Section 2, Chapter IV of Title I of Part I of Government Emergency Ordinance No. 99/2006 on credit institutions and capital adequacy, approved as amended and supplemented by Law No. 227/2007, as amended and supplemented, are exempt from the enforcement of the provisions of this regulation. Article 2 For the purposes of this Regulation, the terms and expressions below are defined as follows: a) loans for real estate investment: any loan that meets, cumulatively, the following requirements: (i) is secured by a real estate mortgage, and (ii) is extended in order to acquire or maintain property rights over a plot land and/or a building, executed or that is to be executed, or for the rehabilitation, 84
11/5/2012 9:22:03 AM
modernisation, consolidation or expansion of a building, or for site preparation purposes - in case of a plot of land; this category also includes loans extended exclusively to repay a loan granted for real estate investments; b) consumer loans: loans, other than those provided under letter a). Article 3 (1) Loans that are extended for medical purposes, in case of death, or the student loans may be exempted from the provisions of this regulation. (2) Lenders shall establish based on their own lending standards the rules governing the way in which loans are extended and secured, as provided under paragraph (1). (3) This Regulation shall not apply to the amounts secured, for the entire duration of the loan, by means of collateral deposits established with the lending institution, not even for loans granted for the sole purpose of restructuring the same lender, due to financial difficulties experienced by the borrower, to the loan/loans that exist as a balance at the time of the restructuring operation, in order to adapt the new repayment conditions to the borrowers possibilities. CHAPTER II - PROVISIONS GOVERNING THE FINANCING EXTENDED TO INDIVIDUALS Article 4 Loans shall be extended to individuals, secured and performed based on a contract, in accordance with the internal regulations of the lenders, as approved by the competent authorities. Article 5 (1) Lenders extend loans to individuals based on their own regulations, which are validated by the National Bank of Romania - Supervision Department. (2) Any subsequent amendment of their own regulations must be notified to the National Bank of Romania and becomes effective only after the Supervision Department has validated them. Article 6 (1) Lenders shall establish, through their internal regulations, in accordance with their risk profile and risk strategy, at least the following: a) the way in which the lending activity is organised and conducted, more specifically the loans extended to individuals and, when appropriate, the securing requirements for each type of loan, including the maximum limit allowed for the financing value, in relation to the value of the collateral; b) the categories of customers eligible for financing; c) the classification procedure of the target customers, according to the categories of payment default risk, based on the overall risk profile of the lender; d) the categories of income deemed eligible by the lender, differentiated according to categories of customers, as well as the related adjustment coefficients, depending on the degree of certainty and their permanence character; e) the categories of expenses that are deducted from the eligible income in order to determine the total level of indebtedness, including at least the subsistence expenses and the payment obligations, 85
11/5/2012 9:22:03 AM
other than the credit-related ones; f) the maximum levels allowed for total indebtedness, including the substantiation thereof, differentiated by categories of customers, by loan destination (e.g. consumer loan, loans for real estate investments), by type of loan (broken down by currency denomination or, as appropriate, by indexing, by the type of interest, i.e. fixed or variable interest, by the term of the loan and by the customer behaviour related to debt servicing, as determined by the quality of the collateral); in the case of consumer loans, the maximum levels for the total indebtedness are established taking into account the foreign-exchange risk, the interest rate risk and the risk of decrease of the available income for the term of the loan; g) the periodic reassessment methodology of the income adjustment coefficients and of the maximum allowed levels for indebtedness, in order to ensure the accuracy thereof on an ongoing basis. (2) When substantiating the maximum allowed levels for total indebtedness, in case of consumer loans, the following values shall be used: a) for the exchange rate shock: 35.5% EUR, 52.6% CHF, and 40.9% USD. For the other currencies, the CHF value shall be used. If the applicants income and the requested credit are denominated in two different foreign currencies, the highest of the two foreign currency exchange rate shocks vs. the national currency shall be used to determine the exchange rate shock; b) for the interest rate shock: 0.6 percentage points for all currencies; c) for the income shock, in case of income from wages: 6%. (3) The provisions of this Article in relationship to the foreign-exchange risk shall only apply to the financing part, for which the customer has not proven that they have income available in the loan currency or indexed according to the loan currency. The provisions related to the interest rate risk do not apply to fixed interest rate loans. Article 7 The total level of indebtedness is determined as the weighted ratio of the total payment obligations arising from loans or other reimbursable financing of the eligible income from which the expenses referred to in Article 6 paragraph (1), e) were deducted. CHAPTER III - PROVISIONS ON SOUND LENDING PRACTICES Article 8 Lenders must conduct their lending activity in such a way as to ensure the clear and effective separation of the loan products promotion and sale from the credit risk analysis and exposure monitoring activities. Article 9 (1) Lenders analyse their customers repayment ability based on the level of the income deemed eligible by the lenders, which cannot exceed by more than 20% the income level of the previous year. (2) Lenders establish the income for the previous year based on documents certifying the revenue declared to the tax authorities. 86
11/5/2012 9:22:03 AM
(3) In case there is no legal obligation to declare revenue to the tax authorities, lenders shall establish the income for the previous year based on other supporting documents. (4) Notwithstanding the provisions of paragraph (1), lenders may take into account the income exceeding the established level, but only after obtaining, from the customer, the supporting documents demonstrating its continuity in the future. The supporting documents must prove the changes occurring in the situation of the customers income, such as a different position, a different job or changes having a significant impact on the increase of the business volume of individuals obtaining self-employed income. Article 10 When extending a credit to a borrower, lenders must ensure that the documents and information presented by the latter indicate that, for the entire duration of the loan, the total level of indebtedness of the applicant is within the maximum allowed level applicable to it. Article 11 (1) When extending consumer loans denominated in a foreign currency or indexed to the exchange rate of a currency, the applicant must have at its disposal immovable property and/or personal property amounting to a minimum of 133% of the loan amount. (2) For the purposes of this regulation, the insurance policies involving the coverage of the default risk shall be treated as personal property. (3) The credit facilities extended by means of withdrawals from overdraft accounts and loans granted via credit cards, the value of which does not exceed three times the monthly net income, may be exempt from the obligation to establish a security, provided that they should not exceed a limit set by the internal regulations of the lender. Article 12 (1) The consumer loans are granted for a maximum period of five years. (2) The provisions of paragraph (1) shall not apply to consumer loans extended to cover real estate projects, for the purposes of Article 2, letter a), (ii), granted in RON and for which the borrower has demonstrated holding an amount equal to at least 40%. of the loan amount, as advance payment. Article 13 (1) The value of a loan extended for real estate investments cannot exceed 85% of the value of the mortgage collateral, for loans granted in RON. (2) When extending loans denominated in a foreign currency or indexed against the exchange rate of a currency, the value of the loan extended to cover a real estate investment cannot exceed 80% of the mortgage collateral, if the borrower secures the eligible income denominated or indexed against the loan currency. (3) The value of the loan for real estate investments extended to a borrower who does not secure the eligible income denominated or indexed to the loan currency cannot exceed 75% of the value of the mortgage collateral, for loans denominated in euros or indexed to the EUR exchange rate, and 60% for loans denominated in other currencies or indexed to the exchange rate of other foreign currencies. (4) The provisions of paragraph (1) to (3) do not apply to loans extended to cover real estate investments, which are wholly or partially secured by the State. 87
11/5/2012 9:22:03 AM
Article 14 Lenders must make available to individuals who apply for a loan in a foreign currency or indexed against the exchange rate of a currency a printed booklet containing warnings about the possibility and consequences of the loan cost increase if the foreign-exchange risk materialises, as well as recommendations regarding the indebtedness rate which is acceptable to different categories of customers. Article 15 Lenders are required to inform their customers, by mentioning the repayment schedules related to the loan agreements or, if no repayment schedules are drawn up, by distinctly mentioning, in the loan agreements, the possibility of changing, understood as an increase, of the amounts due, should the foreign-exchange risk and the interest rate risk materialise. Article 16 (1) Lenders must ensure that third parties involved in a previous analysis of the customers repayment capacity, such as loan brokers intermediaries, apply the same procedures as the lenders. (2) Lenders shall monitor the quality of the loan portfolio of the customers attracted by each third party provided in paragraph (1), compared to the quality of the corresponding loan portfolio of the customers attracted directly by the lenders. (3) The analysis performed under paragraph (2) shall represent the basis for the lenders decision to continue the business relationship established with each of the third parties referred to in paragraph (1).
CHAPTER IV - SANCTIONS, TRANSITIONAL AND FINAL PROVISIONS Article 17 The failure to observe the provisions of this Regulations shall trigger off the enforcement of the measures and/or sanctions provided under Article 226 and 229 of Government Emergency Ordinance No. 99/2006, as approved as subsequently amended and supplemented, or, as appropriate, under Articles 58 and 59 of Law 93/2009 on non-bank financial institutions, as subsequently amended and supplemented, or under Article 66 and 68 of Government Emergency Ordinance No. 113/2009 on payment services, approved as amended by Law 197/2010, as subsequently amended and supplemented, and under Articles 69 and 71, respectively, of Law 127/2011 on the issue of electronic money. Article 18 (1) Lenders the regulations of which are validated by the National Bank of Romania according to the Regulation No. 3/2007of the National Bank of Romania on limiting the credit risk associated to loans extended to individuals, as subsequently amended and supplemented, shall notify any amendments made for the purpose of enforcing the provisions of this Regulation, approved by the 88
11/5/2012 9:22:03 AM
relevant competent authorities, within not more than 90 days since the regulation is published in Part I of the Official Gazette of Romania, for validation purposes, according to the provisions of Article 5. (2) Lenders that do not have their own regulations validated by the National Bank of Romania according to the Regulations of the National Bank of Romania No. 3/2007, as subsequently amended and supplemented, shall take the necessary measures to fulfil the obligations incumbent upon them in accordance with this Regulation and shall send to the Supervision Department of the National Bank of Romania, no later than 90 days after the publication of this Regulation in the Official Gazette of Romania, Part I, the lending rules, amended accordingly and approved by the competent authorities, for validation or, as appropriate, in order to observe the provisions of Article 19. (3) Before the conditions stipulated in Article 5 or, if applicable, the requirements applicable under paragraph (2) are complied with, the lenders shall use their own regulations, applicable on the effective date of this Regulation. (4) For the purposes of the enforcement of the provisions of paragraph (3), the branches of the credit institutions that are foreign legal entities shall starting using the maximum levels of indebtedness referred to in Article 19 within not more than 30 days since the time when this Regulation becomes enforceable. Article 19 (1) Until the condition set out in Article 5, paragraph (1) is satisfied, the lenders that, on the effective date of this Regulation, provide loans to individuals based on internal lending rules which have not been validated by the National Bank of Romania, the maximum level of indebtedness shall be limited to 35%. (2) In the situation provided in paragraph (1), the highest level of indebtedness related to consumer credit denominated in the respective currency or indexed against a currency, other than the one in which the borrowers eligible income is denominated, may not exceed 10%. Article 20 The provisions of Articles 11, 12, and 13 are not applicable to loans granted exclusively for the purposes of repaying debts related to loans obtained prior to the entry into force of this Regulation. Article 21 The central offices shall supervise the compliance, by the affiliated credit cooperatives, of the requirements of this Regulation. Article 22 As of the date when this Regulation takes effect, the Regulation of the National Bank of Romania No. 3/2007 on limiting credit risk for loans to individuals, published in Part I of Official Gazette of Romania No. 177 of 14 March 2007, as subsequently amended and supplemented, shall be repealed.
89
11/5/2012 9:22:03 AM
Regulation No. 24/2011 of the National Bank of Romania governing loans extended to individuals - amendments Regulation No. 27/2011 published in Official Gazette No. 842/2011 hereby amends the provisions of Article 18 of Regulation No. 24/2011 governing loans extended to individuals
