CUPRINS

C0|k|N!
M|.|aae+ |1ac||.............................................................................................1
:+rc|a||e .tr+te|ce +|e |1ac||........................................................................1
Me.+ja| |re,ea|ate|a| tea.|||a|a| |1ac||........................................................+
Me.+ja| |re,ea|ate|a| tem|teta|a| ae teaaacere +| |1ac||.............................
Mea|a| ae +l+cer|..........................................................................................
|.e|a|+ .|.tema|a| |+ac+r..........................................................................
|ecaae+,tere+ a+|ea+|1 ,| |atera+|ea+|1.................................................z
|aa|c+ter|| l|a+ac|+r| ae |+t1 +| raja|a|.....................................................1
|ct|.|t+te+ cerjer+t|.1................................................................................+
|ct|.|t+te+ ret+||.........................................................................................
|ct|.|t+te+ ae |a.e.t|||...............................................................................z
|ct|.|t+te+ ae treterer|e.............................................................................zz
||.t+ |1ac||er cere.jeaaeate......................................................................z+
Ie|ae|e|||e |alerm+|ea+|e.......................................................................z
|am|a|.tr+re+ r|.car||er...............................................................................zI
|re.ea|re+ .j1|1r|| |+a||er..........................................................................z
|e.ar.e|e am+ae........................................................................................1
0a.era+re+ cerjer+t|.1..............................................................................1
|||+atrej|e ,| .jea.er|t+re..........................................................................11
:a|.|a|+r||...................................................................................................1+
MISIUNEA BNCII
3
4
5
6
7
MEDIUL DE AFACERI N 2012
|eta|t+te|e jr|.|aa e.e|a|+ eceaem|e| a+|ea+|e je j+rcar.a| +aa|a| zz aeaet1 e r1c|re + +ct|.|t1|| eceaem|ce. :|ta+|+ a|a 1r||e
earejeae, |a c+re +a +j1rat jre||eme l|a+ac|+re, +re rejerca.|aa| +.ajr+ cerer|| +t1t e\terae, c1t ,| |aterae jeatra jreaa.e|e
me|ae.eae,t|. |a j|a., ceaa||||e meteere|e|ce e\trem ae ael+.er+|||e +a +.at aa |mj+ct ae+t|. +.ajr+ eceaem|e| a+|ea+|e,
re.ject|., + le.t +lect+t e\jerta|. N|.e|a| |a+|t ae |acert|taa|ae eceaem|c1 eaer+||t+t1 l+ce c+ +ea|| eceaem|c| .1 l|e m+| ret|cea| |a
+je|+re+ |+ crea|te |+ac+re ae|. |r|a arm+re, +ct|.|t+te+ |a.e.t||ea+|1 + le.t ae.ta| ae j+.|.1 ,| |atrejr|aaer||e |aaa.tr|+|e +a jreaa.
m+| ja|a, ca elect ae+t|. a|ter|er +.ajr+ .er.|c|||er ae tr+a.jert ,| cemera|a| |ater|er.
MEDIUL DE AFACERI N 2012
|a6|ce|e 6e e|am a| ||8, % (aaa| prece6eat=100%)
110
105
100
95
90
85
2008 2009 2010 2011 2012
99.2
107.1
94.0
107.8
106.8
|re6asa| |atera |rat (||8) s-a 6|m|aaat aeesea|a|. tealerm a+te|er ejer+t|.e, |a +aa| zz ||| + |a.am+t I,+I m|||e+ae
M||, |a .c1aere ca . l+1 ae +aa| z. ||m|aa+re+ |||-a|a| + le.t aeterm|a+t1, |a eaer+|, ae m|c,er+re+ cerer|| e\terae |+
|aaar||e l+|r|c+te |a Me|ae.+ ,| ae .|1||re+ ce|e| |aterae a|a ceata| cea.ama|a| l|a+|. te+ m+| .ema|l|c+t|.1 |al|aea1 +.ajr+
ae.cre,ter|| ||| + +.at .+|e+re+ +a1a+t1 |rat1 (\||) cre+t1 |a +r|ca|tar1, r+aa| ae |al|aea1 +.ajr+ ||| l||aa ae+t|. (-z,z jaacte
jreceata+|e), |al|aea1 jet|t|.1 +.ajr+ ||| + +.at \|| cre+t1 |a cemera| |ater|er (+, jaacte jreceata+|e), |a +|te +ct|.|t1| ae
.er.|c|| (+,I jaacte jreceata+|e) ,| |a |aaa.tr|e (+,z jaacte jreceata+|e).
|er.ject|.e|e eceaem|ce a+|ea+|e .aat .aja.e |a ceat|aa+re r|.car||er |e|+|e ,| re|ea+|e, |+r ce+ m+| m+re j+rte + l+cter||er c+re
+a ||m|t+t cre,tere+ eceaem|c1 |a +aa| zz e .er cea.tr1ae ,| m+| aej+rte.
teaa||||e meteere|e|ce e\trem ae ael+.er+|||e a|a +aa| zz, mea|l|c+re+ cerer|| |+ aae|e c+teer|| ae m1rlar| ae jreaac|e
+ate|tea1 je j|++ |atera1 ,| e\tera1, jrecam ,| .t+a+re+ |a .ectera| cea.trac|||er +a +lect+t .ectera| |aaa.tr|+| ,| +r|ce|, re.ject|.,
ca e .c1aere ae 1. ,| ae zz.+, +ct|.|t+te+ |a.e.t||ea+|1 + |are|.tr+t e .c1aere ae +.
|a aecem|r|e zz jrear||e ae cea.am +a cre.cat ca +. l+1 ae aecem|r|e z, cemj+r+t|. ca I. |a jer|e+a+ .|m||+r1 +
+aa|a| z. tre,tere+ jrear||er + le.t aeterm|a+t1, |a eaer+|, ae ceaa||||e c||m+ter|ce ael+.er+|||e, jrecam ,| m+jer+re+ t+r|le|er
|+ .er.|c|||e cemaa+|-|ec+t|.e (+jeaact ,| c+a+||t+re, eaer|e e|ectr|c1).
|+t+ |al|+|e| |a Me|ae.+, |a +aa| z1, .+ aej|aae |a m+re m1.ar+ ae rece|t+ +r|ce|1 ,| jrear||e |+ re.ar.e|e eaeret|ce. |+ac+
N+|ea+|1 + Me|ae.e| (|NM) + reaa. e.t|m+re+ jr|.|aa |al|+|+ |+ l|ae|e +aa|a| z1 |+ +., l+1 ae 1., c1t jreaet+ |a ectem|r|e
zz.
6ra6a| 6e 6e|ar|tare (aejet|te |a .+|at1/tet+| aejet|te) e.te |ac1 |a+|t, ca te+te c1 + .c1tat ae |+ +. |a z j1a1 |+
+1. |a zz.
N|e|a| |af|a|e| |a fa 6e 6ecem|r|e aaa| prece6eat
2008 2009 2010 2011 2012
0.4
7.3
8.1
7.8
4.1
10
5
0
8
|ea| me|6eeaesc s-a 6eprec|at. |e |+ |acejata| +aa|a| zz, car.a| ae .c||m| +| meaeae| a+|ea+|e + |are|.tr+t e aejrec|ere ca
1, |a termea| aem|a+||, l+1 ae ae|+ra| :|, jrecam ,| ca . - l+1 ae |are. |r|ac|j+||| l+cter| c+re +a aeterm|a+t mea|l|c+re+
car.a|a| ae .c||m| +a le.t |atr1r||e .+|at+re ae je.te |et+re|e 1r|| ,| l|acta+|||e car.a|a| ae|+ra|a| :| l+1 ae +|te .+|ate je j|ee|e
.+|at+re |atera+|ea+|e, aeterm|a+te, |a m+re m1.ar1, ae jre||eme|e eceaem|ce |e+te ae cre,tere+ ,| ae.er.|re+ a+ter|e| e\terae |a
:t+te|e a|te +|e |mer|c|| ,| aae|e 1r| +|e teae| |are. :teca| +ct|.e|er .+|at+re ae reter.1 +|e |NM |+ 1.z.zz + +t|a. e .+|e+re
m+\|m1 ae z, m|||e+ae :|, m+jer1aaa-.e ca z cemj+r+t|. ca a|.e|a| |are|.tr+t |+ .l1r;|ta| +aa|a| z.

|a +aa| zz, expertar||e+a .c1tat ca z., |+r |mpertar||e +a cre.cat ca .+. |.e|a|+ cemera|a| e\ter|er |a +aa| zz + le.t
|al|aea+t1 ae .|ta+|+ cre+t1 je j|+a e\tera, |a .jec|+| |a 1r||e c+re .aat jr|ac|j+||| j+rteaer| cemerc|+|| +| |eja|||c|| Me|ae.+. |e j|+a
|atera .e mea|ae aem|a+re+ |a ceat|aa+re + jreaa.e|er aece.+re jeatra laac|ea+re+ eceaem|e|, jrecam ,| ce|er ae.t|a+te
cea.ama|a| jeja|+|e|. |e +.emeae+, aaa| a|atre l+cter|| jr|ac|j+||, ce + |al|aea+t cemera| e\ter|er, + le.t .c1aere+ ar+.t|c1 +
.e|ama|a| jreaac|e| +r|ce|e. |ec+|+ja| cea.|aer+||| |a e.e|a|+ e\jertar||er ,| |mjertar||er + aeterm|a+t +cama|+re+ |a +aa| zz +
aaa| 6ef|c|t a| |a|aae| cemerc|a|e |a .+|e+re ae 1,.1 m|||e+ae :|, ca I. m|||e+ae :| (+z.) m+| m+re l+1 ae ce|
|are|.tr+t |a +aa| z.
keexpertar||e 6e mrfar| +a +.at e .+|e+re ae IIz.z m|||e+ae :|, c+re ec||.+|e+t1 ca e cet1 ae 1.I |a tet+| e\jertar|,
cemj+r+t|. ca +aa| z ree\jertar||e ae m1rlar| .-+a a|m|aa+t ca zz..
|a +aa| zz, a|earea rem|teae|er + cre.cat ca 1. cemj+r+t|. ca +aa| z, r|a|c1aaa-.e |+ ,++.z m|||e+ae :|. Ieta,| .e
e|.er.1 reaacere+ cea.t+at1 + jeaaer|| tr+a.lerar||er e\jr|m+te |a eare, a|.tr||a|+ .+|at+r1 + tr+a.lerar||er |a |aa+ aecem|r|e l||aa
arm1te+re+. 1. (ae|+r| :|), 1I. (|are) ;| z+ (ra||e ra.e;t|). |etr|.|t a+te|er r+jerta|a| |1ac|| Meaa|+|e, Me|ae.+ ae|ae ce+
m+| m+re jeaaere .+|er|c1 + rem|teae|er |a ||| a|a |ame, l||aa e.t|m+t1 |+ 1.z.
|a aecar.a| +aa|a| zz, e.e|a|+ +re+te|er meaet+re .e c+r+cter|te+t1 jr|atr-aa r|tm ae cre,tere |a+|t +| |+a||er |a c|rca|+|e, +|
aejet|te|er ,| crea|te|er.
Masa meaetar, |+ .l1r;|ta| |aa|| aecem|r|e zz, + cea.t|ta|t c|rc+ +. m|||+rae M|| ,| .-+ m+jer+t ca z. cemj+r+t|. ca
.l1r;|ta| |aa|| aecem|r|e + +aa|a| z. :|ta+|+ je j|++ meaet+r1 .e c+r+cter|te+t1 jr|atr-aa r|tm ae cre,tere jreaaa+t +| |+a||er |a
c|rca|+|e, +| aejet|te|er, jrecam ,| +| crea|te|er. Ieta,|, |ar1at1|re+ .|ta+|e| eceaem|ce e\terae ,| |aterae, jrecam ,| a|.e|a| |a+|t ae
|acert|taa|ae, aeterm|a1 je ae e j+rte |1ac||e .1 l|e m+| jrec+ate |+ +cera+re+ crea|te|er ,|, je ae +|t1 j+rte, +ea|| eceaem|c| .1-,|
reaac1 cerere+ jeatra crea|te|e ae|.
N|e|a| meaet|tr|| + cre.cat ae |+ +.I |+ .at1 |a +aa| z j1a1 |+ .1 |+ .at1 |+ l|ae|e +aa|a| zz.
\e|ama| ae |aa| |a c|rca|a|e + |are|.tr+t e cre,tere rem+rc+|||1 l+1 ae .|ta+|+ ae |+ .l1r;|ta| |aa|| aecem|r|e z, +ce.t+ .-+
m+jer+t ca z. (aeterm|a1aa cre,tere+ M1 ca .).
8ata meaetar (|+a|| ||c||t| |a c|rca|+|e, reter.e|e |1ac||er cemerc|+|e |+ |NM, aejet|te|e |atrejr|aaer||er ae .t+t) |a aecem|r|e
zz + cea.t|ta|t I. m|||+rae M||, l||aa ca zz. m+| m+re aec1t |+ .l1r;|ta| +aa|a| z.
!e|6a| cre6|te|er |a eceaem|e + |are|.tr+t e cre,tere l+1 ae a|.e|a| ae |+ .l1r;|ta| |aa|| aecem|r|e z ca . (cea.t|ta|aa
1,+.1 m|||e+ae M||). trea|te|e |a meaea1 a+|ea+|1 +a |are|.tr+t e cre,tere ae z., |+r ce|e |a .+|at1 .tr1|a1 - ..
k|tmar||e 6e cretere a pr|ac|pa|||er |a6|cater| meaetar|
|a 6ecem|r|e fa 6e sf|r|ta| aaa|a| 2011, %
M+.+ meaet+r1
124
122
120
118
116
114
112
120.8
122.9
120.5
116.1
|+t+ meaet+r1 |ejet|te trea|te
9
MEDIUL DE AFACERI N 2012
EVOLUIA SISTEMULUI BANCAR
EVOLUIA SISTEMULUI BANCAR

|+ 1.z.zz .|.tema| |+ac+r +| 1r|| e.te rejreteat+t ae |+ac+ N+|ea+|1 + Me|ae.e| (|NM) ,| + |1ac| cemerc|+|e, |ac|a.|. |1ac| ca c+j|t+|
.tr1|a. |a ||a|| eaer+|e, .|.tema| |+ac+r + +.at e e.e|a|e |aa1, tetea+t1, +a e\|.t+t aa ,|r ae l+cter|, c+re +a |al|aea+t aet.e|t+re+ .|.tema|a|
|+ac+r |a zz.
|+ .|ta+|+ a|a 1.z.zz, cap|ta|a| 6e qra6a| | + cea.t|ta|t ,z+. m|||e+ae M|| ,| + |are|.tr+t e ae.cre,tere je j+rcar.a| +aa|a| ca .+ |+
.at1, aeterm|a+t1 ae m+jer+re+ m1r|m|| c+|ca|+te, a+r aereter.+te + reaacer||er jeatra j|eraer| |+ +ct|.e ,| +a+j+meate ceaa||ea+|e ca . |+
.at1, c+re .e e\c|aae a|a c+|ca|a| c+j|t+|a|a| ae r+aa| |. |aa|c+tera| |a c+at1 rel|ect1 c+j+c|t+te+ |1ac||er ae + +cejer| j|eraer||e |a .|ta+||
aejre.1tate, l1r1 jrejaa|c|ere+ .|ar+ae| l|a+ac|+re. |+ 1.z.zz, te+te |1ac||e .-+a cealerm+t m+jer1r|| |+ a+t+ re.ject|.1 + c+j|t+|a|a| m|a|m
.t+||||t |+ z m|||e+ae M||, ca e\cej|+ + aea1 a|atre +ce.te+, c+re arme+t1 .1-,| cea.e||aete c+j|t+|a|.
Ceta |aest||||er str|ae |a c+j|t+|a| |1ac||er, |+ 1.z.zz, + cea.t|ta|t I.I |+ .at1, |a .c1aere ca z.1 jaacte jreceata+|e cemj+r+t|. ca
1.z.z c+ arm+re + m+jer1r|| c+j|t+|a|a| .ec|+| a|a ceata| |a.e.t||||er +c|ea+r||er +ate|tea|.
Me6|a saf|c|eae| cap|ta|a|a| jeaaer+t |+ r|.c je .|.tem .e mea|ae |a ceat|aa+re |+ aa a|.e| |a+|t - z+.+ |+ .at1 (aerm+t|. |+ .at1),
|aa|c1aa aa jetea|+| ae crea|t+re l1r1 r|.car| ae c+j|t+|. M|c,er+re+ ca .+ jaacte jreceata+|e l+1 ae |acejata| +aa|a| zz .e a+tere+t1 m+jer1r||
jertele||a|a| ae crea|te ca +.1 |+ .at1.
