Documente Academic
Documente Profesional
Documente Cultură
2013
Investete n oameni!
FONDUL SOCIAL EUROPEAN
Axa prioritar 1: Educaia i formarea n sprijinul creterii economice i dezvoltrii societii bazate pe cunoatere
Domeniul major de intervenie 1.2: Programe de studii mai bune pentru studeni i piaa muncii
Titlul proiectului: Aplicarea metodologiilor de cercetare tiinific n domeniul tiinelor medicale i promovarea culturii
antreprenoriale pentru facilitarea inseriei pe piaa muncii a studenilor mediciniti din ciclul de studii universitare de licen
Numrul de identificare al contractului: POSDRU/156/1.2/G/141745
Beneficiar: Universitatea de Medicin i Farmacie Carol Davila din Bucureti
Avizat ,
prof. univ. dr. Ioana-Anca BDRU
Responsabil stiintific pentru activitatea A2
READER MODUL
NOTIUNI DE BAZA IN CREDITARE
Realizat,
Marian Mugurel Munteanu
Expert elaborare i susinere module de formare pentru studeni pt. activitatea A2(S)
Cuprins:
I.
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;
IV.
Intrebari de verificare
CASE STUDY
Open Access
Abstract
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
Background
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: w.t.koelewijn@utwente.nl
1
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
2014 Koelewijn et al.; licensee BioMed Central Ltd. This is an Open Access article distributed under the terms of the Creative
Commons Attribution License (http://creativecommons.org/licenses/by/2.0), which permits unrestricted use, distribution, and
reproduction in any medium, provided the original work is properly credited. The Creative Commons Public Domain
Dedication waiver (http://creativecommons.org/publicdomain/zero/1.0/) applies to the data made available in this article,
unless otherwise stated.
Page 2 of 12
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].
Methods
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
Results
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
process.
Page 4 of 12
400 to 700
Cardiology
Dermatology
400 to 700
> 700
10
> 10
1
1
Geriatrics
Gynecology
Internal medicine
Ophthalmology
Orthopedics
ENT
Pediatrics
Plastic surgery
1
1
Radiology
Surgery
Total
1
4
Power dependence
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:
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
possible.
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
management:
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)
Page 6 of 12
Page 7 of 12
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:
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.
Entrepreneurship
Page 8 of 12
Level of
competition
Managerial
Entrepreneurship
attitude towards
(intra/extra)
entrepreneurship
Small hospital
Low
Conditional
1/0
Medium hospital
High
Positive (vehicle)
5/1
Medium hospital
High
Conditional
1/2
Large Hospital
Low
Conditional
1/1
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
Discussion
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.
Beds
Level of
competition
Perceived
Power
Interest
Managements Intrapreneurial Extrapreneurial
involvement in
dependence
dissatisfaction
attitude towards
decision-making on management with management entrepreneurship
< 300
Low
Medium
Medium
Low
Negative
400 to 700
High
Medium
Medium
Low
Positive (Vehicle)
400 to 700
High
Low
High
High
Conditional
> 700
Low
Medium
Medium
Medium
Negative
Page 10 of 12
Logic
Hospital
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)
No
In governance
Hybrid (6)
Yes
No
Yes
High
Medium
High
Low
Management
Fellow physicians/Management
Management
High
Medium
High
Low
Competitive; defensive
towards business
Competitive; transformative
towards medical
Competitive; defensive
towards business
Status quo
a
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.
Conclusion
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.
Page 11 of 12
Page 12 of 12
The current issue and full text archive of this journal is available at
www.emeraldinsight.com/1756-6266.htm
Entrepreneurship within
social and health care
A question of identity, gender and
professionalism
Anne Kovalainen
Department of Management, School of Economics,
University of Turku, Turku, Finland, and
sterberg-Hogstedt
Johanna O
Social and
health care
17
Received 4 September 2011
Revised 20 November 2011
1 March 2012
Accepted 9 October 2012
The authors acknowledge the financial support of the Academy of Finland, Minna Canth
Academy Professorship project funding.
IJGE
5,1
18
Introduction
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.
Social and
health care
19
IJGE
5,1
20
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,
Social and
health care
21
IJGE
5,1
22
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
occupation.
Social and
health care
23
IJGE
5,1
24
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
Social and
health care
25
IJGE
5,1
26
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
(O
Social and
health care
27
IJGE
5,1
28
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.
Conclusion
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
Social and
health care
29
IJGE
5,1
30
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.
Notes
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.
References
Akola, E., Heinonen, J., Kovalainen, A., Pukkinen, T and Osterberg, J. (2007), Yrittajyyden ja
palkkatyon rajapinnalla? Tyon ja toimeentulon rakentuminen eri ammateissa 2000-luvun
Suomessa, Tyopoliittinen tutkimus, 326, Tyoministerio, Helsinki.
Aldrich, H.E. and Ruef, M. (2006), Organizations Evolving, 2nd ed., Sage, Thousand Oaks, CA.
Anderson, N. and Hughes, K.D. (2010), The business of caring: womens self-employment and
the marketization of care, Gender, Work and Organization, Vol. 17 No. 4.
Ashcraft, K. (2007), Appreciating the work of discourse: occupational identity and difference as
organizing mechanisms in the case of commercial airline pilots, Discourse &
Communication, Vol. 1 No. 1, pp. 9-36.
Beasley, C. and Bacchi, C. (2007), Envisaging a new politics for an ethical future: beyond trust,
care and generosity towards an ethic of social flesh, Feminist Theory, Vol. 8 No. 3,
pp. 270-98.
