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Antreprenoriat si profesia medicala

1. Koelewijn, Wout T, Matthijs de Rover, Michel Ehrenhard si Wim H Van Harten.

2014.Physician entrepreneurship explained: a case study of intra-organizational
dynamics in Dutch hospitals and specialty clinics, Human Resouces for Health: 1228;
2. Kovalainen, Anne si Johanna Osterberg-Hogstedt.2013. Entrepreneurship within
social and health care, International Journal of Gender and Entrepreneurship 5 (1):

Mediul antreprenorial romanesc

1. Dumitrescu, Alina Ligia.2014.Small and medium Sized Enterprises as the Driving

Force of Romanian Economic Growth, Knowledge Horizons-Economics 6(2): 49-53;
2. Armeanu, D., Istudor, N. and Lache, L., 2015. The Role of SMEs in Assessing the
Contribution of Entrepreneurship to GDP in the Romanian Business Environment.
Amfiteatru Economic 17(38): 195-211;

Finantarea IMM-uri si activitatea de creditare

1. American Bankers Association, The Business of Banking

2. Asociatia Romana a Bancilor,, Accesarea unui credit
3. Asociatia Romana a Bancilor, , Dictionar de termeni
4. Asociatia Romana a Bancilor, , Drepturi si obligatii
ale consumatorului
5. Asociatia Romana a Bancilor, , Cum sa-mi gesionez

6. Asociatia Romana a Bancilor, , Riscul unui credit

7. Raiffeisen Bank, Conditii generale de derulare a operatiunilor bancare pentru persoane
juridice si entitati fara personalitate juridica.
8. Dedu, Vasile si Adrian Enciu. Loan Products Included in the Offer of Commercial
Banks, Theoretical and Applied Economics: 67-74;
9. Silivestru(Popescu), Daniela Rodica.2012. BANK LOANS AND SMALL FIRM
FINANCING IN ROMANIA, Annales Universitatis Apulensis Series Oeconomica, 14(1):

10. BDULESCU, Daniel.2010. SMEs Financing: the Extent of Need and the Responses
of Different Credit Structures, Theoretical and Applied Economics 7(548):25-36;
11. Munteanu, Irina si Anca Bran. The Influence of the Active Rate of Interest over the
Financing Decision of the Enterprise, Theoretical and Applied Economics :67-72;
12. Oncioiu, Ionica. 2012. Small and Medium Enterprises Access to Financing A
European Concern: Evidence from Romanian SME, International Business Research;
5(8): 47-58;

Intrebari de verificare

Koelewijn et al. Human Resources for Health 2014, 12:28


Open Access

Physician entrepreneurship explained: a case

study of intra-organizational dynamics in Dutch
hospitals and specialty clinics
Wout T Koelewijn1*, Matthijs de Rover1, Michel L Ehrenhard2 and Wim H van Harten1

Background: Challenges brought about by developments such as continuing market reforms and budget
reductions have strained the relation between managers and physicians in hospitals. By applying neo-institutional
theory, we research how intra-organizational dynamics between physicians and managers induce physicians to
become entrepreneurs by starting a specialty clinic. In addition, we determine the nature of this change by
analyzing the intra-organizational dynamics in both hospitals and clinics.
Methods: For our research, we interviewed a total of fifteen physicians and eight managers in four hospitals and
twelve physicians and seven managers in twelve specialty clinics.
Results: We found evidence that in becoming entrepreneurs, physicians are influenced by intra-organizational
dynamics, including power dependence, interest dissatisfaction, and value commitments, between physicians and
managers as well as among physicians groups. The precise motivation for starting a new clinic can vary depending on
the medical or business logic in which the entrepreneurs are embedded, but also the presence of an entrepreneurial
nature or nurture. Finally we found that the entrepreneurial process of starting a specialty clinic is a process of sedimented
change or hybridized professionalism in which elements of the business logic are added to the existing logic of medical
professionalism, leading to a hybrid logic.
Conclusions: These findings have implications for policy at both the national and hospital level. Shared ownership and
aligned incentives may provide the additional cement in which the developing entrepreneurial values are glued to the
central medical logic.
Keywords: Hospitals, Specialty clinics, Physicians, Managers, Entrepreneurship

In the Netherlands, a system of regulated competition
with a mandate for individuals to purchase insurance was
introduced in 2006. In addition, reforms containing elements from managed competition were implemented as
the former lump-sum financing system was gradually
replaced by a fee-for-service system. This, combined
with the favourable treatment of specialty clinics, caused an
increase in entrepreneurial activities. The number of specialty clinics (many of which were founded by physicianentrepreneurs) rose by 62% from 149 in 2007 to 241 in
* Correspondence:
Department of Health Technology and Services Research, School of
Management and Governance, University of Twente, Drienerlolaan 5,
Enschede 7522, NB, The Netherlands
Full list of author information is available at the end of the article

2010, while the total revenue of these clinics tripled to 315

million euros, equaling roughly 2.5% of the total hospital
budget [1]. These developments were supported by the
Dutch Healthcare Authority, which advocated more specialty clinics because of their substantially lower charges
compared to hospitals [1], while in addition, the Dutch
Health Care Inspectorate pointed at the positive developments with regard to the quality of care provided by specialty clinics [2,3]. In the media as well, specialty clinics
were being welcomed as efficient providers, providing fast
access to patient-oriented care [4-7].
Despite the positive perception of physicians entrepreneurship as a part of managed competition, it still remained
a relatively rare phenomenon as the vast majority of physicians continued to work in hospitals, leaving the start of

2014 Koelewijn et al.; licensee BioMed Central Ltd. This is an Open Access article distributed under the terms of the Creative
Commons Attribution License (, which permits unrestricted use, distribution, and
reproduction in any medium, provided the original work is properly credited. The Creative Commons Public Domain
Dedication waiver ( applies to the data made available in this article,
unless otherwise stated.

Koelewijn et al. Human Resources for Health 2014, 12:28

specialty clinics to the entrepreneurial few. At times,

the entrepreneurial ambitions of these physicians resulted in fierce conflicts with hospital management who
felt surprised by their aspirations [8,9]. This triggered
the questions answered in this paper: What drives physicians entrepreneurship? In answering this question we
will adopt a neo-institutional perspective focusing on both
contextual- as well as intra-organizational dynamics.
Over time, the rising demand for care, the continuous
stream of technological innovations and health care reforms, reinforced by the financial crisis, have strained the
relationship between physicians and managers in many
hospitals [10,11]. This relationship, however, embodies a
critical determinant of the success of health care organizations [12-16].
On a more fundamental level, the relationship between
physicians and managers is influenced by institutional
logics [17], consisting of taken-for-granted rules; these
are influential in shaping both organizational fields, such
as health care, and the behaviour of organizations, groups,
and individuals working in these fields [18]. In general,
physicians are embedded in the traditional logic of medical
professionalism, which includes values like external orientation and physicians autonomy. In contrast, hospital
managers are embedded in the logic of business-like
health care [19], focusing on values such as efficiency, and
performance and quality indicators [17]. These different
logics and accompanying value commitments are competing for dominance and lead to rivalry between the two
groups. [16,17,19-22].
Neo-institutional theory allows for further analysis of
these rivalries between groups within organizations. In
particular, the framework by Greenwood and Hinings [23]
is well-suited to study intra-organizational dynamics.
Figure 1 depicts how intra-organizational dynamics, consisting of power dependencies, interest dissatisfaction, and

Page 2 of 12

value commitments, may lead to radical organizational

change. Next, we briefly explain our core constructs and
their meaning in a health care context.
The growing dominance of business-like health care at
the expense of the traditional logic of medical professionalism has altered physicians perceived power dependence on management. It has decreased physicians
autonomy, potentially leading to interest dissatisfaction especially for physicians embedded in the logic of medical professionalism. Greenwood and Hinings [23] define
such interest dissatisfaction as the degree of dissatisfaction of groups and individuals with the existing distribution of resources and their motivation to enhance or
sustain their shares of scarce and valued resources. An
increase in interest dissatisfaction will influence physicians value commitments.
Value commitments vary according to their embeddedness in a certain logic [23]. In the case of status-quo
commitment and indifferent commitment there will
only be limited if any intra-organizational dynamics,
since organizational groups are respectively committed
to the status quo or are indifferent about which logic is
dominant. However, when all organizational groups agree
a change of logic is necessary they have a reformative
commitment. Alternatively, when one group challenges
the dominance of the logic held by another group there
are competitive commitments and there will be strong
intra-organizational dynamics.
A competitive value commitment may be either transformative or defensive in orientation [24]). In the hospital
context, physicians holding a transformative oriented competitive value commitment favour the newly dominant
business logic over the traditionally dominant medical
logic. This contrasts with the opposite situation of physicians holding a defensively oriented competitive value

Figure 1 Neo-institutional dynamics model based on Greenwood and Hinings [15].

Koelewijn et al. Human Resources for Health 2014, 12:28

The interplay of power dependence, interest dissatisfaction, and value commitments can result in radical change,
which involves abandoning the current dominant logic rather than fine-tuning it. In this study we define entrepreneurship as a form of radical change by physicians (also
see, Koelewijn et al., 2012) [24]. Hereby, entrepreneurship
is defined as new entries by physicians and hospital managers who discover, evaluate, and exploit opportunities to
create future health services by bearing the risk of profit
and loss [25-27].
Finally, in analyzing the nature of radical change
towards entrepreneurship, we distinguish between transformational and sedimented change [28]. Whereas transformational change entails the creation of an entirely new
logic, sedimentation suggests that elements from another,
sometimes conflicting, logic may be added to the present
logic. As a result, this type of change remains incomplete
and reversible [29]. Examples of sedimented change are
provided by, for example, Kitchener [30], who applied
Greenwood and Hinings (1996) model in explaining the
introduction of a quasi-market in the UK. He concluded
that this did not lead to a transformational change in the
logics of its actors, but instead to a co-existence of new
structures and systems. This was supported by Addicott
and Furlie [31] who concluded that in managed clinical networks for cancer in London a hybrid interpretive scheme
has prevailed, whereby the characteristics of a range of
conflicting archetypes coexist. By analyzing the type of
change associated with physicians entrepreneurship, we
simultaneously contribute to the stream of literature on
professionalism [32] in which professionalism is defined as
a normative value system and ideology [33].

In preparing our interview protocol, we made one adaptation to the original model of Greenwood and Hinings
(1996) [23]. As both the dominant logic and the alternative
logic are well defined in our study (business-like health care
and medical professionalism respectively), we focus on both
the physicians relative position with respect to the two
logics and on defining their value commitment towards the
other group. For this purpose, the description of the medical logic and business-like logic as developed by Reay and
Hinings [8] was used. Respondents were assigned to one of
the two logics based on their responses to the questions,
which contained statements referring to values of both the
medical logic and the business logic. Respondents who embraced values of both logics were assigned to the hybrid
logic. The resulting research model is shown in Figure 1.
We conducted a study among physicians and managers
in both hospitals and specialty clinics. We conducted semistructured interviews with fifteen physicians and eight managers in four Dutch hospitals and twelve physicians and
seven managers in twelve Dutch specialty clinics. In total,

Page 3 of 12

we interviewed 27 physicians and 15 managers to determine the intra-organizational dynamics, their contribution
to the level of entrepreneurship, and if any resulting change
was transformational or sedimented.
As indicated in Table 1, the four hospitals and twelve
specialty clinics ranged in size and specialty, thereby constituting a representative sample of hospitals and specialty
clinics in the Netherlands. Per hospital, we selected two
physicians from medical specialties and two from surgical
specialties. Managers were selected for having a direct relation with at least two of the physicians included to allow
for a better understanding of the intra-organizational dynamics. For specialty clinics, we focused on including physicians from clinics of differences sized rather than from
different specialties.
In the interviews, respondents were first informed about
the aim and method of the study. In order to avoid socially
desirable answers as much as possible, they were explicitly
asked to reflect on their actual experiences in their present
situation in the hospital or specialty clinic. The interviews
were audiotaped and transcribed, and then anonymized
for reasons of confidentiality.

Data analysis

The interviews were coded and analyzed with the help of

Atlas.ti 6.2. The code list was based the constructs included in our research model (Figure 1). New elements
that were mentioned as influencing intra-organizational
dynamics, such as organizational size and personal characteristics, were also included in the code list.
In order to prevent bias, a second coder reviewed the
recorded interviews as well. This resulted in a kappa
of 0.73, showing relatively high inter-coder reliability.
When differences arose, these were discussed; agreement
was reached on all items. We translated the quotations
included in this article from Dutch into English.
Next, we will compare our findings in hospitals with our
findings in specialty clinics to determine whether entrepreneurship constitutes transformational or sedimented
change, and we will present a refined model explaining
physicians entrepreneurship.

First, we will establish the nature of intra-organizational
dynamics in hospitals and in clinics. For this purpose,
we will analyze the dynamics for each of the concepts in
the research model: power dependence, interest dissatisfaction, value commitment, and entrepreneurship. Finally, we also provide some additional findings with
respect to hospital entrepreneurship and elaborate on
the type of change associated with the entrepreneurial

Koelewijn et al. Human Resources for Health 2014, 12:28

Page 4 of 12

Table 1 Specialties and size of clinics included in sample

Hospitals (beds)
< 300

400 to 700


Clinics (number of physicians)

400 to 700

> 700


> 10




Internal medicine





Plastic surgery






Power dependence

We found that all physicians reported experiencing power

dependencies and interest dissatisfaction with management
or colleagues. The perceived high level of bureaucracy and
lack of influence on hospital policy is frequently mentioned
as causing interest dissatisfaction with management. With
respect to this perceived level of involvement in decisionmaking, we found differences depending on the size of the
hospital in relation to the management style. For example,
physicians working in the smallest hospital included in our
sample mention the culture of facilitating physicians. In the
three other hospitals, the executive managers deal with matters differently, using formal and sometimes bureaucratic
decision-making processes. In medium-sized hospital C, formal processes are perceived as dominating:

Finally, the executive manager of the largest hospital

(hospital D) included in our sample created a parallel informal process next to the standard bureaucratic process
to allow for more direct input by physicians:
Once every two years the entire Executive Board and
directors and all the medical staff withdraw somewhere
to brainstorm about a number of topics. That works
much better than all that paperwork and it generates
renewed dynamism. (Executive, hospital D)

Ill suggest something and nothing gets done with it,

youre one month further and you think, oh I never
heard anything more about that. That makes it even
more of an uphill struggle. (Manager, hospital C)

This parallel policy-making process helps physicians fulfil their interests. As a result, physicians interest dissatisfaction is relatively low. In addition, in the Netherlands
most physicians work in physicians partnerships within a
hospital instead on an employment basis. In fact, most of
these physicians regard an employment relationship with
the hospital as detrimental to their autonomy, causing a
higher level of power dependence compared to an independent relationship:

In contrast, the management of the other mediumsized hospital B is more welcoming towards physicians
initiatives as the executive manager takes a very open,
pragmatic approach towards entrepreneurial initiatives
by physicians, resulting in a relatively high number of
initiatives executed in partnership with the hospital:

Ive seen several employment relationships go bad in

the hospital because () the directors first said yes,
but then no, we mustnt do this after all. And that
leads to conflicts and in the end the director says,
hang on a minute, Im the boss here, remember?
(Physician, hospital D)

As a rule, the medical specialists are more

entrepreneurial than the managers. Managers think
more in terms of limitations than physicians do. But if
thats your attitude () youre literally not able to
start something until you have a project assignment.
(Executive, hospital B)

Summarizing, all physicians in hospitals experienced

power dependence to some extent. Bureaucracy and a lack
of perceived influence in the decision-making processes of
management are highly influential factors. These factors in
turn are dependent on hospital and partnership size and
the managerial style of the executive manager. Hereby,

Koelewijn et al. Human Resources for Health 2014, 12:28

more openness by management and greater facilitation of

physicians are seen as ways of diminishing physicians perceived power dependence. Finally, an employment relationship between physicians and a hospital is regarded as
causing greater power dependence.
For specialty clinics, we found that physicians involved
in the entrepreneurial process and having a position in the
clinics governance perceive the facilitation provided by
management as good. A general manager of a specialty
clinic explains his facilitation of physicians as follows:
We set up everything to make it as easy as possible
for the physicians to do their job. Indeed, theyre the
boss. In that sense theyre not being ordered around by
a manager. So they have an awful lot of say in how
they can optimize their work and arrangements.
(Manager, clinic #3)
However, in clinics, organizational size also appears to
be positively related to power dependence as physicians
working in larger clinics mention power dependence more
frequently. In contrast, respondents from smaller clinics
experience more direct collaboration by being more centrally positioned within the organization. A manager of
the largest clinic reports the downside of a large span of
People always complain a lot. And the complaints are
mainly about how remote the directors are - not me,
but the directors: people think they are too distant.
(Manager, clinic #2)
In addition to organizational size, the single focus in
most clinics on one specialty improved the perceived influence on organizational decision-making. As a result,
internal competition with other specialties is limited or
absent. This focused character contributes to a lower
perceived power dependence.
Moreover, perceived power dependence is reduced by
the financial incentives provided by specialty clinics.
These incentives are related to the overall performance,
thereby fostering a shared interest among physicians and
managers alike. As a physician explains:

Page 5 of 12

involved in the startup phase and who are part of the governance structure of the specialty clinic perceive themselves to be more influential as well as seeing functional
interdependence with - rather than dependence on - management. This mutual interdependence is perceived as a
positive and vital characteristic of their organization, as a
physician involved in the entrepreneurial process notes:
Summarizing, specific organizational characteristics of
specialty clinics stimulate the development of shared interests and collaboration. For example, small specialty clinics
without much bureaucracy can be more flexible with regard to physicians interests due to a smaller span of control for the clinics management and a decision-making
process that involves a single specialty. In addition, many
specialty clinics offer shared financial incentives, thereby
aligning the interests of physicians and managers. Finally,
physicians who have been involved in the founding of the
clinic and who have a position in the clinics governance
experience low levels of power dependence. Both physicians and managers are aware of their interdependence,
which produces a context where physicians are facilitated
in practicing their medical profession as autonomously as
Interest dissatisfaction

We found mixed results for the causes and extent of interest dissatisfaction among physicians. The causes of interest
dissatisfaction with hospital management are often related
to the perceived degree of red tape in decision-making.
Some managers frankly acknowledge this:
I often still need to work on creating the basic
organization, so you dont even get round to
entrepreneurial activities, youre too busy managing.
(Manager, hospital C)
A physician in hospital C explains his experiences with
Ive suggested a couple of really interesting
opportunities to the hospital. But you never hear
anything more about them. () I cant understand
from a rational viewpoint why a hospital doesnt seize
those opportunities (Physician, hospital C)

We set up the clinic to give everyone a share in the

profits. That makes you slightly more motivated to
make sure things work out in your own outfit because
its in your own interests. (Physician, clinic #4)

Good facilitation by management, on the other hand,

was found to limit interest dissatisfaction among physicians, as illustrated by one physician:

With regard to physicians who were not involved in

the entrepreneurial process of starting up the clinic and
who are not included in the clinics governance, our results indicate that they still perceive high power dependence on management. In contrast, physicians who were

I would say the answer to the question why I dont

undertake entrepreneurial activities outside the
hospital is that we basically have a good outpatient
clinic and Im satisfied with that.
(Physician, hospital A)

Koelewijn et al. Human Resources for Health 2014, 12:28

Besides hospital management, interest dissatisfaction

may also be caused by colleagues, depending on the
relative power dependence experienced with regard to
either hospital management or other physicians. As
most hospital-based physicians work in a partnership
with other physicians, these partners are very important. Difficulties in this relationship can easily lead to
conflicts and may result in entrepreneurship by the
departing physician, as explained by a physician who
was in the process of starting his own clinic after having left the hospital:
If there comes a point that its blindingly obvious they
want to get rid of you but dont actually say so, ()
then Im not inclined either to say well, Ill just stay
put. I cant function if that kind of thing is going on.
(Physician hospital x)
Summarizing, we found mixed results on the causes
and origins of interest dissatisfaction. Interest dissatisfaction of hospital-based physicians was related to the
hospitals bureaucracy and the resulting lack of opportunity exploration. On the other hand, good facilitation
decreases interest dissatisfaction. Additionally, we also
found an example of one physician with a high degree
of perceived power dependence with regard to his colleagues. Due to the problematic relationship, this resulted in interest dissatisfaction with his fellow group
members rather than with management.
In clinics, on the other hand, ten out of twelve physicians said they were satisfied with the facilitation provided by their management, as they were able to satisfy
their interests and practice their medical profession
while safeguarding their medical autonomy. Especially,
physicians who were involved in the founding and governance of their specialty clinic reported being able to align
their clinic with their own interests. A general manager
describes how physicians interests are facilitated:
The physician-entrepreneurs want short lines of communication, a focus on patients, a personal business,
not too big, fast, no waiting, not being constantly
shunted from pillar to post, high-quality service ().
And the facilities for that are what weve essentially organized. (Manager, clinic #4)
The interests of physicians and managers in clinics are
found to be highly aligned, thereby preventing interest dissatisfaction and competing interests. Instead, shared interests focus on achieving high patient satisfaction, and the
best possible care is realized through shared ownership or
financial incentives to optimize the clinics overall performance. A general manager described the importance of
having shared interests:

Page 6 of 12

In fact, you need to make sure the interests of the

doctors and the clinic are aligned. If the interests
arent aligned, they will inevitably end up in a
conflict. (Manager, clinic #3)
It is noticeable, however, that as clinics grow, physicians
and managers report experiencing a similar divergence of
interests to managers and physicians working in hospitals.
One physician who worked on an employment basis for a
specialty clinic explains his difficult relationship with a
There comes a point where the management tells you,
the doctor, how you should be doing your () and then
you gradually get into disagreements with
management. (Physician, clinic #7)
Summarizing, physicians who participate in the
founding and governance of the clinic are able to practice their medical profession while satisfying most of
their interests; they experience low levels of interest
dissatisfaction. Physicians interests are aligned with
clinics overall performance through shared ownership
or additional financial incentives. As clinics grow,
however, the interests of managers and physicians start
to diverge, thereby creating similar tensions as in
Logics and value commitments

Physicians embedded in the business-like logic or hybrid

logic (containing elements from both the medical and business logic) experienced interest dissatisfaction with fellow
physicians exhibiting prima donna behaviour rather than
with hospital management. This results in a transformative
oriented competitive value commitment, aiming to change
the traditionally dominant logic of the own group. A physician embedded in a hybrid logic illustrates this:
I try to communicate in their (managers) language
and not retreat into my medical ivory tower (). At
the same time there are an awful lot of doctors with
really unreasonable demands. If someone like that
cries out, Good gracious, Im the doctor here, what on
earth are you thinking of?. If you do that just once,
youve lost your commitment for the next five years.
(Physician, hospital A)
For physicians embedded in the medical logic however,
interest dissatisfaction is related to their perceived high
power dependence on hospital management. Their decision to engage in entrepreneurship is based on a defensive
oriented competitive value commitment aimed at upholding values derived from medical professionalism. As one
physician states:

Koelewijn et al. Human Resources for Health 2014, 12:28

Page 7 of 12

I didnt want to have to say no to patients who needed

a simple operation just because that operation didnt fit
in with the managements ideas. (Physician, hospital B)

Likewise, the executive manager of hospital B comments on the dangers of the entrepreneurial entity becoming more bureaucratic:

Summarizing for hospitals, being embedded in the medical logic is associated with interest dissatisfaction with
hospital management, while being embedded in a hybrid
or business logic is associated with interest dissatisfaction
with fellow physicians.
In clinics, we found a tendency for the development
and maintenance of a shared hybrid logic held by both
physicians and managers as part of the entrepreneurial
process. The basic premise of this hybrid logic entails
both groups adopting elements of the logic traditionally
held by the other group. As a physician describes it:

The management side has a tendency to make things

more bureaucratic, they add a layer of bureaucracy to
the opportunity and if you do that thoroughly then you
inevitably find the opportunity has gone again.
(Executive Manager, hospital B)

Just as managers need to learn to think a bit like a doctor

- they need to be able to empathize with how doctors think
- in the same way, doctors need to be able to empathize
with how managers think. (Physician, clinic #6)
One physician, who held a medical logic, did not participate in the entrepreneurial process of starting up the clinic
and was not involved in the clinics governance collided
with the hybrid logic and eventually left the specialty clinic;
I had an office manager there. () I said: you need to
facilitate me. And at a certain point, it was something
really simple, I said that I wanted to arrange my
consultation hours like this. Yes, but we dont agree.
Sorry, but if so then we have a misunderstanding.
(Physician-manager, clinic #7)
In addition, the relatively small size of specialty clinics
helps in building and maintaining a shared hybrid logic as
communication can be quick and direct, as explained by a
We regularly discuss the set of instruments doctors
need, agreeing on communication with patients and
how we should arrange procedures and protocols.
(Manager, clinic #5)
Finally, as the clinic expands, the business logic of
management becomes more dominant at the expense of
the hybrid logic, potentially giving rise to a defensively
oriented competitive value commitment. A physician
embedded in the hybrid logic described his feelings
about the growth of his clinic:
But you see that specialty clinics are getting bigger and
bigger () and if they get big enough, you automatically
get the same organizational problems in the specialty
clinics as in the hospitals. (Physician, clinic #4)

Summarizing, at most of the specialty clinics included in our sample, physicians and managers are embedded in a shared hybrid logic. As physicians perceive
their interests to be properly facilitated, their value
commitment is directed towards maintaining this status quo. One physician who did not participate in the
entrepreneurial process and the governance of the
clinic collided with the dominant hybrid logic, thereby
developing a defensive oriented competitive value commitment. Finally, we found that as clinics grow, so does
the dominance of the business logic.

Based on our research model, we found two ways in

which intra-organizational dynamics in hospitals contribute to physicians entrepreneurship. First, physicians
embedded in the medical logic experience power dependencies and interest dissatisfaction with regard to
management, which induces them to leave the hospital.
Second, physicians embedded in the business logic experience power dependencies and interest dissatisfaction with regard to other physicians. However, we did
not find examples of physicians embedded in the
business-like health care logic whose decision to turn
into an entrepreneur was induced solely by intraorganizational dynamics. Instead, we found other factors influencing physicians entrepreneurship. Coming
from an entrepreneurial family facilitates the transition,
as explained by a plastic surgeon embedded in the business logic:
Ever since I was a child Ive been brought up in an
entrepreneurial environment (). And then I started
thinking: well, we could do that here in this hospital
as well; set up our own business and deliver care
privately ourselves. (Physician, hospital B)
Another deciding factor for entrepreneurship is having
an entrepreneurial nature, as described by a physician
embedded in the business logic:
I turned from being a doctor into an entrepreneur
because its in my blood () it was just a question of
acting according to your nature. (Physician, clinic #9)

Koelewijn et al. Human Resources for Health 2014, 12:28

Page 8 of 12

And as perceived by an executive hospital manager:

Dissatisfaction and criticisms of the senior
management, the Executive Board, confidence issues
and all sorts of things - that can be one of the reasons
for starting entrepreneurial activities. But you need to
be a genuine entrepreneur to actually be able to take
that step. (Manager, hospital B)
For physicians already working in entrepreneurial specialty clinics, we only encountered one physician who
therefore experienced power dependencies and interest
dissatisfaction with regard to management, inducing him
to leave the specialty clinic to start his own business. This
physician was embedded in the medical logic and did not
participate in the entrepreneurial process or in the clinics
governance. We neither found evidence for high levels of
power dependencies and interest dissatisfaction with the
clinics management among physicians who did partake in
the entrepreneurial process and governance of the clinic,
nor did we encounter similar phenomena with respect to
other physicians. Still, growing bureaucratization is mentioned as a potential danger to this stable situation as this
may induce growing dependence on the clinics management, therefore resulting in interest dissatisfaction.

Additional findings on hospitals

An important factor influencing the form of physicians

entrepreneurship in hospitals is managements basic attitude towards physicians entrepreneurship and managements willingness to facilitate entrepreneurial initiatives
(see Table 2). The management of three of the hospitals included in our sample only allows physicians entrepreneurship under certain conditions. Examples of these conditions
include the requirement that the new clinic be located at a
minimum distance from the hospital, and shared ownership, often with a majority stake for the hospital. For physicians who are dissatisfied with the facilitation provided by
hospital management, this stance provides additional evidence reinforcing this dissatisfaction.
The management of the fourth hospital included in our
sample was prompted by a perceived threat from a new
Table 2 Level of competition, managerial attitude and
actual initiatives

Level of

attitude towards

Small hospital




Medium hospital


Positive (vehicle)


Medium hospital




Large Hospital




large-scale competitor in the neighborhood to create an

entrepreneurial vehicle as part of the hospitals holding
company structure. This vehicle was able to facilitate physicians attracted by the prospect of starting an entrepreneurial entity. As part of the arrangement, the hospital would
hold a majority stake in every newly created entity.
If you see what the specialists do with this, its not
that much at hospital B. But what it has done is to
send a message to the staff that () we also give them
the freedom to be entrepreneurs. What you also see is
that some specialists are so entrepreneurial that they
say: Im just going to start up my own businesses.
(Manager, hospital B)
Indeed, the facilitation provided for entrepreneurial initiatives has been no panacea preventing physicians from
leaving this particular hospital, as one physician explains:
I wasnt interested in fitting in with a hospital
hierarchy where ophthalmologists are somewhere near
the bottom. It was time for something different, so I
changed direction completely. (Physician, hospital B)
In sum, we found most management teams de facto
discourage physicians entrepreneurship by setting conditions. For physicians who are already dissatisfied, this
increases their dissatisfaction with hospital management.
In contrast, creating an entrepreneurial vehicle as part of
the hospital may facilitate physicians in carrying out
their initiatives. This, however, is no panacea preventing
entrepreneurial physicians from leaving the hospital.
Resulting type of change in clinics

Next, to assess whether the change to entrepreneurship

was transformational or sedimented, we analyzed intraorganizational dynamics in specialty clinics. We found
that physicians and managers who jointly started a specialty clinic developed a hybrid logic during the startup
phase. This hybrid logic subsequently supports their collaboration as it becomes the dominant logic once the
clinic is operational. Interestingly, physicians who are not
involved in either the startup or governance of the specialty clinic still report high perceived power dependence
on, and interest dissatisfaction with, clinic management.
Instead of adopting the dominant hybrid logic, these physicians remain embedded in their traditional medical logic,
thereby developing a defensive oriented competitive value
commitment towards the hybrid logic. This finding suggests that involvement in the startup phase and governance itself comprises a sedimentation process, allowing
physicians traditionally embedded in the logic of medical
professionalism to adopt elements of the business-like
health care logic, thereby developing a hybrid logic shared

Koelewijn et al. Human Resources for Health 2014, 12:28

Page 9 of 12

with management. The nature of intra-organizational dynamics in both hospitals and specialty clinics is summarized in Table 3.
We found two indications for the change being sedimented rather than transformational. As part of the medical
logic, physicians are supposed to be centrally positioned in
the organization allowing them to be both influential as
well as autonomous [17]. Being involved in the startup
process and governance of the specialty clinic and subsequently having direct influence on clinics policies not only
diminishes the likelihood of interest dissatisfaction developing but also fits well with the initial medical logic in which
most entrepreneurial physicians were initially embedded.
This is supported by a growing body of literature pointing
to the added value of involving physicians in governance
[19,34-39]. In sum, physicians satisfaction in specialty
clinics is not a result of a newly created logic resulting
from transformational change, but rather the outcome of
a good fit with the medical logic in which the physician
was formerly embedded and which prevailed during the
entrepreneurial process.
As noted by Pinnington and Morris [29], whereas transformational change is permanent, sedimented change is
temporary and can be reversed. We found this to be the
case with respect to the hybrid logic of small, focused specialty clinics. As illustrated by Mintzberg [40] and more recently by Marquis and Lounsbury [41], small organizations
tend to turn into bureaucracies as they grow, thereby providing the conditions for an increasingly dominant business
logic. As organizational growth requires more coordination,
the business logic increasingly becomes dominant, thereby
resembling the very organizations entrepreneurial physicians left in the first place. As a result, organizational members with a strong need for autonomy may leave the
specialty clinic [42].
Finally, in specialty clinics physicians and managers interests are aligned by providing incentives. Shared interests have been shown to positively affect organizational
performance and collaboration [20,37,38,43-46]. In fact,
these incentives constitute additional cement to the sediment in which entrepreneurial values are glued onto the
central medical logic of physicians. This glue may also

improve the fit between managers and physicians in other

settings, like hospitals.

We explored the nature of intra-organizational dynamics
between physicians and managers in both hospitals and
specialty clinics. In addition, we assessed whether the
change whereby a physician turns into an entrepreneur
is largely transformational or sedimented.
A perceived high level of bureaucracy and the associated
lack of opportunities for physicians to have a say on hospital
policy were found to cause both perceived power dependence and interest dissatisfaction. In addition to the focus by
Greenwood and Hinings (1996) on intra-organizational
dynamics between functionally different groups leading to
radical change, we also found evidence that intra-group dynamics may result in radical change, thereby inducing physicians to turn into entrepreneurs.
The initial embeddedness in a certain logic seems to determine physicians value commitment and related primary
focus of perceived power dependence and interest dissatisfaction. Physicians embedded in the traditional logic of
medical professionalism perceive high levels of bureaucracy
and related power dependence on, and interest dissatisfaction with hospital management, resulting in a defensively
oriented competitive value commitment. Moreover, intraorganizational dynamics constitute the main incentive for
change, which takes the shape of entrepreneurship. Simultaneously, managements attitudes to these types of initiatives by physicians influence how they will be implemented.
If a hospitals management explicitly discourages entrepreneurial initiatives, physicians face no alternative than to
execute their entrepreneurial initiative outside the hospital,
while if management is more facilitating, physicians will
prefer to collaborate with the hospital organization in the
form of intrapreneurship.
As a result, we conclude that our research model holds
for physicians embedded in the logic of medical professionalism thereby developing a defensively oriented competitive value commitment. This confirms earlier findings
of Marquis and Lounsbury [41], who found entrepreneurship to be stimulated by conflicting logics.

Table 3 Characteristics of intra-organizational dynamics in hospitals; based on interviews of 15 physicians and

8 managers


Level of

Managements Intrapreneurial Extrapreneurial
involvement in
attitude towards
decision-making on management with management entrepreneurship

< 300






400 to 700





Positive (Vehicle)

400 to 700






> 700






Koelewijn et al. Human Resources for Health 2014, 12:28

Page 10 of 12

Table 4 Intra-organizational dynamics in specialty clinics as compared with hospitals



Specialty clinic

Physicians (n = 15)

Physicians (n = 12)

Medical (6)

Hybrid (1)

Medical (1)

Business (8)
Participated in startup
Perceived power dependenciesa
Prime subject of power dependencies
Perceived interest dissatisfactiona
Perceived value commitment

Business (5)

In governance

Hybrid (6)









Fellow physicians/Management






Competitive; defensive
towards business

Competitive; transformative
towards medical

Competitive; defensive
towards business

Status quo

Low when no example regarding perceived interest dissatisfaction or power dependencies is given, medium when one or two examples are given, and high
when more than two examples are given.

Yet, the physicians embedded in the dominant logic of

business-like health care primarily reported interest dissatisfaction because of prima donna behaviour of fellow
physicians embedded in the logic of medical professionalism unwilling to adapt to hospital policies. Thereby, a
transformative oriented competitive value commitment
is developed towards the traditionally dominant logic of
Although we found that intra-organizational dynamics
encouraged entrepreneurship to take place, personal factors, in particular in the form of an entrepreneurial nature or nurture, were mentioned as incentive necessary
conditions for the entrepreneurship of these physicians.
Finally, our finding that entrepreneurship represents sedimented rather than transformational change provides striking evidence for hybridized professionalism. As part of this
concept, professionals are linked to other groups holding
different logics [47] calling for new boundary spanning
knowledge and skills. Until now however, hybridization was
defined as professionals learning new behaviour to fit new
and hybrid organizational forms [48]. Our research however indicates that in the process of resisting hybridization,
new entrepreneurial entities can be found aimed to prevent
hybridization by instead upholding values derived from the
logic of medical professionalism. Surprisingly however, we
found evidence that the entrepreneurial process aimed to
prevent hybridization, instead entails a hybridization
process by which elements of the alien logic are adopted
(Table 4).
Study limitations and suggestions for further research

Although this was a qualitative study exploring aspects

of intra-institutional dynamics, the responding selection
of physicians and managers may have biased our findings. Given our relatively limited sample, a large-scale
quantitative follow-up study is needed to confirm our
qualitative findings. It remains unclear how the entrepreneurial process actually induces physicians to adopt

elements from the business logic and how management

is induced to adopt elements from the medical logic,
thereby creating a hybrid logic. A follow-up longitudinal
study should focus on this process of sedimentation and
shed more clarity on the mechanisms involved. Finally,
future research may extend our knowledge on the
hybridization process itself including the mechanisms
by which actors adopt new behaviours and skills.

The main theoretical contribution of our paper lies in the
conceptualization of our findings into a theory of entrepreneurial change in the health care sector. We drew from
the neo-institutional theory developed by Greenwood and
Hinings (1996), which assumed that organizations move
to a coherent logic with a consistent set of structures and
systems. Our analysis demonstrates that the hybrid entrepreneurial logic can be partially overlapping, consisting of
different, and sometimes conflicting, layers from both the
medical and business logic. As organizations grow, these
layers may shift, thereby providing the impetus for a new
cycle of change.
Rather than representing transformational change, our
findings show that physicians entrepreneurship demonstrates the existence of sedimented change in which a hybrid logic held by both managers and physicians allows for
a collaborative health framework in specialty clinics.
Our findings have implications for policy-makers both
at the national level and the hospital level. At the national
level, budget cuts resulting from the enduring economic
downturn in Western countries have provided an impetus
for new and additional health care reforms relying heavily
on the logic of business-like health care. However in order
to be effective, the deep involvement of physicians, decentralized decision-making and common ground with stakeholders embedded in the medical logic is needed, allowing
for a hybrid logic to develop.

Koelewijn et al. Human Resources for Health 2014, 12:28

At the hospital level, policy-makers could learn from the

mechanisms employed in specialty clinics. For example,
by closely aligning organizational entities with medical
specialties, management can be more focused and direct,
simultaneously allowing for the greater influence and involvement of physicians. In addition, we found shared incentives for both management and physicians, based on
both quality indicators and financial indicators of the
entitys performance, to be useful in providing additional
cement to the sedimented hybrid logic.
Competing interest
The authors declare that they have no competing interest.
Authors contributions
WTK carried out the four case studies of the hospitals and five of the
specialty clinics and participated in the analysis of the results and drafting of
the manuscript. MR conducted seven of the case studies of specialty clinics
and participated in both the analyses of the results and the drafting of the
document. MLE helped to draft the final document. WHH participated in its
design and coordination and helped to draft the manuscript. All authors
read and approved the final manuscript.
Author details
Department of Health Technology and Services Research, School of
Management and Governance, University of Twente, Drienerlolaan 5,
Enschede 7522, NB, The Netherlands. 2Netherlands Institute for Knowledge
Intensive Entrepreneurship (NIKOS), School of Management and Governance,
University of Twente, Drienerlolaan 5, Enschede 7522, NB, The Netherlands.
Received: 18 October 2013 Accepted: 2 May 2014
Published: 19 May 2014
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Cite this article as: Koelewijn et al.: Physician entrepreneurship
explained: a case study of intra-organizational dynamics in Dutch hospitals
and specialty clinics. Human Resources for Health 2014 12:28.

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Entrepreneurship within
social and health care
A question of identity, gender and
Anne Kovalainen
Department of Management, School of Economics,
University of Turku, Turku, Finland, and

Johanna O

Social and
health care

Received 4 September 2011
Revised 20 November 2011
1 March 2012
Accepted 9 October 2012

Department of Management and Organisation,

Hanken School of Economics, Vaasa, Finland
Purpose This article aims to look first at how entrepreneurial identity fits into the picture we
currently have of social and health care professionals who most often work in paid employment in
the public sector, and second, how entrepreneurial identity is constructed. We discuss whether
professional identity and entrepreneurial identity can be separated, and how meaningful that question
is. Is the role of entrepreneurship limited in the context of health and social care professional services,
or can we see the emergence of a new kind of entrepreneurial identity with special features related to
the complexity within the provision of services in social and health care?
Design/methodology/approach The materials from two previous studies by the authors are used in
the article as empirical data to investigate the questions of identity and professionalism. The methodology
is based on re-reading and re-interpretation of both empirical studies and theoretical literature.
Findings There are differences and different logics of work-related identity building among the
entrepreneurial groups and among professional groups. Despite this and even if part of the research
tradition emphasizes this difference and the separateness of these identities, we argue that identities
are fluid, changing, layered and overlapping. As identities cannot be predetermined or classified
according to economic earnings logic only, but that they are malleable, evolving, interconnected, and
intertwined. In addition, the paper raises the contradiction of stereotypically masculine
entrepreneurial goals and the stereotypically female ideology of care existing as tension within
entrepreneurship in social and health care.
Research limitations/implications The research limitations relate to the research design of not
using ethnographical data.
Practical implications The article has no direct practical implications. The results might have
relevance to education.
Social implications The article has social implications in the ways the identities are discussed
through various discourses in the societies.
Originality/value The article has both originality in the settings and value in bringing different
discussions together, as well as in its ability to widen the theoretical discussions and empirical studies
on identities, paid employment and entrepreneurship.
Keywords Small businesses, Entrepreneurialism, Small businesss entrepreneurship, Social care,
Health care, Professions, Identity, Gender, Intersectionality, Frame analysis
Paper type Research paper

The authors acknowledge the financial support of the Academy of Finland, Minna Canth
Academy Professorship project funding.

International Journal of Gender and

Vol. 5 No. 1, 2013
pp. 17-35
q Emerald Group Publishing Limited
DOI 10.1108/17566261311305193



How entrepreneurial identity is adopted and how it is constructed amongst female
entrepreneurs in small businesses within social and health care in the Nordic context are
both intriguing and extremely relevant questions. Social and health care
entrepreneurialism is a new economic form that relates to the marketization trend of
public sector services and the mosaic service structure. The marketization trend, also
known as New Public Management, began to emerge in the 1990s in the Nordic countries,
and appeared somewhat earlier in other European countries, with key words such as
efficiency, effectiveness, accountability and user choice (Wistow et al., 1996;
Simonen and Kovalainen, 1998; Lewis, 2006). Managerialism in the public sector has
become the ideological force bringing about the transformation of public services, of which
entrepreneurialism is one element. In this article, we focus on the managerial public service
state at the micro-level and investigate the construction of entrepreneurial identity
among those who work as professionals and as entrepreneurs in health and social services.
In a mosaic-type of service structure, the State tends to remain the main purchaser
of services, guaranteeing a just division, while the providers of services widen beyond
the State and municipalities, consisting of various contractors, ranging from
self-employed sole providers of services to multinational companies (Room, 2006;
Lewis, 2010). Many service providers offer services to privately paying customers
without State involvement. The largest part of this change is taking place in public
sector services, including health and social services (OECD Statistics, 2009).
The restructuring taking place at the national and international macro-level is about
the formal purchaser-provider split, and it includes a notion of simple reorganisation and
rerouting of services from one provider (state or municipality) to several different
providers (state, municipality, third sector organisations, self-employed, etc.) (Wistow et al.,
1996; Room, 2006). This formal purchaser-provider structure includes several ongoing and
even contradictory processes, ranging from the political to the ideological, at the level of
the structuring and practical organisation of services. At the grass-roots level, the
restructuring on the macro-level becomes much more blurred, as there are several
providers with different arrangements with the purchaser of the service (most often the
state or a municipality) and the consumer of the service (the customer)[1]. At the
micro-level, the provision of care consists of a variety of arrangements with different
providers, ranging from local authorities to companies and NGOs, to individual
professional persons who own companies and who have decided to contract out their
services as self-employed or as business owners, instead of working as employees.
In general, the changes concern the provision of services within social and health
care from the 1990s onwards towards various types of quasi-market models where
services are provided by the public sector, the third sector and private companies.
Taking this bigger picture into account, we argue that the remodelling of the service
state has changed the professions profoundly. How this is reflected in the identity work
within the profession is a question we will analyse in this article. What does it mean to
change from paid employment to self-employment and entrepreneurship for a person
who is educated in a profession that relies heavily on public sector employment and
who has worked as a paid employee in the public sector? It is this professional persons
identity work that is of interest to us. In this paper we are interested in how gender,
professionalism and entrepreneurship interact in work identity constructions.

It is both theoretically and methodologically problematic that most of the

entrepreneurial research analysing identity questions focuses on established
entrepreneurs, and that study material is gathered from them (Navis and Glynn, 2011;
Aldrich and Ruef, 2006; Lounsbury and Glynn, 2001; Anderson and Hughes, 2010). Often
the educational or occupational background issues are neglected in the formation of the
complexity of the identity in question. This type of research does not cross the line into
true interdisciplinary work by taking into account the prior professional or occupational
identity embedded not only in educational processes but also in work practices in
employment, and the shift from paid employment to entrepreneurship. In that sense,
earlier research is to a certain degree misleading in terms of the identity construction of
entrepreneurs, as it has neglected both the deeply ingrained identity work of education
and the equally important work experience in work identity construction.
This article offers a contribution to this field, and aim to fill the gap by discussing
the possibilities of an entrepreneurial identity and position in an occupational group
that is overwhelmingly both historically and presently embedded in paid employment
patterns and practices. The intersectionalities of gender, entrepreneurship and care
work identities are discussed in relation to the public sector shifts.
Drawing on data from two studies one nationwide survey and another focusing
on interview materials we demonstrate that identities are not stable or necessarily
categorizable, but more layered, making sense of the intersectionalities. The article
concludes that while strong professionalism builds the core of the new entrepreneurship,
there are several strong tensions concerning how to organise the maintenance of
professionalism, such as professional knowledge when working as a business owner or
In the following sections, we will relate and discuss entrepreneurship and
professionalism in gendered care work in health and social care context. The
intersectionality of gender, identity and positions in professions and occupations will be
discussed first, and this is followed by a discussion of the empirical findings from our
Businesses providing care the intersectionalities of gender, identity,
business, occupation and profession
Contrasting entrepreneurialism and professionalism
Entrepreneurialism is, as action and as rhetoric, related to individualism, freedom and
boundary-less possibilities, where membership of a specific profession does not limit
the possibilities of what one can perform (Carree and Thurik, 2010). Entrepreneurialism
is often assumed to be a simple solution to many kinds of problems in working life and
the economy, ranging from intrapreneurship to effectivization of public sector
activities. Many of these notions of enhancing entrepreneurialism neglect issues of
masculinization of businesses (Powell, 1994) and the complex interplay between gender
segregation that exists both in paid work and in entrepreneurship (Kovalainen, 1995).
Professionalism, on the other hand, relates to specific occupational skills obtained
through education and work experience. The boundaries for professions are drawn by
many, not least by the professions themselves (Witz, 1992; Nancarrow and Borthwick,
2005). The notion of belonging to a larger group holding similar kinds of skills is one key
feature of professions. Professionalism in its mundane everyday meaning refers to skills
and capabilities. In research, however, professions typically refer to concrete and

Social and
health care




historically developed occupations, and aspects such as autonomy, power and skills
attached to and surrounding such occupations. More precisely, profession refers to
social closure, including more attributes than simply an occupation (Witz, 1992) as a
mere technical skill. Social closure refers to a set of skills counted as part of the
occupation, and the possibilities to exclude others from the occupation on the basis that
they lack certain characteristics or crucial skills. The characteristics or skills in question
are most often skills and competencies acquired through education and work experience.
Professional occupations are often hierarchically structured in work organizations. In
addition, they rub against each other, and they are often also measured against other
professional groups skills in occupational hierarchies (Ashcraft, 2007; Deem, 2003).
For very different reasons, neither entrepreneurialism nor strong professionalism
has been self-evident in health care occupations. Many of the occupations within health
care and social care, such as nursing, have historically been considered as naturally
feminine (Wrede, 2010; Sandall et al., 2009), and for that reason, not considered as real
professions among other professions, such as doctors and lawyers. The struggle for
recognition as strong professions has taken a longer route for most occupations
labelled as female, especially in care-related occupations such as nursing, where care
has often equalled naturalized and gendered nurture (Anderson and Hughes, 2010),
thus not worth being paid for.
Entrepreneurialism, on the other hand, has not been the most common route for any
occupational group in health and social care services in any Western country.
Overwhelmingly, most of those trained in health care service occupations are employed
as paid employees in the public or in the private sector. This equally concerns employees
ranging from managers to cleaners: employment in either a large corporate organisation
or the public sector is the most usual route to work, to an occupation and to a profession.
Being a salaried employee is the most common form of work in health care, most often
because the work content is structured around relatively large units, such as hospitals
and health care units; the tendency to make care work more like team work has
strengthened. The intersectionality between care and gender is visible at many levels:
the identification of care work with female nurturing is reinforced with rather low salary
levels. The fact that women make up the majority of employees in care work and the
overwhelming employee positions in care work are both visible in the statistics, despite
the growth in studies on the significant number of self-employed workers engaged in
care work (Brush et al., 2006; Budig 2006a, b; Hughes, 2003).
Gendering care work in the welfare context
There are several reasons, partly outlined above, why the social and health care sector is
an especially interesting field for both SME research and entrepreneurship research. We
consider gender to be a pervasive element in terms of entrepreneurship (Eddleston and
Powell, 2008; Hughes, 2003; Orhan and Scott, 2001; Sundin, 1997; Kovalainen, 1995;
sterberg-Hogstedt, 2008),
Sundin and Holmquist, 1989; Tillmar, 2004; Kovalainen and O
and especially with regard to the kind of work where the majority of those in paid
employment and in entrepreneurship roles are women. One of the most neglected
explanations offered in the research literature is that health care sector businesses are
governed by many regulatory mechanisms that do not guard other kinds of businesses.
Thus, we can claim that becoming an entrepreneur does not free the work activity itself
from the boundaries that are embedded into it and regulated through legislation,

irrespective of whether one is in paid employment or in self-employment. Thus, whether

or not it is a business, does not differentiate activities, as the regulatory practices are in
place for all: the ability to work as a nurse or a doctor requires a certified license.
Being a private provider of care has become an accepted, relevant and even lucrative
opportunity for making ones living for professionals within the sector, where paid
employment is still the dominant form of employment. Here we make a distinction
between those in paid employment in the public sector, and those in self-employment or
working as business owners (entrepreneurs) in the public sector. The shift in employment
patterns reflects the bigger picture of marketization within welfare states, where the
chains of service production and sub-contracting models are related to the mosaic of
service production (Kovalainen and Osterberg-Hogstedt, 2008), with the state supporting
the mosaic structure of social and health care services. By mosaic structure, we are
referring to the multi-producer model of organising care. In most countries, the state
provides some kind of care services, usually basic forms (Lewis, 1998). Depending on the
welfare state regime, the domains of the state, markets and families vary. In the strongest
form of the welfare state, that is the Nordic welfare state model, the state has provided for
and paid for most of the care. Shifts to a mosaic structure mean that the state might be the
entity purchasing the services, and the producers of care are diverse, ranging from the
state to private providers of care. The private providers of care are businesses, organised
and functioning as if in the markets; however, the markets are regulated and controlled by
the state. Therefore, they are most often called quasi-markets (Wistow et al., 1996).
In the global North, entrepreneurship within social and health care is growing,
largely due to shifts in the roles and responsibilities between the state, municipalities,
markets and families (Kovalainen, 1995; Folbre, 2006). This growth of new private care
is not so evident in countries where the state has not played such a dominant role
in providing services, such as in the Nordic countries (Kovalainen, 2005a, b, c, 2004).
The importance of the welfare state regimes i.e. how the social services at large, are
arranged in society, in what ways the division of responsibilities between the state,
markets, NGOs and families take place is often excluded from discussions on care
businesses. A particularly interesting issue concerns what happens when social and
health care sector professionals, embedded in strong professionalism in the public
sector, shift from the public sector to private providers of care and become entrepreneurs
and self-employed, and who now need to set a price for the care they provide[2].
Focusing on intersectionality in research requires an embedded analysis of the
business in context; and thus identity in context. Care seldom appears without notions
of dependency, state and services. Furthermore, a new kind of service structure, related to
the growth of consumerist ideology in health care (Heffernan, 2006), enables business
ideas to grow in personal services, and many of these are in the health care domain.
The change in the care landscape has provided possibilities for care businesses to grow.
Both entrepreneurship and paid employment within the sector are strongly segregated
by gender, irrespective of the country in question; emerging businesses are mainly small,
the business environment is heavily regulated, and the markets are partly related to the
changing role of the state, and dependencies of different kinds, etc. (Anderson and
Hughes, 2010). All these factors increase the novelty of the business environment, and bring
in factors that are outside the more traditional fields of SME and entrepreneurship research.
Occupations in health care and social care are overwhelmingly gendered. The strong
gender segregation of occupations, which typically assigns caring jobs to women and

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technical jobs to men, has been recognised as a major source of inequality worldwide.
Within segregation, both vertical and horizontal segregation are gendered by nature.
While some researchers perceive professionalism as a neutral phenomenon, writers from
various feminist traditions have pointed out that men have set the standards through
which work is defined (Davies, 1996; Witz, 1994). Professional roles, therefore, have gender
value, and this is the case regardless of the biological gender of individuals.
Gender as a social category (Scott, 1986) that is renewed and renegotiated in social
relations and social situation refers to changing perceptions. Gender can also be an example
of difference (Felski, 1997), but this difference is not stable or symmetrical, but negotiable
and changing. Doing gender refers to the ways the notion of gender is reproduced in
particular settings. The universal notions of work as well as entrepreneurship are gendered.
We do not assume that gender would consist of a homogenous group of women or men
when talking about womens or mens work or female/male-dominated sectors, nor do we
support the kind of essentialism, where the variety of attributes are described in biological
sex, but we do take gender more into account theoretically as a gender construct and
system whereby both genders are integrated, and definitions are embedded in the
prevailing culture and society. Analysis across the categories of gender, entrepreneurship
and paid work articulates the complexities in relation to profession and care work and
raises new questions about the gendered nature of these businesses.
Care itself is an essentially contested concept since its constituent features are and
have been the subject of lively debate over time (Tronto, 1993, 2011; Hochchild, 2001;
Beasley and Bacchi, 2007). Discussing the explicit forms the work takes is not just a
simple question of the shift in form (i.e. paid/unpaid) but also of the content that is
regulated. We do not, however, question the forms and ways of doing care work, rather
we accept these as given. Differing constructions of care, such as informal, hidden or
unpaid forms, as in the case of migrant care workers, do not enter the world of the
entrepreneur in the formal, regulated quasi-markets of welfare societies. The identities
of these welfare workers are often left untouched in research.
Identity as a theoretical framework
The professions within social and health care have not only changed alongside changes
in service provision and the birth of markets but have also reflected changes that have
taken place in education within those fields. The identity of professional fields has
been recognised as a field in its own right (Kerfoot, 2003). Entrepreneurial education has
made its way into the health care professionals educational curriculum, along with
caring and other related disciplinary knowledge, such as nursing. Entrepreneurship in
this field is often built on strong professionalism, work identity and work ethics, with
most entrepreneurs being former employees within the same field of work (Kovalainen
sterberg-Hogstedt, 2011). It is, therefore, relevant to ask whether they have simply
and O
changed their earnings logic, while all other issues, such as professional identity, have
remained the same.
The concept of identity (Hall, 1999; Williams, 2000), the construction of identity (Berger
and Luckmann, 1995/1966) and the construction of identity within entrepreneurship have
all attracted considerable attention over the last decade (Cohen and Musson, 2000; Down
and Warren, 2008; Gustavsson and Ronnqvist, 2006; Hytti, 2003; Lindgren and Wahlin,
2001; Nadin, 2007; Sundin, 2004, 2006; Vesala et al., 2007; Warren, 2004). The gap we

highlighted earlier, the shift between employment positions and the possible changes in
entrepreneurial identities and professional identities will be analysed in the next section.
When considering work-related identities, we do not assume that identity can be
extracted from survey questionnaires or from interviews with individuals in any direct
way (Goffman, 1959, 1963). Direct extracts from individuals words do not necessarily
tell us about the authenticity of those words in relation to identity. Analysing issues
and questions that relate to work preferences, exploring satisfaction with ones present
position, determining whether the position is entrepreneurial or paid employment,
as expressed in the data give us an understanding of the strategies individuals have
adopted in work. The open-ended questions in surveys and interviews can reflect the
ways in which identities are performed and played out.
The term entrepreneur is used when discussing the different elements of identity,
even if the term small business manager or self-employed person might be more
accurate in certain cases. Entrepreneur is chosen even if all entrepreneurial activity within
the field is not innovative or entrepreneurial in the sense that is often understood when
using the term. For example, Wickhams definition of an entrepreneur (Wickham, 2001,
p. 44) which is based on various sources, is of a person who wants to create new value, sees
an opportunity, gathers resources in order to pursue that opportunity, and builds up an
organisation to manage those resources, is useful for the purposes of defining entrepreneur
within social and health care. In its most basic form, the entrepreneur is not in a paid
employment relationship but works at her/his own risk, employs others, etc. The
definition of entrepreneur has often been, with some justification, criticised as being overly
masculine and one-dimensional (Kovalainen, 1995).
Rather than use a normative definition of entrepreneur, we argue that the concept needs
to be understood through several contextual issues. In the specific case of social and health
care, the strong state model for organising care and the existing legislative regulations are
crucial to understanding the different dimensions of entrepreneurship, such as identity
formation. The control power of officials is high in relation to the quality and nature of care
given in private enterprises. The regulatory framework for private institutions concerns
the possibilities of the purchaser of the care and health services, most often municipalities,
to govern the quality (Wistow et al., 1996). It is therefore, unnecessary to think of identity
as a stable, one-dimensional or solipsistic concept, as so often framed in the literature. One
example of such framing is the definition given by Navis and Glynn (2011), who define
entrepreneurial identity as the constellation of claims around the founders, organization,
and market opportunity of an entrepreneurial entity that gives meaning to questions of
who we are and what we do[3]. Of the existing definitions, this is the most commodified
and outsider view of entrepreneurial identity.
When discussing the results of the analysis, the term professional identity is used
even if the term occupational identity might, at times, be a more accurate one. Despite the
fact that all occupations within social and health care cannot be characterised as
professions we have still chosen to use the term professional identity when talking about
identity that is constructed through and with the help of the occupational status that
is built on occupational skills and occupational and vocational education. The well-known
and established concepts of profession and professionalism are not discussed in this paper
due to space limitations[4]. The idea of profession, suggests, in addition to capabilities,
a clear image of the possible work tasks, qualifications and competencies related to the

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Materials, methods and analysis

Set within the theoretical intersectional context briefly described above, our study
draws on data from open survey questions gathered in 2005, and especially on
qualitative interviews carried out in 1996 and in 1998-1999 with nine self-employed
women as well as entrepreneurs within social and health care and services across
Finland. Looking at small business entrepreneurship within this sector through survey
and interview material, we explore how entrepreneurial identity is constructed.
The large volume of empirical material helps us to integrate the concepts of identity,
profession and gender into the picture. The data provides us with further insights into
the ways in which business and ones own company in the field of care can be used as a
site for identity performance[5]. The fact that most businesses in the social and health
care sector are very small in size (Statistics, 2010), not only in Finland but also in other
Nordic countries, also places the discussion within the frameworks of small business
research and the changing economy and welfare state.
A nationwide weighted survey was conducted in order to find out more about
small- and medium-sized entrepreneurship within social and health care. All the
companies that were not multinational or directly owned by a larger company or
listed large companies were included in the sample as representative of SMEs within
the field. Through the survey a total of 276 questionnaires from entrepreneurs within
social and health care were collected, with an effective response rate of 42 percent.
Of those who responded, 70 percent were entrepreneurs within the social sector and
30 percent were health care sector entrepreneurs. The majority of respondents were
female (77 percent). The open-ended questions ranged from very short answers to
longer ones.
In addition, interviews conducted in 1996 and 1998-1999 with entrepreneurs were
analysed through close reading. The interviews were semi-structured, and the
interviewees could speak freely about different themes. It can be justifiably questioned
whether data on identities can actually be gathered and whether such data can be
gathered through surveys, suggesting perhaps that only ethnographically oriented
interviews should be used. The idea of measuring or revealing identity through
asking questions about it directly, or through observing it in action, is naive, and thus,
we have done neither. Nor do we aim to talk about the results in a categorical or
generalizable way vis a vis the empirical data in question. Rather, we have adopted the
idea that some proximity exists between the ways we have described the work and its
importance in life, the capabilities an individual possesses, as well as the abilities to
work her/his way through these work tasks. These can reflect identity and may be
interpreted as identity performances, given the use of time, plans and ideas of future
time use and preferences along the different available activities. Consequently, critical
reading and theoretical interpretation are the methods used in the analysis, and close
reading is used in the interpretation of the empirical results[6].
The remainder of the article considers the findings of the study with respect to two
interrelated themes. First, it explores the construction of identity in entrepreneurship
within social and health care, through contradictions and cliches, and second it considers
how experience and skills work their way through professional and entrepreneurial

The construction of identity in entrepreneurship within social and

health care
Contradictions and cliches
In the early days of entrepreneurship within the social and health care sector in the Nordic
countries, around the time of the economic recession in the 1990s, when entrepreneurship
became a career possibility for those working within the field (Kovalainen et al., 1996;
sterberg, 2002, 2003a, b, 2006) and later on when entrepreneurship within the field had
received a more established position as a complement to the public sector (Kovalainen and
sterberg, 2006), entrepreneurs did not represent themselves or talk about themselves as
entrepreneurs. Many of the entrepreneurs in the early days were indeed seen as
sterberg, 2000). The lack of supporting
exceptions to the norm (Kovalainen and O
structures became visible in a study where entrepreneurs were asked to explain the source
of their business start-up advice. The taxation office was most often identified as the best
source of information when setting up a business in the 1990s (Kovalainen et al., 1996), as
the sector was not regarded as growing. Not seeing oneself as an entrepreneur first and
foremost but viewing oneself more through the role of a professional has been found also in
other research on entrepreneurship (Tillmar, 2004; Gustavsson and Ronnqvist, 2006;
Warren, 2004; Cohen and Musson, 2000)[7].
Despite the fact that respondents did not identify themselves as entrepreneurs in the
traditional sense, the entrepreneurs we studied did discuss their work in entrepreneurial
terms. When analysing how entrepreneurs in the early days of entrepreneurship
within this sector talked about their work, we can identify two different discourses as
ways of addressing the work and its meaning to oneself: one is the happy entrepreneur
and the other is the distressed entrepreneur (Osterberg, 2003a, b, 2006, 2007;
sterberg-Hogstedt, 2009):
Entrepreneurship suits a person who likes to develop their own work and make plans and
take responsibility, and can also delegate work and think from the employees perspective
(Entrepreneur 5, female, free translation).
[E]very now and then it is very quiet and then when it comes it almost becomes too much.
To maintain limits, not to take on too much, but also to have enough work balancing is
difficult (Entrepreneur 6, female, free translation).