Article 18 (1) Lenders that do have their own regulations which the National Bank of Romania has validated, according to the Regulations of the National Bank of Romania No. 3/2007 on limiting the credit risk applicable to loans granted to individuals, as subsequently amended and supplemented, shall notify any amendments made for the purpose of enforcing the provisions of this Regulation, approved by the relevant competent authorities, within not more than 90 days since its publication in Part I of the Official Gazette of Romania, for validation purposes, according to the provisions of Article 5. (2) Lenders that do not have their own regulations validated by the National Bank of Romania according to the Regulations of the National Bank of Romania No. 3/2007, as subsequently amended and supplemented, shall take the necessary measures to fulfil the obligations incumbent upon them in accordance with this Regulation and shall send to the Supervision Department of the National Bank of Romania, no later than 90 days after the publication of this Regulation in Part I of the Official Gazette of Romania, the lending rules, amended accordingly and approved by the competent authorities, for validation or, as appropriate, in order to document the compliance with the applicable provisions of this Regulation. (3) Until the conditions stipulated in Article 5 or, if applicable, the requirements applicable under paragraph (2) are met, the lenders shall use their own regulations, applicable on the effective date of this Regulation. (4) Within 60 days after the entry into force of this Regulation, the lenders that do not have their own regulations validated by the National Bank of Romania and that according to paragraph (3), conduct their lending activity based on their internal rules, shall use the maximum indebtedness levels referred to in Article 19. Amended by: Regulation No. 27/2011 that amended Article 18 of the Regulation No. 24/2011 of the National Bank of Romania governing loans extended to individuals, passed on 24 November 2011, Official Gazette No. 842/2011.
90
11/5/2012 9:22:03 AM
ORDER No. 25/2011 of the National Bank of Romania governing the status reports on the enforcement of Regulation No. 11/2011 of the National Bank of Romania governing the classification of credits and placements and establishing and using prudential value adjustments, applicable over 1 May to 31 December 2012 Order No. 25/2011 of the National Bank of Romania regarding the status reports on the enforcement of Regulation No. 11/2011 of the National Bank of Romania regarding the classification of credits and placements, as well as the establishment and use of prudential value adjustments, over 01 January - 31 December 2012 was published in Official Gazette No. 903 of 20 December 2011. Considering the provisions of Article 101, paragraph (1) of Government Emergency Ordinance No. 99/2006 on credit institutions and capital adequacy, approved as amended and complemented as per Law No. 227/2007, as subsequently amended and completed, and Point 202 of Annex No. 1 to Order No. nr. 27/2010 of the National Bank of Romania that approves the accounting regulations that are compliant with IFRS, applicable to credit institutions, according to the provisions of Law No. 48 of Law No. 312/2004governing the Statute of the National Bank of Romania, Article 420, paragraph (1) of Government Emergency Ordinance No. 99/2006, approved as amended and completed as per Law No. 227/2007, as subsequently amended and completed, and of Article 5, paragraph (6) of Order No. 26/2011 of the National Bank of Romania on certain provisions to enforce the prudent banking requirements against the background of the legal changes that are associated to the implementation at individual level of the IFRS, that are to become effective as of 1 January 2012, The National Bank of Romania hereby issues the following Order: Article 1 - This Order hereby establishes the form, content, frequency and methods according to which the lenders, as they are defined under Article 2, letter b) of Regulation No. 11/2011of the National Bank of Romania regarding the classification of credits and placements, as well as the establishment and use of the prudential value adjustments are supposed to send the status reports on a regular basis to the National Bank of Romania in compliance with the provisions of Article 5, paragraph (5) of Order No. 26/2011 of the National Bank of Romania on certain provisions to enforce the prudent banking requirements against the background of the legal changes that are associated to the implementation at individual level of the IFRS that are to take effect as of 01 January 2012. Article 2 - The templates of the reporting forms are presented in the Annex. Article 3 - The reporting forms are to be filled out by lenders based on data processed according to the provisions of Regulation No. 11/2011 of the National Bank of Romania that are applicable over 1 January - 31 December 2012, which refer to the following: a) the national territory in its entirety and all of the sub-units that exist abroad - at the global level of the lender; 91
11/5/2012 9:22:03 AM
b) the operations, representing credits and placements, as they are defined under Article 2, letter n) of Regulation No. 11/2011 of the National Bank of Romania, in all currencies, evaluated against the lei. Article 4 - (1) The reporting forms shall be transmitted to the lenders of the National Bank of Romania as follows: a) through the computerised system that supports reporting to the National Bank of Romania, hereinafter referred to as SIRBNR, in accordance with the provisions of Norm No. 15/2006 of the National Bank of Romania regarding the transmission of the primary indicators by means of the NBR Reporting Computerised System, as amended; b) on paper, signed by the authorised persons, and the forms should be addressed to the Surveillance Directorate. (2) Lenders shall send the report forms on a monthly basis, within 17 days from the time when the reported month ends. Article 5 - (1) In the case of the networks of co-operative credit organisation, the main offices of the credit co-operatives shall prepare and report on two sets of forms, more specifically one covering the central office of the credit co-operatives and the other one covering the whole network. (2) In order to prepare network reports, the central offices of the credit co-operatives shall aggregate the data regarding the credit co-operative organisations that work throughout the entire network. For that purpose, the credit/placement operations that take place between co-operative organisations within the same network shall not be taken into consideration. Article 6 - The failure to comply with the provisions of this Order shall trigger off the enforcement of the measures and/or penalties that are specified in Government Emergency Ordinance No. 99/2006 on credit institutions and capital adequacy, as subsequently amended and completed by Law No. 227/2007, as subsequently amended and completed. Article 7 - For the January 2012 reporting, lenders shall prepare and transmit to the National Bank of Romania, from all of the reports described in the Annex, just Status Report (1) and Status Report (2.2). Article 8 - Before the date when the electronic reports are submitted exclusively via SIRBNR, according to the Provisions of Norm No. 15/2006 of the National Bank of Romania, as amended, the reporting institutions shall transmit to the National Bank of Romania the respective reports through the inter-bank communication network (RCI), by means of Excel files. Article 9 - The Annex is an integral part of this Order. Article 10 - This Order shall be published in Part I of the Romanian Official Gazette and shall become effective as of 01 January 2012. President of the Board of Directors of the National Bank of Romania, Mugur Constantin Isrescu 92
11/5/2012 9:22:04 AM
ANNEX OF NBR ORDER NO. 25/2011
STATUS REPORT (1) regarding the classification of exposures associated to credits/placements, and the adjustment of their value as at [.../.../...]
Name of the credit institution/central authority/network: .................. - RON Net exposures(1) Depreciation adjustments allocated to the financial assets that consist of credits/placements.
Gross exposures
Prudential out of which: adjustment of the collective Item Classification value of financial adjustments adjustments adjustments associated associated Coefficient No. categories assets that consist specific to specific to for losses outstanding outstanding of principal debts and principal debts and total amortisation, depreciation, that have Total credits/placements. identified on identified in amounts to amounts to been amortise amortise an individual financial generated, asset groups but not yet basis identified. 11 = 5= 8+9 A B 1 2 3 4 3+ 6 7 = 5*6 8 9 10 + 10 4 I - exposures to credit institutions 0 1 1
1. Standard
2. Loss - total, of which: 3. - category 1*)
11/5/2012 9:22:04 AM
93
1 X II - exposures to debtors outside the credit institutions' sector out of which: A. debtors, legal entities 0 0.05 0.2 0.5 1 1 1 X
4. - category 2**) 5. Total (lines 1 to 2)
6. Standard
7. Under surveillance 8. Substandard
9. Doubtful
10. Loss - total, of which: 11. - category 1*) 12. - category 2**) 13. Total (lines 6 to 10) 0 0.05 0.2 0.5 1
B1. debtors, natural persons, other than those exposed to the foreign-exchange risk
14. Standard
17. Doubtful
18. Loss - total, of which:
11/5/2012 9:22:04 AM
94
19. - category 1 1*) 1 20. - category 2**) X 21. Total (lines 14 to 18) B2. debtors, natural persons, exposed to the foreign-exchange risk (exposures that are associated to the foreign currency or are indexed against the foreign exchange of a foreign currency) 0.07 22. Standard 0.08 0.23 0.53 1 1 1 X X
25. Doubtful
26. Loss - total, of which: 27. - category 1*) 28. - category 2**) 29. Total (lines 22 to 26) 30. Total (lines 5+13+21+29)
STATUS REPORT (2.1) regarding the classification of the exposures to debtors outside the credit institutions sector, at the end of the previous month, more specifically on [mm/dd/yyyy], representing credits from the problem-assets' category that were subject to replacement operations during the running month, as well as the level of the adjustment values that are related to them.
11/5/2012 9:22:04 AM
95
Name of the credit institution/central authority/network: ..................................
- RON Net exposures(1)
Depreciation adjustments allocated to the financial assets that consist of credits. Prudential out of which: adjustment of the collective value of adjustments adjustments adjustments associated associated Item Classification the Coefficient outstanding outstanding specific to specific to for losses No. categories financial amortisation, depreciation, that have Total principal debts and principal debts and total assets that identified on identified in amounts to amounts to been consist of an individual financial generated, amortise amortise credits. basis asset groups but not yet identified. 5= 11 = A B 1 2 3 4 3+ 6 7 = 5*6 8 9 10 8+9 4 + 10 A. debtors, legal entities 0 0.05 0.2 0.5 1 1
Gross exposures
1. Standard
4. Doubtful
5. Loss - total, of which: 6. - category 1*)
11/5/2012 9:22:04 AM
96
1 X
7. - category 2**) 8. Total (lines 1 to 5) 0 0.05 0.2 0.5
9. Standard
12. Doubtful
13. Loss - total, 1 of which: 14. - category 1 1*) 15. - category 1 2**) X 16. Total (lines 9 to 13) B2. debtors, natural persons, exposed to the foreign-exchange risk (exposures that are associated to the foreign currency or are indexed against the foreign exchange of a foreign currency) 17. Standard 0.07 0.08 0.23 0.53 1
20. Doubtful
21. Loss - total, of which:
11/5/2012 9:22:04 AM
97
1 1 X X
22. - category 1*) 23. - category 2**) 24. Total (lines 17 to 21) 25. Total (lines 8+16+24)
STATUS REPORT (2.2) regarding the classification at the end of the running month, more specifically [mm/dd/yyyy], of the exposures to debtors outside the credit institutions' sector, representing credits from the problem assets' category which during the running month were subject to the application of the requirements specified in Article 6, paragraph (7) of the Regulation No. 11/2011 of the National regarding the classification of the credits and/or placements, and the establishment and use of the prudential value adjustments, as well as the level of the value adjustments related to them.
Name of the credit institution/central authority/network: .................................. 98
11/5/2012 9:22:05 AM
- RON Net exposures(1)
Depreciation adjustments allocated Prudential to the financial assets that consist of credits. adjustment out of which: of the collective value of adjustments adjustments adjustments associated associated Item Classification Coefficient the outstanding outstanding specific to specific to for losses No. categories financial principal debts and principal debts and total amortisation, depreciation, that have Total assets that identified on identified in amounts to amounts to been consist of an individual financial generated, amortise amortise credits. basis asset groups but not yet identified. 11 = 5= A B 1 2 3 4 3+ 6 7 = 5*6 8 9 10 8+9 + 10 4 A. debtors, legal entities 0 0.05 0.2 0.5 1 1 1 99
Gross exposures
1. Standard
4. Doubtful
5. Loss - total, of which: 6. - category 1*) 7. - category
11/5/2012 9:22:05 AM
2*) X
8. Total (lines 1 to 5) 0 0.05 0.2 0.5
9. Standard
12. Doubtful
13. Loss - total, 1 of which: 14. - category 1 1*) 15. - category 1 2*) 16. Total (lines 9 X to 13) B2. debtors, natural persons, exposed to the foreign-exchange risk (exposures that are associated to the foreign currency or are indexed against the foreign exchange of a foreign currency) 17. Standard 0.07 0.08 0.23 0.53 1 1 100
20. Doubtful
21. Loss - total, of which: 22. - category
11/5/2012 9:22:05 AM
1*) 1 X X
23. - category 2*) 24. Total (lines 17 to 21) 25. Total (lines 8+16+24)
STATUS REPORT (2.3) regarding the dynamics inside the categories of financial performance of the exposures to the debtors existing outside the credit institutions' sector, representing credits from the problem assets' category included in the Status Report (2.1) and the Status Report (2.2), related to the period [.../.../...]. - [.../.../...] (end of the month that preceded the month when the replacement operations took place - end of the month when the replacement operations took place)
Name of the credit institution/central house/network: ..................
(%) The share of the volume of credit-related exposures [volume] associated to the category of final financial performance in the overall volume of credit-related exposures associated to the initial category of financial performance. 101
11/5/2012 9:22:05 AM
Initial category of financial performance A B C D E Total
Description (2)
Contact person Authorised person***) Authorised person***) ................................................... ................................................... ................................................... (name, first name, telephone) (name, first name, signature) (name, first name, signature)