Berger, P.L. and Luckmann, T. (1966), Social Construction of Reality, Anckor Books,
New York, NY.
Brush, C., Carter, N.M., Gatewood, E.J., Greene, P. and Hart, M.M. (Eds) (2006), Women
Entrepreneurs: Contemporary Classics, Edward Elgar, London.
Bubeck, D. (1995), Care, Gender and Justice, Oxford University Press, Oxford.
Social and
health care
31
IJGE
5,1
32
Social and
health care
33
IJGE
5,1
34
Sundin, E. (1997), Den offentliga sektorns omvandling och kvinnor och mans
foretagande inom typiskt kvinnliga sektorer, in Sundin, E. (Ed.), Om makt och kon
i sparen av offentliga organisationers omvandling, SOU 1997:83, Fritzes, Stockholm,
pp. 334-65.
Sundin, E. (2004), Bibliotekarien som startade eget, Haften for kritiska studier, Nos 3/4,
pp. 24-36.
Sundin, E. (2006), Anstallda startar eget gammal foreteelse i ny skepnad, in Sundin, E. and
Thornquist, A. (Eds), Nar anstallda blir foretagare. Studier om foretagande i ett
strukturomvandlings- och arbetsmarknadsperspektiv, Arbetsliv i omvandling 2006:17,
Arbetslivsinstitutet, Stockholm, pp. 253-70.
Sundin, E. and Holmquist, C. (1989), Kvinnor som foretagare. Osynlighet, mangfald, anpassning
en studie, Liber, Malmo.
Svensson, L.G. (2006), New professionalism, trust and competence: some conceptual remarks
and empirical data, Current Sociology. Trust and Professionalism in Knowledge Societies,
Vol. 54 No. 4, pp. 579-93.
r det mojligt? Om villkor for smaforetagande inom vard- och omsorgssektorn,
Tillmar, M. (2004), A
Nutek R2004: 4, Stockholm.
Tillmar, M. (2009), Societal entrepreneurs in the health sector: crossing the frontiers,
Social Enterprise Journal, Vol. 5 No. 3, pp. 282-98.
Tronto, J. (1993), Moral Boundaries A Political Ethic of Care, Routledge, New York, NY.
Tronto, J. (2011), Privatizing neo-colonialism: migrant domestic care workers, partial citizenship
and responsibility, in Dahl, H., Keranen, M. and Kovalainen, A. (Eds), Europeanization,
Care and Gender. Global Complexities, Palgrave MacMillan, London.
Vesala, K.M., Peura, J. and McElwee, G. (2007), The split entrepreneurial identity
of the farmer, Journal of Small Business and Enterprise Development, Vol. 14 No. 1,
pp. 48-63.
Warren, L. (2004), Negotiating entrepreneurial identity. Communities of practice and changing
discourses, Entrepreneurship and Innovation, February, pp. 25-35.
Wickham, P.A. (2001), Strategic Entrepreneurship. A Decision-Making Approach to New Venture
Creation and Management, 2nd ed., Pearson Prentice-Hall, Harlow.
Williams, R. (2000), Making Identity Matter. Identity, Society and Social Interaction, Sociology
Press, Durham.
Wistow, G., Knapp, M., Hardy, B., Forder, J., Kendall, J. and Manning, R. (1996), Social Care
Markets. Progress and Prospects, Open University Press, Buckingham.
Witz, A. (1992), Professions and Patriarchy, Routledge, London.
Witz, A. (1994), The challenge of nursing, in Gabe, D., Kelleher, D. and Williams, G. (Eds),
Challenging Medicine, Routledge, London.
Wrede, S. (2010), Nursing: globalization of a female-gendered profession, in Kuhlmann, E. and
Annandale, E. (Eds), Palgrave Handbook of Gender and Healthcare, Palgrave Macmillan,
London, pp. 437-53.
Further reading
Crenshaw, K. (1991), Mapping the margins, Stanford Law Review, Vol. 43 No. 6, pp. 1241-99.
Evetts, J. (2011), A new professionalism? Challenges and opportunities, Current Sociology,
Vol. 59 No. 4, pp. 406-22.
Goffman, E. (1974), Frame Analysis, Harper and Row, New York, NY.
Phoenix, A. (2006), Editorial, European Journal of Womens Studies, Vol. 13 No. 3, pp. 187-92.
Stakes (2007), Yksityinen palveluntuotanto sosiaali- ja terveydenhuollossa 2004, Suomen virallinen
tilasto, Sosiaaliturva, Yliopistopaino, Helsinki.
Social and
health care
35
Reproduced with permission of the copyright owner. Further reproduction prohibited without
permission.
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
Enterprises,
Entrepreneurship,
Value Added, Productivity,
Internationalization
JEL Codes:
L25, L26,M2,M13
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
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.
References
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
52
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, www.europeanfiles.com,
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.
Brussels.
7. RbiIg, P. (2014). What Kind of European Policy for
SMEs, in Ulman, Laurent ( Edit) , Industrial strategy in
Europe , Competitiveness and Growth, The European
Files/
Les
Dossiers
Europens,
Brussels,
www.europeanfiles.com, 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.
53
Reproduced with permission of the copyright owner. Further reproduction prohibited without
permission.
AE
Abstract
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
195
AE
Introduction
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.
*
196
Amfiteatru Economic
AE
197
AE
Y AL K
(1),
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:
L N 1 NAIRU T
(2),
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
(3),
198
Amfiteatru Economic
AE
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:
(4),
(5),
1t 2t 1 .