The ideas expressed revolved around issues of being free, in charge of ones own work,
and being enthusiastic, but also issues of heavy workload, time management, problems
and financial questions. The entrepreneurs in our survey (2005), when entrepreneurship
within this field had gained a more established position, were asked about those
aspects they perceived as positive or negative features of being an entrepreneur. The
analysis of the answers provides us with a picture of entrepreneurial identification
and its scope and limitations. The respondents did not seem to regret becoming
entrepreneurs and saw the freedom of working for themselves and the challenges of the
work as positive factors. Other positive factors were, for example, the ability to decide
ones own working hours, the available flexibility around the work and ability to decide
on the contents of the work in contrast to earlier, paid employment conditions.
In addition, self-realisation and the possibility for personal development were mentioned
as positive factors. The negative aspects were those typically found in entrepreneurial
activities and business-related matters, including heavy workload, the degree of
responsibility and insecurity over continuation and contracts. Some mentioned that

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being constantly involved with work was a negative factor, and others referred to
financial issues or having little time off from work as negative factors, and not part
of their own identities. The negative aspects were related to those parts of work that
did not directly deal with professional capabilities and abilities, but more with
contextual matters.
The comments about entrepreneurship within social and health care in terms of being
free and I am in charge of my own work or comments about the problems of everyday
entrepreneurship could also be seen as reflecting some of the commonly held cliches of
entrepreneurship (Down and Warren, 2008) as work intensive but autonomous. For
example, Down and Warren show that the use of entrepreneurial cliches makes it easier to
build an entrepreneurial identity when the attachment is not so strong and also when the
entrepreneurial identity might have to be abandoned if changes in the working context
occur. According to our results, for entrepreneurs within social and health care, the
entrepreneurial identity if that can be understood as separate and detached from
professional identity is not strong and they stress their professionalism as being their
core identity, even when doing business. The business clearly enables them do to things
that were important, but their professional identity was not dependent on the business.
Building up ones own entrepreneurial identity through the use of cliches about
entrepreneurship might be a way of adjusting to the new situation of being an
entrepreneur in ones occupation in the reality of the everyday work to be done, far from
the glamorous image of the risk-taking hero entrepreneur. When focusing on individual
workers and entrepreneurs identities, a strong emphasis on individuals ethos,
capabilities and self-fulfilment discourses can easily hide other, more collective,
critical or context bound interpretations, such as in foucauldian inspired studies on
entrepreneurial identities (Miller and Rose, 2008).
According to Johannison (2005), one of the paradoxes of entrepreneurship is that it
means both dependence and independence. This is especially true, in a different sense, in
entrepreneurship in social and health care services, where the questions of vulnerability
and dependency are related to the specific care activity in question (Kovalainen, 2004).
Being an entrepreneur within social and health care also means that you offer your
services in the same arena as the public sector and municipal authorities are most often
the customers purchasing your services. This duality in cooperation practices creates
interesting patterns, and places contract-making abilities, negotiation skills and the
concept of trust at the centre of the activities (Kovalainen and Osterberg-Hogstedt, 2008).
On the basis of our empirical material, the entrepreneurial side of activities comes to the
fore in the everyday work of running a business (Osterberg-Hogstedt, 2009) and
entrepreneurial skills need to be mastered in order to manage the business. One of the
contradictions of entrepreneurship within social and health care is the strain between
entrepreneurial activities and risk-taking compared to the soft values and ethics of care
(Nadin, 2007; Sundin, 1997; Tillmar, 2004; Tillmar, 2009). In order to avoid the
contradiction of masculine entrepreneurial goals and the female ideology of care,
there is a need to construct an identity that can combine these two in a morally
acceptable way.
Experience and skills
Adopting the identity of an entrepreneur can fulfil different purposes. For example,
Hytti (2005) sees it as a possible way of keeping ones professional status, and Sundin

(2004) talks about entrepreneurship as a way of keeping the situation stable and not
changing the way one works or the content of work. In particular, when one becomes
an entrepreneur within the previous occupational field, the entrepreneurial identity is
built on the professional identity (Gustavsson and Ronnqvist, 2006; Osterberg-Hogstedt,
2009). The crucial role of work experience has also been seen in other studies on
entrepreneurs (Akola et al., 2007; Gustavsson and Ronnqvist, 2006; Mattila, 2005;
Tillmar, 2004). Our interpretation based on our empirical material is that the
entrepreneur within social and health care first and foremost provides services in a
flexible and professional way, and the business is based on their professional skills.
Their professional identity is constructed out of their education and work experience.
The role of entrepreneurship is to provide the framework for practising ones occupation,
and entrepreneurial identity is seen in terms of the way in which one chooses to practise
ones occupation (Osterberg-Hogstedt, 2009).
If the entrepreneur sees herself/himself as lacking entrepreneurial skills and knowledge,
it might affect or slow down the process of identifying oneself as an entrepreneur
sterberg-Hogstedt, 2009). When asked about the
(Vesala et al., 2007; Cranford et al., 2005; O
kinds of skills they felt they would need more of in the future, the entrepreneurs in our
survey listed, in addition to constantly updating occupational skills and mastering several
other skills, the need for entrepreneurial skills and skills for managing the business. Such
skills included marketing, finance, leadership, HR, knowledge of legal issues and IT skills.
All this reveals the layered notion of business-related activities that need to be mastered
on top of the profession. Within social and health care, becoming an entrepreneur often
means changing ones occupational status from being employed within the same sector to
becoming an entrepreneur, very often with the same employer, with only the contract
sterberg, 2006; Sundin, 2006). This, of course, challenges the
changing (Kovalainen and O
identity of the work itself. According to our results, entrepreneurial identity can be seen as
sterberg-Hogstedt, 2009).
developing when experience in running a business grows (O
According to our interpretation, the ability to articulate and reflect the lacking skills relates
to entrepreneurial identity more than to professional identity.
In entrepreneurship within social and health care, professional identity is combined
with the ideology of care (Tillmar, 2009), and the different roles in a womans life
(Nadin, 2007), which are very often taken for granted, thus creating a gender image
based on essentialist assumptions of biology, rather than social definitions. Problems for
female entrepreneurs that can be connected to gender include, for example, difficulties in
gaining trust and credibility, and also insecurity in entrepreneurial skills (Kovalainen,
1995; Tillmar, 2004). When entrepreneurs within this field gain more experience of
running a business, and when they succeed in establishing their position alongside
public sector services, the entrepreneurial identity grows (Osterberg-Hogstedt, 2009),
but it does not have to grow at the expense of the ideology of care or the gender position.
The challenge and the attraction of being an entrepreneur in the social and health care
sector are found in combining care, female roles and entrepreneurship.
When it comes to entrepreneurship within social and health care, we are indeed
analysing a very heterogeneous group of entrepreneurs with a wide range of professional
statuses. Within some professions there are long traditions of becoming an entrepreneur,
and there are examples to follow in the entrepreneurial process, but within other
occupations there are no traditions or patterns for entrepreneurial activity
sterberg-Hogstedt, 2009). Shepherd and Haynie (2009) address the psychological need

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to belong and the sense of distinctiveness as crucial elements of the identity management
of the entrepreneur. One of their conclusions is that achieving a balance between the
feeling of distinctiveness and the feeling of belonging through managing different
micro-identities leads to psychological well-being for the entrepreneur. In line with their
conclusions, we can assume that achieving a balance between the micro-identities of being
an entrepreneur, a professional within social and health care and a female could lead to a
sense of balance between belonging and being distinctive.
Taking the gendered nature of professions into consideration, we can also assume
that when the gendered nature of the work comes into play, the balance is disrupted.
In strong professions within social and health care, professional identity provides the
sense of belonging and being an entrepreneur would provide the sense of distinctiveness.
On the other hand, in weaker professions and also among the different professions
in the heterogeneous field of social and health care, the entrepreneurial identity might
provide the sense of belonging. This is understood through our empirical material,
where those in strong professions (physicians, medical doctors, lawyers) find the core
of their capacity existing and remaining the same despite the form of work contract they
have (self-employment, paid employment, contracting work, entrepreneurship). There
is a stronger need to emphasise the business idea and package ones own capabilities
into a marketable format for semi-professions, such as nursing or other care related
occupations, than for strong professions such as lawyers and dentists. This articulated
distinction was not, however, very strong, but it was present. It is this distinction that
raises new questions relating to the layers of identity work and the boundaries between
knowledge claims. It seems that when being an entrepreneur, the expenses and costs are
more or less constantly calculated. It is as if efficiency is produced through ones
own labour, thus seeping into the mindset and thought processes, transforming the
professional identity gradually with an overlapping entrepreneurial identity.
Through the ability to combine contradictions that occur in their everyday
life experiences, and with the help of cliches, entrepreneurs within social and health
care try to construct their own kind of entrepreneurial identity on their different
paths towards entrepreneurship; an identity that retains professional skills and
experience at the forefront, and an identity that succeeds in combining being female
with entrepreneurship and the ideology of care. The transition of defining care as a
complete profession instead of defining it as a womans naturalized labour of love,
as a professional work status and part of the social tapestry of societies through welfare
occupations (Witz, 1994; Bubeck, 1995) has taken decades. However, the professions
within welfare, health and care are very much gendered in terms of who is doing
the work, who is supposed to do it, and how it relates to and results from segregated
occupational structures. In so far as these gender roles in care are socially constructed,
they are fluid and open to change. The blurring boundaries and diversities intersecting
with other features, such as the position of the public sector, negotiation power and
the ability to perform become mediated through business talk and articulations
that relate more to the entrepreneurial activities than to waged work.
According to our interpretation, the entrepreneurial activities in entrepreneurship
within social and health care are built on and intersect with previous and perhaps
deeper layers of professional skills, and are thus based on and built upon strong

professional identity. The entrepreneurial identity comes to the fore in the everyday
work of running a business, and in talking about the business. Often in the interviews
the everyday language of the business precedes and bypasses the professionalism,
which is not articulated separately, but is illustrated through actions and activities,
through work and its practices. Second, this does not mean that professionalism has
been eroded from the work activities and practices of an entrepreneur. The ability to
run the business rests firmly upon professional capability and identity, and that
professionalism also forms the core of the business. In talking about and reflecting on
the business activities, the talk about the care or specialist field within health care and
social care are not underlined or explicated. The contradiction between the two
remains, but it is layered and subtle.
In order to avoid the contradiction of stereotypically masculine entrepreneurial
goals and the stereotypically female ideology of care, there is a need to construct an
identity that combines both in socially acceptable ways. The challenge and the attraction
of entrepreneurship in the social and health care sector may lie in the combination of
care, female roles and entrepreneurship. What entrepreneurs in this field do, first and
foremost, is provide services in a flexible and professional way, and the business is
based on their professional skills, while entrepreneurship provides the framework for
practising ones occupation. Therefore, running the business seems to be the activity
framework for the work to be done, which is primarily displayed and performed as
strictly professionalism-based care. It seems as if the core of the professionalism
identity has not changed, even if the ways of making a living have, bringing forward the
entrepreneurial identity. Gender has become immersed as part of this framework.
Through a delicate balancing act between these different micro-identities of being a
professional within social and health care, being female and being an entrepreneur,
we see a unique form of entrepreneurial identity in social and health care evolving.
The current development of the changing welfare service system towards a
market-based and mosaic-type structure, in all Nordic countries, has provided an
opportunity to track down an emerging new business field within the strong professional
groups who had earlier experienced, and had access to, only paid employment positions.
This historical transformation also opens up the possibility to address the question of
evolving entrepreneurial identity in a wider sense, as the question touches several
professional groups, it changes the gender order in care arrangements, and, finally, it also
changes care giving. This can also mean deconstructing the prevailing entrepreneurial
identity stereotypes. During the last few years an increasing number of professional
groups have settled into the possibility of the entrepreneurial option in their working
careers, the education system for care professionals has integrated the idea of
entrepreneurship into its curriculum, and services are presently mixed in production
modes. The transformation of the welfare services has been rapid, and entrepreneurship
has become the business as usual amongst those professions which were untouched by
it in the 1990s, when we started to research the phenomena of marketization of publicly
provided social care and health services, as well as private businesses within these fields.
There are undoubtedly differences and different logics of work-related identity
building among both entrepreneurial and professional groups. Despite this, and even if
part of the research tradition emphasises the difference and the separateness of these
identities, we argue that very often these identities are fluid, changing and overlapping.
This only tells us that identity cannot be predetermined or classified according to

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economic earnings logic only, but that identity is malleable, evolving, interconnected
and intertwined with several features that seep through for example, family and
educational background, professional and work experiences and they do not amount
to these only.
1. The New Public Management has introduced a shift in the language of care from client to
service user and consumer (Heffernan, 2006), referring to able-bodied citizens capable of
making informed choices ( Jacques, 1996).
2. We do not make a rigid division between entrepreneurs and self-employed persons here, as
the line is fluid, especially so among professionals. Part of them contract out their services
or simply their own labour on a private basis, and most of their services are purchased by
a municipality. For that purpose, they need to start up their own business, set prices for all
services, participate in tenders, negotiate with the purchaser and clients, etc. Is that
self-employment or entrepreneurship? For this reason, we do not separate here the term
self-employment from entrepreneurship, even if there are well-documented reasons for
doing so in most of the studies on the topic (Kovalainen, 1995).
3. This is also true, to some extent, within the female and womens entrepreneurship literature.
4. For a thorough discussion, see, for example, Evetts (2006) and Svensson (2006).
5. The ways to personalise services through the variety of identity performances can be both
about who or what ones business is not about, as they are about what it is.
6. In a similar fashion, the question of the timing of data gathering can be posed. We do not
assume the freshness of the data being the issue here, as the identity construction seems to
be more interlinked to personal work experiences in paid employment and in business,
irrespective of the actual year of data collection.
7. The deeply ingrained division into growth companies and stable non-growers is apparent in
the ways growth companies are being discussed and framed in research.
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health care

About the authors

Anne Kovalainen is an Academy Professor, nominated by the Academy of Finland, at the
University of Turku, School of Economics, Finland. Anne Kovalainen is the corresponding
author and can be contacted at:
Johanna Osterberg-Hogstedt is an Assistant Professor at the Department of Management and
Organisation, Hanken School of Economics, Finland.


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Dimitrie Cantemir Christian University

Knowledge Horizons - Economics

Volume 6, No. 2, pp. 4953
P-ISSN: 2069-0932, E-ISSN: 2066-1061
2014 Pro Universitaria


Institute for World Economy of the Romanian Academy, Department of Governance of European Integration, Romania,

The article focuses on enhancing the role of SMEs in Romania as a growth factor. It examines the
role of SMEs especially in increasing value added and labor productivity in EU. The paper pays
special attention to the principles underlying the Small Business Act and to the importance of
entrepreneurship development as a source of new jobs. In conclusion, the number one priority in
Romania is to facilitate the finance access for SMEs. Without SMEs access to adequate funding and
no liquidity, no business can operate, invest and grow. This means ensuring financial market
stability and strengthening banks, while ensuring that credit policy is focused on stimulating SME
development. Another top priority for the development of SMEs sector in Romania is to increase
innovation and youth entrepreneurship. Last, but not the least the top priority for developing SMEs
as driving force of Romania economic growth is to promote SMEs internationalization.

Key words:
Small and Medium
Value Added, Productivity,

JEL Codes:
L25, L26,M2,M13

high-tech manufacturing and knowledge-intensive

sectors. Furthermore, on 18 March 2014, the European
Commission has released a memo on SMEs: feedback
on Green Action Plan, underlining the importance of the
significant role of small and medium size enterprises in
industrial renaissance, in order to increase the
contribution European industry makes to EU GDP from
the current level of 15% to that of 20% by 2020.

1. Introduction
According to European Commissions, the small and
medium-sized businesses are comparatively more
prevalent in Romania compared to EU as a whole.
According to the Small Business Act (SBA) Fact
Sheets-2012 Romania, which is produced as part of the
SME Performance Review (SPR), Romania's SME
sector is characterized by a greater importance of small
and medium-sized enterprises, to the detriment of
micro-firms. In 2012, the medium-sized enterprises in
particular reveal above-average contributions to
employment 21.1% and value added 20.6%. Overall,
the SME sector contributes less to value added and
equally to employment when compared to its European
counterparts on average, which suggests that the
labour productivity of SMEs in Romania is lower.
European Commission underlines that this may be the
partly due to the industrial structure of the Romanian
economy. In terms of sector distribution, the trade
sector dominates, accounting for 42% of SMEs, as
compared with only 30% in the EU. The remaining
SMEs are distributed among services (34%),
manufacturing (10%) and construction (13%).
In Romania, there is as an important potential of
economic growth and economic recovery by increasing
value added and productivity of SME on one side and
changing the distribution of the economic sectors in
favour of increasing industry share. The key sectors for
restoring competitiveness of the European firms are the

2. The Role of SME in European Union

Economic Recovery
SMEs acted as a driving force for the EU economy,
during the 2008-2009 crises, given that corporations/
large companies were more affected. While the
European economy is still struggling to overcome the
financial and economic crisis, European SMEs make
significant efforts on their way to recovery based on
their ability to restructure more easily to the market
needs and their mobility to adapt more quickly to the
challenges of globalization. Considering the definition of
SMEs in the EU, they represent the vast majority of
companies doing business in the EU.
The final annual report entitled "A recovery on the
horizon?", funded by the European Commission, shows
that SMEs accounted over 3.4 trillion value added at
current prices against a total value added produced by
the private, non-financial sectors of approximately 5.9
trillion. A considerable contribution of European SMEs
in 2012 was to the services and manufacturing sectors.

Knowledge Horizons - Economics

Volume 6, Issue 2, pp. 4953, 2014 Pro Universitaria

Both sectors combined employed 74 million people and

produced 2.9 trillion of value added, with 85% of all
European SMEs working in these two sectors. It is
underlined that of the estimated 5.1 million enterprises
operating in manufacturing and construction, 99.6 %
are SMEs. The utilities (including electricity, gas, steam
and air conditioning, water supply, sewerage, waste
management and decontamination) and extractive

industry sector accounted for a total of 149,000

enterprises, of which, 98.8 % are SMEs. The total of
20.35 million of the European SME plays an important
role in increasing employment. SMEs represent 66.5%
of total employment in Europe in 2012. SMEs have
produced 57.6% of gross value added generated by the
private economy, non -financial EU during 2012.

Source: Author based on European Commission data

Figure 1. European Union: Value Added and Employment in 2012

The importance of the industrial manufacturing sector
for employment and growth in the EU is highlighted in
the recent industrial policy strategy, and especially in
the strategy Europe 2020 which aims a competitive
and innovative industry able to withstand global
challenges. The recent publications of the European
Commission, namely the European Competitiveness
Report 2013and "Industrial Performance Scoreboard
2013" emphasizes the importance of industrial
manufacturing sectors the EU economy and highlights
how to stimulate innovation, promote the products with
high value added and the international trade, in order to
ensure sustainable growth and prosperity. In this
strategy, mainly SMEs from the manufacturing sector
are vested with significant powers both in stimulating
growth and creating jobs.
The EU total budget for the period 2014-2020 sums up
1082 billion euro, of which 32% represents the EU
Cohesion Policy funding, which is the main financial
instrument of the European Regional Development
Fund and European Social Fund. The Cohesion Policy
for 2014-2020 will focus on funding a smaller number of
the strategy Europe 2020 priorities and on increasing

the competitiveness of SMEs as a part of these

priorities. For example, two of the top priorities are
improving energy efficiency and promoting renewable
energy use by SMEs. Thematic objectives include
additional technology for research and innovation,
information, communication and education, skills and
lifelong learning, all of which are relevant to the policies
for SME development and are strongly oriented towards

3. Small Business Act and Entrepreneurship

The Commission Communication COM (2008) 394
entitled "Small Business Act for Europe" has launched
10 guiding principles for the implementation of the
policies to stimulate economic activity of SMEs, both at
EU and Member States. These principles are essential
to produce more value added, to stimulate a fair
competition for SMEs and not least to improve the legal
and administrative framework across the EU, namely:
a) Create an environment in which entrepreneurs and
family businesses can thrive and entrepreneurship is

Knowledge Horizons - Economics

Volume 6, No. 2, pp. 4953, 2014 Pro Universitaria

b) Supporting honest entrepreneurs that have faced

bankruptcy to get a second chance to re-launch the
business. According with European Commission data,
approximately 50% of new SMEs fail in the first five
years. In order the entrepreneurs in the EU to be able
to produce economic growth, they must allocate more
assistance from state. Further, companies do not have
an adequate support system, enabling them to prevent
c) Design strategies according to the "Think Small First"
d) Government determination to react promptly to the
needs of SMEs;
e) Adapt public policy tools to SME needs: facilitate
SMEs' participation in public procurement and better
use of the state aid to SMEs;
f) Facilitating SMEs' access to finance and develop
legal and business support payments on time in all
commercial transactions;
g) Supporting SMEs to benefit more opportunities
offered by the Single Market;
h) Promote the upgrading of skills in SMEs and all
forms of innovation;
j) Enable SMEs to turn environmental challenges into
business opportunities;
k) Encourage and support SMEs to benefit from the
growth of markets outside the EU.
In the Commission Communication COM (2012) 795,
entitled "Entrepreneurship is a powerful driver of
economic growth and job creation" shows that
entrepreneurship is a powerful tool, which leads to the
creation of new businesses, opens new markets and
stimulates the development of new skills and
capacities. In the industry sectors, entrepreneurship is
particularly important for the rapid development of
several sectors identified as growth promoters in the
Commission Communication COM (2012) 582 on
industrial policy, namely: "clean" advanced
manufacturing technology, key enabling technologies,
organic products, sustainable industrial production,
construction and raw materials, clean vehicles and
smart grids. Entrepreneurship makes economies more
competitive and innovative and is a key factor in
achieving the objectives of EU economic policies.
Paul Rbig (2014) shows that politics does not create
jobs, but business entrepreneurship makes this
possible. From his point of view, an efficient public
policy requires an economic, fiscal and logistical
environment where entrepreneurship can flourish. In
Rbigs (2014) opinion, the objectives for the future
policy development of SMEs should focus on improving
access to finance and to the markets within the EU and
globally and promoting entrepreneurship and
entrepreneurial culture. Because of the fact that SMEs
in the EU are diverse and heterogeneous, the initiatives
to improve access to finance must include diverse and

innovative measures, taking into account the specific

features of each category of SMEs. (Rubig2014)
The European Commission stresses that new
enterprises, especially SMEs, are the most important
source of new jobs: they create 4 million new jobs every
year in the EU. While three years ago, 45% of
Europeans were registered as freelancers (selfemployment) employment, in 2012 this percentage
dropped to 37% in the EU. On the other hand,
compared with the United States the rate is greater
51%, and respectively China 56%. Moreover, when
new businesses are founded, they grow more slowly in
the EU than in the U.S. or developing countries. So,
there is a potential for employment in SMEs, which may
reduce substantially unemployment in the EU.
According with Eurostat data, the euro area (EA18)
seasonally adjusted unemployment rate was 12.0% in
January 2014 and in the EU-28 unemployment rate was
EU support for SMEs is available in different forms such
as grants, loans and, in some cases, guarantees.
Support can be provided either directly or through
programs managed at national or regional level, the
European Union's Structural Funds. Also, SMEs can
benefit from a range of non-financial assistance
measures in the form of programs and support services
for businesses. According with the Community Support
Programs for SMEs presentation of the main funding
opportunities for European SMEs, there are the
following opportunities:
1. Thematic funding opportunities. This type of
financing has specific thematic objectives environment, research, education - designed and
implemented by various departments of the European
Commission. Typically, SMEs or other organizations
can apply directly in these programs, on presentation of
sustainable, transnational and value added. Depending
on the program, applicants can also include industrial
groups, associations of enterprises, business support
providers and/or consultants.
2. Structural Funds Structural funds and the European
Regional Development Fund and European Social
Fund Community funding instruments are the largest
funds dedicated to SMEs through various thematic
programs and initiatives implemented at the regional
level. Beneficiaries of structural funds receive a direct
contribution to finance their projects.
3. Financial Instruments. Most financial instruments
are available indirectly through financial intermediaries.
Many of them are managed by the European
Investment Fund.
4. Support for the internationalization of SMEs.
Generally consist of assistance to intermediary
organizations and/or public authorities in the field of
internationalization, which aims to support SMEs in
their quest to penetrate markets outside the EU.

Knowledge Horizons - Economics

Volume 6, Issue 2, pp. 4953, 2014 Pro Universitaria

In the "Strategy for SME development", the Romanian

Government underlines that early stage/startup funding
is problematic for most entrepreneurs due to lack of
business networks with regional or national coverage,
lack of venture capital instruments (early stage venture
capital funds) and flexible hybrid financing instruments
(mezzanine credit) for small amount (up to 200,000
Another top priority for the development of SMEs sector
in Romania is to increase innovation and youth
entrepreneurship. Providing loan schemes specific to
young people, such as preferential loans, micro loans
or providing guarantees are recommended to replace
traditional lending schemes. According to experts the
International Labor Organization, granting of loans with
low interest rates and/or do not require collateral for
young entrepreneurs, that can demonstrate
commitment, responsibility and ability to repay the loan
through an effective business plan. Also, loan
guarantee schemes are an effective way to facilitate
young people's access to bank financing, while the
government assumes the risk of lending to young
entrepreneurs. Small businesses are often launched
with personal savings or family resources, but may be
promoted by the authorities by reducing administrative
and regulatory costs related to young people to help
implement business, which often promote innovation
and value added.
Entrepreneurial skills are also essential for young
people looking for jobs and want to start their own
experiences for young people can strengthen links
between the education system and the real economy to
turn creative ideas of many young people in
entrepreneurial actions. The European Commission
encourages Member States to modernize education
systems in order to eliminate the lack of competences
and to improve the supply of skills required in the labor
market such as digital skills, information technology and
the entrepreneurial skills.
The last, but not the least top priority for developing
SMEs as driving force of Romania economic growth is
to promote SMEs internationalization. Therefore,
Romanian SME shave to increase competitiveness of
their products on the international market by increasing
productivity and the value added of their products and
promoting high-tech manufacturing and knowledgeintensive sectors.

Daniel Calleja (2014) points out that the current priority

for the EU is to promote the internationalization of
SMEs to boost the existing potential for growth in
markets outside the EU. In his point of view, this
strategic approach is based on the estimate that by
2030, about 60% of world growth will occur in emerging
economies. In currently only 13 % of SMEs do business
across EU borders, but in the opinion of Calleja (2014)
there is potential to increase the number of these SMEs
to 36%. In order to give more chance to enterprises to
do business, the European Commission launched a
successful program called "Missions for Growth". The
"Missions for Growth is underway in seventeen
different countries, namely: the Americas (United
States, Brazil, Argentina, Mexico, Colombia, Peru,
Chile, Uruguay), Asia (China, Myanmar-Burma,
Vietnam and Thailand), and North Africa and the Middle
East (Egypt, Morocco, Tunisia, Israel) and the Russian
Federation. There are more than 800 participants in the
project, representing more than 570 companies and
business associations from 26 member states,
representing both large enterprises and SMEs. All
sectors of the economy are represented in these
missions for growth, especially construction, transport
and real estate (10%), oil, gas and renewable energy
sources (7%), medical devices and pharmaceutical
products (6%), key enabling technologies (5%) and
tourism (8%). In 2014, several mission growth" outside
the EU are planned to create new business
opportunities for SMEs in the EU and help them
become more competitive both on the EU and

4. Conclusions
In conclusion, the number one priority in Romania is to
facilitate financing access for SMEs. Without access to
adequate funding and no liquidity, no business can
operate, invest and grow really; finance is one of the
levers of growth for SMEs. According to a public
consultation launched by the European Commission in
July 2012, limiting access to finance has been one of
the major constraints on the growth and the
development of entrepreneurship in the EU. SMEs were
based on bank lending and therefore existing bank
credit constraints due to the global financial crisis have
a disproportionate impact on the development of SMEs.
Especially, entrepreneurs have difficulties in obtaining
financing in the early stages of their business. The
European Commission has repeatedly stressed that
SMEs can be a source of growth and jobs in the EU if
their access to finance is improved. In short, from the
perspective of Member States this means ensuring
financial market stability and strengthening banks, while
ensuring that credit policy is focused on stimulating
SMEs development.

1. European Commission (2008). Communication from
the Commission to the Council, the European
Parliament, the European Economic and Social
Committee and the Committee of the Regions " Think

Knowledge Horizons - Economics

Volume 6, No. 2, pp. 4953, 2014 Pro Universitaria

Small First " a " Small Business Act " for Europe, COM
(2008 ) 394 final , Brussels.
2. European Commission (2011). An Action Plan to
Improve Access to Finance for SMEs, COM (2011) 870
Final, Brussels.
3. European Commission (2012). Community Support
Programs for SMEs presentation of the main funding
opportunities for European SMEs, Brussels.
4. European Commission (2013). Communication from
the Commission to the European Parliament, the
Council, the European Economic and Social Committee
and the Committee of the Regions Entrepreneurship
Action Plan in 2020 , reigniting the Entrepreneurial spirit
in Europe, COM (2012 ) 795 final Brussels.
5. Calleja, D. (2014). Promoting Internationalization of
European SMEs: Two Years of Missions for Growth, in
Ulman, Laurent ( Edit) , Industrial strategy in Europe ,
Competitiveness and Growth, The European Files / Les
Dossiers Europens, Brussels,,
ISSN 1636-6085.
6. Gagliardi, D., Muller, P., Glossop, E., Caliandro, C.,
Michael Fritsch, M., Brtkova, G., Bohn, N.U., Klitou, D.,
Avigdor, G., Marzocchi, C., Ramlogan, R. (2013). The
final annual report on SMEs 2012-2013 entitled "A
recovery on the horizon?. European Commission.
7. RbiIg, P. (2014). What Kind of European Policy for
SMEs, in Ulman, Laurent ( Edit) , Industrial strategy in
Europe , Competitiveness and Growth, The European
Brussels,, ISSN 1636-6085.
8. Romanian Ministry of Economy, Trade and Business
Environment, General Department of Industrial Policy
and Business Environment (2009). "Government
Strategy for SME development", Bucharest.


Reproduced with permission of the copyright owner. Further reproduction prohibited without

Fostering Entrepreneurship in a Changing Business Environment



Dan Armeanu1, Nicolae Istudor2 and Leonard Lache3
Bucharest University of Economic Studies, Romania

Please cite this article as:

Armeanu, D., Istudor, N. and Lache, L., 2015. The Role of SMEs in Assessing
the Contribution of Entrepreneurship to GDP in the Romanian Business Environment.
Amfiteatru Economic, 17(38), pp. 195-211

Given the negative effects of the economic crisis on the Romanian economy,
entrepreneurship represents one of the main pillars of economic recovery and the
authorities need to act in support of private entrepreneurship initiative. Even though
entrepreneurship does not equate to the small and medium-sized enterprises, there is strong
support in literature regarding the importance of SMEs in national economies due to the
authorities' potential of intervention and their contribution to gross value added.
The fluctuating evolution of the Romanian business environment has led to a high volatility
of its contribution to GDP, which is especially true in the case of SMEs due to their lack of
technology and capital and difficult access to financing, as well as limited know-how
compared to the large companies that control the Romanian market. Successful
entrepreneurial initiative leads to sustainable businesses and ensures a smooth transition
from business ideas to the creation of value added, thus supporting economic growth and
the narrowing of macroeconomic gaps which have been generated during the economic
recession. As a distinctive and dynamic component of Romanian entrepreneurship, the
SME segment has a significant contribution to GDP. This study aims at assessing the
contribution of entrepreneurship, through its SME segment, to Romania's GDP in the main
economic sectors and, at the same time, the estimation of output gap at sectoral level, thus
filling a gap in entrepreneurship-related domestic literature.
Keywords: entrepreneurship, business environment, small and medium-sized enterprises,
real GDP, potential GDP, output gap, production function
JEL Classification: L26

Corresponding author, Dan Armeanu

Vol. 17 No. 38 February 2015



The Role of SMEs in Assessing the Contribution of Entrepreneurship to GDP

in the Romanian Business Environment

Entrepreneurship initiative represents a cornerstone of market economy and its support by
public authorities is a fundamental prerequisite of long-term economic welfare. Such
supportive measures are ever more important in the context of an economy in transition to a
fully-fledged market-based system. This is the case of Romania, where the slow and
unconvincing progress has been a chief result of the lack of a stable, attractive and
competitive business environment. Public policy has obviously lacked a structured and
coherent approach to sustaining the local entrepreneurship environment, which in turn has
affected subsequent economic growth. Since multinational corporations dominate the
Romanian economic landscape, with limited potential for stimulative public intervention
(i.e., tax benefits), significant attention must be paid to the small and medium-sized
enterprise sector. In many economic sectors, SMEs are the main job creators, as well as the
main contributors to GDP. Authorities have an array of tools available to support SMEs,
such as tax and administrative facilities, counselling and assistance in EU funds absorption,
support towards human capital development etc.
The connection between entrepreneurship and SMEs in the Romanian business
environment is well documented in literature see, among others, Lafuente and Driga
(2008, 2009), Lafuente and Rabetino (2007), Marchi (2011) and Ciucan-Rusu and Szabo
(2013). The authors demonstrate that entrepreneurial initiative in the Romanian economy
has been relatively weak at creating value added and at orientation towards the customer
and that deficiencies in human resources, financing and the institutional framework have
not allowed SMEs to fully unlock their growth potential, thus limiting their contribution to
GDP. The specificity of the institutional framework, the lack of management culture and
entrepreneurial education*, as well as the inherent shortcomings of the local business
environment (difficult access to financing for smaller companies, the high number of
bankruptcies and the lack of fiscal transparency) have far outweighed the traditional
advantages of SMEs the potential to generate value added, the adaptability to ever
changing markets, the rapid adoption of new technology and ability to produce managerial
innovation. All of these aspects have obviously affected the contribution of SMEs to GDP.
Given that domestic literature on the topic of entrepreneurship (and its SME sub-segment)
is mainly focused on descriptive analysis and its qualitative dimension, the objective of
this study is to assess the capacity of entrepreneurship and SMEs to innovate and to
generate value added. The proposed approach shall be based on the Cobb-Douglas
production function with constant returns to scale and statistical filtering techniques and it
shall estimate all of the model's inputs (capital, labour and labour elasticity of output) by
specific techniques, using statistical data available for the Romanian economy over the
2000-2013 period. The model shall also be used to evaluate the output gap of the SME
segment, as well as to determine the contribution of labour, capital and total factor
productivity to economic growth in Romania's top six value added-generating sectors.
The paper is structured as follows: the ensuing section is dedicated to a review of the main
results of entrepreneurship- and SME-related literature, both in Romania and
internationally. Next, the research methodology shall be described the production
function model, estimating input variables, applying the model and assessing its suitability
given the peculiarities of the Romanian economy. The two following sections shall discuss
model results and draw the necessary conclusions.

See Lafuente and Rabetino (2007).

See Lafuente and Driga (2007, 2009).


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Review of the scientific literature

Small and medium-sized enterprises, and more generally entrepreneurship, are widely
considered to be a fundamental engine of economic development at global level. However,
due to the institutional and market inefficiencies they face, public intervention is necessary
in order to sustain growth in the SME sector (Pslaru and Modreanu, 2012). According to
The World Bank (1994, 2002, 2004) and Beck and Demirg-Kunt (2004), pro-SME
policies are based on three main pillars: first and foremost, stimulating competition and
entrepreneurship and thus promoting economic efficiency, innovation and the effective use
of resources. Secondly, SMEs are widely believed to have the best potential of job creation,
as large corporations are comparatively less reliant on labour. Thirdly, some authors (see,
for instance, Ardic, Mylenko and Saltane, 2011; Cressy and Tovainen, 2001; Dietrich,
2010) consider SMEs to be more productive than large firms; however, their progress is
slowed down by limited access to financing and several institutional barriers.
As pointed out by Beck and Demirg-Kunt (2004, 2006), in spite of the growing interest
towards fostering SME development at international level that has resulted in several multibillion dollar financial assistance programmes provided by The World Bank and EBRD,
among others, pro-SME policies are subject to heavy criticism by authors who argue their
efficiency. Some studies (Pagano and Schivardi, 2001) argue that large corporations enjoy
significant competitive advantage that enables them to benefit from important scale
economies, which in turn allows them to make significant investment in R&D that
ultimately leads to increased productivity, as well as an improved ability to respond to the
challenges of a continuously evolving international business environment (Maksimovic and
Phillips, 2002). Other studies (Haltiwanger, Jarmin and Miranda, 2010) indicate that, in the
medium term, SMEs are neither better job creators than large companies, nor are they more
reliant on labor than large corporations.
An interesting view is that of Ayyagari, Demirg-Kunt and Maksimovic (2011) and Beck
and Demirg-Kunt (2006), who question the relationship between firm size and firm
contribution to economic growth. As it turns out, this relationship is heavily influenced by
factors as natural resource endowment, the direction and efficiency of economic policy, the
degree of openness exhibited by the economy, the competitiveness of domestic products in
international markets etc.. For example, economies that are relying on the export of
products that incorporate substantial value added favour large corporations, as opposed to
less open economies, and pro-SME policies can generate distortions at microeconomic
level (Beck and Demirg-Kunt, 2004). However, it is worth noting that many studies
question the higher presumed efficiency and productivity of SMEs compared to large
corporations, as well as the contribution of SMEs to economic growth. As discussed in
Beck and Demirg-Kunt (2004), this requires significant effort towards a business
environment with few barriers to entry and exit, an efficient institutional framework and a
transparent and predictable legal system and public policy that fosters private economic
initiative and stimulates competition.
The issues of SME efficiency and SME contribution to economic growth are ever more
complicated in the case of emerging economies, where the lack of appropriate management
culture, bureaucracy and institutional deficiencies discourage both entrepreneurial initiative
and the internationalization of SMEs, thus directly affecting their development (Volchek,
Regarding entrepreneurship in Romania, Ciucan-Rusu and Szabo (2013) identify an
additional issue of the business environment and SMEs: the translation of already
performed activities in the public sector into the SME segment, thus leading to a
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The Role of SMEs in Assessing the Contribution of Entrepreneurship to GDP

in the Romanian Business Environment

"nomenclature business" type of entrepreneurship, dominated by a large number of

businesses with only one employee and with zero ability to innovate and create value for
the client. The same study underlines the weak involvement of education in acknowledging
the importance of entrepreneurship and entrepreneurial culture, idea backed by Lafuente
and Rabetino (2007). Other studies (Lafuente and Driga, 2007; 2009, Marchi, 2011,
Pslaru and Modreanu, 2012) contain descriptive analyses of entrepreneurship and SMEs
and statistical information pertaining to SMEs, without attempting a quantitative
assessment of the contribution of SMEs to GDP or a modelling of the sectoral output of
SMEs and the related output gap. Such an endeavour is necessary as it permits correlations
and simultaneous interpretations with similar analysis performed by the National Bank of
Romanian and the European Commission at a macro level, thus providing policy makers
with a valuable instrument.
Research methodology
The output model based on the Cobb-Douglas production function assumes the following
equation of output:



where Y is potential GDP, L is potential labour input (the level of full employment), K
is the potential capital stock, when labour input is at its potential level and is the output
elasticity of labour.
As discussed in Konuki (2008), if salaries reflect the marginal productivity of labour,
shall be equal to the ratio of total labour earnings to gross domestic product. A formal
derivation of this parameter in the particular case of the Romanian economy is discussed in
the following sections.
Estimating potential GDP on the basis of a production function approach involves the
identification of potential levels of labour and capital, total factor productivity and the output
elasticity of labour, . The main advantage of this methodology is that it is backed by economic
theory, while at the same time providing useful information about the drivers of equilibrium
output, which is out of reach for purely statistical methods. However, as highlighted in Denis,
Grenouilleau, McMorrow and Roger (2006), the robustness and the reliability of this approach is
only as good as its inputs. As we shall see shortly, estimating potential levels of labour and
capital poses a significant challenge in the case of volatile economies.
In order to assess the labour trend, the following equation shall be used:



where L is the equilibrium level of labour (used for purposes of estimating potential
GDP), N is active population (15-64 years old), is the trend labour participation rate and
the equilibrium unemployment rate (NAIRU) shall be determined based on the following
equation (Ut is the actual unemployment rate):

U t NAIRU t U tC


in which U t is cyclical unemployment (driven by the current state of the economy). T is

the trend average number of hours worked weekly in the economy.


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As regards the estimation of the parameters, some clarification needs to be made. For
purposes of estimating NAIRU, two approaches can be used: on the one hand, dynamic
models that explicitly incorporate macroeconomic drivers of NAIRU (such as inflation; see
Altr, Necula and Bobeic, 2010, Kuttner, 1994 and Denis, Grenouilleau, McMorrow and
Roger, 2006 for a thorough discussion); on the other hand, statistical techniques for trend
extraction can be used, the most popular being the Hodrick-Prescott and Kalman filters.
In this paper we shall use the approach proposed by Ozbek and Ozlale (2005), with NAIRU
being modelled using a random walk with drift model:



where the drift zt itself follows a random walk process:

Estimating the cyclical component of unemployment poses some methodological
challenges, as discussed in Altr, Necula and Bobeic (2010). Due to the frequent structural
breaks in time series pertaining to the Romanian economy and the resulting high volatility
of macroeconomic variables and high sensitivity to phases of the economic cycle, we find
that a legitimate choice for the cyclical component of unemployment is a AR(2) model with
time-varying coefficients:

U tC 1tU tC1 2tU tC 2 tU

with the associated stationarity condition


1t 2t 1 .

Based on these equations of movement, we quarterly NAIRU shall be estimated using an

extended Kalman filter applied to the seasonally adjusted time series. The trend labour
participation rate and average time worked T , shall be estimated by means of a
standard Hodrick-Prescott filter instead of a consensus approach as suggested by Altr,
Necula and Bobeic (2010), which propose the simultaneous use of the HP and Kalman
filters. This choice is motivated by the fact that the time series have exhibited not
significant volatility over the relevant time frame, but a smooth evolution, which makes the
HP filter an appropriate choice.
The estimation of the labour input at sectoral level is done based on the same reasoning as
in (2), accounting for the proportion of SME employees in the total number of employees at
economic sector level, as follows:




where: LS is the labour trend at sectoral level (only SME), N S is the labour trend in the
economic sector S, estimated using a Hodrick-Prescott filter, N EC is the labour trend at the
whole economy level, also estimated using a HP filter, and wS _ IMM equals the weight of
employees in the economic sector S attributable to SMEs.
The output elasticity of labour can be estimated using a variety of approaches, almost all
based on some ratio of labour derived earnings to gross value added created in the economy
(please see Guerriero, 2012, for a detailed analysis of the alternative approaches to
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in the Romanian Business Environment

determining the parameter). Estimates for the Romanian economy range from 0,65 (Altr,
Necula and Bobeic, 2010), to 0,68 (European Commission, using an estimation horizon
between 1990 and 2006) and 0,69-0,70 (Guerriero, 2012).
For purposes of this study, the following formula shall be used to estimate , both at
economy level and at sectoral level:



in which C is the employee compensation, consisting of salaries and other assimilated income,
MI equals mixed income, representing the proportion of gross operating surplus charged to
entrepreneurial compensation and GVA is gross value added. Estimating at sectoral level
poses some challenges, as mixed income is not available at economic sector level. This is why
we will make the assumption that mixed income is distributed at sectoral level directly
proportional to the gross value added created in the respective sectors, as follows:





Inherent in our approach is the assumption that the output elasticity of labour is the same
for both the economy as a whole and for the SME segment of the economy.
The next important step in calibrating the production function is estimating the capital
stock, which is not directly observable. A possible approach is proposed by Konuki (2008)
and Altr, Necula and Bobeic (2010), based on the permanent inventory method.
According to this model, the capital stock at tine t is given by:

K t K t 1 1 d Q GFCFt 1,t


where Kt is total capital at time t, dQ is the quarterly rate of depreciation of capital, with the
link between the annual and quarterly rates of depreciation being given by

d q 1 1 d A

1/ 4

, and GFCFt 1, t is the gross fixed capital formation (capital inflows)

during period t.
The application of the permanent inventory method can be done in two ways. One of them
is to assume that the growth rate of capital is equal to the rate of growth of real GDP. In this
case, the real capital stock at the end of year n is determined as follows (see Glescu,
Rdulescu and Copaciu, 2007):


rA d A


where rA is the annual rate of growth of capital formation. This approach has one significant
drawback, which is the need to reliably estimate the annual growth rate of capital inflows,
with different assumptions yielding different results, as discussed in Konuki (2008). The
other approach starts with a predetermined level of the initial capital-to-output ratio and
subsequently estimates the capital stock using the recursive relationship (9).


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In their study, Altr, Necula and Bobeic (2010) start with a capital-to-output ratio equal to
2,0 in 1995; however, this is not consistent with the IMF country report of 2003 which
proposes a capital-to-output ratio of 1,3 in 1992. Considering the capital obsolescence in
the Romanian economy in the first years of transition to a market economy system
(implying high depreciation rates), we consider that a capital-to-output ratio of 2.17 in 2000
is appropriate, which corresponds to a capital-to-gross value added ratio of 2,44 in the same
year. This value has been estimated using equation (9), considering an average annual
growth rate of real GDP of 3.59% and annual depreciation rate of capital of 5% over the
2000-2013 horizon. The annual depreciation rate is consistent with the studies of Altr,
Necula and Bobeic (2010) and Glescu, Rdulescu and Copaciu (2007).
In order to evaluate the capital stock in the SME segment of the economy at sectoral level,
we shall start from the capital-to-gross value added ratio determined for year 2000, as

K SME , S , 2000 GVA2000 wK ,GVA, 2000



The estimation of capital stock for subsequent periods is done based on the assumption that
the capital stock of SMEs will grow at a quarterly rate equal to the growth rate of the total
capital stock in the economy. For purposes of modelling potential GDP, there are solid
arguments (Denis, Grenouilleau, McMorrow and Roger, 2006), Konuki, 2008, IMF, 2003
and 2012 etc.) regarding the use of the actual capital stock in the economy as a proxy for
the trend stock of capital ( K T K T ).
The last step in model calibration is estimating total factor productivity (TFP). In this
respect, implied TFP shall be first determined using actual real GDP and trend labour and
capital determined using the methodology previously described:


L K 1


where L and K represent actual inputs of capital and labour. For the trend input of labour,
formula (6) will be used, replacing trend values of variables with the actual quarterly
observations, while trend capital is given by (17). Once the series of implied TFP has been
derived, a Hodrick-Prescott filter shall be applied in order to estimate trend TFP.
In our opinion, the model's strength lies in the simultaneous identification of factor and
productivity contributions to sectoral, SME-produced GDP, as well as output gap at
sectoral level. As it shall be seen, the model's results allow for a better understanding of
Romania's macroeconomic gaps (the overheating of the economy in 2004-2008 and the
subsequent contraction) and, at the same time, an appraisal of SME performance during the
crisis and the ensuing economic recovery. By identifying the winners and the losers of the
economic crisis, we shall have a clear image of the ability of local entrepreneurship to adapt
to new economic conditions and contribute to economic growth through innovation and
increased productivity.
Results and discussion
The first step in our research effort is to estimate the output elasticity of labour . The
estimation has been performed for both the economy as a whole and for the six economic
sectors taken into consideration based on their contribution to total gross value added
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in the Romanian Business Environment

created in the economy. The estimation methodology has been described in the previous
section and the data cover a 14-year time horizon (2000-2013). The results are presented in
table no. 1 below:
Table no. 1: Output elasticities of labour
Economy Industry Trade IT&C Real Estate Construction Agriculture
0,6932 0,5739
Source: authors calculations
At this point, an important clarification must be made concerning the contribution of the
SME segment to gross value added and the proportion of employees in the SME segment in
the total number of employees in the Romanian economy. As previously discussed, these
are necessary in order to estimate the labour and capital inputs in equation (9). For purposes
of this study, a five-year average (2008-2012) has been considered with the exception of
agriculture, for which data are not available and a proportion of 90% has been considered
for both gross value added and the number of employees for the SME segment. The results
are given in table no. 2 and 3:


Table no. 2: The contribution of SMEs to total gross value added created
in different sectors of the Romanian economy, 2008-2012
Gross value added at factor prices, billion RON
Real Estate










Source: INSSE data, authors calculations.


Table no. 3: Number of employees in the Romanian economy, 2008-2012

Number of employees (thousands persons)
Real Estate










Source: INSSE data.