Ceef|c|eata| ||ch|6|t|| pe termea |aaq je .|.tema| |+ac+r (+ct|.e ca termea m+| m+re ae ae| +a|/ re.ar.e l|a+ac|+re ca termea jetea|+| ae
retr+ere m+| m+re ae ae| +a| <) + +t|a. aa a|.e| ae .I. ||c||a|t+te+ careat1 je .|.tem (+ct|.e ||c||ae, e\jr|m+te |a aamer+r, aejet|te |+ |NM,
.+|er| me||||+re ||c||ae, crea|te |ater|+ac+re aete ca termeaa| ae j1a1 |+ e |aa1 / tet+| +ct|.e \ z |+ .at1) + cea.t|ta|t 1z. |+ .at1. \+|er||e
re.ject|.e +|e |aa|c+ter||er ||c||a|t1|| re|e.1 e\|.tea+ .ar.e|er +aec.+te jeatra .a.|aere+ j|1||er +lereate e|||+|||er ,| aeterm|a1 e ret|.tea1
|a+|t1 + |1ac||er |+ e.eata+|e|e ,ecar| e\terae.
kct|e|e s|stema|a| |aacar j1.tre+t1 teaa|a+ ae cre,tere, cea.ema1aa e\t|aaere+ |a ceat|aa+re + +ct|.|t1|| |1ac||er. tealerm :t+aa+rae|er
|atera+|ea+|e ae |+jert+re ||a+ac|+r1 (:|||), +ce.t |aa|c+ter + |are|.tr+t ,1+.+ m|||e+ae M|| |+ .l1r,|ta| +aa|a|, l||aa |a cre,tere l+1 ae
|acejata| +ce.ta|+ ca .1 |+ .at1. |eaaere+ ce+ m+| m+re |a tet+|a| +ct|.e|er +j+r|ae crea|te|er ,| re|e.1 +ct|.|t+te+ ae |+t1 + |1ac||er. |.tle|, |a
.tractar+ +ct|.e|er, je j+rcar.a| +aa|a| zz, +a .jer|t. |mjramatar||e ,| cre+ae|e - ca . |+ .at1 j1a1 |+ 1,1+. m|||e+ae M||, aamer+ra| ,|
ec||.+|eate|e ae aamer+r - ca 1. |+ .at1 j1a1 |+ +,1.I m|||e+ae M||, |a.e.t||||e j1.tr+te j1a1 |+ .c+aea1 - ca +.I |+ .at1 j1a1 |+ 1,++.
m|||e+ae M||, +|te +ct|.e - ca z. |+ .at1 j1a1 |+ z. m|||e+ae M||, |me||||t1r||e cerjer+|e - ca I. |+ .at1 j1a1 |+ ,.+ m|||e+ae M||,
+ct|.e|e l|a+ac|+re a|.jea||||e jeatra .1at+re - ca +z.z |+ .at1 j1a1 |+ 11.I m|||e+ae M||, +ct|.e|e l|a+ac|+re ae|aate jeatra tr+at+c|ea+re - ca
z.z |+ .at1 j1a1 |+ .z m|||e+ae M||, cre+ae|e jr|.|aa |mjet|te|e - ca . |+ .at1 j1a1 |+ 1.1 m|||e+ae M||.
teacem|teat, .-+a m|c,er+t. +ct|.e|e |me||||t+te ,| rajar||e ae.t|a+te cea1r||, c|+.|l|c+te arejt ae|aate |a .eaere+ .1at1r|| - ca 1. |+ .at1 j1a1
|+ I1.1 m|||e+ae M||, |me||||t1r||e aecerjer+|e - ca z.I |+ .at1 j1a1 |+ z++.+ m|||e+ae M||, +ct|.e|e l|a+ac|+re ae.ema+te c+ l||aa e.+|a+te |+
.+|e+re+ ja.t1 jr|a jrel|t .+a j|eraere - ca . |+ .at1, cea.t|ta|aa ..
|eaaere+ +ct|.e|er .|.tema|a| |+ac+r |a |reaa.a| |atera |rat (|||) |a zz + +|c1ta|t e.t|m+t|. +.I l+1 ae I.I |a +aa| z, crea|te|er |a
eceaem|+ a+|ea+|1 |a ||| - 1.I l+1 ae 1 ,| + aejet|te|er - +.1 l+1 ae 1. |a +aa| z.
!e|6a| 6epet|te|er, cealerm r+je+rte|er jraaea|+|e |+ 1.z.zz, + tet+||t+t 1,IIz.z m|||e+ae M||, m+jer|aaa-.e cemj+r+t|. ca
z..zz ca z. |+ .at1. |.e|a|+ |a c+at1 + le.t aeterm|a+t1, |a .jec|+| ae cre,tere+ aejet|te|er jer.e+ae|er l|t|ce ca z1. |+ .at1, ceal|rm1aa |a
ceat|aa+re crea|||||t+te+ .|.tema|a| |+ac+r.
|ea6erea 6epet|te|er |a masa meaetar + .c1tat ae |+ I1. |a z |+ I1.1 |a zz, |+r r+jerta| a|atre aejet|te ,| crea|te + cre.cat ae |+
I.1 |a z j1a1 |+ ..
|e j+rcar.a| +aa|a| zz, jeaaere+ crea|te|er aejerlerm+ate |a tet+|a| crea|te|er .-+ m+jer+t ca . jaacte jreceata+|e, cea.t|ta|aa +. |+ .at1
|+ 1.z.zz. Ieta,|, cemj+r+t|. ca |aa+ jreceaeat1 +ce.t |aa|c+ter .-+ |m|aa1t1|t ca .z jaacte jreceata+|e.
|eaacere+ cerer|| |aterae je laaa+|a| e.e|a|||er eceaem|ce e\terae ,|, c+ arm+re, re.tr1aere+ +ct|.|t1|| +ea||er eceaem|c| +ate|tea| .-+
r1.lr1at +.ajr+ aaa| ,|r ae |aa|c+ter| l|a+ac|+r| +| .|.tema|a| |+ac+r. \e|ama| tet+| +| crea|te|er aea-+cera+te je j+rcar.a| +aa|a| zz .-+ a|m|aa+t
ca z,+. m|||e+ae M|| .+a ca . |+ .at1, j1a1 |+ a|.e|a| ae z,+. m|||e+ae M|| cemj+r+t|. ca +aa| z. \e|ama| tet+| +| aejet|te|er aea-
+tr+.e |+ termea |a zz + .c1tat ca ,zz. m|||e+ae M|| .+a ca 1. |+ .at1 |e| l+1 ae +aa| z, tet+||t1aa 1,zI.1 m|||e+ae M||.
|+ .|ta+|+ a|a 1.z.zz, jrel|ta| +lereat e\erc||a|a| je .|.tema| |+ac+r + |a.am+t Iz. m|||e+ae M|| .+a m+| ja|a ca z. |+ .at1 l+1 ae
1.z.z, reta|t+t |al|aea+t ae m+jer+re+ c|e|ta|e|||er +lereate ,| + ce|er ae+lereate ae|1at||er, jrecam ,| ae m|c,er+re+ .ea|tar||er ae+lereate
ae|1at|er. |eat+||||t+te+ +ct|.e|er ,| ce+ + c+j|t+|a|a|, |+ 1.z.zz, +a |are|.tr+t . |+ .at1 ,| . |+ .at1 re.ject|., |are|.tr|aa e ae.cre,tere ca
.I jaacte jreceata+|e ,|, cere.jaat1ter, . |+ .at1 jaacte jreceata+|e, cemj+r+t|. ca .l1r,|ta| +aa|a| jreceaeat.
10
6ra6a| 6e ceaceatrare a sectera|a| |aacar +| Me|ae.e| .e c+r+cter|te+t+ jr|a +l|rm+re+ |a ceat|aa+re + ce|er |+ac| (BC
Moldova-Agroindbank SA, Banca de Economii SA, BC Victoriabank SA, BC Moldinconbank SA, BC Mobiasbanc-GSG SA, BC Banca Social
SA, BC Eximbank-GVB SA, ProCrediBank SA), tetea+t1, cet+ |er |a .|.tem |are|.tr|aa e .c1aere |eat1, aa+ a|a c+ate l||aa a|a+m|t+re+
+ct|.|t1|| |1ac||er a|a e,+|eaa| ||.
|e j|++ .er.|c||er |+ac+re .e |atea.|l|c+ |al|aea+ |ast|ta|||er aespec|a||tate, c+re .aat er|eat+te .jre jre.t+re+ .er.|c|||er
l|a+ac|+re je j|++ ret+||, c+ ae e\emj|a ,terjer+|+ ae ||a+a+re |ar+|1 :.|., |M 0M| ,M|cre|a.e.t :.|.|, |t: ,|+. trea|t :.|.|.,
|t: ,|r|me t+j|t+| :.|.|., |t: ,|r|me t+j|t+| z :.|.|., 0M| ,trea|t-|rel|t :.|.|., 0M '|r+.e trea|t, 0M '|ae+| trea|t, 0M 'Me+
trea|t etc.
11
Me|ae.+
|re|aa|+a|
.6%
|ct|.e tet+|
||te
|1ac|
80.4%
trea|te tet+|
Me|ae.+
|re|aa|+a|
21.2%
||te
|1ac|
78.8%
Me|ae.+
|re|aa|+a|
.3%
|ejet|te tet+|
||te
|1ac|
80.7%
Me|ae.+
|re|aa|+a|
34%
|rel|ta| aet tet+|
||te
|1ac|
66%
|ejet|te jer.e+ae l|t|ce
Me|ae.+
|re|aa|+a|
23.3%
||te
|1ac|
78.8%
EVOLUIA SISTEMULUI BANCAR
RECUNOATEREA NAIONAL I INTERNAIONAL
12
13
INDICATORII FINANCIARI DE BAZ AI BNCII I SUBSIDIARILOR (GRUPUL))
ACTIVITATEA CORPORATIV
ACTIVITATEA CORPORATIV
|a +aa| zz, .-+a |mj||a|t +a| ae |+ cea.t|ta|re+ ||.|t|aa|| |ct|.|t+te terjer+t|.1, jer|e+a1 |a c+re .-+a ja. |+te|e aaer re|+||
.t+|||e, rec|jrec +.+at+je+.e ae j+rteaer|+t ca c||ea|| cerjer+t|.| +| |1ac||. |ertele||a| ae c||ea| .-+ aet.e|t+t ,| cea.e||a+t,
cajr|at1aa a|.er.e r+mar| +|e eceaem|e| a+|ea+|e, +a1a1aa .+|e+re jrel|t+||||t1|| ,| |m+|a|| |1ac||.
rm1aa e||ect|.e|e .tr+te|ce +|e |1ac|| |a re|+|||e ca c||ea|| cerjer+t|.|, ||.|t|aae+ |ct|.|t+te terjer+t|.1 + ceat|aa+t .1 .e
aet.e|te c+||t+t|., jerlec|ea1aaa-,| .tractar+ er+a|t+ter|c1, jrece.a| ae crea|t+re ,| +am|a|.tr+re + r|.car||er +lereate, te|a|c||e
ae jreme.+re + jreaa.e|er ,| .er.|c|||er |1ac||.
te|+|er+re+ el|c|eat1 + |1ac|| ca c||ea|| .1|, + +.at c+ reta|t+t cre,tere+ |e|+||t1|| +ce.ter+. |.tle|, |+ .l|r,|ta| +aa|a| zz, I a|atre
c||ea|| cerjer+t|.|, .aat c||ea| l|ae|| +| |1ac|| ae m+| ma|t ae +a|, a|atre c+re e m+re j+rte c||+r a|a memeata| e\|.teae| ||.|t|aa||
|ct|.|+te terjer+t|.1.
\1at1r||e ae jreaa.e ,| .er.|c|| |+ac+re re+||t+te |a zz +a le.t m+rc+te ae jreaete|e je.|m|.te jr|.|aa cre,tere+ eceaem|c1,
+||meat+te ae cea.ec|ae|e ael+.te +|e .ecete|, l|acta+|||e .+|at+re |mjre.|t||||e, a+r ,| ae cemjet||+ +cer|1 a|atre |1ac| |+ +tr+ere+
|a.|ae..-a|a| c||ea||er cerjer+t|.|. |a jel|a+ ceajaactar|| cre+te, .1at1r||e re+||t+te |+ m+jer|t+te+ jreaa.e|er +a |are|.tr+t cre,ter|,
+t|a1aa e||ect|.e|e j|+a|l|c+te.
.1at1r||e jreaa.e|er ae crea|t (.am+ tet+|1 + crea|te|er +cera+te) .-+a .|ta+t je.te a|.e|a| +aa|a| z ca cc+ +I, jertele||a|
crea|te|er cerjer+te +t|a1aa cet+ ae z a|a jertele||a| ae crea|te +| |1ac||,
.e|ama| .1at1r||er jreaa.e|er ae+lereate crea|t1r|| + cre.cat cemj+r+t|. ca +aa| jreceaeat, ce|e m+| |a.ema+te cre,ter|
re+||t1aaa-.e |+ tr+a.lerar| (1z), |+ jre|ecte .+|+r|+|e (z), |+ ejer+|aa| ae .c||m| .+|at+r () etc.
Me|ae.+ |re|aa|+a| + j+rt|c|j+t |a te+te jre|ecte|e ce +a .|t+t .ectera| cerjer+t|., ce|+|er1aa el|c|eat +t1t ca c||ea||, c1t ,| ca
l|a+a+ter|| e\tera|, ceatr||a|aa e.ea|+| |+ re+||t+re+ jre|ecte|er |a.e.t||ea+|e +|e c||ea||er a|a a|ler|te r+mar| +|e eceaem|e|
a+|ea+|e. |a +ce.t .ea., jet l| mea|ea+te |rer+ma| |||| jeatra ||a+a+re+ |l|c|eae| |aeret|ce (Me:|||), |rer+ma| ||| ae
re.tractar+re + .ectera|a| .|t|.|a|ce|, |rer+ma| temj+ct ae .a.|aere + +r|ca|tar|| etc., |a c+ara| c1rer+ c||ea|| cerjer+t|.| +a
|eael|c|+t ae crea|te |a ceaa||| +.+at+je+.e, jeatra re+||t+re+ aaer jre|ecte ae meaera|t+re + te|ae|e|||er ae jreaacere, ae
el|c|eat|t+re + cea.ama|a| ae eaer|e ,| jreaacere + eaer|||er reeaer+|||e, ae r|a|c+re + c+||t1|| jreaa.e|er ,| .er.|c|||er jre.t+te.
14
|e|+||t+te+ c||ea||er (aar+t+ re|+|e| |a +a| ca c||eata|)
je.te +a| 71%
+- +a| 8%
-1 +a| 17%
j|a1 |+ +a4%
|e +.emeae+, |+ac+ + +cera+t e +tea|e aee.e||t1 .a.|aer|| e\jerta|a| ,| l|a+a1r|| cemera|a|, |ac|a.|. jr|a ||a|||e ae l|a+a+re +
e\jerta|a| eler|te ae |||| ,| ||t, at|||t1aa ca .acce. |a.trameate l|a+ac|+re ae Ir+ae ||a+ace, cam +r l| +crea|t|.e|e aecameat+re ,|
+r+a|||e |+ac+re.
\ea|tar||e tet+|e e||aate ae |+ac1 ae |+ c||ea|| cerjer+t|.| +a |a.am+t z+. m|||e+ae M|| ( l+1 ae +aa| z), a|a
+ce+.t1 .am1 l||aa e||aat1 a|a +ct|.|t+te+ ae crea|t+re.
J|a|aa ceat ae |atere.a| tet m+| m+re +| c||ea||er l+1 ae jreaa.e|e e|ectrea|ce, |+ac+ + |mj|emeat+t |a zz aa .|.tem aea ae
ae.er.|re |+ac+r1 |+ a|.t+a1, |+t+t je te|ae|e|| meaerae, ca aa r+a m+| |a+|t ae .ecar|t+te + |alerm+|e| ,| jretec|e + a+te|er, ce
eler1 +|ea+||er ma|t|j|e |eael|c||, cam +r l| +cce.a| r+j|a |+ ceatar| ,| tr+at+c||, .e|a|| el|c|eate ae c+.| m+a+emeat, ejt|m|t+re+
re.ar.e|er ,| ce.tar||er |mj||c+te. t+ reta|t+t, .e|ama| tr+at+c|||er e|ectrea|ce + cre.cat l+1 ae +aa| jreceaeat ca +.
|e+||t1r||e e||aate, a+r ,| +tr+ere+ aaer c||ea| ae|, +a ceatr||a|t ,| m+| ma|t |+ lert|l|c+re+ jet||e| |1ac|| |a .ectera| cerjer+t|.,
e||ect|. .tr+te|c, ae c+re .e .+ ceaaace |+ac+ ,| |a +a|| arm1ter|.
6000
4000
2000
0
2008 2009 2010 2011 2012
|ertefe||a| 6e cre6|te a| c||ea||er cerperat||
(m|||eaae M0|)
2,574 2,481
3,243
3,673
4,713
15
600
400
200
2008 2009 2010 2011 2012
0
580
600
509
472
575
|ertefe||a| 6e c6epet|te a| c||ea||er cerperat||
(m|||eaae M0|)
ACTIVITATEA CORPORATIV
ACTIVITATEA RETAIL
ACTIVITATEA RETAIL
keeaaa 6e 6|str||a|e | c||ea|| reta||
|eea+ ae .1at1r| ,| +cejer|re+ ter|ter|+|1 rejret|at1 aa l+cter ae .acce. |a +ct|.|t+te+ er|c1re| |1ac|. |a +aa| zz .tractar+ ree|e|
Me|ae.+ |re|aa|+a| aa + |are|.tr+t +aam|te .c||m|1r| e.ea|+|e cealerm je||t|c|| ae aet.e|t+re ceat|aa1 + |1ac|||.
tealerm .tr+te|e| +jre|+te ae |+ac1, ejt|m|t+re+ ,| meaera|t+re+ ree|e| ae .a|a|.|t|aa| + le.t ,| r1m1ae aa+ a|a ejertaa|t1||e
c+re cre.c jrel|t+||||t+te+ |1ac||. |e j+rcar.a| +aa|a| zz, |+ac+ + +.|ar+t |1r|re+ +r|e| ae a|.tr||a|e + .er.|c|||er |1ac||, at|||t1aa
c+a+|e +|tera+t|.e ae .1at+re (internet banking, call center, ATM). ta e cet1 ae j|+1 ae +jre\|m+t|. z |+ c+j|te|a| jaacte ae
.1at+re, c||ea|| |1ac|| +a le.t ae.er.|| |atr-e m+a|er1 jrele.|ea+|1 |a ce|e I ae l|||+|e ,| z ae +ea||, |eael|c||aa tetea+t1 ae
.er.|c|||e + ae |IM-ar| |+ac+re, +mj|+.+te +t1t |a t||,|a1a, c1t ,| |a +l+r+ c+j|t+|e|.
|e|a1aa jet||| .|are je j|+1, Me|ae.+ |re|aa|+a| + |are|.tr+t |+ l|ae|e +aa|a| zz aa aam1r tet+| ae +. m|| ae c||ea| ret+||
+ct|.|, a|atre c+re +I.1 m|| jer.e+ae l|t|ce ,| zI.1 m|| jer.e+ae jar|a|ce.
|eatra +.|ar+re+ jrel|t+||||t1|| ree|e| ae a|.tr||a|e + |1ac|| |a zz, a|.|t|aae+ ret+|| .-+ +\+t jrejeaaereat je l|ae||t+re+
c||ea||er e\|.tea| ,| je +tr+ere+ ce|er ae| jr|a |+a.+re+ elerte|er aea|c+te ,| jr|a ae.l1,ar+re+ c+mj+a|||er jreme|ea+|e e|+|er+te,
jeatra + +aace aa j|a. ae .+|e+re |1ac|| ,| e .+t|.l+c|e c+teer|||er ae c||ea| .|t+|.