LS N
NS
wS _ IMM 1 NAIRU T
N EC
(6),
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
Vol. 17 No. 38 February 2015
199
AE
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:
C MI
GVA
(7),
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:
C S MI EC
GVAS
GVAEC
(8),
GVAS
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
(9),
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
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):
Kn
GFCFn
rA d A
(10),
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).
200
Amfiteatru Economic
AE
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
follows:
GVASME , S
GVAEC , S
(11),
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:
Aimplied
Y
L K 1
(12),
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
Vol. 17 No. 38 February 2015
201
AE
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
0,6374
0,6932 0,5739
0,2349
0,5109
0,4348
0,6261
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:
Year
08
09
10
11
12
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
Industry
Trade
IT&C
Real Estate
Construction
Total
85,7
75,1
83,9
88,2
95,4
428,3
%
SME
31,7
32,6
31,0
30,8
30,3
31,3
Total
65,4
55,9
56,6
59,8
61,6
299,2
%
SME
68,1
68,1
64,1
62,2
63,0
65,1
Total
15,9
14,8
14,8
14,8
15,8
75,9
%
SME
30,1
28,8
31,7
33,1
36,0
31,9
Total
6,8
5,0
4,9
5,0
5,8
27,4
%
SME
95,3
94,9
95,8
95,4
96,7
95,6
Total
26,7
21,9
19,8
19,5
18,5
106,4
%
SME
68,3
72,9
71,1
68,5
73,4
70,8
Year
08
09
10
11
12
%
SME
49,5
50,4
50,1
50,9
50,2
50,2
Total
1.543
1.410
1.330
1.362
1.369
7.013
%
SME
76,7
75,9
76,1
77,0
76,2
76,4
Total
145
135
130
134
137
681
%
SME
58,2
59,7
59,3
59,0
58,9
59,0
Total
47
43
41
41
40
211
%
SME
89,3
89,3
88,4
87,8
88,2
88,6
Total
554
469
393
418
400
2.235
%
SME
77,2
79,1
78,1
79,7
80,9
79,0
202
Amfiteatru Economic
AE
203
AE
Output
Gap
-1,99%
-0,86%
-0,02%
0,41%
-0,67%
0,05%
2,00%
5,90%
-2,46%
-3,76%
-1,02%
-1,28%
1,68%
SME
Industry
-1,26%
0,07%
0,92%
1,57%
-0,44%
0,31%
1,92%
1,26%
-3,67%
-0,39%
0,57%
-3,34%
1,93%
SME
Trade
0,72%
-5,91%
-2,69%
-0,92%
-0,46%
4,01%
4,91%
10,00%
-3,46%
-5,31%
-3,58%
3,41%
2,56%
SME
IT&C
-1,50%
1,49%
0,30%
0,40%
-3,41%
0,00%
3,62%
4,41%
-2,33%
-3,98%
-1,19%
0,16%
0,54%
SME Real
Estate
-2,90%
2,52%
-2,71%
-2,17%
2,15%
3,90%
3,75%
3,43%
-4,98%
-5,42%
-1,98%
-1,10%
2,90%
SME
Construction
2,18%
1,70%
-1,56%
-6,23%
-11,22%
-7,60%
4,52%
20,06%
5,99%
1,20%
-10,11%
-6,43%
0,94%
SME
Agriculture
-2,00%
-2,36%
0,53%
8,34%
0,56%
-0,14%
-6,54%
0,81%
-2,23%
-5,00%
6,23%
-5,48%
4,32%
Amfiteatru Economic
AE
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.
205
AE
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.
206
Amfiteatru Economic
AE
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.
207
AE
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).
Conclusions
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
208
Amfiteatru Economic
AE
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.
References
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: <http://www.nber.org/papers/w11224>
[Accessed 26 November 2014].
209
AE
210
Amfiteatru Economic
AE
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:
<http://www.kfacts.ia.ro/uploads/File/WP032007.pdf> [Accessed 26 November 2014]
Maksimovic, V. and Phillips, G., 2002. Do Conglomerate Firms Allocate Resources
Inefficiently? Evidence from Plant-Level Data. Journal of Finance, 57, pp.721-767.
Marchi, G., 2011. Study Regarding Romanian Entrepreneurship. EuroEconomica, 30(5).
Ozbek, L. and Ozlale, U., 2005. Employing the extended Kalman filter in measuring the
output gap. Journal of Economic Dynamics and Control, 29, pp.1611-1622.
Pagano, P. and Schivardi, F., 2001. Firm Size Distribution and Growth. Banca dItalia
Working Paper, 394.
Pslaru, D. and Modreanu, I. Studiu Contribuia IMM-urilor la Creterea Economic
Prezent i Perspective. Beneficiar Comisia Naional de Prognoz. Bucharest:
Editura Economic.
Volchek, D., 2013. Internationalization of small and medium-sized enterprises and impact
of institutions on international entrepreneurship in emerging economies: the case of
Russia. [pdf] Available at: <https://www.doria.fi/bitstream/handle/10024/93790/isbn
9529522655127.pdf?sequence=2> [Accessed 26 November 2014]
World Bank, 2002. Review of Small Business Activities. Washington DC: World Bank.
World Bank, 2004. Review of Small Business Activities. Washington DC: World Bank.
World Bank, 1994. Can Intervention Work? The Role of Government in SME Success.
Washington DC: World Bank.
211
Reproduced with permission of the copyright owner. Further reproduction prohibited without
permission.
BANKS
PR
O
REG
BS
JO
DE
NS
OA
Y
ERIT
P
S
SITS
O
P
U L AT I O N
NONBANKS
Deposits
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.