Before we proceed to the discussion of the estimation results in respect of potential GDP
and output gap for the Romanian business environment, we shall briefly analyse the
contribution of production factors to economic growth in Romania over the 2001-2013 time
frame. The subsequent figure no. 1 exhibits the results.


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Fostering Entrepreneurship in a Changing Business Environment


Figure no. 1: Romania real GDP dynamics, 2001-2013

Source: authors calculations.
As we can see, Romanias high pre-crisis growth levels have been mostly due to significant
improvement in TFP and recapitalization, as well as foreign-financed acquisition of
technology. With the onset of the crisis in 2008, TFP rapidly contracted in 2009 and 2010
and has never recovered since. The economic recovery of 2011-2013 has been backed
mainly by the capital stock in the economy, whose contribution to economic growth has
varied only slightly over the time frame considered in our analysis, which was to be
expected given that recent growth has been significantly influenced by one-off events such
as unexpected agricultural growth in 2011 and by internal demand and exports and 2012
and 2013. The negative contribution of labour to economic growth highlights a weak area
of the Romanian business environment, namely weak labour productivity, which requires
immediate and significant investment and structural reform in education. It is only under
these circumstances that human capital can actually contribute to economic growth and not
hamper Romanias economic development.
It is also worth noting that the dynamics of potential GDP have been significantly tempered
in the post-crisis period, which is logical if we consider the severe effect of the recession on
Romanias economic growth potential. In this context, the closing of the output gap
estimated for late 2013 is due to both solid growth in late 2012-2013, as well as the likely
slowdown in Romanias growth potential as result of the crisis, which further reflects the
entrepreneurs sceptic stance on future economic recovery. Returning to pre-crisis levels of
growth depends on several factors, such as accelerated implementation of structural reform,
effective commitment to support the business environment, significant absorption of EU
funds and substantial inflows of foreign direct investment.
We now turn our attention to an analysis of the output gap, at both economy and SME
segment level, where we shall analyse the first six sectors in order of contribution to total
gross value added created in the economy industry, trade and services, information and
communication, real estate transactions, construction and agriculture. Table no. 4 gives a
centralised image of output gap, both at economy level and at sectoral level.
The model yields results consistent with the evolution of the Romanian economy in 20002014. In the first part of the previous decade (2000-2004), as Romania acquired technology
and TFP and its competitiveness increased, the output gap closed, with the economy posting
annual growth rates well in excess of its potential level. The fluctuations of output gap in

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in the Romanian Business Environment

2005-2007, accompanied by sustained economic growth, can be partly attributed to the

change in monetary policy regime that took place in Romania in 2005, with the National
Bank switching to an inflation targeting regime based on a close correlation of policy rates
with inflation expectations (and with expected GDP evolution in relation to its equilibrium
level). In this context, output gap stood within a + / - 1 p.p. range in 2005-2006, with the
economy growing from year to year and enjoying a comfortable increase in investment.
Table no. 4: Output gap at economy and sectoral levels, 2001-2013





SME Real



Source: INSSE data, Eurostat, AMECO, authors calculations.

Sustained economic growth continued in 2007-2008 when, on the back of a hike total factor
productivity and capacity utilization, increased external competitiveness of the Romanian
economy and reduction in unemployment, as well as unprecedented expansion of local
entrepreneurship, the output gap closed and the economy overheated, growing far above its
potential growth level. The financial crisis that started in late 2008 marked the collapse of the
Romanian economy, which contracted in two consecutive years (by 6.6% in 2009 and 1.2%
in 2010, respectively). During the recession, the National Bank of Romania has been reluctant
to cut the policy rate, foreign investment fell drastically, the number of bankruptcies soared
(and especially so within the SME segment) and the banking system faced the undesirable
situation of a surge in non-performing loans, as well as liquidity and financing issues and was
thus unable to finance the economy. The resulting increase in funding costs has severely
affected entrepreneurship initiative in Romania. Naturally, this led to a negative output gap
and to significantly lower potential GDP growth rates. Romanias return to economic growth
has been modest at first (2011 and 2012) and the surprises of 2013 and the first part of 2014
have brought actual GDP back on a consistent path to its potential level. However, Romanias
post-crisis growth rates are far from pre-crisis levels of growth as a result of the economys
structural weakness that became evident during the recession, increasing public debt and slow
post-recession recovery of aggregate demand.
The industrial sector has closely followed the evolution of the Romanian economy over the
relevant horizon (please refer to figure no. 2). The pre-crisis growth in industry was due to
both local entrepreneurship initiative and, more importantly, significant FDI inflow and
total factor productivity, as technology was transferred to Romania. An important lesson of
the 2001-2008 period is the negative contribution of labour to economic growth, with weak

Amfiteatru Economic

Fostering Entrepreneurship in a Changing Business Environment


levels of labour productivity even in expansionary periods. The recession that started in
2008 was accompanied by a severe reduction in TFP and still weak labour productivity,
which could not be counterbalanced by capital contribution to economic growth anymore.
As a result, potential growth rates were near zero in industry during recession. The
investment inflow in industry in 2011-2012 required a period of adjustment of productive
capacity, a period that was characterised by weak TFP and negative output gap; this period
ended in 2013, when the industrial sector posted its highest post-crisis growth levels. At the
same time, a significant drawback the Romanian business environment in the industrial
sector is weak labour productivity, which makes human capital a major concern to
entrepreneurs in this sector, alongside investment and absorption of EU funds, as well as
continuous innovation of local entrepreneurship.

Figure no. 2: Real GDP Evolution, SMEs in Industry, 2001-2013

Source: authors calculations.
Note: growth rates and output gap are plotted on the secondary axis.
The trade and services sector has exhibited greater volatility compared with the economy as
a whole: during 2001-2005, as a result of a fast growing economy, trade and services had a
high growth potential (in the range of 10% annually), while output gap was negative; in
2007-2008, consumption fully contributed to the overheating of the economy and output
gap in the trade sector peaked at 10% (please refer to figure no. 3). During the ensuing
economic recession, internal demand contracted severely and output gap turned to negative
once again in 2009-2011 and subsequently closing due to the rebound of aggregate demand.
However, it is important to emphasize the fact that a shrinking potential GDP in 2009-2013
was a key factor in the closing of the output gap in the trade and services sector, with the
crisis seriously impacting this sector.
A distinguishing characteristic of SMEs in the trade and services sector has been the vastly
positive contribution of labour to economic growth (unlike industry), whereas TFP has
never recovered to pre-crisis levels after significantly contributing to sectoral growth in the
pre-recessionary period. It this therefore imperative that the productivity rebound in order
for the trade and services sector to get back on the healthy growth potential path. Therefore,
in the case of local businesses operating in the trade and services sector, in which SMEs
represent by far the largest job creators (over 76%), the main challenge in the near future is
to increase productivity in the context of a positive contribution of labour.

Vol. 17 No. 38 February 2015



The Role of SMEs in Assessing the Contribution of Entrepreneurship to GDP

in the Romanian Business Environment

Figure no. 3: Real GDP Evolution, SMEs in Trade & Services, 2001-2013
Source: authors calculations.
Note: growth rates and output gap are plotted on the secondary axis.
Significant investment, as well as numerous local start-ups in the IT&C sector over the past
decade led to a high sectoral growth potential, that has never been attained by actual growth,
resulting in a negative output gap in 2000-2006. The output gap then closed in 2007 and
peaked in 2008 on the back of total factor productivity (see figure no. 4 below). The crisis
affected the IT&C sector, which posted negative growth rates in 2009 and 2010, mainly due to
the negative contribution of TFP. It is worth noting that, after 2010, productivity in the IT&C
sector has not recovered to pre-crisis levels and growth rates have been modest (albeit
positive), which has led to a negative output gap expected to close in 2014/2015. Investment in
capital and supporting entrepreneurship initiative in the IT&C sector, the need to continuously
acquire new technologies and the development of human capital are all fundamental
prerequisites for achieving pre-crisis growth levels for SMEs in the IT&C sector.

Figure no. 4: Real GDP Evolution, SMEs in IT&C, 2001-2013

Source: authors calculations.
Note: growth rates and output gap are plotted on the secondary axis.


Amfiteatru Economic

Fostering Entrepreneurship in a Changing Business Environment


The real estate and construction sectors have been significantly affected by the economic
crisis, with high pre-crisis growth rates followed by sharp contractions in 2009-2013 and
negative output gaps during this period (please see figures no. 5 and 6). Two obvious effects
of the crisis have been (i) the deteriorating labour productivity in the real estate transactions
sector, which in turn has led to significant adjustments in the number of employees in this
sector, and (ii) the rapidly worsening TFP in the case of construction companies, as a result
of very weak demand, both during the recession and afterwards. Necessary corrective
measures (significant improvement in labour productivity and the need to adapt to the
changing conditions of the business environment in Romania) are amplified by the fact that
SMEs are the main employment providers in these sectors (creating 89% of jobs in real
estate transactions and 79% of jobs in construction) and the main contributors to GVA (96%
in the case of real estate transactions and 71% in the case of construction).

Figure no. 5: Real GDP Evolution, SMEs in Real Estate Transactions, 2001-2013
Source: authors calculations.
Note: growth rates and output gap are plotted on the secondary axis.

Figure no. 6: Real GDP Evolution, SMEs in Construction, 2001-2013

Source: authors calculations.
Note: growth rates and output gap are plotted on the secondary axis.

Vol. 17 No. 38 February 2015



The Role of SMEs in Assessing the Contribution of Entrepreneurship to GDP

in the Romanian Business Environment

The agricultural sector, analysed in figure no. 7, has fluctuated significantly over the
relevant time horizon, with good periods immediately followed by weak ones. Given the
obsolete and underdeveloped agricultural infrastructure, weak productivity is to be
expected and good years are likely due to external factors (such as favourable weather
conditions). In order for SMEs in agriculture to achieve a sustainable yearly growth
potential, significant investment in the capital base is mandatory, as well as the acquisition
of modern technology, such that the contribution of agriculture to economic growth is not
of random character anymore. In this context, EU funds are a likely and welcome solution;
however, institutional progress is required in order to increase efficiency in EU funds
absorption. Of even more concern is the fact that domestic agriculture has operated below
its potential every year, the lack of investment in agriculture has a very high opportunity
cost, especially if we factor in the significant contribution of agriculture to GDP (approx.
7% in year 2013).

Figure no. 7: Real GDP Evolution, SMEs in Agriculture, 2001-2013

Source: authors calculations.
Note: growth rates and output gap are plotted on the secondary axis.

Romanias economy has exhibited significant volatility as a result of the long and complex
transition process to a fully functional market economy and the accompanying structural
and policy transformations. As we have seen, the economic crisis had a significant impact
on the growth potential of Romania, which dropped far below pre-crisis levels, and also on
total factor productivity fuelled by, among others, a significant reduction in foreign direct
investment. The same is valid for industrial capacity utilization and structural
unemployment which increased during the recession during to the hysteresis effect, leading
to a significant weakening of the Romanian business environment.
By incorporating recent positive evolutions, the model yields positive signals and suggests
the closing of the output gap of Romania in 2013. A note of caution is necessary, as
returning to pre-crisis growth levels depends on several factors. Firstly, as we have seen,
the industrial and trade and services sectors have been Romanias main engines of
economic growth before the crisis; however, during 2009-2013, they faced a drastic
reduction of TFP and worsening levels of labour productivity. The recovery of these sectors

Amfiteatru Economic

Fostering Entrepreneurship in a Changing Business Environment


to a healthy growth potential cannot happen in the absence of significant investment by the
business environment (especially in the case of SMEs, who contribute significantly to the
creation of value added in these sectors) and in the absence of EU funds absorption. The
same can be said about the information and communication sector. As concerns the real
estate transactions and construction sectors, which had important contributions to pre-crisis
economic growth, they exhibited severe contraction during the recession due to worsening
labour productivity and TFP. In the real estate sector this led to a natural reduction in the
number of employees, while in the construction sector the return to sound growth levels
depends on the recovery of the overall economy. The significant fluctuations in the
agricultural sector are due to weak productivity and obsolete infrastructure and require
significant investment in order to increase productivity and enter a sustainable growth path.
The model gives a clear message: Romanian entrepreneurship has been severely affected by
the economic crisis and the productivity of SMEs in the six main economic sectors has
significantly slowed down as a result. This is a direct result of the SMEs' low capacity to
innovate, their concentration in low value added-generating sectors, limited access to
financing and weak management. It is worrisome that even after the end of the recession
the SME segment is still operating below potential in almost all sectors (with the sole
exception of trade, which is normal considering the recovery in aggregate demand).
Considering that the output gap is expected to close in 2013/14, this highlights the
competitive advantage that large companies that control the market have over SMEs, which
has allowed the former to better weather the economic crisis and to return to growth rates
near pre-crisis levels. In order to achieve this, entrepreneurs in the SME segment need to
increase their potential to innovate.
In order to support entrepreneurship in Romania, it is imperative that authorities act to
promote competitiveness and the attractiveness of the Romanian business environment, by
means of institutional and legal reform and by increasing the transparency and stability of
the fiscal system; however, entrepreneurial education is also paramount, as it has a direct
impact on employed human capital.
Altr, M., Necula, C. and Bobeic, G., 2010. Estimating Potential GDP for the Romanian
Economy. An Eclectic Approach. Romanian Journal of Economic Forecasting,
3/2010, pp.5-25.
Ardic, O.P., Mylenko, N. and Saltane, V., 2011. Small and Medium Enterprises A CrossCountry Analysis with a New Data Set. Policy Research Working Paper 5538, The
World Bank.
Ayyagari, M., Demirg-Kunt, A. and Maksimovic, V., 2011. Small vs. Young Firms
Around the World Contribution to Employment, Job Creation and Growth. Policy
Research Working Paper 5631, The World Bank.
Beck, T. and Demirg-Kunt, A, 2006. Small and medium-size enterprises: Access to
finance as a growth constraint. Journal of Banking and Finance, 30, pp.2931-2943.
Beck, T., Demirg-Kunt, A. and Levine, R., 2005. SMEs, Growth and Poverty. [online]
NBER Working Paper 11224. Available at: <>
[Accessed 26 November 2014].

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The Role of SMEs in Assessing the Contribution of Entrepreneurship to GDP

in the Romanian Business Environment

Ciucan-Rusu, L. and Szabo, Z., 2013. The Pyramid of Entrepreneurship in Romania:

Towards New Approach. In: Ramadani, B. and Schneider, C., eds., 2013.
Entrepreneurship in the Balkans. Berlin Heidelberg: Springer-Verlag.
Cressy, R. and Tovainen, O., 2001. Is there adverse selection in the credit market? Venture
Capital: An International Journal of Entrepreneurial Finance, 3(3), pp. 215-238.
Denis, C., Grenouilleau, D., McMorrow, K. and Roger, W., 2006. Calculating potential
growth rates and output gaps - A revised production function approach. European
Commission Economic Papers, 247.
Denis C., Mc Morrow K. and Rger W., 2002. Production Function Approach to
Calculating Potential Growth and Output Gaps - Estimates for the EU Member States
and the US. Economic Paper, 176, European Commission.
Dietrich, A., 2010. Explaining Loan Rate Differentials Between Small and Large
Companies: Evidence from Switzerland. Small Business Economics, 38(4), pp.481494.
Glescu, A., Rdulescu, B. and Copaciu, M., 2007. Estimarea PIB Potenial n Romnia.
[pdf] Caiete de Studii nr. 20, BNR. Available at: <
[Accessed 26 November 2014].
Guerriero, M., 2012. The Labour Share of Income around the World. Evidence from a
Panel Dataset, Inequalities and Development: new challenges, new measurements?.
[pdf] University of Bordeaux. Available at: <
Guerriero2012.pdf> [Accessed 26 November 2014].
Haltiwanger, J., Jarmin, R. S. and Miranda, J., 2010. Who Creates Jobs? Small vs. Large
vs. Young. [pdf] NBER Working Paper, 16300. Available at: <
papers/w16300.pdf> [Accessed 26 November 2014].
International Monetary Fund, 2003. Romania: Selected Issues and Statistical Appendix.
[pdf] IMF Country Report 03/12. Available at: <
ft/scr/2004/cr04220.pdf> [Accessed 26 November 2014].
International Monetary Fund, 2012. Romania: Selected Issues. [pdf] IMF Country Report.
12/291. Available at: <>
[Accessed 26 November 2014].
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WP, 08/275. Available at: <
08275.pdf> [Accessed 26 November 2014].
Kuttner, K.N., 1994. Estimating Potential Output as a Latent Variable. Journal of Business
and Economic Statistics, 12(3), pp.361-368.
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Executive Summary for the Year 2008. CEBR WP, 01. [pdf] Available at:
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Fostering Entrepreneurship in a Changing Business Environment


Lafuente, E. and Rabetino, R., 2007. Human Capital as a Determinant of Small Firms'
Growth in Romania: A Quantile Approach. CEBR WP, 03. [pdf] Available at:
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Inefficiently? Evidence from Plant-Level Data. Journal of Finance, 57, pp.721-767.
Marchi, G., 2011. Study Regarding Romanian Entrepreneurship. EuroEconomica, 30(5).
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Vol. 17 No. 38 February 2015


Reproduced with permission of the copyright owner. Further reproduction prohibited without

The Business of Banking

What Every Policy Maker Needs to Know










Individuals, businesses, nonprofits, municipalities, states and federal
government entities all make deposits at banks. Customers benefit
by having their funds safe and readily accessible. They also receive
access to a convenient, easy way to pay bills by check or, increasingly,
through various forms of online payments. Additional bank services help
customers build wealth.


Safeguarding savings


Building wealth




Trusts and Estates

The Business of Banking: What Every Policy Maker Needs to Know


Safeguarding savings
Banks and depositors are partners when it comes to savings. Banks pay
depositors interest on savings at varying rates, depending on the type of product.
Products with longer time frames, like multiyear certificates of deposit, usually offer
higher rates of interest than accounts with shorter terms or that offer on-demand
access, like basic savings or checking accounts.
There are many
positives to establishing
a relationship with
an insured financial
institution. Access to an
account at a federally
insured institution
provides households
with the opportunity
to conduct basic
financial transactions,
build wealth, save for
emergency and longterm security needs, and
access credit on fair and
affordable terms...

Accounts that offer full accesssuch as checking or other transaction accounts

allow customers to make unlimited transactions. Since it is harder for banks to
commit these funds to loans, little or no interest is paid to account holders. However,
the accounts are often combined with free services, such as free checking (if the
balance is maintained above a certain level). Deposit account types include:

Checking accounts
Savings accounts
Certificates of deposit (CDs)
Money market deposit accounts (MMDAs)

Deposits ($ T)

Martin Gruenberg,
FDIC Chairman

Strong Deposit Growth













Source: Federal Deposit Insurance Corporation

Customer confidence
Banks Pay to Insure Depositors
The Federal Deposit Insurance Corporation (FDIC) insures deposits up to $250,000 per
depositor, per federally insured institution. Customers highly value the security of knowing their
funds are protected.
All FDIC member banks pay the premiums that fund the Deposit Insurance Fund. In fact, banks
are solely responsible for all of the FDICs expenses, from paper clips and office supplies for its
day-to-day operations, to the losses incurred when a bank fails. No taxpayer funds are used.


American Bankers Association

Business and Government Transaction Accounts

Businesses, municipalities and state and federal government entities must have a
reliable mechanism to manage their funds. Banks, through the payments system,
are vital partners with businesses and governments. Banks provide a wide array
of services, helping them receive payments from customers, facilitate payments to
suppliers and manage the receipt of cash. Special services and accounts that banks
offer businesses and governments to manage cash include:

Sweep accounts
Disbursement accounts

Bank drafts (bills of exchange)

Remote deposit capture
Business credit and debit cards

Banks Work Closely with Municipalities
Banks have long worked closely with their local municipal bodiescity governments, schools, libraries,
hospitals and numerous boards and commissions. These municipalities need all of the banking services
that individuals and businesses need: deposit accounts, cash management, loans, pension advisory services
and much more. In addition, many bank employees serve their communities through appointments to or
volunteering for local boards and commissions.
One unintended outcome of the Dodd-Frank Act may be to limit the services banks provide to municipalities.
Dodd-Frank established a regulatory scheme for unregulated entities providing advice to municipalities with
regard to municipal financial products related to securities. A rule proposed by the Securities and Exchange
Commission (SEC) would reach all funds held by or on behalf of a municipal entity, including funds in
deposit or cash management accounts or pension funds contributed by municipal employees.
Because the SEC didnt define advice, this could mean that a teller that helps a local government
employee open a government deposit account would have to be registered as a municipal advisor and
be regulated by the SEC. The SECs proposal also would require bank employees that volunteer for local
government boards and commissions to register. Some banks may choose not to take on the new costs and
liabilities that come with receiving the deposits of local communities or making loans to them.

Customer confidence
Reliable Access to Accounts
Banks consistently deliver funds to customers when they request them. Access is assumedeven in
emergency situations. For example, after Hurricane Katrina, many banks in flooded areas were open
for business within 24 hours of the storm, despite damaged or destroyed branches. More recently, in
advance of Superstorm Sandy, many banks deployed temporary ATMs and opened for business soon
after the storm, announcing waived fees for customers affected by flooding and power outages.

The Business of Banking: What Every Policy Maker Needs to Know



Convenient Access to Payments and Funds

Did you know?
Ancient cultures
used instruments
similar to checks.

Did you know?

Payment cards are
responsible for more

than $3.5 trillion in

2012 transactions.

Bank customers expect and demand convenient fund access 24 hours a

day and seven days a week around the world. Banks have responded with
many ways to make and receive payments. Paper checks are familiar, but
electronic payment methods, as shown below, are more common. Here are
some examples:
The Automated Clearing House (ACH) system is used to execute bill pay
and direct deposit transactions, as well as business-to-business payments.
The ACH system processes transactions in large batches daily through
central clearinghouses.
Wire transfers are accomplished through a direct connection between two
banks. The funds are transferred immediately and settlement is final.
Payment cards, which access both deposits (debit cards) and loans
(credit cards), provide everyday convenience for making purchases that is
enjoyed by individuals 24/7 around the world.
Mobile payments, or digital wallets, take advantage of advances in
smartphone technology allowing individuals to use their phone to initiate
payments instead of plastic cards. Transactions are often funded by a debit,
credit or prepaid card linked to the smartphones payment application.
Person-to-person (P2P) transfers of funds via mobile devices is another
payment mechanism that customers are exploring and banks are offering.

Consumer Payments

The payment
processing system
handled about 3,900

transactions every
second in 2012.

Market Share of Consumer Payments

Did you know?



Credit Cards



Source: The Nilson Report 2011


American Bankers Association

Debit Cards



Protecting Customer Accounts

Regardless of the method used by bank customers to access their funds, banks
expend considerable resources protecting customer accounts from unauthorized
access and fraud. The three main objectives in protecting customer account
information are to: 1) ensure the security and confidentiality of customer information,
2) to protect against any anticipated threats or hazards to the security or integrity of
such information and 3) protect against unauthorized access to or use of customer
information that could result in harm or inconvenience to any customer.
To help protect bank customers from fraud, banks take a layered approach, using
security controls consistent with the level of risk of the transaction or to the bank
customers account. Effective controls may include the following:

Determining if requests to access an account via any channel are from actual
customers and being made by those customers, not others

Detecting fraud and monitoring transactions to determine if account activity is

typical for the bank customer based on history and behavior

Verifying transactions, particularly if conducted online, such as through a text to

a mobile device

Using questions that verify customers; to which only they know the answer,
particularly when customers are not using their typical device

Customer confidence
Banks Pay for the Risk of Fraud
Banks cover the significant risks and costs associated with providing electronic payments. With
the majority of bank customers accessing their accounts via the Internetoften through a mobile
devicecustomers have become accustomed to having their funds available 24/7. Banks protect
this constant availability with an intricate set of security measures, which include physical controls,
such as locked perimeters and enclosures, and PIN and password secured locks. Security measures
also include network controls, such as firewalls to prevent unauthorized or covert use of the
network and intrusion detection systems to monitor network inquiries and activity. Interchange
fees help to pay for these risks, costs, conveniences, security measures and physical controls.

And Protect National Security

Banks have first-hand experience with terrorist attacks and cyber attacks by organized criminals and
protest groups. Banks have also been in the direct line of major natural disasters. Banks have robust
security programs in place to protect their systems, but they also rely upon information sharing with
federal agencies to help safeguard their critical systems. It is only through an active public-private
partnership that our industry and government can ensure that all resources are working in concert to
protect and defend our nations financial systems from cyber and other attacks. Legislation designed
to enhance this partnership could be helpful, but great care must taken to avoid excessive regulatory
requirements that could actually undermine public-private partnership efforts.

The Business of Banking: What Every Policy Maker Needs to Know


Building Wealth
Saving for the long term involves some amount of risk. Savers often turn to the
asset management and advisory services offered by bank trust departments and
bank affiliates or subsidiaries, which help customers access products that meet
the customers savings needs, time horizon and risk preference.

Retirement Accounts

Did you know?

Customers trust banks
and their affiliates
with retirement
accounts valued at
about $10.7 trillion.

Perhaps the most familiar wealth-building activity for individuals is saving for
retirement. Individuals can open tax-advantaged accounts called individual
retirement accounts (IRAs) in the bank in the form of a CD or other traditional,
FDIC-insured products.
Employersboth business and governmenthave more complex needs
and work with banks to set up plans for the benefit of their employees. Many
employers establish defined benefit plans (e.g., traditional pension plans) and/
or defined contribution plans (e.g., 401(k) plans). Banks with fiduciary powers
legal duties that require them to act in the best interests of their clientserve as
advisors to these plans and help to prudently manage the investments on behalf
of the employers. Banks also act as service providers to these plans in other
nonfiduciary capacities such as record keeper or custodian.

Where Consumers Keep Their Savings

Pension Fund


Mutual Funds


Source: Federal Reserve Board


American Bankers Association

Life Insurance

Bank Investment Management Accounts

Many banks provide investment management services for the portfolios or particular
assets of individuals, families and institutional investors such as insurance
companies, business entities, governmental bodies and endowments. Customers
have many options. They can leave investment decisions up to the professionals
in the bank or just ask for advice and do it themselves. Within these investment
management accounts, banks may manage and provide advice on various types of
assets for their customers, including the following:

Stocks and bonds

Financial derivatives
Hedge funds

Real estate
Mineral interests

In addition to investment management accounts, banks can provide financial

planning services to clients. This advice may cover savings, retirement, taxes,
insurance and estate planning, among other things.

Brokerage and Investment Adviser Accounts

Some banks have broker-dealer affiliates (see below for more information
on affiliates) that offer investment accounts to the public. In these accounts,
individuals and businesses can direct the broker-dealer to purchase and sell
securities on a commission. If the broker-dealer offers advice or has investment
discretion over the account, it must be registered with the Securities and Exchange
Commission as an investment adviser. Investment advisers can provide investment
advice for a fee, as well as manage a portfolio of securities on behalf of the
customer. Investment advisers can also provide financial planning services to help
clients develop strategies or financial plans to meet their particular goals.

Bank Structure: How Do Affiliates Work?
Bank affiliates are sister companies under a bank or savings and loan holding company. A holding
company is any company that owns one or more banks. Because the holding company structure makes
it easier to raise capital, about 75 percent of banks are organized this way.
Holding companies can own more than just banks. They can own mortgage companies, broker-dealers
and more, all referred to as affiliates. This structure is a benefit to bank customers who want more
financial products. Customers can work with a familiar company and people and access more than
just deposit products. Holding companies are supervised by the Federal Reserve to ensure the banks
safety is not jeopardized by affiliate activities. The affiliates, as appropriate, are also regulated. See
page 45 for the chapter on bank regulation.

The Business of Banking: What Every Policy Maker Needs to Know


Trusts and Estates

Customers have long relied upon banks for many kinds of trusts, including
revocable, irrevocable, family and charitable trusts. Under a trust, the trustee
(bank) takes legal title to the trust property to manage it for the benefit of the trust
Trusts can be very specific and establish careful instructions for any party to the
trust and typically outline both the responsibilities of the trustee and the benefits of
the recipient, the beneficiary.
This makes a trust a very flexible tool for all kinds of users, such as:
Individuals: Individuals often use trusts in estate planning to set up funding for
loved ones.
Charitable organizations: Banks often serve as a trustee of charitable trusts that
make financial contributions to one or more charitable entities. In addition, some
banks serve as a trustee for private foundations that make grants.
Employee Benefit Plans: Many employers offer their employees retirement benefit
plans such as defined benefit and defined contribution plans. These plans are
most often established as a trust. Bank trust departments can act as trustee to
these retirement plan trusts and assume the responsibility for holding, investing
and keeping records on the assets in the plan, as well as making distributions and
accepting contributions as needed.

Customer confidence
How Bank Trust Departments Keep Assets Safe
Banks Are Fiduciaries
The trust departments of banks adhere to the highest fiduciary standards under state statutory
and common law, protecting both the interests of beneficiaries and the assets placed in the care
of the trust department. This fiduciary duty requires them to be loyal, serving only the interests of
the beneficiaries. It also requires them to be impartial, even when they have two beneficiaries with
potentially competing interests. Bank trust departments are regularly examined in accordance
with these and many other requirements.

Banks Separate Trust Assets

The noncash assets (e.g., stocks, bonds, real estate, etc.) of a trust, retirement, investment or
custody account are completely segregated from the banks assets. If something were to happen to
the bank, creditors of the bank do not have access to these funds. Account ownership remains with
the individuals or entities for whose benefit the bank is acting as fiduciary or custodian and can be
transferred to another fiduciary or custodian at any time.


American Bankers Association

Banks may also serve in a fiduciary capacity as an executor of a deceased persons
estate. In that role, the bank must execute a number of important duties, including
inventorying estate assets, paying creditors, preparing tax returns, making
distributions to beneficiaries, funding trusts established under a will and closing
the estate with the probate court.

Corporate Trustees
Banks that serve as corporate trustees, unlike personal or institutional trustees,
primarily provide securities processing services to issuers of securities. Banks take
on many roles as corporate trustees, including:

indenture trustee, representing the interests of bondholders;

paying agent, making interest payments to bondholders and expenses
associated with the transaction; and
registrar and transfer agent, keeping the ownership records regarding the
purchase and sale of bonds.

Banks Help Customers Meet Specific Needs with Trusts
Individual customers turn to their banks to help them meet specific financial needs, such as:

Passing along a family farm or business to the next generation

Providing for the children from a previous marriage

Ensuring that a disabled adult or child receives the benefit of desired property or other assets

Allowing a surviving spouse to receive income from inherited assets and then passing the
income or assets onto a designated charity when the spouse passes

The Business of Banking: What Every Policy Maker Needs to Know


Banks Are the Primary Source of Credit

$250 billion
Banks have added this
amount of business loans
in the last two years.

$425 billion
Banks lend this amount to
state and local governments.

25 million
Banks financed more
than this number of small
business loans in 2013.


American Bankers Association

$1.8 trillion
Banks hold this amount
in mortgage loans.










Credit is the lifeblood of our economy and banks are its primary provider.
Banks and their customers work together when it comes to saving and
lending. Banks pay interest to attract customer savings deposits. In turn,
banks use a portion of those deposits and other money to fund a range
of credit products for consumers, businesses of all sizes, governments
and municipalities.








Funding for loans

The Business of Banking: What Every Policy Maker Needs to Know


Youre thinking of this
place all wrong. As if I
had the money back in
a safe. The moneys not
here. Your moneys in
Joes house...right next
to yours. And in the
Kennedy house, and
Mrs. Macklins house,
and a hundred others.
George Bailey,
Its a Wonderful Life

Did you know?

Banks have about $1.8
trillion in mortgages on
their books.

Credit enables consumers to accomplish goals, such as purchasing furniture, cars

and homes. Credit enables consumers to borrow the money they need to make a
purchase now and pay it off over time.

Residential Mortgage Lending Builds Relationships

The biggest dream for many consumers is to purchase a home. This dream can
become a reality through a mortgage, which stretches the payment out over
many years. It is not surprising that mortgage loans account for 70 percent of all
household debt.
The mechanics of residential mortgage lending are simple. A bank provides
its customer with most of the funds to purchase a home and in exchange, the
customer promises to repay the bank and provides the home as collateral. Since
the home is collateral, should the homebuyer someday be unable to repay the
loan, the bank can take and sell off the property to recoup a portion of its losses.
That collateral makes the loan less risky and keeps interest rates as low as
possible. The bank and customer work together to find a payment termtypically
from 15 to 30 years.

Customer confidence
Banks and Customers Work Together to Find the Right Loan
Banks work with their customers to find the type of loan that achieves their goals. Banks help
customers to understand the loan terms and how to pay it off. This partnership allows customers
to develop long-term relationships with their banks, and such long-term relationships are a key to
a banks success. Because it is central to banks to treat customers fairly, the banking industry fully
supports effective consumer protection.
Banks have a proud history of prudent lending to creditworthy households, accomplished
through these sound underwriting practices. Leading up to the financial crisis, many nonbank
competitors loosened underwriting standards and contributed to the housing boomand bust.
Most traditional banks stayed true to conventional standards but will still be required to comply
with the increased regulatory requirements that have followed the housing meltdown. These new
rules for mortgage lending programs and products limit banks ability to address consumer need.
New regulations mean less flexibility when underwriting mortgages and higher compliance costs,
toolimiting banks ability to lend. As a result, banks find it harder to meet the increased demand
from qualified borrowers for mortgages, frustrating borrowers, banks and economic growth.


American Bankers Association

Credit Cards Benefit Consumers, Businesses

Credit cards have become an everyday tool for customersand businessesto
make purchases and manage their finances. In fact, according to the Federal
Reserve, nearly 78 percent of American families now have at least one bankissued credit card. It is no wonder, considering the benefits cards provide:

Credit card customers receive the benefit of a secure and convenient

purchasing experience, providing them with seamless access to funds at
any time day or night, almost anywhere in the world. The loans can be
interest free (if paid back within 30 days) or with interest over time, all at the
customers choice.

Merchants who accept cards allow customers to speed through the checkout line, receive significant increases in sales volume, reduce fraud risk, and
guarantee payment, creating a more positive experience for customers.

2014 Key Banking

Issues for Congress
Why They Matter to You and Your Constituents

Credit Union Tax Exemption

Bank Examination LEgisLation | community Bank rEguLatory rELiEf
Emerging Payments Flood Insurance GSE Reform

crEdit union tax ExEmption | cyBErsEcurity

Because credit cards are so simple and convenient to use today, it is easy to take
for granted the decades of investment and innovation that were required to make
this so. Credit cards started in the 1950s as charge cards that had to be paid
off in full each month. Soon, companies began to allow customers to pay their
balance over time and at any merchant. These transactions were processed on a
manual carbon imprint machine.
Todays credit card business involves a vast electronic infrastructure that
connects consumers, merchants, banks, investors, card networks and
transaction processing equipment. This system has evolved over decades
at a significant cost and is the result of considerable effort and innovation.
Remarkably, despite the costs and the risks involved, card issuers continue
making unsecured, open-ended loans available to consumers who can
continually access them over a long period of time.

Bank Examination Legislation Cybersecurity

EmErging paymEnts | farm crEdit systEm | fLood insurancE

Community Bank Regulatory Relief

gsE rEform | Qm/aBiLity to rEpay | intErchangE fEEs
QM/Ability to Repay Interchange Fees Patent Reform


patEnt rEform | swaps

Farm Credit System

Learn more about

interchange fees at

Consumer Credit
Student Loan

Credit Card


Auto Loan
Home Equity
Source: Federal Reserve Bank of New York Consumer Credit Panel

The Business of Banking: What Every Policy Maker Needs to Know



Small Business Lending Spurs the Economy

Did you know?
Banks have provided
$652 billion in
outstanding loans to small
businesses and farmers.
Small businesses receive
24 percent of all bank
loans to businesses.

Did you know?

Bank lending to
all businesses has
increased 190 percent
within the past 20 years.

The presence of banks in communities throughout our nation is critical to

meeting the unique needs of small businesses. By lending to small businesses,
banks help them to expand, create jobs and spur economic growth. Bankers
know that the future of their communities and regions depends on their support
for small business. Its a partnership that works for the business owner, the
community and the bank.

Credit Cards for Small Businesses

Traditional business loans are only one way that small businesses access credit.
Many businesses get startedand continue to operatethrough the use of credit
cards. Credit cards provide unique benefits for business owners, according to the
Small Business and Entrepreneurship Council. These benefits include:

Facilitating market expansion

Guaranteeing payments
Enabling businesses to weather economic difficulties
Enhancing efficiency
Eliminating the cost of setting up and maintaining in-house credit
and billing systems
Reducing or eliminating employee theft

A recent study shows that small business use of credit cards is a strong
contributor to growth, enabling businesses to hire and stimulate the economy.

Small Business Administration Loans

Community banks
with assets of less than
$1 billion account for
a little more than 10
percent of the banking
assets in our country,
but provide nearly 40
percent of all the small
loans that insured
financial institutions
make to businesses
and farms.

One way that bankers partner with small businesses is by offering loans through
the Small Business Administration (SBA) program. SBA loans are designed to
make credit available to small businesses that cannot get credit on reasonable
terms elsewhere. These loans can be used to finance the start up, operations
or expansion of a business. The SBA guarantees loans made to qualified small
businesses, transferring some of the risk from bank lenders to the SBA. SBAguaranteed loans through banks have helped thousands of small businesses
become established, grow and thereby create jobs and economic development.

Martin Gruenberg,
FDIC Chairman


American Bankers Association

Banks of All Sizes Serve Businesses of All Sizes

Different sizes of banks serve the unique financial needs of diverse businesses. Smaller,
local community banks get to know their business customers personally, and the
relationships sometimes span generations. Larger banks provide the financing and
specialized services that large businesses and multinational corporations demand.

You need size, you

need scale, because
you need a solid
funding base to commit
large amounts of capital
for clients.

An example of a need that only a large bank could fill is intraday lines of credit. Large
multinational businesses need large amounts of cash on a short-term basis for business
operations. Large banks provide these companies with billions of dollars of working
capital credit, so the funds are there when the business needs them for payroll and
other purposes. This allows the business to use its cash to create jobs and expand
operations rather than holding it idle in an account for when it might be needed.

Daniel Pinto,
JPMorgan Investment
and Corporate Bank
Co-Chief Executive,
told Financial Times.

Smaller banks supply the credit needed by smaller businesses, many of which provide
critical support for large companies. Banks of all sizes provide loans to the employees
who work in small and large businesses alike, and to the retail stores where those
employees shop.

Lending in Economic Cycles
When the economy hits difficult conditions, some borrowers default and banks are forced to write off
bad loans that had been made during better economic conditions. Demand for loans from businesses
also decline, as businesses are hesitant to expand and take on more debt that might be hard to repay in
difficult economic conditions. At the beginning of a downturn, businesses often draw on lines of credit
to ensure they have enough cash on hand for payrolls and inventory. This was particularly the case in late
2008 when borrowing increased by $54.8 billion from 2007 to 2008.
The recovery in loan volume following the most recent recession has been robust for business loans.
This recovery is even more remarkable given that loan demand has not fully recovered. As the economy
improves, both consumers and businesses become more confident, which increases loan demand,
allowing banks to continue to increase lending.


Banks Increase Business

Lending 8 of the Last 10 Years

Stronger Business Loan Demand

Net Percentage Reporting Stronger Business Loan Demand from Small Firms





$ Billions













Source: Federal Reserve










Source: Senior Loan Officer Opinion Survey

The Business of Banking: What Every Policy Maker Needs to Know


Banks help state and local governments finance their operational needs with
loans. For example, banks might finance the government purchase of additional
police cars, fire engines or equipment to build roads. Such loans are often similar
to business loans. One unique type of loan that a bank offers municipalities is a
tax anticipation loan, where municipalities borrow against revenues they expect
to receive in the near future. This helps governments to bridge the temporary gap
between expenditures and revenue.

Banks Help Meet State & Local

Governments Borrowing Needs

Municipal Securities & Loans Held by Depository Institutions


$ Billions




1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013

Source: Federal Reserve

Letters of Credit Allow Large Purchases

Banks also serve governments by offering letters of credit, just as banks do for
their commercial customers. A letter of credit is a guarantee issued to a seller
that the purchaser will pay for the good or service purchased. This service
allows governments to pay for their purchases at some point in the future, better
managing cash flows.

Banks Support the Municipal Bond Market

Municipal bonds serve as a funding source for municipal infrastructure projects
such as schools, courthouses, water treatment plants and roads. Banking
institutions support this market both as major investors and by standing ready to
buy and sell municipal bonds.


American Bankers Association

Banks and Government Work Together

Banks and governments work together to promote important social and economic
objectives through government-sponsored loan programs. For example, state
or county governments may work with banks to finance the construction of a
hospital. Loan subsidies and guarantees enable banks to make loans to those
who otherwise could not afford them.

Funding for Loans

The main funding source for banks is depositscustomer deposits make up
68 percent of bank funding. Banks also access other resources so that they
can make more loans. For starters, many banks are organized as subsidiaries
of bank holding companies. Investments from those holding companies provide
15 percent of bank funding.
Banks go to the capital markets for about 7 percent of their funding by issuing
bonds and other credit market instruments. Bonds are not insured by the FDIC,
so they pay a higher rate of interest than an insured deposit. This compensates
investors for the additional risk. Banks issue debt in different maturities to
match the timeframes of the types of loans they make.
Banks also routinely lend to each other, which makes up 2 percent of funding.
The remaining sources of funds are spread out over a number of categories;
these sources can also be used to fund loans.

Bank Funding
Small Time and

Net Interbank
Credit Market

Source: Federal Reserve

The Business of Banking: What Every Policy Maker Needs to Know


Federal Home Loan Bank Advances Supplement Funding

Another major source of funding for bank lending is to become a member of the
Federal Home Loan Bank (FHLB) System. The Federal Home Loan Banks are
cooperatives that were created by Congress as a response to the Great Depression
of the 1930s. The FHLBs help to ensure that community banks have funds to
lend to customers in all market conditions. The FHLBs have been particularly
beneficial for portfolio mortgage lendersthose that hold rather than sell loans in
the secondary market (e.g., to Fannie Mae and Freddie Mac).
Banks become members of one of the FHLBs by buying stock in it. Banks are then
eligible to borrow funds (called advances) from the FHLB, in return for pledging
specific assets on each member banks books. These assets generally consist
of home mortgage loans, although some other assets such as farm and small
business loans are also allowed. Member banks use these advances to extend new
home loans or other consumer loans to customers.
The FHLB system has worked very well over the past 80 years, particularly during
the early stages of the recent financial crisis. Interbank funding at that time was
challenged, but FHLBs continued to provide lendable funds to their member
banks, even as other credit markets around the world froze.

Federal Home Loan Banks

Step Up During Financial Crisis
Federal Home Loan Advances, $ B







Source: Federal Deposit Insurance Corporation


American Bankers Association



Banks Expand Lending Through Securitization

Another way that a bank can expand lending is to sell its loans. When the bank
receives payment for the loans, it can increase lending to new borrowers.
The buyer of the loans pools loans with similar attributes together, creating
a security. For example, similar mortgage loans might be pooled together.
Securities are then sold to investors, with the pool of loans as collateral. The
interest and principal payments collected from the loans over time pay back
the investors. This process is known as securitization.
Securitization has been used extensively to securitize home mortgages, called
mortgage-backed securities (MBS) and also for other types of loans, including
automobile loans, credit card accounts, and home equity loans. When the
secondary markets and securitization work well, banks can lend more money.
Moreover, these loans are typically at lower interest rates, because the risk is
spread across the many investors of the securities. Banks in this way rely on
the secondary market to ensure borrowers have adequate access to the money
they need.

Did you know?

The Federal Reserve
has purchased $1.6
trillion in mortgage
backed securities.

Government-Sponsored Enterprises and Mortgage Securitization
Two government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, were put in
place by Congress to support the housing and mortgage markets and to expand opportunities
for homeownership and affordable rental housing. Fannie Mae was chartered during the Great
Depression and was tasked with providing local banks with federal money for financing home
mortgages by providing a guarantee on the securitization, allowing banks to originate more
mortgages. After Fannie Mae was made into a private institution in 1968, Freddie Mac was chartered
to carry out a similar purpose. Together, they currently purchase or guarantee about 65 percent of
new mortgage originations in 2011. The market dominance of the GSEs has remained particularly
high in recent years as a result of the financial crisis and the reluctance of the private market to
reenter mortgage finance until the market shows greater stability.
Although both of these evolved into private corporations without an explicit guarantee by the federal
government, many believed that they would be supported in the event of a major downturn, which
is exactly what happened when both Fannie Mae and Freddie Mac were put into conservatorship in
2008 to avoid insolvency. Under the conservatorship of the Federal Housing Finance Agency and
with financial support provided by the U.S. Treasury, Fannie Mae and Freddie Mac have been able to
borrow in international markets at low rates. Following the financial crisis, the private securitization
market for mortgages has been almost nonexistent. The two GSEs, funded by Treasury, were able to
continue securitizing residential mortgages. FHFA has the authority to manage the GSEs while they
are in conservatorship. Congressional action is necessary for the GSEs to exit conservatorship and
determine the long-term structure of the housing finance system, which nearly all agree must rely
more heavily on private capital.

The Business of Banking: What Every Policy Maker Needs to Know



Solicitarea i contractarea unei faciliti de creditare

Pasul 0. Este acest credit necesar?

nainte de a solicita orice fel de facilitate de creditare (fie c vorbim de un credit
ipotecar, de consum, card de credit etc.), primul pas recomandat este o analiz
serioas a nevoii de a contracta acel produs. Provocarile economice din anii trecui
au constituit pentru multi dintre noi o ncercare din punct de vedere financiar i ne-au
adus tuturor n atenie importana unei decizii bine chibzuite.
De aceea, nainte de a solicita sau utiliza o facilitate de creditare, rspundei la
urmtoarea ntrebare: Este aceast achiziie (cas, main, articol vestimentar etc. )
absolut necesar acum?
Foarte important: analizeaz cu sinceritate certitudinea veniturilor actuale. Ct
de sigure sunt acestea n anul urmator? Sau peste 3 ani? Sau 10 ani?

Pasul 1. Ce produs de finanare mi se potrivete?

Vom clasifica creditele n funcie de destinaia acestora, ntruct la acest moment
deja tii pentru ce i doreti s solicii facilitatea de creditare:
1. Credite pentru achiziia/ construirea unei locuine

- credite Prima Cas - conform reglementrilor existente n luna martie 2015

destinate achiziiei/ construirii primei locuine (plus alte situaii, conform legislaiei de
la data solicitrii creditului)

se acord pe maxim 30 ani

avansul minim este de 5%

garania Statului Romn pentru 50% din valoarea creditului

dobnda maxim garantat prin legislaie: ROBOR 3M+2,5%

comision de garantare, datorat FNGCIMM: 0,49% pe an, aplicat la 50% din soldul
creditului la data prevzut n legislaie

-credite Ipotecare - conform reglementarilor n vigoare

destinate achiziiei/construirii unei locuine (pentru cei ce nu ndeplinesc condiiile
Programului Prima Cas sau nu doresc achiziionarea/ construirea unei locuine prin
intermediul Programului)

se acord pe maxim 35 ani

avans minim de 15% pentru credite n RON i 25% pentru credite n EUR (sau n alt
procent n funcie de situaiile prevzute n legislaie)

imobilul achiziionat/ construit garanteaz creditul contractat

-credite Imobiliare
similar creditului ipotecar, nsa nu este necesar ca imobilul achiziionat prin
intermediul creditului s garanteze creditul, sunt utilizate alte ipoteci imobiliare, care
nu fac obiectul finanrii.
2. Credite de consum
2a. faciliti de creditare pentru nevoi personale ne-nominalizate: nu necesit
justificarea destinaiei fa de finanator.

-descoperit de cont
util pentru achitarea cheltuielilor neprevzute sau n lunile n care cheltuielile
depesc veniturile la dispoziie

anexat contului de ncasare a salariului/ pensiei

dobnda se aplic doar sumelor utilizate din descoperit, pentru perioada n care sunt

-card de credit
util pentru cheltuieli frecvente de valoare mic, pltite cu cardul la comerciant
(retragerile de numerar sunt comisionate i nu se acord perioad de graie de la
perceperea de dobanda)

mod de funcionare: ciclu de tranzacionare (aproximativ 30 de zile n care efectuezi

cumprturile), urmate de o perioad de graie (pn la aproximativ 30 de zile, n
care s rambursezi suma cheltuit sau suma minim de rambursat)

eficient n cazul rambursrii integrale a sumei mprumutate n cursul fiecrui ciclu de

finanare pn la scadena lunar (dobnd 0%);

chiar i n cazul nerambursrii integrale, necesit rambursarea lunar a unui procent

a sumei mprumutate (n general, cel puin 2,5% din suma mprumutat);

atenie! n cazul nerambursrii integrale pn la scaden, dobnda este mai mare

dect cea n cazul unui credit de nevoi personale (afl de la nceput DAE aplicabil,
ct i celelalte taxe i comisioane aplicabile);

n cele mai multe cazuri, prezint beneficii suplimentare (asigurri de cltorie,

reduceri la diferii comerciani, programe de recompense);

unii finanatori ofer opiunea mai multor rate fixe fr dobnd.

-credite pentru nevoi personale fr ipotec

util pentru cheltuieli mai consistente ce se pot rambursa pe o perioad de timp mai
ndelungat (pn la 5 ani)

se achit n rate lunare

dobnda este, n general, mai avantajoas dect n cazul unui card de credit sau n
cazul unui descoperit de cont.

-credite pentru nevoi personale cu ipotec

util n cazul n care vrei s mprumui o sum mai mare, pe care s o rambursezi pe o
perioad de timp mai ndelungat (pn la 5 ani)

se achit n rate lunare

se garanteaz i cu ipoteca constituit n favoarea Bncii asupra unuia sau mai

multor imobile aflate n proprietatea ta sau a unor teri.

dobnda este, n general, mai avantajoas dect n cazul unui credit pentru nevoie
personale fr ipotec.

2b. credite pentru nevoi personale specifice/nominalizate: credite acordate

pentru scopuri specifice, a cror utilizare se face pe baza documentelor
justificative (facturi etc.), de obicei prin plata direct ctre furnizor. n unele
cazuri, necesit ipotecarea bunurilor mobile achiziionate (exemplu: creditele
pentru achiziie autoturisme).
-credite pentru studii;
-credite pentru scopuri medicale;
-credite pentru achiziie autoturisme;
-credite pentru achiziionare sisteme de nclzire;
-creditele garantate pe ntreaga perioad de derulare, cu garanie de tip depozit
colateral; creditele care se ramburseaz din subvenii,etc.
O alt categorie de credite sunt creditele acordate pentru refinanarea unor faciliti
contractate anterior, pe care le vom discuta ntr-un material dedicat.

Pasul 2. Ce sum a putea mprumuta?

Chiar independent de decizia de a solicita un credit, e important ca fiecare dintre noi
s autoevalum periodic cu sinceritate nivelul veniturilor i cheltuielilor, pentru a
identifica posibilitatea reducerii cheltuielilor i de a economisi din timp pentru
evenimente neprevzute sau pentru etapa pensionrii. Cu att mai mult, nainte de a
solicita un credit, i recomandm s determini realist posibilitatea de a achita lunar
obligaia de plat suplimentar.
Desigur, la momentul prezentrii la Banc, suma maxim pe care o poi achita lunar
va fi determinat de reprezentantul bancar, pe baza informaiilor i documentelor pe

care le furnizezi i a normelor de creditare proprii, cu respectarea legislaiei n


Pasul 3. Cum decid care produs din pia este cel mai avantajos pentru mine?
Precum n cazul oricrei achiziii, este foarte important s fii bine informat().
Consult cu atenie ofertele ct mai multor finanatori, pentru a o identifica pe cea
mai potrivit pentru tine.
Cnd compari costurile, e indicat s ai n vedere compararea DAE (Dobnzii Anuale
Efective). DAE reprezint costul total al creditului calculat sub forma unui procent
anual n care sunt incluse att dobnda, ct i comisioanele aferente acestuia
(respectiv, comisionul de analiz i comisionul de administrare credit). Pentru a
corela corect DAE n compararea creditelor, este foarte important ca acest indicator
s fie calculat pentru aceeai sum mprumutat i acelai termen de rambursare i
aceeai modalitate de rambursare la nivelul tuturor ofertelor comparate. Pentru a fi
sigur() c obii o comparaie relevant, utilizeaz un calculator DAE pus la dispoziie
de pagini de internet independente de comparaie sau chiar pe paginile de internet
ale bncilor, n care introduci pentru fiecare produs toate costurile identificate i
determini valoarea DAE aferent sumei i perioadei de finanare dorite. Pentru un
credit de 150.000 lei pe o perioada de 30 de ani, o diferen de DAE de doar 0,1%
(de la 4% la 4,1%) poate crete suma pe care trebuie s o rambursezi pe toat
perioada de creditare cu peste 3.000 lei.
Tipurile de costuri incluse n DAE pe care un finanator le poate percepe, n
conformitate cu prevederile OUG 50/2010:


comision de analiza dosar;

comision de administrare credit sau comision de administrare cont curent.

n situaia n care banca nu cunoate anumite costuri care sunt percepute de ctre
teri, acestea nu intr n calculul DAE, ns i acestea trebuie avute n vedere
(costurile legate de asigurri sau garanii):

costuri pentru evaluarea/verificarea rapoartelor de evaluare a bunurilor

imobile/mobile admise n garanie;

primele de asigurare aferente polielor de asigurare;

costurile notariale etc

De asemenea, n cazul n care decizi s rambursezi anticipat un credit cu dobnd
fix, Banca poate solicita plata unui comision de rambursare anticipat. Banca poate
percepe i un comision unic pentru servicii prestate la cererea ta n legatur cu
derularea creditului (acesta nu este inclus n DAE, ntruct se percepe numai daca
solicii anumite servicii n mod expres pe parcursul derulrii creditului).
Ia n considerare i ceilali factori (termenul de acordare, garaniile solicitate,
perioada de graie, veniturile acceptate etc.).
Consult informaiile disponibile pe paginile de internet ale bncilor i solicit
informaiile necesare prin Call Center-ul fiecrei instituii sau printr-o vizit la sediile
acestora. Pe baza informaiilor furnizate de tine, Banca poate efectua o pre-analiz i
poi afla cu titlu orientativ valoarea creditului pe care l poi accesa, perioada de
finanare i nivelul ratei lunare.
Ca element suplimentar, din ce n ce mai multe bnci ofer costuri mai avantajoase
clienilor care ncaseaz venituri n conturi deschise la respectiva instituie de credit,
deci i acesta este un factor pe care l poi lua n considerare.

Pasul 4. Ce documente trebuie s prezint Bncii?

Pe baza informaiilor primite la pasul anterior, poi s identifici unul sau mai muli
finanatori cu care doreti s continui procesul de creditare, crora s te adresezi cu
o documentaie complet, n vederea primirii unei oferte ferme.
In general, documentaia solicitat de Bnci cuprinde, dar fr a se limita la acestea:

actul de identitate n original, o copie a acestuia fiind depus la Banc;

un document (factura de utiliti sau un alt document) din care s rezulte domiciliul
nscris n actul tu de identitate sau reedina;

adeverina de salariu tip furnizat de Banc, emis i completat corect de

Angajatorul tu (i al celorlali codebitori, daca este cazul), nu mai veche de 30 de
zile (n funcie de creditul solicitat i de politica fiecrui finanator, se pot solicita i
copii ale contractelor individuale de munc nregistrate la Inspectoratul Teritorial de
Munc, document justificativ al veniturilor ncasate n anul anterior sau alte
documente care certific nivelul veniturilor tale i consecvena n timp a acestora, n
special dac venitul tu nregistreaz fluctuaii).
Adiional, n cazul creditelor cu garanii imobiliare:

acte de proprietate asupra bunurilor aduse n garanie i extrasul din Cartea Funciar
n termen de valabilitate aferente bunului adus n garanie.
Pe lng aceste documente, vei completa i semna:

cererea de credit;

acordul de consultare la Centrala Riscului de Credit i de transmitere, prelucrare i

consultare a informaiilor de risc la Biroul de Credit.

n funcie de reglementrile interne ale fiecrui finanator i de tipul creditului solicitat,

pot fi solicitate i alte documente sau unele dintre cele de mai sus pot s nu fie
solicitate. De aceea, i recomandm o discuie cu un reprezentant al Bncii pentru
lista complet a documentaiei.
Pasul 5. Cnd primesc un rspuns i care sunt paii urmtori?