|re6ase | ser|c|| peatra c||ea|| reta||
0+m+ |+r1 ae jreaa.e .| .er.|c|| |+ac+re e\|.teate |a jreteat je j|+1, jrecam .| aamere+.e|e .c||m|1r| c+re +j+r ae |+ aa +a |+
+|ta| |a .ec|et+te, |mjaa aece.|t+te+ ceat|aa1r|| ,| |a zz + jrece.a|a| ae e|+|er+re + aaer ae| jreaa.e ,| .er.|c||, .jec|l|ce +,tejt1r||er
c||ea||er. Ietea+t1, |+ac+ + ceat|aa+t .1 +j||ce ,| .1 re.jecte ceaa||||e ,| cer|ae|e eceaem|e| ae j|+1, er|eat1aaa-.e .jre at|||t+re+
c1t m+| el|c|eat1 + jreaa.e|e|er ,| .er.|c|||er ae |+t1, cam +r l| crea|te|e, aejet|te|e, c+raar||e |+ac+re, jreaa.e|e te|ae|e|t+te etc.
|.tle|, c||ea|| ret+|| - .emeata| |atrejr|aaer||er m|c| ;| m|cre - ,| |a +aa| zz +a |eael|c|+t ae l|a+a+re+ |1ac|| |a aejeaaea1 ae
eaa| ae +ct|.|t+te, aece.|t+te+ ;|, |mj||c|t, .e|ama| crea|t1r||. :e jet eaamer+ aa ,|r ae jre|ecte jeatra aet.e|t+re+ |a.|ae..-a|a|, jr|a
|atermea|a| c1rer+ +ce+.t1 c+teer|e ae c||ea| + jatat |eael|c|+ ae l|a+a1r|. crea|te jeatra l|a+a+re+ c+j|t+|a|a| c|rca|+at, crea|te a|a
pre|ecte spec|a|e - ||0k, k|!| | KfW, crea|te jeatra jrecar+re+ ,| cea.e||a+re+ tereaar||er +r|ce|e, crea|te jeatra l|a+a+re+
el|c|eae| eaeret|ce eler|te |a c+ara| pre|ecta|a| Me!l|| | Mekll||, crea|te jr|a |rer+ma| ae re.tractar+re + .ectera|a|
.|t|.|a|ce| ,||||era V|aa|a|, crea|te jeatra .jer|re+ |a.e.t||||er |a |alr+.tractar+ je.t-rece|t+re jr|a |reqrama|a| Cempact,
e.t|ea+t ae |ea6a| ,|reecr||e M||ea|a|a|, crea|te jr|a |re|ecta| 6e kme||erare a Cempet|t||t|| (|kC), crea|t+re+
t|aer||er +atrejreaer|, |a .jec|+|, + ce|er a|a mea|a| rar+| etc.
|a le.t jreja.e c||ea||er jreaa.e .jec|+|e ae m|crecrea|t+re, mea|te .1 +.+at+jete seqmeata| |MM jr|a |||ert+te+ aej||a1 |a
at|||t+re+ leaaar||er jr|m|te. Cre6|te|e !|mp|a+ | 8as|aess+, ae.t|a+te jer.e+ae|er jar|a|ce ,| jer.e+ae|er l|t|ce +.ec|+|, +a le.t
ceacejate .1 elere e l|a+a+re .|mj||l|c+t1 + c|e|ta|e|||er careate. |a +ce.t ceate\t, +a le.t ja.e |a +j||c+re elerte|e aea|c+te jeatra
c+teer|+ ae c||ea| - |acrter| me6|ca||, jr|a eler|re+ m+| ma|ter j+c|ete .jec|+|e jrecam - pacheta| ,|ract|c, ksec|at |
,Me6|c.
|eatra l|a+a+re+ ,| l+c|||t+re+ |mj||c1r|| t|aereta|a| |a +ct|.|t+te+ +atrejreaer|+|1 a|a .ectera| rar+|, |+ac+ + ceat|aa+t |a zz, jr|a
|atermea|a| |reqrama|a| aa|eaa| 6e a||||tare eceaem|c a t|aer||er (|NklI) ,| + |ea6a|a| |ateraa|eaa| 6e 6ete|tare |a
aqr|ca|tar (||0k), eler|re+ crea|te|er |a ceaa||| +.+at+je+.e jeatra t|aer||| +atrejreaer|, ae.t|a+te +t1t jre|ecte|er |a.e.t||ea+|e
a|a +r|ca|tar1, c1t ,| ce|er aea-+r|ce|e.
|a jrem|er1 jeatra j|++ |+ac+r1 a|a Me|ae.+, Me|ae.+ |re|aa|+a| + |+a.+t aa jre|ect .ec|+|, ae.t|a+t jer.e+ae|er t|aere c+re +a
ae.e|e ae jr|m+ |eca|a1. |era|aa ae |+ a|l|ca|t1||e ca c+re .e cealraat1 t|aer||, a+r ,| l+m|||||e aea-cre+te, |+ac+, jr|a |atermea|a|
jreaa.a|a| .jec|+| - ,Cre6|ta| |me||||ar kVkNI|, + r+cera+t ceaa||||e crea|t1r|| ae.t|a+te jrecar1r||, cea.trac|e| .+a e\t|aaer||
|eca|ae|, |+ ceaa||| m+| +.+at+je+.e l+1 ae ce|e|+|te crea|te |me||||+re.
16
|a +aa| zz, |a c+ara| jrer+ma|a| .ec|+| ,|+ac+ me|ae.ea||er ae jretat|aaea|, |+ac+ + ceat|aa+t jr|a eler|re+ j+c|eta|a|
ceacejat .jec|+| jeatra +ce+.t1 c+teer|e ae c||ea| - |acrter|| m|qraa|, - .1 et+|ete ceaa||||e ,| ejertaa|t1||e ae cre,tere ,|
aet.e|t+re + +l+cer||er jrejr|| jeatra +ce+.t1 c+teer|e ae c||ea|, c+re .er .1-;| cea.tra|+.c1 aa .||ter |+ e| +c+.1.
|a +aa| zz + le.t a+t .t+rta| aaer |mj|emeat1r| ae +a.erar1 ae c1tre |+ac1. mea|te .1 elere .e|a|| |ate||eate, +jte .1 .jere+.c1
r+aa| ae +cce.|||||t+te + .er.|c|||er |+ac+re. |.tle|, +a +.at |ec jre1t|r||e aece.+re jeatra |+a.+re+ ||+tlerme| ,8aak ||ex
Ma|t|Chaaae|, c+re |ac|aae c+a+|e ae +cce. |+ .er.|c|||e |+ac+re, +t1t jeatra jer.e+ae l|t|ce, c|t ,| jar|a|ce - |ateraet, Me|||e, :M: ,|
Ie|elea|+a||a. |r|a |atermea|a| .e|a|e| ,8aak ||ex Ma|t|Chaaae|, |aaejeaaeat ae c+a+|a| ae +cce., c||ea||er |e .aat a|.jea||||e
te+te t|jar||e ae tr+a.lerar| a|a/|a ceatar| careate, ae c+ra .+a aejet|t, |a |e| .+a .+|at1, .|ta+||t+re+ r+l|ce|er ae +c||t+re + crea|te|er,
+c||t+re+ crea|te|er, m1rlar||er ,| .er.|c|||er c1tre lara|ter|, ejer+|aa||e lere\, cea.a|t+re+ .t1r|| ceatar||er, e||aere+ e\tr+.e|er a|a
ceatar| ,| + |alerm+|e| jr|.|aa car.ar||e .+|at+re etc. :er.|c|||e jre.t+te jr|a ,8aak ||ex eler1 aa r+a .jer|t ae .ecar|t+te ,| .|at
a|.jea||||e z+ a|a z+ ae ere, rejreteat|aa e .e|a|e cemea1, l|e\||||1 ,| .|ar1 ae ae.er.|re |+ a|.t+a1.
Me|ae.+ |re|aa|+a| + |+a.+t e aea1 l+c|||t+te jeatra c||ea|| .1| ca .ceja| ae + .jer| cemea|t+te+ ,| |eael|c|||e eler|te ae |+ac1 -
,!ematara Me|||. |.tle|, jeatra jr|m+ e+r1 e |+ac1 cemerc|+|1 a|a Me|ae.+ jaae ,!ematara Me||| |a .er.|c|a| c||ea||er
|+ac+r|. |ce.t l+jt aeaet1 r+aa| .jer|t +| te|ae|e|t1r|| .er.|c|||er Me|ae.+ |re|aa|+a|, |a.t|ta|e ce m+a|le.t1 recejt|.|t+te ,|
jremjt|taa|ae |+ .c||m|1r||e 'leaemeaa|a| e, jreteat |a |atre++ eceaem|e meaa|+|1. |r|a .er.|c|a| aea-|+a.+t, ,:ema1tar+ Me|||1,
c||ea|| |1ac|| jet |eael|c|+ a|rect ae je .|te-a| www.maib.md ae aa ,|r ae .er.|c|| |+ac+re, jrecam. +|ea+re+ |+ .er.|c|a| :M:-
|+a||a, aejaaere+ cerer|| ae reem|tere + c+raa|a| |+ac+r ,| aejaaere+ cerer|| ae |ac||aere + ceata|a| ae c+ra |+ac+r.
|at|c|j1aa +,tejt1r||e c||ea||er, Me|ae.+ |re|aa|+a| + |+a.+t |a zz e +j||c+|e |I at||1 jeatra c||ea| - s|stema| e!tatemeats,
c+re eler1 je.|||||t+te+ .|ta+||t1r|| ea-||ae + .e|aar||er |+ac+re, |eael|c||aa ae ej|aae+ ae + jr|m| e\tr+.e|e a|a ceat cert|l|c+te ca
.ema1tar+ e|ectrea|c1 a|rect je e-m+||. ta !er|c|a| ||| |reqramate - mea+||t+te aea1 ,| meaera1 ae j|+t1, c||eata| |,| je+te
.aj||a| ceatar||e .+|e, |ac|a.|. ce|e ae aejet|t .+a ceatar||e jer.e+ae|er +jrej|+te.
|eatra c+ c||ea|| jer.e+ae l|t|ce .1 a|.jaa1 ae cemea|t+te ,| cealert, |+ac+ + |+a.+t kch|tarea katemat|tat a |actar||er
peatra !er|c|||e Cemaaa|e, em|.e ae c1tre jre.t+ter|| ae .er.|c|| cemaa+|e, ae te|elea|e me|||1 ,| |ateraet. |c||t+re+ ea||ae +
l+ctar||er a|rect ae je c+raa| |+ac+r, e.te aea+ laac|ea+||t+te |+a.+t1 ae Me|ae.+ |re|aa|+a| |a zz, c+re cemj|ete+t1 ,|ra| ae
+.+at+je eler|te c||ea||er |1ac||, +|ea+| |+ .er.|c|a| |ateraet |+a||a My||, ,| tatarer ce|er c+re jaa jre je t|mja| |er.
|a zz Me|ae.+ |re|aa|+a| + +aer+t |+ .er.|c|||e ae j|1| r+j|ae ,8stra|a |echta, ,Ceatact, ,|ea6er.
|+ l|ae|e +aa|a| zz, .e|aa| tet+| +| crea|te|er ret+|| + |are|.tr+t e m+jer+re ca z1 l+1 ae jer|e+a+ .|m||+r1 + +aa|a| jreceaeat
(.e|aa| crea|te|er jer.e+ae jar|a|ce + cre.cat ca z, |+r ce| +| jer.e+ae|er l|t|ce - ca zI).
kct||t| 6e market|aq
|eatra + er+a|t+ el|c|eat +ct|.|t1||e j|+a|l|c+te cealerm .tr+te|e| ae m+r|et|a, a|.|t|aae+ ret+|| + +cera+t e +tea|e .jer|t1
+ct|.|t1||er ae cea|acr+re ca ce|e|+|te a|.|t|aa| |a jrece.a| ae |a.tra|re, e.+|a+re ,| cre,tere + a|.e|a|a| +||||t1||er jrele.|ea+|e +|
jer.ea+|a|a| c+re ae.er.e,te te+te c+teer|||e ae c||ea| |a |+ac1.
|,+a+r, |+ac+ + ceat|aa+t ,| |a zz .1 er+a|tete ceafer|ae|e Wl8 jr|a at|||t+re+ ae||er te|ae|e|| meaerae, jr|a |atermea|a|
c1rer+ +a+j+|| |1ac|| +a +.at je.|||||t+te+ .1 cemaa|ce ea-||ae ,| .1 e|ac|aete jre||eme|e |e+te ae |a.a,|re+ aaer jreaa.e ae|
|+a.+te je j|+1, c+mj+a|| jreme|ea+|e .+a .taa|| ae .+t|.l+c|e.
|et.e|t+re+ er+a|c1 + |1ac||, jrecam ;| cre;tere+ ceacareae| je j|++ |+ac+r1 |ec+|1, +a cre+t jrem|te jeatra e||aere+ aaa|
.e|am m+| m+re ae a+te |a arm+ re|+|ea1r|| ,| cemaa|c1r|| ca c||ea|| jr|a a|.er.e c+a+|e ae a|.tr||a|e. |.tle|, |aeat|l|c+re+ c+||t1||
.er.|c|||er eler|te ae c1tre .jec|+||,t|| |1ac||, a+r ,| jre1t|re+ |er, c+||t+te+ elerte|er jreja.e c||ea||er, .t+re+ |m+|a|| .|ta+|e + |1ac||,
+a le.t ceacejate ,| .tractar+te ae c1tre a|.|t|aae+ ret+|| jr|a cercet1r| ae m+r|et|a - Mster !hepper.
|a .ceja| cea.e||a1r|| cemaa|c1r|| |aterae + |1ac||, a|.|t|aae+ ret+|| + ceat|aa+t ea|t+re+ re|ste| cerperat|e - ,!|atem ||6er|,
mea|te .1 |alermete ,| .1 cea.emaete ce|e m+| |mjert+ate e.ea|meate, jerlerm+ae |are|.tr+te, e\jer|eae +cama|+te a+r ,| elerte,
ae| jreaa.e |+a.+te jeatra c||ea|| .1|.
17
ACTIVITATEA RETAIL
|a +aa| zz + le.t |+a.+t1 j|+tlerm+ |atera1, ae.t|a+t1 cemaa|c1r|| +a+j+||er |1ac|| ,|erta| aews, je c+re jet l| +cce.+te ce|e
m+| re|e.+ate ,t|r| a|a aemea|a| eceaem|c, |+ac+r, a+r ,| a|a .|++ |atera1 + |1ac||.
|+rt|c|j+re+ |1ac|| |+ e\jet||||e a+|ea+|e, jrecam ,kqreteh ,| ,|armer, + ae.ea|t e tr+a||e, |+ac+ jr|a jretea+ .+ + le.t merea
+|1tar| ae c||ea|| ,| j+rteaer|| .1| +t+ .1 |e elere cea.a|t+a1 tem+t|c1 .|.-+-.|. ae jreaa.e|e ,| .er.|c|||e eler|te ,| .1 .t+|||e+.c1 re|+||
aar+|||e ca jetea|+||| c||ea|.
|||aa |a jerm+aeat1 cea|acr+re ae j+rteaer|+t ca c||ea|| .1|, |+ac+ + e|+|er+t ,| |+a.+t aa ,|r ae elerte ae| ,| c+mj+a|| jreme|ea+|e,
mea|te .1 elere .e|a|| +aec.+te mea|a|a| eceaem|c |a.t+||| a|a +r1. |e j+rcar.a| +aa|a| zz, a|.|t|aae+ ret+|| + ae.l1,ar+t m+| ma|te
+ct|.|t1| ae m+r|et|a jeatra jreme.+re+ jreaa.e|er ,| .er.|c|||er |+ac+re, jrecam. m|crecrea|t+re+, crea|ta| jeatra aece.|t1|
a|.er.e - ,Ma|t|ej|ea+|, aejet|te|e, c+raar||e |+ac+re etc.
|,+a+r, jr|a re|+a.+re+ c+mj+a|e| jreme|ea+|e ,Cre6|t Ma|t|ep|eaa| - 1 aa fr 6e|a6, c||ea|| ret+|| jer.e+ae l|t|ce +a
|eael|c|+t ae +.+at+je|e crea|t1r| ca ae| ejertaa|t1| ,| |eael|c||. Ietea+t1, + le.t jre|aa|t1 c+mj+a|+ ae l|ae||t+re ,Car6a| 6e cre6|t
- aa resp|re 6e |a Me|6ea kqre|a6|aak j1a1 |+ l|ae|e +aa|a| zz, mea|t1 .1 .jere+.c1 cealerta| c||ea||er ,| .1 r1.j|1te+.c+
l|ae||t+te+ +ce.ter+ ca c1,t|ar| |1ae,t|.
|+ac+ + ceat|aa+t tr+a||+ jreme|||er ae |aa1 aar+t1, j+rt|c|j1aa |+ c+mj+a|+ a+|ea+|1 er+a|t+t1 ae \e.tera a|ea ,l t|mpa|
s c|teret|...|acepe aeatara|, mea|t1 .1 +aac1 ma|te |acar||, jrem|| ,| eme|| jet|t|.e +t1t jer.ea+|a|a|, c1t ,| c||ea||er
|1ac||.
|a + aea+ jam1t+te + +aa|a| zz, Me|6ea kqre|a6|aak | V|sa +a ae.l1,ar+t c+mj+a|+ jreme|ea+|1 ,|acerca|| 0 s
p|ac|, |a j+rteaer|+t ca \|.+ |at. |a ceate\ta| jreme.1r|| c+raar||er |+ac+re .-+ m|t+t je jreme.+re+ +c||t1r|| ce|er m+| .+r|+te j|1|,
ae |+ m1rlar| ,| jreaa.e +||meat+re j|a1 |+ .er.|c|| cemaa+|e, .er.|c|| ae te|elea|e .+a |ateraet.
Ie+te +ce.te +c|aa| ae er+a|t+re, mea|ter|t+re ,| |mj|emeat+re + c+mj+a|||er jreme|ea+|e, ae r1aa ca j+rt|c|j+re+ |+ |+a.1r| ae
jre|ecte, e\jet||| ,| +|te e.ea|meate eaac+|ea+|e .+a l||+atrej|ce, +a cea.t|ta|t a|atetae+aa+ j||ea| +| +ct|.|t1|| ae m+r|et|a ,|
jreme.+re + |1ac||.