16
Safeguarding savings
20
Building wealth
18
Access
22
15
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...
Checking accounts
Savings accounts
Certificates of deposit (CDs)
Money market deposit accounts (MMDAs)
$10
Deposits ($ T)
Martin Gruenberg,
FDIC Chairman
$8
Recessions
$6
$4
$2
$0
1985
1989
1993
1997
2001
2005
2009
2013
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.
16
Lockboxes
Sweep accounts
Disbursement accounts
Background
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.
17
Access
Consumer Payments
The payment
processing system
handled about 3,900
transactions every
second in 2012.
Other
Market Share of Consumer Payments
Cash
Checks
Credit Cards
80%
60%
40%
20%
0%
2005
2010
Source: The Nilson Report 2011
18
Debit Cards
100%
2015
Determining if requests to access an account via any channel are from actual
customers and being made by those customers, not others
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.
19
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
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.
Noncorporate
Equities
13%
Deposits
14%
Bonds
8%
Mutual Funds
10%
Corporate
Equities
21%
20
Other
3%
Life Insurance
2%
Real estate
Mineral interests
Art
Background
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.
21
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.
22
Estates
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:
Background
Banks Help Customers Meet Specific Needs with Trusts
Individual customers turn to their banks to help them meet specific financial needs, such as:
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
23
$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.
24
$1.8 trillion
Banks hold this amount
in mortgage loans.
BANKS
PR
O
REG
BS
JO
DE
NS
OA
Y
ERIT
P
S
SITS
O
P
U L AT I O N
NONBANKS
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.
26
Consumers
30
Governments
28
Businesses
31
25
Consumers
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
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.
26
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.
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.
Swaps
Consumer Credit
Other
3%
Student Loan
9%
Credit Card
6%
Mortgage
70%
Auto Loan
7%
Home Equity
Revolving
5%
Source: Federal Reserve Bank of New York Consumer Credit Panel
27
Businesses
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.
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
28
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.
Background
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.
$1,600
Recessions
$1,200
40%
Stronger
$ Billions
20%
0%
$800
Neutral
-20%
-40%
$400
Weaker
-60%
$0
1985
1989
1993
1997
2001
2005
2009
2013
-80%
1992
Recessions
1996
2000
2004
2008
2012
29
Governments
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.
$ Billions
$300
$200
$100
$0
1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013
30
Bank Funding
Holding
Company
Investment
15%
Small Time and
Savings
Deposits
56%
Net Interbank
Liabilities
2%
Other
8%
Credit Market
Instruments
7%
Checkable
Deposits
12%
31
$1,000
Recessions
$800
$600
$400
$200
$0
1992
1995
1998
2001
2004
2007
32
2010
2013
Background
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.
33
comision de garantare, datorat FNGCIMM: 0,49% pe an, aplicat la 50% din soldul
creditului la data prevzut n legislaie
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)
-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
dobnda se aplic doar sumelor utilizate din descoperit, pentru perioada n care sunt
utilizate
-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)
dobnda este, n general, mai avantajoas dect n cazul unui card de credit sau n
cazul unui descoperit de cont.
dobnda este, n general, mai avantajoas dect n cazul unui credit pentru nevoie
personale fr ipotec.
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:
dobnda;
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):
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:
un document (factura de utiliti sau un alt document) din care s rezulte domiciliul
nscris n actul tu de identitate sau reedina;
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;
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
codul de securitate (trei cifre evideniate pe verso card, utilizat n efectuarea anumitor
operaiuni fr prezena cardului, cum ar fi rezervrile la hotel, etc);
interogare sold;
miniextras cont;
sigurana n utilizare
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
pentru unele tranzacii nu este nevoie de validare cu cod PIN (tranzacii contactless).
Cteva sfaturi adresate posesorilor de carduri:
s nu dezvluie niciodat PIN-ul altor persoane, chiar dac acestea sunt sau se
prezint drept angajai ai bncii;
DICIONAR DE TERMENI
A
ATM
A
card, pentru diverse operaiuni (retragere de numerar, efectuare
pli, informare privind situaia contului, schimbare cod PIN, etc.);
B
Banc
Biroul de
Credit
C
Comision
Credit
Cont curent
Cont de
economii
Card de debit
Card de
credit
Credit pentru
investiii
imobiliare
Credit de
A
consum
Costul total
al creditului
Codebitor
(copltitor)
Centrala
Riscului de
Credit (CRC)
Contract
cadru
Consumator
D
Dobanda
anual
efectiv
(DAE)
Debitor
(mprumutat)
Debitare
direct
A
;
Depozit
bancar
Descoperit
de cont
(Overdraft)
Dobnda
Dobnda
penalizatoare
E
Extras de
cont
EURIBOR
G
Garant/Girant
Grad de
ndatorare
Grafic de
rambursare
I
Ipotec
IBAN
A
Internet
banking
L
LIBOR
M
Marja bncii
O
Ordin de
plat
P
PIN
Personal
Identification
Number
POS
Plafon de
garantare a
depozitelor la
bnci
R
Rambursare
Rata dobnzii
variabile la
credite
Rata dobanzii
fixe la credite
Rata dobnzii
A
de referin a
BNR
ROBOR
S
Scadena
V
Valoarea
total
pltibil de
ctre
consumator
Valoarea
total a
creditului
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;
minim 15 zile nainte de data la care devine parte n contract sau oferta, perioada ce
se poate reduce cu acordul su expres;
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.
cheltuieli flexibile i aici intr bugetul pentru mncare, mesele cu prietenii, hainele,
produsele pentru uzul personal, vacanele, etc
Ce te sftuim?