Pe baza documentelor solicitate i depuse, Banca determin, n cel mult 30 de zile,

eligibilitatea ta pentru un credit i i poate furniza o ofert de credit. Vei primi din
partea Bncii formularul Informaii standard la nivel european privind creditul pentru
consumatori. Acest formular conine toate informaiile necesare pentru o decizie bine
informat i este foarte important s l parcurgi cu atenie. In cazul n care ai
neclariti, solicit informaii suplimentare.
Odat ce ai decis s accepi oferta unei Bnci, aceasta va fi formalizat printr-un
contract de credit, alturi de contracte accesorii pentru ipoteci (dac este cazul).
Contractul de credit va guverna relaia contractual pn la rambursarea integral a
creditului, deci parcurge-l cu atenie i semneaz-l doar odata ce ai certitudinea c ai
nteles clauzele incluse n acesta, n special cele care vizeaz costurile i obligaiile.
Vei primi i graficul de rambursare al creditului (n cazul creditelor cu rambursare n
rate). Pastreaz-l i asigur-te c plteti la termen fiecare rat. In cazul creditelor cu
dobnd variabil, valoarea dobnzii poate varia n funcie de indicele de referin n
maniera precizat n contractul de credit, aa nct urmrete evoluia acestuia astfel
nct s tii n orice moment valoarea actualizat a ratei lunare n funcie de valoarea
acestui indice, conform contractului semnat. Oricum, banca te va informa la
momentul n care dobnda se va modifica.

Ce este un card i ce tipuri de carduri exist?

Cardul este un instrument modern de plat, materializat n principal sub forma unui
dreptunghi de plastic dar care a nceput s fie produs i sub forme din ce n ce
mai avangardiste: ceas, breloc, SIM pentru telefon, etc. Din punct de vedere al
fondurilor utilizate, cardurile se mpart n trei categorii:

carduri de debit, unde fondurile sunt ale posesorului acestuia

carduri de debit cu overdraft (sau descoperit de cont), unde fondurile sunt ale
posesorului dar exist i o limit de creditare pus la dispoziie de banc

carduri de credit, unde fondurile sunt puse la dispoziie de ctre banc

Atenie la modalitile de fraud!

Comunitatea bancar i recomand s fii vigilent la modalitile de fraud care pot
afecta posesorii de carduri i s urmezi sfaturile noastre pentru a preveni situaiile
n unele situaii, clieni ai bncilor posesori de carduri sunt sunai de ctre persoane
care pretind a fi de la diverse instituii (Brigada Antifraud, ANAF, DIICOT, DNA).
Clienilor le sunt solicitate informaii despre carduri: numrul de card, data expirrii,
codul de securitate, etc. Ulterior sunt efectuate tranzacii pe Internet, utiliznd
informaiile obinute prin telefon.

Care sunt elementele importante ale unui card?

numrul cardului (evideniat pe faa cardului);

data de expirare (evideniat pe faa cardului)

PIN-ul (cod secret, comunicat de banc, necesar n validarea operaiunilor care

necesit o astfel de validare);

codul de securitate (trei cifre evideniate pe verso card, utilizat n efectuarea anumitor
operaiuni fr prezena cardului, cum ar fi rezervrile la hotel, etc);

parola 3D Secure (parola cunoscut numai de ctre posesor pentru efectuarea

operaiunilor pe internet n maxim siguran)

Ce putem face cu un card?

retrageri numerar (de la ATM-uri sau de la ghieele bncilor);

pli la comerciani, inclusiv la cei on-line;

pli facturi pentru orice fel de utiliti;

interogare sold;

schimbare cod PIN;

miniextras cont;

plata rate credit;

alimentare cu numerar a contului;

transferuri ntre conturi.

Avantajele utilizrii unui card

acces 24/24 la disponibiliti

sigurana n utilizare

costuri reduse pentru pli la comerciani

posibilitatea utilizrii att n ara ct i n strintate

evidena facil a operaiunilor efectuate

Ce trebuie s tim despre sigurana cardului?

datele confideniale (PIN, parola 3D, etc) nu trebuie comunicate nimnui;
extrasul de cont trebuie verificat periodic, iar dac sunt identificate operaiuni
nerecunoscute, trebuie anunat de urgen banca n vederea blocrii cardului i
efecturii unor demersuri specifice;
cardul nu trebuie instrinat nimnui, nici chiar membrilor familiei. n cazul n care
posesorul cardului dorete s acorde acces la cont unui alte persoane poate solicita
emiterea unui card de utilizator autorizat (card suplimentar);
Ce informaii importante ar trebui cunoscute?
pltete cu cardul la comerciani pentru eficiena costurilor

dac ai nevoie s retragi bani, din punct de vedere al costurilor cel mai indicat este
s utilizezi ATM-urile bncii care a emis cardul

n cazul n care posesorul cardului se afl n straintate i cardul i-a fost furat sau l-a
pierdut, poate apela la serviciile de urgen oferite de ctre organizaiile de carduri i
anume: eliberare card n regim de urgen sau eliberare numerar n regim de urgen
- n anumite condiii

bncile dispun de un Call Center cu program 24/24 care poate fi apelat n cazul n
care sunt ntmpinate probleme la utilizarea cardurilor

banca seteaz limite de utilizare a cardurilor pe care clienii trebuie s le cunoasc la

achiziia unui card

pentru unele tranzacii nu este nevoie de validare cu cod PIN (tranzacii contactless).
Cteva sfaturi adresate posesorilor de carduri:

1. S nu ofere informaii despre carduri, precum numrul cardului, data expirrii,

codul din 3 cifre de securitate aflat pe spatele cardului - CVV2/CVC2 prin intermediul
telefonului Banca / Poliia / Procuratura nu cer niciodat astfel de informaii prin
2. S ia toate msurile necesare i suficiente pentru a menine confidentialitatea PINului, codului CVV2/CVC2 i a parolei 3D-Secure i s protejeze integritatea acestora
s nu dezvluie, direct sau indirect, PIN-ul, codul CVV2/CVC2 i parola 3D-Secure
altor persoane;

s nu mprumute cardul altor persoane;

s se asigure c n timpul tranzaciilor bancare cardul rmne sub atenta sa


s distrug plicul cu codul PIN primit de la banca emitent a cardului, dup ce a

memorat PIN-ul;

s nu nscrie niciodat PIN-ul pe card;

s nu dezvluie niciodat PIN-ul altor persoane, chiar dac acestea sunt sau se
prezint drept angajai ai bncii;

s nu tasteze PIN-ul pe site-uri de Internet;

s se asigure c n timpul tranzaciilor bancare efectuate cu folosirea PIN-ului, acesta

nu este dezvluit (voluntar sau involuntar) altor persoane.

3. Pentru asigurarea securitii tranzaciilor efecuate prin Internet, sftuim clientii a

nrola cardul n serviciul 3D Secure. nrolarea n acest serviciu ofer o siguran
sporit n efectuarea tranzaciilor prin Internet.
Daca exist clieni care au fost victime ale unui astfel de fraude, acetia trebuie s
raporteze evenimentul imediat la 112, precum i la banca emitent a cardul



Automat bancar utilizat de ctre consumatori, prin intermediul unui

card, pentru diverse operaiuni (retragere de numerar, efectuare
pli, informare privind situaia contului, schimbare cod PIN, etc.);

Instituie financiar a crei activitate const n principal n atragerea

de depozite sau de alte fonduri de la public, acordarea de credite,
servicii de pli, emiterea de garanii i asumarea de angajamente,
tranzacionarea n cont propriu i/sau pe cont propriu n condiiile
legii, emitere i administrare mijloace de plat etc. conform
autorizaiei acordate acesteia de catre Banca Naional a Romniei;

Biroul de

Instituie care colecteaz, prelucreaz i furnizeaz informaii

bncilor i societilor financiare referitoare la comportamentul de
plat al consumatorilor care beneficiaz sau au beneficiat de


Remuneraie (procentual sau fix) perceput de banc pentru

serviciile prestate;


Operaiune reglementat printr-un contract prin care banca pune la

dispoziia consumatorului o anumit sum de bani n schimbul unui
pre (dobnda), cu plata anumitor costuri menionate n contract;

Cont curent

Cont prin intermediul cruia se pot face operaiuni curente de

ncasri i pli;

Cont de

Produs de economisire, remunerat cu o dobnd, care ofer

posibilitatea de a retrage sau depune numerar n orice moment i
care se constituie pe o perioad nedeterminat;

Card de debit

Instrument de plat ce permite posesorului un mijloc de acces la

disponibilitile din contul ataat cardului;

Card de

Instrument de plat ce permite posesorului s utilizeze linia de

credit aprobat de banc n limita unui plafon stabilit;

Credit pentru

Credit garantat cu ipotec imobiliar, acordat n scopul dobndirii ori

meninerii drepturilor de proprietate asupra unui imobil sau n scopul
reabilitrii, modernizrii, consolidrii ori extinderii unei construcii
sau pentru viabilizarea unui teren sau n scopul refinanrii unui
astfel de credit;

Credit de

Orice alt credit n afara creditului pentru investiii imobiliare


(exemple: credite de nevoi personale, auto, studii, servicii medicale,

etc); poate fi garantat sau negarantat;

Costul total
al creditului

Toate costurile, inclusiv dobnda, comisioanele, taxele i orice alt

tip de costuri pe care trebuie s le suporte consumatorul n legtur
cu contractul de credit i care sunt cunoscute de ctre banc, cu
excepia taxelor notariale; costurile pentru serviciile accesorii
aferente contractului de credit, n special primele de asigurare, sunt
incluse dac ncheierea contractului de servicii este obligatorie
pentru obinerea creditului nsui sau pentru obinerea acestuia, n
concordan cu clauzele i condiiile prezentate;


Persoana care particip sau nu cu venitul net la stabilirea venitului

total net luat n considerare pentru acordarea unui credit i care se
oblig mpreun cu debitorul principal la plata tuturor obligaiilor
derivate din contract;

Riscului de
Credit (CRC)

Instituie specializat n colectarea, stocarea i centralizarea

informaiilor privind expunerea fiecrei persoane declarante,
comportamentul de plat al consumatorilor care beneficiaz sau au
beneficiat de credite, precum i a informaiilor referitoare la fraudele
cu carduri produse de ctre posesori;


Contract de servicii de plat n baza cruia se vor executa n viitor

operaiuni de plat;


Persoana fizic ce acioneaz n scopuri care se afl n afara

activitii sale comerciale sau profesionale;


Costul total al creditului pentru consumator, exprimat ca procent

anual din valoarea total a creditului, ce include costurile suportate
de consumator n cazul contractrii unui credit (dobnda i
comisioane). Dobnda anual servete ca termen de comparaie
ntre diversele oferte de credit existente pe pia;


Persoana care contracteaz un credit n nume propriu, particip cu

venitul net la stabilirea venitului total net luat n considerare pentru
acordarea unui credit i care se oblig la ndeplinirea tuturor
obligaiilor derivate din contract;


Serviciu ce presupune plata automat a anumitor sume dintr-un

cont curent conform unui acord prealabil ncheiat ntre consumator
i banc (exemplu: pli facturi utiliti, pli prime de asigurare, etc)


Sum de bani depus n cont bancar pe o perioad prestabilit

remunerat cu dobnda;

de cont

Facilitate de creditare acordat consumatorilor care const n

posibilitatea retragerii din cont a unei sume mai mari dect cea
existent, n limita unui plafon stabilit;


Suma de bani pe care consumatorul o ncaseaz n cazul unor

produse de economisire/de cont curent sau pe care o pltete n
cazul unui contract de credit, reprezentnd preul banilor;


Document care prezint operaiunile efectuate ntr-un cont, ntr-o

anumit perioad;

Extras de

Document care prezint operaiunile efectuate ntr-un cont, ntr-o

anumit perioad;


Indice de referin verificabil, ce reprezint ratele de dobnzi pentru

mprumuturile n EURO la care bncile participante n zona
monetar UE i acord reciproc mprumuturi;


Proprietarul imobilului adus n garanie sau persoana care

garanteaz creditul, cu veniturile pe care le ncaseaz sau cu alte

Grad de

Raportul dintre totalul ratelor lunare aferente creditelor contractate

i venitul disponibil, exprimat sub forma procentual;

Grafic de

Situaia ratelor datorate, a termenelor i a condiiilor de plat

aferente, precum i a rambursrii valorii totale a creditului, a plii
dobnzilor i a eventualelor costuri suplimentare;


Garanie real ce servete la garantarea obligaiilor consumatorului

fa de banca printr-un bun mobil sau imobil, proprietatea


Cod unic utilizat pe plan internaional pentru a identifica contul unui

consumator deschis la banc;


Serviciu bazat pe tehnologia Internet care permite consumatorului

accesul de la distan pentru realizarea de operaiuni bancare;


Indice de referin verificabil, ce reprezint ratele de dobnzi pentru

mprumuturile acordate bncilor pe piaa londonez, utilizat n
principal pentru creditele n USD, CHF;

Marja bncii

Parte component a dobnzii, ce se stabilete n valoare

procentual fix pe toat perioada derulrii contractului;

Ordin de

Dispoziie de plat folosit de consumator pentru transferul unei

sume de bani ctre un beneficiar;


Cod personal de identificare al posesorului de card;


Dispozitiv ce permite, prin mijloace electronice, preluarea, stocarea

i transmiterea de informaii privind plata prin card;

Plafon de
garantare a
depozitelor la

Nivel maxim garantat de stat per deponent garantat i per banc. n

prezent, acesta este de 100.000 de euro n echivalent lei;


Orice plat efectuat n vederea restituirii creditului;

Rata dobnzii
variabile la

Rata anual a dobnzii exprimat procentual, compus din indicele

de referin de tipul ROBOR/EURIBOR/LIBOR i marja fix a

Rata dobanzii
fixe la credite

Rata dobnzii ce rmne nemodificat pe perioada creditului sau pe

anumite intervale de timp determinate conform contractului;

Rata dobnzii

Rata dobnzii utilizat pentru principalele operaiuni de pia

de referin a

monetar ale BNR;


Indice de referin verificabil reprezentnd rata medie a dobnzii

pentru creditele n lei acordate pe piaa interbancar naional;


Data la care consumatorul sau banca trebuie s-i respecte

obligaia de plata conform contractului;

pltibil de

Suma compus din valoarea total a creditului i costul total al


total a

Sumele totale puse la dispoziie consumatorului n baza unui

contract de credit.



de a se informa cu privire la toate caracteristicile unui produs financiar nainte de a

lua decizia de contractare;

de a notifica banca imediat ce au survenit modificri cu privire la adres, locul de

munc, veniturile titularului de contract/codebitor/garant;

de a comunica imediat bncii opiunea sa de acceptare sau de neacceptare a noilor

condiii, n cazul modificrilor contractuale propuse de banc;

de a sesiza banca n legtur cu nemulumirile aprute pe perioada derulrii

contractului, nainte de a se adresa instituiilor competente s rezolve respectivele

de a rambursa ratele sale lunare, inclusiv comisioanele, conform prevederilor


de a utiliza creditul n scopul pentru care a fost solicitat;

de a pune la dispoziia bncii toate documentele i informaiile solicitate, necesare

pentru acordarea/derularea creditului solicitat;

de a pastra integritatea garaniilor constituite la garantarea creditului pe toat

perioada de valabilitate a contractului de credit;

de a lua toate msurile rezonabile pentru protejarea mpotriva furtului/pierderii/folosirii

neautorizate a cardului/cardului de credit;

de a lua toate msurile rezonabile pentru a pstra elementele de securitate

personalizate ale instrumentelor de plat n siguran;

de a notifica banca cu privire la exercitarea dreptului de retragere din contractul de

credit i de a plti bncii creditul sau partea de credit tras i dobnda aferent de la
data la care creditul sau partea respectiv din credit a fost tras pn la data la care
creditul sau partea respectiv din credit a fost rambursat;

de a nu contramanda un ordin pe care l-a dat prin intermediul instrumentului de plat

electronic, dect n anumite situaii determinate, conform prevederilor contractuale;

de a anuna banca n legatur cu orice eroare sau neregul aprut n urma

gestionrii contului/ conturilor sale;

de a ncheia, n cazul ipotecrii unei construcii, un contract de asigurare acoperind

toate riscurile aferente acesteia; contractul de asigurare va fi ncheiat i rennoit astfel
nct s acopere ntreaga durat de valabilitate a creditului.

de a semnala fr ntrziere nejustificat prestatorului su de servicii de plat, dar nu

mai trziu de 13 luni de la data debitrii, faptul c a constatat o operaiune de plat
neautorizat sau executat incorect, care d natere unei plngeri.


A. Drepturi generale
de a fi informat complet, corect i precis asupra caracteristicilor eseniale ale
produselor i serviciilor oferite de bnci i asupra tuturor condiiilor contractuale;

de a primi un exemplar al contractului ncheiat cu banca, contract care s cuprind

toate costurile aferente produsului achiziionat, inclusiv costurile aferente contului
curent ataat contului de depozit, n cazul contractelor de depozite;

de a beneficia de o redactare clar i precis a clauzelor contractuale, indicarea

preurilor i tarifelor i, dup caz, a condiiilor de garanie;

de a obine extras de cont, conform prevederilor contractuale;

de a fi exonerai de plata produselor i serviciilor pe care nu le-au solicitat;

de a sesiza asociaiile pentru protecia consumatorilor i organele administraiei

publice asupra eventualelor nclcri ale drepturilor i intereselor lui legitime;

de a avea garantate depozitele deinute la instituiile de credit participante la Fondul

de Garantare a Depozitelor n Sistemul Bancar, n condiiile i n limita maxim
stabilit prin lege;

de a nu i se modifica unilateral clauzele contractuale fr ncheierea unui act

adiional (cu excepia serviciilor de pli);

de a sesiza ANPC, de a apela la instan sau de a recurge la proceduri extrajudiciare

pentru a soluiona eventualele diferende;

B. Drepturi aferente produselor de creditare

de a primi, n prealabil, la solicitarea unei oferte de credit:

informaiile standard la nivel european (informaii precontractuale asupra condiiilor

de creditare),

la cerere i gratuit un exemplar al proiectului contractului de credit,

un grafic de rambursare ori alt document care s menioneze costurile totale ce vor fi
suportate de consumator, pe hrtie sau pe alt suport durabil;

de a fi informat prin formularul Informaiile standard la nivel european despre:

identitatea i datele de contact ale bncii/ intermediarului de credit;

descrierea principalelor caracteristici ale produselor de creditare, costurile creditului,

alte costuri, alte aspecte juridice importante i, informaii suplimentare cu referire la
serviciile la distan;

de a opta pentru rambursarea creditului n rate egale (anuiti) sau rate


de a rambursa anticipat creditul, integral sau parial, n orice moment, fr ca n cazul

creditelor cu dobnd variabil s i fie perceput vreun comision;

de a primi un rspuns din partea bncii la sesizrile depuse n termen de maxim 30

de zile de la nregistrarea acestora;

de a primi n mod gratuit, la ncetarea contractului de credit, un document care fie

atest faptul c au fost stinse toate obligaiile dintre pri decurgnd din contractul
respectiv, fie indic obligaiile contractuale nendeplinite;

de a fi informat imediat i n mod gratuit, n scris sau la solicitarea expres a

acestuia, n forma aleas de acesta i agreat de banc, n cazul n care respingerea
cererii de creditare se bazeaz pe consultarea unei baze de date, n legtur cu
rezultatul acestei consultri i cu identitatea bazei de date consultate;

de a se retrage din contractul de credit, fr a invoca motive, ntr-un termen de 14

zile de la ncheierea contractului;

de a i exprima acordul n scris, la data depunerii cererii de credit, cu privire la

transmiterea datelor sale ctre sistemele de eviden de tipul birourilor de credit;

de a solicita nlocuirea garaniei imobiliare iniiale cu alt garanie;

de a i se aplica, n cazul n care nregistreaz restane, o rat a dobnzii

penalizatoare ce nu poate depi cu mai mult de 2 puncte procentuale rata dobnzii
aplicabil atunci cnd creditul nu nregistreaz restan i de la momentul prezentrii
documentelor doveditoare, n cazul n care consumatorul sau soul/soia se
regasete ntr-una din urmtoarele situaii: somaj, reducerea cu minim 15% a
salariului, deces;

de a primi o propunere de reealonare/refinanare a creditului n cazul imposibilitii

acestuia de a accepta majorarea dobnzii;

de a i se rspunde n scris sau, la solicitarea consumatorului, n alt form, cu privire

la acordarea sau neacordarea creditului, n termen de 30 de zile de la depunerea
dosarului de credit, dar nu mai mult de 60 de zile de la depunerea cererii de solicitare
a creditului;

de a fi informat cu privire la cesiunea drepturilor creditorului n temeiul unui contract

de credit ctre un ter si de a invoca mpotriva cesionarului orice mijloc de aprare la
care putea recurge mpotriva creditorului iniial, inclusiv dreptul la compensare n
cazurile n care drepturile creditorului n temeiul unui contract de credit se cesioneaz
unui ter.

C. Drepturi aferente serviciilor de plat

de a primi o descriere a condiiilor de efectuare a operaiunilor de plat sau un
exemplar al propunerii de contract cadru care s cuprind informaiile necesare, cu

minim 15 zile nainte de data la care devine parte n contract sau oferta, perioada ce
se poate reduce cu acordul su expres;

de a fi informat despre modificarea clauzelor contractului cadru, cu dou luni nainte

de data propus pentru aplicarea acestora (neprimirea unui rspuns este considerat
acceptare tacit) ;

de a opta pentru ncetarea contractului cadru referitor la serviciile de plat, oricnd,

dac n cadrul acestuia s-a convenit o perioad de notificare care s nu depeasc
30 zile;

de a denuna unilateral contractul cadru referitor la serviciile de plat, ncheiat pe o

durat determinat mai mare de 12 luni sau pe o durat nedeterminat dup
expirarea a 12 luni, n mod gratuit;

D. Drepturi aferente legislaiei privind prelucrarea datelor personale

de a fi informat, de a avea acces la datele cu caracter personal, de intervenie asupra
acestora, de opoziie de a nu fi supus unei decizii individuale, de a se adresa justiiei
sau Autoritii Naionale de Supraveghere a Prelucrrii Datelor cu Caracter Personal;

de a fi ntiinat cu 15 zile n prealabil, n scris, telefonic, prin SMS sau e-mail cu

privire la ntrzierea la plat i transmiterea datelor negative ctre sistemele de
eviden de tipul birourilor de credit;

de a fi notificai n prealabil n scris cu privire la transmiterea datelor pozitive,

referitoare la inadvertene i la fraude ctre sistemele de eviden de tipul birourilor
de credit;

de a-i modifica opiunea de acord pentru prelucrarea datelor cu caracter personal

prin nregistrarea la operator a unei cereri n scris n acest sens.

E. Alte drepturi conferite de reglementrile specifice emise de BNR:

de a i se pstra confidenialitatea asupra faptelor, datelor, informaiilor referitoare la
activitatea desfaurat inclusiv informaii referitoare la conturile sau la contractele
acestuia, aflate la dispoziia bncii, cu excepia cazurilor prevzute de lege;
F. *valabil numai pentru bncile care ncheie contracte de economisire creditare Drepturi aferente ncheierii contractelor de economisire i creditare n
domeniul locativ:
de a beneficia de o prim de stat pentru depunerile anuale efectuate n baza unui
contract de economisire - creditare ncheiat cu o banc de economisire i creditare n
domeniul locativ.


Unii dintre noi sunt studeni, matematicieni, unii construiesc cldiri, alii le echipeaz,
medicii ne trateaz. Avem specializri diferite, dar cu toii avem ceva n comun.
Suntem proprii manageri ai bugetului nostru. Educaia financiar este o necesitate,
chiar dac alegi s utilizezi sau nu produse i servicii bancare.
Dac cheltuieti tot ce ctigi, un buget personal te va ajuta s observi cum ai putea
s reduci din cheltuieli sau chiar s economiseti. Trece pe o hrtie ntr-o parte
veniturile i n cealalt parte toate cheltuielile efectuate n ultima lun sau n ultimele
dou luni. Acest pas te va ajuta s nelegi pe ce se duc banii i s stabileti cum si gestionezi cheltuielile.

mparte cheltuielile tale n trei categorii:

cheltuieli fixe care trebuie pltite pentru a evita penalizrile i aici incluzi rata la credit,
ntreinerea, lumina, telefonul, cablul, etc

cheltuieli flexibile i aici intr bugetul pentru mncare, mesele cu prietenii, hainele,
produsele pentru uzul personal, vacanele, etc

cheltuielile cu impozitul la cas, cu asigurrile la cas i main. Acestea trebuie

pltite de regul anual sau trimestrial, dar trebuie incluse n buget.

Ce te sftuim?

Ca s economiseti bani pentru plata anticipat a creditului sau pentru o main

nou, rezist tentaiei de a cumpra lucruri care nu-i folosesc!

Dac primeti bonusuri pune din bani deoparte.

Verific ci bani mai ai disponibili n numerar sau soldul contului tu prin ATM sau
internet banking.

Mai bine depune banii ntr-un depozit! Reziti tentaiei de a cheltui i i protejezi i de
evenimente neplcute. Depozitele i certificatele de depozit sunt garantate de Fondul
de Garantare a Depozitelor n Sistemul Bancar pn la 100.000 de euro, echivalent
n lei, pentru fiecare deponent garantat per banc.

nainte s decizi plata n avans a creditului solicit bncii un calcul al sumei totale de
plat, inclusiv a costurilor aferente acestei operaiuni.

Dac vrei un mprumut, analizeaz-i situaia financiar s vezi dac i poi permite
un credit i pn la ce valoare

Citete cu atenie n contractul de credit termenii i condiiile de acordare a

mprumutului. Este obligaia ta s citeti contractul nainte s-l semnezi. n momentul
n care l-ai semnat eti responsabil de obligaiile din contract!

Poi avea acces la un credit, dar trebuie s ai n vedere riscurile! Dac creditul este
cu dobnd variabil exist riscul de dobnd, iar dac este n euro, dolari sau fraci
elveieni i tu eti pltit n lei atunci exist i riscul valutar. Cnd faci bugetul ia n
calcul c rata ta poate s creasc.

Dac ai luat credit cnd indicii Euribor sau Robor din contractul tu cu dobnd
variabil erau la minim istoric, atunci ateapt-te ca rata s-i creasc dac acetia
evolueaz n cretere

Dac ai o indisponibilitate financiar, adreseaz-te imediat bncii pentru a cuta


Renun ntr-o msur ct mai mare la plile n numerar i utilizeaz mijloacele

moderne de plat

Pltete cu cardul la comerciani, este n avantajul bugetului tu

Dac ai nevoie s retragi bani, din punct de vedere al costurilor cel mai indicat este
s utilizezi ATM-urile bncii care a emis cardul

Afl avantajele i evit toate riscurile documentndu-te!


Derularea unui credit si riscurile

Ce se ntampl dup contractarea unui credit?
Odat semnat documentaia contractual i prezentate documentele justificative (
dac este cazul), poi utiliza finanarea obinut n vederea realizrii proiectelor
personale. n cazul n care nu utilizezi imediat creditul, verific s nu depeti data
maxim de utilizare/tragere a acestuia.

Important! Contractul de credit i cel de asigurare sunt documente foarte importante.

Este esenial s le pstrezi cu grij, s le pui ntr-un loc tiut i s i faci copii dup
Totodat, acum ncepe i perioada de rambursare.

n cazul descoperitului de cont, el se acoper automat prin ncasarea drepturilor

salariale/ de pensii n contul de salariu. n cazul n care ai mprumutat peste nivelul
salariului tu, ncearc s identifici modaliti de a reduce cheltuielile lunare, pentru a
diminua treptat nivelul descoperitului de cont.

n cazul cardurilor de credit, este recomandat s plteti lunar suma consumat n

ciclul de tranzacionare precedent, pentru a nu plti dobnda. Chiar dac nu achii
integral, urmrete s rambursezi cel puin suma minim de plat, pentru a nu i se
aplica penaliti.

n cazul creditelor cu rate, urmrete pe graficul de rambursare rata lunar de plat i

asigur-te c depui la timp suma necesar pentru acoperirea ratei de plat. n cazul

n care ai accesat un credit cu dobnd variabil n funcie de un indice de referin

public (EURIBOR/ROBOR/LIBOR) care se modific la fiecare 3/6 luni, noua rat
lunar de plat o poi afla oricnd de la reprezentanii Bncii (inclusiv prin Call Center
sau Internet Banking, n cazul unor finanatori).
n cazul n care nregistrezi restane la creditul contractat, Banca te va notifica cu cel
puin 15 zile nainte de transmiterea informaiilor privind restana nregistrat la Biroul
de Credit. Atenie! Odat ce vei fi nregistrat() la Biroul de Credit cu informaii
negative, majoritatea finanatorilor vor lua n considerare acest factor la analiza unor
viitoare solicitri de credit, reducndu-i ansele de a obine o nou facilitate. Mai
mult, vei plti penalizari i poi ajunge chiar n situaia executrii silite a bunurilor
mobile i imobile. Este important s achii la timp obligaiile lunare de plat.
Pentru a primi notificarile transmise de Banc pe parcursul duratei de finanare,
asigur-te c declari adresa corect i complet i numarul de telefon la Banc, de
fiecare dat cnd intervin modificri.
Care sunt riscurile ce se pot materializa n decursul perioadei de finanare?
Un credit poate fi acordat pe o durat de pn la 35 de ani, o perioad n care muli
dintre factorii luai n considerare la momentul iniial pot suferi modificri, cu impact n
creterea obligaiei lunare de plat, uneori chiar peste posibilitatea de rambursare.
De aceea, este important s iei n calcul aceste posibile fluctuaii inainte de a decide
s solicii un credit de valoare mare, a crui rat lunar constituie o parte
semnificativ a veniturilor lunare.
Vom detalia n cele ce urmeaz principalele riscuri pe care este bine s le cunoti i
s le anticipezi pe durata unui credit:
Riscul de curs de schimb
Cursul de schimb reprezint preul la care o moned se schimb cu alta. Referindune la Romania, cursul de schimb al leului reprezint preul leului n raport cu alte
monede. Ca orice alt pre, cursul de schimb este determinat de raportul cerere-oferta,

fiind publicat zilnic de ctre Banca Naional a Romniei. Pentru consultarea cursului
de schimb, se poate accesa pagina de Internet a Bncii Naionale a Romniei,
n situaia n care creditul este contractat n alt moned dect cea n care se
realizeaz veniturile, apare riscul valutar. Concretizarea acestui risc va genera o
cretere a valorii ratei lunare i implicit a costului total al creditului, expunndu-te
astfel la dificulti n rambursarea ratelor lunare. Din acest motiv, este recomandat
contractarea creditelor n moneda n care realizezi veniturile.
Un element de asemenea important n decizia privind asumarea sau nu a riscului
valutar este reprezentat de durata pe care este acordat creditul. Evenimentele care
pot interveni asupra cursului de schimb valutar n cazul unui credit contractat pe o
durat de creditare mare (20 sau 30 de ani) sunt foarte diferite, fiind imposibil de
anticipat. Astfel, se poate aprecia c riscul valutar este proporional cu durata de
creditare. Cu ct durata creditului este mai mare, cu att necunoscutele ce pot
influena cursul de schimb cresc.
Riscul ratei de doband
Similar, n cazul creditelor cu dobnd variabil, creterea indicelui de dobnd
poate duce la creterea ratei de plat. S lum exemplul indicelui ROBOR: acesta
reprezint rata medie a dobnzii pentru creditele n lei acordate pe pia interbancar
i este publicat de Banca Naional a Romniei. Indicii cei mai utilizai de bnci
pentru stabilirea nivelului dobnzilor variabile sunt ROBOR 3M i ROBOR 6M, cu
actualizare trimestrial/semestrial.
n funcie de diveri factori macroeconomici, acetia pot varia considerabil. Cu unele
excepii, acetia au nregistrat scderi consecvente i consistente n ultimii ani, ns,
n mod similar, pe o durat de creditare mare (20 sau 30 de ani) aceti indici pot
relua tendina de cretere, cu implicaii directe n creterea ratei creditului.

Riscul diminurii sau pierderii veniturilor

n special n cazul creditelor pe o durata mai mare, probabilitatea ca veniturile i
cheltuielile de la momentul solicitrii creditului s rmn constante pe toat durata
creditului este redus. Exist posibilitatea ca, n timp, prin deprinderea de noi
cunotine i abiliti, venitul tu s cresc, concomitent cu o mai bun gestiune a
cheltuielilor. Dar exist i posibilitatea unor evenimente macroeconomice sau
individuale ce ii pot afecta temporar sau permanent veniturile. Sau poi fi confruntat
cu noi cheltuieli (de ex., un nou membru al familiei). Este important, pe ct posibil, s
prevezi astfel de evenimente i s discui din timp cu finanatorul pentru a gsi soluia
cea mai bun pentru situaia ta specific. Este, de asemenea, indicat s asiguri
mpotriva unor posibile evenimente neprevzute att propria persoan
(accident/deces/omaj), ct i bunurile achiziionate prin credit sau aduse n garanie,
astfel ncat tu i cei dragi s nu fii impactai suplimentar n cazul unui eveniment
Ce opiuni am odat cu materializarea riscurilor?
n primul rnd, adreseaz-te Bncii. Foarte probabil, nu eti primul() i nici
singurul() n aceast situaie. Vei descoperi uneori c Banca deja a pregtit o
soluie pentru tine. n unele cazuri, analiznd evoluia intrrilor i iesirilor de numerar
in conturile tale, Banca poate identifica inaintea ta unele semnale de alarma si te
poate contacta din timp pentru a identifica o soluie de diminuare a riscurilor. n
aceste cazuri, fii sincer i colaboreaz cu finanatorul pentru a agrea mpreun cea
mai bun soluie.
Printre posibilele soluii la care poi apela n aceste cazuri sunt:

perioada de graie la plata dobnzilor i/sau a capitalului, pn cnd veniturile tale

revin la nivelul anterior;

prelungirea duratei creditului, cu reducerea obligaiei de plat ca urmare a distribuirii

ei pe o durat mai mare etc.

Intereseaz-te posibilitatea de a beneficia de asigurrile ataate creditelor i de

riscurile acoperite. Exemplu: dac, printr-o ntamplare nedorit, te afli n omaj,
verific n contractul de credit dac beneficiezi deja de o asigurare de omaj, caz n
care asiguratorul poate plti pentru o perioad de timp rata lunar de plat, conform
clauzelor contractuale.

De asemenea, chiar pn s ajungi la o situaie de neplat, n cazul n care ai mai

multe credite, poi analiza posibilitatea consolidrii acestora, prin intermediul unui
credit de refinanare. n acest fel, nu vei mai avea grija mai multor rate scadente i
date de maturitate. Un credit de refinanare se justific, ns, doar dac obligaia
lunar de plat i suma total de rambursat sunt inferioare valorii cumulate a ratelor
curente, respectiv sumelor totale de rambursat pentru creditele deja accesate.


CUPRINS: 1. Introducere; 2. Principii generale; 3. Conditii generale aplicabile conturilor;4.Dispozitii privind
operatiunile de plata; 5. Dispozitii privind utilizarea cardului de debit Visa Business si Serviciul 3D Secure; 6.
Dispozitii privind instrumentele de plata de debit; 7. Acordarea de credite; 8.Dispozitii finale; 9. Declaratiile
Clientului si Semnaturile Partilor.
1.1. Prevederi Introductive
1.1.1. Prezentele Conditii Generale de Derulare a Operatiunilor Bancare (denumite in continuareCGB) stabilesc
cadrul juridic general in care se va desfasura relatia contractuala dintre Raiffeisen Bank SA (denumita in continuare
Banca) si fiecare dintre Clientii sai, persoane juridice sau entitati fara personalitate juridica.
1.1.2. Raporturile juridice dintre Banca si Client vor fi guvernate de prezentele CGB, care impreuna cu dispozitiile
prevazute in fiecare dintre documentele contractuale specifice fiecarui tip de produs sau serviciu bancar, inclusiv cele
din contractele de facilitate de credit si/sau Documentele de finantare, ncheiate ntre Banca si Client, vor reprezenta
legea partilor. Prezentele CGB completeaza documentele contractuale specifice produselor/ serviciilor bancare, cu
exceptia cazului in care se prevede expres contrariul in continutul celor din urma.
1.1.3. In masura in care ramn aspecte nereglementate in mod expres, raporturilor juridice dintre Banca si Client li se
vor aplica actele normative in vigoare, reglementarile Bancii Nationale a Romniei, normele Bancii, precum si
uzantele si practicile bancare interne si internationale.
1.1.4. Banca intra in raporturi contractuale cu persoanele care accepta prezentele CGB. Prin semnarea oricarei alte
cereri in forma pusa la dispozitie de Banca sau a oricarui alt Contract specific, Clientul accepta ca, in respectivele
raporturi contractuale cu Banca, sa respecte CGB in vigoare in acel moment, cu posibilele modificari periodice ce pot
fi aduse de Banca in conditiile prezentelor CGB.
1.1.5. Clientul este obligat sa notifice Bancii n scris si fara ntrziere, orice modificare aparuta n legatura cu datele
sale de identificare sau ale Reprezentantilor sai, precum si orice informatie ce poate fi relevanta n relatia sa cu
Banca, orice astfel de modificare/informatie fiind opozabila Bancii doar de la data primirii notificarii de catre Banca.
1.2. Conflicte
1.2.1. In caz de conflict intre prevederile exprese din orice Contract specific sau orice alt document semnat intre
Client si Banca si clauzele cuprinse in prezentele CGB, vor prevala prevederile exprese din Contractele/ documentele
1.2.2. In situatia in care Clientul accepta att versiunea in limba romna a CGB, ct si versiunea in limba engleza a
acestora, in cazul oricarui conflict sau neconcordante intre versiunea in limba engleza si cea in limba romna,
versiunea in limba romna va prevala.
1.3. Interpretare
1.3.1. Orice referire facuta la Banca in cuprinsul prezentului document va fi inteleasa ca incluznd si oricare dintre
unitatile sale teritoriale (punct de lucru, reprezentanta, agentie, sucursala).
1.3.2. Orice referire facuta in cuprinsul prezentului document la Clientul - persoana juridica/entitate fara personalitate
juridica - va fi inteleasa ca incluznd si oricare dintre unitatile sale teritoriale (cum ar fi punct de lucru, agentie,
sucursala, reprezentanta) care are deschis un cont la Banca sau beneficiaza de un serviciu/ produs al Bancii.
1.3.3. Orice referire facuta la Client in cuprinsul prezentului document include si categoria de Codebitor si/sau
Garant, daca este cazul conform Contractelor specifice.
1.3.4. Orice referire facuta la Clientul persoana juridica in cuprinsul prezentului document va fi considerata a fi
facuta si la oricare din succesorii si/sau cesionarii acestuia, cu exceptia oricarei terte persoane care, fara acordul
expres al Bancii, a fost substituita Clientului sau a dobndit de la Client, prin orice modalitate permisa de lege, in tot
sau in parte, drepturi sau obligatii rezultnd din Contractele specifice (inclusiv din Contractele de
facilitate/Documentele de finantare).
1.3.5. Referirea facuta la Imprumutat in Contractele specifice de credit se va considera facuta la Client, asa cum
este acesta definit in prezentele CGB.
1.3.6. Oriunde in cuprinsul prezentelor CGB si/sau in cuprinsul fiecarui Contract specific si, daca din context nu
rezulta altfel, dupa caz, pluralul va include singularul si invers.
1.3.7. Referirea la efecte negative semnificative sau afectare semnificativa va fi interpretata ca reflectnd opinia
calificata a Bancii.

1.3.8. Referirea la orice Contract specific sau la orice prevedere legala va include orice modificare, reiterare sau
repunere in aplicarea acestora.
1.3.9. Titlurile din prezentele CGB si/sau din orice Contract specific /documentatie contractuala specifica au fost
introduse numai pentru facilitarea referintelor si nu afecteaza interpretarea prevederilor respectivelor documente
1.4. Clauze independente
In cazul in care orice prevedere din CGB si/sau din oricare dintre Contractele specifice incheiate intre Banca si Client, este
sau devine la un moment dat nula, invalida sau neexecutabila conform legii aplicabile, legalitatea, validitatea si
aplicabilitatea unei asemenea prevederi in limita admisa de lege, precum si a celorlalte prevederi ale CGB, nu vor fi afectate
sau prejudiciate de aceasta. Partile vor depune eforturile necesare pentru a realiza acele acte si/sau modificari care ar
conduce la acelasi rezultat legal si/sau economic care s-a avut in vedere la data incheierii CGB.
1.5. Definitii
Termenii si expresiile scrise cu majuscule in prezentele CGB si/sau in Contractele specifice au urmatoarele
- Banca = Raiffeisen Bank S.A, in calitate de Institutie de credit si/sau ca Prestator de servicii de plata al Clientului
platitor, dupa caz, al Clientului beneficiar al platii.
- Client = persoana juridica sau entitatea fara personalitate juridica, rezidenta sau nerezidenta, ce intra in relatie
contractuala cu Banca derivnd din deschiderea si operarea de catre Client a conturilor bancare (incluznd, dar fara a
se limita la conturile curente, de economii, de depozit, de credit, de card) si/ sau din prestarea/furnizarea de catre
Banca a oricaror altor servicii/produse bancare specifice aflate in oferta sa, inclusiv din acordarea unei facilitati de
credit Clientului. In categoria entitati fara personalitate juridica sunt incluse unitatile teritoriale fara personalitate
juridica ale Clientilor persoane juridice, Persoanele Fizice Autorizate, Intreprinderile Individuale, Intreprinderile
Familiale, Formele de exercitare a profesiei in cadrul ordinelor profesionale, alte forme de asociere sau entitati
reglementate de lege cu acest statut.
- Client platitor = Clientul care instructeaza un ordin de plata.
- Client beneficiar al platii = Clientul care beneficiaza de fondurile ce fac obiectul unei operatiuni de plata
- Delegat = persoana imputernicita de Reprezentantul legal al Clientului sa efectueze la nivelul Conturilor
Clientului operatiunile prevazute expres in formularul furnizat/acceptat de Banca pentru scopul numirii. Formularul va
consemna datele de identificare ale Delegatului, specimenul de semnatura si limitele mandatului incredintat.
Revocarea imputernicirii Delegatilor se face in unitatile Bancii, prin completarea formularului furnizat/acceptat de
Banca pentru acest scop. Numirea si revocarea Delegatilor devin opozabile Bancii incepnd cu ziua lucratoare
indicata de Client (alta dect data formularii cererii) sau, dupa caz, cu ziua lucratoare imediat urmatoare depunerii
numirii/ revocarii (in cazul in care Clientul nu specifica expres o data sau daca solicita numirea/ revocarea la data
- Persoana de contact = persoana desemnata de Client sa primeasca de la Banca orice informatii/comunicari/
solicitari destinate acestuia, transmise prin intermediul telefonului si/sau SMS-mesaj text si/sau postei electronice.
- Reprezentantii autorizati = Reprezentantii legali ai Clientului si alte persoane ce sunt imputernicite cu
respectarea, dupa caz, a actelor constitutive sau a actelor de autorizare ale Clientului si/sau a actelor normative in
vigoare aplicabile sa aiba acces in numele si pe seama Clientului la Conturile deschise pe numele acestuia si/sau
sa actioneze in numele si pe seama Clientului in limitele mandatului incredintat.
- Reprezentant legal = persoana ce reprezinta Clientul, dupa caz, doar un dezmembramnt al acestuia in relatiile cu
tertii in limitele actelor constitutive, dupa caz, a actelor de autorizare/infiintare ale acestuia si/ sau a actelor normative
in vigoare aplicabile. In cazul dezmembramitelor Clientului pentru care in actele constitutive/de infiintare/autorizare
este stabilit ca vor avea conducere proprie, Reprezentant legal al acestora va fi persoana desemnata in acest sens,
in conditiile respectivelor documente.
- Contract specific = contractul incheiat intre Banca si Client fie in baza unei documentatii specifice, fie prin
exprimarea consimtamntului Clientului telefonic, in cadrul apelurilor derulate prin Serviciul Call Center, fie prin
exprimarea consimtamntului Clientului in cadrul aplicatiilor de internet-banking sau mobile-banking puse la dispozitie
de catre Banca, in format electronic, dupa accesarea acestor aplicatii prin utilizarea elementelor de autentificare
agreate cu Banca, contract care reglementeaza termenii si conditiile in care se deruleaza produsele/serviciile bancare
sau in care se constituie garantiile solicitate de Banca pentru derularea produselor/ serviciilor bancare; documentatia
specifica include, fara a se limita la, oferte acceptate de Client, Contracte de facilitate, Angajamente, Documente
de Finantare, Documente de Garantie, alte formulare standard sau in forma acceptata de Banca.
- Card (cardul de debit sau de credit) in lei sau valuta = instrument de plata electronica emis de catre Banca, prin
intermediul caruia Clientul are acces la disponibilitatile banesti proprii din Cont sau la o linie de credit atasata Contului,
aprobata de Banca in limita unui plafon prestabilit.

- Cont = cont bancar in care sunt evidentiate dupa caz, disponibilitatile banesti ale Clientului (ex. Conturi bancare de
tipul celor mentionate la pct.3.3.) si/sau sumele puse de Banca la dispozitia acestuia (ex. in conturi bancare de credit
ori sub forma de descoperit de Cont curent)
- Cont de plati = Cont utilizat in principal pentru executarea operatiunilor de plata reglementate la capitolul 4; In
acest tip de cont Banca poate efectua in conditiile reglementate la capitolul 6, la ordinul Clientului titular de cont, si
plata instrumentelor de plata de debit emise de acesta si primite la plata pe Contul sau, dupa caz, incasarea
instrumentelor de plata de debit al caror beneficiar este Clientul titular de cont.
- Cod IBAN = denumit in continuare si numarul Contului, este o combinatie de litere, cifre sau simboluri
comunicata Clientului de catre Banca la data deschiderii Contului, care urmeaza sa fie furnizata de Client in scopul
identificarii cu precizie la momentul ordonarii unei operatiuni de plata a beneficiarului serviciului de plata si/sau a
Contului de plati al beneficiarului platii.
- Codebitor = persoana care se obliga in mod solidar si indivizibil alaturi de Client la plata integrala a oricarei
sume datorate de Client Bancii in baza unui Document de Finantare.
-Cursul de cross-currency = cursul de schimb utilizat pentru operatiunile de plata exprimate intr-o moneda diferita
de cea a contului Clientului platitor, respectiv a contului Clientului beneficiar, calculat dupa cum urmeaza:
(i) in cazul schimburilor valutare de tip valuta/lei, se va utiliza cursul de cumparare al Bancii pentru moneda in care se
exprima suma transferata catre contul Clientului beneficiar, respectiv cursul de vnzare al Bancii pentru moneda in
care se exprima suma platita de catre Clientul platitor; (ii) in cazul schimburilor valutare de tip valuta/ valuta, se va
utiliza cursul obtinut din cursul de cumparare valuta/lei al Bancii pentru moneda in care se exprima suma transferata
de catre Clientul platitor cu cont la o alta banca si cursul de vnzare valuta/lei al bancii aferent valutei in care este
exprimata suma creditata in contul Clientului beneficiar, respectiv cursul obtinut din cursul de vnzare valuta/lei al
bancii pentru moneda in care este exprimata suma transferata catre Clientul beneficiar cu cont la alta banca si cursul
de cumparare valuta/lei al bancii aferent monedei debitate din contul Clientului platitor. In cazul operatiunilor de plata
autorizate prin intermediul cardurilor se vor aplica cursurile de schimb mentionate in mod expres in prezentul
document in cadrul dispozitiilor privind utilizarea cardurilor.
- Garant = persoana care constituie in favoarea Bancii o garantie personala sau, dupa caz o garantie reala, in scopul
garantarii executarii obligatiilor de plata asumate de Client in baza Contractelor specifice.
- Documente de Finantare = includ Contractele de facilitate (contractele pentru facilitati de credit,contractele
pentru finantari bancare, Angajamentele - de tipul celor mentionate la pct.7.7 in prezentul document si/sau orice alt
document care consemneaza orice alt tip de finantare) si orice alt contract, cerere sau un alt document accesoriu
sau in legatura cu Contractele de facilitate, precum si Documentele de Garantie si clauzele corespunzatoare din
- Documente de Garantie = toate contractele de garantie si oricare alte documente accesorii acestora, incheiate sau
emise in scopul garantarii unei facilitati de credit/finantari bancare/unui Angajament.
- Dreptul la informare: dreptul persoanei fizice de a fi informat cu privire la identitatea operatorului, scopul in care se
face prelucrarea datelor, destinatarii sau categoriile de destinatari ai datelor, existenta drepturilor prevazute de Legea
nr. 677/2001 pentru persoana vizata si conditiile in care pot fi exercitate;
- Dreptul de acces la date: dreptul persoanei fizice de a obtine de la operatorul de date (precum Banca si Biroul de
Credit) la cerere si in mod gratuit, pentru o solicitare pe an, confirmarea faptului ca datele cu caracter personal sunt
sau nu prelucrate de catre acesta.
- Dreptul de interventie: dreptul persoanei fizice de a obtine, la cerere si n mod gratuit, rectificarea, actualizarea,
blocarea, stergerea sau transformarea in date anonime a datelor a caror prelucrare nu este conforma legii, n special
a datelor incomplete sau inexacte
- Dreptul de opozitie: dreptul persoanei fizice de a se opune n orice moment, din motive intemeiate si legitime
legate de situatia sa particulara, ca datele care vizeaza persoana sa faca obiectul unei prelucrari, cu exceptia
cazurilor in care exista dispozitii legale contrare.
- Dreptul de a nu fi supus unei decizii individuale: dreptul persoanei fizice de a cere si de a obtine retragerea,
anularea sau reevaluarea oricarei decizii care produce efecte juridice in privinta persoanei vizate, adoptata exclusiv
pe baza unei prelucrari de date cu caracter personal, efectuata prin mijloace automate, destinata sa evalueze unele
aspecte ale personalitatii sale, precum competenta profesionala, credibilitatea, comportamentul ori alte asemenea
- Dreptul de a se adresa justitiei sau Autoritatii Nationale de Supraveghere a Prelucrarii Datelor cu Caracter
Personal, pentru apararea oricaror drepturi garantate de Legea nr. 677/2001, care le-au fost incalcate: fara a se
aduce atingere posibilitatii de a se adresa cu plngere autoritatii de supraveghere, persoanele fizice vizate au dreptul
de a se adresa justitiei pentru apararea oricaror drepturi garantate de prezenta lege, care le-au fost ncalcate.
- Grup de clienti aflati in legatura = doua sau mai multe persoane, fizice si/sau juridice, care se afla in una

din urmatoarele pozitii:

a) una din ele detine, direct sau indirect, o pozitie de control (detinerea a min 50% din drepturile de vot) in
b) una dintre ele exercita sau poate exercita o influenta dominanta (influenta dominanta are in vedere in special
autoritatea de a participa la luarea deciziilor de politica financiara si de exploatare ale unei activitati economice).
c) sot/sotie al/a persoanei fizice titular de cont/solicitant de credit si/sau ai actionarilor/asociatilor cu putere de control
din societatile titulare de cont/solicitante de credit (in cadrul grupului se vor include si societatile in care sotul/sotia
detin puterea de control).
d) intre ele exista asemenea legaturi inct, daca una s-ar confrunta cu probleme financiare, exista o probabilitate
considerabila ca cealalta sau toate celelalte sa se confrunte cu dificultati de rambursare (ex. situatia c) aparuta cel
putin ca urmare a actionariatului comun, clauzelor privind raspunderea solidara si indivizibila care determina aparitia
unui singur risc, situatiilor de culpa prin contaminare, interdependentei comerciale semnificative -mai mult de 30% din
achizitii/vnzari - ce nu poate fi inlocuita pe termen scurt)
- Instrument de plata = orice dispozitiv personalizat si/sau orice set de proceduri convenite ntre Client si Banca
folosit de Client pentru a initia un ordin de plata (cum ar fi Cardul, serviciile de tip Internetbanking, home-banking,
mobile-banking, etc.)
- Instrument de plata de debit = cecul, cambia si biletul la ordin, mentionate la capitolul 6;
- Operatiune de plata = actiune initiata exclusiv in conditiile capitolului 4 din prezentul document, de
Clientul platitor, dupa caz de Clientul beneficiar al platii, cu scopul de a depune, de a transfera sau de a retrage
fonduri, indiferent de orice obligatii subsecvente exista ntre platitor si beneficiarul platii; operatiunea de plata poate
avea caracter ocazional, in acest caz persoana care initiaza operatiunea nu trebuie sa detina obligatoriu un Cont de
- Ordin de plata = instructiunea data Bancii de Clientul platitor sau de Clientul beneficiar al platii (in calitatea
acesteia de prestator al serviciului de plata al Clientul) de a executa o operatiune de plata; Ordinul de plata este
intrabancar daca operatiunea de plata se deruleaza intre Conturi de plati deschise la Raiffeisen Bank, respectiv
interbancar cnd se deruleaza intre un Cont de plati deschis la Raiffeisen Bank si un cont deschis la un alt prestator
de servicii de plata.
- Ora limita pentru operatiuni de plata = Ora limita = ora stabilita de Banca pentru receptionarea Ordinului de plata
in functie de care se stabileste momentul primirii acestuia. Ora limita poate fi diferita in functie de tipul operatiunii
de plata/instrumentului de plata si este comunicata Clientului dupa caz, prin afisare in locuri special amenajate in
unitatile bancii si/sau in pagina de Internet (pentru operatiunile de plata ordonate de Client la
ghiseele Bancii), respectiv in cuprinsul Contractului specific/ofertelor acceptate de Client/aplicatiilor informatice
aferente anumitor servicii prestate/instrumente de plata oferite de Banca.
- Momentul primirii Ordinului de plata = ziua n care Ordinul de plata, transmis direct de catre Clientul platitor ori
indirect de catre sau prin intermediul unui beneficiar al platii este considerat a fi primit(receptionat) de catre Banca,
in functie de Ora limita; ca regula, pentru Ordinele de plata receptionate in zile lucratoare pna in Ora limita,
momentul primirii este ziua receptionarii de catre Banca, iar pentru Ordinele de plata receptionate dupa ora limita,
momentul primirii este ziua lucratoare urmatoare; prin exceptie, daca in Contractul specific se convine ca
executarea Ordinului de plata sa inceapa intro anumita zi sau la sfrsitul unei anumite perioade ori in ziua in care
Clientul Platitor a pus fonduri la dispozitia Bancii, Momentul primirii este considerat ziua convenita. Un exemplu in
acest sens sunt serviciile bancare de tip Debitare directa intrabancara si Debitare directa interbancara (care permit
Beneficarului platii sa initieze operatiuni de plata), precum si cele de tip Transfer planificat (prin care Clientul Platitor
ordona plati cu frecventa prestabilita).
Daca ziua in care Ordinul de plata este receptionat sau daca ziua convenita in Contractul specific pentru inceperea
executarii sunt nelucratoare, momentul primirii este considerat in ziua lucratoare urmatoare indiferent care este
instrumentul de plata sau modalitatea utilizata pentru transmiterea Ordinului de plata.
Un ordin de plata a carui executare a fost refuzata de catre Banca se considera ca nu a fost primit.
- Optiune de comisionare SHA = modalitate de comisionare a executarii tuturor operatiunilor de plata in lei si a
operatiunilor de plata in valutele statelor membre apartinnd UE (Uniunea Europeana)/SEE (Spatiul economic
European), cnd prestatorul serviciilor de plata al beneficiarului platii se afla intr-un Stat Membru,conform careia
Clientul platitor suporta comisioanele prestatorului serviciilor de plata al platitorului, iar Clientul beneficiar al platii
suporta comisioanele prestatorului serviciilor de plata al beneficiarului. In orice alt caz, optiunea de comisionare SHA
presupune suportarea de catre Clientul platitor a comisionului Bancii platitorului, iar de catre Clientul beneficiar a
comisionului bancii beneficiarului si a eventualelor comisioane ale bancilor corespondente, conform practicilor
internationale si a standardului SWIFT.
- Optiune de comisionare OUR = modalitate de comisionare a executarii operatiunilor de plata in valuta,conform
careia Clientul platitor suporta toate comisioanele aferente executarii.