4,000
3,000
2,000
1,000
0
2008 2009 2010 2011 2012
:e|aa| crea|te ret+||
:e|a crea|te jer.e+ae l|t|ce
z,+
,I+z z,
z,I+ z,I
,z
I1
,z+ ,+1
|ertefe||a| 6e cre6|te reta|| |a 6|aam|ca (m|||eaae M0|)
|ejet|te r+t+|| tet+| |ejet|te jer.e+ae l|t|ce
8,000
6,000
4,000
2,000
0
2008 2009 2010 2011 2012
4,674
4,680
4,992
5,358
7,084
5,943
4,245 4,001
3,924 4,029
|ertefe||a| 6e 6epet|te reta|| |a 6|aam|c (m|||eaae M0|)
18
ACTIVITATEA RETAIL
0pera|aa| ca car6ar|
|a Me|ae.+ ceat|aa1 teaa|a+ ae cretere 6|aam|c a p|||er fr aamerar, electa+te jr|a |atermea|a| c+raar||er |+ac+re, ae,|
.e|ama| +ce.ter ejer+|aa| r1m|ae re|+t|. m|c (cc+ +- a|a tet+| .e|ama| ejer+|aa||er jr|a c+raar|). |.tle|, ae|a1ter|| ceat|aa1 .1
le|e.e+.c1 c+raar||e |+ac+re, em|.e ae |1ac||e +ate|teae, jrejeaaereat jeatra retr+ere+ aamer+ra|a| a|a |+acem+te.
tealerm a+te|er ja|||c+te ae c1tre |NM, je j+rcar.a| +aa|a| zz, .am+ tet+|1 + ejer+|aa||er electa+te ca c+raar||e |+ac+re em|.e |a
Me|ae.+ + cea.t|ta|t z ae m|||+rae M||, |a cre,tere l+1 ae z ca z.. Ietea+t1, .am+ retr+er|| aamer+ra|a| a|a |+acem+te |a
jer|e+a+ ae reler|a1 + cre.cat ca . - j1a1 |+ . m|||+rae M||, |+r .e|ama| j|1||er l1r1 aamer+r .-+ m+jer+t ca 1.+ j1a1 |+
m|||e+ae M||.
RETAIL BANKING
|a .ceja| eler|r|| aaer .er.|c|| c+||t+t|.e ,| ejer+t|.e c||ea||er .1|, |+ac+ + ceat|aa+t e\t|aaere+ ree|e| ae |+acem+te ,| |0:-
term|a+|e, c+re .1 +.|are aa aam1r c1t m+| m+re ae jaacte ae ae.er.|re ,| .+t|.l+cere+ aece.|t1||er c||ea||er |1ac||. Nam1ra|
|+acem+te|er Me|ae.+ |re|aa|+a| + +t|a. c|lr+ ae |+ a+t+ ae 1 aecem|r|e zz |a cemj+r+|e ca + ae |+acem+te |+ +cee+,|
a+t1 + +aa|a| z, |+r aam+ra| ae |0:-term|a+|e + cre.cat j1a1 |+ z,z. |e parcarsa| aaa|a| 111, |aaca |-a mea|aat ceta 6e
1I 6|a p|aa kepa|||c|| Me|6ea |a aamra| 6e |aacemate |asta|ate, |ar ceta 6e p|a peatra aamra| 6e |0!-
term|aa|e |asta|ate ceast|ta|e 6e 11.
|-cemmerce rejret|at1 e mea+||t+te meaera1, te|ae|e|c +.+a.+t1 ,| .|ar1 ae + reaace ce.tar||e ,| ae + +t|ae aa a|.e| c+||t+t|. aea
+| ae.er.|r|| c||ea||er cemj+a|e|. :e|a|+ |-cemmerce l+c|||te+t1 +cce.a| ceat|aaa +| c||ea||er (z+/z+), |a re|m ea||ae, |+
.er.|c|||e/jreaa.e|e cemerc|+||t+te, .t|ma|1aa +.tle| .1at1r||e cemerc|+ata|a|. |+ .l|r,|ta| +aa|a| zz, Me|ae.+ |re|aa|+a| +
|are|.tr+t tr+at+c|| |a .e|am ae ,419 m|| M0| |a 1 cemerc|aa| act||.

Me|ae.+ |re|aa|+a| aej+ ce|+|ere+t1 |a aemea|a| cemera|a| e|ectrea|c ca cemj+a|| a|a a|ler|te aemea|| ae +ct|.|t+te.
cemerc|+||t+re+ |||ete|er +.|+, caje+ae|er ae reaacer|, c1r||er, te|elea|e me|||1 etc. |+ac+ cea|acre+t1 ca .acce. ,| ca aae|e er+a|t+||
ae .t+t, .jre e\emj|a, |ea|+ ae :t+t jeatra |rejr|et+te |ate|ecta+|1 (|0|||), a+r ,| ca ||aer|| j|ee| ae te|elea|e me|||1 - 0r+ae ,|
Me|ace||.
|+ |acejata| +aa|a| zz Me|ae.+ |re|aa|+a| + l|ae||t+t c||ea|| c+re electae+t1 tr+at+c|| |a |ateraet. |eatra 1 ae jer.e+ae - ce|
m+| +ct|.| camj1r1ter| |a mea|a| |ateraet - +a le.t em|.e c+raar| MasterCar6 !taa6ar6 Mz|| V|rtaa| qrata|t, l1r1 jercejere+ t+\e|
+aa+|e ae +am|a|.tr+re. |.tle| c||ea|| +a je.|||||t+te+ ae + |eael|c|+ ae .ecar|t+te .jer|t1 |a electa+re+ tr+at+c|||er |a |ateraet, a+r ,|
cemea|t+te ,| +|te +.+at+je |mjert+ate |a at|||t+re+ c+raa|a| \|rta+| |+ electa+re+ tr+at+c|||er |a |ateraet.
|.|aa aa c+ra ae |+ Me|ae.+ |re|aa|+a| ,| l||aa +|ea+t |+ |+a| ||e\, c||ea|| |1ac|| |,| jet ceat|aa+ ae.t|a|er|t +ct|.|t1||e l1r1 +
j|erae t|mj jr|a cet||e ae |+ ||,ee. |.tle|, l+ctar||e jet l| +c||t+te a|rect a|a ceata| ae c+ra, |+ er|ce er1 ,| ae er|aaae, r+ta|t ,| |a
.|ar+a1. Nea+ mea+||t+te eler1 je.|||||t+te+ +c||t1r||, a|rect ae je ceata| ae c+ra, + l+ctar||er em|.e jeatra .er.|c|||e cemaa+|e.
Me|ae.+ |re|aa|+a| + e\t|a. +m+ ae .er.|c|| ,| |eael|c|| jeatra ae|a1ter|| c+raar||er |+ac+re, a+ter|t1 |+a.1r|| .er.|c|||er
MasterCar6 Meae!ea6 | V|sa |erseaa| |ameats. |.tle|, l|ec+re c||eat c+re ae|ae aa c+ra |+ac+r +re je.|||||t+te+ .1
|eael|c|ete ae tr+a.lerar| ae m|j|e+ce |1ae,t| |a ceata| ae c+ra a|a j+rte+ jer.e+ae|er tere. |.tle| c||ea|| eceaem|.e.c t|mj, elert ,|
|+a|.
|aa| z1 .+ l| m+rc+t |+ Me|ae.+ |re|aa|+a| ae |mj|emeat+re+ ,| +|ter .e|a|| |ate||eate, |+t+te je te|ae|e|| meaerae c+re .|a
.1 creete c||ea||er |1ac|| ce|e m+| cemeae ,| +tr+ct|.e ceaa||| ae ae.er.|re |+ac+r1.
19
|||aa mem|ra jr|ac|j+| + aea1 .|.teme |atera+|ea+|e ae j|+|, \|.+ ,| M+.tert+ra, |+ac+ +cera1 +tea|e .jer|t1 aet.e|t1r|| |a.|ae..-
a|a| ca c+raar|. a+ a|a .+rc|a||e jr|ac|j+|e +|e .a|a|.|t|aa|| ret+|| + le.t mea|aere+ cete| ae j|+1 |+ em|tere+ ,| +ccejt+re+ c+raar||er.
|eaaere+ aam1ra|a| c+raar||er Me|ae.+ |re|aa|+a| +l|+te |a c|rca|+|e je j|++ |ec+|1, |+ .l|r,|ta| +aa|a| zz .-+ mea|aat |+ +ce|+,|
a|.e| cemj+r+t|. ca +aa| jreceaeat ,| + cea.t|ta|t 1. |a zz aam1ra| c+raar||er |a c|rca|+|e em|.e ae Me|ae.+ |re|aa|+a| +
cea.t|ta|t 19,1I car6ar|.
2008 2009 2010 2011 2012
z
z
+
0
+
I+
z+
,I
1z
1,709
+ 60
,II
,
POS
0|aam|ca 6ete|tr| ree|e| 6e kIM-ar| | |0!-term|aa|e |asta|ate
|a cemerc|aa|
ATM
300,000
150,000
50,000
0
2008 2009 2010 2011 2012
219,137
192,077
178,359
234,369
259,107
0|aam|ca aamra|a| car6ar||er |a c||ca|a|e
ACTIVITATEA DE INVESTIII
20
ACTIVITATEA DE INVESTIII
|ct|.|t+te+ jrele.|ea|.t1 + Me|ae.+ |re|aa|+a| je j|++ .+|er||er me||||+re + le.t +.|ar+t1 ae ||cea+ +cera+t1 |1ac|| ae c1tre tem|.|+
N+|ea+|1 + ||ee| ||a+ac|+re jeatra ae.l1,ar+re+ +ct|.|t1|| ae ae+|er je j|++ .+|er||er me||||+re - c+ +ct|.|t+te ae |+t1, ,| ae |re|er+j, ae
aaaerwr|t|a ,| ae cea.a|t|a |a.e.t||ea+| - c+ +ct|.|t1| ceae\e.
|ct|.|t+te+ |1ac|| |a +aa| zz .-+ ae.l1,ar+t |a cealerm|t+te ca |e||t|c+ |a.e.t||ea+|1, +jre|+t1 jeatra +ce+.t1 jer|e+a1. :tr+te|+
|a.e.t||ea+|1 + |1ac||, + le.t er|eat+t1 .jre ejt|m|t+re+ jertele||a|a| ae j+rt|c|j+||, lerm+t |a||+| je jr|ac|j|| cea.er.+t|.e, cam +r l|
meae|e|e jertele||a|a| ae .ea|tar| e||aate a|a ae|1at| ,| a|.|aeaae ,| jertele||a| cre,ter|| +re.|.e. |+rt|c|j+re+ |1ac|| |+ j|++ ae
c+j|t+|, jr|a electa+re+ |a.e.t||||er l|a+ac|+re, arme+t1 aa e||ect|. ae a|.er.|l|c+re + ejer+|aa||er +ct|.e +|e |1ac|| jr|a .+|er|l|c+re+
.ar.e|er +|tera+t|.e ae .ea|tar|. |+ l|ae|e +aa|a| jertele||a| |a.e.t||ea+|, |a cealerm|t+te ca :t+aa+rae|e |atera+|ea+|e ae |+jert+re
||a+ac|+r1, + |are|.tr+t .+|e+re+ ae z,1 m|| M||, cee+ ce rejret|at1 cete ae j+rt|c|j+re |a z cemj+a|| a|a a|.er.e .ecte+re ae
+ct|.|t+te +|e eceaem|e| a+|ea+|e.
0||ect|.a| |a.e.t||ea+| jr|mera|+| +| |1ac||, +.1aa c+ |+t1 mea|aere+ jrel|t+||||t1|| |a.e.t||||er |+ aa a|.e| c1t m+| |a+|t
cemj+r+t|. ca ce.ta| re.ar.e|er l|a+ac|+re +tr+.e ae |+ac1, + ceat|aa+t .1 l|e arm1r|t ,| je j+rcar.a| +aa|a| zz. |a +ce.t ceate\t,
Me|ae.+ |re|aa|+a| + jr|m|t a|.|aeaae |a .+|e+re ae 1,+++ m|| M||.
0|aam|ca pertfe||a|a| 6e |aest|||
13
12
11
10
250,000
150,000
50,000
0
211,298
12 12
12
11
12
99,059
113,287
98,925
113,005
99,956
152,719
99,956
164,755
143,798
\e|ama| jertle||a|a|, te.t, m|| M||
Nam1ra| e||ecte|er ae |a.e.t|||
\e|ama| jertele||a|a|, :|||, m|| M||
2008 2009 2010 2011 2012
50%
40%
30%
20%
10%
0%
Admin.
pieelor
financiare
Alte
intermedieri
financiare
Alte activ.
creditare
31.12.2012
31.12.2011
31.12.2012 (la cost)
1,14%
1,39%
1,67%
0,22%
0,28%
0,58%
21,69%
25,93%
8,28%
44,09%
29,35%
39,62%
0,00%
0,99%
1,14%
0,02%
0,02%
0,03%
2,79%
3,45%
4,45%
0,00%
0,00%
0,00%
30,09%
38,60%
44,23%
Producie
de
pepenier
Panificaie Fabricarea
a
zahrului
Fabricarea
sticlei
Leasing Prelucrarea
sticlei
Dinamica structurii portofoliului investiional
|a .eaere+ m|a|m|t1r|| r|.ca|a| |a.e.t||ea+|, |+ac+ + +j||c+t, |a m1.ar+ ejertaa|t1||er |a.e.t||ea+|e eler|te ae j|++ +ate|tea1 ae
c+j|t+|, .tr+te|+ ae a|.er.|l|c+re + jertele||a|a|. te+ m+| |a.ema+t1 cet1 a|a jertele||a| |1ac|| re.|ae |a.e.t||||er |a cemj+a|+ l||c1 :.|.
,M|||-|e+.|a, |+r jeaaer| .ema|l|c+t|.e .aat ae|aate ae .+|er||e me||||+re +|e |atrejr|aaer||er a|a |aaa.tr|+ jre|acr1te+re, |a .jec|+|
+|e cemj+a|||er ae l+|r|c+re + t+|1ra|a|, jreaa.e|er a|a .t|c|1.
0 +tea|e aee.e||t1 |a re+||t+re+ je||t|c|| |a.e.t||ea+|e + |1ac|| + le.t +cera+t1 jre.t1r|| ae .er.|c|| je j|++ .+|er||er me||||+re,
+cceata| l||aa ja. je c+||t+te+ ,| el|c|ea+ .er.|c|||er jre.t+te. |.tle|, .e|ama| tet+| +| tr+at+c|||er |ar.|ere, |are|.tr+t |+ |ar.+ ae \+|er|
+ Me|ae.e| ae c1tre |ej+rt+meata| |a.e.t||| terjer+t|.e, |a ceaa||||e jre.t1r|| .er.|c|||er ae |re|er+j je j|++ .+|er||er me||||+re, +
|a.am+t je.te z,11z m|| M||.
0jertaa|t1| .jer|te .e +.ec|+t1 ca +ct|.|t1||e ae aaaerwr|t|a ,| ae cea.a|t|a |a.e.t||ea+|, c+re |a ceaa||||e +t|aer|| aaa| a|.e| ae
aet.e|t+re + j|ee| ae c+j|t+| eler1 em|tea||er je.|||||t+te+ +tr+er|| m|j|e+ce|er l|a+ac|+re aece.+re jeatra re+||t+re+ aaer jre|ecte.
|+r |a.e.t|ter||er - ae| |a.trameate l|a+ac|+re jeatra |a.e.t|re.
21
ACTIVITATEA DE INVESTIII
ACTIVITATEA DE TREZORERIE
ACTIVITATEA DE TREZORERIE
|e j+rcar.a| +aa|a| zz, Me|ae.+ |re|aa|+a| + ceat|aa+t .1 jreme.ete .er.|c|| ae treterer|e cemjet|t|.e aaj1 jre ,| c+||t+te,
+.|ar1aa e |e1tar1 e.ea|+|1 |atre j|ee|e l|a+ac|+re ,| cer|ae|e cemj|e\e +|e c||ea||er |1ac||.
0pera|aa| |erex
\e|ama| ejer+|aa||er .+|at+re .|r+meat ca c||eate|+ |1ac|| |a +aa| zz + cea.t|ta|t ,1 m|||e+ae :|, |a cre,tere ca . l+1 ae
+aa| z. |+ac+ + re+||t+t aa .e|am .ema|l|c+t|. ae tr+at+c|| je j|++ .+|at+r1 ca |1ac||e .tr1|ae, |a .e|am ae I1 m|||e+ae :|, je
c1aa ca |1ac||e ret|aeate, .e|ama| tr+at+c|ea+t + cea.t|ta|t ae+r m|||e+ae :|.
|+ac+ + ceat|aa+t +ct|. electa+re+ ejer+|aa||er ca aamer+r je j|++ |ater|+ac+r1, electa1aa ejer+|aa| ca |+acaete |a .+|at1
.tr1|a1 ceatr+ .|r+meat +t1t ca |1ac||e ret|aeate, c1t ,| ca |1ac||e .tr1|ae.
\e|ama| ejer+|aa||er jr|a jaacte|e ae .c||m| .+|at+r +|e |1ac|| + cea.t|ta|t ec||.+|eata| + zI m|||e+ae :|, l+1 ae ec||.+|eata| +
+I m|||e+ae :| |a +aa| z, a|atre c+re cet+ ce+ m+| |mjert+at1 +a cea.t|ta|t-e ejer+|aa||e ca |are, +a|c1 1 |a zz l+1 ae
|a z. |e mea|ea+t, c1 .e|ama| |a ra||e ra.e,t| (ec||.+|eat |a :|) .-+ m+jer+t ca , |a cea.ec|a1 .jer|aa ,| jeaaere+
+ce.ter+ ae |+ .+ |a z |+ 1 |a zz.
\ea|tar||e ae |+ ejer+|aa||e ae .c||m| .+|at+r +a cea.t|ta|t . m|||e+ae M||, |a .c1aere ca . l+1 ae +aa| z. ||m|aa+re+
+ le.t aeterm|a+t1 ae |aa.t+re+ .jre+a-a|a| |+ ejer+|aa||e .+|at+re, |a mea|e ca z |a zz cemj+r+t|. ca z.
||aa meaetar | p|aa pre6ase|er f|aaac|are ca ea|t f|x
|a +aa| zz, Me|ae.+ |re|aa|+a|, c+ ,| |a +a|| jreceaea|, .|-+ j1.tr+t jet||+ ae ||aer je j|++ meaet+r1, l||aa aa j+rt|c|j+at +ct|.
|+ electa+re+ ejer+|aa||er Meae-M+r|et.
|+ac+ + ceat|aa+t e.t|ea+re+ el|c|eat1 + +ct|.e|er ||c||ae a|.jea||||e, l||aa at|||t+te arm1te+re|e |a.trameate. tert|l|c+te|e |1ac||
N+|ea+|e (t|N), \+|er||e Me||||+re ae :t+t, |mjramatar||e/aejet|te|e je j|++ |ater|+ac+r1.