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
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 nevoie s retragi bani, din punct de vedere al costurilor cel mai indicat este
s utilizezi ATM-urile bncii care a emis cardul
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,
www.bnro.ro.
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.
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
contractuale.
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
semnificatii:
- 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
cererii).
- 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
CGB;
- 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
aspecte;
- 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
(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
international.
(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 http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA.aspx, 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. PRINCIPII GENERALE
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
corespondente)
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
Client.
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
www.raiffeisen.ro.
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
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
Conturilor.
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
dormant.
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. ACORDAREA DE CREDITE
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
specifice.
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
Finantare.
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
tertii.
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.
(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 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
notificare.
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,
sau
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
credit/angajament.
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. DISPOZITII FINALE
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
contrariul.
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
Notificari:
(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 (www.raiffeisen.ro / www.raiffeisenonline.ro) 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. raiffeisen.ro) sau direct in aplicatie
(www.raiffeisenonline.ro) 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
transmiterilor.
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 .
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
67
market.
A credit is addressed to corporate
activities medium and big companies and
68
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.
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
69
70
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
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.
71
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
72
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
73
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
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
References
74
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
Introduction
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
daniela_p0pescu@yahoo.com
Cluj-Napoca,
Faculty
of
178
Economics
and
Business
Administration,
e-mail:
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
concludes.
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 et.al (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
179
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
Headcount
Turnover or Balance sheet total
Micro
< 10
2 million 2 million
Small
< 50
10 million 10 million
Medium-sized
< 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:
180
Table no. 2
Romanian SMEs by size class
Romanian SMEs (units)
2007
2008
2009
Micro enterprises
417.971
460.254
453.009
% total enterprises
88,12%
88,53%
88,28%
Small enterprises
45.108
48.007
48.487
% total enterprises
9,51%
9,23%
9,45%
Medium-Sized enterprises
9.481
9.785
9.838
% total enterprises
2,00%
1,88%
1,92%
Total SMEs
472.560
518.046
511.334
% total enterprises
99,62%
99,65%
99,64%
(Source: European Commission, 2011d)
2010
464.659
88,47%
49.173
9,36%
9.669
1,84%
523.501
99,67%
2011
475.852
88,62%
49.798
9,27%
9.637
1,79%
535.287
99,69%
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.
181
130%
120%
Industry
110%
Trade
Services
100%
90%
2007
2008
2009
2010
2011
182
200.000
50.000
2007
2008
2009
2010
2011
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 et.al 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
183
funds to SMEs by affecting the feasibility with which financial institutions provide funds to
different types of SMEs (Berger, et.al 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)
Indicators
Unit
2007
2008
2009
2010
2011
Number of credit institutions
42
43
42
42
42
(no)
Number of banks with majority
foreign capital, of which
40
42
40
40
40
(no)
Foreign bank branches
10
10
10
9
9
(no)
Assets of banks with majority (% in total
private capital/Total assets (%)
94,7
94,6
92,5
92,4
93,1
assets)
Assets of banks with foreign (% in total
capital/Total assets (%)
88,0
88,2
85,3
85,0
85,4
assets)
Loans/ Deposits
108,72 120,62 118,57 115,10 117,28
(%)
Herfindahl-Hirschmann index
1.046
926
857
871
895
(points)
(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
two:
184
ING
Bancpost
BCR
0,25
0,2
0,15
0,1
0,05
0
Volksbank
BRD
Raiffeisen Bank
CEC
Unicredit
Banca Transilvania
Alpha Bank
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
regions.
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.
185
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:
80
60
40
20
0
-20
-40
-60
-80
-100
Short term loans
186
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.
Conclusions
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.
References
1. Atieno R, 2001. Formal and informal institutions lending policies and access to credit by
small-scale enterprises in Kenya: An empirical assessment, AERC Research Paper 111,
available at: http://www.aercafrica.org/DOCUMENTS/RP111.PDF, accessed on February
2012
187
2. Beck T., Demirg-Kunt A., Maksimovic, V., 2008. Financing Patterns around the World:
Are Small Firms Different?, Journal of Financial Economics, 89(3), 467-487.
3. Bell C., 1990. Interactions between institutional and informal credit agencies in rural India;
World Bank Economic Review, vol. 4, no. 3, 297327
4. Berger A.N., Udell G.F., 2002. Small business credit availability and relationship lending:
the importance of bank organizational structure, Economic Journal, no. 112, 32-53.
5. BNR,
2011.
Financial
stability
report,
available
at
http://www.bnro.ro/PublicationDocuments.aspx?icid=6877, accessed on February 2012
6. BNR,
2010.
Financial
stability
report,
available
at:
http://www.bnro.ro/PublicationDocuments.aspx?icid=6877, accessed on February 2012
7. BNR,
2009.
Financial
stability
report,
available
at:
http://www.bnro.ro/PublicationDocuments.aspx?icid=6877, accessed on February 2012
8. BNR, October 2007-October 2011. Bank Lending Survey 2007-2011, available at:
http://www.bnro.ro/PublicationDocuments.aspx?icid=11324, accessed on February 2012
9. Cetorelli N., Gambera M., 1999. Banking Structure, Financial Dependence and Growth:
International Evidence from Industry Data, Federal Reserve Bank of Chicago, Working
Paper Series, no. 1, 30-31.