___________ (1) The net exposures are gross exposures diminished according to the related guarantees. *) Category 1: exposures representing credits/placements classified as "losses", in the case of which the debt service is of not more than 90 days and in the case of which no judicial procedures have been started. **) Category 2: exposures representing credits/placements classified as "losses", in the case of which the debt service exceeds 90 days and/or in the case of which judicial procedures have been started. (2) If the total is not 100%, the operations that led to this situation shall be described briefly. ***) Authorised person - this is a person who is mandated to commit the legal accountability of the institution or another person whom the authorised person has mandated.
11/5/2012 9:22:05 AM
102
ORDER No. 27/ 27 December 2010 Official Gazette, Part I, No. 930 of 28 December 2011 effective as of 28 December 2011, to approve the accounting regulations harmonised with the European directives
Having regard to the provisions of Articles 22 and 54 of Law No. 93/2009 on non-bank financial institutions, as subsequently amended and completed, to the provisions of Article 36 of the Government Ordinance No. 39/1996 on the establishment and operation of the Deposit-guarantee Fund in the Banking System, republished, as subsequently amended and completed, of Article 34 of the Government Emergency Ordinance No. 113/2009 on payment services, approved as amended by Law No. 197/2010, as subsequently amended and completed, and to the provisions of Article 37 of Law No. 127/2011 governing the issuance of electronic money, According to Article 4, paragraph 3, letter a) of the Accounting Law 82/1991, republished, as subsequently amended and completed, of Article 48 of Law 312/2004 on the Statutes governing the National Bank of Romania, of Article 48 of the Government Ordinance No. 39/1996, republished, as subsequently amended and completed, of Article 36 of the Government Emergency Ordinance No. 113/2009, approved as amended by Law 197/2010, as subsequently amended and completed, and of Article 40 of Law 127/2011,
The National Bank of Romania hereby issues the following Order: Article 1 The Accounting Regulations, harmonised with the European directives indicated in the Annex*) are hereby approved. ___________ *) The Annex was published in Part I of the Official Gazette of Romania No. 930 bis which can be purchased from the Public Relations Centre of the Official Gazette public corporation, located in Bucharest at 1, Panduri Street. Article 2 The provisions of this Regulation shall apply to: a) non-bank financial institutions placed registered with the General Registry according to the provisions of Law 93/2009 on non-bank financial institutions, as subsequently amended and completed; b) payment institutions that extend loans related to the payment services and whose activity is limited to the provision of payment services, according to the provisions of Article 22 of the Government Emergency Ordinance No. 113/2009 on payment services, approved as amended by Law 197/2010, as amended and completed; c) institutions emitting electronic money, that grant loans related to the payment services and whose activity is limited to the emission of electronic money and the provision of payment services, according to the provisions of Article 22 of Law 127/2011 governing the issuance of electronic money; d) Romanian branches of the foreign institutions referred to at letters a) through c); 103
11/5/2012 9:22:05 AM
d) foreign branches of the institutions referred to under letters a) through c), that are Romanian legal entities; e) Deposit Guarantee Fund in the Banking System, established pursuant to the Government Ordinance No. 39/1996 governing the creation and operation of the Deposit Guarantee Fund in the banking system, republished, as subsequently amended and completed. Article 3 The annual financial statements must be accompanied by a written statement whereby the management undertakes its responsibility about the preparation thereof, in accordance with the accounting regulations harmonised with the European Directives. Article 4 (1) The annual financial statements prepared by the institutions listed in Article 2 shall be subject to a statutory audit. (2) The consolidated annual financial statements prepared by the institutions listed in Article 2, as parent companies, shall also be subject to a statutory audit. Article 5 The National Bank of Romania shall monitor the enforcement of the provisions of this Order. Article 6 This Order shall come into force on the 1st of January 2012. Article 7 Upon entry into force of this Order, the Order of the National Bank of Romania No. 13/2008 for the approval of the accounting Regulations harmonised with the European Directives, applicable to credit institutions, to non-bank financial institutions and to the Deposit Guarantee Fund in the banking system, published in Part I of the Official Gazettes of Romania Nos. 879 and 879 bis of 24 December 2008, as subsequently amended and completed, as well as any other contrary provisions, are hereby repealed. Article 8 This Order shall be published in Part I of the Official Gazette of Romania. Pp. The Chairman of the Board of Directors of the National Bank of Romania, Florin Georgescu Bucharest, 27 December 2011. No. 27
104
11/5/2012 9:22:05 AM
Order No. 4 din 8 March 2012 Published in Part I of Official Gazette No. 179 of 20 March 2009 to become effective as of 20 March 2012. This Order governs the status reports on the classification of credit-related exposures associated to the payment services and the related need of credit-risk provisions that are applicable to the entities monitored by the National Bank of Romania, others than the credit institutions
Considering the provisions of Article 23, paragraph (1) of Law No. 93/2009 on non-bank financial institutions, as subsequently amended and completed, Article 331, paragraph (1) of Government Emergency Ordinance No. 113/2009 on payment services, as approved and amended under Law No. 197/2010, as subsequently amended and completed, Article 36, paragraph (1) of Law No. 127/2011 governing the issuance of electronic money and the Chart of Accounts specified in Order No. 27/2011 of the National Bank of Romania that approved the Accounting Regulations that are compliant with EU Directives and that apply to institutions that use NBRs Accounting Rules, other than the credit institutions, According to Article 48 of Law No. 312/2004 governing the Statute of the National Bank of Romania, Law No. 93/2009, as subsequently amended and completed, Article 186, paragraph (1) of Government Emergency Ordinance No. 113/2009, as approved and amended as per Law No. 197/2010, as subsequently amended and completed, Law No. 127/2011 and Article 25, paragraph (2) of Regulation No. 5/2012 of the National Bank of Romania governing the classification of credits and the creation, regularisation and use of the specific credit-risk provisions, applicable to the entities that operate under the surveillance of the National Bank of Romania, other than the credit institutions, The National Bank of Romania hereby issues the following Order:
CHAPTER I General provisions Article 1 - (1) This Order hereby establishes the form and content of the status report form regarding the classification of the credit-related exposures and exposures associated to the payment services and their related necessary specific credit-risk provisions, that is sent on a quarterly basis to the National Bank of Romania, as per Article 25, paragraph (1) of Regulation No. 5/2012 of the National Bank of Romania governing the classification of credits and the creation, regularisation and use of specific credit risk provisions applicable to the entities that operate under the surveillance of the National Bank of Romania, other than the credit institutions, by lenders, as they are defined under Article 2, letter d) of the same Regulation. (2) On the other hand, this Order also establishes the ways in which the form specified under paragraph (1) should be sent to the National Bank of Romania. Article 2 - Each category of lenders shall fill out the reporting form based on the data posted in 105
11/5/2012 9:22:05 AM
the accounting books, [data] that should be processed according to Regulation No. 5/2012 of the National Bank of Romania, while considering the following: a) the national territory in its entirety and all of the sub-units that exist abroad - at the global level of the lender; b) all of the operations related to credits and to the payment services that are delivered in all currencies, assessed against the Romanian leu; c) the category of lender. Article 3 - (1) The reporting forms shall be transmitted to the lenders of the National Bank of Romania as follows: a) electronically, to ifn@bnro.ro; b) in hardcopy, signed by the authorised persons, and the forms should be addressed to the Surveillance Directorate. Article 4 (2) Lenders shall send in their report form on a quarterly basis, within 25 calendar days from the time when the reported quarter ends. Article 5 - The failure to comply with the provisions of this Order shall trigger off the enforcement of the measures and/or the penalties that are specified in Articles 58 and 59 of Law No. 93/2009 governing the non-bank financial institutions, as subsequently amended and completed, under Articles 66 and 68 of Government Emergency Ordinance No. 113/2009 on payment services, as approved and amended by Law No. 197/2010, as subsequently amended and completed, and Articles 69 and 71 of Law No. 127/2011 governing the issuance of electronic money. CHAPTER II Final provisions Article 6 - This Order shall apply as of the date when Regulation No. 5/2012 of the National Bank of Romania starts to be applied. Article 7 - The template of the reporting form is specified in the Annex that is an integral part of this Order. Article 8 - The present order is published in Part I of the Romanian Official Gazette. President of the Board of Directors of the National Bank of Romania, Mugur Constantin Isrescu Bucharest, 08 March 2012. No. 4
ANNEX STATUS REPORT regarding the classification of credit-related exposures and exposures associated to the payment services and their related necessary specific credit-risk provisions as at [.../.../...] Name of the non-bank financial institutions/payment institution/institution that issues the electronic currency: ........ ........ ............. RON. 106
11/5/2012 9:22:06 AM
Gross exposures Net exposures(1) Necessary specific Item Classification Coefficient from from credit-risk provisions No. categories principal Interest principal Interest principal Interest A B 1 2 3 4 5 6 = 3*5 7 = 4*5 I - credits extended to debtors, other than the natural person debtors, for which specific credit risk provisions are created. 1 Standard 0 2 Under surveillance 0.05 3 Substandard 0.2 4 Doubtful 0.5 5 Loss 1 6 Total (lines 1 to 5) X I - credits extended to debtors, other than the natural person debtors, for which no specific credit risk provisions are created. 7 Standard 8 Under surveillance 9 Substandard 10 Doubtful 11 Loss 12 Total (lines 7 to 11) III - credits extended to natural person debtors, for which specific credit risk provisions are created (others than the credits extended to the natural person debtors that are exposed to the foreign-exchange risk, and that are recorded in a currency or are indexed against a currency). 13 Standard 0 14 Under surveillance 0.05 15 Substandard 0.2 16 Doubtful 0.5 17 Loss 1 18 Total (lines 13 to 17) X III - credits extended to natural person debtors, for which no specific credit risk provisions are created (others than the credits extended to the natural person debtors that are exposed to the foreign-exchange risk, and that are recorded in a currency or are indexed against a currency). 19 Standard 20 Under surveillance 21 Substandard 22 Doubtful 23 Loss 24 Total (lines 19 to 23) V - credits that are extended to natural person debtors who are exposed to the foreign-exchange risk and that are indexed based on the exchange rate of a currency or indexed against a currency, and for which specific credit risk provisions are created. 25 Standard 0.07 26 Under surveillance 0.08 27 Substandard 0.23 28 Doubtful 0.53 29 Loss 1 30 Total (lines 25 to 29) X V - credits that are extended to natural person debtors who are exposed to the foreign-exchange risk and that are indexed based on the exchange rate of a currency or indexed against a currency, and for which specific credit risk provisions are not created. 31 Standard 32 Under surveillance 33 Substandard 34 Doubtful 35 Loss 36 Total (lines 31 to 35) 37 Total (lines 6+12+18+24+30+36) X 1) The net exposures are gross exposures diminished according to the related guarantees.
107
11/5/2012 9:22:06 AM
REGULATION No. 5/8 MARCH 2012 Part I of Official Gazette No. 179 of 20 March 2012 effective as of 20 March 2012 on credit classification and the establishment, adjustment and use of specific credit risk provisions, applicable to the entities supervised by the National Bank of Romania, other than credit institutions Having regard to the provisions of Article 23 of Law No. 93/2009 on non-bank financial institutions, as subsequently amended and completed, to Article 331 paragraph (1) of Government Emergency Ordinance No. 113/2009 on payment services, approved as amended by Law 197/2010, as subsequently amended and completed, to Article 36, paragraph (1) of Law 127/2011 governing the issuance of electronic money and to the Chart of Accounts included in the Order No. 27/2011of the NBR that approves the Accounting Regulations harmonised with the European Directives, under Article 48 of Law 312/2004 on the Statutes governing the National Bank of Romania, Law 93/2009, as subsequently amended and completed, to Article 186 paragraph (1) of Government Emergency Ordinance No. 113/2009, approved as amended by Law 197/2010, as subsequently amended and completed, and to Law 127/2011. The National Bank of Romania hereby issues this Regulation. CHAPTER I General Provisions Article 1 - This Regulation applies to non-bank financial institutions, Romanian legal entities, and to Romanian branches of foreign financial institutions, except for those included in Title I, chapter IV, Section 2 of Financial institutions from other Member States of Government Emergency Ordinance No. 99/2006 on credit institutions and capital adequacy, approved as amended and completed by Law No. 227/2007, as subsequently amended and completed, entered in the General Registry of the National Bank of Romania, on payment institutions, Romanian legal entities granting credits related to payment services, institutions issuing electronic money, Romanian legal entities, granting credits related to the payment services, and regulates: a) the classification of credits granted to borrowers; b) the determination of the required credit risk provisions, for the classified credits; c) the establishment, adjustment, and use of the specific provisions for credit risk. Article 2 The following expressions shall have the meanings assigned below: a) non-bank financial institutions - entities defined according to the provisions of Law No. 93/2009 on non-bank financial institutions, as subsequently amended and completed; b) payment institutions - entities defined according to the provisions of Government Emergency Ordinance No. 113/2009 on payment services, approved as amended by Law 197/2010, as subsequently amended and completed; c) institutions emitting electronic money - entities defined according to the provisions of Law No. 127/2011 governing the issuance of electronic money, d) lenders - non-bank financial institutions, payment institutions, and institutions emitting electronic money, governed by this Regulation; e) lenders group - group consisting of the parent company, the other subsidiaries of the parent company and the subsidiaries of the lender; 108