\e|ama| |a.e.t||||er |a \+|er| Me||||+re ae :t+t je j|++ jr|m+r1, a|a ceata| |1ac||, + cea.t|ta|t II m|||e+ae M||, |a .c1aere ca +
l+1 ae z.
|.1aa |a .eaere c1 |+ac+ + a|.ja. ae m|j|e+ce a|.jea||||e je termea .cart, aa|ca| |a.trameat +tr+ct|. ,| el|c|eat, ca aa r+a .c1tat ae
r|.c, +a le.t |a.e.t||||e |a t|N ca termea ae c|rca|+|e ae + t||e, |+ r+t+ ae |+t1 + |1ac|| N+|ea+|e + Me|ae.e|, c+re je j+rcar.a| +aa|a| .-
+ m|c,er+t ae |+ . |+ +..
\e|ama| |a.e.t||||er |a tert|l|c+te|e |1ac|| N+|ea+|e + cea.t|ta|t . m|||+rae M||, l||aa ca .+I m|||+rae M|| m+| m|c aec1t |a
z.
\ea|ta| tet+| e||aat ae |+ electa+re+ |a.e.t||||er |a .+|er| me||||+re |a zz + cea.t|ta|t . m|||e+ae M||, |a .c1aere ca ++.
m|||e+ae M|| l+1 ae z.
|ce+.t1 a|m|aa+re + le.t |al|aea+t1 ae .c1aere+ cea.|aer+|||1 + r+te|er ae|1at||er ca . jaacte jreceata+|e ,| reaacere+
|a.e.t||||er |a .+|er| me||||+re ae |+ I |+ II m|||e+ae M||.
|a +aa| zz, j|+.+meate|e e.era||t |+ |+ac+ N+|ea+|1 + Me|ae.e| |a meaea1 a+t|ea+|1 +a |are|.tr+t .+|e+re+ ae 1. m|||+rae
M||, l||aa ca m+| m+r| aec1t |a z, je c1aa j|+.1r||e |+ termea |a meaea1 a+|ea+|1 |+ |1ac||e |ec+|e +a cea.|ta|t .am+ ae 1.
m|||e+ae M||, |a cre,tere ca 11 l+1 ae +aa| trecat. \e|ama| tr+at+c|||er ae j|+.+re + m|j|e+ce|er |1ae,t| |a .+|at1 .tr1|a1 |a
aejet|te |+ |1ac||e .tr1|ae + cea.t|ta|t . m|||e+ae ||.
22
Volum operaiuni FOklK c||e| (m|||eaae 0!0)
1350
1300
1250
1200
1150
2011 2012
1,211
1,315
23
Ve|am |aest||| |a C8N (m|||eaae M0|)
3
z
z

50
0
25,077
19,592
2011 2012
350
300
250
300
150
100
50
0
299.345
138.849
140.344
311.686
2011 2012
68.252
25.753
Volum operaiuni FOklK pr|a |!V
ech|a|eat 0!0 (m|||eaae)
USD EURO RUB
115
113.1
100.45
2011 2012
Vea|t operaiuni FOREX (m|||eaae MDL)
110
105
100
95
90
2011 2012
I
I
II
Volum |aest|||er |a VM! (m|||eaae M0|)

ktraqerea |mpramatar||er 6e |a |ast|ta|| ||aaac|are |ateraa|eaa|e

|a .ceja| +.|ar1r|| l|a+a1r|| aece.+re jeatra +ct|.|t+te+ ae crea|t+re + |1ac|| ,| mea|aer|| a|.e|a|a| ejt|m +| ||c||a|t1|| |1ac||, je
j+rcar.a| +aa|a| zz + ceat|aa+t +ct|.|t+te+ ae +tr+ere + re.ar.e|er ae |+ |a.t|ta|| ||aa+c|+re |atera+|ea+|e. |a le.t .ema+te z
|ceraar| ae |mjramat (Me:|||-z ,| Me|||||) ca |+ac+ |areje+a1 jeatra |ecea.trac|e ,| |et.e|t+re (||||), |a .am1 + c1te
m|||e+ae || l|ec+re, je aa termea ae +a|, jeatra crea|t+re+ jer.e+ae|er jar|a|ce ,| l|t|ce |a .ectera| ret|aea|+|, |a c+ara| jre|ecte|er
ae el|c|ea1 eaeret|c1. Ietea+t1, + le.t .+|er|l|c+t |mjramata| ceatr+ct+t |a +a|| jreceaea|, |a |+t+ +ceraa|a| Me:|||- .ema+t ca
||||.
0pt|m|tarea ree|e| 6e ceatar| cerespea6eate
|a .ceja| .+t|.l+cer|| m+\|me + cer|ae|er c||ea||er ,|
ejer+|aa||er jrejr|| +|e |1ac|| |a aemea|a| aeceat1r||er, |+ac+ +
ceat|aa+t ejt|m|t+re+ ree|e| ae ceatar| cere.jeaaeate. |e
j+rcar.a| +aa|a| zz, + le.t ae.c||. aa ceat cere.jeaaeat |a :|
|a |+ac+ |eat.c|e |+a|er Ira.t temj+a |mer|c+., N\.
teacem|teat, |a .ceja| m|a|m|t1r|| r|.car||er +lereate, +a le.t
|ac||.e ceatar||e cere.jeaaeate |a :| ,| || |a t|t||+a| N|, New
\er| ,| t|t||+a| N|, |eaar+.
ACTIVITATEA DE TREZORERIE
LISTA BNCILOR CORESPONDENTE
LISTA BNCILOR CORESPONDENTE
24
Austria
Belarus
Belgia
Germania
Italia
Romnia
Rusia
SUA
Ucraina
|+|lle|.ea |+a| |atera+t|ea+| |0
|r|er|+a| I:t
|ert|. |+a| :|/N\
temmert|+a| |0
|eat.c|e |+a| |0
|+ac+ N+t|ea+|e ae| |+.ere :j|
|ate.+ :+aj+e|e :j|
a|trea|t :j|
|+|lle|.ea |+a| :|
|+ac+ temerc|+|+ |em+a+ :|
I:t \I| |+a|
l|0 |+|lle|.ea|+a|
:|er|+a| el |a..|+
I|e |+a| el New \er| Me||ea
|eat.c|e |+a|er Ira.t temj+a |mer|c+.
|I:t t| '|r|.+t|+a|'
\|ea+
M|a.|
|ra\e||e.
|r+a|lart / M+|a
|r+a|lart / M+|a
|em+
Ier|ae
M||+ae
|acare,t|
|acare,t|
Me.ce.+
Me.ce.+
Me.ce.+
New \er|
New \er|
|a|jrejetre..|
TEHNOLOGIILE INFORMAIONALE
TEHNOLOGIILE INFORMAIONALE
|+ac+ +cera1 e +tea|e jr|er|t+r1 +j||c1r|| te|ae|e|||er |alerm+|ea+|e +.+a.+te (I|), el|c|eae|, .t+||||t1|| laac|ea1r|| ,| aet.e|t1r||
|alr+.tractar|| I|, |a c+||t+te ae .ajert +| jrece.e|er ae +l+cer| |+ac+re, jeatra + l+ce l+1 +mea|a1r||er cemjet||e| ,| .c||m|1r||er ae
je j|+1 ,| jeatra + l+c|||t+ +cce.a| c||ea||er |+ .er.|c|||e |+ac+re.
Nac|ea| .|.tema|a| +atem+t|t+t +| |1ac|| e.te .e|a|+ Iemeaes 6|e|as, +j||c+t1 ae |+ac1 a|a +aa| z1, |a ceat|aa1 aet.e|t+re,
aa+ a|a ce|e m+| cemj|e\e ,| jerlerm+ate .e|a|| +j||c+t1 |a |1ac||e |ec+|e. |j||c+re+ .|.tema|a| Iemeae. 0|e|a. ca .er.ere ceatr+|e,
+cce. ea-||ae +| tatarer at|||t+ter||er |1ac|| ,| e\ecat+re+ tr+at+c|||er |a re|m ae t|mj re+|, + l+c|||t+t |mj|emeat+re+ .er.|c|||er ae
ae.er.|re + c||ea||er |a er|ce l|||+|1, |aaejeaaeat ae l|||+|+ aaae c||eata| +re ae.c||.e ceatar|. |a +aa| z + le.t l|a+||t+t1 re+||t+re+
jre|ecta|a| ae m|r+re |+ .|.tema| Iemeae. 0|e|a./Iz+, +j||c+re+ c1ra|+ +.|ar1 ae| l+c|||t1| ,| laac|ea+||t1| .aj||meat+re, |ac|a.|.
e.te +.|ar+t1 |+t+ +j||c1r|| ea-||ae ,| z+z+ ere + .|.tema|a|.
|+ac+ e.te aa+ a|a jr|me|e er+a|t+|| l|a+ac|+re a|a 1r||e t:|, c+re, jr|a ce|+|er+re ca cemj+a|+ ||M, + re+||t+t meaera|t+re+
.er.ere|er ceatr+|e, cre1aa aa ceatra ae t|j c|a.ter a|.tr||a|t eer+l|c ae jre|acr+re + a+te|er je |+t+ j|+tlerme| N|/ + ||M, ca
at|||t+re+ te|ae|e|||er :|N ae .tec+re + a+te|er, +j||c1aa .t+aa+raa| +.+a.+t ae 0| |||re t|+aae|. |ce+.t1 +r||tectar1 + .|.tema|a|
|alerm+|ea+| jerm|te +.|ar+re+ aae| .ecar|t1| .jer|te, mea|ter|a-a| aej||a +| a+te|er ,| laac|ea+re+ ae|atrerajt1 + |1ac|| c||+r ,|
|a c+ta| +j+r||e| aaer aelec|aa| ae |alr+.tractar1.
|a cea|acr+re ca cemj+a|||e j+rteaere .jec|+||t+te |a I| ,| te|ecemaa|c+||, |+ac+ + aet.e|t+t .e|a|| ae |+c|aj ,|, ae m+| ma|| +a|,
a|.jaae ae aa ceatra +|tera+t|., +j||c1 j|+aar| ,| a|.jet|t|.e l|+|||e ae +.|ar+re + ceat|aa|t1|| +l+cer||, |+r a|a z1 .+ |a||+ jrece.a| ae
tr+a.ler+re + ceatra|a| +|tera+t|. |atr-aa teatra ae |+te cemerc|+|, ca c+r+cter.t|c| te|a|ce cealerme c+teer|e| ||| ae l|+||||t+te
(a|.jea|||||t+te ae .z, cealerm :t+aa+raa|at| I||-+z), ree+a+ ejt|c1 m+|.tr+|1 ae tr+a.jert a+te .+ l| trecat1 |+ te|ae|e|+
ae 0|j..
|a .cejar| ae ejt|m|t+re, |a |+ac1 .e +j||c1 tet m+| |+r te|ae|e|||e ae .|rta+||t+re |+t+te je .e|a|+ M|cre.elt |jer-\, |+r a|a z1
.+ l| |a||+t jre|ecta| ae .|rta+||t+re + |atre|| |alr+.tractar| I|, |ac|a.|. + .t+|||er ae |acra +atem+t|t+te.
|acej1aa ca z, |a |+ac1 e.te |mj|emeat+t !|stema| 6e Maaaqemeat a| !ecar|t|| |aferma|eaa|e |a cealerm|t+te ca
.t+aa+raa| |:0 zI, l+jt +te.t+t jr|a e||aere+ ,| ceal|rm+re+ +aa+|1, |a |+t+ +aa|ta|a|, + cert|l|c+ta|a| re.ject|. jeatra aemea|a|
Ie|ae|e|| |alerm+|ea+|e.
0 +tea|e aee.e||t1 .e +cera1 aet.e|t1r|| jreaa.e|er te|ae|e|t+te, |mj|emeat1r|| +ce.ter+ |a |+ac1 ,| |+ c||ea|. |.tle|, |a zz + le.t
|mj|emeat+t1 .e|a|+ ma|t|c+a+| ae +cce. |+ a|.t+a1 |+ .er.|c|||e |+ac+re, 8aak ||ex Ma|t Chaaae|, c+a+|a| |ateraet jeatra
c||ea|| jer.e+ae jar|a|ce ;| l|t|ce +| |1ac||, c+a+|e|e Me|||e .| :M: |+a||a, ejt|m|t+t1 .e|a|+ :M: |+a||a (aet|l|c1r|), |-a|rect
(|ateraet |+a||a jeatra jer.e+ae l|t|ce), .e|a|+ e-.t+temeat., +cce.||||1 ae je .|te-a| |1ac||.
Me|ae.+ |re|aa|+a| + le.t jr|m+ |+ac1 c+re + e|+|er+t .| |mj|emeat+t je.|||||t+te+ +j||c1r|| ae je te|eleaa| me||| + .ema1tar||
a||t+|e je cerer||e jerlect+te je .|te-a| |1ac||, ca .e||c|t+re+ jre.t1r|| .er.|c|||er ae +|ea+re |+ :M: |+a|1|a, reem|tere c+ra, |ac||aere
+ ceata|a| ae c+ra.
|a ce|+|er+re ca cemj+a|+ |+ |e|at :|| + le.t aet.e|t+t1 .| |mj|emeat+t1 .e|a|+ |a|e|at, c+re eler1 je.|||||t1| ae +c||t1r| ae
j|+| jeatra .er.|c||, +c||t1r| crea|te, |ac+.1r| ae .ame |a ceatar| careate ,| ae aejet|t, at|||t1aa ree+a+ ae +atem+te c+.| |a ,| +ea|||e
(jaacte|e ae .1at1r|) ,|+ |e|at.
Iet |a zz + le.t e|+|er+t1 ,| |mj|emeat+t1 e .e|a|e aa|c1 je j|+1, ae +c||t+re .ecar|t+t1 + .er.|c|||er/jreaa.e|er cemerc|+||t+te ae
c1tre cemerc|+a| |a mea|a| |ateraet, jr|a at|||t+re+ c+raar||er |+ac+re.
25
6est|eaarea r|scar||er afereate tehae|eq|||er |aferma|eaa|e
||.car||e +lereate te|ae|e|||er |alerm+|ea+|e (I|) jet +lect+ c+j+c|t+te+ aae| er+a|t+|| ae +-,| +t|ae ,| mea|ae e||ect|.e|e ae +ct|.|t+te. |e
+cee+, |+ac+ cea,t|eat|te+t1 +t1t |mjert+a+ ae||er te|ae|e|| |alerm+|ea+|e ,| +.+at+je|e eler|te ae +ce.te+, c1t ,| r|.car||e +lereate |er.
k|sca| |eqat 6e tehae|eq|||e |aferma|eaa|e e.te aeterm|a+t ae je.|||||t+te+ ae e\j|e+t+re + .a|aer+||||t1||er aaa| |aa .+a + aaa| raj ae
|aaar| |alerm+|ea+|e ae c1tre e e.eata+|1 +mea|a+re, jrecam ,| ae |mj+cta| reta|t+t |a arm+ re+||t1r|| +ce.te|+.
|a .ceja| a.era1r|| el|c|eate + r|.car||er +lereate re.ar.e|er ,| |aaar||er |alerm+|ea+|e, |a |+ac1 + le.t cre+t ,| |mj|emeat+t aa :|.tem ae
M+a+emeat +| :ecar|t1|| |alerm+|ea+|e (:M:|) |a cealerm|t+te ca jre.eaer||e .t+aa+raa|a| |:0/||t zI.z, c+re e.te |+t+t je e +|era+re +
r|.car||er ae .ecar|t+te |alerm+|ea+|1, |+ c+re |+ac+ e.te e\ja.1 ,| +re .ceja| ae + .t+||||, |mj|emeat+, ejer+, mea|ter|t+, re.|ta|, mea|ae ,|
|m|aa1t1| .ecar|t+te+ |alerm+|e|.
|.tle|, e.t|ea+re+ r|.car||er |alerm+|ea+|e .e re+||te+t1 jr|a aea1 jrece.e |ateraejeaaeate.
+) |aeat|l|c+re+ ,| +a+||t+ ae |mj+ct + jrece.e|er ae +l+cere + |1ac|| ,| + |aaar||er |alerm+|ea+|e c+re +.|ar1 re+||t+re+ |er, jr|a cre+re+ ,|
mea|aere+ .|.tem+t|c1 |a .t+re +cta+|1 + aaer |e|.tre + jrece.e|er ,| |aaar||er,
|) +a+||t+ ae r|.c jer|ea|c1 jeatra |aaar||e |alerm+|ea+|e ca aa |mj+ct m+re jeatra jrece.e|e ae +l+cere +|e |1ac||.
|+ aeterm|a+re+ jer|ea|c|t1|| ae electa+re + +a+||te| ae r|.c, .e |ae ceat ae jre.eaer||e j.1 +rt.1 a|a ,Regulamentul cu privire la sistemele de
control intern n bnci, +jre|+t jr|a |et1r|re+ tea.|||a|a| ae |am|a.tr+|e +| |NM ar. a|a 1.+.z.
|a+||t+ ae r|.c .e electae+t1 cealerm aae| meteae|e|| ae +a+||t1 + r|.car||er |alerm+|ea+|e, c+re ae.cr|e jrece.a| ae m+a+emeat +| +ce.ter+,
jr|a +j||c+re+ + et+je.
1. |aeat|l|c+re+ +mea|a1r||er,
2. |aeat|l|c+re+ ceatre+|e|er |mj|emeat+te ,| j|+a|l|c+te,
3. |aeat|l|c+re+ .a|aer+||||t1||er,
4. |a+||t+ |mj+cta|a| ae |+ e.eata+|+ re+||t+re + +mea|a1r||er,
5. |eterm|a+re+ jre|+||||t1|| re+||t1r|| +mea|a1r||er |aeat|l|c+te,
6. |eterm|a+re+ r|.car||er +.ec|+te ca |aaar||e |alerm+|ea+|e,
7. |ecem+aa1r| jr|.|aa ceatre+|e aece.+re jeatra a|m|aa+re+ r|.car||er,
8. Determinarea riscului rezidual;
9. |ecameat+re+ reta|t+te|er.
|a .ceja| m|a|m|t1r|| ,| jre.ea|r|| r|.car||er +lereate I|, .aat electa+te arm1te+re|e +c|aa|.