10. European Commission, 2011a. Communication from the Commission to the Council, the
European Parliament, the Committee of the Regions and The European and Social
Committee An action plan to improve access to finance for SMEs, SEC 1527, available at:
http://ec.europa.eu/enterprise/policies/finance/files/sec-2011-1527_en.pdf,
accessed on
February 2012
11. European Commission, 2011b. The Survey on the Access to Finance of Small and Mediumsized
Enterprises,
available
at
http://ec.europa.eu/enterprise/policies/finance/data/index_en.htm#h2-1,
accessed
on
February 2012
12. European Commission, 2011c. SBA Fact Sheet: Romania, available at
http://ec.europa.eu/enterprise/policies/sme/facts-figures-analysis/performancereview/files/countries-sheets/2010-2011/romania_en.pdf, accessed on February 2012
13. European
Commission, 2011d. SME Performance Review, available at
http://ec.europa.eu/enterprise/policies/sme/facts-figures-analysis/performancereview/index_en.htm, accessed on February 2012
14. European Commission, 2003. Commission Recommendation of 6 May 2003 concerning the
definition of micro, small and medium-sized enterprises, Official Journal of the European
Union,
L
124/36
available
at:
http://eurlex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2003:124:0036:0041:EN:PDF, accessed
on January 2012
15. European Commission, 2001. Enterprises Access to Finance, Commission Staff Working
Paper SEC(2001) 1667, Brussels, Commission of the European Communities
16. FAO, 2005. Romania: Bank Lending To Small and Medium Sized Enterprises in Rural
Areas; an Analysis of Supply and Demand, FAO Investment Centre / EBRD, Report Series,
No. 9;
17. Heyman D., Deloof M.; Ooghe H., 2007. The Financial Structure of Private Held Belgian
Firms, Small Business Journal, 30, 301-313.
18. Hernndez-Cnovas G.; Koter-Kant J., 2008. Debt Maturity and Relationship Lending: An
Analysis
of
European
SMEs,
available
at:
http://staff.feweb.vu.nl/jkoeter/default_files/FinalMarch2008.pdf, accessed on January 2012
19. Hostiuc C., Voican R., 2011. Top 10 bnci dup activele deinute, Ziarul Financiar,
available
at
http://www.zf.ro/banci-si-asigurari/top-10-banci-dupa-activele-detinute7990558, accessed on February 2012
188
20. Johnsen G., McMahon R., 2005. Owner-managers Gender, Financial Performance and
Business Growth amongst SMEs from Australias Business Longitudinal Survey,
International Small Business Journal, vol. 23 (2), 115-142
21. Kumar A., Francisco M., 2005. Enterprise size, financing patterns and credit constraints in
Brazil: analysis of data from the Investment Climate Assessment Survey, World Bank
working paper No.49.
22. Lean J., Tucker J., 2000, Information Asymmetry and Small Firm Finance, Paper presented
to the 23rd ISBA National Small Firms Conference, Small Firms: Adding the Spark, The
Robert Gordon University, Aberdeen, 15-17 November 2000
23. Levine R., 2004. Finance and growth: Theory and evidence, NBER Working paper 10766
24. Miller M., 1995. The role of social relationships in financial intermediation: empirical
evidence from the United States small business credit market, Ph.D. dissertation, University
of California at Berkeley.
25. Nicolescu O., Haiduc I.C., Nancu D., 2011. Carta Alb a IMM-urilor din Romnia 2011.
Bucureti, Editura Sigma.
26. OECD, 2009. The Impact of the Global Crisis on SME and Entrepreneurship Financing and
Policy Responses, Centre for Entrepreneurship, SMEs and Local Development, available at:
http://www.oecd.org/dataoecd/40/34/43183090.pdf, accessed on January 2012
27. Petersen M., Rajan R., 1994. The benefits of lending relationships: Evidence from small
business data, Journal of Finance, 49(1), March, 3-37
28. Roman A., Ignatescu V., 2011. Features of SMEs in Romania in the Context of European
Integration and Implications of the Current Crisis, MIBES Transactions, Vol 5, Issue 1, 134150
29. Svoiu G., Crciuneanu V., aicu M., 2010. O metod statistic nou de analiz a
concentrrii sau diversificrii pieelor, Revista Romn de Statistic, nr. 58(2), 15-27
30. Schmitz H., 1982. Growth constraints on small scale manufacturing in developing countries:
A critical review, World Development, vol. 10, 429-50
31. Scott J. M., Irwin D., 2009. Discouraged advisees? The influence of gender, ethnicity, and
education in the use of advice and finance by UK SMEs, Environment and Planning C:
Government and Policy 27(2), 230 245
32. Silva F; Carreira C., 2010. Financial constraints: Are there differences between
manufacturing and services, GEMF Working Papers, no. 16, available at:
http://gemf.fe.uc.pt/workingpapers/pdf/2010/gemf_2010-16.pdf, accessed on February 2012
33. Szabo Z. K, 2011. The impact of the crisis on the SME sector in Romania- The back-up of
innovation and entrepreneurship development, Romanian Journal of Economics, Vol. 33,
No. 2: 90-108, available at http://www.revecon.ro/articles/2011-2/2011-2-5.pdf, accessed on
February 2012
189
Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
Daniel Bdulescu
26
Introduction
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
requirements.
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
27
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
28
SMEs Financing: the Extent of Need and the Responses of Different Credit Structures
29
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
financing).
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).
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
30
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).
SMEs Financing: the Extent of Need and the Responses of Different Credit Structures
31
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?
32
Daniel Bdulescu
SMEs Financing: the Extent of Need and the Responses of Different Credit Structures
33
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
efficiency;
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
34
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
35
Note
(1)
Survey data from 91 large banks of different ownership types across 45 countries.