11/5/2012 9:22:06 AM
f) A Category countries - Member States of the European Union1 and countries which are full members of the Organization for Economic Cooperation and Development (OECD), and countries that have concluded special lending arrangements with the International Monetary Fund (IMF) in the general arrangements to borrow (GAB); if one country in this category reschedules its external debt, the country in question is excluded from the A category for a period of 5 years; g) multilateral development banks - the International Bank for Reconstruction and Development, the International Finance Corporation , the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, the Council of Europe Development Bank, the Nordic Investment Bank, the Caribbean Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the European Investment Fund, the Multilateral Investment Guarantee Agency, the International Finance Facility for Immunization, the Islamic Development Bank and any other entity that falls into this category according to qualifications made in the European Union; h) debtor - an entity in relation to which the lender incurs exposures resulting from credits, including the entity towards which the lender only has exposures which represent potential debts, such as, for example, financing and guaranteeing commitments. For purposes of this Regulation, credit institutions and the National Bank of Romania are not included in the lenders debtors category; i) debtor, natural person, exposed to foreign exchange risk - the debtor, natural person, who does not generate positive net cash flows denominated in the credit currency, allowing for the repayment, on due date, of each credit instalment (principal and interest). Cash flows are adjusted according to the degree of certainty and the permanent character thereof; j) debt service - the number of days of delay from the debt maturity date; k) initiation of debt recovery proceedings - one of the following: k1) the courts issue a bankruptcy resolution against the debtor; k2) enforcement proceedings are brought against natural persons or legal entities, to recovery debts resulting from credits subject to classification; l) principal - amounts paid in advance by lenders to the borrowers, as borrowed capital, including those that might be included in this category if the obligations of the lenders, resulting from the financing and guarantee entered into by the latter, become due; m) credits - categories of credits that are classified by the lenders in accordance with the provisions of this Regulation, being systematised in terms of specific credit risk provisioning requirements, of the structuring, where applicable, in principal and interest, as well as of the accounts in which they are recorded. These are presented in Section I credits of the Annex No. 1; n) guarantees - received guarantees that lenders may take into account to reduce the exposure to the debtor, in accordance with the provisions hereof, which are systematised in terms of guarantee category, and of accounts in which they are recorded. These are presented in Section II Guarantees of Annex No. 1. The guarantees are divided into the following categories: (i) personal guarantees - guarantees provided by third parties (e.g. bail, surety etc.), which can be classified, according to their respective features, as follows: (i1) express guarantee - the protection provided by the guarantee is clearly linked to exposures that can be accurately identified or via a clearly defined exposure portfolio, so that the coverage degree of the protection can be clearly defined and cannot be questioned; (i2) irrevocable guarantee - apart from the failure of the buyer of protection to observe the obligation to pay the protection price on the maturity date, the agreement whereby the protection is provided contains no provision that would allow the protection provider to unilaterally cancel the guarantee or which could result in an increase of the actual guarantee price; (i3) unconditional guarantee - the contract whereby protection is provided contains no provision 1 For purposes of this Regulation, Romania is considered separately from other EU member states. 109
11/5/2012 9:22:06 AM
in relationship to which the buyer of protection has no control, a clause which may exempt the guarantor of the obligation to pay in a timely manner, but no later than 90 calendar days from the date when requested, if the main obligee fails to pay, in due time, the overdue amount(s); (ii) real property - refers to tangible or intangible assets received as collaterals in exchange of operations carried out (e.g. mortgages on real/personal property, pledges etc.). (iii) intrinsic real property refers to the guarantees included in the characteristics of the operation itself (e.g. values received under a repurchase agreement, securities received under a repurchase agreement with specific delivery, goods covered by financial leasing contracts, etc.); the lenders record the intrinsic real guarantees in the off-balance account 9981 Other values received; o) specific credit risk provisions - the provisions created by lenders in order to cover potential creditrelated losses, systematised in terms of structuring in principal amount and interest, as well as of the accounts in which they are recorded. These are presented in Section III Provisions of the Annex No. 1. p) fair value - the amount for which an asset can be exchanged freely and knowingly between two parties, in an arms length transaction. Article 3 - Institutions issuing electronic money and payment institutions that extend credits related to payment services and that do not conduct their accounting activity in accordance with the accounting regulations issued by the National Bank of Romania shall consider the appropriate accounts listed in the chart of accounts provided by accounting regulations applicable to such entities, in which they have recorded amounts whose economic nature is similar to those of the accounts referred to in Annex No. 1. Article 4 - (1) The internal rules of lenders, to which this regulation refers, shall represent one single legislative instrument. (2) The internal rules referred to in paragraph (1) are approved by the statutory bodies of the non-bank financial institutions, of the payment institutions whose main object of business consists of the provision of payment services of the institutions issuing electronic money, whose main object of business consists of the emission of electronic money. In the case of payment institutions and institutions issuing electronic money whose main object of business does not consist of payment services and issuance of electronic money, the internal rules referred to in paragraph (1) shall be acknowledged by the people who are responsible for managing and heading the payment services activity, as per Article 15, paragraph (2) of Government Emergency Ordinance No. 113/2009, approved as amended by Law No. 197/2010, as subsequently amended and completed, and by the persons who are in charge of managing and heading the electronic money emission and payment services, as per Article 11, paragraph (2) taken in conjunction with Article 14 of Law No. 127/2011. (3) The internal rules of the non-bank financial institutions recorded in the Special Registry, of the payment institutions and of the institutions issuing electronic money whose lending activity has reached a significant level, within the meaning of Regulation No. 21/2009 of the NBR on payment institutions, as subsequently amended and completed, and of Regulation No. 8/2011 of the NBR on institutions issuing electronic money, respectively, shall be submitted to the Supervision Directorate of the NBR. (4) The internal rules referred to in paragraph (3) and any amendments thereto shall be submitted within 5 days since the time when approved. CHAPTER 2 Guarantee-based reduction of exposure Article 5 For the enforcement of the provisions of this chapter, lenders must ensure the fulfilment of 110
11/5/2012 9:22:06 AM
the requirements provided for under Chapter V - Information requirements regarding the guarantees. Article 6 - In order to establish the value whereby the amounts representing the credit exposures are actually reduced, the amounts registered in the accounting records, related to the guarantees, shall be adjusted through the application of coefficients ranging between 0 and 1, and the result shall be limited to the level of the guaranteed amounts. Article 7 The guarantees which can be taken into account by lenders to reduce the exposure against the debtor are listed in the table of Annex No. 2, as well as other real property, according to the internal rules of the lenders. Article 8 - (1) The coefficients used for the adjustment of the amounts registered in the accounting records, related to the guarantees listed in the table of Annex No. 2, shall be established by the lender, for each category/case. The value of these coefficients cannot exceed the maximum value that is specified in the table. (2) The lender must have the supporting documentation that is needed to establish the value of the coefficients provided under paragraph(1). Article 9 - (1) Any real property guarantee, except for the general pledge, of the guarantees created over future goods2 and the real property provided in the table in Appendix No. 2, may be taken into account to reduce the value of the lenders exposure against the debtor, to a value which cannot exceed the fair value thereof. For this purpose, lenders may only consider those real guarantees for which they can establish the fair value based on their own methodology3 as provided by their internal regulations. In order to adjust the fair value, the lender shall establish the coefficients for each category/case. (2) The guarantee policies the object of which consists of debt receivables may be taken into account for exposure reduction purposes only if the legal requirements in force on security interests are met. (3) The lender must have the supporting documentation that is needed to establish the value of the coefficients provided under paragraph (1). Article 10 - The insurance policies whose object is to guarantee/take over the risk of default shall be assimilated to letters of guarantee issued by credit institutions and, consequently, lenders may consider them as credit risk mitigators, if all of the following conditions are observed: a) have characteristics that are similar to those imposed on the letters of guarantee issued by credit institutions (express, irrevocable, and unconditional); b) the credit risk was transferred outside the lenders group through insurance/reinsurance transactions conducted with insurance/reinsurance companies, and the insurance/reinsurance companies from outside the group, which have taken over the risk, comply with the requirements of the applicable community standards (or the standards that apply to insurance/reinsurance companies 2 The guarantees on future goods only produce effects as of the moment when the debtor obtains the ownership of the goods and, as a consequence, they cannot be taken into account for exposure reduction. E.g.: guarantees represented by the assignment of compensations given under credit risk insurance policies, life insurance policies; guarantees represented by the assignment of collections from future debts. As the fair value is a category defined and regulated under the International Financial 3 Reporting Standards (IFRS), lenders shall prepare the methodologies used to establish the fair value of the received real property, taking into account the aforesaid accounting standards. 111
11/5/2012 9:22:06 AM
and that the lender, following the analyses made, deems equivalent to community standards). If the credit risk has been partially transferred, the credit risk mitigating quality of the insurance policy can only be taken into account for the transferred portion; c) the internal rules of the lenders refer to a coefficient not exceeding 0.8 for the deduction of the exposure thereof to the debtor, as well as the assessment methodology of the position of the issuing insurance/reinsurance companies and the coefficient level for every such issuer/category of issuers can be determined. Article 11 - (1) The express, irrevocable and unconditional guarantees that are granted by the credit guarantee funds (CGF) in Romania by brokering the resources allocated for this purpose by central authorities and for which central authorities undertake responsibility, can be considered express, irrevocable and unconditional guarantees issued by the government4 if: a) the allocated funds are effectively transferred by the central authorities to the CGF; and b) the CGF can prove to the lender that they have a proper management system that can distinctly indicate such funds, and they are only used for guaranteeing the related risks. (2) The provisions of paragraph (1) shall only apply if the lender has the documentation certifying that the requirements are met. Article 12 (1) The guarantees related to the exposures representing the principal of the credits classified as loss are adjusted by applying coefficients established by the lender, for every separate category/case. The value of these coefficients cannot exceed 0.25. (2) The lender must have the supporting documentation that is needed to establish the value of the coefficients provided under paragraph(1). (3) The guarantees related to the exposures that represent current/outstanding interest, attached to the credits specified under paragraph (1) shall not be taken into account, and the coefficient applied to the amounts of these guarantees is zero. Article 13 - Notwithstanding the provisions of Article 12, the guarantees provided for under headings Nos. 1-6 of the table in Annex No. 2 are adjusted by coefficients whose value cannot exceed 0.5. CHAPTER III Classification of credits and calculation of the necessary specific credit risk provisions Article 14 For the enforcement of the provisions of this chapter, lenders must ensure the fulfilment of the requirements provided for under Chapter V - Information requirements. Article 15 - Lenders classify exposures in the following categories: a) standard; b) under supervision; c) substandard; d) doubtful; e) loss. 4 The express, irrevocable, and unconditional guarantees that are issued by the state have, according to the Table in Annex No. 2, a deduction coefficient of 1 at the most. 112
11/5/2012 9:22:06 AM