- e|+|er+te ,| re+||t+te j|+aar| ae tr+t+re + r|.car||er |alerm+|ea+|e |aeat|l|c+te |a jrece.a| +a+||te| jer|ea|ce + r|.car||er cealerm meteae|e|e|
aem|a+||t+te m+| .a.,
- |a.tra|re+ ceat|aa1 + +a+j+||er |1ac|| ,| j1r||er tere c+re jre.te+t1 .er.|c|| ae eat.earc|a |a aemea|a| te|ae|e|||er |alerm+|ea+|e, |a .eaere+
re.ject1r|| cer|ae|er ae .ecar|t+te |alerm+|ea+|1, jrecam ,| mea|ter|t+re+ +c|aa||er |atrejr|a.e ae +ce.te+,
- electa+re+ te.te|er/.c+a1r||er cemjeaeate|er :|.tema|a| |alerm+|ea+| |+ac+r (:||) jeatra |aeat|l|c+re+ .a|aer+||||t1||er te|a|ce |+ a|.e|a|
+ce.ter cemjeaeate,
- +a+||t+ l|,|ere|er ae .ecar|t+te (|00-ar|) eaer+te ae aae|e cemjeaeate +|e :||,
- e.t|ea+re+ arejtar||er ae +cce. +|e +a+j+||er |1ac|| |+ cemjeaeate|e :|| cr|t|ce a|a jaact ae .eaere +| r|.car||er, jr|a e\+m|a+re+ cerer||er ae
+cce. |+ |ateraet, je,t1 e|ectrea|c1 ,| a|.jet|t|.e e\terae,
- j|+a|l|c+re+ +c|aa||er ae jre.ea|re ,| |a|1tar+re + .a|aer+||||t1||er |aeat|l|c+te ,| mea|ter|t+re+ e\ecat1r|| +ce.ter+,
- e.t|ea+re+ .|.tem+t|c1 + |ac|aeate|er ae .ecar|t+te |alerm+|ea+|1, +cceata| l||aa ja. je jre.ea|re+ +ce.ter+ ,| e.|t+re+ rec|a|.e|er,
- +j||c+re+ +c|aa||er jre.eat|.e ,| cerect|.e jr|a |aeat|l|c+re+ ,| e||m|a+re+ e.eata+|e|er aecealerm|t1| |a laac|ea+re+ :|.tema|a| |alerm+t|c,
- aeterm|a+re+ aece.|t1|| ae ceatre+|e +a||ea+|e |a .|ta+|+ aaer ae| +mea|a1r| .+a + mea|l|c1r|| meaa|a| ae m+a|le.t+re + +ce.ter+,
- m1.ar+re+ el|c+c|t1|| ceatre+|e|er ae .ecar|t+te |alerm+|ea+|1 |mj|emeat+te,
- r+jert+re+ jer|ea|c1 tem|teta|a| ae teaaacere +| |1ac|| jr|.|aa el|c+c|t+te+ ceatre+|e|er ae .ecar|t+te |alerm+|ea+|1 |mj|emeat+te,
- e|+|er+re+, +cta+||t+re+ .|.tem+t|c1 ,| +j||c+re+ re+|1 + +cte|er aerm+t|.e |aterae +lereate .ecar|t1|| |alerm+|ea+|e etc.
26
TEHNOLOGIILE INFORMAIONALE
ADMINISTRAREA RISCURILOR
ADMINISTRAREA RISCURILOR
|am|a|.tr+re+ r|.car||er e.te j+rte cemjeaeat1 + jrece.a|a| aec|t|ea+| ,| ae +l+cer| a|a c+ara| |1ac||. |+ac+ +j||c+ e je||t|c1
r|are+.1 ae e.+|a+re, tr+t+re ,| e.t|ea+re + r|.car||er, aet.e|t1aa |a jerm+aea1 jreceaar||e, mec+a|.me|e ,| |a.trameate|e at|||t+te.
|a |+ac1 laac|eae+t1 aa .|.tem ae +am|a|.tr+re + r|.car||er, |+t+t je cer|ae|e |NM, recem+aa1r||e tem|teta|a| |+.e| jeatra
:ajr+.e|ere |+ac+r1, recem+aa1r||e cemj+a|e| ae +aa|t, cea.a|t+a+ jr|m|t1 ae |+ e\jer|| e\tera|, jrecam ,| je e\jer|ea+ jrejr|e,
+cama|+t1 ae |+ac1.
|aac|+ ae +am|a|.tr+re + r|.car||er e.te e\erc|t+t1 ae c1tre |ej+rt+meata| |am|a|.tr+re ||.car|, c+re r+jerte+t+ a|rect |re,ea|ate|a|
tem|teta|a| ae teaaacere +| |1ac||, ,ela| |ej+rt+meata|a| l||aa mem|ra +| tem|teta|a| ae teaaacere +| |1ac||.
|eatra +-,| +.|ar+, je ae e j+rte, e jrel|t+||||t+te +aec.+t1, |+r je ae +|t1 j+rte, e jet||e l|a+ac|+r1 .t+|||1 ,| jatera|c1, |+ac+
arm+re,te .ceja| ae + |aeat|l|c+, .t+|||| ,| re.ject+ a|.e|a| +ccejt+||| jeatra te+te r|.car||e e.t|ea+te, c+re .1 .t+|||e+.c1 aa ec|||||ra
ca reta|t+te|e l|a+ac|+re, |are|.tr+te ae |+ac1 ae |+ +ct|.|t+te+ .+, l||aa e\ja.+ +ce.ter r|.car|.
|r|ac|pa|e|e r|scar| pe care |aaca || prepaae s |e a6m|a|strete saat:
r|.ca| ae crea|t,
r|.ca| ae j|+1, c+re |ac|aae.
- r|.ca| ae r+t1 + ae|1at||,
- r|.ca| .+|at+r,
r|.ca| ae ||c||a|t+te,
r|.ca| ae +r1 ,| ae ceatr+j+rte,
r|.ca| ejer+|ea+|.
k|sca| 6e cre6|t e.te ael|a|t c+ ,| r|.ca| +cta+| .+a .||ter ae +lect+re ae+t|.+ + jrel|tar||er ,| c+j|t+|a|a| c+ arm+re + ae|aaej||a|r|| ae
c1tre ae||ter + e|||+|||er ceatr+cta+|e .+a + aeter|er1r|| .|ta+|e| .+|e.
|+ac+ |;| .+ ae.l1;ar+ +ct|.|t+te+ ae crea|t+re |a cealerm|t+te ca arm1te+re|e jr|ac|j||.
je||t|c+ ae crea|t e.te j||eaa| .tr+te|e| |+ac+re,
je||t|c+ ae crea|t e.te |ater+t1 |a jrece.a| ae j|+a|l|c+re + +l+cer|| |+ac+re,
je||t|c+ ae crea|t t|aae .jre e||aere+ ec|||||ra|a| |atre cemjet|t|.|t+te+ cemerc|+|1 ;| ce.ta| r|.ca|a|,
je||t|c+ ae crea|t .+ cajr|aae te+te jer|e+ae|e a|a c|c|a| ae .|+1 +| jrece.a|a| ae crea|t+re,
meteae|e|+ ae crea|t+re + jer.e+ae|er l|t|ce (ret+|| |a m+.1) .+ l| .t+t|.t|c1 ;| +atem+t|t+t1, |a t|mj ce jeatra +|te .emeate ae
c||ea| .e .+ +j||c+ e +|era+re m+| |aa|.|aa+|1,
jrece.e|e ;| jreceaar||e ae crea|t+re tre|a|e .1 l|e tr+a.j+reate ;| er|eat+te .jre e .|tet1 +aec.+t1 ae ae.er.|re ;| ce.tar| reaa.e ae
jrece.+re,
|mj|emeat+re+ l||etel|e| |+t+te je r+t|a c+ j+rte |ater+at1 + c+ara|a| ae m+a+emeat +| r|.ca|a|. |+ac+ ae|ae aa meae| ||ae
aet.e|t+t ae .cer|a jeatra crea|te|e ae cea.am. |eatra +|te crea|te, |+ac+ .+ e|+|er+ r+t|a-ar| jrele.|ea|.te c+ jr|m1 m1.ar1 .jre
|mj|emeat+re+ r+t|a-ar||er .t+t|.t|ce. \+ l| cea.t|ta|t1 e |+t1 ae a+te, c+re .+ cama|+ te| l+cter|| jetea|+|| ca |mj+ct +.ajr+
jre|+||||t1|| ae ael+a|t,
.ceja| crea|ta|a| tre|a|e .1 l|e c|+r ael|a|t (jeatra c+j|t+| c|rca|+at, |a.e.t||| c+j|t+|e, l|a+a+re ae jre|ect, |e+.|a, l|a+a+re-jaate)
;| +rameat+t a|a jaact ae .eaere eceaem|c,
jrece.a| ae crea|t+re .e +\e+t1 je jr|ac|j|a| |a + ec||, l||aa aa a|+|e .1a1te. |atre laac|||e ae r|.c ;| ce|e cemerc|+|e,
crea|te|e .aat +cera+te |a |+t+ jr|ac|j|a|a| ae recajer+||||t+te, jr|ma| ;| ce| m+| jreler+||| mea ae re+||t+re + +ce.ta| jr|ac|j|a l||aa
l|a\a| ae||tera|a|, +| z-|e+ mea e.te recajer+re+ crea|ta|a| jr|a cemerc|+||t+re+ +ja|a|, jr|a rel|a+a+re, .+a jr|a |atermea|a| aae|
jer.e+ae tere, .+a jr|a j|+t+ +.|ar1r||. Meaa| ae recajer+re + crea|ta|a| tre|a|e .1 l|e |aeat|l|c+t ca e tr+a.j+rea1 aej||a1,
27
28
ADMINISTRAREA RISCURILOR
aa te+te c+teer|||e ae +j .aat e||||||e jeatra +.|ar+re+ crea|te|er. |me|||e|e |ec+t|.e, cemerc|+|e ;| |aaa.tr|+|e, at||+je|e ;|
ec||j+meate|e, cre+ae|e, m|j|e+ce|e |1ae;t| |a aamer+r ;| +c|aa||e .aat e||||||e, |+r +ct|.e|e aem+ter|+|e .+a ae||c||ae .aat e
c+teer|e aeaer|t1 ae +.|ar+re, c+ rea|1 eaer+|1, te+te t|jar||e ae +j tre|a|e .1 l|e +.|ar+te,
mea|ter|a-a| jerm+aeat +| ae||ter||er, |+ c+re e\jaaere+ .e |m||a1 ca j|eraere+ +;tejt+t1, |a |+t+ aaa| :|.tem ae :ema+|+re
I|mjar|e.
k|sca| 6e cre6|t este a6m|a|strat 6e ctre |aac pr|a:
+a+||t+ m|aa|e+.1 + l|ec1re| tr+at+c|| ae crea|t+re ae c1tre |ej+rt+meata| t||ea| terjer+t|.| .+a l|||+|+ |1ac||,
.ej+r+re+ +ct|.|t1|| ||.|t|aa||er .1at1r| ,| |ej+rt+meata|a| |am|a|.tr+re ||.car| ,| +aejt+re+ aec|t|||er ae +cera+re + jreaa.e|er, ce
cea|a r|.car| ae crea|t, cealerm +cte|er aerm+t|.e |aterae,
.t+||||re+ a|.e|ar||er ae |mjatera|c|r| |+ +jre|+re+ tr+at+c|||er jera|aa ae |+ r+aa| r|.ca|a| ae crea|t,
a|.er.|l|c+re+ jertele||a|a| ae crea|te ,| .t+||||re+ ||m|te|er eaer+|e |+ ceaceatr+re+ ae r|.c jeatra .emeate ae c||ea|, .+|ate,
eaar| ae +ct|.|t+te, termeae ae .c+aea1, jreaa.e ,| e.t|ea+re+ |er jerm+aeat1,
re.ject+re+ aerm+t|.e|er .t+||||te ae |NM ,| |a.t|ta|||e l|a+ac|+re - crea|ter| +| |1ac||, re.ject+re+ |aa|c+ter||er |atera| .t+||||| ae
c1tre |+ac1, .t+||||re+ ,| re.ject+re+ ||m|te|er +aa+|e ae e\jaaere |+ r|.c |+ jreaa.e|e ae crea|t+re jeatra c||ea|| cerjer+t|.|,
+a+||t+ |aa+r1 + c+||t1|| jertele||a|a| ae crea|te, c|+.|l|c+re+ tr|me.tr|+|1 + crea|te|er |a cealerm|t+te ca |ea|+meata| |NM 'ta
jr|.|re |+ c|+.|l|c+re+ +ct|.e|er ,| +a+j+meate|er ceaa||ea+|e ,| lerm+re+ reaacer||er jeatra j|eraer| |+ +ct|.e ,| jre.|t|e+ae|er
jeatra j|eraer| |+ +a+j+meate ceaa||ea+|e ,| lerm+re+ reaacer||er jeatra e.eata+|e|e j|eraer| |+ +ct|.e ,| jre.|t|e+ae|er jeatra
j|eraer| |+ +a+j+meate ceaa||ea+|e |a .cejar| jraaea|+|e,
e.+|a+re+ aejrec|er|| jertele||a|a| ae crea|te (|aa|.|aa+| ,| ce|ect|.), +|ter +ct|.e, ce aa .aat crea|te ,| lerm+re+ reaacer||er jeatra
j|eraer| a|a aejrec|ere+ |er |a laac|e ae e\|.tea+ |aa|c+ter||er e|ect|.| ae aejrec|ere,
mea|ter|t+re+ jerm+aeat1 + .|ta+|e| c||ea||er |a .ceja| aeterm|a1r|| a|.jea|||||t1|| ,| c+j+c|t1|| |er ae +-,| eaer+ |a ceat|aa+re
+a+j+meate|e ae crea|t, e.+|a+re+ .al|c|eae| ae +.|ar+re + crea|ta|a| - l|a\ar||e meaet+re jre|+|||e ,| +ja|, re+c|+ ejertaa1 ,|
+aec.+t1 + |1ac|| |+ l|acta+|||e ael+.er+|||e |a +ct|.|t+te+ c||eata|a|, c|+.|l|c+re+ tr|me.tr|+|1 + c||ea||er |a aejeaaea+ ae .t+re+
l|a+ac|+r1, +j||c+re+ r+te|er ae||at|| |+ crea|te |a laac|e ae c+teer|+ c||eata|a| ,| r+aa| ae r|.c,
|atea.|l|c+re+ ,| el|c|eat|t+re+ +c|aa||er ae ,|a.1a1te,|re + jertele||a|a| ae crea|te ,| |m|aa+t1|re+ ceat|aa1 + c+||t1|| |a|, |ac|a.|.
jr|a mea|ter|t+re+ .tr|ct1 |+ et+j+ |a||+|1 ae aeter|er+re + c+||t1|| crea|te|er,
el|c|eat|t+re+ jrece.a|a| ae recajer+re + crea|te|er jre||em+t|ce, |ac|a.|. jr|a +j||c+re+ jrer+ma|a| te||ecter,
+j||c+re+ laac|e| ae trea|t teatre| jeatra + +.|ar+ |aaej||a|re+ +a.+m||a|a| ae ceaa||| jr|.|aa +jre|+re+ ||m|te|er/tr+at+c|||er
+t1t |+ et+j+ jre1t|r|| ceatr+cte|er ae crea|t, c1t ,| |+ et+j+ .+|er|l|c1r|| m|j|e+ce|er ae crea|t,
re.|ta|re+ .|.tem+t|c+ + |mjatera|c|r||er ae crea|t+re + +am|a|.tr+ter||er/er+ae|er |mjatera|c|te |a laac|e ae e.e|a|+ jertele||a|a|
ae crea|te ,| c+||t+te+ |a|,
a|lerea|ere+ r+aa|a| ae +cejer|re + crea|ta|a| ca +j |a laac|e ae c+teer|+ c||eata|a| ,| a|.e|a| ae r|.c, mea|ter|t+re+ ,| ree.+|a+re+
+ja|a| e\|.teat |a cealerm|t+te ca jreceaar||e |aterae, +.|ar+re+ +ja|a| ca r|.ca| .jer|t ae j|eraere,
re.|ta|re+ .|.tem+t|c1 + je||t|c||er, m+aa+|e|er, .t+aa+rae|er, jreceaar||er ae crea|t+re jeatra a|ler|te .emeate ae c||ea| ,|
ejer+re+ mea|l|c+r||er aece.+re |a cealerm|t+te ca .|ta+|+ cre+t1,
j+rt|c|j+re+ |+ e|+|er+re+ ,| re.|ta|re+ |rer+me|er ae jreteat+re + jreaa.e|er e\ja.e r|.ca|a| ae crea|t.