References
Bdulescu, D., Bdulescu, Alina (2010), Financial Constraints Facing SMEs: Some Theory
and Evidence, Metalurgia International, vol. XV, Special Issue no. 8
Beck, Th., Demirg-Kunt, Asli, Martinez Peria, Maria Soledad (2010), Foreign banks and
small and medium enterprises: Are they really estranged?, http://www.voxeu.org/index.
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.
worldbank.org/DEC/Resources/84797-1114437274304/jmcb_intro_final.pdf, [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
36
Daniel Bdulescu
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, http://www.ecb.europa.eu/pub/pdf/other/
accesstofinancesmallmediumsizedenterprises201002en.pdf [Accessed 30 May 2010]
Gallup Organization, (2009), Access to Finance, Flash Eurobarometer 271,
http://ec.europa.eu/enterprise/newsroom/cf/itemlongdetail.cfm?lang=ro&item_id=3611,
[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
OECD (2000). Financing newly emerging private enterprise in transition economies, OECD
Publication Services
OECD (2004). Promoting entrepreneurship and innovative SMEs in a global economy:
Towards a more responsible and inclusive globalization, Istanbul, Turkey 3-5 June
OECD (2006). Policy Briefs, www.SourceOECD.org, [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
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=300060/, [Accesed 26 May 2010]
Sharpe, S.A., Asymmetric information, bank lending, and implicit contracts: A stylized model
of customer relationship, Journal of Finance, 45, 1990, pp. 1069-1087
Stein, J.C., Information Production and Capital Allocation: Decentralized vs. Hierarchical
Firms, Journal of Finance, 57, 2002, pp. 1891-1921
Irena Munteanu
Ph.D. Lecturer
Anca Bran
Ph.D.
The Influence of the Active Rate of Interest over the Financing Decision of the Enterprise
BCR
67
Introduction
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?
68
( 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
connection.
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
financing.
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
TD
;
PC
LMFD .
FDD =
PEC
GD =
69
Data
30-Cct-04
31-Dec-04
17.96
34.99
24.95
30-Mar-05
10.75
120.50
130.30
30-Iun-05
8.00
205.30
180.60
30-Sep-05
8.25
204.50
190.50
31-Dec-05
7.50
229.43
194.88
31-Mar-06
8.47
163.56
108.97
30-Iun-06
8.50
184.49
110.03
31-Dec-06
8.75
136.81
80.93
10
31-Mar-07
8.08
113.49
83.03
70
- the
6. Conclusions
The results of the research made will be
made in two directions: one refers to the
The Influence of the Active Rate of Interest over the Financing Decision of the Enterprise
71
72
References
Bran, P., Ionela, Costic (2005). Finanele
ntreprinderii, Editura Economic, Bucureti
Jaba, E., Grama, A. (2004). Analiza statistic cu
SPSS, Editura Polirom, Bucureti
doi:10.5539/ibr.v5n8p47
URL: http://dx.doi.org/10.5539/ibr.v5n8p47
Abstract
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
(www.europa.eu.int/enterprisepolicy/smedefinition).
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 (http://www.finantare.ro/ghid-finantari.html).
The internal funding sources are:
Contributions of the owners or associated members.
Resources generated by the companys activity (retaining profit).
47
www.ccsenet.org/ibr
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 (http://ec.europa.eu/enterprise/policies
/sme/facts-figures-analysis/performance-review/files/supporting-documents/2010-2011/annual-report_en.pdf).
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
level.
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
48
www.ccsenet.org/ibr
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
(http://www.eif.org/what_we_do/microfinance/JASMINE/index.htm). 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;
49
www.ccsenet.org/ibr
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
suppliers).
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
which:
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
obtained.
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,
etc.).
50
www.ccsenet.org/ibr
Grants
Pub
blic financing
schemes:
Guarantee fundss
Subsidiary loans
Venture capital
27.17
Buchareest
72.83
69.49
Centter
50
0.91
North Weest
29.34
Weest
30.51
49.09
70.66
58.96
Sout Weest
41.04
33.84
Sou
uth
58.44
48.13
Noth Est
E
No intention
i
to acces
structural funds
66.16
56
41.5
South Est
E
51.87
40
80
www.ccsenet.org/ibr
Operational Program
Management Authority
Structural instruments
1.
2.
Environment
Development (www.mmediu.ro)
Cohesion Fund
Competitiveness
(www.mfinane.ro)
Transport
3.
4.
Cohesion Fund
Housing (www.mdlpl.ro)
5.
6.
7.
Opportunities (www.mmssf.ro)
Administrative Capacity
Reforms (www.mai.gov.ro)
(www.mfinane.ro)
8.