Article 16 - The exposure incurred by a lender to a certain debtor shall fall into a single classification category based on the principle of the declassification by contamination, by taking into account the weakest of the individual classification categories, respectively. Article 17 - For purposes of credit classification and in order to establish the specific credit risk provisions required, the following stages have to be completed: 1. credit classification 1.1. identify, from amongst the amounts registered in the credit accounts, all the statements that represent exposures deriving from operations conducted with a certain debtor and identify, for each of these exposures, the other attributes that are necessary to perform the classification/provisioning operation; 1.2. classify these exposures by simultaneously applying the following criteria: a) debt service; b) initiation of debt recovery proceedings. The correspondence between criteria and classification categories is described in Table No. 1 of Annex No. 3; 1.3. reclassify these exposures into a single category, based on the principle of declassification by contamination. NOTE: For optimisation purposes, the last two stages can be integrated into a single stage that should ensure directly the global classification of the exposures in question, without establishing individual classification categories; 2. Calculation of the necessary specific credit risk provisions: (2.1) diminishing the exposures, from the previous stage, which are guaranteed under the provisions of Chapter II Guarantee-based reduction of exposures; 2.2. applying the provisioning coefficient to the exposures that were processed previously and which are subject to the creation of specific credit risk provisions; the correspondence between the classification categories and the provisioning coefficients is described in Table No. 2 of Annex No. 3; 3. resuming stage 1 and 2 for all other debtors in relation to which the lender is incurring exposure to credits. CHAPTER IV The establishment, adjustment, and use of the specific provisions for credit risk. Article 18 - Establishing the specific credit risk provisions concerns their creation and is made by registering the amount of the necessary specific credit risk provisions under expenses. Article 19 - The adjustment of the specific credit risk provisions refers to changing their existing level in order to restore the equal proportion of the existing level vs the required level, and is performed by posting as an expense the difference between the balance level of the specific credit risk provisions and the necessary level, or by re-posting the difference between the existing balance of the specific credit-risk provisions and the needs as income. Article 20 - Using the specific credit risk provisions refers to writing off the specific credit risk provisions and is performed by carrying forward, as income, the amount the represents the balance 113
11/5/2012 9:22:06 AM
of the specific credit risk provisions related to the credits, for which one of the following conditions is met: a) the legal avenues to recover have been exhausted or the time limit of the statutes of limitation has been exceeded; b) the contractual rights related to the credit have been transferred. Article 21 - Lenders shall establish and/or adjust on a monthly basis the specific credit risk provisions related to the credits that have been included in the balance at the end of the respective month, by registering them as expense and/or by carrying them forward as income, regardless of the results of that specific period. Article 22 - Lenders shall establish, adjust, and use the specific credit risk provisions based on the currency in which the credits to be corrected are denominated. CHAPTER V Information requirements Article 23 - For purposes of this Regulation, lenders must have available proper information management methods and procedures ensuring the compliance with the requirements related to the classification of credits and to the establishment of the necessary specific credit risk provisions, as well as to the establishment/adjustment/use thereof. Specifically, there are some requirements5 whose compliance must be ensured by lenders, based on the above-mentioned methods and procedures: a) establish and preserve the correspondence between the eligible real /personal guarantees and the operations representing the credits that they guarantee; b) identify, amongst the amounts registered in the credit and guarantee accounts, both in- and off-balance, all the statements related to a certain operation and, for each of these statements, establishing/associating all the required attributes to perform the classification/provisioning operation; c) adjust the amounts that are posted in the accounting books for the guarantees, in order to calculate the value whereby the amounts that represent exposures are reduced, as extracted from the credit accounts; d) identify all of the operations that represent credits and related guarantees, and that are performed with a certain debtor; e) identify all the debtors in relation to which the lender has credit-related exposures; f) establish and preserve the correspondence between the statements related to the specific credit risk provision accounts and the statements describing the credit operations for which they were created. Article 24 - Lenders must have proper information management and storage methods, as well as procedures enabling them to check primary data and the way in which data has been processed in order to classify credits and to establish the necessary specific credit risk provisions, as well as in order to establish/adjust/use them, for every closing of the accounting period.
5 The requirements related to guarantees are only mandatory if the guarantees are used to mitigate exposure. 114
11/5/2012 9:22:06 AM
CHAPTER VI Reporting requirements Article 25 - (1) Notwithstanding the provisions of paragraph (4), each category of lenders shall report to the National Bank of Romania, on a quarterly basis, on the classification of credit-related exposures and exposures associated to the payment services and their related necessary specific credit-risk provisions. (2) The form and content of the reporting forms, as well as the transmission methods described under paragraph (1) shall be established under an order issued by the National Bank of Romania. (3) Lenders granting exclusively credits related to payment services must report separately on the classification of exposures of the credit category in question, and the related specific credit risk provisions. (4) Further to the request of the National Bank of Romania, lenders must report on any other situation related to the enforcement of this regulation. CHAPTER VII Transitional and final provisions Article 26 - (1) Lenders shall enforce this Regulation starting on the first day of the month following the month when the 90 calendar day period elapsed from the time of publication expired. (2) As of the date when lenders start to enforce this Regulation, Regulation No. 5/2002 of the National Bank of Romania on the classification of credits and placements, as well as on the establishment, adjustment and use of specific credit-risk provisions, as published in Part I of Official Gazette No. 200 of 30 March 2009, as subsequently amended and completed, and Order No. 5/2009 of the National Bank of Romania on reporting on the classification of credits/placements exposures and the related specific credit risk provisions, as published in Part I of Official Gazette No. 284 of 30 April 2009, will be repealed. Article 27 - The failure to comply with the provisions of this Regulation shall result in the enforcement of the penalties and/or measures, as appropriate, that are described under Articles 58 and 59 of Law 93/2009, as subsequently amended and completed, Articles 66 and 68 of Government Emergency Ordinance No. 113/2009, approved as amended by Law 197/2012, as subsequently amended and completed, and under Article 69 and 71 of Law 127/2011, respectively. Article 28 - Annexes 1 through 3 are an integral part of this Regulation. Article 29 - This Regulation shall be published in the Official Gazette of Romania, Part I. The Chairman of the Board of Directors of the National Bank of Romania, Mugur Constantin Isrescu Bucharest, 08 March 2012 No. 5 115
11/5/2012 9:22:06 AM
116
11/5/2012 9:22:07 AM
117
11/5/2012 9:22:08 AM
118
11/5/2012 9:22:09 AM
119
11/5/2012 9:22:10 AM
Law 9/2012 on the motor vehicle emission tax . Part I of Official Gazette No. 17, 10 January 2012
THE ROMANIAN PARLIAMENT HEREBY PASSES THE FOLLOWING LAW Article 1 - (1) This law establishes the legal framework governing the motor-vehicle pollution tax, hereinafter referred to as the tax. - (2) The revenues collected based on this tax shall be deposited in the budget of the Environment Fund and shall be managed by the Environment Fund Administration, in order to finance programmes and projects for environmental protection. Article 2 - For purposes of this Regulation, the terms and expressions below have the following meanings: a) new vehicle - any vehicle that was not registered previously; b) RNTR 2 - Regulations for type approval and issue of the motor vehicle identity card, as well as type approval of products used - RNTR 2, approved by Order No. 211/2003 of the Minister of Public Works, Transportation and Housing, as subsequently amended and completed; c) RNTR 7 - Regulations on individual homologation, issue of the identity card and the authenticity certification of vehicles - RNTR 7, approved by Order of the Ministry of Public Works, Transportation and Housing No. 2132/2005, as subsequently amended and completed; d) removal from the national fleet - any action that results in writing off the registered vehicle, except for decommissioning (scrapping) and dismantling; e) competent tax authority - the territorial tax authority in whose records the taxpayer is registered; f) taxpayer - any natural person or legal entity that finds itself in one of the situations indicated under Article 4; g) used vehicle - any vehicle that was registered previously; h) registration - the administrative operation consisting of recording in the books of the competent authorities, according to the laws in force, the title to property of a vehicle, by its first owner in Romania, and granting the registration certificate and the registration number; i) first transcription of the title to property - the first transfer of the title to property on the used vehicle, made after the time when this Law took effect, in accordance with Article 11 paragraph (2), letter b) of Government Emergency Ordinance No. 195/2002 on the traffic on public roads, republished, as subsequently amended and completed; j) special tax for passenger cars and motor vehicles - the tax provided for in Article 214 of Law 571/2003 on the Tax Code, as subsequently amended and completed, in force until 1 July 2008; k) motor-vehicle pollution tax - the tax, as stipulated by Government Emergency Ordinance No. 50/2008 for the establishment of the motor-vehicle pollution tax, approved by Law 140/2011; l) tax - represents the amount owed by the taxpayer for pollutant emissions from vehicles included in the M1, M2, M3, and N1, N2, N3 categories. Article 3 - (1) The tax is applicable to vehicles included in the M1, M2, M3 and N1, N2, N3 120
11/5/2012 9:22:10 AM
categories, as defined in RNTR 2, except: a) vehicles owned by diplomatic missions, consular offices and members thereof, and other organisations and foreign individuals having diplomatic status, which operate in Romania; b) vehicles that are customised to accommodate the needs of disabled persons, for the transportation of persons with severe and profound disabilities, as defined in Law 448/2006 on the protection and promotion of the rights of persons with disabilities, republished, as subsequently amended and completed; c) vehicles for use by the armed forces, state security forces, police, Gendarmerie, border police and fire fighters; d) vehicles defined according to the RNTR 2 as vehicles for ambulance and medical services, vehicles equipped for emergency aid and special vehicles for extrication services and fire fighting; (2) The exception provided in paragraph (1), b) applies only to a single vehicle purchased during a 5-year period and if the vehicle is owned by a disabled person. (3) The special alterations to the vehicles are registered by the Romanian Car Registry Autonomous Administration in the identity card of the vehicle. (4) The list of special alteration to the vehicle list is provided in RNTR 7. (5) Vehicles with transmission that can operate in automatic mode, owned by people with disabilities, according to paragraph (1), letter b) fall into the category of vehicles that are exempt from tax, provided that the provisions of paragraph (3) are observed. (6) The category of vehicles mentioned under paragraph (1), d) includes only those vehicles provided with special equipment required to perform ambulance and medical services, extrication or fire fighting services, and which are entered in the records of the ambulance stations, of mobile emergency and resuscitation services, and of the inspectorates for emergency situations . The same category includes the vehicles provided with special equipment required to perform ambulance and medical services, as well as fire fighting services, owned by economic operators. Article 4 - (1) The tax shall have to be paid under the following circumstances: a) when a vehicles first owner in Romania has such title to property recorded in the registry books of the competent authorities, according to the laws in force, and when the related registration certificate and registration number are issued; b) when a vehicle re-enters into service, after the expiry of an exception or exemption provided for in Article 3 and 8; c) when the vehicle is reinsertion into the national fleet if, when removed from the national fleet, the residual value of the tax was reimbursed to the owner, in accordance with Article 7. (2) The tax payment obligation occurs when the title to property over a used motor vehicle is first transcribed in Romania, and for which the passenger car and motor vehicle special tax or the motor-vehicle pollution tax has not been paid according to Law 571/2003, as subsequently amended and completed, and which is not included in the category of vehicles excepted or exempted from such tax, under the legislation in force at the time of registration. Article 5 - (1) The competent tax authority calculates the tax based on the documents that proof of the title to property of the vehicle and using the tax computing elements of the charge, filed by 121
11/5/2012 9:22:10 AM