- Optiune de comisionare BEN = modalitate de comisionare a executarii operatiunilor de plata in valuta,conform

careia Clientul beneficiar al platii suporta toate comisioanele aferente operatiunii de plata.
- Rata dobnzii = procent anual de dobnda determinat/determinabil, conform Contractelor specifice si/ sau
Listelor specifice de dobnda, ce este folosit pentru calculul dobnzii datorate, dupa caz, de Client sau de Banca.
- Rata de Referinta = rata a dobnzii ce provine dintr-o sursa publica ce poate fi verificata att de Client, ct si de
- Rulaj = suma totala a operatiunilor de creditare cont inregistrate in conturile curente ale Clientului deschise la Banca
la un moment dat. La calcularea nivelului Rulajului se exclud rulajele creditoare inregistrate ca urmare a miscarilor de
sume intre conturile Clientului deschise la Banca, precum si sumele provenite din credite acordate de Banca.
- Sarcina = inseamna orice sarcina, ipoteca, gaj, cesiune, drept de garantie, privilegiu, prioritate, drept de preferinta
sau de preemptiune, drept de servitute sau alta sarcina care are efecte similare.
- Tragere = reprezinta utilizarea de catre Client a sumelor acordate de Banca in baza Documentelor de
- Zi lucratoare = zi n care Banca desfasoara activitate ce i permite executarea operatiunilor de plata; in relatia cu
Banca sunt considerate a fi nelucratoare zilele de smbata, duminica, sarbatorile legale la nivel national, precum si
orice alte zile considerate nelucratoare de Bancile corespondente/ Sistemele de decontare externe in cazul
operatiunilor de plata ce se deruleaza prin intermediul acestora, precum si zilele pe care Banca le declara
nelucratoare, in aceasta situatie Clientii urmnd a fi informati in timp util prin afisarea mesajelor corespunzatoare in
incinta unitatilor bancii si pe pagina de Internet a acesteia.
Posesorul de card - este persoana juridica/entitate fara personalitate juridica, titular al unui Cont de Card, care
solicita Bancii emiterea unui Card atasat contului.
Utilizatorul de card - este persoana fizica majora care are acces la sumele din contul Posesorului de card, prin
intermediul Cardului, in baza acordului exprimat de Posesorul de card in documentele puse la dispozitie de catre
Tranzactie prin card: este operatiunea prin care un card este folosit pentru plata de bunuri si servicii sau pentru
obtinerea de numerar.
Cont de Card cont curent deschis la Banca in EUR sau lei, la care se ataseaza unul sau mai multe Carduri PIN:
este un cod unic de identificare generat de Banca pentru fiecare Card, ce urmeaza a fi utilizat de Utilizatorul de card
impreuna cu Cardul pentru operatiuni in mediu electronic (tranzactii prin ATM, ct si pentru unele tranzactii prin EPOS
la comercianti si la ghiseele bancare).
Serviciul Call Center: serviciu telefonic pus de Banca la dispozitia Utilizatorilor de card la numarul 021 323 9542,
disponibil 24/7, apelabil si din afara tarii (numar cu tarif normal in reteaua Telekom Romania) sau la numarul de
telefon 0800 802 02 02 (numar gratuit in reteaua Telekom Romania), disponibil 24/7; Serviciul Call Center utilizeaza
linii telefonice publice, ce pot sa nu asigure un nivel corespunzator de protectie a informatiilor, prin apelarea acestui
serviciu Clientul asumndu-si riscurile de divulgare informatii derivate din aceasta situatie Card VISA BUSINESS
cardul de debit VISA Business Raiffeisen Bank, instrument de plata electronica care permite accesul Utilizatorului de
card la disponibilitatile in EUR sau Lei (dupa caz) din contul (conturile) de card deschis(e) de Posesorul de card la
Parola de securitate in relatia cu Banca element de identificare indicat de Reprezentantul legal al Posesorului de
card/Utilizatorul de card in formularele specifice, utilizat in acest scop de catre operatorii serviciului telefonic Call
Center al Bancii, ce face dovada deplina a identitatii Reprezentantului legal al Posesorului de card/ Utilizatorului
de card, ct si a vointei acestuia in legatura cu continutul acestor convorbiri, alaturi de eventuale alte informatii
cunoscute doar de Banca si de Reprezentantul legal al Posesorului de card /Utilizatorul de card, convorbirile
telefonice urmnd a fi inregistrate in scopul constituirii de probe in acest sens.
Contract de card de debit Contractul specific ce reglementeaza raporturile contractuale dintre Banca si
Posesorul de card, derivate din utilizarea cardului de debit VISA Business Raiffeisen Bank, format din clauzele
prevazute in prezentele CGB-PJ si clauzele ce se regasesc in documentatia specifica de emitere si mentenanta card
de debit si in formularele utilizate pentru numire si revocare Utilizatori de card;
Contract de cont curent Contract specific ce reglementeaza raporturile contractuale dintre Banca si titularul de
cont curent, format din clauzele prevazute in prezentele CGB-PJ si clauzele ce se regasesc in documentatia specifica
de deschidere si mentenanta cont curent;
DEFINI}II conform Legii nr. 656/2002 pentru prevenirea si sanctionarea spalarii banilor, precum si pentru
instituirea unor masuri de prevenire si combatere a finantarii actelor de terorism
Art. 3) - (1) n sensul prezentei legi, persoane expuse politic sunt persoanele fizice care exercit sau au exercitat
functii publice importante, membrii familiilor acestora, precum si persoanele cunoscute public ca asociati apropiati ai
persoanelor fizice care exercit functii publice importante.

(2) Persoanele fizice care exercit, n sensul prezentei legi, functii publice importante sunt: a) sefii de stat, sefii de
guverne, membrii parlamentelor, comisarii europeni, membrii guvernelor, consilierii prezidentiali, consilierii de stat,
secretarii de stat; b) membrii curtilor constitutionale, membrii curtilor supreme sau ai altor nalte instante judectoresti
ale cror hotrri nu pot fi atacate dect prin intermediul unor ci extraordinare de atac; c) membrii curtilor de conturi
sau asimilate acestora, membrii consiliilor de administratie ale bncilor centrale; d) ambasadorii, nsrcinatii cu
afaceri, ofiterii de rang nalt din cadrul fortelor armate; e) conductorii institutiilor si autorittilor publice; f) membrii
consiliilor de administratie si ai consiliilor de supraveghere si persoanele care detin functii de conducere ale regiilor
autonome, ale societtilor comerciale cu capital majoritar de stat si ale companiilor nationale.
(3) Niciuna dintre categoriile prevzute la alin. (2) lit. a) - f) nu include persoane care ocup functii intermediare sau
inferioare. Categoriile prevzute la alin. (2) lit. a) - e) cuprind, dup caz, functiile exercitate la nivel comunitar sau
(4) Membrii familiilor persoanelor care exercit functii publice importante sunt, n sensul prezentei legi: a) sotul/ sotia;
b) copiii si sotii/sotiile acestora; c) printii.
(5) Persoanele cunoscute public ca asociati apropiati ai persoanelor fizice care exercit functii publice importante sunt:
a) orice persoan fizic ce se dovedeste a fi beneficiarul real al unei persoane juridice sau al unei entitti juridice
mpreun cu oricare dintre persoanele prevzute la alin. (2) sau avnd orice alt relatie privilegiat de afaceri cu o
astfel de persoan; b) orice persoan fizic care este singurul beneficiar real al unei persoane juridice sau al unei
entitti juridice cunoscute ca fiind nfiintat n beneficiul uneia dintre persoanele prevzute la alin. (2).
(6) Fr a aduce atingere aplicrii, pe baza unei evaluri a riscului, a msurilor suplimentare de cunoastere a
clientelei, dup mplinirea unui termen de un an de la data la care persoana a ncetat s mai ocupe o functie public
important n sensul alin. (2), institutiile si persoanele prevzute la art. 8 nu mai consider persoana respectiv ca
fiind expus politic.
Art. 4) - (1) n sensul prezentei legi, prin beneficiar real se ntelege orice persoan fizic ce detine sau controleaz n
cele din urm clientul si/sau persoana fizic n numele ori n interesul cruia/creia se realizeaz, direct sau indirect, o
tranzactie sau o operatiune.
(2) Notiunea de beneficiar real va include cel putin:
a) n cazul societtilor comerciale: 1. persoana sau persoanele fizice care detin ori controleaz n cele din urm o
persoan juridic prin detinerea, n mod direct sau indirect, a pachetului integral de actiuni ori a unui numr de actiuni
sau de drepturi de vot suficient de mare pentru a-i asigura controlul, inclusiv actiuni la purttor, persoana juridic
detinut sau controlat nefiind o societate comercial ale crei actiuni sunt tranzactionate pe o piat reglementat si
care este supus unor cerinte de publicitate n acord cu cele reglementate de legislatia comunitar ori cu standarde
fixate la nivel international. Acest criteriu este considerat a fi ndeplinit n cazul detinerii a cel putin 25 % din actiuni
plus o actiune; 2. persoana sau persoanele fizice care exercit n alt mod controlul asupra organelor de administrare
sau de conducere ale unei persoane juridice;
b) n cazul persoanelor juridice, altele dect cele prevzute la lit. a), sau al altor entitti ori constructii juridice care
administreaz si distribuie fonduri: 1. persoana fizic care este beneficiar a cel putin 25 % din bunurile unei persoane
juridice sau ale unei entitti ori constructii juridice, n cazul n care viitorii beneficiari au fost deja identificati; 2. grupul
de persoane n al cror interes principal se constituie ori functioneaz o persoan juridic sau o entitate ori constructie
juridic, n cazul n care persoanele fizice care beneficiaz de persoana juridic sau de entitatea juridic nu au fost
nc identificate;3. persoana sau persoanele fizice care exercit controlul asupra a cel putin 25 % din bunurile unei
persoane juridice sau ale unei entitti ori constructii juridice.
FATCA - The Foreign Account Tax Compliance Act este un pachet legislativ emis in Statele Unite ale Americii, care
poate fi consultat la adresa, promulgat
la data de 18 Martie 2010 si care a intrat in vigoare la 1 Iulie 2014, prin care se impune in sarcina contribuabililor
Statelor Unite ale Americii (SUA), inclusiv celor care locuiesc sau isi desfasoara activitatea in afara SUA, obligatia de
a raporta detinerile directe sau indirecte de active financiare din afara Statelor Unite. Aceeasi cerinta de raportare este
prevazuta si pentru institutiile de credit, care detin active in numele contribuabililor SUA.
2.1 Prelucrarea datelor cu caracter personal
(Raiffeisen Bank S.A. este inscrisa in registrul ANSPDCP de evidenta a prelucrarilor de date cu caracter personal cu
nr.1967 ca operator de date pentru derulare operatiuni bancare si cu nr.189 ca operator pentru scopuri de reclama,
marketing si publicitate, conform Legii nr. 677/2001)
2.1.1. Prin semnarea prezentelor CGB, Clientul, prin Reprezentantul legal, dupa caz, Reprezentantul autorizat,
cunoscnd dispozitiile legale referitoare la protectia persoanelor cu privire la prelucarea datelor cu caracter personal
si libera circulatie a acestor date, accepta faptul ca Banca va prelucra, direct sau prin intermediul

mandatarilor si/sau tertilor contractanti, datele cu caracter personal ale Reprezentantilor legali/ Reprezentantilor
autorizati/Persoanelor de contact/Delegatilor/ Utilizatorilor de card, consemnate in cuprinsul oricaror Contracte
specifice/oferte/angajamente/ formulare/Documente de finantare/Documente de Garantie, in scopul derularii
raporturilor juridice dintre Client si Banca, precum si faptul ca Banca poate prelucra, dezvalui si transmite oricare
dintre aceste date si altor entitati membre ale grupului Raiffeisen, agentilor Bancii sau tertilor contractanti in
scopul derularii oricarui produs/prestarii oricarui serviciu Clientului si/sau n scopul efectuarii de catre Banca,
direct sau prin partenerii contractuali ai acesteia, a studiilor de marketing cu privire la produsele, serviciile si
activitatile actuale si/sau viitoare ale Banci si/sau ale partenerilor acesteia, existenti sau viitori. Datele cu
caracter personal prelucrate includ urmatoarele categorii: date de identificare - numele, prenumele, pseudonim,
adresa de domiciliu/ resedinta, numarul de telefon fix/mobil,codul numeric personal, data si locul nasterii, cetatenie,
rezidenta, functia publica detinuta, tip/serie/numar document de identitate, semnatura olografa; date referitoare la
inadvertente (neconcordante).
2.1.2. Schimbarile cu privire la datele personale ale Reprezentantilor legali/Reprezentantilor autorizati/
Persoanelor de contact/Delegatilor/Utilizatorilor de card si/sau cele cu privire la sediul/forma juridica/ alte
date/informatii in legatura cu Clientul vor fi opozabile Bancii numai dupa ce Banca a primit o notificare scrisa in acest
sens, insotita de documentele juridice corespunzatoare si de dovada indeplinirii formalitatilor de publicitate si
opozabilitate cerute de lege.
2.1.3. In cazul in care Banca ia cunostinta in orice mod despre aparitia unor divergente intre asociatii/ actionarii/
membrii/Reprezentantii legali ai Clientului, urmare carora, fara a se limita la acestea, se rastrnge mandatul
Reprezentantilor autorizati, sau mandatul acestora este revocat si sunt desemnati noi Reprezentanti autorizati fara
a fi inca indeplinite formalitatile de publicitate si opozabilitate cerute de lege, sau se modifica intinderea dreptului de
reprezentare, Banca va avea dreptul dupa caz, sa suspende executarea sau sa considere neprimite oricare
instructiuni transmise /depuse la Banca (incluznd, fara a se limita la, operatiunile de plata din Conturile de plati,
instrumente de plata de debit, instructiunile in temeiul oricarui Contract specific incheiat cu Banca) pna la
lamurirea situatiei, in baza unor acte in forma si substanta satisfacatoare pentru Banca si/sau pna la finalizarea
respectivelor formalitati de publicitate si opozabilitate. Clientul exonereaza Banca deorice raspundere pentru
eventualele pierderi suferite de acesta, ca urmare a aparitiei situatiei descrise la acest articol.
2.1.4. Pentru unitatile teritoriale (dezmembramintele) fara personalitate juridica cererea de deschidere a Contului
si/sau solicitarea oricarui alt produs/serviciu oferit de Banca se va face de catre Reprezentantii legali ai Clientului,
care vor indica si limitele mandatului unitatii teritoriale respective in raport cu derularea Contractului specific ce
reglementeaza produsul/serviciul solicitat, daca in actele constitutive ale Clientului persoana juridica/unitatii
teritoriale fara personalitate juridica nu se va mentiona altfel.
2.1.5. Daca, in conditiile si in conformitate cu legea sau cu reglementarile interne ale Bancii, pentru deschiderea sau
operarea oricaror Conturi si/sau derularea oricaror alte produse/servicii oferite de Banca sunt necesare verificari
suplimentare/periodice ale datelor furnizate de Client, Banca este abilitata sa efectueze orice verificari, sa solicite si
sa obtina orice informatii despre Client, Reprezentantii autorizati sau, dupa caz, orice alte persoane care efectueaza
orice operatiuni si/sau au mandat special pentru anumite operatiuni in legatura cu produsele/serviciile contractate de
Client, de la orice autoritate competenta, registru public, arhiva, baza de date electronica sau organism abilitat,
detinator de astfel de informatii. Toate costurile aferente consultarii acestor baze de date, precum si orice speze,
comisioane si taxe aferente, inclusiv postale, sunt si ramn in sarcina Clientului, acesta acordnd Bancii un mandat
de debitare automata a oricarui cont al Clientului in scopul acoperirii sumelor astfel datorate
2.1.6. Clientul are obligatia sa furnizeze orice documente solicitate de catre Banca si sa informeze Banca ori de cte
ori intervin modificari cu privire la documentele depuse in Banca sau la informatiile furnizate bancii sau, dupa caz,
daca nu intervin modificari, sa confirme anual mentinerea valabilitatii informatiilor furnizate Bancii anterior, prin
completarea in unitatile Bancii a formularului corespunzator furnizat de Banca in acest scop si, daca este cazul, prin
depunerea documentelor modificate. De asemenea, Clientul are obligatia ca, in situatia in care oricnd, in cadrul
derularii relatiei de afaceri dintre acesta si Banca se schimba situatia beneficiarului real si/sau orice informatii privind
persoana beneficiarului real, sa instiinteze de indata Banca cu privire la acest fapt, comunicnd informatiile privind
beneficiarul real prevazute de lege, impreuna cu orice documente relevante solicitate de Banca.
2.2 Confidentialitate
2.2.1. Banca si Clientul se obliga sa mentina confidentialitatea asupra informatiilor obtinute unul despre celalalt in
derularea relatiei Banca - Client, cu respectarea, totusi, a prevederilor oricarei legi sau ordin al unei autoritati
competente care permit sau solicita dezvaluiri.
2.2.2. Clientul autorizeaza Banca sa prelucreze, sa transfere si sa comunice orice fel de informatii referitoare la
Client, Reprezentantii legali si/sau Reprezentantii autorizati, catre si intre sucursalele, agentiile, punctele

de lucru, reprezentantele Bancii, societatilor afiliate Bancii si agentilor si tertilor parteneri ai Bancii, pentru folosire
confidentiala, in legatura cu prestarea oricarui serviciu Clientului (inclusiv pentru plati externe efectuate prin
intermediul unui tert), precum si in scopul prelucrarii de date, efectuarii de analize, recuperarii creantelor Bancii,
obtinerii unor finantari/garantii, transferului de creante ale Bancii, precum si in scopuri statistice. Orice astfel de terta
parte poate in acelasi fel folosi, prelucra si transfera in orice mod datele si informatiile referitoare la Client primite de la
Banca in cadrul autorizarii acordate de Client prin prezentul document.
2.2.3. Banca va pastra confidentialitatea si nu va dezvalui, publica sau divulga prin orice alt mod informatii privind
Conturile Clientilor, operatiunile inregistrate in acestea, relatiile contractuale dintre Banca si Clienti,fara
consimtamntul acestora.
2.2.4. Clauza confidentialitatii nu se va aplica daca:
a. informatia este ceruta de o autoritate competenta n cadrul unei proceduri judiciare;
b. Clientul autorizeaza Banca sa dezvaluie informatiile;
c. n orice alta situatie prevazuta de lege. (spre ex. furnizarea de informatii la cererea institutiilor financiare
2.2.5. Clientul consimte prin prezenta n mod expres, renuntnd sa invoce orice restrictie impusa Bancii de legislatia
n vigoare cu privire la secretul bancar, ca Banca sa prezinte n cadrul relatiilor cu tertii implicati n procese
organizatorice si decizionale ale Bancii, orice informatii si date, referitoare la Client sau la conturile sale, necesare
acestor procese si care nu vor afecta n nici un fel Clientul sau afacerile sale. Prin terti implicati se nteleg, dar nu se
limiteaza, orice societati romne sau straine care fac parte din grupul de societati din care face parte si Banca,
consultantii de specialitate agreati de Banca, intermediarii pentru anumite afaceri, finantatorii etc. Banca va
intra in relatii contractuale doar cu tertii implicati care se obliga la rndul lor sa pastreze confidentialitatea informatiilor
astfel obtinute.
2.2.6. Banca va putea sa ia orice masuri pe care le considera necesare in relatia cu Clientul, in vederea respectarii
dispozitiilor legale in materia prevenirii si combaterii spalarii banilor si finantarii terorismului.
2.3. Dobnzi. Taxe, Comisioane, Alte costuri.
2.3.1. (i) Pentru produsele si serviciile bancare, Banca percepe Clientilor sai taxe, comisioane, abonamente,alte
speze si, dupa caz, percepe sau acorda dobnzi, la valorile standard cuprinse in Listele specifice, cu exceptia
situatiilor n care se prevad alte niveluri ale acestora in Contractele specifice sau in ofertele acceptate de
Listele specifice se gasesc in incinta oricareia dintre unitatile teritoriale ale Bancii (in cuprinsul Mapelor speciale sau
afisate in locuri special amenajate). Banca poate decide publicarea Listelor specifice si pe pagina de Internet
2.3.1.(ii) Banca si rezerva dreptul de a modifica oricnd nivelul dobnzilor, taxelor, comisioanelor, abonamentelor
si/sau al oricaror alte speze datorate de Client pentru produsele oferite si/sau serviciile prestate (inclusiv pentru
facilitati de credit /finantari bancare/Angajamente/alte tipuri de finantari acordate de Banca), fara a distinge daca
valorile sunt standard sau negociate cu Clientul, n functie de costurile proprii si/sau de politica financiara a Bancii
si/sau in functie de evolutia ratelor de dobnda pe piata financiar - bancara si/sau, daca este cazul, de alte criterii
prevazute in Contractele specifice si cu conditia informarii Clientului asupra noilor valori prin publicarea acestora
in Listele specifice sau prin notificarea Clientului in oricare dintre modalitatile mentionate la art. 8.2.1. aleasa de
Banca, atunci cnd nu este prevazuta expres o alta modalitate de informare in Contractul specific.Modificarea
nivelurilor costurilor se considera a fi fost valabil comunicata Clientului de la data publicarii noilor valori in cuprinsul
Listelor specifice, sau, dupa caz, de la data primirii notificarii in conditiile pct.8.2.2, Clientul acceptnd ca noile valori
ii sunt aplicabile de la data comunicarii sau de la o alta data stabilita pentru intrarea in vigoare (cnd este cazul).
2.3.2. Banca va informa Clientul asupra conditiilor standard de taxe, comisioane, speze si dobnzi ale Bancii in
vigoare, dupa caz, la momentul solicitarii unei oferte privind produsele/serviciile bancare sau la momentul incheierii
unui Contract specific.
2.3.3. Orice dobnda este calculata zilnic la sumele inregistrate n soldul debitor, dupa caz, sold creditor al Contului
(curent/de depozit/de economii/de credit), pe baza formulei: D = C*Rd*n/N, unde:
D - dobnda calculata;
C - capitalul asupra caruia se calculeaza dobnda care poate fi suma inregistrata in soldul creditor/debitor al contului
curent, suma inregistrata in soldul creditor al contului de depozit, suma acordata de Banca cu titlul de facilitate de
credit/finantare bancara/Angajament;
Rd - Rata dobnzii
n - numarul de zile din luna (care poate fi determinat conventional de catre parti prin Contractele specifice, ca fiind
numarul efectiv de zile ale lunii pentru care se calculeaza dobnda sau 30);
N - Numarul de zile din an (care poate fi determinat conventional de catre parti prin Contractele specifice, ca

17 martie 2015

fiind numarul efectiv de zile ale anului, 360 sau 365/366).

2.3.4. Rata dobnzii poate avea o valoare fixa sau variabila. Rata dobnzii variabila se modifica in functie de:
(a) indici de referinta verificabili (ex. Rata de Referinta) prevazuti in Contractele specifice, ori
(b) schimbarile legislative ce impun astfel de modificari, ori
(c) in conditiile clauzei 2.3.1(ii), ori
(d) in functie de alte criterii prevazute in Contractele specifice.
2.3.5. Toate costurile suportate de Banca (incluznd, fara limitare, cheltuielile cu executorii judecatoresti, onorarii
avocatiale, taxe de timbru, taxe judiciare, etc.) in cazul in care ar fi implicata intr-un litigiu cu Clientul sau/si dintre
Client si o terta parte, vor fi recuperate de la Client.
2.4. Raiffeisen Bank SA aplica cerintele FATCA si s-a inregistrat pe siteul Internal Revenue Service (IRS) al SUA cu
Statusul FATCA Registered Deemed-Compliant Financial Institution, primind Numarul Global Intermediar de
Identificare (GIIN) 28CWN4.00008.ME.642. In consecinta, Banca va identifica contribuabilii SUA si va raporta
informatii despre persoanele relevante si despre conturile deschise la Banca de catre acestia, respectiv despre acele
conturi in care sunt evidentiate detinerile directe sau indirecte de active financiare de catre persoane relevante prin
prisma aplicarii cerintelor FATCA.
3.1 Reguli generale privind deschiderea si operarea Conturilor
3.1.1. Conturile deschise pe numele Clientului la Banca vor fi guvernate de termenii si conditiile continute in
Contractul specific fiecarui tip de cont incheiat intre Banca si Client si completat de regulile generale stabilite prin
prezentele CGB, in masura in care acestea sunt aplicabile.
3.1.2. Banca va putea, fara insa a fi obligata la aceasta, sa deschida pe numele Clientilor, prin unitatile sale operative
si in conformitate cu procedurile interne emise de Banca in acest scop, Conturi (precum, dar fara a se limita la conturi
curente, conturi de economii, conturi de depozit), pe baza cererii formulata de acestia ce va fi insotita de documentele
juridice solicitate de Banca.
3.1.3. Banca isi rezerva dreptul de a solicita Clientului orice informatii pe care le considera necesare pentru
deschiderea si operarea Conturilor si poate refuza deschiderea unui Cont si/sau efectuarea de operatiuni de
plata in Cont ori poate proceda la denuntarea unilaterala a Contractului specific fiecarui Cont si, daca este
cazul, a altor raporturi juridice existente in legatura cu acesta, daca primeste informatii incomplete, insuficiente, in
cazul unor declaratii false, sau daca are suspiciuni cu privire la realitatea celor declarate, documentelor si informatiilor
furnizate de Client, cu respectarea politicilor Bancii de acceptare si cunoastere a clientelei.
3.1.4. Contractul specific fiecarui Cont (cum ar fi Cererea de deschidere de cont curent, Contractul de constituire
depozit, etc.) va fi semnat de Reprezentantul legal al Clientului.
3.1.5. Pentru Conturile deschise in zilele nelucratoare data deschiderii Contului va fi ziua lucratoare imediat
urmatoare, urmnd a se aplica acestuia ratele de dobnda in vigoare la data deschiderii.
3.1.6. Daca, in conditiile si in conformitate cu legea sau cu reglementarile interne ale Bancii, pentru deschiderea sau
operarea oricaror Conturi, sunt necesare verificari suplimentare si/sau periodice ale datelor furnizate de
Client/Reprezentantii autorizati/Delegati, Banca este abilitata sa efectueze orice verificari, sa solicite si sa obtina
orice informatii despre acestia, precum si despre oricare alte persoane care efectueaza depuneri in Conturi si/sau au
mandat special pentru anumite operatiuni, de la orice autoritate competenta, registru public, arhiva, baza de date
electronica sau organism abilitat, detinator de astfel de informatii. Toate costurile aferente consultarii acestor baze de
date, precum si orice speze, comisioane si taxe aferente, inclusiv postale, sunt si ramn in sarcina Clientului, Banca
avnd mandat de debitare automata a oricarui cont al Clientului pentru recuperarea acestora.
3.1.7. Disponibilitatile Clientului inregistrate in Conturi sunt garantate in Romania prin Fondul de garantare a
depozitelor n sistemul bancar in limitele si cu exceptiile prevazute de Ordonanta Guvernului nr.39/1996, afisate la
orice unitate a Bancii. Clientul are obligatia ca, n situatia n care intervin modificari privind incadrarea depozitelor
constituite la banca in categoriile prevazute de lege, sa le comunice Bancii n termen de 30 de zile de la data
3.1.8. In cazul in care au fost depuse la Banca sume cu titlu de aport la capitalul social al Clientului, acesta din urma
intelege si se obliga sa solicite deschiderea primului cont curent/primelor conturi curente in aceeasi valuta ca cea in
care au fost depuse sumele cu titlu de aport la capital social. In acest sens, Clientul mandateaza Banca sa opereze
transferul acestor sume in contul curent deschis/conturile curente deschise in valuta/valutele in care aceste sume au
fost depuse.
3.2. Persoanele care pot opera in Conturile Clientului
3.2.1. Indiferent de numarul si tipurile Conturilor, Clientul, in calitate de titular al acestora, prin Reprezentantii

sai legali poate numi in relatia cu Banca Reprezentanti autorizati, care au dreptul sa dispuna de fondurile din
Conturile indicate expres de Client.
3.2.2.(i) Numirea Reprezentantilor autorizati, datele de identificare si specimenul de semnatura al acestora, precum
si limitele mandatului in care actioneaza pe Cont (determinarea limitelor de competenta si/sau a conditiilor de
angajare a acestora) sunt consemnate in formularele standard furnizate de Banca in acest scop, dupa caz (Lista
Reprezentantilor autorizati, formularele de inrolare si actualizare date ce trebuie completate pentru fiecare
Reprezentant autorizat in parte, Contractul specific), aceste documente fiind pastrate de Banca. 3.2.2.(ii) In cazul in
care accesul la Conturi se face prin intermediul unor instrumente de plata, canale de comunicare si/sau alte servicii
speciale oferite de Banca, datele de identificare ale Reprezentantilor autorizati vor fi consemnate in
documentele/aplicatiile informatice specifice respectivelor modalitati de acces.
3.2.2.(iii) Lipsa unor restrictii, limitari de competenta sau conditii de angajare in ceea ce priveste Reprezentantii
autorizati, expres prevazute in documentele/aplicatiile mentionate la pct.3.2.2 (i) si 3.2.2.(ii), duce fara echivoc la
concluzia ca Reprezentantii autorizati au toti si fiecare separat dreptul deplin de a dispune, in numele si pe seama
Clientului, pe Contul acestuia.
3.2.2.(iv) Imputernicirea de reprezentare data de Client Reprezentantului autorizat va fi considerata valabila, pna
la revocarea acesteia efectuata, dupa caz, prin una din urmatoarele modalitati: completarea unei noi Liste a
Reprezentantilor autorizati in unitatile Bancii, sau a oricarui alt formular standard furnizat de Banca in acest scop,
respectiv prin transmiterea revocarii in conditiile Contractului specific.
3.2.2.(v) Numirea, respectiv, revocarea Reprezentantilor autorizati devin opozabile Bancii dupa cum urmeaza:
(i) incepnd cu ziua lucratoare indicata de Client in documentul de revocare/de numire (alta dect cea a cererii)
(ii) incepnd cu ziua lucratoare imediat urmatoare datei depunerii revocarii /transmiterii numirii (in cazul in care
Clientul nu specifica expres o data sau cnd se solicita numirea/revocarea la data cererii).
3.2.3. Pentru a putea executa mandatul incredintat de Client, Reprezentantul autorizat trebuie sa furnizeze Bancii
informatiile si documentele solicitate de aceasta si sa depuna specimenul de semnatura la Banca (acea semnatura a
Reprezentantului autorizat ce urmeaza a fi utilizata in relatia cu Banca pentru instructiuni de plata valabile,
autorizate de Client), daca prin Contractul specific nu se prevede altfel.
3.2.4. Clientul are obligatia de a face permanent cunoscute Reprezentantului autorizat conditiile de operare a
3.2.5. Asupra sumelor aflate n Conturile deschise n evidenta Bancii pentru Clienti, pot dispune liber, cu respectarea
normelor n vigoare, urmatoarele persoane:
a. Clientul titular al Contului, prin Reprezentantii autorizati;
b. succesorii in drepturi ai Clientului, care dovedesc cu documente juridice corespunzatoare aceasta calitate c.
utilizatorii autorizati ai cardurilor de debit atasate contului curent (numai prin intermediul acestor carduri).
d. orice alte persoane autorizate de lege sa aiba acces la Conturile clientului (precum, dar fara a se limita la
administratorul judiciar, lichidatorul).
3.3. Banca ofera Clientilor urmatoarele tipuri de Conturi:
3.3.1. Conturi de plati precum, dar fara a se limita la: Cont curent, Cont de Card (de debit/de credit), Cont colector,
Cont de distribuiri; Cont de delistare,.
3.3.2. Alte tipuri de Conturi precum, dar fara a se limita la: Contul de economii, Contul de depozit la termen, Contul
Escrow, Contul de garantie.
3.4. Overdraft neautorizat acordat de Banca
3.4.1. Banca va putea decide, la discretia sa totala, conform normelor sale interne, efectuarea unei plati cerute de
catre Client sau recuperarea de taxe, comisioane, speze, dobnzi, credite scadente, credite restante, etc, care
depasesc limita soldului creditor al Contului curent, chiar daca nu exista un Contract specific pentru o facilitate de
descoperit de cont (overdraft) deja incheiat cu Clientul. Astfel, simpla instructare a Bancii de a procesa plati care
exced soldul creditor al Contului curent, data direct de catre Client sau prin mandat incredintat Bancii, sau prin
intermediul ori de catre un tert beneficiar, are valoare juridica de acceptare anticipata de catre Client a unei facilitati de
overdraft non-revolving (overdraft neautorizat), daca Banca va hotari acordarea acesteia la momentul procesarii
Ordinului de plata.
Dobnda datorata de Client se calculeaza conform sectiunii 2.3.3., cu precizarea ca n este numarul de zile
calendaristice din luna, iar N este 360.
3.4.2. Sumele astfel avansate de Banca vor fi considerate datorate de Client incepnd cu data avansarii lor si vor fi
purtatoare de dobnda calculata la o rata anuala stabilita de Banca pentru astfel de situatii. Clientul se obliga sa
alimenteze de indata respectivul Cont cu toate sumele astfel datorate, fiind de acord ca orice creditare a contului
respectiv se considera efectuata in scopul rambursarii cu prioritate a acestor sume si ca respectivele sume nu mai pot
fi reutilizate de Client.
3.4.3. Pentru scopurile constituirii unui titlu executor Banca si Clientul sunt de acord ca prezentele CGB si

extrasul de cont ce reflecta sumele acordate de Banca in conditiile prevazute la 3.4.1. si 3.4.2. au valoarea juridica a
unui contract de credit in descoperit de cont (overdraft).
3.4.4. Banca are dreptul de a recupera pe cai legale sumele datorate, fara o avizare prealabila.
3.5. Dreptul de compensare
3.5.1. Clientul autorizeaza Banca, prin prezenta, sa compenseze in orice moment orice suma datorata Bancii cu
fondurile disponibile in orice Cont curent, Cont de Card de debit, Cont de economii si/sau Cont de depozit, indiferent
de valuta in care sunt disponibile si/sau indiferent de scadenta sumelor din aceste Conturi, fara a fi necesar in acest
sens un alt acord prealabil al Clientului, cu exceptia cazului in care prin Contractul specific se prevede altfel.
3.5.2. In cazul in care compensarea sumelor datorate va necesita schimbarea unei anumite valute in alta, o astfel de
schimbare se va efectua la cursul de schimb practicat de Banca la acea data, in acest scop Banca fiind mandatata
pentru orice operatiune de schimb valutar care va fi necesara.
3.5.3. n situatia n care n Conturile Clientului mentionate la pct.3.5.1. nu exista disponibil suficient pentru acoperirea
oricaror sume datorate Bancii, Banca este autorizata sa debiteze oricare dintre Conturile Clientului sau, chiar daca
prin aceasta s-ar genera descoperit de cont neautorizat in conditiile sectiunii 3.4. Overdraft neautorizat
3.5.4. Clientul va fi instiintat de catre Banca dupa efectuarea compensarii prin extrasul de cont.
3.6. Incetarea relatiei de Cont
3.6.1. Clientul va putea denunta unilateral raportul juridic de Cont curent/Cont de economii,oricnd pe durata
derularii Contractului specific, cu un preaviz de 15 zile calendaristice si numai daca achita integral sumele datorate
Bancii in baza respectivului Contract specific. In acest scop, Clientul va depune o solicitare scrisa la oricare dintre
unitatile Bancii, fara a fi necesar sa indice motivele pentru care doreste incetarea Contractului specific. Denuntare nu
va produce efecte daca la data inregistrarii acesteia exista in derulare produse/servicii bancare care necesita
mentinerea deschisa a Contului, caz in care Clientul poate relua procedura denuntarii doar dupa incetarea raporturilor
juridice aferente produselor/serviciilor bancare in derulare.
3.6.2. Clientul si Banca agreeaza ca Banca va putea denunta unilateral raportul juridic de Cont Curent, oricnd
pe durata derularii Contractului specific, fara a fi necesara justificarea unei astfel de decizii, instiintnd Clientul intrun termen rezonabil ulterior inchiderii Contului conform regulilor de la sectiunea 8.2. Notificari.
3.6.3. Banca este ndreptatita sa rezilieze raportul juridic de Cont, Contractul specific fiind considerat desfiintat
de plin drept, fara a fi necesara punerea in intrziere si fara indeplinirea vreunei alte formalitati prealabile, judiciare
sau extrajudiciare, in urmatoarele cazuri:
a. in cazul in care Clientul nu respecta conditiile de functionare ale Contului impuse de Banca, prevederile legale n
vigoare sau normele de lucru ale Bancii, ori Clientul este suspectat de efectuarea unor operatiuni prin care incalca
prevederi legale (precum, dar fara a se limita la prevederi ce reglementeaza incidentele de plati majore cu cecuri,
bilete la ordin, cambii, cele din materia prevenirii si combaterii spalarii banilor si finantarii terorismului), ori a furnizat
Bancii informatii si/sau documente false ori refuza furnizarea catre Banca a informatiilor si/sau documentelor si/sau
acordurilor necesare indeplinirii de catre Banca a obligatiilor contractuale si/ ori legale (inclusiv in scopul aplicarii
cerintelor FATCA), instiintnd Clientul intr-un termen rezonabil ulterior inchiderii Contului conform regulilor de la
sectiunea 8.2. Notificari.
b. in cazul Contului Curent, daca soldul nu mai acopera costurile (taxele si/sau comisioanele) aferente acestuia si
daca nu exista o dispozitie derogatorie in Contractele specifice, fara notificare.
c. in cazul Conturilor in stare dormant reglementate la sectiunea 3.6.5., fara notificare.
3.6.4. In toate cazurile in care initiativa inchiderii Contului apartine Bancii, exceptnd Conturile dormant, de la data
inchiderii Contului, Banca va inceta creditarea cu dobnda a contului, urmnd ca suma care constituie la acea data
soldul creditor al Contului sa fie transferata conform instructiunilor Clientului transmise in scris. In cazul in care Clientul
nu instructeaza Banca, fondurile vor putea fi transferate de Banca in orice alt Cont activ al Clientului, fiind
imputernicita de Client sa efectueze in acest scop, daca este cazul, schimburile valutare necesare, la cursul de
schimb al Bancii de la data executarii operatiunii de transfer.
Banca nu va fi raspunzatoare in nicio situatie pentru eventuale prejudicii pe care le-ar suferi Clientul ca urmare
a inchiderii conturilor sale, conform celor mai sus precizate.
3.6.5. Prevederi speciale aplicabile Conturilor dormant
Daca pe parcursul unei perioade de timp, stabilita de Banca si adusa la cunostinta Clientului prin afisare la unitatile
Bancii, pentru Contul curent sau Contul de economii nu s-a inregistrat si aprobat nicio cerere a Clientului de
modificare cont sau daca in Contul curent sau Contul de economii activ, Clientul si/sau, dupa caz, tertii nu a/au
efectuat nicio miscare de debitare sau creditare a Contului, Contul va deveni dormant.
Nu sunt considerate operatiuni in cont, creditarea acestuia cu dobnzile platite de Banca si debitarea contului cu
contravaloarea comisioanelor/taxelor datorate de Client in legatura cu Contul.

Banca va continua sa perceapa taxe si comisoane conturilor intrate in starea dormant atta timp ct exista sold
creditor. De asemenea, Banca va continua sa calculeze dobnda creditoare/debitoare in functie de caracteristicile
fiecarui Cont, indiferent daca soldul Contului este debitor sau creditor.
Banca va putea decide oricnd inchiderea contului declarat dormant cu sold zero sau debitor, fara notificarea
prealabila sau ulterioara a clientului.
In urma aprobarii unei cereri de modificare cont sau in urma procesarii unei tranzactii de debitare sau creditare pe
contul dormant, acesta va fi reactivat automat de catre Banca; dupa aprobarea cererii de modificare
cont/efectuarea tranzactiei, contul va ramane in stare activ si poate redeveni dormant in conditiile
mentionate in prezenta sectiune. Banca nu va anunta Clientul despre trecerea contului in stare dormant sau
despre activarea contului .Dupa activarea Contului, Banca are dreptul sa aplice dispozitiile pct.3.5. in scopul stingerii
oricarei eventuale sume datorata de Client si neachitata de acesta la scadenta.
Banca nu are obligatia de a pune la dispozitia clientului extrasul de cont pe perioada in care contul se afla in starea
3.6.6. Blocarea Conturilor.
Banca este indreptatita sa blocheze Conturile Clientului in urmatoarele situatii:
a. in aplicarea clauzei 2.2.6;
b. in cazul Clientilor care se regasesc in ipoteza reglementata in clauza 3.6.3;
c. in cazul reglementat in clauza 4.9.8;
d. in cazul in care intervine situatia reglementata in clauza 2.1.3 sau la solicitarea expresa a Clientului exprimata prin
completarea formularului specific pus la dispozitie de catre Banca;
e. in situatia in care Clientul instiinteaza Banca de pierderea/furtul actelor de identitate ale unicului Reprezentant legal
al Clientului. Conturile vor fi deblocate numai dupa ce unicul Reprezentant legal al Clientului va prezenta Bancii noile
documente de identitate pentru actualizarea datelor in sistem.
f. in orice alte cazuri prevazute de lege si/sau in Contractele specifice;
Pe durata blocarii Contului Curent: (i) se va calcula si va inregistra dobnda creditoare sau, dupa caz debitoare; (ii)
se va percepe comisionul de administrare a Contului prevazut in Contractul specific; (iii) se vor inregistra orice
operatiuni de plata finalizate prin creditarea Contului curent; (iv) Banca nu va executa ordinele de plata ce au ca efect
debitarea Contului curent (acestea fiind considerate neprimite);
Pe durata blocarii celorlalte tipuri de Cont (incluznd, fara a se limita la, Conturilor de depozit si Conturilor de
economii): (i) Clientul nu va putea efectua operatiuni de retragere partiala sau totala a fondurilor;(ii) orice alte
prevederi din Contractele specifice se vor aplica in conditiile stabilite in cuprinsul acestor contracte.
Pe durata blocarii oricaror alte tipuri de Conturi se va proceda conform prevederilor din Contractele specifice.
3.6.7. Termen de prescriptie
In toate cazurile de inchidere a unui Cont, termenul in care Clientul va putea solicita restituirea sumelor care au
reprezentat soldul creditor al respectivului Cont la data inchiderii acestuia, in cazul in care sumele respective nu au
fost deja transferate de Banca, dupa caz, conform ordinului Clientului sau, in lipsa unei astfel de instructiuni, in orice
alt Cont activ al Clientului, este termenul general de prescriptie. Sumele inregistrate in soldurile Conturilor inchise
se vor pastra de catre Banca la dispozitia Clientului, in conturi nepurtatoare de dobnda.
7.1. Facilitati de credit. Finantari bancare. Angajamente. Alte tipuri de finantari.
7.1.1. Orice facilitate de credit (fara a se limita la credite la termen, linii de credit reinnoibile, etc), finantare bancara
(fara a se limita la scontari/forfetari/factoring), Angajament (de tipul celor mentionate la pct.7.7 in prezentul
document) si /sau orice alt tip de finantare, va putea fi acordat/a, tinnd cont de normele proprii de creditare ale
Bancii, fie in baza unui Contract de facilitate incheiat in acest sens intre Banca si Client (in cazul facilitatilor de credit
/finantarilor bancare), fie in temeiul unei Cereri specifice (in cazul Angajamentelor/ oricarui alt tip de finantare).
7.1.2. Raportul juridic derivat din facilitatile de credit/finantarile bancare/Angajamentele acordate de Banca va fi
guvernat de termenii si conditiile cuprinse in prezentele CGB si in Documentele de Finantare. Toate clauzele
capitolului 7 (Acordarea de credite), impreuna cu oricare alte clauze din prezentele CGB in legatura cu acestea, fac
parte integranta din oricare Contract de facilitate/Cerere specifica incheiate de Client cu Banca.
7.1.3. Creditele vor fi garantate cu garantiile prevazute n normele Bancii, iar rambursarea sumelor acordate se va
face conform prevederilor din Contractele de facilitate/Cererilor specifice.
7.1.4. Pentru sumele datorate de Client conform Documentelor de Finantare si nerambursate la scadentele
stabilite, Banca va ncasa o dobnda penalizatoare.
7.2. Angajamentele Clientului fata de Banca
7.2.1. Clientul, dupa caz, Codebitorul/Garantul se obliga fata de Banca prin oricare Contract de facilitate
/Cerere specifica:

a. sa utilizeze orice facilitate de credit acordata in conformitate cu prevederile Contractului de facilitate/ Cererii
b. cu exceptia creditului furnizor in cadrul activitatii curente, sa nu incheie fara acordul prealabil, expres, in scris, al
Bancii, cu orice persoane, fizice sau juridice, in calitate de imprumutator sau de garant pentru obligatii ale tertilor,
indiferent de natura garantiei, acte juridice de imprumut sau garantare, sau acte care, prin intermediul oricaror altor
acte sau operatiuni admise de lege, determina, din punct de vedere economic sau juridic, in tot sau in parte, efectele
actelor juridice de imprumut sau garantare;
c. sa mentina creantelor Bancii un rang de preferinta cel putin egal (pari passu) cu cele ale oricaror alti creditori viitori
ai sai. In acest sens Clientul nu va rambursa preferential sumele datorate altor creditori si nu va constitui in favoarea
altor creditori garantii care sa aiba rang si/sau valoare superioara celor constituite in favoarea Bancii, cu luarea in
considerare a proportiei creantei avute de Banca in totalul creantelor creditorilor Clientului, altii dect cei desemnati
creditori privilegiati prin efectul legilor cu aplicare generala.
d. sa nu instraineze sau sa dispuna (chiar prin constituirea oricarei sarcini) in alt mod dect cel impus de cursul
normal al desfasurarii obiectului de activitate de oricare dintre activele sale (altele dect cele ce fac obiectul garantiilor
accesorii oricarui Contract de facilitate/Cereri specifice), daca acest fapt e de natura sa aiba un impact negativ
asupra capacitatii sale de rambursare a facilitatii de credit/finantarii bancare/Angajamentului si sa nu constituie nici o
sarcina asupra nici unuia dintre activele sale, cu exceptia celor expres aprobate de Banca;
e. sa furnizeze cu promptitudine, pe toata perioada in care are contractate facilitati, semestrial, concomitent cu
bilantul depus la organele fiscale, balanta de verificare contabila aferenta raportarii bilantiere, punnd la dispozitia
Bancii documentele corespunzatoare in termen de 10 (zece) zile calendaristice de la data prevazuta de lege pentru
inregistrarea lor la autoritatea competenta .
f. sa permita si/sau sa faciliteze examinarea de catre reprezentantii ori imputernicitii Bancii a activitatii, a
documentelor sau arhivelor sale si/sau ale Garantilor/Codebitorilor, care au legatura cu oricare dintre
Contractele de facilitate/Cererile specifice incheiate cu Banca.
g. sa suporte toate taxele si orice cheltuieli aferente constituirii si inregistrarii legale a garantiilor accesorii
Contractelor de facilitate/Cererilor specifice sau datorate pentru indeplinirea altor formalitati cerute de lege cu
privire la Documentele de Finantare, cu exceptia situatiei in care Banca va aproba expres o obligatie diferita in
sarcina Clientului.
h. sa asigure integritatea si folosirea in bune conditii a bunurilor aduse de acesta in garantie, sa nu constituie noi
garantii sau orice alta sarcina asupra bunurilor aduse in garantie in favoarea unor terte parti dect cu conditia
constiturii in favoarea Bancii a unei ipoteci imobiliare /mobiliare de prim rang asupra unui bun de acelasi tip, avnd o
valoare de piata cel putin egala cu cea a bunului ce face obiectul garantiei si avnd o situatie juridica de natura sa nu
impieteze valorificarea acestuia de catre Banca.
i. sa nu instraineze bunurile aduse in garantie pe intreaga perioada de derulare a oricarei facilitati de credit/ finantari
bancare/oricarui Angajament acordate de Banca; in cazul garantiilor ipotecare, se obliga in plus sa nu dezmembreze/
modifice imobilele ipotecate, sa nu le inchirieze catre terti fara acordul prealabil scris al bancii; n cazul in care bunul
ce face obiectul garantiei ar fi instrainat, Garantul se obliga sa nu instraineze bunul la un pret de vnzare mai mic
dect valoarea creditului, sa depuna pretul ntr-un cont bancar distinct deschis la Banca si sa informeze Banca cu
privire la acesta operatiune si depunerea pretului in cont urmnd ca sumele depuse in acest cont sa fie tinute la
dispozitia Bancii iar contul in cauza sa fie ipotecat in favoarea Bancii. Prevederile ultimei teze a acestui paragraf nu se
vor interpreta in sensul unui acord de instrainare.
j. in cazul nerespectarii obligatiilor prevazute la lit.i), interesele Bancii se prezuma a fi vatamate datorita ingreunarii
unei eventuale executari silite si sunt datorate Bancii daune interese cu titlu de clauza penala in cuantum egal cu
valoarea de piata a bunului ce face obiectul garantiei, valoarea stabilita conform evaluarii Bancii, dar fara a depasi
valoarea Obligatiilor de plata.
k. Clientul/Codebitorul cu privire la toate bunurile asupra carora sunt constituite garantiile aferente Contractelor de
facilitate/Cererilor specifice si/sau oricaror alte Documente de Finantare, dupa caz, Garantul, in ce priveste
bunurile proprietatea acestuia aduse in garantie, se obliga sa asigure aceste bunuri in conditiile pct.7.13.5, la o
societate de asigurari acceptata de catre Banca, sa plateasca primele de asigurare la scadenta acestora si sa
reinnoiasca la timp asigurarile, astfel inct asigurarea sa produca efecte neintrerupt pna la plata integrala a tuturor
sumelor datorate si garantate in temeiul Documentelor de Finantare. In situatia neprezentarii politei de asigurare
reinnoite sau in cazul neprezentarii dovezilor de plata a primelor de asigurare la scadenta acestora (caz in care Banca
este indreptatita sa considere ca a incetat polita de asigurare) ,
Clientul/Codebitorul, dupa caz, Garantul imputerniceste Banca sa reinnoiasca, respectiv sa incheie pe contul si
in numele acestuia de cte ori este necesar polita de asigurare pentru sumele cuvenite cu titlu de despagubiri si
pentru acest scop sa debiteze orice Cont al acestuia deschis la Banca, de disponibilitati sau de depozit (chiar
neajuns la termen), cu sumele reprezentnd primele de asigurare si sa efectueze plata

acestor prime. In acest caz Clientul/Codebitorul/Garantul sunt de acord ca Banca are dreptul neingradit de a
alege societatea de asigurare cu care se va incheia polita de asigurare, aceasta putnd fi si o societate partenera a
Bancii. Clientul/Codebitorul/Garantul se obliga ca, la solicitarea Bancii, sa predea acesteia in original, contractul de
asigurare (polita de asigurare impreuna cu termenii si conditiile asigurarii), ce urmeaza a fi pastrat de Banca pna la
plata integrala a tuturor obligatiilor rezultnd din Documentele de Finantare.
l. sa notifice Bancii in scris orice imprejurare de natura economica sau juridica, act sau fapt care ar modifica starea de
drept sau de fapt existenta la momentul incheierii oricarui Contract de facilitate/Cereri specifice, imediat dupa
intervenirea acesteia, incluznd dar fara a se limita la:
orice propunere de modificare a Actului Constitutiv sau de divizare, fuziune sau alta procedura de
restructurareorganizatorica, initierea unei proceduri de reorganizare, de dizolvare sau lichidare, sau participarea la
capitalul social al altor societati comerciale;
orice modificare a obiectului sau naturii activitatilor comerciale desfasurate;
orice proceduri administrative, judiciare sau arbitrale initiate impotriva sa, sau
iminente;iminenta oricaruiCaz de NeindepliniresauCulpa, etc.
m. sa puna la dispozitia Bancii, pe toata perioada in care are in derulare Contracte de facilitate/ Cereri specifice,
informatiile/documentele considerate relevante pentru aprecierea situatiei sale economico-financiare si orice alte
documente/informatii solicitate de Banca in legatura cu activitatea sa economica, situatia juridica si/sau financiara, in
termen de 2 (doua) zile calendaristice de la trimiterea de catre Banca a unei solicitari scrise in acest sens.
n. sa notifice Bancii in prealabil, in scris, intentia de rambursare partiala/integrala, in avans a oricarei facilitati de
credit/finantari bancare.
o. fara acordul prealabil expres, in scris, al Bancii, sa nu faca nici o schimbare privind titularii dreptului de proprietate
deplin, cu toate atributele sale, asupra partilor sociale/actiunilor ce formeaza capitalul social al Clientului, ori o alta
schimbare de natura sa afecteze controlul direct sau indirect al asociatilor/actionarilor existenti la data semnarii
Documentelor de Finantare asupra capitalului social al Clientului (indiferent daca prin detinerea drepturilor de vot,
prin contract sau altfel).
p. fara acordul prealabil al Bancii, sa nu adopte o hotarre in vederea reorganizarii, fuziunii sau divizarii. Pentru
aceasta, Clientul atesta si garanteaza ca asociatii/actionarii au acceptat obligatia de a-si mentine proprietatea asupra
capitalului social al Clientului si de a nu adopta o hotarre de reorganizare, fuziune sau divizare, in conformitate cu
acest articol si cu respectarea prevederilor legale si ca nu exista impedimente de natura sa determine nerespectarea
acestei obligatii fata de Banca.
q. daca garantia este constituita asupra autovehicolelor achizitionate din credit, sa depuna la Banca cartea/ cartile de
identitate in original, in termen de maxim 30 (treizeci) de zile calendaristice de la data acordarii creditului; daca
garantia este constituita asupra oricaror alte autovehicole, cartea de identitate in original se va prezenta cel trziu la
data primei trageri din credit;
r. sa pastreze in fiinta Conturile asupra carora a constituit garantii reale mobiliare in favoarea Bancii, pe toata durata
Documentelor de Finantare si sa nu constituie sau sa inregistreze nici o alta garantie cu privire la aceste Conturi
dect cu acordul prealabil expres in scris al Bancii.
s. sa prezinte in termen de 30 de zile de la data tragerii factura finala (in cazul in care tragerea s-a efectuat pe baza
de factura proforma)
t. sa permita si sa faciliteze examinarea de catre reprezentantii sau imputernicitii Bancii a activitatii, documentelor
si/sau arhivelor si/sau bunurilor Clientului si/sau Garantului, care au legatura cu Documentele de Finantare. In acest
sens, Banca va putea, oricnd va considera necesar, sa reevalueze, faptic si/sau scriptic, oricare si toate bunurile
Clientului si/sau Garantului asupra carora este constituit un drept de garantie in favoarea Bancii
u. sa nu modifice (prin demolare, construire extindere, etc.), fara acordul prealabil scris al Bancii si fara obtinerea
autorizatiilor/avizelor cerute de lege, imobilele aduse in garantie, in acest sens urmnd a fi notate interdictii in Cartea
funciara a imobilelor.
v. sa efectueze modificarile imobilelor aduse in garantie in termenul de valabilitate al autorizatiei de construire si cu
respectarea intocmai a acesteia, sa prezinte Bancii procesul-verbal de receptie la terminarea lucrarilor si, daca este
cazul, documentatia cadastrala ce atesta modificarea imobilelor, sa intabuleze in Cartea funciara drepturile dobndite
asupra constructiilor noi si/sau asupra modificarilor intervenite la constructiile ipotecate (in termen de 30 de zile de la
procesul-verbal de receptie la terminarea lucrarilor) si sa prezinte Bancii dovada extinderii dreptului de ipoteca al
Bancii si asupra acestora (in termen maxim de 30 de zile calendaristice de la data intabularii).
w. sa constituie ipoteci asupra altor imobile, sau sa inlocuiasca ipotecile imobiliare constituite ca accesorii ale
Documentelor de Finantare, in conditiile prevazute la pct. 7.13.6.
x. sa incaseze in conturile anume deschise la Banca indemnizatia de asigurare sau suma datorata cu titlu de

despagubire in cazul pieirii sau deteriorarii oricaruia dintre bunurile ipotecate, intelegnd ca asupra acestor sume
ipoteca se stramuta de drept in temeiul art. 2330 Cod Civil. Clientul solicita Bancii sa utilizeze aceste sume de bani
exclusiv pentru rambursarea anticipata partiala sau integrala a creditului/facilitatii pentru garantarea carora au fost
aduse in garantie bunurile ipotecate. Clientul a inteles si este de acord ca aceste sume nu pot ramne la dispozitia sa
si nu pot fi utilizate in alt scop.
7.2.2. La incheierea oricarui Contract de facilitate/Cereri specifice Clientul declara si se angajeaza, irevocabil
si neconditionat, urmatoarele:
a. va utiliza suma pusa la dispozitie de Banca exclusiv cu respectarea termenilor si conditiilor Contractului de
facilitate/Cererii specifice si ca Proiectul astfel finantat este conceput si implementat cu respectarea factorilor de
mediu si, totodata, ca mijloacele utilizate pentru implementarea Proiectului, sunt in concordanta cu toate
reglementarile legale privind protectia mediului, sanatatea si siguranta nationala;
b. pe toata durata Contractului de facilitate/Cererii specifice, va respecta standardele si legislatia nationala cu
privire la: (i) mediu; (ii) consultare publica; (iii) ocuparea fortei de munca (incluznd fara a se limita la securitatea si
siguranta muncii, angajarea minorilor, munca fortata, practici nediscriminatorii la angajarea personalului si libertatea
asocierii si a negocierilor colective).
7.3. Declaratiile Clientului
7.3.1. Prin prezenta, Clientul recunoaste expres ca declaratiile sale, astfel cum sunt acestea prevazute mai jos, sunt
esentiale pentru ca Banca sa ii acorde oricare facilitate de credit/finantare bancara/Angajament
7.3.2. Clientul declara si garanteaza Bancii, la semnarea oricarui Contract de facilitate si in orice moment al
derularii acestuia, urmatoarele:
a. este infiintat si isi desfasoara activitatea in conformitate cu legile aplicabile si are
capacitatea juridica deplina de a se obliga prin Documentele de Finantare si de a utiliza facilitatea si a obtinut
toate aprobarile necesare perfectarii valabile a Documentelor de Finantare si, prin urmare, Documentele de
Finantare sunt deplin executorii, in conformitate cu termenii acestora.
b. orice documente predate Bancii sunt originale sau copii dupa originale, nu au fost modificate prin acte ulterioare si
reflecta intocmai si complet realitatea la momentul predarii lor, precum si ca, de la data predarii, nu au intervenit
situatii de fapt care sa influenteze organizarea si functionarea sa.
c. situatiile sale financiar contabile au fost efectuate in conformitate cu principiile si practicile contabile general
acceptate in Romnia, aplicate in mod consecvent si reprezinta cu acuratete situatia financiara a Clientului la data la
care se raporteaza, iar rezultatele operatiunilor sale pe perioada exercitiului contabil sunt din acea data si nu s-a
produs nici o modificare contrara acestei situatii de la acea data, modificare care la o apreciere obiectiva, ar putea
afecta negativ, in mod important capacitatea Clientului de a indeplini obligatiile prevazute in Documentele de
d. nu au fost initiate proceduri judiciare, extrajudiciare sau administrative impotriva sa sau a proprietatii sale, nu s-au
pronuntat hotarri judecatoresti, ordonante de sechestru sau de poprire, act de incepere a executarii silite sau alta
procedura similara, si, dupa cunostinta sa, nici nu este amenintat cu inceperea unor astfel de proceduri care ar fi de
natura a influenta negativ in mod semnificativ afacerile Clientului, situatia sa financiara sau juridica ori capacitatea de
a-si indeplini obligatiile asumate prin Documentele de Finantare.
e. toate rapoartele si declaratiile de impunere prevazute de lege au fost depuse in mod corespunzator si au fost
platite toate impozitele, taxele, sarcinile si alte obligatii banesti in sarcina Clientului, ajunse la scadenta.
f. semnarea de catre Client a Documentelor de Finantare si executarea obligatiilor asumate prin acestea,nu incalca
sau nu intra in conflict cu dispozitiile legale sau statutare sau cu obligatii asumate de Client prin acte incheiate cu
g. nu exista documente sau stari de fapt, altele dect cele la care se face referire in Documentele de Finantare, care
sa nu fi fost dezvaluite Bancii si care sa fi putut sau ar putea avea efecte semnificative in privinta deciziei Bancii de
acordare sau de mentinere a facilitatii de credit.
h. att Clientul, ct si activitatea sa sau oricare dintre operatiunile si/sau activele sale nu sunt supuse nici unui proces
in curs de desfasurare sau altei actiuni in legatura cu probleme de mediu, de sanatate sau de siguranta publica,
initiate de o autoritate publica, persoana juridica sau persoana fizica. Clientul intelege si se angajeaza sa notifice
Banca in situatia in care intervine o modificare in legatura cu oricare din aspectele mentionate anterior;
i. Declaratiile si garantarile prevazute mai sus:
- Nu se vor aplica actelor sau faptelor juridice comunicate Bancii si acceptate de aceasta, si
- Se considera a fi asumate inainte de contractarea oricarei facilitati de credit/finantari bancare si vor ramne valabile
oricnd pe toata durata Contractului de facilitate si, in special, vor fi considerate a fi mentinute de Client la data
fiecarei utilizari a Facilitatii, in legatura cu situatia existenta la momentul respectiv si pna la momentul platii tuturor
sumelor datorate sau care ar putea deveni datorate Bancii in temeiul Contractului de facilitate, a oricarui alt
Document de Finantare si/sau in legatura cu acestea.