PREVENIREA SPLRII BANILOR
PREVENIREA SPLRII BANILOR
|a +aa| zz, Me|ae.+ |re|aa|+a| + ceat|aa+t +c|aa||e ae cealerm+re + .|.tema|a| ae ceatre| |atera jre.eaer||er |e|.|+|e| ca
jr|.|re |+ jre.ea|re+ .j1|1r|| |+a||er ,| l|a+a1r|| terer|.ma|a|, recem+aa1r||er |1ac|| N+|ea+|e + Me|ae.e|. |a le.t +cta+||t+te
|0||I|Ck |ac|| ca pr||re |a preea|rea sp|r|| |aa||er | f|aaar|| terer|sma|a| ,| jreceaar||e jr|.|aa caae+,tere+
c||eat||er, c+re jre.1a m1.ar| ae re.ject+re + cer|ae|er |e|.|+|e| |a aemea|a, a|m|aa1aa +.tle| e\jaaere+ |1ac|| r|.ca|a| l|a+ac|+r,
|e+| ,| ae rejat+|e.
|.jecte|e re|e.+ate +|e .|.tema|a| ae ceatre| |atera +| |1ac|| |a aemea|a| a+t .aat arm1te+re|e.
a|er6area pe |at 6e r|sc a c||eate|e|. ceacejt |mjert+at, jre.1tat |a jreceaar||e ae caae+,tere + c||eate|e| ,| ae
|a||ere/+cta+||t+re + re|+|e| ca +ce+.t+. t|||t+re+ cere.jaat1te+re + +ce.ta| ceacejt jerm|te |1ac|| .1-,| +a+jtete, |a mea l|e\||||,
cer|ae|e ae jre.ea|re + .j1|1r|| |+a||er |+ .jec|l|ca| jrejr|||er +ct|.|t1|, .1 .e ceaceatrete je teae|e ae r|.c m+\|m, +.|ar1aa e
jre.ea|re m+| el|c|eat1,
|6eat|f|carea |eaef|c|ara|a| efect|. e|||+|+ ae |aeat|l|c+re + |eael|c|+ra|a| re+| e.te +j||c+t1 jera|aa ae |+ +|era+re+ je
|+t1 ae r|.c + c||eate|e|, .t+||||aaa-.e +.tle| m1.ar| a|ler|te - |a laac|e ae r+aa| ae r|.c +.ec|+t c||eata|a| - |a c+re cer|ae|e ae
|aeat|l|c+re ,| mea|ter|t+re + tr+at+c|||er arme+t1 + l| |mja.e,
6ef|a|rea perseaae|er expase 6|a paact 6e e6ere pe||t|c. jer.e+ae|e ca laac|| ja|||ce je j|+a a+|ea+| ,| |atera+|ea+|
arme+t1 + l| .aja.e aaa| ceatre| .jer|t |+ |a||ere+ re|+|||er ae +l+cer|.
|+ac+ at|||te+t1 +j||c+|| |alerm+t|ce aea|c+te, c+re jre|+a +atem+t a+te|e a|a .|.teme|e |alerm+t|ce jr|ac|j+|e, a|m|aa1aa r|.ca|
jreteat1r|| r+je+rte|er ca c+r+cter |acerect .+a |acemj|et +| |alerm+|e|. |re|a+re+ +atem+t1 + a+te|er +lereate r+jert1r||er t||a|ce
e\c|aae +cce.a| jer.ea+|a|a| |+ +ce.te r+je+rte (ca e\cej|+ .|ta+||t1r|| ,| ||.t1r||).
|e j+rcar.a| +aa|a|, + le.t jetrecat1 |a.tra|re+ cere.jaat1te+re + jer.ea+|a|a| .jec|+||t+t |a +ct|.|t+te+ ae mea|ter|t+re ,| r+jert+re,
+.|ar|aa e.+|a+re+ c+||t1|| +c|aa||er ae jre.ea|re + .j1|1r|| |+a||er. |a .ceja| cem|+ter|| l|a+a1r|| terer|.ma|a|, .e electae+t1
mea|ter|t+re+ jerm+aeat1 + tr+at+c|||er c||ea||er, |ac|a.|. jr|a cealraat+re+ ca ||.te|e jer.e+ae|er ,| eat|t1||er |mj||c+te |a +ct|.|t1|
terer|.te ,| ae .j1|+re + |+a||er. |a c+ta| .t+||||r|| re|+|||er ae cere.jeaaea1, ae |+ |a.t|ta|||e |+ac+re |a c+at1 .e .e||c|t1 |alerm+||
ae.jre cealerm+re+ |er cer|ae|er |M| ,| |\t. |+ac+ aa + +.at e||ec|| ae |+ er+ae|e +||||t+te reler|ter |+ |mj||c+re+ .+ |a +l+cer| |||c|te
.+a ae .j1|+re + |+a||er.
29
RESURSELE UMANE
RESURSELE UMANE
|e||t|c+ m+a+emeata|a| re.ar.e|er am+ae e.te cere|+t1 ca .tr+te|+ |1ac|| ,| .e er|eate+t1 .jre |m|aa1t1|re+ jerlerm+ae|er
+a+j+||er, el|c|eae| er+a|t+|ea+|e ,| c+||t1|| .er.|c|||er.
Nam1ra| tet+| +| jer.ea+|a|a| |1ac|| |+ 1.z.zz + cea.t|ta|t 1, aaqa[a|, |a a|m|aa+re ca jer.e+ae cemj+r+t|. ca
1.z.z.
|+t+ ae l|acta+|e + jer.ea+|a|a| |1ac|| |a zz + cea.t|ta|t z, l+1 ae .I |a +aa| z - a|lerea+ e.te aetera|a+t1 ae
e\tera+||t+re+ .er.|c|||er ae j+t1 l|t|c1 + .ea|||er |1ac||. \|r.t+ mea|e + +a+j+||er |1ac|| |+ 1.z.zz e.te ae 1I.z +a|, je c|aa |+
1.z.z .|r.t+ mea|e + jer.ea+|a|a| cea.t|ta|+ 1I.+ +a|.
|e.ar.e|e am+ae .aat aa+ a|atre ce|e m+| ae jre re.ar.e +|e |1ac||. |eatra + +cejer| aece.+ra| ae jer.ea+|, jrece.a| ae +a+j+re e.te
jerlec|ea+t ceat|aaa. |a +aa| zz, aam1ra| tet+| ae ere ae lerm+re jrele.|ea+|1 + le.t ae 11, cee+ ce rejret|at1 ca z m+| ma|t
l+1 ae +aa| z. |+ac+ + .+|er|l|c+t c+j|t+|a| am+a jr|a |a.tra|re+ + 14 part|c|paa|.
|eatra |m|aa1t1|re+ cemjeteae|er +a le.t er+a|t+te .em|a+re ca a|.er.e tem+t|c|, ce|e m+| |mjert+ate l||aa.
- ,.1at1r| ca jer.ea+||t+te
- .1at1r| +ct|.e +|e jreaa.e|er |+ac+re
- temaa|c+re+ el|c|eat1 ca c||ea||
- Ir+|a|a meaa|+r ae aet.e|t+re + jer.ea+|a|a| |a c+ara| |atrejr|aaer||er
- Ir+|a|a |a .1at1r| - ,:e|a|| jrele.|ea|.te
- M+a+emeata| el|c|eat +| re.ar.e|er am+ae. |||||t1| ae |e+aer.||j (le||ew-aj)
aer .jec|+||,t| +| |1ac|| |e-+ le.t +cera+t1 je.|||||t+te+ ae +cama|+re + e\jer|eae| jr|a j+rt|c|j+re+ |+ sem|aare | ceafer|ae
|ateraa|eaa|e erqaa|tate |a kas|a, 0cra|aa, cam +r l|.
- tealer|a+ 'Meae|a| I| +| .||tera|a|. |ej+ |a .1at+re
- 'M1.ar| ae el|c|eat|t+re + .|.tema|a| ae ceatre| |atera |a c+ta| teat+t|.e| ae lr+aa1 ,|/.+a ae .j1|+re + |+a||er jr|a |atermea|a|
c+raar||er |+ac+re ,| tr+at+c|||er electa+te
- 0e.t|ea+re+ r|.car||er ae .ecar|t+te + |alerm+|e|. Meteae ,| +.jecte jr+ct|ce
- 0jt|m|t+re+ laac|ea1r|| |+c| 0ll|ce |a |1ac| ,| '||a+ae e|ectrea|ce me|||e
- 0e.t|ea+re+ c+j|t+|a|a| jr|.+t ,| |r|.+t |+a||a. |a.|+ ,| t:|
|a aaa| 111 a fest |aest|t |a |astra|re sama 6e 144 m|| |e|, ca I ma| ma|t 6ect |a aaa| 111.
|c|aa||e ae el|c|eat|t+re + jer.ea+|a|a| |1ac||, jrecam ,| ae ejt|m|t+re + aam1ra|a| .t+te|er ae jer.ea+| .er ceat|aa+ ,| |a jer|e+a+
arm1te+re, |a laac|e ae e.e|a|+ e.ea|meate|er ,| je||t|c|| |1ac|| |a aemea|a| a+t. \em |acr+ ,| |a ceat|aa+re |a .eaere+ |m|aa1t1|r||
.|.tema|a| ae jre1t|re + c+are|er, e.+|a1r|| jerlerm+ae|er +a+j+||er ,| met|.1r|| |er jeatra re+||t1r| ,| m+| lrame+.e.
30
GUVERNAREA CORPORATIV
GUVERNAREA CORPORATIV
0a.era+re+ cerjer+t|.1 rejret|at1 e ceaa||e laaa+meat+|1 jeatra +.|ar+re+ .t+||||t1|| |1ac||, +ct|.|t1|| jerlerm+ate,
cea,t|eat|t1aa r+aa| m+jer ae re.jea.+||||t+te l+1 ae +c|ea+r| ,| .ec|et+te.
|e j+rcar.a| +a||er, |a jrece.a| ae cealerm+re |+ cer|ae|e |e|.|+|e| |a .|e+re ,| ae .e|a|ea+re + aaer c|e.t|aa| ae +ct|.|t+te, je
aaae |ata|t|., je aaae arm1aa e\emj|a| ce|er m+| |aae jr+ct|c| |ec+|e ,| |atera+|ea+|e, jre|a+te ae |+ j+rteaer|| ae,tr| ae +l+cer|,
Me|ae.+ |re|aa|+a| + cre+t jrejr|a| .|.tem ae a.era+re cerjer+t|.1, c+re || jerm|te .1 l|e aaa| a|a ||aer|| .|.tema|a| l|a+ac|+r-
|+ac+r +| 1r||.
a re| |mjert+at |a +ce.t .|.tem || +a jrejr|et+r|| |1ac||, +a|c1 +c|ea+r||, c+re |+ memeat .aat |a aam1r ae je.te 1z, a+r a|c| aaa|
a|atre e| aa ae|ae |aa|.|aa+| e cet1 .a|.t+a|+|1 |a c+j|t+|a| |1ac|| ( .+a m+| ma|t).
|ce+.t1 .tractar1 + c+j|t+|a|a| |mjaae aa cemjrem|. ,| |acreaere aee.e||t1 +t1t |atre +c|ea+r|, jrecam ,| |atre +c|ea+r| ,|
m+a+emeata| |1ac||. Mea|aere+ cemjrem|.a|a| ,| |acreaer|| e.te .a.|aat1 ae m+| ma|| l+cter|, |ac|a.|. ae teaa| a.era1r||
cerjer+t|.e, +jre|+t ae |aaa+re+ eaer+|1 + +c|ea+r||er |1ac||, c+re e.te ja|||c, l||aa j|+.+t je j+|a+ we| + |1ac|| ,| je .er.era| ae
ree+ |atera1 + |1ac||, |+r jre.eaer||e +ce.ta|+ .aat e|||+ter|| jeatra te+te er+ae|e ae ceaaacere +|e |1ac||, +am|a|.tr+ter|| ,|
.+|+r|+|| |1ac||, jrecam ,| jeatra +c|ea+r|| |1ac||.
|c|ea+r|| Me|ae.+ |re|aa|+a| a|.jaa ae |mjatera|c|r| m+| .+.te aec1t ce|e .t+||||te ae |ee, cam +r l|.
+) a|.cat+re+ c+aa|a+tar|| ceaaac1tera|a| er+aa|a| e\ecat|. +| |1ac|| (jre,ea|ate|e tem|teta|a| ae teaaacere) ,| +|eere+ +ce.ta|+,
|) +aejt+re+ aec|t|e| jr|.|aa |ac|e|ere+ tr+at+c|||er +| c1rer e||ect .aat |aaar||e |1ac|| ce cea.t|ta|e m+| ma|t ae a|a .+|e+re+
+ct|.e|er |1ac||,
c) a|.cat+re+ ca te| +c|ea+r||, |a c+ara| |aaa1r||er eaer+|e +|e +c|ea+r||er |1ac|| ,| ,ea|ae|er tea.|||a|a| |1ac||, + reta|t+te|er |a
|mj|emeat+re+ ||+aa|a| ae +l+cer|, jr+ct|c||er a.era1r|| cerjer+t|.e |a |+ac1 ,| a|.e|a|a| ae remaaer+re + +am|a|.tr+ter||er |1ac||,
a|.cat+re+ er|c1rer +c|aa| ae |mjert+a1 m+jer1 jeatra |+ac1 (|mj|emeat+re+ jre|ecte|er ae .c||m|1r| m+jere ,| ae||er .e|a||
|alerm+|ea+|e .tr+te|ce, re|+|||e |1ac|| ca er+a|t+|||e l|a+ac|+re |atera+|ea+|e, j+rt|c|j+re+ |1ac|| |+ re+||t+re+ jre|ecte|er
|a.e.t||ea+|e ca j+rt|c|j+re a|rect1 |a c+j|t+|a| cemj+a|||er, re.|ta|re+ a|.e|a|a| ae .+|+r|t+re + jer.ea+|a|a| c|e|e +| |1ac|| etc).
|a .ceja| +.|ar1r|| er+a|t1r|| ,| +ct|.|t1|| el|c|eate + er+ae|er ae ceaaacere +|e |1ac||.
+) tea.|||a| |1ac|| + cea.t|ta|t tem|teta| jeatra temjea.+|| ,| |eael|c||, |a cemjeaea+ + 1 jer.e+ae. |re,ea|ate|e tea.|||a|a| |1ac|| ,|
z mem|r| +| tea.|||a|a|, c+re + +.at aa re| +ct|., e\+m|a|aa |a jre+|+||| ,| |a+|at1aa tea.|||a|a| |1ac|| jrejaaer| jr|.|aa leaaa| ae
remaaer+re + maac|| jer.ea+|a|a| |1ac||, m1r|me+ jr|me| +aa+|e (|eaa.a|a|) mem|r||er tem|teta|a| ae teaaacere +| |1ac|| ,|
.t|ma|+re+ m+ter|+|1 + .+|+r|+||er |1ac|| jeatra reta|t+te|e +ct|.|t1|| |a +aa| zz,
|) |a c+ara| |1ac|| .aat cea.t|ta|te ,| +ct|.e+t1 tem|teta| jeatra trea|te, tem|teta| jeatra |am|a|.tr+re+ |ct|.e|er ,| |+.|.e|er, tem|.|+
,| tem|teta| ae |c||t|||, + c1rer |mjatera|c|r|, era|ae ae cea.t|ta|re ,| ae +ct|.|t+te .aat +jre|+te ae tea.|||a| |1ac||.
|+ac+ arm1re,te |a jerm+aea1 lerm+re+ ,| mea|aere+ aaer re|+|| re.jectae+.e ,| ec||t+|||e ca +c|ea+r||, j+rteaer|| ae +l+cer|,
c||ea|| ,| .+|+r|+||, lerm+re+ ,| mea|aere+ |acreaer|| ce |ae ae ceaaacere+ +ct|.|t1|| |1ac||, jrecam ,| ceatre|a| ,| reaacere+ r|.car||er,
mea|aere+ cre,ter|| cea.t+ate + |aa|c||er l|a+ac|+r| +| |1ac||. Ie+te +ce.te+ .aat je.||||e ae+r jr|a +r+aj+re+ aaer .|.teme el|c|eate ae
ceatre| |atera, |aeat|l|c+re+, mea|ter|t+re+ ,| e.t|ea+re+ t||a|c1 + r|.car||er.
|eatra + cre,te tr+a.j+rea+ aec|t|ea+|1 ,| + a|m|aa+ aae|e r|.car|.
+) tea.|||a| |1ac|| e\+m|ae+t1 tr|me.tr|+| |alerm+|+ jr|.|aa e\jaaere+ |1ac|| |+ r|.car| ,| +c|aa||e |atrejr|a.e |a .eaere+ a|m|aa1r||
|er, |+r |ej+rt+meata| |aa|t |atera r+jerte+t1 jer|ea|c ae.jre reta|t+te|e ceatre+|e|er ae +aa|t electa+te |a .a|aa|t1||e |1ac||,
ael|c|eae|e aej|.t+te ,| m1.ar||e ae remea|ere,
31
|) tea.|||a| |1ac|| e\+m|ae+t1 |a jre+|+||| c+aa|a+tar||e jer.e+ae|er |+ laac|+ ae +am|a|.tr+ter +| |1ac||,
c) |a |+ac1 .aat +jre|+te ,| ja.e |a jr+ct|c1 teaa| ae ceaaa|t1 + jer.ea+|a|a|, |ea|+meata| jr|.|aa .|ta+|||e ca ceal||ct ae |atere.e ,|
|ea|+meata| jr|.|aa jer.e+ae|e +l|||+te +|e |1ac||, aecameate c+re .t+|||e.c aa ae+r cer|ae cemjert+meat+|e, a+r ,| .e|a||
jeatra re+||t+re+ |er, |ac|a.|. ||m|t1r| |a +ccejt+re+ ae c1tre +am|a|.tr+ter|| |1ac|| ,| jer.e+ae|e +l|||+te |er + aea+|||er .+a .er.|c|||er
l1r1 j|+t1 ae |+ |+ac1, ae |+ jer.e+ae|e +l|||+te |1ac||, jrecam ,| ae |+ +|te jer.e+ae |mj||c+te |a re|+|||e ca |+ac+,
a) |+ac+ electae+t1 +c||t||| ae |aaar|, |acr1r| ,| .er.|c|| |a .+|e+re ae |+ z m|| |e| |+ z m|| |e| ae+r |a |+t+ aec|t|e| cemaae + ae|
+am|a|.tr+ter|, |+r |a .+|e+re ae je.te z m|| |e| - ae c1tre tem|.|+ .+a, aaj1 c+t, tem|teta| ae |c||t|||, lerm+te a|a ce| ja|a
jer.e+ae, a|a c+re e jer.e+a1 e|||+ter|a e.te mem|ra +| tea.|||a|a| |1ac||,
e) .|.tema| ae m+a+emeat +| .ecar|t1|| |alerm+|e| +| |1ac|| e.te cert|l|c+t |+ .t+aa+raa| |:0 zI.z, c+re jre.ajaae trecere+ |+
e .tractar1 c+||t+t|. aea1 ae er+a|t+re + .ecar|t1|| |alerm+|e| |a |+ac1, +.|ar1aa .ecar|t+te+ |+ te+te a|.e|e|e er+a|t||ea+|e,
reaacere+ .ema|l|c+t|.1 + aam1ra|a| |re,e|er ae .ecar|t+te ,| + r|.car||er, c+re +r jate+ +lect+ ceat|aa|t+te+ +l+cer|| |1ac|| |a .|ta+||
e\cej|ea+|e .+a a|.a|+re+ ae+ater|t+t1 + |alerm+|e| jr|.|aa c||ea|| |1ac|| ,| ejer+|aa||e +ce.ter+, aeterm|a1aa e cre,tere +
el|c|eae| |1ac|| |a aemea|a ,| e reaacere .ema|l|c+t|.1 + r|.ca|a| re+||t1r|| aaer tr+a.lerar|, ejer+|aa| ae+ater|t+te.