the taxpayer intending to carry out the registration or the first transcription of the title to property. The list of documents is mentioned in the Methodological Rules that support the enforcement of this Law. (2) The amount of the tax, in RON, is calculated based on the EUR exchange rate established on the first working day of October of the previous year, and published in the Official Journal of the European Union (3) The tax is paid by the taxpayer in a separate account, opened at the State Treasury, on behalf of the Environment Fund Administration, and the proof of payment shall be submitted upon registration or transcription of the vehicles title to property, in one of the situations provided for in Article 4. Article 6 - (1) The due tax amount is calculated on the basis of the elements provided for in Annexes 1-5, as follows: a) for vehicles included in the M1 category, having as corresponding emission the Euro 3, Euro 4, Euro 5 or Euro 6 standards: 1. for vehicles having Euro 5, Euro 4, and Euro 3 as emission standards, the tax is calculated based on the emissions of carbon dioxide (CO2) and the tax for polluting emissions in Euro/l gram of CO2, provided in Annex No. 1, and of the emission standard and tax for pollutant emission in Euro/1 cc, provided in Annex No. 2, and of the tax reduction rate, provided in column No. 2 of Annex No. 4, using the formula: Due amount = [(A x B x 30%) + (C x D x 70%)] x (100 - E)%, where: A = the combined value of the CO2 emissions in grams/km; B = polluting emission tax, expressed in EUR/1 gram of CO2, provided in column No. 3 of Annex No. 1, C = cylinder capacity (capacity displacement); D = polluting emissions tax for cylinder capacity, provided in column No. 3 of Annex No. 2, E = tax reduction rate, provided in column No. 2 of annex No. 4; 2. for vehicles having Euro 6 as emission standards, the tax is calculated based on the formula set out under Point 1 as soon as the Euro 6 standard for the registration, sale and entry into service of new vehicles takes effect, according to the (EC) Regulation No. 715/2007 of the European Parliament and of the Council of 20 June 2007 on type-approval of motor vehicles, with respect to emissions from light passenger vehicles and light commercial vehicles (Euro 5 and Euro 6) and on the access to information on vehicle repair and maintenance operations; b) for vehicles included in the M1 category, having non-Euro, Euro 1 or Euro 2 as corresponding emission standards and for which the combined value of the CO2 emissions is unspecified, according to the formula: where C = cylinder capacity (capacity displacement); D = polluting emissions tax for cylinder capacity, provided in column No. 3 of Annex No. 2, E = tax reduction rate, provided in column No. 2 of annex No. 4; c) the formula set out under letter b) is also applicable to the vehicles included in the M1 category, having as corresponding emission standards Euro 3, Euro 5 or Euro 6, which do not have a European type approval, and for which the combined value of the CO2 emissions is unspecified; d) the formula set out under letter b) is also applicable to the vehicles included in the M2, M3, N1, N2, and N3 categories, and for which the polluting emissions tax, related to the cylinder capacity, is specified in column 2 of the Annex No. 3; (2) The Euro emission standard and the value of the CO2 emission, referred to under paragraph (1), are those mentioned by the Romanian Car Registry Autonomous Administration Authority (Rom. Registrul Auto Roman) in the vehicle identity card, according to the rules for the enforcement of this law. For vehicles that do not have a European type approval for the entire vehicle, such elements are established in accordance with the regulations in force. 122
11/5/2012 9:22:10 AM
(3) The tax reduction rate, provided in Annex No. 4, is determined according to the age of the vehicle. (4) When the tax is calculated, additional reductions may be made, apart from the tax reduction provided in Annex No. 4, depending on the deviations from the norm of the element/elements substantiating the establishment of the fixed rate, if the person requesting registration or, as appropriate, the first transcription of the title to property of a used motor vehicle, declares that the actual annual average use of the vehicle in question is greater than the annual average use deemed standard for that category of vehicles, according to the guidelines that support the enforcement of this law. In this case, the tax calculation is based on the tax rate reduction resulting from the rate provided in Annex No. 4, increased by the additional reduction rate provided in Annex No. 5. When the new reduction rate is higher than 90%, the 90% reduction rate shall apply. (5) The amount of the tax to be paid, calculated according to paragraph (1), may be adjusted when the person that requests the registration or, if applicable, the first transcription of the title to property of a used motor vehicle is able to prove, based on the technical expertise conducted by the Romanian Car Registry Autonomous Administration, that the depreciation of the used vehicle is greater, according to the guidelines that support the enforcement of this law. (6) The age of the vehicle is calculated based on the date when first registered. (7) When the person who requests the registration or the first transcription of the title to property over the vehicle is unable to prove the registration date of the vehicle, the production year shall be taken into account for tax calculation purposes. Article 7 - (1) The taxpayer who has paid the tax shall be reimbursed its residual value according to paragraph (3), if a motor vehicle for which the motor-vehicle motor-vehicle pollution tax, as defined in Article 2 letter k), or the tax under this Law have been paid in Romania, is subsequently removed from the national fleet. (2) The residual value of the tax is the tax that would have been paid for the vehicle in question, if it had been registered as soon as removed from the national fleet. further to the request of the taxpayer, based on the following (3) The tax shall be reimbursed documents: a) a document proving that the applicant was the last owner of the vehicle removed from the national fleet; b) proof that the vehicle was written off. Due amount = C x D x (100 - E), 100. (4) The reimbursement application is submitted to the competent tax authority. (5) If the tax residual value, calculated as specified under this article, is higher than the tax paid when the vehicle is registered in Romania, the residual value calculated proportionally to the paid tax shall be refunded. Article 8 - (1) No tax is due when vehicles: a) are included in the historic vehicle category, as defined by the laws in force; b) are given to educational, healthcare and cultural institutions, ministries, other public 123
11/5/2012 9:22:10 AM
administration bodies, employers associations and trade unions of national importance, public utility associations and foundations, by foreign governments, international organisations and nonprofit and charitable organisations, through donations or directly, via non-reimbursable grants, as well as within scientific and technical cooperation programmes; c) are seized or transferred, by law, to the property of the state and given, free of charge, in accordance with the legal provisions in force; d) are intended for sports competitions, as defined by the laws in force; (2) For vehicles equipped with diesel engines and particle filters, as confirmed by the Romanian Car Registry Autonomous Administration, the tax amount is reduced by 25%. Article 9 - (1) The tax amount may be disputed when the person registering or transcribing the title to property of a used motor vehicle can prove that the vehicle in question has depreciated to an extent greater than the one indicated by the grid provided in annex No. 4. (2) The assessment of the depreciation level will be conducted on the basis of the elements taken into account when establishing the reduction rate provided in Article 6, paragraph (4). (3) In case of dispute, the used car characteristics, provided under paragraph (2), are established, at the request of the taxpayer, via a technical expertise conducted by the Romanian Car Registry Autonomous Administration, for a fee, according to the procedure stipulated by the rules for the enforcement of this law. (4) The technical expertise fee is determined by the Romanian Car Registry Autonomous Administration depending on the technical expertise operations required and cannot exceed the cost thereof. (5) The results of the technical expertise are recorded in a document issued by the Romanian Car Registry Autonomous Administration, which includes the information corresponding to each of the items mentioned in paragraph (2), as well as the resulting reduction rate. (6) The document on the results of the technical expertise, issued by the Romanian Car Registry Autonomous Administration, shall be submitted by the taxpayer to the relevant tax authorities. (7) When the relevant tax authority gets the document mentioned in paragraph (6), it shall recalculate the due amount representing the tax, which may result in the reimbursement of the difference, as paid upon registration or transcription of the title to property of a used motor vehicle. (8) If duly justified, the tax authority may request a second opinion. Article 10 - The relevant tax authority shall ascertaining, check, collect and settle the tax-related disputes regarding the amounts due by taxpayers, according to the provisions of the Government Ordinance No. 92/2003 on the Code of Fiscal Procedure, as republished and as subsequently amended and completed. Article 11 - Any taxpayer who is dissatisfied with how a dispute is resolved may approach the courts that handle contentious matters and that have the appropriate jurisdiction under the law. Article 12 - (1) If the motor-vehicle pollution tax paid by taxpayers as of 1 July 2008 and up until 124
11/5/2012 9:22:10 AM
the time when this Law takes effect, according to Government Emergency Ordinance No. 50/2008, approved by Law No. 140/2011, as subsequently amended and completed, is higher than the tax resulting from the enforcement of these provisions on vehicle pollutant emissions tax, calculated in RON and observing the exchange rate applicable at the time of registration in Romania, the amounts representing the balance of paid tax may only be reimbursed to the holder of the payment obligation, according to the procedure specified by the rules for the enforcement of this law. The balance to be refunded shall be calculated based on the formula set out in this law, which uses elements considered when the vehicle was first registered in Romania. (2) The amounts set out in paragraph (1) shall be refunded upon the taxpayers request, duly submitted to the relevant tax authority, in accordance with Government Ordinance No. 92/2003, as republished, as subsequently amended and completed. (3) The resulting tax, i.e. the difference between the amount paid by the taxpayer as special tax and the amount resulting from the application of the pollutant emission tax are refunded observing the statute of limitation specified in the tax law, according to the procedure established in the guidelines that support the enforcement of this law. Article 13 - The expenses established by courts under final and binding rulings, which should be paid by the state, as well as any other expenses incurred following the court enforcement procedure, shall be paid out of the tax collected in the accounts of the relevant tax authority or from the tax transferred to the budget of the Environment Fund, as applicable. Article 14 - Within 15 days from the date when this law is published in Part I of the Official Gazette of Romania, the Ministry of Environment and Forests and the Ministry of Administration and Interior, the Ministry of Finance and the Ministry of Transportation and Infrastructure shall write the guidelines that will support the enforcement of this law and that have to be formalised under a Government Decision. Article 15 - Annexes 1 through 5 are an integral part of this Law. Article 16 - When this Law becomes effective, Government Emergency Ordinance No. 50/2008 on the establishment of the motor vehicle pollution tax, published in Part I of Official Gazette of Romania No. 327 of 25 April 2008, approved by Law 140/2011 and by Government Decision No. 686/2008 on the approval of the Methodological Rules for the enforcement of Government Emergency Ordinance No. 50/2008 for the establishment of the motor vehicle pollution tax, published in Part I of Official Gazette of Romania No. 480 of 30 June 2008, as subsequently amended and completed, is repealed. This Law has been passed by the Romanian Parliament, in compliance with Articles 75 and 76, paragraph (2) of the Romanian Constitution, as republished.
125
11/5/2012 9:22:10 AM
Annex No. 1 - Pollution tax rates, according to CO2 emission level Emission standard1) CO2 emission Pollution tax Rates - gram CO2/km - EUR/1 gram CO2 0 0 0
Hybrid, electric Euro 6 Euro 5, Euro 4, Euro 3 < =120 121-150 151-180 181-210 211-240 241-270 > =271
0.5 1.0 2.0 4.0 6.0 8.0
---------------1) The emission standard is the one established by: - (EC) Regulation No. 715/2007 for Euro 5 and Euro 6; - Directives 98/69/EC and 2002/80/EC for Euro 3 and Euro 4.
126
11/5/2012 9:22:10 AM
Annex No. 2 - Pollution tax rates, depending on emission standard Emission standard1) Cylinder capacity Tax level for polluting emissions Cylinder capacity - EUR/1 cc - cc Hybrid, electric Euro 6 2) Euro 5 <=1,200 1,201-1,400 1,401-1,600 1,601-2,000 2,001-3,000 >3,000 <=1,200 1,201-1,400 1,401-1,600 1,601-2,000 2,001-3,000 >3,000 <=1,200 1,201-1,400 1,401-1,600 1,601-2,000 2,001-3,000 >3,000 <=1,200 1,201-1,400 1,401-1,600 1,601-2,000 2,001-3,000 >3,000 <=1,200 1,201-1,400 1,401-1,600 1,601-2,000 2,001-3,000 >3,000 <=1,200 0.065 0.130 0.195 0.260 0.325 0.390 0.50 0.67 0.90 1.80 2.25 2.70 1.30 2.34 3.51 4.68 5.85 7.02 3.00 4.50 6.75 9.00 11.25 16.00 6.60 9.90 14.85 19.80 24.75 29.70 15.80 127 0
Euro 4
Euro 3
Euro 2
Euro 1
Non-Euro
11/5/2012 9:22:11 AM
1,201-1,400 1,401-1,600 1,601-2,000 2,001-3,000 >3,000
23.77 35.62 47.55 70.00 95.10
--------------1) The emission standard is the one established by: - (EC) Regulation No. 715/2007 for Euro 5 and Euro 6; - Directives 98/69/EC and 2002/80/EC for Euro 3 and Euro 4. - Directives 94/12/EC and 96/69/EC for Euro 2. - Directives 91/441/EEC and 93/59/EEC for Euro 1. 2) The pollution tax rates (EUR/1cc) shall be determined upon entry into force of the Euro 6 Standard for the registration, sale and entry into service of new vehicles, according to the (EC) Regulation No. 715/2007
128
11/5/2012 9:22:11 AM
Annex No. 3 - pollution tax rates, for motor vehicles included in the N1, N2, N3, M2, and M3 categories Emission standard1) pollution tax rates - Euro/1 cc 0 0,05 0,25 0,5 2 4 9
Euro 6/VI2) Euro 5/V Euro 4/IV Euro 3/III Euro 2/II Euro 1/I Non-Euro -------------1) The emission standard is the one established by: - Directives 1999/96/EC and 2005/55/EC for Euro III, Euro IV and Euro V; - Directives 91/542/EEC and 96/1/EC for Euro II. - Directive 91/542/EEC for Euro I. 2) The pollution tax rates (EUR/1cc) shall be determined upon entry into force of the Euro 6 Standard for the registration, sale and entry into service of new vehicles, according to the (EC) Regulation No. 715/2007.
129
11/5/2012 9:22:11 AM
Annex No. 4 - Pollution tax discount rates Vehicle age reduction rate -%-
New 1 month 3 months included > 3 months 6 months included > 6 months 9 months included > 9 months 1 year included > 1 year 2 years included > 2 years 3 years included > 3 years 4 years included > 4 years 5 years included > 5 years 6 years included > 6 years 7 years included > 7 years 8 years included > 8 years 9 years included > 9 years 10 years included > 10 years 11 years included > 11 years 12 years included > 12 years 13 years included > 13 years 14 years included Over 14 years 90 5 8 10 13 21 28 33 38 43 49 55 61 66 73 79 84 89