7.3.3. Declaratiile mentionate la pct.7.3.2. se aplica in mod corespunzator (mutatis mutandis)

Codebitorului si Garantului.
7.4. Cazuri de Neindeplinire sau Culpa
7.4.1. Oricare din urmatoarele aspecte/situatii va constitui un Caz de Neindeplinire sau Culpa:
a. Clientul nu plateste la scadenta sumele datorate conform fiecarui Contract de facilitate si/sau orice alte sume
datorate si avute in vedere de Documentele de Finantare.
b. Clientul si/sau Codebitorul si/sau Garantul incalca oricare prevedere a oricarui Document de Finantare, inclusiv
nerespectarea Angajamentelor asumate de catre oricare dintre acestia conform prezentelor CGB si a oricarui
Contract de facilitate.
c. Clientul utilizeaza facilitatea in alte scopuri dect cele stabilite prin oricare dintre Contractele de facilitate si/sau
prin oricare alt Document de Finantare.
d. Oricare declaratie sau garantare a Clientului si/sau a Codebitorului si/sau a Garantului data conform
Documentelor de Finantare este sau se dovedeste a fi neadevarata sau incorecta la orice moment sau
Clientul/Codebitorul/Garantul a omis sa dezvaluie un fapt sau o imprejurare care, intr-o apreciere rezonabila, ar fi
putut influenta hotarrea Bancii de a acorda/mentine respectiva facilitate de credit/finantare bancara, dupa caz,
respectivul Angajament.
e. Oricare din garantiile constituite potrivit Documentelor de Finantare va deveni, in opinia Bancii, nesatisfacatoare
pentru a acoperi valoarea oricaror utilizari din facilitatea de credit/finantarea bancara si/ sau sumele datorate sau care
ar putea fi datorate conform Contractului de facilitate si/sau oricaror alte Documente de Finantare ori daca
garantia va inceta sa existe.
f. O obligatie a Clientului asumata fata de Banca sau fata de terti (incluznd, fara a se limita la institutii de credit,
societati de leasing, institutii financiare nonbancare, etc) nu este platita/executata la scadenta, sau devine
platibila/executabila sau poate deveni platibila/executabila inainte de scadenta.
g. Clientul incepe negocieri cu tertii creditori (societati bancare, de leasing, institutii financiare nonbancare, etc) in
scopul reesalonarii unor obligatii financiare, reesalonare care ar putea afecta negativ capacitatea Clientului de a
indeplini obligatiile asumate printr-un Contract de facilitate si/sau prin oricare alte Documente de Finantare, sau
inceteaza plata obligatiilor sale.
h. Se inainteaza o cerere, se adopta o hotarre sau este declansata procedura de faliment sau reorganizare judiciara
a Clientului, sau este emisa o notificare prin care este convocata o adunare generala cu scopul adoptarii unei astfel
de hotarri, sau Clientul isi schimba, isi inceteaza sau este pe punctul de a-si inceta activitatea sau o parte importanta
a acesteia, de natura sa afecteze negativ indeplinirea obligatiilor asumate de Client printr-un Contract de facilitate
si/sau prin oricare alte Documente de Finantare si/sau in legatura cu acestea.
i. Clientul devine insolvabil sau incapabil sa isi plateasca datoriile la scadenta sau este de acord cu numirea unui
custode sau administrator special pentru toate sau pentru o parte din bunurile sale, sau un astfel de custode sau
administrator special este numit, sau valoarea bunurilor Clientului este mai mica dect suma obligatiilor sale, efective
si potentiale.
j. Orice hotarre judecatoreasca, ordonanta de sechestru sau de poprire, incheiere de incepere a executarii silite sau
alta procedura similara asupra oricaruia dintre bunurile Clientului este emisa, instituita sau pusa in executare, sau
Clientul a gajat, ipotecat sau in alt mod a grevat cu sarcini, a vndut, a schimbat ori a dispus in orice alt mod de orice
bun asupra caruia Clientul a constituit un drept de garantie in favoarea Bancii, fara acordul prealabil scris al Bancii, un
astfel de act fiind considerat de catre Banca si Client prin prezenta clauza ca punnd in pericol respectivele garantii
si/sau ca genernd riscul obiectiv al impiedicarii platii, perspectiva platii considerndu-se a fi pusa in pericol.
k. Se initiaza impotriva Clientului orice procedura administrativa, judiciara sau arbitrala care, in opinia Bancii, ar putea
avea un efect negativ semnificativ asupra afacerilor Clientului sau asupra capacitatii acestuia de a indeplini obligatiile
asumate printr-un Contract de facilitate si/sau prin oricare alt Document de Finantare.
l. Un drept al Bancii stabilit conform prevederilor unui Contract de facilitate si/sau oricaror alte Documente de
finantare inceteaza sa mai fie in vigoare sau se hotaraste ca este ori devine lipsit de valabilitate si aplicabilitate, ori
este contestat.
m. Apare un eveniment sau o situatie cu caracter politic, social, economic sau de alta natura care, in opinia
rezonabila a Bancii, poate afecta semnificativ in mod negativ situatia financiara, de afaceri, activele sau activitatea
Clientului sau capacitatea acestuia de a indeplini in mod corespunzator obligatiile asumate conform prevederilor unui
Contract de facilitate si/sau oricaror alte Documente de finantare, inclusiv modificarea, revocarea, retragerea,
suspendarea, expirarea oricarei autorizatii, aprobari, acord, licente, exceptari, termen de depunere, inregistrari sau a
altor conditii care fac posibila indeplinirea de catre Client a obligatiilor asumate potrivit prevederilor unui Contract de
facilitate si/sau oricaror alte Documente de finantare
n. Nu este respectata de catre Client orice masura impusa de Banca in urma unei Revizii efectuate in conformitate

cu prevederile unui Contract de facilitate.

o. Diminuarea cu rea credinta de catre Client a valorii activelor prin instrainarea altor bunuri, neconservarea valorii
activelor (inclusiv cele ce fac obiectul garantiilor) sau inlocuirea acestora cu bunuri de acelasi fel, dar avnd calitati
inferioare si/sau uzura mai mare.
p. Neasigurarea bunurilor aduse in garantie, nementinerea in vigoare a politei de asigurare, neasigurarea fondurilor
necesare acoperirii primelor de asigurare si a taxelor de inscriere si conservare a rangului garantiilor, precum si
necesionarea in favoarea Bancii a politelor de asigurare daca aceasta obligatie era prevazuta in contract.
q. Revocarea mandatului acordat Bancii pentru consultarea Centralei Riscurilor de Credit potrivit prevederilor unui
Contract de facilitate si/sau ale oricarui alt Document de Finantare.
7.4.2 Clientul si Codebitorul declara ca au fost informati si accepta caracterul de conditie esentiala pentru ncheierea
valabil si, respectiv, executarea oricaror Documente de finantare, a conduitei contractuale, precum si a obligatiilor a
caror ncalcare de catre acestia este calificata drept Caz de Neindeplinire sau Culpa; de asemenea, Clientul si
Codebitorul se obliga reciproc sa aduca la indeplinire oricare dintre obligatiile ce fac obiectul actelor comisive sau
omisive calificate drept Cazuri de Neindeplinire sau Culpa, indiferent daca acestea sunt stipulate in sarcina lui proprie
sau in sarcina celuilalt, aceasta fiind o conditie esentiala pentru Banca pentru incheierea si executarea prezentului
contract, a carui neindeplinire reprezinta Caz de Neindeplinire sau Culpa.
7.5. Drepturile Bancii in situatia aparitiei unui Caz de Neindeplinire sau Culpa. Scadenta anticipata 7.5.1. In
cazul aparitiei/mentinerii oricaruia dintre Cazurile de Neindeplinire sau Culpa, Banca poate decide, de plin drept si
fara indeplinirea altor formalitati judiciare sau extrajudiciare, luarea oricareia sau oricarora dintre masurile de mai jos:
a. Sa acorde o perioada de 5 (cinci) zile bancare pentru remedierea situatiei sau situatiilor care au constituit
Cazul de Neindeplinire sau Culpa (Perioada de Remediere), si, in cazul in care o astfel de remediere nu are loc
intr-o maniera satisfacatoare pentru Banca in interiorul Perioadei de Remediere, sa declare facilitatea de
credit/finantarea bancara exigibila imediat sau la o anumita data stabilita de Banca (moment in care sumele utilizate
din facilitatea de credit/finantarea bancara devin platibile anticipat impreuna cu dobnzile acumulate si cu orice alte
sume datorate de Client la acel moment conform prevederilor Contractului de facilitate si/sau oricaror alte
Documente de finantare).
b. Sa suspende dreptul Clientului de a utiliza facilitatea de credit pe toata perioada in care se mentine Cazul de
Neindeplinire sau Culpa.
c. Sa declare facilitatea de credit/finantarea bancara exigibila imediat sau la o anumita data stabilita de Banca. La
declararea exigibilitatii imediate sumele utilizate din facilitatea de credit devin platibile anticipat impreuna cu dobnzile
acumulate si cu orice alte sume datorate de Client la acel moment conform Contractului de facilitate/ oricarui alt
Document de Finantare si/sau oricarui alt document in legatura cu acestea.
d. Sa declare ca orice parte neutilizata din facilitatea de credit/finantarea bancara este anulata, moment in care
obligatiile Bancii vor inceta in totalitate.
e. Sa isi exercite toate sau oricare dintre drepturile sale conform prevederilor cuprinse in Contractul de facilitate
si/sau in orice alt Document de Finantare.
7.5.2. De la momentul declararii scadentei anticipate si pna la plata efectiva, sumele datorate in temeiul sau in
legatura cu Contractul de facilitate si/sau oricare alt Document de Finantare, indiferent daca acestea se reflecta in
contul facilitatii de credit, in contul curent sau in oricare alt cont al Clientului, vor fi purtatoare de dobnzi
majorate/penalizatoare potrivit prevederilor respectivului Contract de facilitate si/sau prevederilor oricarui alt
Document de Finantare.
7.6. Situatii Neprevazute. Nedisponibilitatea Monedei Facilitatii. Costuri Majorate
7.6.1. Daca, din cauza oricaror schimbari aparute in legislatia actuala (incluznd acte ale unor autoritati de
reglementare sau judiciare) sau in interpretarea si aplicarea acesteia, inclusiv sub aspectul conditiilor de impozitare a
Bancii in legatura cu un Contract de facilitate si/sau cu oricare alt Document de Finantare, al crearii, aplicarii sau
modificarii oricaror rezerve, depozite sau cerinte similare sau al adecvarii capitalului ori al stabilirii de restrictii valutare,
este afectata modalitatea sau masura alocarii de catre Banca a resurselor de capital pentru indeplinirea obligatiilor
sale sau este afectata realizarea politicii si strategiei Bancii, economice si de piata, existente la data intervenirii unei
astfel de schimbari, si prin acestea, rezulta:
a. impunerea de costuri noi sau cresterea costurilor Bancii rezultnd din sau in legatura cu Contractul de facilitate
si/sau cu oricare alt Document de Finantare, sau
b. limitarea partiala sau totala, temporara sau definitiva a Bancii de a oferi clientilor existenti sau potentiali produsele
si serviciile bancare, in termenii si conditiile valabile anterior intervenirii schimbarii (inclusiv, fara a se limita la moneda
produselor si serviciilor bancare respective), fara ca Banca sa efectueze vreo modificare, de orice natura, in situatia
sa juridica, economica sau financiara si sub conditia ca o astfel de modificare sa nu aiba caracter imperativ, atunci,

(i) in cazul prevazut in punctul 7.6.1.(a), Clientul datoreaza si va plati imediat Bancii, la cererea acesteia motivata, dar
nu mai trziu de 5 (cinci) zile bancare de la data solicitarii, sumele reprezentnd costurile suplimentare care, in opinia
Bancii sa compenseze Banca pentru aceste pierderi si,
(ii) in cazul prevazut in punctul 7.6.1.(b), Banca va avea optiunea exclusiva si neingradita de a schimba automat
moneda facilitatii de credit intr-o alta moneda, utiliznd cursul de schimb al Bancii din ziua schimbarii dintr-o moneda
in alta, si de a stabili noile costuri, speze, comisioane standard si speciale valabile pentru derularea facilitatii de credit
in noua moneda, printr-o simpla notificare adresata Clientului.
7.6.2. In cazul prevazut la punctul 7.6.1 (ii), Clientul poate alege intre:
a. rambursarea anticipata integrala, in termen de 5 (cinci) zile bancare de la data primirii notificarii, a tuturor sumelor
datorate Bancii in conformitate cu si in conditiile din respectivul Contract de facilitate si/sau din oricare alt Document
de Finantare, sau
b. continuarea relatiei de creditare cu Banca in noile conditii comunicate de Banca prin notificarea trimisa in conditiile
prezentei sectiuni.
7.6.3. Rambursarea partiala sau nerambursarea tuturor sumelor datorate Bancii, in termenul mentionat mai sus,
inseamna acceptul neconditionat al Clientului de a continua relatia de creditare cu Banca in noile conditii.
7.7. Angajamente potentiale ale Clientului fata de Banca
7.7.1. Deschiderea de acreditive, emiterea de scrisori de garantie bancara, avalizarea de efecte de comert (numite in
prezentul document Angajament) se va face in baza unei cereri, in forma prevazuta de reglementarile Bancii
Nationale a Romniei, sau in orice alta forma ceruta/acceptata de Banca. In cazul in care instructiunile Clientului de
emitere a unui Angajament de catre Banca sunt susceptibile de a da nastere la interpretari sau neclaritati, Banca
poate refuza disponibilizarea sa in forma propusa, poate negocia o alta forma, sau poate sa solicite Clientului
declaratii si garantii suplimentare, menite sa clarifice mandatul acordat Bancii si conditiile in care acesta va efectua
plata in baza respectivului Angajament, dupa caz. Clientul autorizeaza prin prezenta in mod irevocabil Banca sa
se conformeze oricarei cereri de plata facute in baza si in conditiile unui Angajament si sa faca orice plata astfel
solicitata fara a mai fi nevoie de instructiuni, confirmari sau verificari din partea Clientului.
7.7.2. Clientul intelege si accepta ca, potrivit uzantelor bancare si reglementarilor specifice aplicabile, Banca este
autorizata sa efectueze plata solicitata in conditiile Angajamentului indiferent daca Clientul contesta pretentia sau
cererea respectiva, si ca Banca nu este tinuta a face nici un fel de investigatii sau aprecieri asupra justificarii pretentiei
sau cererii beneficiarului unor astfel de Angajamente sau asupra valabilitatii, veridicitatii sau exactitatii oricaror
declaratii sau documente primite de Banca in legatura cu respectivul Angajament.
Clientul autorizeaza prin prezenta in mod irevocabil Banca sa se conformeze oricarei cereri de plata facute in
baza si in conditiile unui Angajament si sa faca orice plata astfel solicitata fara a mai fi nevoie de instructiuni,
confirmari sau verificari din partea Clientului.
7.7.3. Banca va instiinta prompt Clientul asupra oricarei plati (integrale sau partiale) efectuate in baza Angajamentului.
7.7.4. Clientul va putea sa instructeze Banca sa efectueze plata in baza acreditivului chiar daca documentele nu
corespund intocmai celor mentionate in acreditiv, caz in care Banca va fi absolvita de obligatia de verificare a
documentelor insa Banca va putea sa se conformeze sau sa ignore aceste instructiuni, la libera sa apreciere. Clientul
va datora Bancii orice sume platite de aceasta in temeiul Angajamentului (indiferent daca acestea reprezinta plati
partiale sau integrale), de la data la care Banca a efectuat orice asemenea plati (data care se va considera a fi data
scadentei), indiferent daca Clientul a fost sau nu notificat in prealabil asupra efectuarii de catre Banca a platii
respectivelor sume. Neplata la scadenta a sumelor astfel datorate va atrage dupa sine calcularea si incasarea de
dobnzi penalizatoare la nivelul stabilit de Banca. Clientul renunta la toate drepturile de subrogare si este de acord sa
nu invoce nici o compensare sau contrapretentie impotriva beneficiarului oricarui Angajament, pna la momentul la
care Banca a primit plata integrala a tuturor obligatiilor datorate Bancii in legatura cu Angajamentul.
Daca Clientul solicita Bancii prelungirea sau reinnoirea unui Acreditiv sau prelungirea unei Scrisori de garantie, Banca
va putea (fara insa a fi obligata) sa dea curs respectivei solicitari in conditiile pe care le va considera, la libera sa
apreciere, adecvate.
7.8. Scontarea efectelor de comert si a altor instrumente negociabile. Cumpararea de creante
Daca Banca este de acord sa incheie acorduri de scont cu Clientul sau orice alte finantari care implica cumpararea de
catre Banca a instrumentelor negociabile si/sau a creantelor, in absenta unor altfel de intelegeri cu Banca, Clientul
garanteaza prin prezentul document plata integrala, la scadenta, a tuturor acestor instrumente sau creante scontate
sau cumparate de catre Banca in baza acestor acorduri.
7.9. Rambursarea facilitatilor de credit/ finantarilor bancare/Angajamentelor
7.9.1. Rambursarea sumelor datorate de Client in baza Contractelor de facilitate/Cererilor specifice se va efectua

in moneda in care aceastea au fost acordate;

7.9.2. Daca in Contractul de facilitate nu se prevede altfel, Clientul poate rambursa creditul in avans partial/
integral, daca notifica Bancii intentia sa in prealabil, in scris si plateste, daca este cazul, comisioanele aferente.
7.9.3. Orice rambursare partiala in avans va diminua corespunzator soldul creditului si implicit valoarea ratelor de
credit incepnd cu prima rata de plata de dupa plata partiala in avans, cu exceptia situatiei in care rata de credit este
calculata ca anuitate cnd prima rata lunara scadenta dupa efectuarea unei plati partiale in avans ramne
nemodificata. Dobnda se va calcula la noul sold al creditului, iar valoarea sumelor lunare de rambursat (rata
creditului) se va modifica automat in mod corespunzator.
7.9.4. La data rambursarii in avans, Clientul datoreaza si dobnzile acumulate de la data ultimei rambursari pna la
data efectuarii rambursarii anticipate, precum si oricare alte sume scadente si neachitate datorate conform
prevederilor respectivului Contract de facilitate.
7.9.5. La scadenta oricaror sume datorate n baza unui Contract de facilitate, Clientul/Codebitorul este/sunt de
drept n ntrziere din ziua ulterioara datei scadentei, fara nici o alta formalitate prealabila.
7.9.6. Daca in contul curent mentionat in Contractul de facilitate si desemnat ca fiind Contul din care se face
rambursarea sumelor acordate de Banca (capitalul) si plata a dobnzilor, a comisioanelor si a oricaror altor sume, de
orice natura, datorate de Client Bancii, nu exista la scadenta obligatiilor disponibil suficient pentru stingerea
acestora, atunci Banca, la libera sa alegere:
(i) fie va decide sa aplice dispozitiile pct.3.4. din CGB avansnd Clientului si incasnd din Cont suma necesara
achitarii obligatiilor scadente de plata sub forma unei facilitati overdraft non-revolving, pentru care Titularul datoreaza
dobnda de overdraft neautorizat,
(ii) fie va avea dreptul, dar nu si obligatia, de a debita automat orice alt Cont al Clientului si/sau orice Cont al
Codebitorului, indiferent moneda contului (de disponibilitati sau de depozit, chiar neajuns la termen), cu suma
corespunzatoare in scopul efectuarii platilor datorate, fiind autorizata de Client si de Codebitor in acest sens prin
semnarea oricaror Documente de finantare.
7.9.7. In cazul in care in Banca actioneaza conform pct.7.9.6.(ii), Clientul/Codebitorul este de acord si
imputerniceste Banca sa efectueze in numele si pe seama acestuia schimbul valutar, daca este cazul, utiliznd
propriile cotatii valabile la data operatiunii si sa completeze documentele aferente acestei operatiuni. Eventualele
diferente de curs valutar vor fi suportate de Client/Codebitor. Daca in urma schimbului valutar efectuat de Banca si a
platii comisioanelor si altor taxe aferente schimbului valutar, suma rezultata din schimb nu acopera intreaga creanta
datorata de Client Bancii, Clientul va ramne in continuare obligat la plata diferentei ramase.
7.9.8. Datele de rambursare (scadentele ratelor de credit) prevazute in Contracte de facilitate si/sau in Grafice de
rambursare aferente acestora, nu vor aduce atingere drepturilor Bancii de a declara scadenta anticipata a creditului,
potrivit prevederilor prezentelor CGB si Contractului de facilitate.
7.9.9. In cazul in care o obligatie de rambursare/de plata sau de alta natura devine scadenta intr-o zi care nu este
lucratoare, scadenta va fi considerata a fi ziua lucratoare ulterioara acesteia.
7.9.10. Clientul accepta ca odata efectuata, oricare tragere din credit nu poate fi rambursata in aceeasi zi.
7.10. Moneda facilitatii de credit/finantarii bancare/Angajamentului
7.10.1. Orice suma datorata de catre Client Bancii in baza unui Contract de facilitate/Cerere specifica, a oricarui
alt Document de Finantare si/sau in legatura cu acestea, indiferent daca aceastea reprezinta capitalul, dobnzi,
comisioane, speze sau alte costuri si daca aceasta se reflecta in contul facilitatii, in contul curent sau in orice alt cont
al Clientului, va fi platita in moneda/monedele in care a fost utilizata facilitatea, dupa caz, in moneda/monedele in care
a fost platita/inregistrata de catre Banca finantarea bancara, fara nici o deducere sau retinere.
7.10.2. In cazul in care, din orice motiv, inclusiv urmare a executarii silite, Banca va incasa astfel de plati in alta
moneda dect cea in care trebuie facuta plata, Clientul va despagubi Banca pentru toate pierderile acesteia aparute
ca urmare a unor diferente intre suma datorata de Client in moneda facilitatii de credit/finantarii
bancare/Angajamentului si cea pe care Banca o incaseaza efectiv dupa efectuarea schimbului sumelor incasate in
alta moneda.
7.10.3. Prin prezenta, Clientul cunoaste riscurile de curs valutar pe care le implica acordarea de facilitati de
credit/finantari bancare/Angajamentului in valuta si care pot aparea pe intreaga perioada de finantare si isi asuma
intreaga responsabilitate cu privire la orice pierderi pe care le-ar putea suferi urmare acestora, obligndu-se sa
asigure in conturile sale, deschise la Banca sumele in LEI si/sau in orice alte valute necesare rambursarii facilitatii sau
platii oricaror altor sume datorate conform prevederilor Contractului de facilitate/ Cereii sprecifice, a oricaror alte
Documente de finantare si/sau in legatura cu acestea.
7.11. Costurile creditului
7.11.1. Pentru sumele acordate, Clientul datoreaza si va plati Bancii dobnzile, taxele si comisioanele prevazute in
Contractele de facilitate/ Cererile specifice si/sau in oricare alte Documente de finantare

in legatura cu acestea.
7.11.2. Nivelul costurilor datorate de Client cu titlu de penalizare, prevazute in documentele mentionate anterior
este considerat a fi un nivel maxim, acesta neputnd fi majorat unilateral de catre Banca. In consecinta, costurile
datorate de Client cu titlu de penalizare se vor calcula conform clauzelor prevazute in Contractele de
facilitate/Cererilor specifice prin aplicarea, dupa caz, a valorilor fixe, respectiv a formulelor de calcul stabilite in
contract, putnd interveni doar majorari ca urmare a variatiilor indicilor variabili prevazuti in formulele de calcul ale
respectivelor costuri (ex. Ratele de referinta).
7.11.3. Clientul este de acord ca Banca poate decide oricnd pe durata derularii facilitatii de credit/finantarii
bancare/Angajamentului: (i) diminuarea nivelului costurilor datorate de Client cu titlu de penalizare prevazute in
Contractele de facilitate/Cererile specifice si/sau (ii) stabilirea de niveluri de costuri pe transe in functie de
evenimentele care genereaza penalizarea (spre ex. nivele diferite de taxe /dobnda penalizatoare in functie de
numarul de zile de intrziere la plata).
7.11.4. Orice modificare a costurilor datorate de Client cu titlu de penalizare efectuata conform pct.7.11.3 va fi
comunicata Clientului conform pct.2.3.1 (ii), daca in Contractul de facilitate nu este reglementata o alta modalitate de
7.11.5. Nivelurile taxelor si comisioanelor stabilite in cuprinsul Contractelor de Facilitate/Cererilor specifice si/sau al
oricarui alt Document de Finantare, in vigoare la data incheierii acestora, vor putea fi modificate de catre Banca in
conditiile pct.2.3.1(ii), daca in cuprinsul documentelor amintite anterior nu se prevede contrariul
7.11.6. Evenimente de Discontinuitate a Pietei. Drepturile Bancii in cazul aparitiei unui Eveniment de
Discontinuitate a Pietei
a) La aparitia oricarui Eveniment de Discontinuitate a Pietei, pentru calculul Ratei de dobnda (Rd), Rata de
Referinta va fi inlocuita cu Rata de Refinantare asa cum va fi aceasta stabilita de catre Banca.
b) Oricare dintre urmatoarele situatii va constitui Eveniment de Discontinuitate a Pietei:
in piata de dobnda relevanta nu exista cotatii ale valutei vizate la ora la care acestea sunt date in modobisnuit,
costurile Bancii pentru finantarea Bancii pe piata monetara relevanta in moneda vizata depasesc cu mai multde
25 % nivelul Ratei de Referinta pentru o perioada de peste 30 de zile calendaristice consecutiv.
c) Rata de Refinantare este determinata de Banca pe baza cotatiilor primite in piata interbancara disponibila acesteia
pentru obtinerea de imprumuturi in moneda relevanta.
d) Banca va avea obligatia sa notifice Clientului nivelul Ratei de Refinantare in cazul aparitiei unui Eveniment de
Discontinuitate a Pietei cu 3 (trei) Zile lucratoare inainte de data aplicarii acesteia (inclusiv cu privire la durata
Perioadei de Dobnda in cazul in care costul de refinantare din piata relevanta al Bancii impune modificarea
acesteia). Orice comunicare cu privire la modificari intervenite fata de Rata de Refinantare astfel cum a fost aceasta
notificata Clientului se va face in modalitatea stabilita prin respectiva notificare.
e) Daca Clientul va notifica Banca cel mai trziu la ora 17.00 a Zilei Bancare anterioare datei aplicarii acesteia ca nu
accepta Rata de Refinantare asa cum aceasta a fost notificata de Banca, atunci:
Clientul trebuie sa ramburseze anticipat (imediat sau la un termen notificat de Banca) partea utilizata din
creditimpreuna cu dobnda acumulata care va fi calculata in concordanta cu paragraful d) de mai sus (incepnd cu
inceputul unei astfel de Perioade de Dobnda pna la data efectiva a rambursarii anticipate) si toate celelalte sume
datorate Bancii in baza contractului de credit, fara plata comisionului de rambursare anticipata; si
Partea neutilizata din credit va fi anulata imediat.
f) Daca Clientul nu transmite o notificare Bancii conform celor mai sus mentionate la paragraful e) de mai sus, Partile
considera ca a fost acceptata Rata de Refinantare notificata de Banca Clientului conform celor de mai sus.
7.12. Imputatia platii
7.12.1. Orice sume incasate de Banca de la Client in temeiul Contractelor de facilitate (inclusiv in cadrul unei
proceduri de executare silita) vor fi utilizate, daca Banca nu decide altfel, pentru acoperirea datoriilor scadente ale
Clientului, in urmatoarea ordine:
a) cheltuieli cu procedurile de executare silita,
b) cheltuieli pentru realizarea publicitatii/radierii garantiilor,
c) comisioane, speze si alte costuri datorate Bancii conform prevederilor contractelor de facilitate de credit, d)
dobnzi penalizatoare, dobnzi restante, dobnzi curente,
e) suma utilizata de Client in baza Contractului de facilitate respectiv (principal/capital).
7.12.2. Obligatiile de plata mentionate la 7.12.1. lit. c), d), e) vor fi acoperite in ordinea scadentei.
7.12.3. In masura in care, prin orice reglementari nationale sau ale Uniunii Europene, se impune modificarea ordinii
de acoperire a datoriilor scadente ale Clientului, Banca va aplica in mod automat respectiva reglementare de la
intrarea acesteia in vigoare, fara sa mai fie necesara modificarea prezentelor CGB.
7.12.4. In cazul unui concurs intre obligatiile scadente de plata a sumelor datorate in baza mai multor

Contracte de facilitate garantate cu garantii reale si obligatiile scadente de plata a sumelor datorate in baza mai
multor Contracte de facilitate negarantate cu garantii reale, Banca are dreptul sa utilizeze cu prioritate
disponibilitatile existente in conturile Clientului/Codebitorului deschise la Banca (inclusiv conturi de depozit, chiar
neajunse la termen), in vederea stingerii obligatiilor de plata scadente aferente Contractelor de facilitate
negarantate cu garantii reale.
7.13. Garantii
7.13.1. Clientul este obligat sa constituie si/sau sa procure, la cererea Bancii, garantii considerate adecvate de catre
Banca pentru indeplinirea obligatiilor asumate de acesta prin diverse facilitati de credit acordate acestuia. Daca
garantia a devenit neadecvata, Clientul este obligat sa o suplimenteze sau sa o inlocuiasca, la cerere, in cazul in care
bunul ipotecat a fost distrus, deteriorat ori valoarea sa a fost diminuata in asa mod inct a devenit inferioara valorii
obligatiei ipotecare din culpa Clientului, iar bunul nu era asigurat ori asigurarea nu era valabila.
7.13.2. Pentru ipotecile imobiliare si/sau mobiliare constituite/procurate in favoarea Bancii de Client si/sau de
Garanti, Clientul va realiza pe cheltuiala sa, orice formalitati de publicitate sunt necesare pentru asigurarea
opozabilitatii garantiilor fata de terti, inclusiv formalitatile de modificare, reinnoire sau radiere a inscriptiilor/ avizelor de
garantie din registrele publice aferente. Ipotecile imobiliare se vor nota in Cartea Funciara. Ipotecile mobiliare se vor
nota in Arhiva Electronica de Garantii Reale Mobiliare. Costurile aferente ipotecilor mobiliare sunt in sarcina Clientului
in situatia in care Banca va comunica expres acestuia cuantumurile si termenele de plata. In cazul in care Clientul nu
isi respecta obligatia de plata a acestor costuri din Contul prin care se realizeaza rambursarea sumelor imprumutate,
Banca poate sa efectueze inregistrarile necesare in registrele publice si sa debiteze automat orice alt cont de
disponibilitati sau de depozit (chiar neajuns la termen) deschis pe numele Clientului la Banca cu sumele necesare
efectund, daca este cazul, si schimbul valutar in numele si pentru Client, utiliznd propriile cotatii si completnd
documentele aferente acestei operatiuni, fiind autorizata in acest sens de Client. Eventualele diferente de curs valutar
vor fi suportate de Client.
7.13.3. Toate bunurile mobile, prezente si viitoare, incluznd disponibilitatile banesti din Conturi,orice bun primit
de catre Client in urma vnzarii, schimbului, prelucrarii, fructele si productele, precum si sumele incasate din asigurare
sau alta forma de administrare sau dispunere de acestea, inclusiv sumele obtinute din orice alte operatiuni ulterioare,
care sunt sau vor intra in posesia Bancii, sau a unui tert actionnd in numele Bancii, in baza oricarui titlu si sub orice
forma, de la sau in beneficiul Clientului, indiferent de titlul lor, si care, la momentul actual sunt, sau vor deveni,
proprietatea Clientului, constituie garantia Bancii pentru orice obligatii prezente sau viitoare ale Clientului fata
de Banca decurgnd din orice Contract de facilitate.
7.13.4. Clauza 7.13.3. valoreaza contract de garantie reala mobiliara asupra universalitatii bunurilor mobile ale
Clientului in conformitate cu prevederile Cartii a V-a, Titlul XI, Capitolul III din Codul civil. Valoarea maxima a
obligatiilor garantate este constituita din suma tuturor obligatiilor Clientului fata de Banca, determinate potrivit
prevederilor fiecarui Contract de facilitate. Banca are dreptul sa inscrie in Arhiva Electronica de Garantii Reale
Mobiliare, in favoarea sa, un aviz de garantie prin care va asigura ordinea de prioritate a garantiei. Clientul va suporta
toate costurile ocazionate de inregistrarile garantiei astfel constituita, in masura in care Banca ii va comunica expres
cuantumurile si termenele de plata.
7.13.5. Bunurile imobile si mobile corporale care fac obiectul ipotecilor constituite, aferente Documentelor de
Finantare, vor fi asigurate la o societate de asigurari acceptata de Banca, la o valoare asigurata egala cu
valoarea de piata a bunurilor respective, ce va fi consemnata corespunzator in cuprinsul contractului de asigurare (in
Polita de asigurare), cu exceptia cazului in care Banca, potrivit exclusiv optiunii sale, va accepta o valoare de
asigurare mai mica.
7.13.6. In cazul in care Banca va instiinta Clientul ca valoarea ipotecilor imobiliare constituite a scazut (din orice
motive, chiar independent de vointa partilor), neacoperind soldul creditului, dobnzile si comisioanele datorate
conform Documentelor de Finantare, sau ca au intervenit modificari in situatia juridica a acestor ipoteci de natura sa
impieteze asupra valorificarii lor, la cererea Bancii, Clientul trebuie sa aduca suplimentar in garantie alte imobile,
sau sa inlocuiasca ipoteca/ipotecile imobiliare constituite ca accesorii ale Documentelor de Finantare, in conditiile
clauzei 7.13.1. de mai sus.
7.14. Scadente
7.14.1. Orice sume datorate Bancii de Client trebuie achitate la datele stabilite in Contractele specifice de credit
/facilitate de credit si, daca este cazul, in graficele de rambursare anexate acestora.
7.14.2. Orice suma care nu este platita la scadenta de Client (fara deosebire dupa cum scadenta este cea
specificata intr-un Contract de facilitate sau rezulta prin declararea scadentei anticipate sau in alt mod), indiferent
daca aceasta reprezinta suma principala acordata (capitalul), dobnda, comisioane, costuri sau speze conform
Contractului de facilitate sau in legatura cu acesta, ori daca aceasta se reflecta in contul curent sau in orice alt Cont
al Clientului, va atrage, dupa caz, plata de dobnzi majorate, taxe de rambursare intrziata, dobnzi penalizatoare,
pentru perioada incepand cu data scadentei si pna la data platii integrale,

calculate prin aplicarea Ratei dobnzii majorate/Ratei dobnzii penalizatoare/valorii taxei de rambursare intrziata
prevazuta in Contractul specific de credit, fara ca aplicarea unor asemenea costuri sa prejudicieze alte drepturi sau
remedii conferite Bancii in temeiul Contractului de facilitate si legislatiei aplicabile.
7.15. Alte Costuri suportate de Client pentru facilitatile de credit/finantarile bancare/ Angajamentele acordate.
7.15.1. Toate costurile legate de constituirea, administrarea, modificarea, executarea garantiilor constituite/ procurate
Bancii de Client vor fi suportate de acesta.
7.15.2. In cazul aparitiei unui Caz de Neindeplinire sau Culpa, Clientul va despagubi Banca pentru orice cheltuiala
sau pierdere suferita de Banca datorata neexecutarii/executarii necorespunzatoare de catre Client a oricareia din
obligatiile ce ii revin conform Documentelor de finantare si va plati Bancii, la solicitarea acesteia, toate costurile si
cheltuielile inregistrate sau efectuate de catre Banca (incluznd, fara a se limita la, cheltuieli de evaluare, consultanta,
traducere, administrare, onorarii avocatiale, cheltuieli de executare silita, etc.) in legatura cu tranzactiile realizate in
baza sau in legatura cu Documentele de finantare sau in legatura cu acordarea si/sau recuperarea unui
7.15.3. Clientul va indemniza Banca, la cerere, in orice moment, impotriva tuturor actiunilor legale pentru orice
prejudicii, costuri si cheltuieli de orice natura in legatura cu un Contract de facilitate si/sau cu oricare alt Document
de Finantare si va restitui Bancii toate sumele platite (direct, prin compensare sau in orice alt mod). Clientul va
despagubi Banca si pentru toate pierderile, costurile si cheltuielile suferite sau contractate conform sau in legatura cu
un Contract specific de credit.
7.15.4. Obligatiile de plata prevazute la 7.15.2. si 7.15.3. vor deveni scadente in maxim 5 (cinci) zile lucratoare de la
data primirii de catre Client a unei solicitari scrise a Bancii.
7.15.5. In cazul in care Clientul nu-si indeplineste oricare din obligatii, Banca va avea dreptul, in numele si pe
socoteala Clientului, sa faca toate platile necesare pentru perfectarea, finalizarea, inregistrarea legala, conservarea,
pastrarea si aplicarea drepturilor Bancii dintr-un Contract de facilitate si/sau din oricare alt Document de Finantare,
urmnd ca Bancii sa-i fie restituite de catre Client toate sumele astfel platite.
7.16. Alte dispozitii in legatura cu creditele
7.16.1. Pna la stingerea tuturor obligatiilor Clientului asumate printr-un Contract de facilitate si/sau prin orice alt
Document de Finantare, Clientul imputerniceste Banca, cu autoritate si puteri depline, pentru obtinerea de la
Centrala Riscurilor de Credit a Bancii Nationale a Romniei a oricaror informatii de risc bancar cu privire la acesta,
ori de cte ori va fi considerat de catre Banca ca aceste informatii sunt necesare si/sau relevante. Pentru exercitarea
drepturilor acordate, Banca va intocmi, semna, transmite, perfecta si realiza, in numele si pentru Client, toate
inscrisurile, instrumentele, actele si operatiunile de orice natura care pot fi cerute de legea aplicabila incluznd, fara a
se limita la completarea, semnarea si utilizarea formularului standard Acord de consultare a bazei de date a Centralei
Riscurilor de Credit prevazut de Regulamentul nr.2/2014 privind organizarea si functionarea la Banca Nationala a
Romniei a Centralei Riscurilor de Credit, emis de Banca Nationala a Romniei, toate sau oricare dintre acestea fiind
recunoscute in mod expres de catre Client ca fiind emise in numele si pe seama sa. Dovada deplina a existentei
acestei imputerniciri se va putea face de Banca prin prezentarea unui exemplar din Contractul specific de credit in
care se face mentiunea ca respectivul contract se completeaza cu prevederile CGB.
7.16.2. Oriunde in cuprinsul unui Contract de facilitate si/sau al oricarui alt Document de Finantare, referirea la
termenele exprimate in zile va avea in vedere zile lucratoare, daca nu se precizeaza altfel, iar in calcul vor fi cuprinse
att ziua de inceput ct si cea de sfrsit a termenului.
7.16.3. Omisiunea, in tot sau in parte, precum si orice intrziere din partea Bancii de a exercita orice drepturi nascute
in baza unui Contract de facilitate si/sau a oricarui alt Document de Finantare, nu va impiedica Banca sa isi
exercite aceste drepturi si nu va fi considerata ca reprezentnd o renuntare la acestea si, in nici un caz nu se va
prezuma acordul tacit al Bancii la orice rescadentare sau iertare de la plata unor sume datorate acesteia, cu exceptia
cazurilor in care se incheie in acest sens un Act Aditional la respectivul Contract de facilitate si/ sau Document de
Finantare, sau cu privire la neindeplinirea la timp de catre Client a obligatiilor contractuale. De asemenea, renuntarea
de catre Banca la indeplinirea oricarei conditii suspensive prevazute in oricare din Contractul de facilitate si/sau in
oricare alt Document de Finantare incheiat cu Clientii, nu va fi considerata ca reprezentnd renuntarea din partea
Bancii la cerinta ca acea conditie sa fie indeplinita oricnd ulterior.
7.16.4. Modificarile clauzelor Contractului de facilitate si/sau ale oricarui alt Document de Finantare se
efectueaza in baza acordului partilor, urmnd a fi consemnate in Act Aditional, cu exceptia celor privind valoarea
ratelor de credit, Rata anuala a dobnzii si valoarea comisioanelor care se vor efectua de catre Banca, in conditiile
mentionate in documentele mentionate anterior, urmnd a se inmna, cnd este cazul, un nou grafic de rambursare la
cererea Clientului/Codebitorului/Garantului.
7.16.5. Banca nu va fi considerata raspunzatoare pentru pierderi sau prejudicii de orice natura suportate

direct sau indirect de catre Client ca urmare a neacordarii unui credit sau a neindeplinirii obligatiei de a pune
facilitatea de credit la dispozitia acestuia, ca urmare a unei erori sau intrzieri in instructiunile date de Client sau ca
urmare a unor alte fapte/acte ale acestuia.
8.1. Modificarea CGB si a Contractelor specifice.
8.1.1. Modificarile CGB si ale Contractelor specifice propuse de Banca sunt comunicate Clientului in modalitatea
prevazuta in Contractul specific fiecarui serviciu/produs sau in modalitatile prevazute la sectiunea 8.2. Notificari
daca in Contractul specific nu se reglementeaza modalitatea de notificare.
8.1.2. Banca si Clientul convin ca orice modificari ale CGB si/sau ale clauzelor din Contractele specifice propuse de
Banca, inclusiv cele cu privire la clauzele ce reglementeaza conditiile utilizarii instrumentelor de plata, ale derularii
operatiunilor de plata si ale functionarii Conturilor de plati, precum si drepturile si obligatiile partilor in legatura cu
acestea, vor fi notificate Clientului prin afisare n locuri special amenajate din incinta Bancii si/sau prin orice alte
mijloace de comunicare alese de Banca in conformitate cu art.8.2. si/sau in modalitatea de informare expres
prevazuta in Contractul specific. Clientul accepta ca dovada afisarii la sediile Bancii/pe pagina de Internet a
respectivelor modificari poate fi facuta de Banca prin orice mijloace de proba permise de lege.
8.1.3. Daca in termenul prevazut in Contractul specific, dupa caz, in termen de 5 (cinci) zile de la luarea la
cunostinta a modificarilor propuse (cnd in Contractul specific nu este prevazut un astfel de termen), dar nu mai
trziu de 30 (treizeci) de zile calendaristice de la data comunicarii modificarilor conform art.8.1.2., Clientul nu notifica
Bancii, in modalitatile prevazute in Contractele specifice sau in scris, la oricare dintre unitatile teritoriale ale Bancii
(cnd in Contractele specifice nu se reglementeaza modalitatea de notificare), intentia sa de incetare a raportului
juridic ce este afectat direct sau indirect de modificarea propusa de Banca, se prezuma ca tacerea Clientului
valoreaza acceptare tacita a modificarilor respective, daca prevederile legale in vigoare nu reglementeaza
8.1.4. Continuarea raporturilor contractuale dintre Banca si Client este posibila doar in conditiile acordului Clientului
(dupa caz, expres sau tacit) cu privire la continutul modificat al CGB, dupa caz, al Contractului specific.
8.2. Notificari
8.2.1. Orice solicitari, notificari, aprobari, comunicari (Notificarea) decurgnd din prezentele CGB si/sau din
Contractele specifice incheiate intre Banca si Client, in absenta unor prevederi diferite in cuprinsul CGB/
Contractelor specifice, se vor face de catre Banca in scris. Banca poate alege, oricnd pe durata relatiei
contractuale cu Clientul, oricare dintre urmatoarele modalitati pentru a aduce la cunostinta Clientului continutul unei
(i) prin remitere personala;
(ii) prin transmitere prin posta / fax / posta electronica /SMS-mesaj text, utiliznd in acest scop adresa postala si/sau
de e-mail, respectiv numerele de contact fax/telefon mobil indicate de Client in cuprinsul documentelor puse de Banca
in acest scop la dispozitia Clientului;
(iii) prin publicare in paginile de Internet ale Bancii ( / cu acces public sau,
dupa caz, cu acces restrictionat (in masura in care Banca are disponibil la data comunicarii un astfel de serviciu de
informare si au fost agreate cu Clientul conditiile de acces si de identificare a acestuia);
(iv) prin mesaj postat in cadrul aplicatiiilor de internet-banking/ home-banking, pentru detinatorii unor astfel de servicii
furnizate de Banca.
Se considera ca prin ridicarea de catre Delegat a documentelor puse la dispozitia Clientului in unitatile bancii, Banca a
notificat Clientul prin remitere personala.
8.2.2. Notificarea sau orice alta comunicare este considerata primita de Client, in cazul remiterii personale - la
predare, in cazul transmiterii prin fax/e-mail/SMS - la data generarii raportului de remitere de aparatul utilizat pentru
transmitere, in cazul trimiterii postale in termen de 3 zile lucratoare de la depunerea la oficiile postale/ de curierat
pentru trimiterile pe teritoriul Romniei, respectiv in termenul garantat de prestatorii serviciilor de posta/curierat pentru
trimiterile in strainatate, iar in cazul publicarii pe pagina de Internet a Bancii ( www. sau direct in aplicatie
( la data publicarii. Clientul are obligatia de a ridica zilnic documentele puse la dispozitia
acestuia in unitatile Bancii.
8.2.3. Orice Notificare scrisa este considerata ca valabil expediata de Banca dupa caz, daca a fost expediata la
ultima adresa (postala si/sau de e-mail), respectiv la ultimele numere de contact (fax sau telefon mobil) comunicate
Bancii de catre Client, in cuprinsul documentelor puse de Banca la dispozitia Clientului in acest scop.
8.2.4. In cazul in care Clientul este compus din mai multe persoane/entitati, orice Notificare trimisa de Banca va fi
considerata trimisa catre fiecare dintre persoanele/entitatile ce alcatuiesc Clientul, daca este trimisa oricareia dintre ele.
8.2.5. Orice Notificare sau alta comunicare va fi trimisa de catre Client Bancii la unitatea teritoriala unde este inrolat,
prin remitere personala, prin posta si/sau prin fax. Orice Notificare remisa Bancii de catre Client va fi efectiva doar

din momentul primirii de catre Banca, iar fiecare Notificare transmisa prin fax va fi confirmata de expeditor printr-o
scrisoare originala fara ca aceasta regula sa afecteze valabilitatea sau eficacitatea transmiterii prin fax.
8.2.6. Orice Notificare primita de Banca intr-o zi dupa ora 16:00 a unei zile lucratoare, va fi considerata primita in ziua
lucratoare urmatoare. Exceptie de la aceasta fac operatiunile si documentele privind serviciile de plata carora le sunt
aplicabile Orele limita.
8.3. Legea aplicabila. Litigii. Limba contractului.
8.3.1. Relatiile dintre Banca si Client sunt guvernate de legislatia romna. Eventualele litigii se vor solutiona pe cale
amiabila. Cnd acest lucru nu este posibil, singurele competente pentru solutionarea acestor litigii sunt instantele
judecatoresti, n functie de normele procedurale n vigoare.
8.3.2. Actionnd ca reclamant, Banca va putea, daca e cazul sa supuna litigiul spre solutionare nu numai n fata
instantelor romne, dar si a uneia straine care are jurisdictie asupra Clientului.
8.3.3. In vederea solutionarii pe cale amiabila a eventualelor dispute privind serviciile de plata, Clientul poate sesiza
in conditiile legii Garda Financiara (autoritate de control cu sediul in Bucureti, Piaa Alba- Iulia nr.6, bloc I.5, sector
3. cod postal 031104, tel. o21/3165761, Fax :021/3165762 si/sau Banca Nationala a Romniei (autoritate de
supraveghere cu sediul in Strada Lipscani nr. 25, sector 3, Bucuresti, cod 030031, CIF 361684, tel 021.313.04.10,
021.315.27.50), in vederea aplicarii procedurilor extrajudiciare de solutionare a disputelor.
8.3.4. Prezentele CGB sunt incheiate in limba romna; orice notificari sau comunicari decurgnd din prezentul
contract se vor efectua in limba romna.
8.4. Restrictii si interdictii
8.4.1. Daca o lege interzice Clientului sa isi indeplineasca oricare din obligatiile sale asumate fata de Banca (sau
orice parte a respectivei obligatii) in valuta in care este stabilita, sau impiedica ca orice fonduri in acea valuta sa fie
remise Bancii, Clientul isi va indeplini obligatia (sau respectiva parte a acesteia) efectund plata catre Banca (la
alegerea Bancii si in maniera indicata de catre Banca) in acea alta valuta pe care o va indica Banca.
8.4.2. Clientul va plati o suma suficienta in acea alta valuta astfel incat sa permita Bancii sa achizitioneze o suma
egala cu obligatia de plata a Clientului (sau respectiva parte a acesteia) in valuta in care aceasta este stabilita,
calculata la rata spot relevanta dupa cum va determina Banca. In acest scop, Banca va avea dreptul sa debiteze
oricare din conturile Clientului, la discretia sa, cu sumele datorate de acesta, fara a notifica in prealabil Clientul, iar
Clientul autorizeaza in mod expres Banca, prin prezenta, sa semneze ordinele de plata, instructiunile si alte
documente ce pot fi necesare pentru ca operatiunea mentionata mai sus sa fie efectuata integral si corespunzator.
8.5. Remedii cumulative si nu exclusive
Fiecare dintre drepturile/remediile/garantiile acordate Bancii in baza prezentului document si/sau contractelor
specifice incheiate intre Banca si Client, vor putea fi exercitate/executate de Banca in ordinea aleasa de Banca, la
discretia sa totala, indiferent de data nasterii/constituirii acestor drepturi/remedii in favoarea sa, si vor fi aditionale
tuturor celorlalte drepturi si remedii acordate Bancii in virtutea oricarui alt acord, a oricarei alte garantii sau legi.
8.6. Deduceri sau retineri cerute de lege
Daca o deducere sau retinere trebuie facuta, conform legii, dintr-o plata a Clientului catre Banca, Clientul va plati o
suma mai mare, astfel inct in urma oricarei astfel de deduceri sau retineri, Banca sa primeasca si sa beneficieze de
o suma neta egala cu suma pe care ar fi primit-o daca nu ar fi fost facuta nici o deducere sau retinere.
8.7. Cesiunea. Novatia. Transferul
8.7.1. Drepturile si obligatiile decurgnd din prezentele CGB nu pot face obiectul cesiunii, novatiei sau transferului, de
catre nici una dintre parti.
8.7.2. In cazul in care Banca acorda Clientului orice credit/facilitate de credit, Banca poate cesiona sau transfera in
alt mod, oricare sau toate drepturile si beneficiile sale rezultnd dintr-un Contract de facilitate de credit si/ sau din
Documentele de finantare, catre orice persoana, fara a fi necesar acordul Clientului.
8.7.3. Prin incheierea oricaror Contracte specifice de credit/Documente de finantare, Clientul isi exprima acordul
expres cu privire la novatia prin schimbare de creditor avnd ca obiect oricare din sau toate obligatiile asumate de
catre Banca prin contractele/documentele respective, incluznd, fara a se limita la, obligatia de a pune la dispozitia
Clientului fonduri, novatie care isi va produce efectele oricnd Banca, la singura sa apreciere, va decide sa inceteze
calitatea sa de obligat prin Contractul de facilitate de credit si/sau prin Documentele de finantare; in acest sens,
Banca are dreptul de a-si substitui in oricare din sau toate obligatiile orice entitate din cadrul sau din afara
Raiffeisen Group, fiind suficienta numai incheierea unui acord intre Banca si entitatea pe care si-o substituie.
8.8. Riscul transmiterilor
8.8.1. Daca Banca, la cererea Clientului, transmite sume de bani, titluri de valoare, efecte de comert, documente de
livrare marfa ale acestuia catre un anumit destinatar, utiliznd in acest scop terte parti ca intermediari, transmiterea
se face pe riscul Clientului. Orice prejudiciu rezultat in urma folosirii in acest scop de catre

Banca a serviciilor postale, telefonice, de telex, fax, e-mail, de curierat sau a altor mijloace de comunicare sau
transport, va fi suportata de catre Client, cu exceptia situatiilor in care se dovedeste o culpa a Bancii intervenita in
procesul de transmitere.
8.8.2. In cazul in care Banca utilizeaza, la cererea Clientului, serviciul SWIFT in scopul transmiterii Ordinelor de plata
instructate de acesta sau pentru emiterea garantiilor bancare/ deschiderea acreditivelor si/sau transmiterea oricaror
alte mesaje in legatura cu derularea/modificarea garantiilor/acreditivelor emise/deschise de Banca la cererea
Clientului, Banca va raspunde pentru eventualele prejudicii generate ca urmare a erorilor proprii de procesare a
8.9. Alte clauze
8.9.1. Banca poate transmite Clientului, la cerere, informatii cu privire la continutul CGB si/sau la orice Contract
specific privind produsele /serviciile furnizate.
8.9.2. In cazul in care inceteaza Contractul specific ce reglementeaza operatiunile de plata si/sau instrumentele
de plata si/sau Conturile de plati, prin denuntare unilaterala la initiativa Clientului sau prin reziliere solicitata de
Banca, Clientul si Banca agreeaza ca Banca va retine integral pretul periodic platit de Client in avans pentru
derularea acestor Contracte (spre ex.taxa administrare Cont, taxa mentenanta Cont/ instrument de plata, etc).
8.9.3. In cazul in care Contractul specific inceteaza prin reziliere (invocata de parte pentru neexecutarea sau
executarea in mod necorespunzator de catre contraparte a obligatiilor contractuale), rezilierea opereaza de plin drept,
fara somatie, fara punere in intrziere si fara interventia instantelor judecatoresti.
8.9.4. In cazul in care prevederile cu caracter dispozitiv din actele normative ce reglementeaza conditiile utilizarii
instrumentelor de plata, ale derularii operatiunilor de plata si ale functionarii Conturilor de plati, precum si drepturile si
obligatiile partilor in legatura cu acestea, nu sunt preluate integral sau, dupa caz, sunt reflectate in mod diferit in
cuprinsul prezentelor CGB si/sau al Contractelor specifice, se considera ca Banca si Clientul au convenit sa aplice
in raporturile dintre ele respectivele dispozitii legale doar in limita preluarii lor in continutul clauzelor contractuale .