:aatem lerm cea.|a,| c1 a.era+re+ cerjer+t|.1 .e reler1 |+ re|+|+ a|atre |a.e.t|ter/+c|ea+r ,| m+a+er/+am|a|.tr+ter ,| |+
jre||eme|e c+re +j+r, e\t|at1aaa-.e |a.1 +je| |+ te+t1 +m+ ae re|+|| e\|.teate |atre ce| |mj||c+|, a|rect .+a |aa|rect, |a +ct|.|t+te+
aae| cemj+a||, aac1aa ceacejta| a|a .ler+ |aa.t1 + m|creeceaem|ca|a| |a ce+ |+r1 + m+creeceaem|ca|a|.
|r|a ca|tar+ cerjer+t|.1 jreme.+t1, Me|ae.+ |re|aa|+a|.
+) + reaa. r|.car||e ,|, jr|a arm+re, ce.tar||e |er,
|) + e||aat aa a|.e| +| jrel|t+||||t1|| aet .ajer|er .|.tema|a| |+ac+r,
c) + c1,t|+t |acreaere+ +c|ea+r||er ,| j+rteaer||er,
a) + a+t |1ac|| e .+|e+re aee.e||t1.
|ct|.|t+te+ jerlerm+at1 + |1ac||, .t+||||t+te+ ,| rejat+|+ e| |a .ec|et+te e.te ce+ m+| |aa1 ceal|rm+re + l+jta|a| c1 re.ject|.a| tea +|
a.era1r|| cerjer+t|.e + |1ac|| aa e.te e aec|+r+|e, c| aa e|emeat c|e|e ,| el|c|eat |a +ct|.|t+te+ ,| m+a+emeata| ae t| ca t| + |1ac||.
32
GUVERNAREA CORPORATIV
FILANTROPIE I SPONZORIZARE
FILANTROPIE I SPONZORIZARE
Ne|aae+ at|||t+t1 ae m+r||e cemj+a|| ca tr+a||| l||+atrej|ce recaae.cate - |:t (|e.jea.+||||t+te :ec|+|1 terjer+t|.1) - ca te+te c1
|m||a1 |a .|ae cemj|e\a| ae +ct|.|t1| .tr+te|ce |a aemea|a, a|c| je aej+rte aa je+te rea+ +ae.1r+t+ +t|taa|ae am+a1 |a +|era+re+ ae
c1tre Me|ae.+ |re|aa|+a| + jre||eme|er ,| e||ect|.e|er ae aet.e|t+re + .ec|et1||. |a.1 jr|a |mj||c+re+ |a j+rteaer|+te aar+|||e ca
er+a|t+|||e .ec|et1|| c|.||e, jr|a +jerta| a|rect |+ aej1,|re+ jre||eme|er jeja|+|e| a|a +r+ ae+.tr1, Me|ae.+ |re|aa|+a| +aace e
ceatr||a|e re+|1 |+ |m|aa1t1|re+ c+||t1|| .|e|| cet1ea||er 1r||, |+ jrej1,|re+ |eja|||c|| Me|ae.+ je c+|e+ aet.e|t1r|| ,| |ater1r||
earejeae. |.tle|, |+ac+ + j+rt|c|j+t, |a c+||t+te ae j+rteaer, |+ er+a|t+re+ l||e| |areje| |a |eja|||c+ Me|ae.+, receal|rm1aa c1
jreme.e+t1 ca jer.e.erea1 .+|er||e earejeae +|e |a.|ae..-a|a| |+ac+r je j|++ l|a+ac|+r-|+ac+r1 a|a +r1.
:a.|aere+ cej|||er ,| t|aer||er e.te aa |mjer+t|. |a +ct|.|t+te+ ae l||+atrej|e ,| .jea.er|t+re je c+re e ae.l1,e+r1 |+ac+. |.tle|,
|rer+ma| ,|ar.e ae Mer|t, |+a.+t +cam I +a| |+ |a||+t|.+ |aaa+|e| :ere. Me|ae.+ ,| re+||t+t ae teatra| ae |alerm+|| a|.er.|t+re
(t|), ae z +a| e.te .jr|j|a|t ae Me|ae.+ |re|aa|+a|, c+re tr+te+t1 .a.|aere+ t|aer||er arejt ce+ m+| .+|ere+.1 |a.e.t||e, l1cat1
|atr-aa .e| lert||. |e +.emeae+, ae m+| ma|| +a| |+ac+ .jr|j|a1 |rer+ma| ,|ar.e :aj||meat+re jeatra I|aer| a|a l+m||||
aet+.+at+j+te, |+ le| er+a|t+t ae c1tre t|. Me|ae.+ |re|aa|+a| e.te j+rteaera| aar+||| +| |aaa+|e| |||+atrej|ce jeatra tej||
,t||j+ :|aer+|1 je c+re |a +aa| zz + +jat+t-e .1 jaa1 |a +j||c+re +.emeae+ jre|ecte memer+|||e jeatra cej||, jrecam ,|e.t|.+|a|
tre+t|.|t1|| ,| 0||mj|.ma|a|, ,t+r+.+a+ ae tr1c|aa, ,Ir+.ea| M+|c.
:a.|aere+ aamere+.e|er jre|ecte a|a aemea|a| ca|tar|| ,| ,t||ae| receal|rm1 +t+,+meata| Me|ae.+ |re|aa|+a| jeatra j1.tr+re+
,| jreme.+re+ .+|er||er ,| tr+a||||er a+|ea+|e +|e |eja|||c|| Me|ae.+. |a +ce.t .ea., |+ac+ .jea.er|te+t1 tr+a||ea+|, |ac|a.|. |a +aa|
zz, |e.t|.+|a| |atera+|ea+| |a memer|+ reret+te| M+r|+ ||e,a, |e.t|.+|a| ,|ea1 |a|m| emeae, l|a+ N+|ea+|1 + \|aa|a|, :+|eaa|
|atera+|ea+| ae c+rte etc.
|+ac+ |ater.|ae jremjt |a aej1,|re+ aaer jre||eme r+.e ae .1a1t+te ca c+re .e cealraat1 cet1ea|| .|mj||. Ie+te .e||c|t1r||e ae
+cera+re + .ajerta|a| jeatra jer.e+ae r+. |e|a+.e .|at +ccejt+te ae |+ac1 c+re |ace+rc1 jr|a +jerta| .1a .1 +jate |+ re.t+||||re+
.1a1t1||, aaeer| - |+ .+|.+re+ .|e|| |er. |a mea .tr+te|c ,| cemj|e\, |+ac+ ce|+|ere+t1 ca |aaa+|+ ,|e.j|ce |ae|a. Me|ae.+, +\+t1
je +cera+re+ ae +.|.tea1 j+||+t|.1 jer.e+ae|er |e|a+.e ae c+acer.
:jerta| ae jerlerm+a1 ,| ce| |a m+.1 e.te aa +|t aemea|a c+re .e |acar1 ae .jr|j|aa| cea.t+at +| Me|ae.+ |re|aa|+a|. |a zz,
|+ac+ + le.t |+rteaera| |eta|a| N+|ea+| 0||mj|c, +.|ar1aa l|a+ac|+r j+rt|c|j+re+ ec||je| |eja|||c|| Me|ae.+ |+ Iecar||e 0||mj|ce ae |+
|eaar+.
| le.t .a.|aat1 l|a+ac|+r reae.+re+ ,| recea.trac|+ m+| ma|ter m1a1.t|r|, ||.er|c| ,| ea|l|c|| |.ter|ce, etc. :ajert cea.|aer+||| + le.t
+cera+t M|treje||e| Me|ae.e|, cee+ ce e.te |a +||a|ere ca .+|er||e .j|r|ta+|e .eca|+re +|e jejera|a| ae.tra.

|ater.ea|+ |1ac|| ae.eer| e.te m+| ma|t aec1t aece.+r1, a+r ,| m+| m+re e.te .+t|.l+c|+ mer+|1 .ea|t1 a|a recaae,t|a+ e+mea||er
+jat+|.
0eaeret|t+te+ e.te .|rtate+ ce|er t+r|, |+r |atere+ .t1 |a ae|!
33
SUBSIDIARII
SUBSIDIARII
Mk|8-|eas|aq
'M|||-|e+.|a' :.|. (M|||-|e+.|a) + le.t leaa+t1 |a .ejtem|r|e zz ae Me|ae.+ |re|aa|+a|, l||aa aa+ a|atre jr|me|e cemj+a|| ae |e+.|a
a|a |eja|||c+ Me|ae.+. :e.|t1aa |mjert+a+ |mj|emeat1r|| aaer ae| mec+a|.me l|a+ac|+re, cemj+a|+ ,|-+ +.am+t m|.|aae+ jreme.1r|| +ce.ta|
.er.|c|a, jr+ct|c |aat|||t+||| |a +ce+ jer|e+a1, jr|a eler|re+ .e|a|||er ae l|a+a+re cere.jaat1te+re aece.|t1||er ,| e\|eae|er l|ec1ra| c||eat,
ceatr||a|aa |+ aet.e|t+re+ +ce.ta| .emeat +| j|ee| l|a+ac|+re |ec+|e. ||a .t+rt, +.1aa e .|t|aae c|+r1 +.ajr+ m|.|aa|| .+|e, m+a+emeata|
cemj+a|e| + |mja. e .tr+te|e ce +re c+ .cej e||aere+ ,| mea|aere+ .t+tata|a| ae ||aer je j|++ +ate|tea1 + .er.|c|||er ae |e+.|a.
|+ a+t+ ae 1.z.zz, cemj+a|+ +.e+ |a .|e+re II ae ceatr+cte ae |e+.|a l|a+ac|+r ,| .1at1r| |a r+te, ca e .+|e+re tet+|1 + jertele||a|a| aet
ae 1. m|||e+ae M|| (|a +aa| z - zz.+ m|||e+ae M||). |e j+rcar.a| +aa|a| zz, +a le.t |ac|e|+te zI ae ceatr+cte |a .am1 ae .+
m|||e+ae M|| (|a +aa| z +a le.t |ac|e|+te z ceatr+cte |a .am+ ae z. m|||e+ae M||).
|eaaere+ aem|a+at1 |a .tractar+ jertele||a|a| ae |e+.|a ceat|aa1 .1 l|e ae|aat1 ae +atetar|.me, arm+t1 ae ceatr+cte|e +|e c1rer e||ect ||
cea.t|ta|e |me|||a|. |.tle|, jatem ceac|at|ea+ c1 +ct|.|t+te+ jr|ac|j+|1 + cemj+a|e| e cea.t|ta|e l|a+a+re+ |a |e+.|a, ca jr|er|t+te, +
+atetar|.me|er, |me|||a|a| ,| + at||+je|er, c+ r1.jaa. |+ cer|ae|e j|ee|. |eatra l|a+a+re+ aece.|t1||er c||ea||er +cta+|| ,| jetea|+||, M|||-|e+.|a
|,| e\t|aae ceat|aaa +m+ ae |a.trameate l|a+ac|+re, c+re rejret|at1 aa e||ect|. m+jer |a aet.e|t+re+ je .||ter.
M|||-|e+.|a ,|-+ aemea.tr+t c+j+c|t+te+ ae + ejer+ ca .acce. |atr-aa c+ara eceaem|c ,| l|a+ac|+r a|l|c||, |al|aea+t ae electe|e
cr|te| eceaem|ce |e|+|e. |j||c1aa ceaa||| ae jraaea1 |a c+ara| jrece.a|a| ae +cera+re + |e+.|a-a|a|, cemj+a|+ ,|-+ +.|ar+t e
jet||e .t+|||1 ae ||aer |a .ectera| .er.|c|||er ae |e+.|a, aaae ceacarea+ e.te |a ceat|aa1 cre,tere.
||a jer.ject|.+ ae.l1,ar1r|| +ct|.|t1||er |a |ater|era| .ec|et1||, cemj+a|+ |,| jrejaae .1 .+|er|l|ce electe|e .tr+te|e| m+a+er|+|e.
a +|t e|emeat |mjert+at +| .tr+te|e| cemj+a|e| .|te+t1 +.|ar+re+ aae| |+te ae l|a+a+re c+re .1 +.|are cere.jeaaea+ a|atre
.ar.e|e ae l|a+a+re ,| e\jaaer|.
M|||-|e+.|a e.te e cemj+a|e ||aer je j|++ |e+.|a-a|a| a|a |eja|||c+ Me|ae.+, +.1aa .t+||||te re|+|| ae ce|+|er+re ca
rejreteat+a| +| |a.|ae..-a|a| m|c ,| m|j|ec|a ,| ca jer.e+ae l|t|ce. |.|ar+re+ .er.|c|||er cemj|e\e, |a ceacera+a1 ca cer|ae|e ,|
+,tejt1r||e c||ea||er, e.te ,| .+ l| je termea |aa jr|er|t+te+ cemj+a|e|.
350,000
300,000
250,000
200,000
150,000
100,000
50,000
2008 2009 2010 2011 2012
-
800
700
600
400
300
200
100
0
500
Valoarea contractelor, mii MDL Nr. de contracte, uniti
0|maa|ca pertefe||a|a| 6e |eas|aq
I
1

+
II
Structura portofoliului la 31.12.2011
(dup valoarea contractelor )
Imobil
29.40%
Utilaj
18.26%
Autoturisme
39.42%
Altele
0.07%
Tehnic
+r|ce|1
1.19%
Maini
speciale
1.73%
Camioane
9.95%
Structura portofoliului la 31.12.2012
(dup valoarea contractelor )
Autoturisme
44.27%
Imobil
22.83%
Utilaj
15.55%
Camioane
10.78% Tehnic
+r|ce|1
3.84%
Maine
speciale
1.45%
Altele
1.28%
34
MOLDMEDIACARD
temj+a|+ ae jrece.+re + j|1||er ca c+raar| ,Me|amea|+c+ra :.|.|. + le.t cea.t|ta|t1 ,| .|-+ |+a.+t +ct|.|t+te+ |+ z.1.z, +.1aa
c+ .cej .e|ect+re+, |mj|emeat+re+, .a.|aere+ ,| e\j|e+t+re+ :|.tema|a| ae jrece.+re + j|1||er ca at|||t+re+ c+raar||er ,| |ater1r|| |a|
|a .|.teme|e |atera+|ea+|e ae j|1| ca c+raar|. |a .ceja| re+||t1r|| e||ect|.e|er .+|e, cemj+a|+ jr+ct|c1 arm1te+re|e eaar| ae
+ct|.|t+te. aet.e|t+re+, e|+|er+re+, em|tere+, cemerc|+||t+re+ c+raar||er ,| ejer+re+ .tr+te|||er, .|.teme|er, .t+aa+rae|er,
meteae|e|||er, re|emeat1r||er ,| .taa|||er |a aemea|a| .er.|c|||er l|a+ac|+r-|+ac+re |e+te ae tr+at+c|||e ca c+raar|, +.|ar+re+
cemj+t|||||t1|| c+raar||er ,| ec||j+meata|a| +lereat .t+aa+rae|er |atera+|ea+|e etc.
Me|amea|+c+ra e.te aaa| a|atre jr|m|| ejer+ter| a|a |eja|||c+ Me|ae.+, c+re + |mj|emeat+t .|.tema| |alerm+t|c aece.+r jeatra
jrece.+re+ tr+at+c|||er ca c+raar| |+ac+re ae j|+t1. temj+a|+ je+te jre.t+ .er.|c|| ae jrece.+re jeatra mem|r|| .|.teme|er
|atera+|ea+|e ae j|1| ca c+raar| \|.+ ,| M+.tert+ra.
:jectra| .er.|c|||er ae jrece.+re + tr+at+c|||er jre.t+t ae c1tre Me|amea|+c+ra +cejer1 te+t1 +m+ laac|ea+||t1||er a|.jea||||e |+
memeat |a j|+1. jrece.+re+ tr+at+c|||er ca c+raar| ca |+aa1 m+aet|c1, ca c+raar| ca c|j, +ccejt+re+ tr+at+c|||er .ecar|t+te a|a
aemea|a| cemera|a| e|ectrea|c, |a |+t+ .t+aa+rae|er 1| :ecare.
|ce.te reta|t+te .aat .a.|aate ,| ae jre|ecte|e c+re +a le.t ,| c+re .e |mj|emeate+t1 ae c1tre .ec|et+te. |.tle|, |mjreaa1 ca .jec|+||,t||
|1ac|| .-+ |mj|emeat+t .e|a|+ ae jrece.+re + c+raar||er ca m|crejrece.er. |+ac+ + |mj|emeat+t jre|ecta| ae +ccejt+re + tr+at+ct|||er
e-cemmerce ca c+raar| |+ac+re \|.+ ,| M+.terc+ra |a .jec|l|c+|| 1|-:ecare, jrecam ,| jre|ecta| ae +c||t1r| jer|ea|ce ca c+raar|
|+ac+re (recarr|a j+meat.).
|a jreteat Me|amea|+c+ra e.te |atr-aa jrece. ae meaera|t+re + |alr+.tractar|| .|.tema|a| |alerm+t|c. :e jre1te,te m|r+re+ |+
ec||j+meate ae| c+re .er .jer| .a|.t+a|+| re.ar.e|e ae jrece.+re - .e jrecea|te+t1 c+ |a reta|t+ta| |mj|emeat1rr|, .|tet+ ae jrece.+re
.1 .e m+jerete +jre\|m+t|. ae er|. 0 +tea|e aee.e||t1 .e +cera1 lert|l|c1r|| .ecar|t1|| |alerm+|ea+|e. |a +ce.t .ea., |a
Me|amea|+c+ra .aat |mj|emeat+te ce|e m+| receate ,| +.+a.+te .c|eme teje|e|ce, aea|c+te jretec|e| a+te|er ,| re.ar.e|er
.|.tema|a| |alerm+t|c.
temj+a|+ jrece.e+t1 z. a|a .e|ama| tet+| +| tr+at+c|||er ca c+raar| |+ac+re |are|.tr+t je j|+1 ,| j+rt|c|j1 |+ em|tere+ aaa|
.e|am ae 11.1 a|a aam1ra| tet+| ae c+raar| em|.e |a |eja|||c+ Me|ae.+. |eaaere+ ec||j+meate|er ae +ccejt+re + c+raar||er
ceaect+te |+ Me|amea|+c+ra e.te ae cc+ z+ |+acem+te ,| cc+ 1 |0:-term|a+|e.
35
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