Program (NRDP)
Development (www.maap.ro)
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
Current
Allocations UE
Operational
reporting/
2007-2009
Program
Previous
(cumulate)
reporting
EURO
30.11.2009
31.10.2009
PO Regional
Submitted Project
Approved Projects
Total projects
Degree of
fund
absorption
Number
Number
1.175.429.871
2.828
29.892.174.379
672
6.771.361.067
22,65
1.175.429.871
2.582
27.663.593.075
648
6.468.220.815
23,38
value (lei)
(%)
Difference
246
2.228.581.304
24
303.130.252
30.11.2009
1.288.182.545
133
13.508.646.650
64
5.797.014.726
42,91
31.10.2009
1.288.182.545
133
13.459.355.351
64
5.797.369.833
43,07
Difference
49.291.299
-355.107
30.11.2009
1.307.638.271
41
15.739.705.408
17
3.083.146.959
19,58
31.10.2009
1.307.638.271
41
15.739.705.408
17
3.083.146.959
19,58
Difference
POS Increasing
30.11.2009
730.266.902
5.304
29.382.497.423
1.236
4.326.590.928
14,72
730.266.902
4.981
28.007.635.207
1.082
3.874.987.097
13,83
323
1.374.862.216
154
451.603.829
POS Environment
POS Transport
Economic
31.10.2009
Competitiveness
Difference
POS Human
30.11.2009
995.700.446
5.202
32.083.136.025
912
3.584.644.236
11,17
11,03
Resources
31.10.2009
995.700.446
5.088
31.920.475.360
864
3.521.740.311
Development
Difference
114
162.660.665
48
62.903.925
PO Administrative
30.11.2009
89.157.178
654
647.718.127
109
202.983.844
31,34
32,89
Capacity
31.10.2009
89.157.178
634
610.897.851
108
200.983.844
Development
Difference
20
36.820.276
1.190.000
PO Technical
30.11.2009
56.358.210
28
201.841.322
15
130.104.476
64,46
Assistance
31.10.2009
56.358.210
22
181.387.635
14
130.061.476
71,70
Difference
20.453.687
43.000
30.11.2009
5.642.733.423
14.190
121.455.719.334
3.025
23.835.026.234
19,62
31.10.2009
5.642.733.423
13.481
117.583.049.887
2.797
23.076.510.335
19,62
Difference
709
3.872.669.447
228
818.515.899
TOTAL
52
www.ccsenet.org/ibr
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
internationalization;
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 (http://ec.europa.eu/regional_policy/atlas2007/fiche/nsrf.pd).
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
character.
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
53
www.ccsenet.org/ibr
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 (http://www.cnipmmr.ro/statistica/2011sem1.pdf).
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
No.
Method of financing
1.
2.
Age of SME
0-5 years
5-10 years
10-15 years
Self-financing
65,82%
65,51%
59,85%
over 15 years
62,61%
Bank loans
46,43%
48,99%
60,58%
56,76%
3.
Leasing
26,02%
32,17%
33,58%
29,73%
4.
128%
174%
0,00%
2,25%
5.
Grants
7,65%
7,54%
9,19%
12,16%
3,15%
6.
3,06%
2,32%
5,11%
7.
Factoring
3,06%
4,64%
3,65%
4,50%
8.
2,04%
2,90%
3,65%
3,15%
54
www.ccsenet.org/ibr
An analysis of the financing methods according to the regional affiliation of SME reveals the following main
aspects:
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
(38,67%);
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
No.
Method of financing
Micro
Small enterprises
1.
Self-financing
65,69%
62,78%
62,99%
2.
Bank loans
40,69%
63,33%
66,14%
3.
Leasing
21,90%
39,44%
38,58%
4.
082%
306%
0,00%
5.
Grants
4,90%
11,94%
11,11%
6.
2,45%
4,17%
3,15%
7.
Factoring
1,63%
5,56%
10,24%
8.
1,63%
4,17%
3,94%
Medium enterprises
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.
55
www.ccsenet.org/ibr
Table 5. Overview of methods of financing SME taking the industry of SME as criterion
No.
Method of financing
1.
SME by Industry
Industry
Construction
Trade
Tourism
Transport
Services
Self-financing
70,61%
59,29%
61,24%
52,00%
67,21%
65,97%
2.
Bank loans
57,46%
53,10%
55,26%
64,00%
40,98%
37,82%
3.
Leasing
32,02%
39,82%
28,23%
28,00%
29,51%
26,47%
4.
0,44%
0,00%
2,87%
0,00%
0,00%
1,26%
5.
Grants
10,96%
6,19%
7,18%
12,00%
1,64%
12,61%
6.
3,07%
5,31%
2,15%
12,00%
3,28%
2,94%
7.
Factoring
5,70%
5,31%
3,59%
4,00%
1,64%
2,94%
8.
3,95%
7,08%
167%
0,00%
0,00%
2,52%
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
recommended:
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
practices.
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 (http://www.cnipmmr.ro/statistica/2011sem1.pdf).
56
www.ccsenet.org/ibr
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
improvements.
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% (www.animmc.ro), 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.
References
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.
http://business.rol.ro/content/view/45044/2/
http://ec.europa.eu/enterprise/
http://ec.europa.eu/regional_policy/atlas2007/fiche/nsrf.pdf pagina 64
http://ec.europa.eu/regional_policy/funds/ISPA/ISPA_ro.htm
http://epp.eurostat.ec.europa.eu/cache/ITY_OFFPUB/KS-ET-11-001/EN/KS-ET-11-001-EN.PDF
http://rru.worldbank.org/DoingBusiness/ExploreEconomies/BusinessClimateSnapshot.aspx?economyid=
158
http://www.eif.org/what_we_do/microfinance/JASMINE/index.htm
http://www.finantare.ro/ghid-finantari.html
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
Member
States.
1st
ESPON
Scientific
Conference,
Malmo.
57
www.ccsenet.org/ibr
http://www.espon.eu/export/sites/default/Documents/Projects/ScientificPlatform/Interco/INTERCO_DFR_
Annexes.pdf.
The European Charter for Small Enterprises.
White Charter of Romanian SMEs in 2009.
www.animmc.ro.
www.cnipmmr.ro.
www.europa.eu.int/enterprisepolicy/smedefinition.
www.insse.ro.
www.ueapme.com.
Notes
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%).
58
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?