Loan Products Included in the Offer

of Commercial Banks

Vasile Dedu
Adrian Enciu
The Bucharest Academy of Economic Studies

Abstract. A bank loan is the main form of economical credit. It is for corporate activities for medium and big companies and for retail activities for
small companies and individuals.
The conditions for credit mainly depend on the quality of customers, it
means their ability to perform a profitable activity and to be able to pay back
the credits.
For reasons which are mainly connected to marketing, bank practice has
developed a large range of credit names, trying to emphasize some of the parts
of the products or to take profit of some competition advantages in relation
with customers products. We are trying to include the offer of bank loans in a
typology which takes into account the law, the bank field rules and the main

Loan Products Included in the Offer of Commercial Banks

technical features of the offered products.

Keywords: loan products; short term credit; long and medium term credit;
commercial banks; risk.

JEL Codes: G21.

REL Codes: 11C, 11E.


Theoretical and Applied Economics

A bank loan, as the main form of

economical credit, it is based on bank deposit,
loans taken from the money market,
especially from other banks, loans taken from

Global operation loan

The global operation loan is the main type

the financial market and banks own funds.

A bank loan is mainly a short term credit
because the resources are also on short term

of credit used by companies for their

economical activities. This type of credit has
been named in different ways, at least since

and they come from the money market. The

medium and long term credit has as main
source the loans taken from the financial

1990 to present, according to the orientation

of money authorities. In 1990 the name of
production credit was used and it showed very

A credit is addressed to corporate
activities medium and big companies and

well the goal of the credit, it means the financing

of service supplying and production activities.
As the term was considered to be old, in 1995

retail activities small companies and

individuals. It depends mainly on the
quality of the customers, it means their

it was renamed as global operation loan and

had the same economical meaning, but it was
considered more adequately for the new

ability to perform a profitable activity and

to be able to pay the given loans. Banks
give loans only on the base of real
guarantees or future income assignment of

market. Starting 2000 the name of revolving

credit was preferred, a type of loan used in
western countries, which allowed the customer

the beneficiaries, as well as the amounts of

money in their bank accounts or personal
guarantees. Loans are given for the goal
established through the contract and the use
of the loan for other goals entitles the bank
to stop the credit and to start recovering the
given amounts in advance. The contract of
credit and the contracts of guarantee have
a law value and that means the bank can
make use of them against the debtor without
any other law trial.
As in practice, for reasons which are
mainly connected to marketing, we
encounter a very large range of credit names,
we are trying to include the offers of bank
credits in a typology which takes into
account the law, the bank field rules and the
main technical features of the offered
products. Thus, we can find:


1. Short term credits

to renew its credit to the level initially

approved, thus the company had permanently
available the same amount of credit till the due
date. The substance of the credit has not
changed, but the form of giving and paying
back; the classic system has been abandoned
in favor of a modern form of credit which
allowed that the amount develop according to
the cash flow fluctuation of the company, giving
and repaying multiple amounts of money
during the period of credit, but within the limit
of the approved level. The term of revolving
credit was largely accepted by the bank
community, because it showed quite well the
feature of the credit which gave the possibility
of using a higher volume of credits than the
approved one, but it had to be paid back when
the reserves were in the approved limit. This
form of credit was a step forward in the field of
loan offering advantages mainly for companies,

Object credit
An object credit refers to a loan given
for orders, final product stocks which are for
sale, including unfinished products within
the period of credit. This type of credit is
typical to building and manufacturing
companies, which operate on base of a
contract concluded before the production
process starts or to companies which
acquires stocks of goods in order to sell them
later. For a bank this type of credit is more
attractive than the global operation one, as
the sale of the products is assured and thus
the credit repayment is assured.
Credits for financing temporary stocks
This category includes: (a) credits for temporary expenses and stocks of raw materials,
materials which exceed the needs following to
some factors (supplying in advance from
suppliers, supplying with best lots of goods,
production shut down, difficulties with shipping the goods to house or abroad customers;
and (b) credits for temporary expenses and
stocks of raw materials and products (animal
and vegetable agricultural products, agricultural
food, other stocks for a longer period than a
quarter of a year but no longer than 12
months). These stocks are typical to companies
which perform temporary business activities
in the food and agricultural industry.

Loan Products Included in the Offer of Commercial Banks

but also for banks as, by operating a higher

volume of credits, within the limits of a contract,
they could benefit from a higher volume of
interests and bank charges for their payment
operations. In 2000 this term was also changed
into credit line, which was considered to be
more adequate to the activity of loan and which
represented a revolving credit. The crediting
mechanism was the current account, which,
through its crediting-debiting operation,
reflected whether the existing credit (debit sold)
or the money reserves (credit sold). Starting
2007, the central bank has introduced the term
of limit of credit, with the same meaning and
mechanism of operation but with a less
representative name. Further on we will be
using the term of global operation credit, which
shows better the substance of this type of credit.
Global operation credit can be given either
for the current supplying, production, sale
activities or for other sub activities, projects,
contracts which, through their nature, are performed and emphasized distinctively. The loan
is given for a period up to 12 months and can
be renewed, upon the customers request, on
the base of an analysis similar to the one performed when opening the credit line. The credit
can be increased or decreased during this period
of 12 months if the customers business activity
is better or weaker than the parameters taken
into consideration when the credit was approved.
Global operation credits can be given
to companies which have adequate financial
performances (categories A or B) and which
have a good sense of duty. These credits can
also be given to companies included in the
performance categories C or D, but only for
export activities and when these activities
have considerable percentage and
permanent status in their turnover.

Treasury credits
This category also known as loans for
temporary needs, are given to cover the deficit
of cash due to a failure in receiving goods or
services, to supply some temporary requests
of financing, including for the use of some
opportunities offered by the market. Treasury
credits are given for a period of maximum


Theoretical and Applied Economics


30 days. Credits for account facilities are of

the same nature as well as credits for overdraft,
which are given up to 30 days in order to cover
the difference of cash flow following to an
unpredictable situation.
Discount loan
A discount loan is given on the base of
some payment instruments, also called
commercial securities, which can become
guarantees given to the bank up to the
receipts of those securities or one can
guarantee in favor of a bank that it will
recover their nominal value as beneficiary.
In the same way one can do with the cheque,
which is either remitted for the bank or
guaranteed in favor of the bank. A trade
paper, a promissory note and a cheque are
loan securities which entitle one to have
access to open currency or to tenor. These
kinds of loans cannot be given to the
companies which have been included in the
Data Bank of the Payment Central with
incidents in the last six months or the
companies whose right to use them has been
suspended for a period of 12 months.
The account loan is more risky than other
types of loans, as the payment instruments
received as guarantee do not assure their
settlement and there are risks of failure of
payment by the debtor, who is also helped
by the period between the issuing and the
remittance (which is sometimes quite long)
as well as the postdated cheques. There are
very important the situations encountered in
our bank system, where the loans given on
the base of postdated cheques were refused
to be paid because of lack of money, and
made the banks which offered them to lose
money and to try to recover it in the court.

The factoring
Factoring is the operation performed on
the base of a contract through which the
factor (the bank) takes debts from the
customer or it is appointed adherent through
the payment of some invoices resulted
following to some trade operation, in
exchange to a commission. In fact, there is a
financing commission, which should
remunerate the bank for offering the amount
to the customer in advance and a commission
of administration which should remunerate
the bank for its effort of recovering the
money. Unlike discount, in the case of
factoring we do not encounter trade papers.
According to the moment of financing
the customer, there are two types of factoring:
n Old line factoring, when the factor pays
the invoices when overtaking them.
n Maturity factoring, when the factor pays
the debts of the adherent the moment
they become exigible. In this second
case, the factor does not receive the
financing commission, but it is remunerated for the operation of discount.
Services of insolvency and currency
risk evaluation are of a great importance in
financing the exports. The insurance against
the insolvency risk is made by subrogating
the factor for the adherent, so that the
importer will be considered valid and the
payment will be made to the factor. For the
currency risk, there must be added a margin
to the cost of operation.
The cost of these services is between 0.5
and 3% of the invoice for the administration
of the bookkeeping and for the help with the
management, and the payment in advance
of invoices means a 1.5-3% higher interest
than the bank interest.

Consume credit
Consume credit is a credit given to
individuals in order to buy goods or services
in the commercial network. In general this is a
short and medium term credit. Initially it arose
from the possibility offered by a trader to buy
goods, especially food, and to pay for them
when salaries are paid. Consume credit offers
advantages for both parties: the buyers have
the possibility to get the goods he needs without
having the amount of money needed for this
purpose, and the traders promote the products.
At the beginning the consume credit was in
the way of a trade credit where the risk of nonpayment was under sellers responsibility, but
in time it has turned into a bank credit. There is
a large variety of consume credits which can
be changed according to more and more varied
offers of goods and according to consumers
preferences closely depending on their income,
it means their life standard. The most wanted
types of consume credits are the following: nonnominal credits, deck credits, card credits,
credits through debit cards for overdraft, car

credits, credits for long use products, house

credits and credits on mortgage.
Consume credit (except the house credit
and credit on mortgage) has a minimum and
a maximum limit (about 500 20.000 RON),
which varies from a bank to another, a period
of up to four five years and a variable interest
plus commissions. This credit can be taken in
RON or in another foreign currency. The size
of the credit is given depending on the value
of the goods which are to be bought and on
the income made by the person (and its family)
who takes the loan. The guarantee is the
transfer of the income made out of salaries
and, if the case, the endorsers revenues.
Consume credit also has a social
component, as it finances the peoples going
up desires of consume through a later
repayment thus becoming the engine of retail
activities. The more advanced a society is
the higher the amount of consume credits
among non government credits is. But there
is a limit where one can extend the consume
credit determined by the level of peoples
debts according to the income made by them,
which varies from a country to another and
it is between 50% and 70%, depending on
the countrys monetary policy.

Loan Products Included in the Offer of Commercial Banks

To make use of the factor offers a series

of advantages: it gives you the possibility to
use the trade paper or the letter of credit when
making the payment, to avoid the misunderstanding which can come out when using a
foreign language or not knowing the laws in
force or the custom in the importers country.
Old line factoring assures the adherent
a financial reserve earlier than the payment
date of the loans given to importers, offering
the possibility to place another order without
the risk of insolvency of its debtors. Besides
it offers the possibility of getting some
payment facilities, so for an exporter it is a
way of promoting the exports.

Non-nominal credits
A non-nominal credit (also known as
credit for personal needs) is the most used form
of the consume credit, being used to cover the
present requests of the person (and its family)
who takes the loan. As a rule, this is a credit
which must be guaranteed by personal income
and possibly by other endorsers.
On the market there are also nonnominal credits for long use goods, but they
operate as long and medium term credits.


Theoretical and Applied Economics

Credit through credit cards

A credit through credit cards is a classic
short term credit which is given according to
the banks standards. This is a type of revolving
credit, it means a credit line of a certain value
(also called limit of credit) from which one can
make payments within its limits and which has
to be monthly renewed. The owner of the card
is obliged to pay a third of the credit balance at
the end of the month and also to cover the
interest and the commissions, then he renews
the limit of credit. The risk of a failure of
payment is higher for a credit card than for the
other short term credits, as the interest is also
higher. Yet the credit through a credit card has
become a common one and it is now the most
favorite way of paying goods.
Credits through debit cards for overdraft
An overdraft credit for individuals is
specific for a debit card and it is a line of credit
which depends on the operation of this card.
Mainly the payment can be made through the
debit card only within the limit of the amount
of the card account. For a salary card, the bank
offers a credit facility, it means that, without
money in the account, one can make payments
from the credit line within the limit of an amount
of the salary and this amount should be paid
back from the first salary received together with
its interest and commissions. The guarantee is
offered by an employer who undertakes to
retain the amount from the salary in case the
overdraft credit is not paid back.

management, city construction management

and others which can be the base for economical
development. Investments are of great values
which are to be made in several years and have
a long term economical effect. Investments are
made on the base of some technical economical
documents which should contain the description
of its efficiency apart from the technical one.
Loans are approved on the base of these
documents, approved by the beneficiarys
management board and they must have the
expertise of the technical and economical
department of banks, and if they do not have
this kind of specialists, they have to get the
advice of a specialist. A bank analysis is focused on the economical efficiency of the investment which should show the possibility of
credit reimbursement and should make the
beneficiary increase its profitability. Credits are
given to make up the investors funds, but it is
the main financing source (about 60% - 70%).
The period of credit is of about 15 25 years,
depending on the nature and the efficiency of
the investment.
For investments of great values, the credit
is given by a bank pool, it means a group of
banks which is formed to take part with a certain
percentage to the financing in order to share the
risk of credit. Financing is assured through one
of the banks which represents the whole group
the agent bank and which monitors the credit
till the reimbursement is complete. The guarantee
is the investment, and if it is considered
necessary, because of the long term of the credit,
one can ask for other bank or state guarantees.

2. Long/medium-term loans
Development loans
Development loans are the ones which are
given for new investments in production facilities
and equipment, infrastructure work, water plant


Credit on mortgage
Credits on mortgage are also long term
credits given to buy dwellings (houses, flats, or
land) which are based on the mortgage over
the investment according to the Law of the loan

the collapse of dwelling demands and

consequently the drop in price, thus the banks
could not sell the dwellings taken from the
debtors and lost about US$ 400 billion, some
of them almost went bankrupt. This crisis has
already started to arise in other countries too,
for example in England.
Real estate credits
Credits for real estate investments are given
to buy real estates or land for construction and
they are guaranteed with those real estates or
with the bought land or with other real estates
or other land. These credits are medium or long
term credits which are based on the deed of
sale and on the investors capacity to reimburse
the loan. Real estate credits are also used to erect
buildings having as a guarantee the erected building after it has been finished. Before the
building is finished there are used other kinds
of guarantees, as an unfinished and non operational building can not be considered as a
Leasing credits
Leasing credits are medium term credits
and are given to leasing companies for buying
movables or real estates, which then can be
leased or rented with the option to buy the
product at a price previously established or to
return it to the company at the end of the leasing
period. The credit is given up to 85% of the
goods value on the base of real guarantees (real
estate guarantees) and on the base of the goods
that are to be bought and other additional
securities under the form of a transfer of debts
of the amounts in the account, on the base of
compensation from insurance companies.
Although the leasing is a new activity, it has
expanded quite fast on the base of financing
from bank credits.

Loan Products Included in the Offer of Commercial Banks

on mortgage no. 190/1999. In Romania, the

credit on mortgage has increased since 2003
and has developed rapidly because of the deficit
between the dwellings and the possibilities of
financing which had arisen. 70% of the
investment is given as a credit, and the dwelling
is on mortgage in favor of the credit bank till
the reimbursement of the loan is completely paid
back. The size of the credit depends on the
income and the age of those who take the credit
so that the credit could be reimbursed
completely during the active period of their life.
The credit period is up to 20-30 years, but these
limits can be extended depending on the
monetary policy. To finance these investments,
there are mortgage banks which take long term
credits from the capital market or ask other
financing companies or investments funds to
co-finance these investments, but the role of
agent is played by the mortgage bank. The risk
is that the debtor could fail to make the
reimbursement during such a long period of
time and the bank should be in charge with
selling the real estate according to market
conditions. The highest risk is the difficulty in
anticipating the economical evolution on long
terms, a very good example is the crisis of the
subprime loans in the USA which made
financing companies to lose a lot of money and
some of these companies went bankrupt. After
the events of September 11, 2001, the
government encouraged the drop in interests
which decreased from 7% to 1% in order to
encourage constructions and to stimulate the
economic growth, which led to an avalanche
of mortgage credits. The problem was when
interests went up again and made a lot of debtors
fail to perform the payment of their installments
which led to a deterioration of the portfolio of
credits on mortgage (one of four credits became
unprofitable). The failure of payments led to


Theoretical and Applied Economics

Nominal credits
This type of credit is given to buy new
vehicles from authorized dealers or to buy
second hand vehicles from second hand
traders or individuals. Its particularity is that
the buyer should have at least 25% of the funds
as the credit is 75% of the goods value. The
goods should be insured by the buyer and the
insurance policy is transferred to the bank.
Credits for other types of goods (domestic
electronic and electric devices, computers, IT
components, furniture) are given under the
same conditions as for vehicles.
Forfaiting is an operation of transferring
the debts of a foreign business trade made on
credit to a bank or to a special financing
company. The bank pays for these debts on
the spot and it will recover their value from
the importing debtor. The operation looks like
discounting, but there are several technical
elements which are different. Firstly, forfaiting
unlike discounting, does not give the bank
the right to appeal the seller of the debts in
case there are any incidents regarding the
payment caused by the debtor. Secondly, the


term of the operation makes the difference.

Forfating applies not only to the short term
debts, shorter than a year, but also to those of
medium term, from 1 year to 7 years. But we
have to notice that in Romania the operation
rather works within the lower limit of the
above mentioned period. The bonds used in
the forfaiting can be bills of exchange, bills
payable to order, letters of credit.
Forfaitings advantages are: creating cash,
respectively improving the cash flow by
receiving immediately the value resulted from
selling the bills of exchange, avoiding the risk
of non-payment of the bills of exchange at the
stated term this risk being overtaken by the
bank and promoting the goods at selling on
the base of a sure financing. The cost of
financing has a fixed rate of interest, plus a
commission established depending on the
debtors reliability, on the fact that the bills of
exchange are or not guaranteed, on the
estimated risk of operation, on the way of
paying the forfaiting. Thus the determined
discount reduces the nominal value paid to the
exporter. Taking into account the risk overtaken
by the bank, we can find here higher costs
compared to discount operation.

Trenca, I. (2006). Metode i tehnici bancare, Editura Casa

Crii de tiin, Cluj-Napoca

Cocri, V., Chirlean, D. (2007). Management bancar i

analiza de risc n activitatea de creditare, Editura
Universitii Alexandru Ioan Cuza, Iai
Constantinescu, D. (2004). Management bancar, Editura
BREN, Bucureti
Dedu, V. (2008). Gestiune i audit bancar, ediia a II-a,
Editura Economic, Bucureti
Imireanu, M. (2002). Produse i servicii bancare n relaiile
de pli, Editura Tribuna Economic, Bucureti


Treasury Strategies - European Treasury Trends & Practices,

Treasury Strategies, FX & MM Magazine, March 2006
Regulamentul nr. 14/19/14.12.2006 privind tratamentul
riscului de credit pentru instituiile de credit i firmele
de investiii potrivit abordrii standard
Regulamentul nr. 15/20/14.12.2006 privind tratamentul riscului
de credit pentru instituiile de credit i firmele de investiii
potrivit abordrii bazate pe modele interne de rating
Site-uri oficiale ale bncilor comerciale din Romnia

Annales Universitatis Apulensis Series Oeconomica, 14(1), 2012


Daniela Rodica Silivestru(Popescu)1

Abstract: According to a recent survey conducted by the European Commission, European small
and medium size enterprises (SMEs) are highly dependent on bank loans when it comes to
financing their activity and accomplishing their growth ambitions. Romanian small enterprises
make no exception. In 2011, on average 87% of Romanian SMEs borrowings originate from bank
loans. However due to the economic and financial crisis the Romanian SMEs access to credit has
deteriorated considerably in comparison with the EU average. Since 2009 only 41% of SMEs
managed to access bank loans. In this context, the present paper seeks to analyze the gap between
the demand and supply of bank credit to SMEs in Romania between 2007 and 2011.
Keywords: SMEs, bank credit supply, bank credit demand, financing gap
JEL Codes: G30, G21, E51

Access to finance represents the second most pressing problem for all Romanian SMEs.
Ever since Romania entered the European Union, the financial support system focused more and
more on providing funding resources for SMEs by lowering the cost of borrowing from banks and
other credit institutions. Yet, SMEs loans continue to create specific difficulties such as (European
Commission, 2011a): (i) management costs which can be significant for the providers of funds as
loans are small in size; (ii) problems on accessing enterprises information, as SMEs can operate on
niche and local markets, and, unlike their larger peers, are not subject to external ratings and
extensive disclosure requirements; and (iii) risks generated by the questioning quality of SMEs
management system which makes the automation of the credit process more difficult.
Despite all inconveniences, most Romanian SMEs turn to debt financing at an early stage
and generally choose banks as their main lenders. In 2011, on average 87% of Romanian SMEs
borrowings originate from bank loans. Borrowings from non-bank financial institutions recorded
only 7.5 %, at the end of 2011. In the same time, the results of the National Bank of Romania
(NBR) Bank Lending Survey 2011 showed a significant overall tightening of credit standards on
loans to SMEs. As a consequence almost a third of SMEs which applied for a bank loan did not get
any credit or got less than they applied for.
A fundamental problem in dealing with SME financing is the lack of basic information
about the difference between the demand and supply of financial instruments at their disposal.
Often the only evidence is in the form of complaints from SMEs themselves and this is difficult to
use in analysis or for comparison. In this context, the objective of this paper is to gather secondary
reliable data from different official sources (results of enterprise surveys, banking surveys, and data
directly provided by the National Bank of Romania) and assess the gap between the volume of bank
loans granted to SMEs and the loan demand by SMEs between 2007 and 2011. Given the
importance of adequate access to finance for SME development, having a clear understanding of the
difference between the demand for funds by SMEs and the supply of funds to SMEs will help
stakeholders find answers to some of the following questions: Are Romanian SMEs affected by a

Babes-Bolyai University









bank financing gap? If so, who is responsible for this gap? What needs to be done to address the
SMEs bank financing gap?
To answer the aforementioned questions, the reminder of the paper is organized as follows:
Section 1 reviews the literature regarding the typical barriers and constraints on SME bank
financing on both the demand and supply sides; Section 2 presents an overview of the Romanian
SMEs sector development in the 2007-2011 period; Section 3 describes the evolution of the bank
credit offer to SMEs, Section 4 investigates SMEs demand for bank credit and Section 5
Literature review
For some time now the academic world has focused on researching the nature and existence
of potential market failure with SMEs access to bank and debt finance. In this respect some authors
have studied SMEs difficulties in accessing finance (demand side characteristics) while others have
presented the main issues in bank lending practices (supply side characteristics). Understanding
why SMEs face a financing gap, commonly defined as the difference between the volume of funds
at their disposal and the volume of funds they require, implies distinguishing the various limitations
which describe both sides. The supply side constraints predominate if appropriate sources of
finance are not available on terms and conditions suitable for SMEs (European Commission, 2001).
The demand side constraints exist if entrepreneurs do not make use of existing financing
opportunities, because of a shortage of good projects or lack of persuasive business plans.
Analyzing the supply side, some studies (Bell, 2000, Lean and Tucker (2000)) show that
financial providers tend to know little about their clients businesses due to managers reluctance in
providing strong financial information about their activity. Since banks are not able to control all
actions of borrowers due to imperfect and costly information, they formulate the terms of the loan
contracts in such a way as to reduce the risks associated with borrowing. The result is an
equilibrium rate of interests at which the demand for credit exceeds the supply (Atieno, 2001:5).
More frequently, the bank lending supply problem lies with supervisory and capital adequacy
requirements which prevent banks from lending to enterprises that lack traditional collateral. One
way of reacting to this market imperfection is reducing the maturity of their outstanding loans.
Shorter loans allow banks to monitor more frequently the firms performance and, if necessary,
vary the terms of the contracts before losses have accumulated (Hernndez-Cnovas and KoterKant 2008:2). Heyman, et al. (2007) pointed out that the length of a SMEs debt depends on the
maturity matching between the debt and the life of the assets.
Cetorelli and Gambera (1999) examined the role played by banking sector concentration on
firm access to capital, showing that bank concentration promotes the growth of industries that are
naturally heavy users of external finance by facilitating credit access to younger firms. Similarly,
Black; Strahan (2002) and Berger (2004) have shown that a high bank concentration on the
market causes a reduction in volume of credit granted to SMEs.
The fundamental reasons behind SMEs credit demand can be found in their peculiar
characteristics. As Berger and Udell (1995) observed, SMEs face higher cost of financing due to the
fact that most of them have fewer assets to offer as collateral. Johnsen and McMahon (2005) stated
that because of collateral firms with more intangible assets tend to borrow less, compared with
firms with more tangible assets. Beck, Demirgc-Kunt and Maksimovic (2008) found that small
firms use less external finance than large firms (especially in terms of banks and equity finance)
because their lack of collateral.
Ownership structure affects SMEs ability to access finance. The entrepreneurs behavior has
profound consequences on how the business is run. Schmitz (1982) highlighted that the small scale
producers in developing countries fail to expand primarily because they lack managerial ability. For
this reason, entrepreneur related factors take a priority position in all credit assessments by the
borrowers. Kumar and Fransico (2005), found a strong education effect in explaining access to


Annales Universitatis Apulensis Series Oeconomica, 14(1), 2012

financial services in Brazil. In a more recent study conducted on UK SMEs, Irwin and Scott (2009)
observed that graduates entrepreneurs had the least difficulties in raising finance from banks.
Industry affiliation is another characteristic which influences SMEs demand for credit. For
example, some studies have shown (Levine, 2004) that SMEs in industries such as textiles,
machinery or manufacturing require a higher amount of external finance to meet their growth
requirements. Because on this SMEs tend to grow faster in countries with higher levels of financial
development. Silva and Carreira (2010) argue that service sector firms due to lack of physical
capital avoid long term lending.
Petersen and Rajan (1994), Berger and Udell (1995), Miller (1995) discuss the importance
of borrowers lending history in obtaining bank loans. Being in the business for many years suggest
that firms are competitive and have accumulated sufficient assets to meet the collateral
requirements of the banks. In addition the financial track record facilitates the evaluation of the
lending proposals making it easier for SMEs to obtain loans from banks.
Inspired by the literature approaches so far illustrated, the present paper seeks to investigate
if Romanian SMEs suffer form a gap financing in terms of bank loans and if so how has this gap
evolved between 2007 and 2011. Before proceeding to investigating SMEs bank financing gap it is
important to know how the Romanian micro, small and medium sized sector has developed in the
last years. This investigation will offer a broad perspective on SMEs role in Romanian economy in
terms of units growth (in total and by sector of activity), employment and value added emphasizing
the importance of bank loan financing to the SMEs sector.
SMEs sector development in Romania: an analysis of the 2007 to 2011 period
Romanias economic situation has significantly improved over the last 5 years. In view of
the countrys accession to the EU in 2007 the financial sector has rapidly picking up providing a
favorable environment for the creation and growth of the small to medium sized enterprises sector.
In Romania the legislation on SMEs (Law 346/2004 on stimulating the creation and development of
small and medium amended and supplemented by Government Ordinance no. 27 of 26.01.2006) is
entirely harmonized with the European Commissions Recommendation nr.2003/361/EC regarding
SME definition (Roman and Ignatescu, 2011: 135). According to article 2 from the cited
Recommendation, the category of micro, small and medium-sized enterprises (SMEs) is made up
of enterprises which employ fewer than 250 persons and which have an annual turnover not
exceeding EUR 50 million, and/or an annual balance sheet total not exceeding EUR 43 million.
Table no. 1 presents the headcount ceiling, the turnover ceiling and the balance sheet ceiling for
each size class enterprise:
Table no. 1
SMEs dimension by size class
Enterprise category
Turnover or Balance sheet total
< 10
2 million 2 million
< 50
10 million 10 million
< 250
50 million 43 million
(Source: European Commission, 2003)
Taking into account the SME definition, table no. 2 summarizes the evolution of Romanian
SMEs units by size class in 2007-2011:


Table no. 2
Romanian SMEs by size class
Romanian SMEs (units)
Micro enterprises
% total enterprises
Small enterprises
% total enterprises
Medium-Sized enterprises
% total enterprises
Total SMEs
% total enterprises
(Source: European Commission, 2011d)



Between 2007 and 2011, the number of active SMEs in the Romanian economy has
registered an annual growth of over 9%. The year 2009 was an exception. In 2009, due to the
financial and economic crisis the trend of the Romanian GDP showed an incredible downturn. As a
consequence, most SMEs tried to survive, with the reserves accumulated during prior years while
others started to move into insolvency. In addition, for the first time after four years of continuous
demographic growth, a significant decrease in the number of SMEs units registered in Romania was
reported (Szabo, 2011:96).
By size class, the Romanian private sector is dominated by micro enterprises. In 2011 micro
firms represented 89% of all enterprises, a 1% increase from 2007. The large number of micro
enterprises can be explained by the existence, during the analyzed period, of tax incentives and
government grants for start-ups. On the other hand the increasing share of micro-enterprises might
just reflect the downsizing of larger enterprises. Thus, amid the growing number of micro firms, in
2010, there was a decrease of small (from 9.51% in 2007 to 9.36% in 2010) and medium-sized
enterprises (2% in 2007 versus 1.84% in 2007), a trend contrary to developments registered in the
first three years of the period.
The financial and economic crisis has taken a toll on Romanian enterprises, putting a
temporary stop to the positive long-term developments in the number of SMEs and their
contribution to employment and economic value added. In employment terms, SMEs were much
more reluctant to shed employees during the crisis than the large firms. In fact, during 20082010,
Romanian SMEs maintained their workforce at pre-crisis level, while the large enterprises shed
about 6 % of their workers. Regarding the outlook for 2012, estimates indicate a recovery, more or
less in line with the EU average. The number of enterprises and their contribution to GDP (as
measured by the gross value added) and employment in SMEs are all expected to exceed the precrisis levels by the end of 2012 (European Commission, 2011c)
By sectors of activity, the evolution of SMEs is highlighted in the figure below.


Annales Universitatis Apulensis Series Oeconomica, 14(1), 2012











Figure no. 1. - Romanian SMEs sector growth index (2007=100)

(Source: data processed from European Commission 2011d)
The most dynamic SMEs in terms of unit growth have been those active in the service sector
which registered an important increase from 2007 to 2011 (10.64%). This is due to the fact that
most service related activities required neither high investment in fixed assets nor expensive labor
Regarding the evolution of trade related SMEs, as can be seen; these have registered a
constant growth over the analyzed period. Although their number increased in absolute terms they
were heavily influenced by the structural changes that took place on the market: the decline in the
share of firms active in the industry sector, in favor of companies that provide different types of
services to citizens and businesses.
SMEs in the industry sector were the most affected by the economic and financial crisis.
During 2008-2010, they registered a year on year unit reduction of 3%.
Given SMEs evolution by size class and industry affiliation it is interesting to see if between
2007 and 2011 access to bank loans has followed SMEs units dynamics.
Analyzing SMEs bank financing gap in Romania proposed methodology
In analyzing Romanian SMEs supply and demand for bank loans the present paper deploys
a research method based on
Data gathering from public bodies at national level. The volume of banks loans
granted to Romanian SMEs between 2007 and 2011 and SMEs demand for credit differ in terms of
information rendering due to each sides specificity and the way previous authors conducted their
research. In this context SMEs supply of funds is presented as the amount of money allocated by
banks registered in Romania to the private sector. Romanian SMEs demand for credit is reflected as
an index based on banks officials apprehension on SMEs loan demand evolution.
Analysis of supply and demand issues that affect Romanian SME access to bank
finance. The supply side analysis includes a short presentation of SMEs loan volume dynamics and
an investigation of the impact of banks concentration on SMEs access to finance using Gini-Struck
coefficient. The demand side analysis explains SMEs loan propensity by maturity based on banks
officials responses.
Unlike previous studies the present paper combines SMEs supply and demand analysis to
offer a gap financing research meant to capture some of the features that affected SMEs banks
financing in Romania between 2007 and 2011.


Bank loans supply for SMEs in Romania

Commercial banks are by far the strongest players in the Romanian financial system. Still,
the money supply and non-government credit in Romania as percentage of the GDP are below EU
average and the percentage of SMEs financed through bank loans still remains low (FAO, 2005:6).
This can be explained by the collateral requirements that most small and medium enterprises cannot
provide, and by their inability to present all necessary support documents required by the credit
Between 2007 and 2011, the volume of credits granted to non-financial corporations has
exhibited a steady growth, with a slight decline during 2010. By borrowers size class, bank loans
were more concentrated in case of corporations relative to small and medium-sized enterprises. The
dynamics of bank loans granted to economic agents in Romania during 2007-2011 registered the
following evolution:
Short term loans


Long terms loans

Short term loans SMEs
Long terms loans






Figure no.2. - Bank loans granted to SMEs in Romania between 2007 and 2011 mil. Lei
(Source: BNR, 2011)
As figure no. 2 shows, in Romania, SME loans volume remained low. The main reason for
this situation is the fact that banks perceive small enterprises as high-risk customers that generate
low profitability. On average the non-performing loan (NPL) ratio to SMEs exceeds that of large
corporations. During the period of analysis, the NPL ratio on loans to SMEs increased from 2.3% in
2008 to 16.7% in June 2011. The quality of the loan portfolio to micro-enterprises witnessed the
sharpest worsening (to 24.1 % from 14 % December 2009 through June 2011). Developments were
of a lower magnitude in case of corporations, with the NPL ratio rising to 3.7 percent from 1.3
percent over the same period (BNR, 2011: 94, BNR, 2009:86). Banks tightened lending terms and
standards in a pro-cyclical manner, whereas demand stayed low amid a gradual economic recovery
and international developments carrying considerable uncertainties and risks. Long term loans
granted to SMEs remained in 2010 on the downtrend they followed since 2009 registering a slight
rise in 2011. At the end of 2011 SMEs long term loans amount 73 mil. lei, 26% less than the
highest volume registered in 2008.
The volume of credits granted to non-financial corporations in general and SMEs in
particular, depends not only on the applicants financial capacity but also on banks concentration.
A number of studies (Black and Strahan 2002; Berger 2004) have shown that a high bank
concentration on the market causes a reduction in volume of credit granted to SMEs. Therefore, the
financial institution structure and lending infrastructure may significantly affect the availability of


Annales Universitatis Apulensis Series Oeconomica, 14(1), 2012

funds to SMEs by affecting the feasibility with which financial institutions provide funds to
different types of SMEs (Berger, 2004).
The main characteristics of the financial institutions authorized by the National Bank of
Romania to engage in lending activity in Romania are summarized in table no. 3.
Table no. 3
Structural indicators of the Romanian banking system (2007-2011)
Number of credit institutions
Number of banks with majority
foreign capital, of which
Foreign bank branches
Assets of banks with majority (% in total
private capital/Total assets (%)
Assets of banks with foreign (% in total
capital/Total assets (%)
Loans/ Deposits
108,72 120,62 118,57 115,10 117,28
Herfindahl-Hirschmann index
(Source: BNR, 2011)
In 2008, in Romanian, there were 43 credit institutions compared to 42 at the end of 2007.
Out of these 32 were authorized by the central bank to act as Romanian legal entities, 10 were
branches of EU banking groups and one was a credit cooperative network (BNR, 2009:17). As a
result of the economic crisis, credit institutions have followed a policy of reducing costs by closing
down unprofitable units and reducing the number of employees (BNR, 2010:20). From 2009 only
42 commercial banks remained active on the Romanian market. This situation persisted up to 2011.
Banks with Austrian capital held the largest market share in aggregate assets (on average 38 %),
ahead of banks with Greek capital (15.5 %). In terms of capital share in total foreign capital, banks
with Greek capital lead the market (owning on average 30%), although their number decreased
constantly over the analyzed period. Banks with Austrian and French capital followed the same
downward path in their capital share (from 23% to 21 % and from 5.1% to 4.3 % respectively). The
share of Dutch capital in total foreign capital saw a noticeable rise in 2010 (to 15 %), due to capital
increases occasioned by the establishment of GE Garanti Bank S.A (NBR, 2011:21). Regarding the
loan to deposit ratio indicator, as noticed, the indicator has improved from 120 % at the outbreak of
the crisis in October 2008 to 117% at the end of 2011. Still, banks have remained relatively highly
dependent on external financing. This vulnerability has been alleviated by the largely medium- and
long-term resources provided by parent banks to their subsidiaries in Romania (NBR, 2011:11).
The analysis between the geographical distribution of the top 10 largest banks in Romania,
in 2010, in terms of assets held and SMEs regional presence shows a significant gap between the





Raiffeisen Bank



Banca Transilvania
Alpha Bank

Gini-Struck -banks (units)

Gini Struck -SMEs (units)

Figure no. 3. - Comparison between the regional distribution of banks units and SMEs units
in 2010
(Source: processed by the author based on Nicolescu et. al 2011, BNR 2010 and banks sites)
The local units of the first 10 banks in Romania in terms of assets held (Hostiuc and Voican,
2011), in 2010, are heterogeneously distributed with a tendency toward spatial concentration in
certain regions (for 8 out of 10 banks the Gini Struck2 coefficient registered values above 0.11 with
6 banks being concentrated in the Bucharest Ilfov region). In SMEs case, in 2010, the Gini-Struck
coefficient, calculated as weight number of units per development regions, recorded a value of 0.14,
indicating a slight polarization of SMEs in the Bucharest-Ilfov region. The relationship between the
regional distribution of banks units and SMEs units can be considered two-sided. On the one hand
it can be said that in Romania the territorial concentration of the credit institutions followed that of
SMEs. On the other hand banks concentration led to SMEs creation and development in certain
The comparison of Gini Struck coefficients calculated for bank units and SMEs reveals that
in Romania SMEs access to credit depends on the degree of banks territorial concentration. In this
respect the first two banks in the Romanian banking system, BCR and BRD present a balanced
distribution of banking units by region (for BCR the Gini Struck coefficient recorded a value of
0.08 and for BRD 0.06). Transilvania Bank has the closest territorial distribution of bank units to
that of SMEs (Transilvania Banks GS reports a value of 0.13 while SMEs GS is 0.14). This is
confirmed by the National Council of Small and Medium Sized Private Enterprises in Romania
(CNIPMMR) data for 2011 where it is shown that BRD, BCR and BT were the most popular
providers of bank loans to SMEs.
Romanian SMEs bank loan demand
From the methodological point of view SME credit demand is difficult to assess. Some
countries, Romania included use the Bank Lending Survey (BLS) method to capture changes in
demand as perceived by bank officials. These responses are weighted according to the relevant
banks market share and presented as a balance of opinions: the weighted percentage that sees an

To measure the degree of uniformity, Corrado Gini proposed the following relation (Svoiu, et al., 2010:3):

0GS1; If the value of the Gini- Struck coefficient tends towards 1, it indicates a high degree
of concentration of the structure, and if the value of the coefficient tends towards 0, it indicates a poor degree of
concentration of the market analyzed.

Annales Universitatis Apulensis Series Oeconomica, 14(1), 2012

increase in demand minus the weighted percentage that see a decline in demand (OECD, 2009:20).
The National Bank of Romania Bank Lending Survey results for the period 2007-2011 reveal the
following trend in SMEs credit demand:
Short term loans

Long term loans

Figure no. 4. - SMEs credit demand in Romania

(Source: processed by the author based on BNR October 2007- October 2011)
In the analyzed period the demand for short and long term loans from SMEs reflected the
trend followed by the Romanian economy. Thus, since 2009, the financial crisis had negatively
affected the demand for credit from the private sector. The magnitude of the credit deterioration
registered in Romania was quite high compared to the EU average. About 40 % of SME owners
noticed a declining willingness of banks to provide loans; a third saw a deterioration of access to
public guarantee schemes; and almost half of those applying for loans were actually refused by
banks. (European Commission 2011c: 8). Amid these changes, all SMEs experienced a tightening
of credit terms, evidenced by the introduction of more stringent contract clauses (additional risk
premiums and an increase of the interest rate).
Overall SMEs demand for new loans decreased constantly throughout the analyzed period
with a slight rise in the second semester of 2010. Regarding the loans maturity, as noticed short
term loans were the most sought. The explanation for this situation is two folded:
a) First due to some of the Romanian governments austerity measures taken between 2009
and 2010 (e.g. the instatement of the minimum income tax that each firm had to pay no
matter the profit or loss it had obtained during the financial exercise) a number of 133.000
SMEs ceased to exist. Those remaining rethought their business strategy, giving up certain
activities less profitable and reducing costs to the limit of endurance. Long term investments
were reconsidered and subdued. During the same period a number of 116.000 new firms
started to operate, most of them lacking the needed collateral to access long term loans.
b) Second the surge of the financial crisis exacerbated SMEs capacity to finance their working
capital requirements. The drastic drop in demand, started by the 2008-end and continued for
the largest part of 2009 and 2010, caused a decrease of sales and capacity utilization for
most SMEs. This forced SMEs to increase their short term indebtment level.
Starting with the last quarter of 2010 SMEs have slowly rebegun to access investment
credits showing a genuine concern for increasing their turnover. However, in 2011 only 14% of
SMEs have sought bank loans (new or renewal) for investment while 86% have not submitted
applications due to insufficient funds, fear of rejection or other causes (European Commission,
2011b). Banks' risk aversion remained high. Credit terms registered a tightening, through tighter


contractual clauses, additional risk premium requirements and increase of the spread to ROBOR
1M. As a consequence loan demand recorded a marginal decrease in the 4th quarter of 2011 for the
first time since quarter 3/2010, on the grounds of diminishing SMEs loan demand (BNR, October
2007 October 2011).
SMEs reaction during the analyzed period suggests that Romanian entrepreneurs were not
willing to increase their indebtedness despite the fact that their sales fell and the payment delays
increased. Facing an uncertain future, this reaction is fully rational especially when these enterprises
are confronted with tightened credit conditions imposed by banks and other creditors.
Theoretically speaking Romanian SMEs can draw financing from a variety of sources to
optimize their growth opportunities. Practically, however, between 2007 and 2011 more than 80%
of Romanian SMEs financed their activities by resorting to self-financing and bank loans. However,
as the present analysis shows, Romanian SMEs access to bank loans remains problematic. This
situation is mainly due to the fact that SMEs loans are considered by most banks as risky assets and
costs associated with such loans are viewed as very high. In the absence of a solid credit history, a
common situation for SMEs, banks lending decisions are based solely on the financial information
provided by SMEs in their business plans. This makes it difficult for creditors to assess the
creditworthiness of the SMEs proposals leading to a high percentage of rejected loan applications
(16% in 2009 and 15.3% in 2011 according to National Bank of Romania). As a result, commercial
banks prefer to have a portfolio dominated by large corporate borrowers. When banks do lend to
SMEs, they tend to charge them a commission for assuming risk and apply tougher screening
measures, which drives up costs on all sides. Moreover SMEs credit access is highly influenced by
banks geographical concentration. SMEs located in Bucuresti Ilfov region gain easier access to
bank loans due to the fact that 6 out of 10 most banks competitive banks in Romania are
concentrated in that region. In the same time it can be said that banks expanded their territorial
presence in response to SMEs behavior and as a consequence they are more present where they are
more needed.
From SMEs perspective bank loans have been difficult to access during 2009-2011 due to
high collateral requirements, high interest rates and bank commissions. This situation will continue to
represent a problem as long as banks in Romania remain immune to the difficulties raised by
entrepreneurs when submitting loans applications.
After carefully analyzing the presents study results it can be said that Romanian SMEs
suffer from a financing gap when it comes to bank loans. This situation has no singular guilty part
being the result of both banks and SMEs behavior. In this context, reducing the financing gap
requires finding a middle way in which banks should distribute their available resources based on
custom credit ratings (not on group ratings) and SMEs should be willing to openly exchange
information with banks representatives about their business situation and development prospects.
Nevertheless, addressing the gap financing problem should not require actions from banks and/or
SMEs alone. Romanian policymakers need to promote financing solutions to reduce this gap. Some
of the government measures could include state guarantees for bank loans or interest rate subsidies
for long term debts.

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Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.

Theoretical and Applied Economics

Volume XVII (2010), No. 7(548), pp. 25-36

SMEs Financing: the Extent of Need

and the Responses of Different Credit Structures
University of Oradea

Abstract. Small and medium enterprises (SMEs) have a key role in

developing national economies, but are often limited by lack of
development support in financing business for reasons of information
asymmetry, high risks, lack of collateral, unfavorable regulatory
environment. The statistics show managers given constant importance of
SMEs financing opportunities, bank credit pre-eminence over other forms
of financing, the lack of viable alternatives for start-up and innovative
companies, etc. Market concentration, alternative between transactional
or relational lending, various types of banks; state owned, private owned,
foreign, large or small, are analyzed to identify the availability for SME
financing. Finally, it is recognized the importance of a diversified
banking markets both in terms of supply, lending technologies, but also
as bank institutions itself.
Keywords: SME; financing; transactions lending; relationship
lending; banks.

JEL Codes: G32, M13.

REL Codes: 11C, 14K.

Daniel Bdulescu


Small and medium enterprises (SMEs) play an essential role in the
development of any country. They can be assimilated as the engines of growth
in developing economies, and the importance and future of SMEs tend to be a
major policy concern, with strategic importance in reshaping the productive
sectors, employment and innovation. But, in order to accomplish all this
expectations, we have to admit that one of the biggest problem the SMEs faces
is the non-availability of adequate financing facilities, the lack of availability of
financial institutions or private equity investors to meet the SMEs financing
Banks, like other businesses, concentrate on creating value under a
controlled risk (OECD, 2006, Pathrose, 2005). Analyzing a loan application, a
bank has to focuse on the risks involved and the methods to mitigate those
risks. The banks are reluctant to lend to SMEs for a number of reasons,
including the following:
The information asymmetry that arises from small businesses' lack of
financial information and standardized financial statements, in addition
to the bank's limited knowledge about the borrower company
(Badulescu, Badulescu, 2010). The quantity and quality of the
information hold by the entrepreneur regarding their business cannot
be accessed in the same measure and efficiency by the prospective
creditor. Thus, the lenders is unable to separate between good
(bankable) projects and doubtful projects, and the price (for example,
the interest of the loan) doesnt make an efficient selection; rather it
will increase the bank credit portfolio with risky loans: some of them
with interesting perspective, others failures for sure (this phenomenon
is the adverse selection). The second issue created by informational
asymmetry is the moral hazard: once the loan granted, the control of its
use according to the original application (and the risk and opportunity
analysis) could face serious difficulties and the loan could be used
even part of it for other purpose. In order to reduce this risk, the
financer will ask as guarantee collateral: assets, receivables, personal
goods, immovable, or will pretend the early repayment of the loan, or,
if it is possible, will restrict the access on the rest of unused loan.
The high risks involved in lending to the SMEs as a result of limited
assets that can be used as collateral, high failure rates, low
capitalization and vulnerability to market risks. The finance institutions
consider the environment of SMEs being competitive and very
uncertain (compared to large companies), implying a high variability

SMEs Financing: the Extent of Need and the Responses of Different Credit Structures


of return of similar SMEs in the same sector, and finally high failure
rate. The limited power in market, considerable share of intangible
assets, lack of relevant financial and commercial track records,
insufficient circulating assets or tangible fixed assets tends to create a
higher risk profile of SMEs for potential investors (OECD, 2004, Lin,
Sun, 2006, Toivanen, Cresy 2000, OECD, 2000). Insufficient
collaterals compared to the lenders request in order to overcome the
risks associated to moral hazard is probably the most claimed cause of
the difficulties in accessing a credit by a SME. The collaterals
insufficiency can be the expression of an incipient stage of the
business, unconsolidated yet, up to an exaggerated sizing of the credit
request, upon the firm real capacity to sustain the project.
As small businesses cannot offer adequate collateral, the banks are
unable to determine whether the borrower possesses the technical,
managerial and marketing skills to generate adequate cash flows and
service the loan. The SMEs are characterized by unsatisfactory
technical endowment, difficulties in assuring qualified technical staff
and experimented management (human capital) in order to adapt to the
multiple and rapid changes of present-day economy. At least, the
reports accuracy, business protection under contractual basis is
precarious, even for internal or external reasons; make barriers for the
financial institution in order to compute the real profitability of the
company, the repayment capacity, even the reliability of some
collateral. In developing countries, the risk profile is supplementary
marked by the unstable legislative and competitive environment, with
negative consequences on the transactions security.
1. The size of financing needs and the prevalence of bank loans
Based on a recent research - Flash Euro barometer Access to finance (No. 271),
commissioned by the European Commissions DG Enterprise and Industry, in
cooperation with the European Central Bank (ECB), to measure EU companies use of
various sources of finance, the difficulties in accessing finance, we notice that one of
the most pressing concern of SME managers from EU is access to financing, adding
more than 16% from answers (after finding customers but far away of the competition
or availability of skilled staff) (European Central Bank, 2009, Gallup
Organization, 2009).

Daniel Bdulescu


Source: ECB (2009).

Figure 1. Companies most pressing problem

As expected, inside de EU there are significant differences between countries,

for example very important for SME in Greece (39%) and Spain (23%) or Romania
(19%) but moderate for Poland, Belgium SMEs (see Figure 2).

Source: ECB (2009).

Figure 2. Companies identifying acces to finance as the most pressing problems

Regarding the profile of companies we notice that the access to finance

was more often selected as the most pressing problem by managers of
companies with a turnover of less than 10 million (16%-17% vs. 8%-10% for
companies with a turnover above 10 million), established between two and
nine years ago (20%-21% vs. 12% in companies established less than two years
ago and 14% in companies existing for 10 years or more), in the construction
sector (20% vs. 14% in the services sector and 17% in trade and industry or
that have introduced innovation in at least one area products or services,
marketing, production and management (18% vs. 14% in non-innovative

SMEs Financing: the Extent of Need and the Responses of Different Credit Structures


Almost half (47%) of managers in the EU answered that they had used internal
funds in the past six months to finance their operations (as seen above some had only
used internal funds, while others had used these in combination with external
The most popular source of debt financing was a bank: 30% of companies had
used bank overdraft facilities or a credit line and 26% had received a bank loan. Debt
can also be issued by a public source or even a friend or family member: 10% of
interviewees referred to grants or subsidized bank loans and 7% mentioned other
loans. A few (1%) managers said they had used a subordinated loan, participation
loan or similar financing structures.
Other financing forms as leasing, factoring or hire-purchasing were preferred by
23% from managers and 16% said they had used trade credit as a source of short-term
financing. Regarding debt securities issuing, in the past six months, the majority of
managers considered this type of financing not to be relevant for their needs.
Equity issuance or external equity investments were mentioned by 2% of
managers as one of the sources of external financing they had used in the past six
months (European Central Bank, 2009, Gallup Organization, 2009).

Source: ECB (2009).

Figure 3. Internal and external sources of financing for EU SMEs (2009)

The chart above shows the importance for the companies of the bank lending
products (as debt financing, overdrafts, working capital line or other credit loans) in the
past six months, as another source of external financing i.e. equity issuance, equity
investors, debt securities are very low utilization. Looking at company characteristics,
we can see that micro-companies (with less than 10 employees) were the most likely to

Daniel Bdulescu


use only internal funds in the past six months but, while, increasing the staff, a
company is determined to use an external financing instruments.
Regarding the sector of activity, we can notice that businesses in the industry sector
were more interested to use both internal funds and external sources of finance in the
past six months. Also, innovative companies were more active to seek and combine
internal and external financing sources comparing with non-innovative ones (37% vs.
31%). On the other hand, the new-established companies (active for less than two
years) were the most likely to have only used internal funds to finance their operations
(22% compared to 14%-17% for longer-established companies) (European Central
Bank, 2009, Gallup Organization, 2009).