130
11/5/2012 9:22:11 AM
Annex No. 5 - Additional pollution tax rate discounts, according to the actual annual average mileage
Category of vehicle Difference between average use actual annual use and average use additional annual standard -%- Km M1 <5,000 5,001-10,000 10,001-15,000 15,001-20,000 20,001-25,000 25,001-30,000 >30,001 <10,000 10,001-20,000 20,001-30,000 30,001-40,000 40,001-50,000 >50,001 0.5 0.75 1.0 1.25 1.5 1.75 0.5 0.75 1.0 1.25 1.5 0.5 0.75 1.0 1.25 1.5 0.5 0.75 1.0 1.25 1.5 0
reduction rate
N1
M2 and N2 <15,000 15,001-30,000 30,001-45,000 45,001-60,000 60,001-75,000 >75,001 M3 and N3 <25,000 25,001-50,000 50,001-100,000 100,001-150,000 150,001-200,000 > 200,001
PRESIDENT OF THE CHAMBER OF DEPUTIES ROBERTA ALMA ANASTASE PRESIDENT OF THE SENATE VASILE BLAGA Bucharest, on 6 January 2012, No. 9 131
11/5/2012 9:22:11 AM
Emergency Ordinance No. 1/2012 to suspend the enforcement of certain provisions of Law No. 9/2012 governing the tax chargeable on motor-vehicle pollution and to reimburse the tax paid according to Article 4, paragraph (2) of Law has been published in Part I of Official Gazette No. 79 of 31 January 2012
Considering the technical difficulties that could be generated by the immediate enforcement of Article 2, letter i), Article 4, paragraph (2) and those regarding the first transcription of the title to property, and Article 5, paragraph (1) of Law No. 9/2012 governing the tax chargeable on motor-vehicle pollution, and considering the need to overcome these difficulties in order to be able to correctly charge the motor-vehicle pollution fee, and the need to remove the risk to be late in establishing this tax exactly, in order to reassess the impact that the measures specified in this piece of legislation could have both economically and socially, a time interval of one year should be allocated for that purpose. Moreover, this measure is necessary in order to streamline the enforcement of the motor-vehicle pollution tax and to clarify the legal disputes that have been generated by the enforcement of Emergency Ordinance No. 50/2008 regarding the motor vehicle pollution tax. Since the failure to enforce this Emergency Ordinance would inflict negative consequences upon the way in which the motor-vehicles falling in the category of the ones specified in Law No. 9/2012 are taxed, and considering the fact that these elements are associated to the public interest and represent an emergency situation and an extraordinary circumstance that has to be regulated formally without delay, as per Article 115, paragraph (4) of the Romanian Constitution, as republished, the Government of Romania hereby adopts this Emergency Ordinance.
Article 1 - Provisions of Article 2, letter i), Article 4, paragraph (2) and the provisions regarding the first transcription of the title of property as per Article 5, paragraph (1) of Law No. 9/2012 governing the tax chargeable on motor-vehicle pollution, published in Part I of the Official Gazette of Romania No. 17 of 10 January 2012, shall no longer be applied as of the date when this Emergency Ordinance takes effect up until 1 January 2013.
Article 2 - (1) Taxpayers who have paid the motor-vehicle pollution tax upon the first transcription of their title to property, in accordance with Article 4, paragraph (2) of Law No. 9/2012, over the span of time included between the date when this Law took effect and the date when this Emergency Ordinance took effect may request to have this tax reimbursed. (2) The amounts described under paragraph (1) shall be refunded further to the taxpayers request, which should be lodged with the relevant tax authority, as per Government Ordinance No. 92/2003 that governs the Code of Fiscal Procedure, as subsequently amended and completed, which shall apply accordingly except for the provisions of Article 124 in the respective Ordinance. 132
11/5/2012 9:22:11 AM
(3) The amounts shall be refunded before the expiry of the statutes of limitation specified under Article 135 of Government Ordinance No. 92/2003, as republished, as subsequently amended and completed. PRIME MINISTER EMIL BOC Also endorsed by: Minister of Environment and Forests, Lszl Borbly Minister of Administration and Interior, Constantin-Traian Iga Pp. Minister of Transportation and Infrastructure, Gheorghe Dobre, secretar general Pp. Minister of European Affairs, Ctlin Teodor Vatafu, secretary of state Minister of Public Finances, Gheorghe Ialomiianu
Bucharest, 30 January 2012 No. 1
133
11/5/2012 9:22:11 AM
EMERGENCY ORDINANCE no. 24 of 6 June 2012 amending and supplementing Law No. 571/2003 governing the Tax Code and regulating certain financial and tax measures ISSUER: THE ROMANIAN GOVERNMENT PUBLISHED IN: THE OFFICIAL JOURNAL No. 384 OF 7 JUNE 2012
() 5. Article 21, paragraph (3), letter n) is amended and shall have the following content: n) operating, maintenance and repair costs for company cars used by persons holding management and administrative positions of the legal entity, are deductible, to a limited degree, under paragraph (4) letter t) for no more than one vehicle for each person having such a position. 6. Article 21, paragraph (4), letter t) is amended and shall have the following content: t) 50% of the costs of road motor vehicles which are not used exclusively for conducting business, having a maximum authorised weight not exceeding 3,500 kg and no more than 9 passenger seats, including the drivers seat, owned or used by the taxpayer. These expenses are fully deductible in situations in which such vehicles are included in any of the following categories: 1. vehicles used exclusively for emergency services, security and protection services, and courier services; 2. vehicles used by sales and procurement personnel; 3. vehicles used for passenger transport, in exchange for payment, including taxi services; 4. vehicles used for the provision of services in exchange for payment, including for rental to other persons or for instruction, as used by driving schools; 5. vehicles used as goods, for commercial purposes. The expenses covered by these provisions do not include the depreciation expenses. The way these provisions are to be enforced shall be established by means of guideline norms. 7. Under Article 22, paragraph (1), letter m) shall be inserted after the letter l) that shall have the following content: m) the provisions/adjustments for doubtful debts taken over from credit institutions in order to recover them, observing the difference limit between the amount of the receivables taken over by assignment and the amount to be paid to the assignor, for receivables that meet, cumulatively, the following requirements: 1. are assigned and recorded in the assignees accounts after the 1st of July 2012, inclusively; 2. are transferred from one person or payable by a person not affiliated to the taxpayer that has the quality of assignee; 3. were included in the taxable income of the taxpayer that has the quality of assignee. 8. Under Article 48, paragraph (7), letter l^1) is amended and shall have the following content: 134
11/5/2012 9:22:11 AM
l^1) 50% of the costs of road motor vehicles which are not used exclusively for conducting business, having a maximum authorised weight not exceeding 3,500 kg and no more than 9 passenger seats, including the drivers seat, owned or used. These expenses are fully deductible in situations in which such vehicles are included in any of the following categories: 1. vehicles used exclusively for emergency services, security and protection services, and courier services; 2. vehicles used by sales and procurement personnel; 3. vehicles used for passenger transport, in exchange for payment, including taxi services; 4. vehicles used for the provision of services in exchange for payment, including for rental to other persons or for instruction, as used by driving schools; 5. vehicles used as goods, for commercial purposes. The expenses covered by these provisions do not include the depreciation expenses. In the case of road motor vehicles, owned or used, which are not subject to the expense deduction limit, the general deduction rules shall apply. The way these provisions are to be enforced shall be established by means of guideline norms. () 15. Article 145^1 is amended and shall have the following content: Special limitations of the deduction right Article 145^1 (1) Notwithstanding the provisions of Article 145, the deduction right is limited to 50% for the taxes related to the purchase, intra-community purchase, import, rental or leasing of road motor vehicles and the taxes for the expenses related to the vehicles owned or used by the taxpayer, if the vehicles are not used exclusively for conducting business. (2) The restriction referred to under paragraph (1) does not apply to road motor vehicles with a maximum authorised weight exceeding 3500 kg or having more than 9 seats, including the drivers seat. (3) The provisions of paragraph (1) do not apply to the following categories of road motor vehicles: a) vehicles used exclusively for emergency services, security and protection services, and courier services; b) vehicles used by sales and procurement personnel; c) vehicles used for passenger transport, in exchange for payment, including taxi services; d) vehicles used for the provision of services in exchange for payment, including for instruction, as used by driving schools; e) vehicles used for rental or whose use is assigned by means of a financial or operating leasing agreement; f) vehicles used as goods, for commercial purposes. (4) The provisions of paragraphs (1) to (3) included shall also apply if invoices were issued and/or advances were paid, as part of the equivalent value of the goods and/or services before 1 July 2012, if the delivery/provision occurs after such date. (5) The general rules of deduction set out in Article 145 and Articles 146 - 147^1 shall apply to the vehicles not subject to the limitation of the deduction right according to paragraph (1), which 135
11/5/2012 9:22:11 AM
are used exclusively to conduct business, as well as those exempt from the deduction limit under paragraph (3). (6) The way these provisions are to be enforced shall be established by guideline norms. 16. Under Article 152, paragraphs (1), (2) and (5), (7) are amended and shall have the following content: (1) the taxable persons established in Romania according to Article 125^1, paragraph (2) letter a), whose annual turnover, either declared or achieved, is below the EUR 65,000 ceiling, whose equivalent in RON is determined taking into account the exchange rate published by the National Bank of Romania upon accession and is rounded to the next thousand, or RON 220,000, may apply for a tax exemption, hereinafter referred to as the special tax relief conditions for the operations described in Article 126 paragraph (1), excluding intra-Community supplies of new means of transportation, which are exempted under Article 143, paragraph (2) letter a). (2) The turnover serving as a reference for the application of paragraph (1) is formed of the total value, not including the tax, in the case of taxable persons requesting the de-registration from the VAT-payers records of the supplies of goods and services made by a taxable person during a calendar year, taxable or, as appropriate, which would be taxable if they were not conducted by a small enterprise, of operations resulting from economic activities for which the place of supply/provision is considered to be abroad, if the tax were deductible, if these operations were performed in Romania according to Article 145, paragraph (2), letter b), of exempt operations with deductibility and of exempt operations without deductibility, as set out in Article 141, paragraph (2), letters a), b), e) and f), unless they are incidental to the main activity, except for the following: a) supplies of tangible or intangible assets, as defined in Article 125^1, paragraph (1), section 3, made by taxable persons; b) intra-community supplies of new means of transportation, exempted under Article 143 paragraph (2), letter a). () (5) For the newly incorporated taxable persons, which start an economic activity during a calendar year, the exemption ceiling is the one referred to in paragraph (1). (6) The taxable person applying the special tax relief conditions and whose annual turnover referred to in paragraph (2) is greater than or equal to the ceiling provided in paragraph (1) shall apply for registration for VAT purposes according to Article 153, within 10 days from the time when the said ceiling has been reached or exceeded. The date when the ceiling was reached or exceeded is deemed to be the first day of the calendar month following the month in which the ceiling was reached or exceeded. The special tax relief conditions shall apply by the date of registration as a VAT payer, as per Article 153. If the taxable person in question does not request or requests a late registration, the tax authorities are entitled to set tax payment obligations and related accessories starting on the date on which said taxable person should have been registered for taxation purposes, under Article 153. (7) The taxable person registered as a VAT payer under Article 153 that, during the preceding calendar year, has not exceeded the tax relief ceiling provided in paragraph (1) may request the removal from the records of persons registered as a VAT payer under Article 153, in order to apply for the special tax relief conditions, provided that, on the date when such application is filed, the tax relief ceiling for the current year should not exceeded. The application may be submitted to the tax authorities between the 1st and 10th day of each month following the tax period applied by the taxable person, under Article 156^1. 136
11/5/2012 9:22:11 AM
The cancellation will be effective starting on the date when the decision to remove from the records of persons registered as a VAT payer is notified. The tax authorities are required to solve the applications for the removal from the records of persons registered as a VAT payer no later than the end of the month in which such application is filed. Before the decision to cancel the registration for VAT purposes is notified, the taxable person shall enjoy all of the rights and be bound by all obligations incumbent upon VAT payers according to Article 153. The taxable person that applies for de-registration must file the last tax return specified in Article 156^2, regardless of the taxation period applied under Article 156^1, until the 25th day of the month following the month in which the decision to cancel the VAT-payers status was notified. In the tax return filed last, taxable persons are required to highlight the value resulting from the tax adjustments, under this title. ()
PRIME MINISTER, VICTOR VIOREL PONTA Also endorsed by: Deputy Prime Minister, The Ministry of Public Finances, Florin Georgescu The Minister of European Affairs, Leonard Orban The Minister of the Economy, Trade and Business Environment Daniel Chioiu Bucharest, 6 June 2012 No. 24
137
11/5/2012 9:22:11 AM
11/5/2012 9:22:11 AM

Catalog Alb 2012

Încărcat de

Informații document

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

Catalog Alb 2012

Încărcat de

Drepturi de autor:

Formate disponibile

Piaa Instituiilor Financiare Nebancare din Romnia - 2012

The Non-Banking Financial Institutions Market in Romania - 2012

Anexa la Ordinul BNR nr. 25/2011

Antoaneta Curteanu Presedintele ALB

Orice afacere ai avea,

noi `\i finan\[m investi\iile

2. Non-banking financial markets Romania history and present

Surse bibliografice selectate

Adriana Ahciarliu Secretar General ALB Romnia

Piaa de leasing financiar n Romnia Financial Leasing Market in Romania 30.06.2012

Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE ALB ROMANIA

22% 17% 69%

663,314 397,756 184,220 81,338

-2% 17% -12%

648,685 464,745 161,678 22,262

-33% 338,992 152,197 -28% 95,407

76% 71% 65% 62% 60% 71%

20% 22% 22% 20% 15% 30.06.2009

28% 20% 25% 18% 30.06.2010

20% 9% 7% 5% 0% 0% CORPORATE / COMPANII PUBLIC / PUBLIC 2%2%3% RETAIL / RETAIL 30.06.2010

6% 4%3% RETAIL / RETAIL

1%1%1% 0% PUBLIC / PUBLIC 30.06.2011 CORPORATE / COMPANII

0% RETAIL / RETAIL 30.06.2012

0%0% 1% 0% PUBLIC / PUBLIC

40% 24% 24% 21% 14% 7% 15%

20% 16% 14% 12% 15%

0% New / Noi 30.06.2009 30.06.2010 Used / Second Hand New / Noi

Used / Second Hand

Used / Second Hand 30.06.2011

Used / Second Hand 30.06.2012

100% 78% 81%

40% 10% 12% 8% 0% 30.06.2010

30% 26% 25% 23% 22% 19% 20%

15% 13% 14%

70% 58% 57% 56% 61%

40% 30% 27% 25% 19% 17% 16% 13% 12%

HEAVY COMMERCIALS/ Vehicule Comerciale Grele

Agriculture 18% Construction 33% Agriculture 22%

Electrical devices 14%

Food & Beverage 7% Wood processing Office + IT 3% 4% Medical 6%

50% 40% 39% 31% 18% 22% 18% 15% 5% 0% 1%

1,500 429 352

2,500 30.06.2011 30.06.2012

1,000 286 322

5 REAL ESTATE / IMOBILIAR

600 275 263

0 Number of employees in HO / Nr. de angajati in sediul central

Number of employees in branches / Nr. de angajati in sucursale

Total employees / Total angajati

Consumer Credit Market in Romania Piata creditului de consum in Romania 30.06.2012

Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE ALB ROMANIA

Outstanding by Loan Type Portofoliul dupa tipul de credit

Consumer credit for personal consumption / Credite destinate consumului personal

Credits for Vehicles / Credite auto

Industrial Credit/ Credite Industriale

New Credit Granted Credite noi acordate

Industrial Credit/ Credite Industriale

52% Direct personal loans Imprumuturi de tip nevoi personale

Credit at the point of sale Credit la POS

New Credit Granted by Value Credite noi acordate dupa valoare

10% 10% 11%

Married / Casatoriti Unmarried / Necasatoriti

Elementary (1-8 clase) Medium (Liceu+ profesionala) Superior

9% 0-500 RON 501-1.000 RON 1.001-1.500 RON 1.501-2.000 RON