2. Financial institutions structure and lending to SMEs

While SMEs trust regularly on bank financing is important to know what
kind of market structure is more suitable for SME financing. The analysis of
SME financing, various theoretical studies or empirical evidence provides a
considerable quantity of information regarding relationship between structures
of the financial institution, technologies, management. Moreover, recent
researches (Berger, Udell, 2004, Beck et al., 2010) try to show some distinction
between lending technologies versus relationship lending to understand the very
different transactions technologies, focusing on the comparative advantages of
different types of financial institutions in using transactions lending
technologies versus relationship lending (Berger, Udell, 1996, Miller, 2003,
Berger, Udell, 2004).
For our purpose, briefly we can define transactions lending as a banking
technologies primarily based on hard quantitative data that may be observed
and verified at about the time of the credit origination. This hard information
may include: financial indicators computed from financial statements; credit
scoring based on historical data provided by bank database, or SME itself,
credit bureaus records; collateral registrations, or other information about
solicitors from transparent sources (suppliers, payment incidents, external
ratings, etc.). The main characteristic of this type of information is that it is
relatively easily observed, verified, and transmitted through the
communications channels within the financial institution.
On the other hand, the relationship lending technology is based mostly on
soft qualitative information provided by certain specialized persons, through
a long, continuous, often discrete but intuitive contact over time with the SME
owner, manager or companys staff, or with members of the local community.
The soft information may include the character and reliability of the SMEs
owner based on direct contact over time by the institutions loan officer; the

SMEs Financing: the Extent of Need and the Responses of Different Credit Structures


payment and behavioral history of the SME regarding loans, cheques, deposits,
other services to the SME by the institution; or the future prospects of the SME
based of various data from SMEs suppliers, customers, or neighboring
businesses, local authorities or community. The soft information is given both
by to the loan officer or other banking staff, but in general it may not be easily
observed or verified by others risk managers, or inside bank deciders, especially
when they received this information through communications channels within
the financial institution (Berger, Udell, 2004).
2.1. Does market concentration affect SMEs lending efficiency?

Several studies generally showed that a greater market concentration

often result in a diminishing of credit access through any lending technology
(Berger, Demirg-Kunt, Levine, Carlson, Haubrich, 2003). This comes about
no mater of size, owner or country origin of parent bank but simply because
the main financial actors in more concentrated markets may exercise greater
market power. These institutions will choose to preserve or even increase their
profit not only by an efficient activity or more flexible approach of SME
requirements but through rising interest rates or fees on loans to SMEs. These
institutions can be less interested innovation or in quality of service to the
clients, based mainly on their sure position and power on the market. The
banks can reduce the risk or implication in portfolio monitoring simply
through tightening credit standards for SMEs. Some studies (Sharpe, 1990,
Petersen, Rajan, 1995) show that this market power encourages the bank
institution to press on a long-term implicit contract in which the borrower
receives a lower interest rate in the short-term, but after a period the bank uses
by its discretionary right to rise the costs of the loan (variable interests,
advance repayment fee, administration fee etc) forcing the borrower to pay a
higher-than-competitive rate in a later period.
2.2. What kind of bank for SMEs lending?
2.2.1. Are domestically-owned banks more interested in SMEs financing
compared to foreign owned banks?

On the first sight, foreign-owned institutions may have comparative

advantages in SME technologies lending and domestically-owned institutions
may have comparative advantages in relationship lending (de Haas, Naaborg,
2005, Berger, Udell, 2004). This assumption can be explained by following


Daniel Bdulescu

Foreign-owned institutions are part of large organizations, and these

behavior can be assimilated with specific typologies of big banks

actions on the market;
Foreign bank has often difficulties in processing and transmitting soft
information over greater distances, through more managerial layers.
Furthermore, they have to deal with multiple and different economic,
cultural, language, and regulatory conditions environments which
affect the relationship lending aspects;
Small and domestic banks are more suitable to finance SMEs because
they are better engaged in relationship lending, a type of financing
based on soft information collected by the loan officer having
continuous, personalized, direct contacts with SMEs, with their owners
and managers, and the local community;
On the other hand foreign-owned institutions settled in developing
economies may have additional advantages in transactions lending to
some SMEs because they have a better access at information
technologies for collecting and assessing hard information, cheap
funds or greater expertise, even training for loan officer and risk
managers in their headquarters.
Some recent researches (Beck, Demirg-Kunt, Martinez, 2010), for a
better understanding of the SME financing, tackle from the supply side using
cross-country data, instead of large literature based of demand supply position.
Based on an impressive collection of analyzed data(1) the results show
significant differences across ownership types in lending technologies and
organizational structures:
Foreign banks are more likely to use hard information relative to
private domestic banks. The share of secured SME loans is higher
among foreign banks than domestic banks.
Compared to domestic banks, foreign banks tend to be least likely to
decentralize loan decision making and risk management, confirming
the assertion that foreign banks use different lending techniques and
organizational structures to reach out to SMEs.
In spite of all these different approaches, the results show that different
lending techniques and organizational structures lead at similar results in terms
of SME lending. Most notably, the researches find no evidence that foreign
banks tend to lend less to SMEs than other banks. The conclusion of these
studies is that different bank types, applying different lending technologies and
organizational structures, can play an important role in financing SMEs, in
developing economies.

SMEs Financing: the Extent of Need and the Responses of Different Credit Structures


2.2.2. What kind of banks are more efficient in the relationship with
SMEs: state-owned banks versus private-owned banks?
State-owned institutions may have comparative advantages in transactions
lending comparing with privately-owned institutions which try to obtain
comparative advantages in relationship lending, but these cannot always
transform in an advantage. The explanation came from various evidence as:
In general, state-owned institutions are larger than private local banks
(excepting private foreign banks), but this dimension often prolongs/
extends communication channels and negative affects network
State owned- banks generally operate with government subsidies and
often have mandates to supply additional credit to SMEs or specific
industries, sectors, or regions. Apparently, this can be an advantage,
both for banks or SME, but, in reality, the effects on SME lending are
unclear or even an opposite effect. For example, some fund goes to
SME unable to repay the amount at maturity or are not creditworthy,
but are supported by different political or local power. In other case,
these funds, instead to finance new, profitable business, based on
strong cash flow, positive net present value projects are designated to
repaid former credit, some of them in difficulty;
State-owned institutions may also perform inconsistent credits
monitoring and avoid a firm, steady policy of collection (or forced
execution) procedures, because of lack of market discipline.
2.2.3. Large banks or small banks?
In the first stage we can admit that large bank institutions may have
comparative advantages transactions lending technologies which are based on
hard information and small institutions may have comparative advantages in
using the relationship lending technology which is based on soft information.
Referring on scale economies the large bank could take advantage from
hard information processing, but disadvantaged in processing soft information
because the difficulties to quantify and transmit this kind of data through the
long communication channels. This may give comparative advantages in
relationship lending to small institutions with lower administration costs, a less
distinctive separation between ownership and management and fewer levels of
management (Stein, 2002, Berger, Udell, 2002).
Finally, it is often argued that large institutions are relatively
disadvantaged at relationship lending to SMEs because of organizational

Daniel Bdulescu


diseconomies, so this large bank prefer to enter in loan transaction and other
wholesale services with large corporate customers. The empirical literature on
this topic usually based the conclusions from the characteristics of the SME
borrowers and contract terms on credits contract between SMEs and banks of
different sizes (Berger, Rosen, Udell, 2003):
Large bank institutions are found to lend to larger, older, more
financially secure SMEs, often argued that large institutions lending
prefer borrowers with a clear implemented corporative governance,
Large banks are found to promote lower interest rates and obtain lower
yields on SME loan contracts comparing with small institution which
explained this differential through flexible, non bureaucratic and rapid
procedures in credit assessment(Berger, Rosen, Udell, 2003, Berger, 2004);
Small banks are found to have more longer, privileged and personal
relationships with their SME loan customers, comparing with larger
banks, based on long distance, impersonal and short terms of their relation
with customers, appreciated as weaker (Berger, Miller, Petersen, Rajan,
Stein) and often unsatisfactory for a better loan decision;
Large banks institution appear to base their SME credit decisions more
on strong financial ratios than on relationships.
3. Conclusions
The present paper try to offer an analysis of the role of different types of
financial institution, their availability for SME lending , removing the opaque
characteristic of this sectors on risk assessment, and a better acknowledgment
of reasons and particularities, both from principal actors but from regulation
and legislative framework, infrastructure etc.
First, financial institution structure the presence in the market of
different types of institutions and the competition among them may have
important effects on SME credit availability because institutions of different
types may have comparative advantages in different lending technologies. The
lending infrastructure the information environment, the legal, judicial and
bankruptcy environment, and the tax and regulatory environments may
directly affect SME credit availability.
Second, the presence of foreign-owned and state owned institutions, as
well the presence of large and small institutions and the measure of financial
institution concentration are elements that may affect SME credit availability
through comparative advantages in the different lending technologies. In
particular, a greater presence of foreign-owned institutions and a lesser presence
of state-owned institutions are likely to be associated with significantly higher

SMEs Financing: the Extent of Need and the Responses of Different Credit Structures


SME credit availability in developing nations because foreign-owned

institutions appear to have advantages in some of the lending technologies, and
state-owned institutions appear to be generally disadvantaged.
Third, the result of our research strongly suggests that better lending
infrastructures may make significant differences in SME credit availability
directly through facilitating the use of the various lending technologies. A
careful and restrictive regulatory environment may influence the financial
institution structure, preventing some types of financial institutions to gain
sufficient market shares in order to capitalize their comparative advantages in
specific lending technologies and use in their interest the relative market power.
It is the case of many developing countries in last decades that trying to reduce
the considerable market share of state banks in favor of more efficient
privately-owned institutions has to face now with particular problems generate
by a very large presence of foreign owned bank in their banking sector.
Finally, we consider that a well balanced structure of banking sector, with
important state banks, involved in large national projects, dynamic and flexible
small private banks, closed to relationship lending, and a provocative foreign
bank presence can exploit all opportunities on the economies, creating a large
base for meeting SME financing requirements.


Survey data from 91 large banks of different ownership types across 45 countries.

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and Evidence, Metalurgia International, vol. XV, Special Issue no. 8
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small and medium enterprises: Are they really estranged?,
php?q=node/4828, [Accessed 10 May 2010]
Berger, A.N., Demirg-Kunt, A., Levine, R., Carlson, C., L., Haubrich, J., G. (2003), Bank
Concentration and Competition: An Evolution in the Making, http://siteresources., [Accessed
10 May 2010]
Berger, A.N., Udell, G.F. (1996). Universal Banking and the Future of Small Business Lending,
in: Anthony Saunders and Ingo Walter (eds), Financial System Design: The Case for
Universal Banking


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Berger, A.N., Udell, G.F., Small Business Credit Availability and Relationship Lending: The
Importance of Bank Organisational Structure, Economic Journal, 112: F32-F53, 2002
Berger, A.N., Rosen, R.J., Udell, G.F., Does Market Size Structure Affect Competition? The
Case of Small Business Lending, Board of Governors of the Federal Reserve System
working paper, 2003
Berger, A.N., Udell, G.F., A More Complete Conceptual Framework for SME Finance,
World Bank Conference on Small and Medium Enterprises: Overcoming Growth
Constraints, 2004
Buch, Claudia M., Information versus Regulation: What Drives the International Activities of
Commercial Banks?, Journal of Money Credit and Banking, 35, 2003
Carter, D.A., McNulty, J.E., Verbrugge, J.A., Do Small Banks have an Advantage in Lending?
An Examination of Risk-adjusted Yields on Business Loans at Large and Small Banks,
Journal of Financial Services Research, 25, 2004, pp. 233-252
Cole, Rebel, A., Goldberg, L.G., White, L.J., Cookie-cutter versus character: The Micro
Structure of Small Business Lending by Large and Small Banks, Journal of Financial
and Quantitative Analysis, 39, 2004, pp. 227-251
European Central Bank, Survey on the Access to finance of small and medium-sized enterprises
in the euro area: second half of 2009,
accesstofinancesmallmediumsizedenterprises201002en.pdf [Accessed 30 May 2010]
Gallup Organization, (2009), Access to Finance, Flash Eurobarometer 271,,
[Accessed 20 May 2010]
de Haas, R., Naaborg, I., Does Foreign Bank Entry Reduce Small Firms Access to Credit?
Evidence from European Transition Economies, Working Paper No. 050/August, 2005,
De Nederlandsche Bank NV
Irwin, R.D., Miller, M. (2003). Credit Reporting Systems and the International Economy,
Cambridge: MIT Press
Lin, J.Y., Sun, X. (2006). Information, Informal Finance, and SME Financing, Higher
Education Press and Springer-Verlag
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Publication Services
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Towards a more responsible and inclusive globalization, Istanbul, Turkey 3-5 June
OECD (2006). Policy Briefs,, [Accesed 20 May 2010]
Pathrose, P.P. (2005). Banks must re-invent SME financing, http://www.thehindubusinessline.
com/2005/, [Accesed 26 May 2010]
Petersen, M.A., Rajan, R.G., Trade credit: Theories and evidence, Review of Financial
Studies, 10, 1997, pp. 661-669
Toivanen, O., Cressy, R.C. (2000). Lazy Entrepreneurs or Dominant Banks? An Empirical
Analysis of the Market for SME Loans in the UK, [Accesed 26 May 2010]
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of customer relationship, Journal of Finance, 45, 1990, pp. 1069-1087
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Firms, Journal of Finance, 57, 2002, pp. 1891-1921

The Influence of the Active Rate of Interest

over the Financing Decision of the Enterprise

Irena Munteanu
Ph.D. Lecturer

Ovidius University of Constana

Anca Bran

The Influence of the Active Rate of Interest over the Financing Decision of the Enterprise


Abstract. The elaboration of some coherent strategies of development of

the long term firms requires the existence of material resources which ensures,
besides other necessary competences, the development and the pereniality of
the firm. The enterprise has multiple choices of financing its activities: the credit
lines, the treasury lines, the discount of the commerce effects, factoring, and
leasing and investment credits. Tasking into account the Romanian market,
one notices that the most important financing source at which the enterprises
appeal to is represented by the nongovernmental credits. The main purpose of
the article is to determine how the modification of the rate of interest can influence the structure of the capital and which are the particularities of this dependency for the Romanian market.

Key words: rate of interest; degree of indebtedness; credits; termanent capital.

JEL Codes: C10, G32.

REL Codes: 10B, 11E.


Theoretical and Applied Economics

In the financial administration of the
enterprise, there are differences between the
necessary and the already existing of the
financial resources. This fact is due to the
differences between the firm premises and
the personal funds or is due to some disorders
in the cashing of economic results.
In both situations, the enterprise will
seek within the financing and credit market,
the necessary specific products for the
covering of these necessities.
In short, the financing of the enterprise
can be made through credit and treasury lines,
the discount of commerce effects, lump or
factoring. On long terms, the financing is
made in more cases for the implementation
of an investment. In this respect, there are the
investment and the leasing financing credits.
One should not forget about the possibility of
capital drawing through the stock exchange,
stock issue or other specific products.
By taking into account the Romanian
market, one notices a growth the
nongovernmental credit and in a smaller
measure of the volume of factoring or
leasing operations. As a result, the following
the research is oriented towards two
directions and tries to answer two questions:
1) Does the modification of the active
rate of interest influence the credit decision
at the level of the enterprise?
2) In what way does the bank credit
constitute a financing form of the enterprise?

2. The wording problem

Starting from the idea that the active rate
of interest has an influence over the credit
decision adopted at the level of the enterprise


through the study that we continue to

develop we will try to determine in what way
does the modification of the rate of interest
determine the capital structure within the
enterprise and which are the particularities
of this dependency on the Romanian market.
By using some statistical mathematical
models, we will quantify the nature of the
correlation between sizes, as well as its force.
The study is based on the real data,
extracted from the financial situations of an
enterprise, which uses the bank credit as a
form of finance. For the rate of interest they
used data published by the Romanian
National Bank and for the considered
enterprise, the indicators were calculated
based on financial situations. Thus, a
package of entry data of the models which
are presented used within the analyzed

3. The correlation analysis

The correlation analysis is used in order
to study the intensity of the connection
between two or more variables. In a strict
sense, the correlation is a measure of
intensity of the connection between
variables. The statistic connections, taking
into account the type of the considered
variables, can express either associations (in
the case of nominal variables), or correlations
(in the case of numeric variables). In the
considered model, the correlation will be
measured. This can be expressed through
covariance, the Pearson correlation
coefficient of the Spearman and Kendall
correlation orders. Within the following
made analysis we will refer to the Pearson
correlation coefficient.

( X ,Y ) =

cov( X ,Y )
x y

( x

x )( y i y )

i =1

N x y

, i = 1, N

in which:
cov(X, Y) means covariance;
xi, yi, x, y are values of the correlated
variables and their medium level;
N- number of the pair of values;
x, y- quadric medium exception for X
and Y.
The correlation coefficient is obtained
through the standardization of the
covariance. The value of the correlation
coefficient is between -1 and +1. If this one
receives the zero value, then there is no
relation between variables. The plus signal
shows a direct connection (as the values of
the X variable grow, the values of the Y
variable grow, too) and the minus signal, a
reverse connection (as the values of the X
variable grow, the values of the Y variable
decrease). The absolute value of indicates
the intensity of the connection, which is: the
closer it gets with more than 1, the stronger
the connection, respectively the closer it gets
to zero, the weaker the connection when the
correlation coefficient equals with +1, it
indicates a perfect connection between
variables, and when a correlation coefficient
equals with -1 it indicates a perfect reverse

4. The econometric model of analysis of the rate of interest - the indebtedness degree correlation
In order to emphasize the influence of
the modification of the active rate of interest
over the credit decision over the level of an
enterprise, we will relate at two indicators
which quantify the debt, i.e. the general debt
degree and the financing debt degree. These
were calculated for the October 2000-March
2004 period at each of the moments in which
it was appealed to the banking credit
Let us note the general debt by GD, the
total debts by TD, the personal capitals by
PC, the financing debt degree by FDD, the
long and medium financial debt by LMFD,
and by PEC the permanent capitals. For the
calculation of these indicators the following
formulae were used:

The Influence of the Active Rate of Interest over the Financing Decision of the Enterprise

The Pearson correlation coefficient

is noted with (X,Y), and is defined by the


GD =

Based on the data extracted from the

financing situations of the enterprises one
calculated two indicators, the results being
presented in Table 1. For the entrance
variable named rate of interest, the data were
extracted from the Romanian National Bank
communications at the respective data.
Based on the entrance data the Pearson
correlation coefficients were calculated for the
connections: The rate of interest - The
financing debt degree, The rate of interest The general debt degree and The general debt
degree - The financing debt degree (Table 2).


Theoretical and Applied Economics

In Table 2 the Pearson correlation

coefficients are presented under the form of
a matrix. Each hole contains information
regarding the correlation between two
variables (the horizontal and the vertical
ones), the corresponding signification
threshold and the considered number of
observations (N). In the considered model,
the variables are the following: the active rate
of interest, the general debt threshold and
the financing debt threshold.
The entrance data of the correlation model
Table 1


The active The general

rate of
degree (%)







































Source: Personal calculations made based on

the financing situations of the enterprise and the
National Romanian Bank Reports 2004-2007.

The number of observations N= 10 refers

to reference numbers. These are presented
in the first column in Table 1 and correspond
to calendar data when the report was done,
covering the October 2004-March 2007
period. Suitable to each N observation (that
is the calendar data) there are three variables
of the model to be considered: the rate of
interest (column 3, Table 1), the general debt
degree (column 4, Table 1) and the financing
debt degree (column 5, Table 1).


The signification threshold offers

information about the probability of
correcting the obtained results. In other
words, it will indicate us the error degree of
the model, for the analyzed enterprise. As
one can see the results can be considered
significant, the error probability being less
than 1%.
The Pearson correlation coefficient
Table 2
The rate of general financing
The rate of The Pearson
The general The Pearson
debt degree coefficient
The Pearson
financing coefficient
debt degree The

* The correlation is significant

- the

probabilty to mistake is less than 1%

5. The dissemination of results

If one follows the first line of Table
2, one notices the three corresponding
coefficients of the connections between
the rate of interest and the other variables.
It is obvious that the relation between the
rate of interest and the rate of interest is a
direct and perfect correlation, that is why
the value of the indicator is 1 and the
threshold signification result has an error
less 0,000 %.

6. Conclusions
The results of the research made will be
made in two directions: one refers to the

proposed model and the other to the

financing of the enterprise. The realized
shaping leads us to the following
1. There are some connections between
the three variables.
2. The results of the statisticalmathematical shaping certify the indirect
correlation between the Rate of value and
the General debt degree, which means that
it sustains the fact that a growth of the rate
of value on the financial market lead to a
subtraction of the general debt degree and
the other way around.
3. The proposed model certifies an
indirect connection between the Rate of
interest and the Financing debt degree.
4. The proposed model can be
considered relevant because in a big measure
the results are significant, taking into account
the fact that error probability is in most of
the cases less than 1%. This means that the
results are relevant, the probability to be
correct being higher than 99%.
Regarding the financing of the enterprise
the present study certifies through the
proposed econometric model that there is a
strong connection between the modification
of the rate of interest and the financing
decision of the enterprise. The correlation
between the General debt degree and the
Financing debt degree is given by the values
of the Pearson coefficient, very closed to +1.
Thus, within this study case a
characteristic of the Romanian financing
market is: although there is a large palette of
financing products, the enterprises chose in
most cases the banking credit.

The Influence of the Active Rate of Interest over the Financing Decision of the Enterprise

For the relations between the rate of

interest and the general debt degree and the
rate of interest and the financing debt degree
correlations, the values of the Pearson
coefficient are -0,885 and, respectively, 0,772. These values show a very strong
connection between the two pairs of
variables, since they are so close to -1. From
the presentation of the model, one remember
the idea in accordance with which the value
of the coefficient gets closer to 1 or -1 as the
connection between the two variables
becomes stronger. The minus signal
indicates the nature of the correlation, which
in the two analyzed cases is indirect: a growth
of the rate of interest determined a subtraction
of the debt degree and the other way around.
The second line of the table indicates the
values of the Pearson correlation coefficient
calculated for the connections between the
general debt degree and the other variables. One
notices the value of +0,928 of the coefficient
for the connection: the general debt degree - the
financing debt degree. The value being very
close to +1 it certifies a direct and strong
connection between the two variables. Due to
the fact that the importance of the result is very
big we can come up with the idea that for this
enterprise financing is almost one hundred per
cent identified with the bank crediting.
One can notice the big threshold of
signification of the proposed model, the error
probability being less than 1%.


Theoretical and Applied Economics


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ntreprinderii, Editura Economic, Bucureti
Jaba, E., Grama, A. (2004). Analiza statistic cu
SPSS, Editura Polirom, Bucureti

Hawkins David (1993). The Business of Factoring,

Mc Graw - Hill Book Company Europe
BNR- Annual Report, 2004, 2004, 2006

International Business Research; Vol. 5, No. 8; 2012

ISSN 1913-9004
E-ISSN 1913-9012
Published by Canadian Center of Science and Education

Small and Medium Enterprises Access to Financing A European

Concern: Evidence from Romanian SME
Ionica Oncioiu 1

Tomis University, Romania

Correspondence: Ionica Oncioiu, Tomis University, Romania. E-mail:

Received: May 3, 2012

Accepted: May 30, 2012

Online Published: July 1, 2012



While small and medium enterprises (SME) are experiencing a period of financial and economic crisis, the
European Union is providing interesting business funding opportunities for the 27 European Members States.
Empirical research shows that the factors driving SME financing decisions are complex, a state of fact reflected
also by an ambiguous theoretical literature. On the one hand, this paper discusses the main characteristics of SME
financing in Europe and provides against this background an analysis of the impact of the funds absorption on
sustaining economic growth for Romanian SME. The results confirm the fact that for Romanian SME the access to
financing is a priority issue in the actual economic situation. On the other hand, the paper points out some avenues
for further research on this topic.
Keywords: structural funds, operational program, cohesion policy
1. Introduction
The principles of the European Union funding of SME have gradually emerged and are constantly analyzed for
improvement. Unfulfilled or only partially achieved expectations to the propertyless, deviations from the model
for better or worse, complaints, problems, deficiencies noticed in the comparison, all of them are challenges
needed to be met by training operations that EU experts will bring out. Given the political interest which European
structures manifested in this direction, this process will undoubtedly continue, because it allows better
management of financial resources and an increase with large positive effects. Furthermore, access to finance is the
most important factor promoting employment, growth and innovation in SME in Europe. Given the size of the
Structural Funds, the European Commission tried not to leave to chance the right to know. In agreement with the
Member States, there were established a number of obligations to make the mechanisms of release of these funds be
transparent and thus enabling people to know how their money is used.
According to a widely accepted understanding of SME, these are enterprises that have up to 500 employees, are
legally independent and whose managers assume financial, technical and commercial responsibility. I follow all
through this paper an understanding of SME which follows the one promoted in the European Commission
recommendation 361/2003/CE: the category of SME is represented by enterprises with less than 250 employees,
have an annual net turnover of up to 50 million and / or having total assets of up to 43 million euros
The research period focused in this paper encompasses the years 2007 2009. (Note 1) The research methodology
used was based on document analysis, secondary data analysis and statistical analysis. The analysis of levels of
funding granted through different EU financial instruments has been conducted on basis of statistical analysis of
financial information from European Commission budget.
2. Structural and Cohesion Financing Sources for SME
According to the Guidelines on financing of small and medium enterprises, funding may be made by calling the
internal sources (equity capital) and / or external funding sources (
The internal funding sources are:
Contributions of the owners or associated members.
Resources generated by the companys activity (retaining profit).


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Internal funding sources have some advantages, such as preserving the independence and financial autonomy,
because it creates no additional binding (interest, guarantees), or maintaining borrowing capacity, being a reliable
mean of financial support of the enterprises needs. They also bear disadvantages because the owners have fewer
funds to invest in other more profitable activities than the activity which generated the financial overflow
(alternative cost).
External financing sources of SME include: loans, grants, and capital market instruments. The needed borrowing
is obtained by the analysis of the evolution indicators of costs that are generated by the SME development. This
need should be determined from the planning stage of development. Depending on the characteristics of this
necessary, one develops the companys financing policy. External financing is necessary if the SME does not have
sufficient internal resources to cover the investments necessary for the planned activities.
Regardless of the country, it is intended to facilitate access of SME to external financing sources, especially
venture capital, micro-loans, financial mezzanine, and the development of a stimulating legal and business
environment. Attracting capital is one of the conditions necessary for both establishing a successful business
(especially SME) and for ensuring its development. The use of own resources or loans is often insufficient for
start-up firms or those with strong growth potential.
Risk aversion often cause investors and banks to avoid financing companies in the early stage of business. On the
other hand, many entrepreneurs need advice regarding the advantages and disadvantages of various forms of
funding and how it would be proper to present investment projects in front of the potential donors. In addition,
SME often have a poor equity situation, which is subsequently affected by late payments. In fact, an EU annual
report 2010-2011 revealed that, depending on the country, SME expect on average between 20 and 100 days to
collect bills, and one in four cases of insolvency are due to late payments (
Investors hesitate to invest in start-up companies because of high transaction costs and because the returns do not
compensate for risk. Therefore, these companies usually seek a venture capital, which may provide the amounts
necessary for entering the market and developing faster. The venture capital is essential for the innovative SME
financing and for the assurance of the best investment opportunities. However, in Europe, venture capital market is
fragmented, which affects cross-border investments and growth potential of venture capital funds and reduces the
level of investment. Therefore, given the need to improve SME access to financing (and especially for the
innovative ones), the European Commission established facilitating cross-border investments as one of the main
objectives, and initiated some measures to overcome regulatory and tax obstacles at EU and each Member State
To become competitive, European venture capital markets wish to increase their efficiency and profitability, and a
way to achieve this goal is by extending the benefits of a single venture capital market to facilitate cross-border
transactions. The European Commission will evaluate the options for the introduction of a private placement
regime to facilitate cross-border investments to stimulate the development of venture capital funds in Europe and
will assist Member States to promote programs which stimulate investments.
Regarding financial mezzanine, this is a hybrid financing instrument that combines features of equity and loan and
increases the possibilities of companies financial option. In fact, financial mezzanine can be an important
complementary source of financing firms. The most important instruments of mezzanine financing include private
placement instruments (private mezzanine) and capital market instruments (public mezzanine).
Mezzanine capital is an appropriate solution especially when the requirements for financing may not be covered by
traditional loans. Hybrid forms of financing can be employed also in less dynamic periods (e.g. maturity phase) to
optimize the financial mix. Cases of refinancing are also suitable for using mezzanine capital. In these stages of the
business, financial mezzanine is an attractive option for companies with positive cash flows and developing
perspectives to attract additional funds. Mezzanine financing is inappropriate for restructuring, because in these
phases capital flows are volatile and more difficult to predict. Further, financial mezzanine is not recommended for
companies with an unstable position on the market and negative forecasts of development, with a high debt rate
and accounting and financial weaknesses.
The mezzanine financial instruments are little used now, compared with traditional financial loans, but amid a
trend of change and rapid evolution of financial markets, where the survival and development of the companies
will require substantial resources, it is estimated that this form of financing will grow significantly.
Micro-loans can be another useful tool to achieve major objectives, like the development of small businesses, but
also increasing social welfare or creating new jobs. However, many start-up companies face difficulties in

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accessing small loans (fewer than 25.000 Euro). With regard to accessing micro-loans, the European Commission,
European Investment Fund and European Investment Bank developed a common initiative known as Joint Action
to Support Micro-Finance Institutions in Europe JASMINE, which aims to develop micro-loan supply in Europe
( The key actions which are intended in
order to achieve this goal are:
Providing technical assistance for micro-financing institutions to help them be credible financial
intermediaries and obtain capital more easily;
Financing of non-banking financial institutions activities, so that they can grant more loans.
The program aims to improve access to financing for small businesses, for unemployed people or for people
without a current job, who would like to become providers of independent activities, but are unable to access
traditional banking services. This program began in 2009 with a three-year pilot phase and an initial capital of 50
million Euros.
3. Current Scenarios for Financing SME
The increasing attention paid in the last decade to SME in most countries of the world, as a result of the recognition
of their major contribution to economic development and generating new jobs in the economy, is reflected in the
development of various public financing schemes. There are two significantly different concepts at the basis of
their design and operation:
1. Financing schemes for SME based on governmental economic policies, which aim to achieve certain economic
and social objectives by financing with priority some certain categories of firms. Adherents of this approach are
the Japanese, who are currently preferentially financing through a variety of public schemes, small businesses
which develop strongly and with great potential for job creation (Klein et al., 2003).
2. Financing schemes for SME focused on market requirements, which aim to provide financial resources, but
under the same or very close conditions to the market conditions. The main concern is to avoid causing
distortions in market competition, which might advantage certain categories of firms. These schemes, which
forecast modest subsidies to SME financing costs, have a less sensitive role in stimulating them. In Europe,
there are especially in Germany and the UK approaches based largely on this model, while in the period
2007-2009, the previous approach was predominantly used.
Romanian SME requirements consider the types of investment needed during the development of their
commercial activities, the risks related to investments which will be financed, and the factors to be considered
when selecting a funding source. In choosing the source of funding for SME several aspects should be carefully
considered: what kind of source of funding is best suited to the business objectives, what financing size can meet
the needs of the business and its own assessment of the company, which will be made in order to assess the ability
of the business, to have access to financing and to repay it. When the financing source is chosen, the following
factors should be taken into account (Nicolescu & Nicolescu, 2008):
a) the costs included in obtaining financing: different types of financing involve different costs, like the costs of
financing services, which may be interest rates, flat fees, commissions, etc., but also the anticipated cost, which
includes all costs before receiving approval for funding, for example, the evaluation of assets, fees for
processing application forms, requests, authorizations, approvals, legal and fiscal taxes, etc.
b) the availability of funds, since business requires funds in accordance with its plans. Therefore, when selecting
the source of funding, it would be beneficial to consider the availability of financing funds, the period necessary
for the approval process and the type of reimbursement offered.
c) the terms of funding; one should take into account, before applying for funding, the following issues:
the eligibility criteria required to be met by applicants in order to receive funding;
the size of the offered financing, which is necessary to match the real needs of the business;
the existence of guarantees and / or type and size of the required guarantees, the assessment terms of
guarantees required by the types of funding. If the enterprise has its own guarantees to cover the need of
guarantees, the costs of the financing services are smaller, compared with the case when it has to seek help of
a guarantee fund;
the crediting period and grace period offered by the type of financing. The entrepreneur should check whether
these match with the type of business, stage of development and the ability to repay the financing;
the interest rate required by the lender, which can be fixed or variable;

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the financing currency: in case of foreign currency as financing currency, it is advantageous for companies to
involve in export, since in this case the risk and currency exchange costs can be avoided;
the type of reimbursement requested: there are seasonal activities which means for long-term investment loans
that, during certain seasons, there may not be significant sales, which can generate revenue to enable
repayment by monthly or quarterly installments. In this case, it is important that financing should provide
flexibility for reimbursement payments, such as full reimbursement at the end of the loan;
the enterprises own assessment regarding the size of company and its ability to access financing, dividend
policy (the company may request co-financing from external sources also for current activity, if also the
shareholders reinvest the profit), shareholders willingness to accept the participation of donors in enterprise
management, enterprises business plans and strategies for future development (for example, investment plans,
the development of new markets and new products);
the use of funds, since in search of funding, each SME knows exactly for what purpose it will implement the
investment and how to increase the business. In accordance with these aspects, the enterpriser will consider
the funding offer relating it to the companys ability to repay the financing in accordance with the repayment
schedule (scheduled payment dates). He will consider further whether the funding harmonizes with the
business development and its ability to repay financing (credit, leasing, etc.), and the financial management
forecast of the business (the management policy with regard to collecting money from customers and paying
Bearing all these in mind together with the needs of SME as the largest and increasingly important economic sector,
which became dominant in many branches and sub-branches of activity of the national economy, I concluded that
there are not only in Romania, but also in other countries, an infinite number of principles for funding SME, among
conducting direct marketing activities to publicize the availability of financing and eligibility criteria that are
to be met; thus one can identify the SME that meet the criteria on the one hand, but also arouse the interest of
others to design their business so that it becomes eligible for financing on the other hand;
collaboration, cooperation and informing between all economic, administrative and political links involved
directly and / or indirectly in funding the programs;
generating information by each actor involved, according to its position in the process and providing funding
for information transmission to all people;
the analysis of the received information, the preparation and transmission of feedback by each actor to all
others that are or may be concerned;
adequate learning and practicing of methods and procedures that will operate at all times during the
relationship of funding by all actors involved;
ensuring in good faith the guarantees established in the financing relationship and restoring or attributing them
to the entitled ones;
strict adherence to deadlines concerning communication and payments as provided by law and / or signed
contracts in the funding relationship by all direct or indirect actors involved in it;
sanctioning of deviations in communication and payment terms by bearing the created damages, the
compensation of those affected adversely, and loss of the advantages which the guilty parties might have
Applying any of these principles will inevitably reveal details concerning the value of the principles that can
complement or complete the list above.
4. An Outline of Financing SME in Romania
In Romania, public schemes which promote SME financing can be divided mainly into four categories (Figure 1).
Financing schemes by grants provide, under certain conditions, grants for SME. Generally, these grants address
companies from certain economic sectors or areas of the country. Most often, there are financed investments in
equipment and, more rarely, in capital. The basic principle of providing grants is financial co-participation, which
implies the allocation by the SME of a part of the funds necessary for the whole project at a clearly stated minimum
level. Such schemes were operationalized through some foundations (CRIMM, FIMAN) or governmental
agencies (the National Agency of Small and Medium Enterprises, the National Agency for Regional Development,
the National Employment Agency) and ministries (Ministry of Transport, Ministry of Labor and Social Protection,

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Vol. 5, No. 8; 2012


blic financing

Guarantee fundss

Subsidiary loans

Venture capital

Fiigure 1. The main

m types of fiinancing schem
mes for SME in
n Romania
EU Structuural Funds aree managed by the
t European Commission and
a have as deestination finanncing the strucctural
aid measurres at communnitarian level, in
i order to prom
mote the regions with delayss in developmeent, reconversioon of
areas affeccted by industtrial decline, combating
lonng-term unempployment, and promoting thhe employabiliity of
young peoople or rural deevelopment. If one considers that Romania would benefitt by 2013 from
m structural funnds of
about 28-330 billion Euroos from the EU (, it is of
o great importtance
to known the
t level of thee Romanian SM
ME connectedd with the accesssing of these forms of finanncing.
The analyssis of the situattion of SME in
n 2009 accordiing to their agee reveals mainlly that the com
mpanies that aree less
than 5 yearrs old have thee highest propo
ortion among companies whicch did not acceess the Structurral Funds (58,993%)
urale-finantari.html). Compaanies which arre over 15 yeaars old have hiigher
percentagees of SME at thhe stage of elab
borating draftss for their projeects (6,70%) an
nd of contactinng a consultingg firm
/ organizaation to assistt employers (16,27%).
10-15 years old firms stand out with highher percentagees of
organizatioons that inform
m regarding th
he Structural F
Funds (33,58%
%), economic operators who have
submitted the
project (2,,92%) and SM
ME that have received
approoval for fundinng (2,19%). Surprisingly, coompanies from
m the
capital Bucharest show tthe highest perrcentage of SM
ME where therre is no interestt for structurall funds (72,83%
%), a
situation explained by thhe existence off very strong coompetitors in all
a areas of actiivity in the region, and by thee fact
that this area
is more developed economically, w
while Europeaan authorities mainly aim to
t reduce regional
disparities (Figure 2). On the opposite side are the Center reegion compan
nies (69,49%), followed byy the
South-Wesstern and the N
n region compaanies.






North Weest





Sout Weest






Noth Est

No intention
to acces
structural funds



South Est

Intention to acces stru





Figure 2. The intention of th

he entrepreneuurs from the eigght regions to access
structurral funds
Another coomponent of tthe financial package
that R
Romania beneffits from is the cohesion funnds. The Euroopean
Union proovides financiaal assistance th
hrough four deevelopment fuunds that replaace the three pre-accession
on funds financce environmenntal and transpo
ort infrastructuure projects, ass well
as professional and social retraining ones. The totaal amount recceived by Rom
mania is 5.9733 billion Euroos for
2007-20099, respectively 22,4% of GDP in
i 2007, 3,2% of GDP in 20008 and 4% of GDP
G in 2009.
For the peeriod 2007-20113, within the framework off Romanias inntegration into
o the Europeann Union, dozenns of
public finaancing schemess for SME are provided, whicch are structureed into seven operational
proograms, as show
wn in
Table 1.

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Table 1. Operational programs


Operational Program

Management Authority

Structural instruments


Sector Operational Program for

Ministry of Transport (

European Regional Development Fund,


Sector Operational Program

Ministry of Environment and Sustainable

European Regional Development Fund,


Development (

Cohesion Fund

Sector Operational Program

Ministry of Economy and Finances

European Regional Development Fund





Cohesion Fund

Regional Operational Program

Ministry of Development, Public Work and

European Regional Development Fund

Housing (

Sector Operational Program

Ministry of Labor, Family and Equal

Human Resources Development

Opportunities (

Operational Program Increasing of

Ministry of Interns and Administrative

Administrative Capacity

Reforms (

Operational Program, Transport

Ministry of Economy and Finances

European Regional Development Fund

European Social Fund
European Regional Development Fund


National Rural Development

Ministry of Agriculture and Rural

Program (NRDP)

Development (

Source: White Charter of Romanian SMEs in 2009.

The billions of Euros allocated via Structural Funds and Cohesion Fund come from taxes paid by EU citizens and
ought to be managed in an efficient, transparent and impartial way. The situation on 30.11.2009 regarding
submission and approval of projects, signing contracts and making payments by grant recipients is presented in
Table 2.
Table 2. Situation on 30.11.2009 regarding submission and approval of projects

Allocations UE










PO Regional

Submitted Project

Approved Projects
Total projects

Degree of


Total Value (Lei)














value (lei)



































POS Increasing


















POS Environment

POS Transport





POS Human




















PO Administrative




















PO Technical







































Source: White Charter of Romanian SMEs in 2009.


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Romanias EU accession has brought more opportunities for small business financial support. Funding will be
granted for the following major areas:
productive investments and preparation for the market competition of enterprises;
support for strengthening and upgrading the productive sector through investments in facilities, equipment,
acquisition of technology patents, trademarks, licenses and know-how;
procurement of professional services and access to international standards certification, implementation and
certification of quality management systems, implementation and certification of environmental management
systems, product certification and eco labeling, development and accreditation of testing / analysis laboratories,
metrology calibration.
Further support will be given to the Romanian companies access to new markets and their internationalization by:
stimulating SME participation to fairs and exhibitions to promote their products and business
facilitating access to credit and financing by the introduction and development of financial instruments
appropriate to small businesses;
strengthening the National Credit Guarantee Fund for SME;
creating and developing innovative financial instruments that will help entrepreneurs involved in research
projects and implementation of research results;
development of entrepreneurship as an important factor in strengthening existing businesses and in supporting
start-ups will be another major objective of financial support policies;
encouraging the development of specific business infrastructure such as incubators and business centers;
promoting SME access to quality advice for the development of projects / business plans, for product
development and business strategies, as well as the development of inter-firm corporations and joint
investments, investment consulting, financial consulting, marketing activities and promotion of companies,
management and human resource development, organization of production, modern technologies, information
technology and e-business, innovation and protection of intellectual property rights;
encouraging inter-firm cooperation, in order to integrate them into the clusters and supply chains in various
areas of economic activity.
The estimated value of European support given to the SME sector through the mentioned measures will be around
800 million Euros for the whole period 2007-2013 (
This funding will be ensured from the Structural Funds of the European Regional Development Fund (ERDF) in
the programming documents.
Among the financial instruments, SOP Increase of Economic Competitiveness (SOP - IEC) is the most important
resource for non-reimbursable financial assistance addressed to the SME in Romania. The program is funded by the
European Regional Development Fund (ERDF). On the one hand, SOP IEC answers to the first priority of the
National Development Plan (NDP) 2007-2013, namely developing competitiveness and knowledge-based
economy, and, on the other hand, to the second priority of the National Strategic Reference Framework (NSRF),
namely long-term development of economic competitiveness, contributing at the same time to the
implementation of all the other priorities of the NSRF.
The aim of implementing the program is that, by the year 2015, the average productivity increase will be of approx.
5,5% annually, which will ensure the achievement of a level of about 55% of the EU average.
Loan financing schemes aim to meet separately or cumulatively two categories of requirements:
SME access to credit, given the difficulties of obtaining them from banks because of their distrust in this class
of customers and the lack of necessary know-how on the side of banks;
partial subsidy of credits interest, taking into account the very high interest rates and their fluctuating
In Romania, several credit lines for SME were opened, mostly having international financing - the World Bank,
European Bank for Reconstruction and Development, the European Union PHARE, etc. The Romanian
government participated with a certain quota to all these lines. These credit lines are selectively available to SME in
certain economic sectors and / or in certain areas of the country and for certain types of businesses. Similarly, some
programs of interest subsidies on loans were opened, in the operationalization of which the Ministry of Finance, the

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Romanian Development Agency, Ministry of Labor and Social Protection, etc. were involved. They targeted certain
types of companies, often generating jobs or exporting activities. The usefulness of these guaranteeing funds lays in
their participation, under certain conditions, to the partial credit guarantee required by entrepreneurs, alleviating
this way their access to credits. They offer further an overview of the types of accessible public funding to
entrepreneurs, helping them to determine the funding sources they need.
SME have started to use more diversified portfolios of finance and the structure of portfolio is much different from
one sector to another. Largest share have the own resources, followed by bank loans and, thirdly, by the sources of
financial assistance grant, the budget allocations and grants from the European Union. The share of capital market
sources is insignificant.
Although own resources remain the main source of financing investment projects, the importance of bank loans
tends to increase. The use of own resources in investment projects varies from sector of activity to sector of activity,
from 100% for SME in hotels and restaurants sector to 51,70% in the case of agricultural enterprises. SME in trade
often apply for bank loans (59,10%), followed closely by SME from transport and communications (51,70%), and
those from agriculture (46,80%). With regard to financial assistance programs supported by the European Union,
enterprises from agriculture emerge as the ones applying most frequently for this source. Thus, 26,60% of the
investigated agricultural enterprises intend to use this source of financing their investments, while only 0,60% of
SME from the commercial sector expressed this intention. This small share of this source in financing portfolio for
investment in companies from the commercial sector stems from the fact that this sector is not eligible for financial
assistance grant (
Concerning the ways of financing economic activities chosen by entrepreneurs / managers of SME in 2009, the
investigation reveals the following results: 64,42% of companies were self-financed, 51,05% of companies
received bank loans, 29,57% of companies used leasing, 8,74% of SME used grants, and 3,91% of them used
factoring as a source of funding. One should note that 3,09% of SME acquired loans from specialized institutions,
2,73% had access to the National Credit Guarantee Fund for SME, and 1,46% of companies issued shares on the
capital market. This highlights the average self-financing capacity of businesses, and the relative maintaining of
the degree of bank loans and leases compared to previous years, as well as an reduced use of other methods of
financing in most SME in Romania.
When taking the age of SME as criterion, one notices the following (Table 3):
companies not older than 5 years are mostly self-financed (65,82%);
5 to 10 years old companies have a higher percentage of SME that used factoring (4,64%), but a lower
percentage using grants (7,54%) or loans from specialized financial institutions (2,32%);
among the 10 to 15 years old firms no economic units were financed by issuing shares on the capital market,
and there is the highest proportion of SME that were credited (60,58%), have turned to leasing (33,58%),
loans from specialized financial institutions (5,11%), and accessed the National Credit Guarantee Fund for
SME (3,65%);
over 15 years old enterprises have the largest shares of economic units that were financed by issuing shares on
the capital market (2,25%) and by grants (12,16%).
One can thus observe a more pronounced diversification of financing methods in the case of companies younger
than 10 years, due to superior expertise and higher credibility in front of the banks / financial institutions.
Table 3. Overview of methods of financing SME taking the age of SME as criterion

Method of financing


Age of SME
0-5 years

5-10 years

10-15 years





over 15 years

Bank loans












Issue of shares on the capital market












Loans from specialized financial institutions











Guarantee of the National Credit Guarantee Fund for SME





Source: White Charter of Romanian SMEs in 2009.


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An analysis of the financing methods according to the regional affiliation of SME reveals the following main
businesses in the South-Western region recorded a higher share of firms that issued shares on the capital
market (4,48%), used grant funds (14,93%) and factoring (8,96%);
economic units in the North-Eastern region have the highest percentage of SME that resorted to bank loans
(60,96%) and the National Credit Guarantee Fund for SME (4,81%);
companies from the Western region were mostly self-financed (77,33%) and used to lesser extent bank loans
companies in North East, South West, Centre region and Bucharest are singled out by the absence of SME that
issued shares on the capital market, the firms in the South, West and Central region were not funded by
factoring, and SME in the West did not use the National Credit Guarantee Fund for SME.
Turning to size of SME as criterion, one obtains the following results (Table 4):
the lowest share of firms that were financed by bank loans, leases, grants, factoring, loans from specialized
financial institutions or using guarantees from the National Credit Guarantee Fund for SME is among the
small businesses;
the highest percentage of firms which resorted to leasing, issues of shares on the capital market, loans from
specialized financial institutions or using guarantees from the National Credit Guarantee Fund for SME is
among small businesses;
medium-sized enterprises turned to a greater extent to loans from banks (66,14%), grants (18,11%) and
factoring (10,24%), while the small-sized enterprises are mostly self-financed (65,69%).
Table 4. Overview of methods of financing SME taking the size of SME as criterion
Firms dimension


Method of financing


Small enterprises







Bank loans










Issue of shares on the capital market










Loans from specialized financial institutions










Guarantee of the National Credit Guarantee Fund for SME




Medium enterprises

Source: White Charter of Romanian SMEs in 2009.

Assessing the methods of financing SME by industry highlights the following features (Table 5):
companies from services sector have the lowest share of SME that used the funding by bank loans (37,82%)
and leasing (26,47%), but present an increased percentage of firms that used grants (12.61%);
most companies from industrial sector were self-financed (70,61%), but also used factoring as a source of
financing (5,70%);
SME in constructions sector recorded the highest percentage of companies that turned to leasing (39,82%) and
to the National Credit Guarantee Fund for SME (7,08%);
companies from tourism sector registered higher percentages of SME that contracted bank loans (64,00%) and
loans from other specialized financial institutions (12,00%), and registered the smallest share of firms were
self-financed (52,00%);
companies operating in constructions, tourism and transport are marked out by the absence of SME that were
financed by issuing shares on the capital market;
tourism and transport companies turned to the National Credit Guarantee Fund for SME.


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Table 5. Overview of methods of financing SME taking the industry of SME as criterion

Method of financing


SME by Industry














Bank loans
















Issue of shares on the capital market
















Loans from specialized financial institutions
















Guarantee of the National Credit Guarantee Fund for SME







Source: White Charter of Romanian SMEs in 2009.

Financing is perceived by Romanian SME as a crucial constraint for their development. In order to improve this
situation, it is necessary to act on multiple levels, the government, banks and institutions having the main role in
ensuring the transparent, effective and fair development of a range of tools meant to support SME.
5. Concluding Discussion
Considering the results presented above, one can identify and outline areas where the following priority actions are
1. Gradual establishment of a system of guarantee funds for financing entrepreneurs at national and regional level.
2. Significant reduction of the amount of guarantees and fees required by banks in lending in accord with the EU
3. Simplifying procedures for obtaining credit.
4. Interest subsidy on loans to SME, at least in certain sectors with competitive advantages and for certain groups
(youth, disabled persons, etc.).
5. Developing a national training program for entrepreneurs in order to access structural funds based on the
principle of public - private partnership.
6. Providing adequate grace period on loans for investment. It is also necessary to give credits for investment for a
longer period of time, at least 5-7 years. These two measures would facilitate a comprehensive and rapid
development of SME.
7. Transforming a state bank in a development bank (investments) for SME.
Other measures that may be adopted in order to improve SME access to finance are:
1. A more intense publicity concerning the guarantee funds in Romania on the one hand, and simplifying
guarantee mechanisms on the other hand.
2. Promoting the use of non-traditional financial instruments such as venture capital funds.
3. Creating a database with information on funding opportunities for SME (financial aid grant, guarantee funds,
venture capital funds).
4. Practicing more attractive interest on loans from the unemployment insurance budget, the National Agency for
Employment, and for certain interest groups that could initiate and develop business that fall within the SME
sector, such as students or the unemployed.
There is a paradox in the financing SME by grants: they are relatively small and yet Romania does not succeed in
successfully absorbing funds, which represents an intriguing problem, especially since the European Union
provides Romania with millions of euros, mostly non reimbursable money. These funds were not absorbed because
there was not a public-private partnership based on fair principles in line with the practices of the EU acquis
(Nicolescu, 2008). Bureaucracy and lack of information are considered by SME as main obstacles in the way of
accessing grants. 50% of projects are completed exceeding the budget, 25% fail completely, and only 25% of
projects are successfully completed (

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Vol. 5, No. 8; 2012

The programs funded by the Romanian government were not the most important in terms of allocated sums, but
were a partial solution to social issues arising from economic reforms, established a general framework for
development of SME private sector and paved the way for future funding programs from alternative internal or
external sources, because they helped identifying the main needs of private SME, the main problems in carrying
out such programs and helped training funds beneficiaries to participate in other grant programs.
After the involvement of banks in these financing programs offered by foreign institutions or by the Romanian
government, the commercial banks have become more interested in financing SME. They perceived these
programs as useful in working with SME, have acknowledged how to develop their range of products and services
and have learned to attract new customers or to support those existing during the development effort. Their
financing programs for SME started to adapt to the needs of this segment of customers, but still need
SME financing has come a long way in recent years in Romania. However, as in many other countries in the region,
there is still a long way to go until one reaches the appropriate support for the development potential of SME. Not
only is the number of SME in Romania lowest, producing little more than 50% of GDP, while in the EU they
produce over 70% (, but also their long-term viability is fragile. Incentives such as tax reduction,
technical assistance, special purpose grants, etc., are necessary, but it would be beneficial to be also implemented
and monitored carefully, in order to support SME sector development in a sustainable way. The different financing
schemes for SME can be considered useful only if they reach the target market and are properly implemented,
since each of these schemes has both advantages and weaknesses.
The Small Business Act is an important step towards a Europe of entrepreneurs and provide active support for the
development of SME in Europe by facilitating access of SME to European programs, increasing their participation
in public contracts, reducing bureaucracy, eliminating barriers to cross-borders work and facilitating SME access
to finance, particularly risk capital, micro-loan and mezzanine finance.
Audretsch, D. B., & Thurik, A. R. (2004). A model of the entrepreneurial economy. International Journal
of Entrepreneurship Education, 2, 143-166.
Berica, C. (2011). Structural Funds Value Added and Costs, Munich Personal RePEc Archive, paper no. 28151,
January 14, 2011. [Online] available at http://mpra.ub.uni-muenchen. de/28151/4/MPRA_paper_28151.pdf,
accessed on February 21, 2012.
Dunning, J. H., & Sarianna, M. L. (2008). Multinational enterprises and the global economy. International
business, 70(1), 920. pagina 64
Klein, M. W., Schuh, S., & Triest, R. K. (2003). Job creation, job destruction, and the real exchange rate. Journal
of International Economics, 59(2), 239-265.
Kotey, B., & Slade, P. (2005). Formal Human Resource Management Practices in Small Growing Firms.
Journal of Small Business Management, 43(1), 16-40.
Nicolescu, O., & Nicolescu, C. (2008). Intreprenoriatul si managementul ntreprinderilor mici si mijlocii. Editura
Economic, 402-409.
Nicolescu, O., Maniu, A. I., Nicolescu, C., & Anghel, F. (2010). White Charter of Romanian SMEs in 2009.
Ed. Olimp, Bucureti, p. 221.
Polverari, L., & McMaster, I. (2011). Territorial cohesion and new cohesion policy: Challenges for old and new

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The European Charter for Small Enterprises.
White Charter of Romanian SMEs in 2009.
Note 1. There was a two years delay in making public the statistical data concerning the Romanian SME during this
period, the statistical data was made public in 2011. A further aspect playing an important role when choosing this
research period (2007-2009) is related to the impact of the economic crisis on the Romanian economy generally
and on SME sector in particular. Starting with 2010, the general impact of economic crisis on SMEs in Romania
became drastic, and they were no longer able to meet the criteria and requirements for access to funds. Thus the
policy of access to funds slowed down, and an inquiry on the present topic during 2010 would not be so rewarding.
Compared to other European countries, apart from the large number of SME that declared bankruptcy in Romania,
many others, according to a survey conducted in May 2009 by the National Credit Guarantee Fund for Small and
Medium Enterprises, had faced a decrease in sales figures (21-50%).


Intrebari de verificare
Cand apare riscul valutar?
Cand un client cu credit, are nevoie de acordul expres al bancii?
Care sunt principalele categorii de cheltuieli?
Ce este ROBOR?
Ce este descoperit de cont?
Ce reprezinta gradul de indatorare?
Ce face Centrala Riscurilor Bancare?
Din ce este compusa rata dobanzii variabile la credite?
Care sunt principalele drepturi si obligatii aferente creditelor?
La ce se utilizeaza un descoperit de cont?
Ce reprezinta DAE? Din ce se compune?
Ce tipuri de carduri exista?